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Exhibit 4.2  

INTERIM TRUST AGREEMENT  

 between  

 SLM FUNDING CORPORATION,

as the Seller  

 and  

 CHASE MANHATTAN BANK USA,

NATIONAL ASSOCIATION,

not in its individual capacity but solely

as the Interim Eligible Lender Trustee  

 Dated as of November 1, 2002  

 
  
 

    TABLE OF CONTENTS    
  

	 
	 	 
	 	Page

	 	 	ARTICLE I

Definitions and Usage	 	1
	

 	
 	

ARTICLE II

Appointment of Interim Eligible Lender Trustee	
 	

 
	

SECTION 2.1	
 	

Appointment of Interim Eligible Lender Trustee	
 	

1
	SECTION 2.2	 	Declaration of Trust	 	1
	SECTION 2.3	 	Title to Interim Trust Loans	 	2
	

 	
 	

ARTICLE III

Representations and Warranties of the Seller	
 	

2
	

 	
 	

ARTICLE IV

Authority and Duties of Interim Eligible Lender Trustee	
 	

 
	

SECTION 4.1	
 	

General Authority	
 	

2
	SECTION 4.2	 	General Duties	 	2
	SECTION 4.3	 	No Duties Except as Specified in this Agreement	 	2
	SECTION 4.4	 	No Action Except Under Specified Documents	 	3
	SECTION 4.5	 	Restrictions	 	3
	

 	
 	

ARTICLE V

Concerning the Interim Eligible Lender Trustee	
 	

 
	

SECTION 5.1	
 	

Acceptance of Trust and Duties	
 	

3
	SECTION 5.2	 	Representations and Warranties	 	3
	SECTION 5.3	 	Not Acting in Individual Capacity	 	4
	SECTION 5.4	 	Interim Eligible Lender Trustee Not Liable for the Interim Trust Loans	 	4
	

 	
 	

ARTICLE VI

Compensation of Interim Eligible Lender Trustee	
 	

4
	

 	
 	

ARTICLE VII

Termination of Interim Trust Agreement	
 	

4
	

 	
 	

ARTICLE VIII

Successor Interim Eligible Lender Trustees	
 	

 
	

SECTION 8.1	
 	

Eligibility Requirements for Interim Eligible Lender Trustee	
 	

4
	SECTION 8.2	 	Resignation or Removal of Interim Eligible Lender Trustee	 	5
	SECTION 8.3	 	Successor Interim Eligible Lender Trustee	 	5
	SECTION 8.4	 	Merger or Consolidation of Interim Eligible Lender Trustee	 	6
	

 	
 	

ARTICLE IX

Miscellaneous	
 	

 
	

SECTION 9.1	
 	

Supplements and Amendments	
 	

6
	SECTION 9.2	 	Notices	 	6
	SECTION 9.3	 	Severability	 	7
	SECTION 9.4	 	Separate Counterparts	 	7
	SECTION 9.5	 	Successors and Assigns	 	7
	SECTION 9.6	 	Headings	 	7
	SECTION 9.7	 	Governing Law	 	7

i

  

 
 

INTERIM TRUST AGREEMENT    
  

        INTERIM TRUST AGREEMENT dated as of November 1, 2002, between SLM FUNDING CORPORATION, a Delaware corporation (the "Seller") and CHASE MANHATTAN BANK USA,
NATIONAL ASSOCIATION, a national banking association, not in its individual capacity but solely as Interim Eligible Lender Trustee (the "Interim Eligible Lender Trustee"). 

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

        WHEREAS,
the Seller has entered into the Purchase Agreement with the Student Loan Marketing Association and the Sale Agreement with SLM Student Loan Trust 2002-6 for the
purpose of effecting such a purchase and resale; and 

        WHEREAS,
the Seller is not an "eligible lender" within the meaning of Section 435(d) of the Higher Education Act for the purpose of holding legal title to the Loans to be
purchased under the Purchase Agreement and any Trust Student Loans required to be repurchased from the Trust pursuant to the Sale Agreement; and 

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

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

 
 

ARTICLE I    
    
    Definitions and Usage    
  

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

 
 

ARTICLE II    
    
    Appointment of Interim Eligible Lender Trustee    
  

        SECTION 2.1    Appointment of Interim Eligible Lender Trustee.    The Seller hereby
appoints
the Interim Eligible Lender Trustee, effective as of the date hereof, as trustee, to have all the rights, powers and duties set forth herein, including, without limitation: 

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

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

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

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

1

 

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

 
 

ARTICLE III    
    
    Representations and Warranties of the Seller    
  

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

	1.
	The
Seller is duly organized and validly existing as a Delaware corporation in good standing under the laws of the State of Delaware, with power and authority to own its properties and
to conduct its business as such properties are currently owned and such business is presently conducted.

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

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

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

 
 

ARTICLE IV    
    
    Authority and Duties of Interim Eligible Lender Trustee    
  

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

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

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

2

 

be read into this Agreement, the Purchase Agreement or the Sale Agreement against the Interim Eligible Lender Trustee. 

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

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

 
 

ARTICLE V    
    
    Concerning the Interim Eligible Lender Trustee    
  

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

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

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

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

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

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

	2.
	It
has taken all corporate action necessary to authorize the execution and delivery by it of the Purchase Agreement, the Sale Agreement and this Agreement, and the Purchase Agreement,
the Sale Agreement and this Agreement have been executed and delivered by one of its officers who is duly authorized to execute and deliver the same on its behalf.

	3.
	Neither
the execution nor the delivery by it of the Purchase Agreement, the Sale Agreement or this Agreement, nor the consummation by it of the transactions contemplated thereby or
hereby nor compliance by it with any of the terms or provisions thereof or hereof will 

3

 

contravene
any Federal or Delaware state law, governmental rule or regulation governing the banking or trust powers of the Interim Eligible Lender Trustee or any judgment or order binding on it, or
constitute any default under its charter documents or by-laws or any indenture, mortgage, contract, agreement or instrument to which it is a party or by which any of its properties may be
bound. 

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

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

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

 
 

ARTICLE VI    
    
    Compensation of Interim Eligible Lender Trustee    
  

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

 
 

ARTICLE VII    
    
    Termination of Interim Trust Agreement    
  

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

 
 

ARTICLE VIII    
    
    Successor Interim Eligible Lender Trustees    
  

        SECTION 8.1    Eligibility Requirements for Interim Eligible Lender Trustee.    The
Interim
Eligible Lender Trustee shall at all times be a corporation or association (i) qualifying as an "eligible lender" as such term is defined in Section 435(d) of the Higher Education Act
for purposes of holding legal title 

4

 

to the Interim Trust Loans on behalf and for the benefit of the Seller, with a valid lender identification number with respect to the Interim Trust Loans from the Department; and (ii) being
authorized to exercise corporate trust powers and hold legal title to the Interim Trust Loans. In case at any time the Interim Eligible Lender Trustee shall cease to be eligible in accordance with the
provisions of this
Section, the Interim Eligible Lender Trustee shall resign immediately in the manner and with the effect specified in Section 8.2. 

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

        If
at any time the Interim Eligible Lender Trustee shall cease to be or shall be likely to cease to be eligible in accordance with the provisions of Section 8.1 and shall fail to
resign after written request therefor by the Seller, then the Seller may remove the Interim Eligible Lender Trustee. If the Seller shall remove the Interim Eligible Lender Trustee under the authority
of the immediately preceding sentence, the Seller shall promptly appoint a successor Interim Eligible Lender Trustee by written instrument, in duplicate, one copy of which instrument shall be
delivered to the outgoing Interim Eligible Lender Trustee so removed and one copy to the successor Interim Eligible Lender Trustee together with payment of all fees owed to the outgoing Interim
Eligible Lender Trustee. 

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

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

5

 

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

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

 
 

ARTICLE IX    
    
    Miscellaneous    
  

        SECTION 9.1    Supplements and Amendments.    This Agreement may be amended by the
Seller and
the Interim Eligible Lender Trustee, with prior written notice to the Rating Agencies, without the consent of any of the Noteholders, to cure any ambiguity, to correct or supplement any provisions in
this Agreement or for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions in this Agreement or of modifying in any manner the rights of the
Noteholders; provided, however, that such action shall not, as evidenced by an Opinion of Counsel,
adversely affect in any material respect the interests of any Noteholder. 

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

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

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

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

        SECTION 9.2    Notices.    Unless otherwise expressly specified or permitted by the
terms
hereof, all notices shall be in writing and shall be deemed given upon receipt by the intended recipient or three Business Days after mailing if mailed by certified mail, postage prepaid (except that
notice to the 

6

 

Interim Eligible Lender Trustee shall be deemed given only upon actual receipt by the Interim Eligible Lender Trustee), if to the Interim Eligible Lender Trustee, addressed to its Corporate Trust
Office; if to the Seller, addressed to SLM Funding Corporation, 304 South Minnesota Street, Suite B, Carson City, Nevada 89703, or, as to each party, at such other address as shall be designated by
such party in a written notice to each other party. 

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

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

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

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

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

7

 

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

	 	CHASE MANHATTAN BANK USA,

NATIONAL ASSOCIATION,

not in its individual capacity

but solely as the Interim Eligible

Lender Trustee
	

 	

 	

 	

 
	 	By	/s/  JOHN J. CASHIN      

	 	 	Name:	John J. Cashin
	 	 	Title:	Vice President
	

 	

 	

 	

 
	 	SLM FUNDING CORPORATION,

as the Seller
	

 	

 	

 	

 
	 	By	/s/  MARK L. HELEEN      

	 	 	Name:	Mark L. Heleen
	 	 	Title:	Vice President

8

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TABLE OF CONTENTS

INTERIM TRUST AGREEMENT

ARTICLE I Definitions and Usage

ARTICLE II Appointment of Interim Eligible Lender Trustee

ARTICLE III Representations and Warranties of the Seller

ARTICLE IV Authority and Duties of Interim Eligible Lender Trustee

ARTICLE V Concerning the Interim Eligible Lender Trustee

ARTICLE VI Compensation of Interim Eligible Lender Trustee

ARTICLE VII Termination of Interim Trust Agreement

ARTICLE VIII Successor Interim Eligible Lender Trustees

ARTICLE IX MiscellaneousQuickLinks
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Exhibit 4.3  

INDENTURE  

 among  

 SLM STUDENT LOAN TRUST 2002-6

as the Issuer,  

 CHASE MANHATTAN BANK USA, NATIONAL ASSOCIATION,

not in its individual capacity but

solely as the Eligible Lender Trustee  

 and  

 THE BANK OF NEW YORK,

not in its individual capacity but

solely as the Indenture Trustee  

 Dated as of November 1, 2002  

 
  
 

    TABLE OF CONTENTS    
  

	 
	 	 
	 	Page

	

ARTICLE I

Definitions and Usage
	

SECTION 1.1	
 	

Definitions and Usage	
 	

2
	SECTION 1.2	 	Incorporation by Reference of Trust Indenture Act	 	2
	

ARTICLE II

The Notes
	

SECTION 2.1	
 	

Form	
 	

2
	SECTION 2.2	 	Execution, Authentication and Delivery	 	2
	SECTION 2.3	 	Temporary Notes	 	3
	SECTION 2.4	 	Registration; Registration of Transfer and Exchange	 	3
	SECTION 2.5	 	Mutilated, Destroyed, Lost or Stolen Notes	 	4
	SECTION 2.6	 	Persons Deemed Owner	 	5
	SECTION 2.7	 	Payment of Principal and Interest; Note Interest Shortfall	 	5
	SECTION 2.8	 	Cancellation	 	6
	SECTION 2.9	 	Release of Collateral	 	6
	SECTION 2.10	 	Book-Entry Notes	 	6
	SECTION 2.11	 	Notices to Clearing Agency	 	7
	SECTION 2.12	 	Definitive Notes	 	7
	

ARTICLE III

Covenants
	

SECTION 3.1	
 	

Payment to Noteholders	
 	

7
	SECTION 3.2	 	Maintenance of Office or Agency	 	7
	SECTION 3.3	 	Money for Payments To Be Held in Trust	 	8
	SECTION 3.4	 	Existence	 	9
	SECTION 3.5	 	Protection of Indenture Trust Estate	 	9
	SECTION 3.6	 	Opinions as to Indenture Trust Estate	 	10
	SECTION 3.7	 	Performance of Obligations; Servicing of Trust Student Loans	 	10
	SECTION 3.8	 	Negative Covenants	 	12
	SECTION 3.9	 	Annual Statement as to Compliance	 	12
	SECTION 3.10	 	Issuer May Consolidate, etc., Only on Certain Terms	 	13
	SECTION 3.11	 	Successor or Transferee	 	14
	SECTION 3.12	 	No Other Business	 	14
	SECTION 3.13	 	No Borrowing	 	14
	SECTION 3.14	 	Obligations of Servicer and Administrator	 	14
	SECTION 3.15	 	Guarantees, Loans, Advances and Other Liabilities	 	14
	SECTION 3.16	 	Capital Expenditures	 	14
	SECTION 3.17	 	Restricted Payments	 	14
	SECTION 3.18	 	Notice of Events of Default	 	15
	SECTION 3.19	 	Further Instruments and Acts	 	15
	

ARTICLE IV

Satisfaction and Discharge
	

SECTION 4.1	
 	

Satisfaction and Discharge of Indenture	
 	

15
	SECTION 4.2	 	Application of Trust Money	 	16
	SECTION 4.3	 	Repayment of Moneys Held by Paying Agent	 	16
	SECTION 4.4	 	Auction of Trust Student Loans	 	16

ii

 

	

ARTICLE V

Remedies
	

SECTION 5.1	
 	

Events of Default	
 	

17
	SECTION 5.2	 	Acceleration of Maturity; Rescission and Annulment	 	17
	SECTION 5.3	 	Collection of Indebtedness and Suits for Enforcement by Indenture Trustee	 	18
	SECTION 5.4	 	Remedies; Priorities	 	20
	SECTION 5.5	 	Optional Preservation of the Trust Student Loans	 	21
	SECTION 5.6	 	Limitation of Suits	 	21
	SECTION 5.7	 	Unconditional Rights of Noteholders To Receive Principal and Interest	 	22
	SECTION 5.8	 	Restoration of Rights and Remedies	 	22
	SECTION 5.9	 	Rights and Remedies Cumulative	 	22
	SECTION 5.10	 	Delay or Omission Not a Waiver	 	22
	SECTION 5.11	 	Control by Noteholders	 	22
	SECTION 5.12	 	Waiver of Past Defaults	 	23
	SECTION 5.13	 	Undertaking for Costs	 	23
	SECTION 5.14	 	Waiver of Stay or Extension Laws	 	23
	SECTION 5.15	 	Action on Notes	 	23
	SECTION 5.16	 	Performance and Enforcement of Certain Obligations	 	23
	

ARTICLE VI

The Indenture Trustee
	

SECTION 6.1	
 	

Duties of Indenture Trustee	
 	

24
	SECTION 6.2	 	Rights of Indenture Trustee	 	25
	SECTION 6.3	 	Individual Rights of Indenture Trustee	 	25
	SECTION 6.4	 	Indenture Trustee's Disclaimer	 	26
	SECTION 6.5	 	Notice of Defaults; Seller Insolvency	 	26
	SECTION 6.6	 	Reports by Indenture Trustee to Noteholders	 	26
	SECTION 6.7	 	Compensation and Indemnity	 	26
	SECTION 6.8	 	Replacement of Indenture Trustee	 	27
	SECTION 6.9	 	Successor Indenture Trustee by Merger	 	27
	SECTION 6.10	 	Appointment of Co-Trustee or Separate Trustee	 	28
	SECTION 6.11	 	Eligibility; Disqualification	 	29
	SECTION 6.12	 	Preferential Collection of Claims Against Issuer	 	29
	

ARTICLE VII

Noteholders' Lists and Reports
	

SECTION 7.1	
 	

Issuer To Furnish Indenture Trustee Names and Addresses of Noteholders	
 	

29
	SECTION 7.2	 	Preservation of Information; Communications to Noteholders	 	29
	SECTION 7.3	 	Reports by Issuer	 	30
	

ARTICLE VIII

Accounts, Disbursements and Releases
	

SECTION 8.1	
 	

Collection of Money	
 	

30
	SECTION 8.2	 	Trust Accounts	 	30
	SECTION 8.3	 	General Provisions Regarding Accounts	 	31
	SECTION 8.4	 	Release of Indenture Trust Estate	 	32
	SECTION 8.5	 	Opinion of Counsel	 	33
	

ARTICLE IX

Supplemental Indentures
	

SECTION 9.1	
 	

Supplemental Indentures Without Consent of Noteholders	
 	

33
	SECTION 9.2	 	Supplemental Indentures with Consent of Noteholders	 	34

iii

 

	SECTION 9.3	 	Execution of Supplemental Indentures	 	35
	SECTION 9.4	 	Effect of Supplemental Indenture	 	35
	SECTION 9.5	 	Conformity with Trust Indenture Act	 	35
	SECTION 9.6	 	Reference in Notes to Supplemental Indentures	 	35
	

ARTICLE X

Redemption of Notes
	

SECTION 10.1	
 	

Redemption	
 	

36
	SECTION 10.2	 	Form of Redemption Notice	 	36
	SECTION 10.3	 	Notes Payable on Redemption Date	 	36
	

ARTICLE XI

Miscellaneous
	

SECTION 11.1	
 	

Compliance Certificates and Opinions, etc	
 	

36
	SECTION 11.2	 	Form of Documents Delivered to Indenture Trustee	 	38
	SECTION 11.3	 	Acts of Noteholders	 	38
	SECTION 11.4	 	Notices, etc., to Indenture Trustee, Issuer and Rating Agencies	 	39
	SECTION 11.5	 	Notices to Noteholders; Waiver	 	39
	SECTION 11.6	 	Alternate Payment and Notice Provisions	 	40
	SECTION 11.7	 	Conflict with Trust Indenture Act	 	40
	SECTION 11.8	 	Effect of Headings and Table of Contents	 	40
	SECTION 11.9	 	Successors and Assigns	 	40
	SECTION 11.10	 	Separability	 	40
	SECTION 11.11	 	Benefits of Indenture	 	40
	SECTION 11.12	 	Legal Holidays	 	40
	SECTION 11.13	 	Governing Law	 	41
	SECTION 11.14	 	Counterparts	 	41
	SECTION 11.15	 	Recording of Indenture	 	41
	SECTION 11.16	 	Trust Obligations	 	41
	SECTION 11.17	 	No Petition	 	41
	SECTION 11.18	 	Inspection	 	41
	
APPENDICES, SCHEDULES AND EXHIBITS
	

APPENDIX A	
 	

Definitions and Usage	
 	

 
	

SCHEDULE A	
 	

Schedule of Trust Student Loans	
 	

 
	SCHEDULE B	 	Location of Trust Student Loan Files	 	 
	

EXHIBIT A	
 	

Forms of Notes	
 	

 
	EXHIBIT B	 	Form of Note Depository Agreement	 	 

iv

  

        INDENTURE dated as of November 1, 2002, among SLM STUDENT LOAN TRUST 2002-6, a Delaware business trust (the "Issuer"), CHASE MANHATTAN BANK USA, NATIONAL ASSOCIATION,
a Delaware banking corporation, not in its individual capacity but solely as trustee on behalf of the Issuer (the "Eligible Lender Trustee"), and THE BANK OF NEW YORK, a New York banking corporation,
as indenture trustee and not in its individual capacity (the "Indenture Trustee"). 

        Each
party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the holders of the Issuer's Floating Rate Student Loan-Backed Notes
(the "Notes"): 

 
 

GRANTING CLAUSE    
  

        The Issuer and, with respect to the Trust Student Loans, the Eligible Lender Trustee hereby Grant to the Indenture Trustee, as trustee for the benefit of the
Noteholders, effective as of the Closing Date all of their right, title and interest in and to the following: 

        (a)  the
Trust Student Loans, and all obligations of the Obligors thereunder including all moneys accrued and paid thereunder on or after the Cutoff Date and all guaranties
and other rights relating to the Trust Student Loans; 

        (b)  the
Servicing Agreement, including the right of the Issuer to cause the Servicer to purchase Trust Student Loans from the Issuer under circumstances described therein; 

        (c)  the
Sale Agreement, including the right of the Issuer to cause the Seller to repurchase Trust Student Loans from the Issuer under circumstances described therein and
including the rights of the Seller under the Purchase Agreement; 

        (d)  the
Purchase Agreement, to the extent that the rights of the Seller thereunder have been assigned to the Issuer pursuant to the Sale Agreement, including the right of
the Seller to cause the Student Loan Marketing Association to repurchase Trust Student Loans from the Seller under circumstances described therein; 

        (e)  the
Administration Agreement; 

        (f)    each
Guarantee Agreement, including the right of the Issuer to cause the related Guarantor to make Guarantee Payments in respect of the Trust Student Loans; 

        (g)  the
Trust Accounts and all funds on deposit from time to time in the Trust Accounts, including the Reserve Account Initial Deposit, the Collection Account Initial
Deposit, if any, and the Capitalized Interest Account Initial Deposit, if any, and all investments and proceeds thereof (including all income thereon); and 

        (h)  all
present and future claims, demands, causes and choices in action in respect of any or all of the foregoing and all payments on or under and all proceeds of every
kind and nature whatsoever in respect of any or all of the foregoing, including all proceeds of the conversion, voluntary or involuntary, into cash or other liquid property, all cash proceeds,
accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, condemnation awards, rights to payment of any and every kind and other forms of
obligations and receivables, instruments and other property which at any time constitute all or part of or are included in the proceeds of any of the foregoing (collectively, the "Collateral"). 

        The
foregoing Grant is made in trust to secure the payment of principal of and interest on, and any other amounts owing in respect of, the Notes, equally and ratably without prejudice,
priority or distinction, and to secure compliance with the provisions of this Indenture, all as provided in this Indenture. 

1

 

        The
Indenture Trustee, as Indenture Trustee on behalf of the Noteholders, acknowledges such Grant, accepts the trusts under this Indenture in accordance with the provisions of this
Indenture and agrees to perform its duties required in this Indenture to the best of its ability to the end that the interests of the Noteholders may be adequately and effectively protected. 

 
 

ARTICLE I    
    
    Definitions and Usage    
  

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

        SECTION
1.2    Incorporation by Reference of Trust Indenture Act.    Whenever this Indenture refers to a provision of
the TIA, the provision is incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have the following meanings: 

        "Commission"
means the Securities and Exchange Commission. 

        "indenture
securities" means the Notes. 

        "indenture
security holder" means a Noteholder. 

        "indenture
to be qualified" means this Indenture. 

        "indenture
trustee" or "institutional trustee" means the Indenture Trustee. 

        "obligor"
on the indenture securities means the Issuer and any other obligor on the indenture securities. 

        All
other TIA terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by Commission rule have the meaning assigned to them by
such definitions. 

 
 

Article II    
    
    The Notes    
  

        SECTION
2.1    Form.    The Notes, together with the Indenture Trustee's certificate of authentication, shall be in
substantially the forms set forth in Exhibit A, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture and may have such
letters, numbers or other marks of identification and such legends or endorsements placed thereon as may, consistently herewith, be determined by the officers executing the Notes, as evidenced by
their execution of the Notes. Any portion of the text of any Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the Note. 

        The
Definitive Notes shall be typewritten, printed, lithographed or engraved or produced by any combination of these methods (with or without steel engraved borders), all as determined
by the officers executing such Notes, as evidenced by their execution of such Notes. 

        Each
Note shall be dated the date of its authentication. The terms of the Notes set forth in Exhibit A are part of the terms of this Indenture. 

        SECTION
2.2    Execution, Authentication and Delivery.    The Notes shall be executed on behalf of the Issuer by any
of its Authorized Officers. The signature of any such Authorized Officer on the Notes may be manual or facsimile. 

        Notes
bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any
of them have 

2

 

ceased to hold such offices prior to the authentication and delivery of such Notes or did not hold such offices at the date of such Notes. 

        The
Indenture Trustee shall upon Issuer Order authenticate and deliver Notes for original issue in an aggregate principal amount of $2,023,700,000. The aggregate principal amount of
Notes outstanding at any time may not exceed such amount except as provided in Section 2.5. 

        Each
Note shall be dated the date of its authentication. The Class A Notes shall be issuable as registered Class A Notes in the minimum denomination of $1,000 and in
integral multiples of $1,000 in excess thereof. The Class B Notes shall be issuable as registered Class B Notes in the minimum denomination of $100,000 and in integral multiples of
$1,000 in excess thereof. 

        No
Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there appears on such Note a certificate of authentication
substantially in the form provided for herein executed by the Indenture Trustee by the manual signature of one of its authorized signatories, and such certificate upon any Note shall be conclusive
evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder. 

        SECTION
2.3    Temporary Notes.    Pending the preparation of Definitive Notes, the Issuer may execute, and upon
receipt of an Issuer Order the Indenture Trustee shall authenticate and deliver, temporary Notes which are printed, lithographed, typewritten, mimeographed or otherwise produced, of the tenor of the
Definitive Notes in lieu of which they are issued and with such variations not inconsistent with the terms of this Indenture determined to be appropriate by the Responsible Officer of the Issuer
executing the temporary Notes, as evidenced by his or her execution of such temporary Notes. 

        If
temporary Notes are issued, the Issuer will cause Definitive Notes to be prepared without unreasonable delay. After the preparation of Definitive Notes, the temporary Notes shall be
exchangeable for Definitive Notes upon surrender of the temporary Notes at the office or agency of the Issuer to be maintained as provided in Section 3.2, without charge to the Noteholder. Upon
surrender for cancellation of any one or more temporary Notes, the Issuer shall execute and the Indenture Trustee shall authenticate and deliver in exchange therefor a like principal amount of
Definitive Notes of authorized denominations. Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits under this Indenture as Definitive Notes. 

        SECTION
2.4    Registration; Registration of Transfer and Exchange.    The Issuer shall cause to be kept a register
(the "Note Register") in which, subject to such reasonable regulations as it may prescribe, the Issuer shall provide for the registration of Notes and the registration of transfers of Notes. The
Indenture Trustee shall be "Note Registrar" for the purpose of registering Notes and transfers of Notes as herein provided. Upon any resignation of any Note Registrar, the Issuer shall promptly
appoint a successor or, if it elects not to make such an appointment, assume the duties of Note Registrar. 

        If
a Person other than the Indenture Trustee is appointed by the Issuer as Note Registrar, the Issuer shall give the Indenture Trustee prompt written notice of the appointment of such
Note Registrar and of the location, and any change in the location, of the Note Register, and the Indenture Trustee shall have the right to inspect the Note Register at all reasonable times and to
obtain copies thereof, and the Indenture Trustee shall have the right to rely upon a certificate executed on behalf of the Note Registrar by an Executive Officer thereof as to the names and addresses
of the Noteholders and the principal amounts and number of such Notes. 

        Upon
surrender for registration of transfer of any Note at the office or agency of the Issuer to be maintained as provided in Section 3.2, if the requirements of
Section 8-401(1) of the UCC are met, the Issuer shall execute, and the Indenture Trustee shall authenticate and the Noteholder shall obtain from 

3

 

the Indenture Trustee, in the name of the designated transferee or transferees, one or more new Notes in any authorized denominations and a like aggregate principal amount. 

        At
the option of the Noteholder, Notes may be exchanged for other Notes in any authorized denominations and a like aggregate principal amount, upon surrender of the Notes to be exchanged
at such office or agency. Whenever any Notes are so surrendered for exchange, the Issuer shall execute, and the Indenture Trustee shall authenticate and the Noteholder shall obtain from the Indenture
Trustee, the Notes which the Noteholder making the exchange is entitled to receive. 

        All
Notes issued upon any registration of transfer or exchange of Notes shall be the valid obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under
this Indenture, as the Notes surrendered upon such registration of transfer or exchange. 

        Every
Note presented or surrendered for registration of transfer or exchange shall be duly endorsed by, or be accompanied by a written instrument of transfer in form satisfactory to the
Indenture Trustee duly executed by the Noteholder thereof or such Noteholder's attorney duly authorized in writing, with such signature guaranteed by an "eligible guarantor institution" meeting the
requirements of the Note Registrar, which requirements include membership or participation in Securities Transfer Agent's Medallion Program ("STAMP") or such other "signature guarantee program" as may
be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Exchange Act. 

        No
service charge shall be made to a Noteholder for any registration of transfer or exchange of Notes, but the Indenture Trustee may require payment of a sum sufficient to cover any tax
or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Notes, other than exchanges pursuant to Section 2.3 or 9.6 not involving any
transfer. 

        The
preceding provisions of this Section notwithstanding, the Issuer shall not be required to make and the Note Registrar need not register transfers or exchanges of Notes selected for
redemption or of any Note for a period of 15 days preceding the due date for any payment with respect to the Note. 

        SECTION
2.5    Mutilated, Destroyed, Lost or Stolen Notes.    If (i) any mutilated Note is surrendered to the
Indenture Trustee, or the Indenture Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, and (ii) there is delivered to the Issuer and the Indenture
Trustee such security or indemnity as may be required by each of them to hold the Issuer and the Indenture Trustee harmless, then, in the absence of notice to the Issuer, the Note Registrar or the
Indenture Trustee that such Note has been acquired by a bona fide purchaser, and provided that the requirements of Section 8-405 of the UCC are met, the Issuer shall execute and
upon its request the Indenture Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note;  provided, however, that if any such destroyed, lost or stolen Note, but not a mutilated Note, shall have
become or within 15 days shall be due and payable, or shall have been called for redemption, instead of issuing a replacement Note, the Issuer may pay such destroyed, lost or
stolen Note when so due or payable or upon the Redemption Date without surrender thereof. If, after the delivery of such replacement Note or payment of a destroyed, lost or stolen Note pursuant to the
proviso to the preceding sentence, a bona fide purchaser of the original Note in lieu of which such replacement Note was issued presents for payment such original Note, the Issuer and the Indenture
Trustee shall be entitled to recover such replacement Note (or such payment) from the Person to whom it was delivered or any Person taking such replacement Note from such Person to whom such
replacement Note was delivered or any assignee of such Person, except a bona fide purchaser, and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any
loss, damage, cost or expense incurred by the Issuer or the Indenture Trustee in connection therewith. 

4

 

        Upon
the issuance of any replacement Note under this Section, the Issuer may require the payment by the Noteholder thereof of a sum sufficient to cover any tax or other governmental
charge that may be imposed in relation thereto and any other reasonable expenses (including the fees and expenses of the Indenture Trustee) connected therewith. 

        Every
replacement Note issued pursuant to this Section in replacement of any mutilated, destroyed, lost or stolen Note shall constitute an original additional contractual obligation of
the Issuer, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Notes duly issued hereunder. 

        The
provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed,
lost or stolen Notes. 

        SECTION
2.6    Persons Deemed Owner.    Prior to due presentment for registration of transfer of any Note, the Issuer,
the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in whose name any Note is registered (as of the day of determination) as the owner of such Note for the
purpose of receiving payments of principal of, interest, if any, on such Note and for all other purposes whatsoever, whether or not such Note be overdue, and neither the Issuer, the Indenture Trustee
nor any agent of the Issuer or the Indenture Trustee shall be affected by notice to the contrary. 

        SECTION
2.7    Payment of Principal and Interest; Note Interest Shortfall.    (a) The Notes shall accrue
interest as provided in the forms of Notes set forth in Exhibit A, and such interest shall be payable on each Distribution Date as specified therein, subject to Section 3.1. Any
installment of interest or principal, if any, payable on any Note which is punctually paid or duly provided for by the Issuer on the applicable Distribution Date shall be paid to the Person in whose
name such Note (or one or more Predecessor Notes) is registered on the Record Date by check mailed first-class, postage prepaid to such Person's address as it appears on the Note Register on such
Record Date, except that, unless Definitive Notes have been issued pursuant to Section 2.12, with respect to Notes registered on the Record Date in the name of the nominee of the Clearing
Agency (initially, such nominee to be Cede & Co.), payment shall
be made by wire transfer in immediately available funds to the account designated by such nominee and except for the final installment of principal payable with respect to such Note on a Distribution
Date or on the Note Final Maturity Date for such Note which shall be payable as provided below. The funds represented by any such checks returned undelivered shall be held in accordance with
Section 3.3. 

        (b)  The
principal of each Note shall be payable in installments on each Distribution Date as provided in the forms of Note set forth in Exhibit A. Notwithstanding the
foregoing, the entire unpaid principal amount of each class of the Notes shall be due and payable, if not previously paid, on the Note Final Maturity Date for such class of Notes and on the date on
which an Event of Default shall have occurred and be continuing if the Indenture Trustee or the Noteholders of the Notes representing not less than a majority of the Outstanding Amount of the Notes
have declared the Notes to be immediately due and payable in the manner provided in Section 5.2. All principal payments on the Notes shall be made pro rata to the Noteholders entitled thereto,
subject, however, to the last paragraph of Section 2.7C of the Administration Agreement. The Indenture Trustee shall notify the Person in whose name a Note is registered at the close of
business on the Record Date preceding the Distribution Date on which the Issuer expects that the final installment of principal of and interest on such Note will be paid. Such notice shall be mailed
or transmitted by facsimile prior to such final Distribution Date and shall specify that such final installment will be payable only upon presentation and surrender of such Note and shall specify the
place where such Note may be presented and 

5

 

surrendered for payment of such Installment. Notices in connection with redemptions of Notes shall be mailed to Noteholders as provided in Section 10.2. 

        (c)  If
the Issuer defaults in a payment of interest on the Notes, the Issuer shall pay the resulting Note Interest Shortfall on the following Distribution Date as provided
in the Administration Agreement. 

        SECTION
2.8    Cancellation.    All Notes surrendered for payment, registration of transfer, exchange or redemption
shall, if surrendered to any Person other than the Indenture Trustee, be delivered to the Indenture Trustee and shall be promptly cancelled by the Indenture Trustee. The Issuer may at any time deliver
to the Indenture Trustee for cancellation any Notes previously authenticated and delivered hereunder which the Issuer may have acquired in any manner whatsoever and all Notes so delivered shall be
promptly cancelled by the Indenture Trustee. No Notes shall be authenticated in lieu of or in exchange for any Notes cancelled as provided in this Section, except as expressly permitted by this
Indenture. All canceled Notes may be held or disposed of by the Indenture Trustee in accordance with its standard retention or disposal policy as in effect at the time, unless the Issuer shall direct
by an Issuer Order that they be returned to it and so long as such Issuer Order is timely and the Notes have not been previously disposed of by the Indenture Trustee. 

        SECTION
2.9    Release of Collateral.    Subject to Section 11.1 and the terms of the Basic Documents, the
Indenture Trustee shall release property from the lien of this Indenture only upon receipt of an Issuer Request accompanied by an Officers' Certificate of the Issuer, an Opinion of Counsel and
Independent Certificates in accordance with TIA §§ 314(c) and 314(d)(1) or an Opinion of Counsel in lieu of such Independent Certificates to the effect that the TIA does not
require any such Independent Certificates. 

        SECTION
2.10    Book-Entry Notes.    The Notes, upon original issuance, will be issued in the form of
typewritten Notes representing the Book-Entry Notes, to be delivered to The Depository Trust Company, the initial Clearing Agency, by, or on behalf of, the Issuer. Such Notes shall
initially be registered on the Note Register in the name of Cede & Co., the nominee of the initial Clearing Agency, and no Note Owner shall receive a Definitive Note (as defined below)
representing such Note Owner's interest in such Note, except as provided in Section 2.12. Unless and until definitive, fully registered Notes (the "Definitive Notes") have been issued to Note
Owners pursuant to Section 2.12: 

        (i)    the
provisions of this Section shall be in full force and effect; 

        (ii)  the
Note Registrar and the Indenture Trustee, and their respective directors, officers, employees and agents, may deal with the Clearing Agency for all purposes
(including the payment of principal of and interest and other amounts on the Notes) as the authorized representative of the Note Owners; 

        (iii)  to
the extent that the provisions of this Section conflict with any other provisions of this Indenture, the provisions of this Section shall control; 

        (iv)  the
rights of Note Owners shall be exercised only through the Clearing Agency and shall be limited to those established by law and agreements between such Note Owners
and the Clearing Agency and/or the Clearing Agency Participants pursuant to the Note Depository Agreement; and unless and until Definitive Notes are issued pursuant to Section 2.12, the initial
Clearing Agency will make book-entry transfers among the Clearing Agency Participants and receive and transmit payments of principal of and interest and other amounts on the Notes to such
Clearing Agency Participants; and 

        (v)  whenever
this Indenture requires or permits actions to be taken based upon instructions or directions of Noteholders of Notes evidencing a specified percentage of the
Outstanding Amount of the Notes, the Clearing Agency shall be deemed to represent such percentage only to 

6

 

the extent that it has received instructions to such effect from Note Owners and/or Clearing Agency Participants owning or representing, respectively, such required percentage of the beneficial
interest in the Notes and has delivered such instructions to the Indenture Trustee. 

        SECTION
2.11    Notices to Clearing Agency.    Whenever a notice or other communication to the Noteholders is required
under this Indenture, unless and until Definitive Notes shall have been issued to Note Owners pursuant to Section 2.12, the Indenture Trustee shall give all such notices and communication
specified herein to be given to Noteholders to the Clearing Agency. 

        SECTION
2.12    Definitive Notes.    If (i) the Administrator advises the Indenture Trustee in writing that the
Clearing Agency is no longer willing or able to discharge its responsibilities with respect to the Notes, and the Administrator is unable to locate a successor, (ii) the Administrator at its
option advises the Indenture Trustee in writing that it elects to terminate the book-entry system through the Clearing Agency or (iii) after the occurrence of an Event of Default, a
Servicer Default or an Administrator Default, Note Owners representing beneficial interests aggregating at least a majority of the Outstanding Amount of the Notes advise the Clearing Agency (which
shall then notify the Indenture Trustee) in writing that the continuation of a book-entry system through the Clearing Agency is no longer in the best interests of the Note Owners, then the
Indenture Trustee shall cause the Clearing Agency to notify all Note Owners, through the Clearing Agency, of the occurrence of any such event and of the availability of Definitive Notes to Note Owners
requesting the same. Upon surrender to the Indenture Trustee of the typewritten Notes representing the Book-Entry Notes by the Clearing Agency, accompanied by registration instructions,
the Issuer shall execute and the Indenture Trustee shall authenticate the Definitive Notes in accordance with the instructions of the Clearing Agency. None of the Issuer, the Note Registrar or the
Indenture Trustee shall be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be protected in relying on, such instructions. Upon the issuance of Definitive
Notes, the Indenture Trustee shall recognize the holders of the Definitive Notes as Noteholders. 

 
 

ARTICLE III    
    
    Covenants    
  

        SECTION
3.1    Payment to Noteholders.    The Issuer shall duly and punctually pay the principal and interest, if any,
with respect to the Notes in accordance with the terms of the Notes and this Indenture. Without limiting the foregoing, subject to Section 8.2(c), the Issuer shall cause to be distributed to
Noteholders in accordance with the Administration Agreement that portion of the amounts on deposit in the Trust Accounts on a Distribution Date (other than any Eligible Investments deposited therein
that will mature on the Business Day preceding a subsequent Distribution Date) which the Noteholders are entitled to receive pursuant to the Administration Agreement. Amounts properly withheld under
the Code by any Person from a payment to any Noteholder of interest and/or principal shall be considered as having been paid by the Issuer to such Noteholder for all purposes of this Indenture. 

        SECTION
3.2    Maintenance of Office or Agency.    The Issuer shall maintain in the Borough of Manhattan, The City of
New York, an office or agency where Notes may be surrendered for registration of transfer or exchange, and where notices and demands to or upon the Issuer in respect of the Notes and this Indenture
may be served. The Issuer hereby initially appoints the Indenture Trustee to serve as its agent for the foregoing purposes. The Issuer shall give prompt written notice to the Indenture Trustee of the
location, and of any change in the location, of any such office or agency. If at any time the Issuer shall fail to maintain any such office or agency or shall fail to furnish the Indenture Trustee
with the address thereof, such surrenders, notices and demands may be made or served at the Corporate
Trust Office, and the Issuer hereby appoints the Indenture Trustee as its agent to receive all such surrenders, notices and demands. 

7

 

        SECTION
3.3    Money for Payments To Be Held in Trust.    As provided in Section 8.2(a) and (b), all payments
of amounts due and payable with respect to any Notes that are to be made from amounts distributed from the Collection Account or any other Trust Account pursuant to Section 8.2(c) shall be made
on behalf of the Issuer by the Indenture Trustee or by another Paying Agent, and no amounts so distributed from the Collection Account for payments of Notes shall be paid over to the Issuer except as
provided in this Section. 

        On
or before the Business Day next preceding each Distribution Date and Redemption Date, the Issuer shall distribute or cause to be distributed to the Indenture Trustee (or any other
Paying Agent) an aggregate sum sufficient to pay the amounts then becoming due under the Notes, such sum to be held in trust for the benefit of the Persons entitled thereto and (unless the Paying
Agent is the Indenture Trustee) shall promptly notify the Indenture Trustee of its action or failure so to act. 

        The
Issuer shall cause each Paying Agent other than the Indenture Trustee to execute and deliver to the Indenture Trustee an instrument in which such Paying Agent shall agree with the
Indenture Trustee (and if the Indenture Trustee acts as Paying Agent, it hereby so agrees), subject to the provisions of this Section, that such Paying Agent will: 

        (i)    hold
all sums held by it for the payment of amounts due with respect to the Notes in trust for the benefit of the Persons entitled thereto until such sums shall be paid
to such Persons or otherwise disposed of as herein provided and pay such sums to such Persons as herein provided; 

        (ii)  give
the Indenture Trustee notice of any default by the Issuer of which it has actual knowledge (or any other obligor upon the Notes) in the making of any payment
required to be made with respect to the Notes; 

        (iii)  at
any time during the continuance of any such default, upon the written request of the Indenture Trustee, forthwith pay to the Indenture Trustee all sums so held in
trust by such Paying Agent; 

        (iv)  immediately
resign as a Paying Agent and forthwith pay to the Indenture Trustee all sums held by it in trust for the payment of Notes if at any time it ceases to meet
the standards required to be met by a Paying Agent at the time of its appointment; and 

        (v)  comply
with all requirements of the Code with respect to the withholding from any payments made by it on any Notes of any applicable withholding taxes imposed thereon
and with respect to any applicable reporting requirements in connection therewith. 

        The
Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, by Issuer Order direct any Paying Agent to pay to the
Indenture Trustee all sums held in trust by such Paying Agent, such sums to be held by the Indenture Trustee upon the same trusts as those upon which the sums were held by such Paying Agent; and upon
such payment by any Paying Agent to the Indenture Trustee, such Paying Agent shall be released from all further liability with respect to such money. 

        Subject
to applicable laws with respect to escheat of funds, any money held by the Indenture Trustee or any Paying Agent in trust for the payment of any amount due with respect to any
Note and remaining unclaimed for two years after such amount has become due and payable shall be discharged from such trust and be paid to the Issuer on Issuer Request or if the Issuer has been
terminated to Seller; and the Noteholder thereof shall thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof (but only to the extent of the amounts so paid to the
Issuer), and all liability of the Indenture Trustee or such Paying Agent with respect to such trust money shall thereupon cease; provided,  however, that
the Indenture Trustee or such Paying Agent, before being required to make any such repayment, shall at the expense and direction of the
Issuer cause to be published once, in a newspaper published in the English language, customarily published on each 

8

 

Business Day and of general circulation in The City of New York, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from
the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Issuer. The Indenture Trustee shall also adopt and employ, at the expense of the Issuer, any
other reasonable means of notification of such repayment (including mailing notice of such repayment to Noteholders whose Notes have been called but have not been surrendered for redemption or whose
right to or interest in moneys due and payable but not claimed is determinable from the records of the Indenture Trustee or of any Paying Agent, at the last address of record for each such
Noteholder). 

        SECTION
3.4    Existence.    The Issuer shall keep in full effect its existence, rights and franchises as a business
trust under the laws of the State of Delaware (unless it becomes, or any successor Issuer hereunder is or becomes, organized under the laws of any other State or of the United States of America, in
which case the Issuer shall keep in full effect its existence, rights and franchises under the laws of such other jurisdiction) and shall obtain and preserve its qualification to do business in each
jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Indenture, the Notes, the Collateral and each other instrument or agreement
included in the Indenture Trust Estate. 

        SECTION
3.5    Protection of Indenture Trust Estate.    The Issuer will from time to time execute and deliver all such
supplements and amendments hereto and all such financing statements, continuation statements, will take such other action necessary or advisable to: 

        (i)    maintain
or preserve the lien and security interest (and the priority thereof) of this Indenture or carry out more effectively the purposes hereof; 

        (ii)  perfect,
publish notice of or protect the validity of any grant made or to be made by this Indenture; 

        (iii)  enforce
any of the Collateral; or 

        (iv)  preserve
and defend title to the Indenture Trust Estate and the rights of the Indenture Trustee and the Noteholders in such Indenture Trust Estate against the claims of
all persons and parties. 

        The
Issuer hereby designates the Indenture Trustee its agent and attorney-in-fact to execute any financing statement, continuation statement or other instrument
required to be executed pursuant to this Section. 

9

  

        SECTION 3.6    Opinions as to Indenture Trust Estate.    (a) On the Closing Date, the Issuer shall furnish to
the Indenture Trustee an Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the recording and filing of this Indenture as is necessary
to perfect and make effective the lien and security interest of this Indenture and reciting the details of such action, or stating that, in the opinion of such counsel, no such action is necessary to
make such lien and security interest effective. 

        (b)  On
or before December 31 in each calendar year, beginning in 2002, the Issuer shall furnish to the Indenture Trustee an Opinion of Counsel either stating that, in
the opinion of such counsel, such action has been taken with respect to the recording, filing, re-recording and refiling of this Indenture and any indentures supplemental hereto as is
necessary to maintain the lien and security interest created by this Indenture and relating the details of such action or stating that in the opinion of such counsel no such action is necessary to
maintain such lien and security interest. Such Opinion of Counsel shall also describe the recording, filing, recording and refiling of this Indenture and any indentures supplemental hereto that will,
in the opinion of such counsel, be required to maintain the lien and security interest of this Indenture until December 31 in the following calendar year. 

        SECTION
3.7    Performance of Obligations; Servicing of Trust Student Loans.    (a) The Issuer will not take
any action and will use its best efforts not to permit any action to be taken by others that would release any Person from any of such Person's material covenants or obligations under any instrument
or agreement included in the Indenture Trust Estate or that would result in the amendment, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any
such instrument or agreement, except as expressly provided in this Indenture, any other Basic Document or such other instrument or agreement. 

        (b)  The
Issuer may contract with other Persons to assist it in performing its duties under this Indenture, and any performance of such duties by a Person identified to the
Indenture Trustee in an Officers' Certificate of the Issuer shall be deemed to be action taken by the Issuer; provided,  however, the Issuer shall not be
liable for any acts of Persons with whom the Issuer has contracted with reasonable care. Initially, the Issuer has
contracted with the Servicer and the Administrator to assist the Issuer in performing its duties under this Indenture. The Issuer shall give written notice to the Indenture Trustee and each Rating
Agency of any such contract with any other Person. 

        (c)  The
Issuer shall punctually perform and observe all of its obligations and agreements contained in this Indenture, the other Basic Documents and the instruments and
agreements included in the Indenture Trust Estate, including filing or causing to be filed all UCC financing statements and
continuation statements prepared by the Issuer and required to be filed by the terms of this Indenture and the Administration Agreement in accordance with and within the time periods provided for
herein and therein. Except as otherwise expressly provided therein, the Issuer shall not waive, amend, modify, supplement or terminate any Basic Document or any provision thereof without the consent
of the Indenture Trustee or the Noteholders of at least a majority of the Outstanding Amount of the Notes. The Issuer shall give written notice to each Rating Agency of any such waiver, amendment,
modification, supplement or termination. 

        (d)  If
a Responsible Officer of the Issuer shall have knowledge of the occurrence of a Servicer Default or an Administrator Default under the Servicing Agreement or the
Administration Agreement, respectively, the Issuer shall promptly notify the Indenture Trustee and the Rating Agencies thereof, and shall specify in such notice the action, if any, the Issuer is
taking with respect to such default. If a Servicer Default shall arise from the failure of the Servicer to perform any of its duties or obligations under the Servicing Agreement, or an Administrator
Default shall arise from the failure of the Administrator to perform any of its duties or obligations under the Administration Agreement, as the case may be, with respect to the Trust Student Loans,
the Issuer shall take all reasonable steps available to it to enforce its rights under the Basic Documents in respect of such failure. 

10

 

        (e)  As
promptly as possible after the giving of notice of termination to the Servicer of the Servicer's rights and powers, pursuant to Section 5.1 of the Servicing
Agreement, or to the Administrator of the Administrator's rights and powers, pursuant to Section 5.1 of the Administration Agreement, the Issuer shall appoint a successor servicer (the
"Successor Servicer") or a successor administrator (the "Successor Administrator"), respectively, and such Successor Servicer or Successor Administrator, as the case may be, shall accept its
appointment by a written assumption in a form acceptable to the Indenture Trustee. In the event that a Successor Servicer or Successor Administrator has not been appointed and accepted its appointment
at the time when the Servicer or Administrator, as the case may be, ceases to act as Servicer or Administrator, respectively, the Indenture Trustee without further action shall automatically be
appointed the Successor Servicer or Successor Administrator, as the case may be. The Indenture Trustee may resign as the Servicer or the Administrator by giving written notice of resignation to the
Issuer and in such event will be released from such duties and obligations, such release not to be effective until the date a new servicer or a new administrator enters into an agreement with the
Issuer as provided below; provided, however, that nothing herein shall require or permit the Indenture
Trustee to act as Servicer, or otherwise service the Trust Student Loans, in violation of the Higher Education Act. Upon delivery of any such notice to the Issuer, the Issuer shall obtain a new
servicer as the Successor Servicer under the Servicing Agreement or a new administrator as the Successor Administrator under the Administration Agreement, as the case may be. Any Successor Servicer or
Successor Administrator, other than the Indenture Trustee, shall (i) be an established institution (A) that satisfies any requirements of the Higher Education Act applicable to servicers
and (B) whose regular business includes the servicing or administration of student loans and (ii) enter into a servicing agreement or an administration agreement, respectively, with the
Issuer having substantially the same provisions as the provisions of the Servicing Agreement and the Administration Agreement, as applicable. If within 30 days after the delivery of the notice
referred to above, the Issuer shall not have obtained such a new servicer or new administrator, as the case may be, the Indenture Trustee may appoint, or may petition a court of competent jurisdiction
to appoint, a Successor Servicer or Successor Administrator; provided, however, that such right to
appoint or to petition for the appointment of any such successor shall in no event relieve the Indenture Trustee from any obligations
otherwise imposed on it under the Basic Documents until such successor has in fact assumed such appointment. In connection with any such appointment, the Indenture Trustee may make such arrangements
for the compensation of such successor as it and such successor shall agree, subject to the limitations set forth below and in the Servicing Agreement or Administration Agreement, as applicable, and
in accordance with Section 5.2 of the Servicing Agreement and Section 5.2 of the Administration Agreement, the Issuer shall enter into an agreement with such successor for the servicing
or administration of the Trust Student Loans (such agreement to be in form and substance satisfactory to the Indenture Trustee). If the Indenture Trustee shall succeed as provided herein to the
Servicer's duties as Servicer with respect to the Trust Student Loans, or the Administrator's duties with respect to the Issuer and the Trust Student Loans, as the case may be, it shall do so in its
individual capacity and not in its capacity as Indenture Trustee and, accordingly, the provisions of Article VI hereof shall be inapplicable to the Indenture Trustee in its duties as the
successor to the Servicer or the Administrator, as the case may be, and the servicing or administration of the Trust Student Loans. In case the Indenture Trustee shall become successor to the Servicer
or the Administrator, the Indenture Trustee shall be entitled to appoint as Servicer or as Administrator, as the case may be, any one of its Affiliates, provided that such appointment shall not affect
or alter in any way the liability of the Indenture Trustee as Successor Servicer or Successor Administrator, respectively, in accordance with the terms hereof. 

        (f)    Upon
any termination of the Servicer's rights and powers pursuant to the Servicing Agreement, or any termination of the Administrator's rights and powers pursuant to the
Administration Agreement, as the case may be, the Issuer shall promptly notify the Indenture Trustee and each Rating Agency. As soon as a Successor Servicer or a Successor Administrator is appointed,
the Issuer shall 

11

 

notify the Indenture Trustee and each Rating Agency of such appointment, specifying in such notice the name and address of such Successor Servicer or such Successor Administrator. 

        (g)  Without
derogating from the absolute nature of the assignment granted to the Indenture Trustee under this Indenture or the rights of the Indenture Trustee hereunder, the
Issuer agrees that it will not, without the prior written consent of the Indenture Trustee or the Noteholders of at least a majority in Outstanding Amount of the Notes, amend, modify, waive,
supplement, terminate or surrender, or agree to any amendment, modification, supplement, termination, waiver or surrender of, the terms of any Collateral or the Basic Documents, except to the extent
otherwise provided in the Basic Documents, or waive timely performance or observance by the Servicer, the Administrator, the Seller, the Student Loan Marketing Association, the Issuer or the Eligible
Lender Trustee under the Basic Documents; provided, however, that no such amendment shall
(i) increase or reduce in any manner the amount of, or accelerate or delay the timing of, distributions that are required to be made for the benefit of the Noteholders, or (ii) reduce
the aforesaid percentage of the Notes which are required to consent to any such amendment, without the consent of the Noteholders of all the Outstanding Notes. If any such amendment, modification,
supplement or waiver shall be so consented to by the Indenture Trustee or such Noteholders, the Issuer shall give written notice thereof to each Rating Agency and agrees, promptly following a request
by the Indenture Trustee to do so, to execute and deliver, in its own name and at its own expense, such agreements, instruments, consents and other documents as the Indenture Trustee may deem
necessary or appropriate in the circumstances. 

        SECTION
3.8    Negative Covenants.    So long as any Notes are Outstanding, the Issuer shall not: 

        (i)    except
as expressly permitted by this Indenture or any other Basic Document, sell, transfer, exchange or otherwise dispose of any of the properties or assets of the
Issuer, including those included in the Indenture Trust Estate, unless directed to do so by the Indenture Trustee; 

        (ii)  claim
any credit on, or make any deduction from the principal or interest payable in respect of, the Notes (other than amounts properly withheld from such payments
under the Code or applicable state law) or assert any claim against any present or former Noteholder by reason of the payment of the taxes levied or assessed upon any part of the Indenture Trust
Estate; or 

        (iii)  (A)
permit the validity or effectiveness of this Indenture to be impaired, or permit the lien of this Indenture to be amended, hypothecated, subordinated, terminated
or discharged, or permit any Person to be released from any covenants or obligations with respect to the Notes under this Indenture except as may be expressly permitted hereby, (B) permit any
lien, charge, excise, claim, security interest, mortgage or other encumbrance (other than the lien of this Indenture) to be created on or extend to or otherwise arise upon or burden the Indenture
Trust Estate or any part thereof or any interest therein or the proceeds thereof (other than tax liens and other liens that arise by operation of law, and other than as expressly permitted by the
Basic Documents) or (C) permit the lien of this Indenture not to constitute a valid first priority (other than with respect to any such tax or other lien) security interest in the Indenture
Trust Estate.. 

        SECTION
3.9    Annual Statement as to Compliance.    The Issuer will deliver to the Indenture Trustee and each Rating
Agency, within 120 days after the end of each fiscal year of the Issuer (commencing with the fiscal year ending December 31, 2002), an Officers' Certificate of the Issuer stating that: 

        (i)    a
review of the activities of the Issuer during such year and of performance under this Indenture has been made under such Authorized Officers' supervision; and 

        (ii)  to
the best of such Authorized Officers' knowledge, based on such review, the Issuer has complied with all conditions and covenants under this Indenture throughout such
year, or, if there has been a default in the compliance of any such condition or covenant, specifying each such default known to such Authorized Officers and the nature and status thereof. 

12

 

        SECTION
3.10    Issuer May Consolidate, etc., Only on Certain Terms.    

        (a)  The
Issuer shall not consolidate or merge with or into any other Person, unless: 

        (i)    the
Person (if other than the Issuer) formed by or surviving such consolidation or merger shall be a Person organized and existing under the laws of the United States of
America or any State and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Indenture Trustee, in form satisfactory to the Indenture Trustee, the due and
punctual payment of the principal of, and interest, if any, on all Notes and the performance or observance of every agreement and covenant of this Indenture on the part of the Issuer to be performed
or observed, all as provided herein; 

        (ii)  immediately
after giving effect to such transaction, no Default shall have occurred and be continuing; 

        (iii)  the
Rating Agency Condition shall have been satisfied with respect to such transaction; 

        (iv)  the
Issuer shall have received an Opinion of Counsel (and shall have delivered copies thereof to the Indenture Trustee) to the effect that such transaction will not
have any material adverse Federal or Delaware state tax consequence to the Issuer or any Noteholder; 

        (v)  any
action as is necessary to maintain the lien and security interest created by this Indenture shall have been taken; and 

        (vi)  the
Issuer shall have delivered to the Indenture Trustee an Officers' Certificate of the Issuer and an Opinion of Counsel each stating that such consolidation or merger
and such supplemental indenture comply with this Article III and that all conditions precedent herein provided for relating to such transaction have been complied with (including any filing
required by the Exchange Act). 

        (b)  The
Issuer shall not convey or transfer all or substantially all its properties or assets, including those included in the Indenture Trust Estate, to any Person, unless: 

        (i)    the
Person that acquires by conveyance or transfer the properties and assets of the Issuer the conveyance or transfer of which is hereby restricted shall (A) be a
United States citizen or a Person organized and existing under the laws of the United States of America or any State, (B) expressly assume, by an indenture supplemental hereto, executed and
delivered to the Indenture Trustee, in form
satisfactory to the Indenture Trustee, the due and punctual payment of the principal of, and interest, if any, on all Notes and the performance or observance of every agreement and covenant of this
Indenture on the part of the Issuer to be performed or observed, all as provided herein, (C) expressly agree by means of such supplemental indenture that all right, title and interest so
conveyed or transferred shall be subject and subordinate to the rights of Noteholders, (D) unless otherwise provided in such supplemental indenture, expressly agree to indemnify, defend and
hold harmless the Issuer against and from any loss, liability or expense arising under or related to this Indenture and the Notes and (E) expressly agree by means of such supplemental indenture
that such Person (or if a group of Persons, then one specified Person) shall make all filings with the Commission (and any other appropriate Person) required by the Exchange Act in connection with the
Notes; 

        (ii)  immediately
after giving effect to such transaction, no Default shall have occurred and be continuing; 

        (iii)  the
Rating Agency Condition shall have been satisfied with respect to such transaction; 

        (iv)  the
Issuer shall have received an Opinion of Counsel (and shall have delivered copies thereof to the Indenture Trustee) to the effect that such transaction will not
have any material adverse Federal or Delaware state tax consequence to the Issuer or any Noteholder; 

13

 

        (v)  any
action as is necessary to maintain the lien and security interest created by this Indenture shall have been taken; and 

        (vi)  the
Issuer shall have delivered to the Indenture Trustee an Officers' Certificate of the Issuer and an Opinion of Counsel each stating that such conveyance or transfer
and such supplemental indenture comply with this Article III and that all conditions precedent herein provided for relating to such transaction have been complied with (including any filing
required by the Exchange Act). 

        SECTION
3.11    Successor or Transferee.    (a) Upon any consolidation or merger of the Issuer in accordance
with Section 3.10(a), the Person formed by or surviving such consolidation or merger (if other than the Issuer) shall succeed to, and be substituted for, and may exercise every right and power
of, the Issuer under this Indenture with the same effect as if such Person had been named as the Issuer herein. 

        (b)  Upon
a conveyance or transfer of all the assets and properties of the Issuer pursuant to Section 3.10(b), SLM Student Loan Trust 2002-6 will be
released from every covenant and agreement of this Indenture to be observed or performed on the part of the Issuer with respect to the Notes
immediately upon the delivery by the Issuer of written notice to the Indenture Trustee stating that SLM Student Loan Trust 2002-6 is to be so released. 

        SECTION
3.12    No Other Business.    The Issuer shall not engage in any business other than financing, purchasing,
owning, selling and managing the Trust Student Loans in the manner contemplated by this Indenture and the other Basic Documents and activities incidental thereto. 

        SECTION
3.13    No Borrowing.    The Issuer shall not issue, incur, assume, guarantee or otherwise become liable,
directly or indirectly, for any indebtedness except for the Notes. 

        SECTION
3.14    Obligations of Servicer and Administrator.    The Issuer shall cause the Servicer to comply with
Sections 3.1, 3.2 and 3.3 of the Administration Agreement and Section 3.7 of the Servicing Agreement and the Administrator to comply with Sections 2.9, 3.1, 3.2 and 3.3 of the Administration
Agreement. 

        SECTION
3.15    Guarantees, Loans, Advances and Other Liabilities.    Except as contemplated by this Indenture and the
other Basic Documents, the Issuer shall not make any loan or advance or credit to, or guarantee (directly or indirectly or by an instrument having the effect of assuring another's payment or
performance on any obligation or capability of so doing or otherwise), endorse or otherwise become contingently liable, directly or indirectly, in connection with the obligations, stocks or dividends
of, or own, purchase, repurchase or acquire (or agree contingently to do so) any stock, obligations, assets or securities of, or any other interest in, or make any capital contribution to, any other
Person. 

        SECTION
3.16    Capital Expenditures.    The Issuer shall not make any expenditure (by long-term or
operating lease or otherwise) for capital assets (either realty or personalty). 

        SECTION
3.17    Restricted Payments.    The Issuer shall not, directly or indirectly, (i) pay any dividend or
make any distribution (by reduction of capital or otherwise), whether in cash, property, securities or a combination thereof, to the Eligible Lender Trustee or any owner of a beneficial interest in
the Issuer or otherwise with respect to any ownership or equity interest or security in or of the Issuer or to the Servicer or the Administrator, (ii) redeem, purchase, retire or otherwise
acquire for value any such ownership or equity interest or security or (iii) set aside or otherwise segregate any amounts for any such purpose;  provided, however, that the Issuer may make, or cause to be made, distributions to the Servicer, the
Eligible Lender Trustee, the Indenture Trustee, the Noteholders, the Administrator and the Seller as contemplated by, and to the extent funds are available for such purpose under, this Indenture and
the other Basic Documents. The Issuer will not, directly or indirectly, make 

14

 

payments to or distributions from the Collection Account except in accordance with this Indenture and the other Basic Documents. 

        SECTION
3.18    Notice of Events of Default.    The Issuer shall give the Indenture Trustee and the Rating Agencies
prompt written notice of each Event of Default hereunder and each default on the part of the Seller of its obligations under the Sale Agreement, the Student Loan Marketing Association of its
obligations under the Purchase Agreement, the Servicer of its obligations under the Servicing Agreement, or the Administrator of its obligations under the Administration Agreement. In addition, the
Issuer shall deliver to the Indenture Trustee and each Rating Agency, within five days after the occurrence thereof, written notice in the form of an Officers' Certificate of the Issuer of any event
which with the giving of notice and the lapse of time would become an Event of Default under Section 5.1(iii), its status and what action the Issuer is taking or proposes to take with respect
thereto. 

        SECTION
3.19    Further Instruments and Acts.    Upon request of the Indenture Trustee, the Issuer will execute and
deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 

 
 

ARTICLE IV    
    
    Satisfaction and Discharge    
  

        SECTION
4.1    Satisfaction and Discharge of Indenture.    This Indenture shall cease to be of further effect with
respect to the Notes except as to (i) rights of registration of transfer and exchange, (ii) substitution of mutilated, destroyed, lost or stolen Notes, (iii) rights of Noteholders
to receive payments of principal thereof and interest thereon, (iv) Sections 3.3, 3.4, 3.5, 3.8, 3.10, 3.12 and 3.13, (v) the rights, obligations and immunities of the Indenture Trustee
hereunder (including, without limitation, the rights of the Indenture Trustee under Section 6.7 and the obligations of the Indenture Trustee under Section 4.2) and (vi) the rights
of Noteholders as beneficiaries hereof with respect to the property so deposited with the Indenture Trustee payable to all or any of them, and the Indenture Trustee, on demand of and at the expense of
the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture with respect to the Notes, when: 

        (a)  either

        (1)  all
Notes theretofore authenticated and delivered (other than (i) Notes that have been destroyed, lost or stolen and that have been replaced or paid as provided
in Section 2.5 and (ii) Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuer and thereafter repaid to the Issuer or
discharged from such trust, as provided in Section 3.3) have been delivered to the Indenture Trustee for cancellation; or 

        (2)  all
Notes not theretofore delivered to the Indenture Trustee for cancellation 

        (i)    have
become due and payable, 

        (ii)  will
become due and payable at their respective Note Final Maturity Date, within one year, or 

        (iii)  are
to be called for redemption within one year under arrangements satisfactory to the Indenture Trustee for the giving of notice of redemption by the Indenture
Trustee in the name, and at the expense, of the Issuer, and the Issuer, in the case of (i), (ii) or (iii) above, has irrevocably deposited or caused to be irrevocably deposited with the
Indenture Trustee cash or direct obligations of or obligations guaranteed by the United States of America (which will mature prior to the date such amounts are payable), in trust for such purpose, in
an amount sufficient to pay and discharge the entire indebtedness on such Notes not theretofore delivered to the Indenture Trustee for cancellation when due to the Note Final Maturity Date; 

15

 

        (b)  the
Issuer has paid or caused to be paid all other sums payable hereunder by the Issuer; and 

        (c)  the
Issuer has delivered to the Indenture Trustee an Officers' Certificate of the Issuer, an Opinion of Counsel and (if required by the TIA or the Indenture Trustee) an
Independent Certificate from a firm of certified public accountants, each meeting the applicable requirements of Section 11.1(a) and, subject to Section 11.2, each stating that all
conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with. 

        SECTION
4.2    Application of Trust Money.    All moneys deposited with the Indenture Trustee pursuant to
Section 4.1 hereof shall be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent, as
the Indenture Trustee may determine, to the Noteholders of the particular Notes for the payment or redemption of which such moneys have been deposited with the Indenture Trustee, of all sums due and
to become due thereon for principal and interest; but such moneys need not be segregated from other funds except to the extent required herein or in the Administration Agreement or required by law. 

        SECTION
4.3    Repayment of Moneys Held by Paying Agent.    In connection with the satisfaction and discharge of this
Indenture with respect to the Notes, all moneys then held by any Paying Agent other than the Indenture Trustee under the provisions of this Indenture with respect to such Notes shall,
upon demand of the Issuer, be paid to the Indenture Trustee to be held and applied according to Section 3.3 and thereupon such Paying Agent shall be released from all further liability with
respect to such moneys. 

        SECTION
4.4    Auction of Trust Student Loans.    Any Trust Student Loans remaining in the Trust as of the end of the
Collection Period immediately preceding the earliest Distribution Date on which the Pool Balance is equal to 10% or less of the initial Pool Balance three business days prior to such Distribution Date
(the "Trust Auction Date") shall be offered for sale by the Indenture Trustee unless the Seller has exercised its option to purchase the Trust Estate as described in Section 6.1A of the
Administration Agreement with respect to such Distribution Date. The Seller will be deemed to have waived such option if it fails to notify the Eligible Lender Trustee and the Indenture Trustee of its
exercise thereof in writing prior to the Indenture Trustee's acceptance of a bid to purchase such Trust Student Loans; provided,  however, that there shall
be no such offer for sale if the Indenture Trustee fails to provide notice to the Seller in accordance with this
Section 4.4. The Indenture Trustee shall provide written notice to the Seller of any such offer for sale at least 5 business days in advance of the Trust Auction Date. The Indenture Trustee
shall permit the Seller or any of its Affiliates to offer bids only if the Pool Balance as of the applicable Trust Auction Date is equal to 10% or less of the Initial Pool Balance and such bid does
not exceed the fair market value of the Trust Student Loans as of the Trust Auction Date. If at least two bids are received, the Indenture Trustee shall solicit and resolicit new bids from all
participating bidders until only one bid remains or the remaining bidders decline to resubmit bids. The Indenture Trustee shall accept the highest of such remaining bids if it is equal to or in excess
of both the Minimum Purchase Amount and the fair market value of such Trust Student Loans as of the end of the Collection Period immediately preceding the Trust Auction Date. If at least two bids are
not received or the highest bid after the resolicitation process is completed is not equal to or in excess of the higher of the Minimum Purchase Amount and the fair market value of the Trust Student
Loans, the Indenture Trustee shall not consummate such sale. The Indenture Trustee may consult, and, at the direction of the Seller, shall consult, with a financial advisor, including an underwriter
of the Notes or the Administrator, to determine if the fair market value of the Trust Student Loans has been offered. The proceeds of any such sale will be applied in the order of priority set forth
in Section 5.4 (b). If the sale is not consummated in accordance with the foregoing, the Indenture Trustee may, but shall not be under any obligation to, solicit bids for sale of the Trust
Student Loans with respect to future Distribution Dates upon terms similar to those described above, including the Seller's waiver of its option to purchase the Trust Estate in accordance with
Section 6.1A of the Administration Agreement with respect to each such future Distribution Date. 

16

 

 
 

ARTICLE V    
    
    Remedies    
  

        SECTION
5.1    Events of Default.    "Event of Default," wherever used herein, means any one of the following events
(whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any
order, rule or regulation of any administrative or governmental body): 

        (i)    default
in the payment of any interest on any Note when the same becomes due and payable, and such default shall continue for a period of five days; or 

        (ii)  default
in the payment of the principal of any Note when the same becomes due and payable on the related Note Final Maturity Date; or 

        (iii)  default
in the observance or performance of any covenant or agreement of the Issuer made in this Indenture (other than a covenant or agreement, a default in the
observance or performance of which is elsewhere in this Section specifically dealt with), or any representation or warranty of the Issuer made in this Indenture or in any certificate or other writing
having been incorrect in any material respect as of the time when made, such default or breach having a material adverse effect on the holders of the Notes, and such default or breach shall continue
or not be cured, or the circumstance or condition in respect of which such misrepresentation or warranty was incorrect shall not have been eliminated or otherwise cured, for a period of 30 days
after there shall have been given, by registered or certified mail, to the Issuer by the Indenture Trustee or to the Issuer and the Indenture Trustee by the Noteholders of at least 25% of the
Outstanding Amount of the Notes, a written notice specifying such default or incorrect representation or warranty and requiring it to be remedied and stating that such notice is a notice of Default
hereunder; or 

        (iv)  the
filing of a decree or order for relief by a court having jurisdiction in the premises in respect of the Issuer or any substantial part of the Indenture Trust Estate
in an involuntary case under any applicable Federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee,
sequestrator or similar official of the Issuer or for any substantial part of the Indenture Trust Estate, or ordering the winding-up or liquidation of the Issuer's affairs, and such decree
or order shall remain unstayed and in effect for a period of 60 consecutive days; or 

        (v)  the
commencement by the Issuer of a voluntary case under any applicable Federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or the
consent by the Issuer to the entry of an order for relief in an involuntary case under any such law, or the consent by the Issuer to the appointment or taking possession by a receiver, liquidator,
assignee, custodian, trustee, sequestrator or similar official of the Issuer or for any substantial part of the Indenture Trust Estate, or the making by the Issuer of any general assignment for the
benefit of creditors, or the failure by the Issuer generally to pay its debts as such debts become due, or the taking of action by the Issuer in furtherance of any of the foregoing. 

        SECTION
5.2    Acceleration of Maturity; Rescission and Annulment.    If an Event of Default should occur and be
continuing, then and in every such case the Indenture Trustee or the Noteholders of Notes representing not less than a majority of the Outstanding Amount of the Notes may declare all the Notes to be
immediately due and payable, by a notice in writing to the Issuer (and to the Indenture Trustee if given by Noteholders), and upon any such declaration the unpaid principal amount of such Notes,
together with accrued and unpaid interest thereon through the date of acceleration, shall become immediately due and payable, subject, however, to the last paragraph of Section 2.7C of the
Administration Agreement and to Section 5.4 of this Indenture. 

17

 

        At
any time after such declaration of acceleration of maturity has been made and before a judgment or decree for payment of the money due has been obtained by the Indenture Trustee as
hereinafter in this Article V provided, the Noteholders of Notes representing a majority of the Outstanding Amount of the Notes, by written notice to the Issuer and the Indenture Trustee, may
rescind and annul such declaration and its consequences if: 

        (i)    the
Issuer has paid or deposited with the Indenture Trustee a sum sufficient to pay: 

        (a)  all
payments of principal of and interest on all Notes and all other amounts that would then be due hereunder or upon such Notes if the Event of Default giving rise to
such acceleration had not occurred; and 

        (b)  all
sums paid or advanced by the Indenture Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its
agents and counsel; and 

        (ii)  all
Events of Default, other than the nonpayment of the principal of the Notes that has become due solely by such acceleration, have been cured or waived as provided in
Section 5.12. 

        No
such rescission shall affect any subsequent default or impair any right consequent thereto. 

        SECTION
5.3    Collection of Indebtedness and Suits for Enforcement by Indenture Trustee.    The Issuer covenants that
if (i) default is made in the payment of any interest on any Note when the same becomes due and payable, and such default continues for a period of five days, or (ii) default is made in
the payment of the principal of any Note when the same becomes due and payable at the related Note Final Maturity Date, the Issuer shall, upon demand of the Indenture Trustee, pay to it, for the
benefit of the Noteholders, the whole amount then due and payable on such Notes for principal and interest, with interest upon the overdue principal, and, to the extent payment at such rate of
interest shall be
legally enforceable, upon overdue installments of interest, at the rate specified in Section 2.7 and in addition thereto such further amount as shall be sufficient to cover the costs and
expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel. 

        (a)  In
case the Issuer shall fail forthwith to pay such amounts upon such demand, the Indenture Trustee, in its own name and as trustee of an express trust, may institute a
Proceeding for the collection of the sums so due and unpaid, and may prosecute such Proceeding to judgment or final decree, and may enforce the same against the Issuer or other obligor upon such Notes
and collect in the manner provided by law out of the property of the Issuer or other obligor upon such Notes, wherever situated, the moneys adjudged or decreed to be payable. 

        (b)  If
an Event of Default occurs and is continuing, the Indenture Trustee may, as more particularly provided in Section 5.4, in its discretion, proceed to protect
and enforce its rights and the rights of the Noteholders, by such appropriate Proceedings as the Indenture Trustee shall deem most effective to protect and enforce any such rights, whether for the
specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested in
the Indenture Trustee by this Indenture or by law. 

        (c)  In
case there shall be pending, relative to the Issuer or any other obligor upon the Notes or any Person having or claiming an ownership interest in the Indenture Trust
Estate, Proceedings under Title 11 of the United States Code or any other applicable Federal or state bankruptcy, insolvency or other similar law, or in case a receiver, assignee or trustee in
bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer or its property or such other obligor or Person, or in case
of any other, comparable judicial Proceedings relative to the Issuer or other obligor upon the Notes, or to the creditors or property of the Issuer or 

18

 

such other obligor, the Indenture Trustee, irrespective of whether the principal of any Notes shall then be due and payable, as therein expressed or by declaration or otherwise and irrespective of
whether the Indenture Trustee shall have made any demand pursuant to the provisions of this Section, shall be entitled and empowered, by intervention in such proceedings or otherwise: 

          (i)  to
file and prove a claim or claims for the whole amount of principal and interest owing and unpaid in respect of the Notes and to file such other papers or documents
as may be necessary or advisable in order to have the claims of the Indenture Trustee (including any claim for reasonable compensation to the Indenture Trustee and each predecessor Indenture Trustee,
and their respective agents, attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, and all advances made, by the Indenture Trustee and each predecessor Indenture
Trustee, except as a result of negligence or bad faith) and of the Noteholders allowed in such Proceedings; 

        (ii)  unless
prohibited by applicable law and regulations, to vote on behalf of the Noteholders in any election of a trustee, a standby trustee or Person performing similar
functions in any such Proceedings; 

        (iii)  to
collect and receive any moneys or other property payable or deliverable on any such claims and to distribute all amounts received with respect to the claims of the
Noteholders and of the Indenture Trustee on their behalf; and 

        (iv)  to
file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee or the Noteholders
allowed in any judicial proceedings relative to the Issuer, its creditors and its property; 

        and
any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding is hereby authorized by each of such Noteholders to make payments to the Indenture
Trustee, and, in the event that the Indenture Trustee shall consent to the making of payments directly to such Noteholders, to pay to the Indenture Trustee such amounts as shall be sufficient to cover
reasonable compensation to the Indenture Trustee, each predecessor Indenture Trustee and their respective agents, attorneys and counsel, and all other expenses and liabilities incurred, and all
advances made, by the Indenture Trustee and each predecessor Indenture Trustee except as a result of negligence or bad faith. 

        (d)  Nothing
herein contained shall be deemed to authorize the Indenture Trustee to authorize or consent to or vote for or accept or adopt on behalf of any Noteholder any
plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Noteholder thereof or to authorize the Indenture Trustee to vote in respect of the claim of any
Noteholder in any such proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar Person. 

        (e)  All
rights of action and of asserting claims under this Indenture, or under any of the Notes, may be enforced by the Indenture Trustee without the possession of any of
the Notes or the production thereof in any trial or other Proceedings relative thereto, and any such action or Proceedings instituted by the Indenture Trustee shall be brought in its own name as
trustee of an express trust, and any recovery of judgment, subject to the payment of the expenses, disbursements and compensation of the Indenture Trustee, each predecessor Indenture Trustee and their
respective agents and attorneys, shall be for the ratable benefit of the Noteholders. 

        (f)    In
any Proceedings brought by the Indenture Trustee (and also any Proceedings involving the interpretation of any provision of this Indenture to which the Indenture
Trustee shall be a party), the Indenture Trustee shall be held to represent all the Noteholders, and it shall not be necessary to make any Noteholder a party to any such Proceedings. 

19

  

        SECTION 5.4    Remedies; Priorities.    If an Event of Default shall have occurred and be continuing, the Indenture
Trustee may do one or more of the following (subject to Section 5.5): 

        (a)  (i) institute
Proceedings in its own name and as trustee of an express trust for the collection of all amounts then payable on the Notes or under this Indenture
with respect thereto, whether by declaration or otherwise, enforce any judgment obtained, and collect from the Issuer and any other obligor upon such Notes moneys adjudged due; 

        (ii)  institute
Proceedings from time to time for the complete or partial foreclosure of this Indenture, with respect to the Indenture Trust Estate; 

        (iii)  exercise
any remedies of a secured party under the UCC with respect to the Trust Estate and take any other appropriate action to protect and enforce the rights and
remedies of the Indenture Trustee and the Noteholders; 

        (iv)  sell
the Indenture Trust Estate or any portion thereof or rights or interest therein, at one or more public or private sales called and conducted in any manner
permitted by law; and/or 

        (v)  elect
to have the Eligible Lender Trustee maintain ownership of the Trust Student Loans and continue to apply collections with respect to the Trust Student Loans as if
there had been no declaration of acceleration. 

provided, however, that the Indenture Trustee may not sell or otherwise liquidate the Indenture Trust
Estate following an Event of Default, other than an Event of Default described in Section 5.1(i) or (ii) with respect to the Class A Notes, unless (A) the
Noteholders of 100% of the Outstanding Amount of the Class A Notes consent thereto, (B) the proceeds of such sale or liquidation distributable to the Class A Noteholders are
sufficient to discharge in full all amounts then due and unpaid upon such Class A Notes for principal and interest or (C) the Indenture Trustee determines that the Indenture Trust Estate
will not continue to provide sufficient funds for the payment of principal of and interest on the Class A Notes as they would have become due if the Class A Notes had not been declared
due and payable, and the Indenture Trustee obtains the consent of Noteholders of 662/3% of the Outstanding Amount of the Class A Notes;  provided, further, that the Indenture Trustee may not sell or otherwise
liquidate the Indenture Trust Estate following an Event of Default, other than an Event of Default described in Section 5.1(i) or (ii) with respect to the Class A Notes,
unless (D) the proceeds of such sale or liquidation distributable to the Class B Noteholders plus the proceeds of the sale or liquidation
of the Trust Estate distributable to the Class B Noteholders are sufficient to pay to the Class B Noteholders the outstanding principal plus accrued and unpaid interest thereon or
(E) after receipt of notice from the Eligible Lender Trustee that the proceeds of such sale or liquidation distributable to the Class B Noteholders plus the proceeds of the sale or
liquidation of the Trust Estate distributable to the Class B Noteholders would not be sufficient to pay to the Class B Noteholders the outstanding principal plus accrued and unpaid
interest thereon, the Class B Noteholders of at least a majority of the principal amount of the Class B Notes consent thereto. In determining such sufficiency or insufficiency with
respect to clauses (B), (C), (D) and (E), the Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation
as to the feasibility of such proposed action and as to the sufficiency of the Indenture Trust Estate and/or Trust Estate, as applicable, for such purpose. 

        (b)  If
the Indenture Trustee collects any money or property pursuant to this Article V, it shall pay out the money or property in the following order: 

        FIRST:
to the Indenture Trustee for amounts due under Section 6.7; 

        SECOND:
to the Servicer for due and unpaid Primary Servicing Fees; 

20

 

        THIRD:
to the Class A Noteholders for amounts due and unpaid on the Class A Notes for interest, ratably, without preference or priority of any kind, according to the
amounts due and payable on the Class A Notes for such interest; 

        FOURTH:
to Class A Noteholders for amounts due and unpaid on the Class A Notes for principal, ratably, without preference or priority of any kind, according to the amounts
due and payable on the Notes for principal; 

        FIFTH:
to the Class B Noteholders for amounts due and unpaid on the Class B Notes for interest; 

        SIXTH:
to the Class B Noteholders for amounts due and unpaid on the Class B Notes for principal, ratably without preference or priority of any kind, according to the
amounts due and payable on the Class B Notes for principal; 

        SEVENTH:
to the Servicer, for any unpaid Carryover Servicing Fees; and 

        EIGHTH:
to the Issuer, for distribution in accordance with the terms of the Administration Agreement and the Trust Agreement. 

        The
Indenture Trustee may fix a record date and payment date for any payment to Noteholders pursuant to this Section. At least 15 days before such record date, the Indenture
Trustee shall mail to each Noteholder and the Issuer a notice that states the record date, the payment date and the amount to be paid. 

        SECTION
5.5    Optional Preservation of the Trust Student Loans.    If the Notes have been declared to be due and
payable under Section 5.2 following an Event of Default and such declaration and its consequences have not been rescinded and annulled, the Indenture Trustee may, but need not, elect to
maintain possession of the Indenture Trust Estate. It is the desire of the parties hereto and the Noteholders that there be at all times sufficient funds for the payment of principal of and interest
on the Notes, and the Indenture Trustee shall take such desire into account when determining whether or not to maintain possession of the Indenture Trust Estate. In determining whether to maintain
possession of the Indenture Trust Estate, the Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to
the feasibility of such proposed action and as to the sufficiency of the Indenture Trust Estate for such purpose. 

        SECTION
5.6    Limitation of Suits.    No Noteholder shall have any right to institute any Proceeding, judicial or
otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 

        (i)    such
Noteholder has previously given written notice to the Indenture Trustee of a continuing Event of Default; 

        (ii)  the
Noteholders of not less than 25% of the Outstanding Amount of the Notes have made written request to the Indenture Trustee to institute such Proceeding in respect
of such Event of Default in its own name as Indenture Trustee hereunder; 

        (iii)  such
Noteholder or Noteholders have offered to the Indenture Trustee reasonable indemnity against the costs, expenses and liabilities to be incurred in complying with
such request; 

        (iv)  the
Indenture Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute such Proceeding; and 

        (v)  no
direction inconsistent with such written request has been given to the Indenture Trustee during such 60-day period by the Noteholders of a majority of the
Outstanding Amount of the Notes; 

        it
being understood and intended that no one or more Noteholders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this indenture to affect,
disturb or 

21

 

prejudice the rights of any other Noteholders or to obtain or to seek to obtain priority or preference over any other Noteholders or to enforce any right under this Indenture, except in the manner
herein provided. 

        In
the event the Indenture Trustee shall receive conflicting or inconsistent requests and indemnity from two or more groups of Noteholders, each representing less than a majority of the
Outstanding Amount of the Notes, the Indenture Trustee in its sole discretion may determine what action, if any, shall be taken, notwithstanding any other provisions of this Indenture. 

        SECTION
5.7    Unconditional Rights of Noteholders To Receive Principal and Interest.    Notwithstanding any other
provisions in this Indenture, any Noteholder shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest on such Note on or after the respective due
dates thereof expressed in such Note or in this Indenture (or, in the case of redemption, on or after the Redemption Date) and to institute suit for the enforcement of any such payment, and such right
shall not be impaired without the consent of such Noteholder. 

        SECTION
5.8    Restoration of Rights and Remedies.    If the Indenture Trustee or any Noteholder has instituted any
Proceeding to enforce any right or remedy under this Indenture and such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Indenture Trustee or to
such Noteholder, then and in every such case the Issuer, the Indenture Trustee and the Noteholders shall, subject to any determination in such Proceeding, be restored severally and respectively to
their former positions hereunder, and thereafter all rights and remedies of the Indenture Trustee and the Noteholders shall continue as though no such Proceeding had been instituted. 

        SECTION
5.9    Rights and Remedies Cumulative.    No right or remedy herein conferred upon or reserved to the
Indenture Trustee or to the Noteholders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to
every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not
prevent the concurrent assertion or employment of any other appropriate right or remedy. 

        SECTION
5.10    Delay or Omission Not a Waiver.    No delay or omission of the Indenture Trustee or any Noteholder to
exercise any right or remedy accruing upon any Default shall impair any such right or remedy or constitute a waiver of any such Default or an acquiescence therein. Every right and remedy given by this
Article V or by law to the Indenture Trustee or to the Noteholders may be exercised from time to time, and as often as may be deemed expedient, by the Indenture Trustee or by the Noteholders,
as the case may be. 

        SECTION
5.11    Control by Noteholders.    The Noteholders of a majority of the Outstanding Amount of the Notes shall
have the right to direct the time, method and place of conducting any Proceeding for any remedy available to the Indenture Trustee with respect to the Notes or exercising any trust or power conferred
on the Indenture Trustee; provided that 

        (i)    such
direction shall not be in conflict with any rule of law or with this Indenture; 

        (ii)  subject
to the express terms of Section 5.4, any direction to the Indenture Trustee to sell or liquidate the Indenture Trust Estate shall be by the Noteholders
of not less than 100% of the Outstanding Amount of the Notes; 

        (iii)  if
the conditions set forth in Section 5.5 have been satisfied and the Indenture Trustee elects to retain the Indenture Trust Estate pursuant to such Section,
then any direction to the Indenture Trustee by Noteholders of less than 100% of the Outstanding Amount of the Notes to sell or liquidate the Indenture Trust Estate shall be of no force and effect; and 

        (iv)  the
Indenture Trustee may take any other action deemed proper by the Indenture Trustee that is not inconsistent with such direction; 

22

 

provided, however, that, subject to Section 6.1, the Indenture Trustee need not take any action
that it determines might involve it in liability or might materially adversely affect the rights of any Noteholders not consenting to such action. 

        SECTION
5.12    Waiver of Past Defaults.    Prior to the time a judgment or decree for payment of money due has been
obtained as described in Section 5.2, the Noteholders of not less than a majority of the Outstanding Amount of the Notes may waive any past Default and its consequences except a Default
(a) in payment when due of principal of or interest on any of the Notes or (b) in respect of a covenant
or provision hereof which cannot be modified or amended without the consent of each Noteholder. In the case of any such waiver, the Issuer, the Indenture Trustee and the Noteholders shall be restored
to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereto. 

        Upon
any such waiver, such Default shall cease to exist and be deemed to have been cured and not to have occurred for every purpose of this Indenture; but no such waiver shall extend to
any subsequent or other Default or impair any right consequent thereto. 

        SECTION
5.13    Undertaking for Costs.    All parties to this Indenture agree, and each Noteholder by such
Noteholder's acceptance of any Note shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any
suit against the Indenture Trustee for any action taken, suffered or omitted by it as Indenture Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit,
and that such court may in its discretion assess reasonable costs, including reasonable attorneys' fees, against any party litigant in such suit, having due regard to the merits and good faith of the
claims or defenses made by such party litigant; but the provisions of this Section shall not apply to (a) any suit instituted by the Indenture Trustee, (b) any suit instituted by any
Noteholder, or group of Noteholders, in each case holding in the aggregate more than 10% of the Outstanding Amount of the Notes or (c) any suit Instituted by any Noteholder for the enforcement
of the payment of principal of or interest on any Note on or after the respective due dates expressed in such Note and in this Indenture (or, in the case of redemption, on or after the Redemption
Date). 

        SECTION
5.14    Waiver of Stay or Extension Laws.    The Issuer covenants (to the extent that it may lawfully do so)
that it will not at any time insist upon, or plead or in any manner whatsoever, claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in
force, that may affect the covenants or the performance of this Indenture; and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law,
and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Indenture Trustee, but will suffer and permit the execution of every such power as though no
such law had been enacted. 

        SECTION
5.15    Action on Notes.    The Indenture Trustee's right to seek and recover judgment on the Notes or under
this Indenture shall not be affected by the seeking, obtaining or application of any other relief under or with respect to this Indenture. Neither the lien of this Indenture nor any rights or remedies
of the Indenture Trustee or the Noteholders shall be impaired by the recovery of any judgment by the Indenture Trustee against the Issuer or by the levy of any execution under such judgment upon any
portion of the Indenture Trust Estate or upon any of the assets of the Issuer. Any money or property collected by the Indenture Trustee shall be applied in accordance with Section 5.4(b). 

        SECTION
5.16    Performance and Enforcement of Certain Obligations.    

        (a)  Promptly
following a request from the Indenture Trustee to do so and at the Administrator's expense, the Issuer shall take all such lawful action as the Indenture
Trustee may request to compel or secure the performance and observance by the Seller, the Student Loan Marketing Association, the 

23

 

Administrator and the Servicer, as applicable, of each of their obligations to the Issuer, whether directly or by assignment, under or in connection with the Sale Agreement, the Purchase Agreement,
the Administration Agreement and the Servicing Agreement, respectively, in accordance with the terms thereof, and to exercise any and all rights, remedies, powers and privileges lawfully available to
the Issuer under or in connection with the Sale Agreement, the Purchase Agreement, the Administration Agreement and the Servicing Agreement, as the case may be, to the extent and in the manner
directed by the Indenture Trustee, including the transmission of notices of default on the part of the Seller, the Student Loan Marketing Association, the Administrator or the Servicer thereunder and
the institution of legal or administrative actions or proceedings to compel or secure performance by the Seller, the Student Loan Marketing Association, the Administrator or the Servicer of each of
their obligations under the Sale Agreement, the Purchase Agreement, the Administration Agreement and the Servicing Agreement, respectively. 

        (b)  If
an Event of Default has occurred and is continuing, the Indenture Trustee may, and at the written direction of the Noteholders of 662/3% of the
Outstanding Amount of the Notes shall, exercise all rights, remedies, powers, privileges and claims of the Issuer against the Seller, the Student Loan Marketing Association, the Administrator or the
Servicer under or in connection with the Sale Agreement, the Purchase Agreement, the Administration Agreement and the Servicing Agreement, respectively, including the right or power to take any action
to compel or secure performance or observance by the Seller, the Student Loan Marketing Association, the Administrator or the Servicer of each of their obligations to the Issuer thereunder, whether
directly or by assignment, and to give any consent, request, notice, direction, approval, extension or waiver under the Sale Agreement, the Purchase Agreement, the Administration Agreement and the
Servicing Agreement, respectively, and any right of the Issuer to take such action shall be suspended. 

 
 

ARTICLE VI    
    
    The Indenture Trustee    
  

        SECTION
6.1    Duties of Indenture Trustee.    (a) If an Event of Default has occurred and is continuing, the
Indenture Trustee shall exercise the rights and powers vested in it by this Indenture and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the
circumstances in the conduct such person's own affairs. 

        (b)  Except
during the continuance of an Event of Default: 

        (i)    the
Indenture Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and no implied covenants or obligations
shall be read into this Indenture against the Indenture Trustee; and 

        (ii)  in
the absence of bad faith on its part, the Indenture Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed
therein, upon certificates or opinions furnished to the Indenture Trustee and conforming to the requirements of this Indenture; provided,  however, that the
Indenture Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this
Indenture. 

        (c)  The
Indenture Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except that: 

        (i)    this
paragraph does not limit the effect of paragraph (b) of this Section; 

        (ii)  the
Indenture Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer unless it is proved that the Indenture Trustee was
negligent in ascertaining the pertinent facts; and 

24

 

        (iii)  the
Indenture Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to
Section 5.11. 

        (d)  The
Indenture Trustee shall not be liable for interest on any money received by it except as the Indenture Trustee may agree in writing with the Issuer. 

        (e)  Money
held in trust by the Indenture Trustee need not be segregated from other funds except to the extent required by law or the terms of this Indenture or the other
Basic Documents. 

        (f)    No
provision of this Indenture shall require the Indenture Trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of
its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that repayments of such funds or adequate indemnity satisfactory to it against
any loss, liability or expense is not reasonably assured to it. 

        (g)  Except
as expressly provided in the Basic Documents, the Indenture Trustee shall have no obligation to administer, service or collect the Trust Student Loans or to
maintain, monitor or otherwise supervise the administration, servicing or collection of the Trust Student Loans. 

        (h)  In
the event that the Indenture Trustee is the Paying Agent or the Note Registrar, the rights and protections afforded to the Indenture Trustee pursuant to this
Indenture shall also be afforded to the Indenture Trustee in its capacity as Paying Agent or Note Registrar. 

        (i)    Every
provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Indenture Trustee shall be subject to the
provisions of this Section and to the provisions of the TIA. 

        SECTION
6.2    Rights of Indenture Trustee.    (a) The Indenture Trustee may rely on any document believed by
it to be genuine and to have been signed or presented by the proper Person. The Indenture Trustee need not investigate any fact or matter stated in such document. 

        (b)  Before
the Indenture Trustee acts or refrains from acting, it may require and shall be entitled to receive an Officers' Certificate of the Issuer and/or an Opinion of
Counsel. The Indenture Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers' Certificate or Opinion of Counsel. 

        (c)  The
Indenture Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys or a
custodian or nominee, and the Indenture Trustee shall not be responsible for any misconduct or negligence on the part of, or for the supervision of, any such agent, attorney, custodian or nominee
appointed with due care by it hereunder. 

        (d)  The
Indenture Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized or within its rights or powers;  provided, however, that the Indenture Trustee's conduct does not constitute willful misconduct,
negligence or bad faith. 

        (e)  The
Indenture Trustee may consult with counsel, and the advice or opinion of counsel with respect to legal matters relating to this Indenture and the Notes shall be full
and complete authorization and
protection from liability in respect to any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel. 

        SECTION
6.3    Individual Rights of Indenture Trustee.    The Indenture Trustee in its individual or any other
capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were not Indenture Trustee. Any Paying Agent, Note
Registrar, co-registrar or co-paying agent may do the same with like rights. However, the Indenture Trustee must comply with Sections 6.11 and 6.12. 

25

 

        SECTION
6.4    Indenture Trustee's Disclaimer.    The Indenture Trustee shall not be responsible for and makes no
representation as to the validity or adequacy of this Indenture or the Notes, it shall not be accountable for the Issuer's use of the proceeds from the Notes, and it shall not be responsible for any
statement of the Issuer in the Indenture or in any document issued in connection with the sale of the Notes or in the Notes other than the Indenture Trustee's certificate of authentication. 

        SECTION
6.5    Notice of Defaults; Seller Insolvency.    (a) If a Default occurs and is continuing and if it is
either actually known or written notice of the existence thereof has been delivered to a Responsible Officer of the Indenture Trustee, the Indenture Trustee shall mail notice of the Default to each
Noteholder within 90 days and to each Rating Agency as soon as practicable within 30 days after it occurs. Except in the case of a Default in payment of principal of or interest on any
Note (including payments pursuant to the mandatory redemption provisions of such Note), the Indenture Trustee may withhold the notice if and so long as a committee of its Responsible Officers in good
faith determines that withholding the notice is in the interests of Noteholders. Except as provided in the first sentence of this Section 6.5(a), in no event shall the Indenture Trustee be
deemed to have knowledge of a Default or an Event of Default. 

        (b)  If
the Indenture Trustee receives notice from the Eligible Lender Trustee of the occurrence of an Insolvency Event with respect to the Seller pursuant to
Section 9.2 of the Trust Agreement, the Indenture Trustee shall give prompt written notice to the Noteholders of the occurrence of such event and of the effect of such event under such
Section 9.2. Upon termination of the Trust pursuant to such Section 9.2, the Indenture Trustee shall, if so directed by the Eligible Lender Trustee, sell the Trust Estate (other than the
Trust Accounts) in a commercially reasonable manner and on commercially reasonable terms. The proceeds of any such sale shall be treated as collections under the Administration Agreement. 

        SECTION
6.6    Reports by Indenture Trustee to Noteholders.    The Indenture Trustee shall deliver to each Noteholder
(and to each Person who was a Noteholder at any time during the applicable calendar year) such information as may be required to enable such holder to prepare its Federal and state income tax returns.
Within 60 days after each December 31 beginning with the December 31 following the date of this Indenture, the Indenture Trustee shall mail to each Noteholder a brief report as of
such
December 31 that complies with TIA §313(a) if required by said section. The Indenture Trustee shall also comply with TIA § 313(b). A copy of each such report required
pursuant to TIA §313(a) or (b) shall, at the time of such transaction to Noteholders, be filed by the Indenture Trustee with the Commission and with each securities exchange, if
any, upon which the Notes are listed, provided that the Issuer has previously notified the Indenture Trustee of such listing. 

        SECTION
6.7    Compensation and Indemnity.    The Issuer shall cause the Seller to pay to the Indenture Trustee
reasonable compensation for its services in accordance with a separate agreement between the Seller and the Indenture Trustee and shall cause the Seller to reimburse the Indenture Trustee for all
reasonable out-of-pocket expenses incurred or made by it as provided in such separate agreement. The Indenture Trustee's compensation shall not be limited by any law on
compensation of a trustee of an express trust. The Issuer shall cause the Administrator to indemnify the Indenture Trustee and its directors, officers, employees and agents against any and all loss,
liability or expense (including attorneys' fees) incurred by it in connection with the administration of this trust and the performance of its duties hereunder and under the other Basic Documents. The
Indenture Trustee shall notify the Issuer and the Administrator promptly of any claim for which it may seek indemnity. Failure by the Indenture Trustee to so notify the Issuer and the Administrator
shall not relieve the Issuer or the Administrator of its obligations hereunder and under the other Basic Documents. The Issuer shall cause the Administrator to defend the claim and the Administrator
shall not be liable for the legal fees and expenses of the Indenture Trustee after it has assumed such defense; provided,  however, that, in the event that
there may be a conflict between the positions of the Indenture Trustee and the Administrator in conducting the defense
of such claim, the Indenture Trustee shall be entitled to 

26

 

separate counsel acceptable to it in its sole discretion the reasonable fees and expenses of which shall be paid by the Administrator on behalf of the Issuer. Neither the Issuer nor the Administrator
need reimburse any expense or indemnify against any loss, liability or expense incurred by the Indenture Trustee through the Indenture Trustee's own willful misconduct, negligence or bad faith. 

        The
Issuer's payment obligations to the Indenture Trustee pursuant to this Section shall survive the discharge of this Indenture. When the Indenture Trustee incurs expenses after the
occurrence of a Default specified in Section 5.1(iv) or (v) with respect to the Issuer, the expenses are intended to constitute expenses of administration under Title 11 of the
United States Code or any other applicable Federal or state bankruptcy, insolvency or similar law. 

        SECTION
6.8    Replacement of Indenture Trustee.    No resignation or removal of the Indenture Trustee and no
appointment of a successor Indenture Trustee shall become effective until the acceptance of appointment by the successor Indenture Trustee pursuant to this Section 6.8. The Indenture Trustee
may resign at any time by so notifying the Issuer. The Noteholders of a majority in Outstanding Amount of the Notes may remove the Indenture Trustee by so notifying the Indenture Trustee and may
appoint a successor Indenture Trustee. The Issuer shall remove the Indenture Trustee if: 

        (i)    the
Indenture Trustee fails to comply with Section 6.11; 

        (ii)  an
Insolvency Event occurs with respect to the Indenture Trustee; 

        (iii)  a
receiver or other public officer takes charge of the Indenture Trustee or its property; or 

        (iv)  the
Indenture Trustee otherwise becomes incapable of acting. 

        If
the Indenture Trustee resigns or is removed or if a vacancy exists in the office of Indenture Trustee for any reason (the Indenture Trustee in such event being referred to herein as
the retiring Indenture Trustee), the Issuer shall promptly appoint a successor Indenture Trustee. 

        A
successor Indenture Trustee shall deliver a written acceptance of its appointment to the retiring Indenture Trustee and to the Issuer. Thereupon the resignation or removal of the
retiring Indenture Trustee shall become effective, and the successor Indenture Trustee shall have all the rights, powers and duties of the Indenture Trustee under this Indenture. The successor
Indenture Trustee shall mail a notice of its succession to Noteholders. The retiring Indenture Trustee shall promptly transfer all property held by it as Indenture Trustee to the successor Indenture
Trustee. 

        If
a successor Indenture Trustee does not take office within 60 days after the retiring Indenture Trustee resigns or is removed, the retiring Indenture Trustee, the Issuer or the
Noteholders of a majority in Outstanding Amount of the Notes may petition any court of competent jurisdiction for the appointment of a successor Indenture Trustee. The successor Indenture Trustee
shall give notice of its appointment as successor Indenture Trustee to the Rating Agencies. 

        If
the Indenture Trustee fails to comply with Section 6.11, any Noteholder may petition any court of competent jurisdiction for the removal of the Indenture Trustee and the
appointment of a successor Indenture Trustee. 

        Notwithstanding
the replacement of the Indenture Trustee pursuant to this Section, the Issuer's and the Administrator's obligations under Section 6.7 shall continue for the
benefit of the retiring Indenture Trustee. 

        SECTION
6.9    Successor Indenture Trustee by Merger.    If the Indenture Trustee consolidates with, merges or
converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation without
any further act shall be the successor Indenture Trustee, provided that such corporation or banking 

27

 

association shall be otherwise qualified and eligible under Section 6.11. The Indenture Trustee shall provide the Rating Agencies prior written notice of any such transaction. 

        In
case at the time such successor or successors by merger, conversion or consolidation to the Indenture Trustee shall succeed to the trusts created by this Indenture any of the Notes
shall have been authenticated but not delivered, any such successor to the Indenture Trustee may adopt the certificate of authentication of any predecessor trustee, and deliver such Notes so
authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Indenture Trustee may authenticate such Notes either in the name of any predecessor
hereunder or in the name of the successor to the Indenture Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Notes or in this Indenture provided
that the certificate of the Indenture Trustee shall have. 

        SECTION
6.10    Appointment of Co-Trustee or Separate Trustee.    

        (a)  Notwithstanding
any other provisions of this Indenture, at any time, for the purpose of meeting any legal requirement of any jurisdiction in which any part of the
Indenture Trust Estate may at the time be located, the Indenture Trustee shall have the power and may execute and deliver all instruments to appoint one or more Persons to act as a
co-trustee or co-trustees, or separate trustee or separate trustees, of all or any part of the Indenture Trust Estate, and to vest in such Person or Persons, in such capacity
and for the benefit of the Noteholders, such title to the Indenture Trust Estate, or any part hereof, and, subject to the other provisions of this Section, such powers, duties, obligations, rights and
trusts as the Indenture Trustee may consider necessary or desirable. No such appointment shall relieve the Indenture Trustee of its obligations hereunder. No co-trustee or separate trustee
hereunder shall be required to meet the terms of eligibility as a successor trustee under Section 6.11 and no notice to Noteholders of the appointment of any co-trustee or separate
trustee shall be required under Section 6.8 hereof. 

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

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

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

        (iii)  the
Indenture Trustee may at any time accept the resignation of or remove any separate trustee or co-trustee. 

        (c)  Any
notice, request or other writing given to the Indenture Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees,
as effectively as if given to each of them. Every instrument appointing any separate trustee or co-trustee shall refer to this Indenture and the conditions of this Article VI. Each
separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with
the Indenture Trustee or separately, as may be provided therein, subject to all the provisions of this Indenture, specifically including every provision of this Indenture relating to the 

28

 

conduct of, affecting the liability of, or affording protection to, the Indenture Trustee. Every such instrument shall be filed with the Indenture Trustee. 

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

        SECTION
6.11    Eligibility; Disqualification.    The Indenture Trustee shall at all times satisfy the requirements of
TIA § 310(a) and the requirements of an "eligible lender" under 20 USC §1085(d). The Indenture Trustee shall have a combined capital and surplus of at least $50,000,000 as set
forth in its most recent published annual report of condition and it shall have a long-term senior unsecured debt rating of not less than investment grade by each of the Rating Agencies.
The Indenture Trustee shall comply with TIA § 310(b), including the optional provision permitted by the second sentence of TIA § 310(b)(9);  provided, however, that there shall be excluded from the operation of TIA § 310(b)(1) any
indenture or indentures under which other securities of the Issuer are outstanding if the requirements for such exclusion set forth in TIA § 310(b)(1) are met. 

        SECTION
6.12    Preferential Collection of Claims Against Issuer.    The Indenture Trustee shall comply with TIA
§ 311(a), excluding any creditor relationship listed in TIA § 311(b). An Indenture Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the
extent indicated. 

 
 

ARTICLE VII    
    
    Noteholders' Lists and Reports    
  

        SECTION
7.1    Issuer To Furnish Indenture Trustee Names and Addresses of Noteholders.    The Issuer will furnish or
cause to be furnished to the Indenture Trustee (a) not more than five days after the earlier of (i) each Record Date and (ii) three months after the last Record Date, a list, in
such form as the Indenture Trustee may reasonably require, of the names and addresses of the Noteholders as of such Record Date, (b) at such other times as the Indenture Trustee may request in
writing, within 30 days after receipt by the Issuer of any such request, a list of similar form and content as of a date not more than 10 days prior to the time such list is furnished;  provided, however, that so long as the Indenture Trustee is the Note Registrar, no such list shall be
required to be furnished. 

        SECTION
7.2    Preservation of Information; Communications to Noteholders.    The Indenture Trustee shall preserve, in
as current a form as is reasonably practicable, the names and addresses of the Noteholders contained in the most recent list furnished to the Indenture Trustee as provided in Section 7.1 and
the names and addresses of Noteholders received by the Indenture Trustee in its capacity as Note Registrar. The Indenture Trustee may destroy any list furnished to it as provided in such
Section 7.1 upon receipt of a new list so furnished. 

        (a)  Noteholders
may communicate pursuant to TIA § 312(b) with other Noteholders with respect to their rights under this Indenture or under the Notes. Upon
receipt by the Indenture Trustee of any request by three or more Noteholders or by one or more holders of Notes evidencing not less than 25% of the Outstanding Amount of the Notes to receive a copy of
the current list of Noteholders (whether or not made pursuant to TIA § 312(b)), the Indenture Trustee shall promptly notify the Administrator thereof by providing to the Administrator a
copy of such request and a copy of the list of Noteholders produced in response thereto. 

        (b)  The
Issuer, the Indenture Trustee and the Note Registrar shall have the protection of TIA § 312(c). 

29

  

        (c)  On each Distribution Date the Indenture Trustee shall provide to each Noteholder of record as of the related Record Date the information provided by the Administrator to
the Indenture Trustee on the related Determination Date pursuant to Section 2.9 of the Administration Agreement. 

        (d)  The
Indenture Trustee shall furnish to the Noteholders promptly upon receipt of a written request therefor, duplicates or copies of all reports, notices, requests,
demands, certificates, financial statements and any other instruments furnished to the Indenture Trustee under the Basic Documents. The Indenture Trustee shall furnish to the Noteholders promptly upon
receipt thereof from the Eligible Lender Trustee notice of any amendment of the Administration Agreement pursuant to Section 8.5 of the Administration Agreement. 

        SECTION
7.3    Reports by Issuer.    (a)     The Issuer shall: 

        (i)    file
with the Indenture Trustee, within 15 days after the Issuer is required to file the same with the Commission, copies of the annual reports and of the
information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) which the Issuer may be
required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act; 

        (ii)  file
with the Indenture Trustee and the Commission in accordance with rules and regulations prescribed from time to time by the Commission such additional information,
documents and reports with respect to compliance by the Issuer with the conditions and covenants of this Indenture as may be required from time to time by such rules and regulations; and 

        (iii)  supply
to the Indenture Trustee (and the Indenture Trustee shall transmit by mail to all Noteholders described in TIA § 313(c)) such summaries of any
information, documents and reports required to be filed by the Issuer pursuant to clauses (i) and (ii) of this Section 7.3(a) as may be required by rules and regulations
prescribed from time to time by the Commission. 

        (b)  Unless
the Issuer otherwise determines, the fiscal year of the Issuer shall end on December 31 of each year. 

ARTICLE VIII  

Accounts, Disbursements and Releases  

        SECTION
8.1    Collection of Money.    Except as otherwise expressly provided herein, the Indenture Trustee may demand
payment or delivery of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all money and other property payable to or receivable
by the Indenture Trustee pursuant to this Indenture. The Indenture Trustee shall apply all such money received by it on behalf of Noteholders pursuant to the Administration Agreement as provided in
this Indenture. Except as otherwise expressly provided in this Indenture, if any default occurs in the making of any payment or performance under any agreement or instrument that is part of the
Indenture Trust Estate, the Indenture Trustee may take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate Proceedings.
Any such action shall be without prejudice to any right to claim a Default under this Indenture and any right to proceed thereafter as provided in Article V. 

        SECTION
8.2    Trust Accounts.    (a) On or prior to the Closing Date, the Issuer shall cause the
Administrator to establish and maintain, in the name of the Indenture Trustee, for the benefit of the Noteholders, the Trust Accounts as provided in Section 2.3 of the Administration Agreement. 

        (b)  On
or before the Business Day preceding each Distribution Date, all Available Funds with respect to the preceding Collection Period will be deposited in the Collection
Account as provided in Section 2.4 of the Administration Agreement. On or before each Distribution Date, the Noteholders' 

30

 

Distribution Amount with respect to the preceding Collection Period will be distributed from the Collection Account and any other Trust Account to the Indenture Trustee (or any other Paying Agent) on
behalf of the Noteholders as provided in Sections 2.7, 2.8.1 and 2.8.2 of the Administration Agreement. 

        (c)  On
each Distribution Date and Redemption Date, the Indenture Trustee (or any other Paying Agent) shall distribute all amounts received by it on behalf of Noteholders
pursuant to paragraph (b) above to Noteholders in respect of the Notes to the extent of amounts payable on the Notes for principal and interest in the following amounts and in the following
order of priority (except as otherwise provided in Section 5.2 or Section 5.4(b)): 

        (i)    the
Class A Noteholders' Interest Distribution Amount, to the Class A Noteholders in an amount equal to the accrued and unpaid interest on the Notes at the
respective Class A Note Rates; provided that if there are not sufficient funds received to pay the entire amount of accrued and unpaid interest
then due on the Class A Notes at the respective Class A Note Rates, the amounts so received shall be applied to the payment of such interest on the Class A Notes on a pro rata
basis; 

        (ii)  the
Class B Noteholders' Interest Distribution Amount, to the Class B Noteholders in an amount equal to the accrued and unpaid interest on the Notes at
the Class B Note Rate; provided that if there are not sufficient funds received to pay the entire amount of accrued and unpaid interest then due
on the Class B Notes at the Class B Note Rate, the amounts so received shall be applied to the payment of such interest on the Class B Notes on a pro rata basis; 

        (iii)  the
Noteholders' Principal Distribution Amount, to the Noteholders of the Class A-1 Notes until the Outstanding Amount of the
Class A-1 Notes is reduced to zero; provided, that if there are not sufficient funds received to pay the Outstanding Amount of the Class A-1 Notes, the amounts so
received shall be applied to the payment of principal on the Class A-1 Notes on a pro rata basis; and 

        (iv)  the
Noteholders' Principal Distribution Amount, to the Noteholders of the Class A-2 Notes until the Outstanding Amount of the
Class A-2 Notes is reduced to zero; provided, that if there are not sufficient funds received to pay the Outstanding Amount of the Class A-2 Notes, the amounts so
received shall be applied to the payment of principal on the Class A-2 Notes on a pro rata basis; and 

        (v)  the
Noteholders' Principal Distribution Amount, to the Noteholders of the Class A-3 Notes until the Outstanding Amount of the
Class A-3 Notes is reduced to zero; provided, that if there are not sufficient funds received to pay the Outstanding Amount of the Class A-3 Notes, the amounts so
received shall be applied to the payment of principal on the Class A-3 Notes on a pro rata basis; and 

        (vi)  the
Noteholders' Principal Distribution Amount, to the Noteholders of the Class A-4 Notes until the Outstanding Amount of the
Class A-4 Notes is reduced to zero; provided, that if there are not sufficient funds received to pay the Outstanding Amount of the Class A-4 Notes, the amounts so
received shall be applied to the payment of principal on the Class A-4 Notes on a pro rata basis; and 

        (vii) the
Noteholders' Principal Distribution Amount, to the Noteholders of the Class B Notes until the Outstanding Amount of the Class B Notes is reduced to
zero; provided, that if there are not sufficient funds received to pay the Outstanding Amount of the Class B Notes, the amounts so received shall be applied to the payment of principal on the
Class B Notes on a pro rata basis 

        SECTION
8.3    General Provisions Regarding Accounts.    (a) So long as no Default shall have occurred and be
continuing, all or a portion of the funds in the Trust Accounts shall be invested in 

31

 

Eligible Investments and reinvested by the Indenture Trustee upon Issuer Order, subject to the provisions of Section 2.3B of the Administration Agreement. All income or other gain from
investments of moneys deposited in the Trust Accounts (except for the Capitalized Interest Account, if any) shall be deposited by the Indenture Trustee in the Collection Account, and any loss
resulting from such investments shall be charged to such Trust Account. All income or other gain from investments of moneys deposited in the Capitalized Interest Account, if any, shall be deposited by
the Indenture Trustee in the Capitalized Interest Account, and any loss resulting from such investments shall be charged to the Capitalized Interest Account. The Issuer will not direct the Indenture
Trustee to make any investment of any funds or to sell any investment held in any of the Trust Accounts unless the security interest granted and perfected in such account will continue to be perfected
in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee to make any such investment or
sale, if requested by the Indenture Trustee, the Issuer shall deliver to the Indenture Trustee an Opinion of Counsel, acceptable to the Indenture Trustee, to such effect. 

        (b)  Subject
to Section 6.1(c), the Indenture Trustee shall not in any way be held liable for the selection of Eligible Investments or by reason of any insufficiency
in any of the Trust Accounts resulting from any loss on any Eligible Investment included therein except for losses attributable to the Indenture Trustee's failure to make payments on such Eligible
Investments issued by the Indenture Trustee, in its commercial capacity as principal obligor and not as trustee, in accordance with their terms. 

        (c)  If
(i) the Issuer shall have failed to give investment directions for any funds on deposit in the Trust Accounts to the Indenture Trustee by 10:00 a.m.
Eastern Time (or such other time as may be agreed by the Issuer and Indenture Trustee) on any Business Day; or (ii) a Default shall have occurred and be continuing with respect to the Notes but
the Notes shall not have been declared due and payable pursuant to Section 5.2, or, if such Notes shall have been declared due and payable following an Event of Default, amounts collected or
receivable from the Indenture Trust Estate are being applied in accordance with Section 5.5 as if there had not been such a declaration; then the Indenture Trustee shall invest and reinvest
funds in the Trust Accounts in the Eligible Investments described in clause (d) of the definition thereof. 

        SECTION
8.4    Release of Indenture Trust Estate.    (a) Subject to the payment of its fees and expenses
pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or
convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed
by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the
application of any moneys. 

        (b)  The
Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 have been paid, release
any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in
the Trust Accounts. The Indenture
Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request accompanied by an Officers' Certificate of the Issuer, an
Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA §§ 314(c) and 314(d)(1) meeting the applicable requirements of
Section 11.1. 

        (c)  Each
Noteholder, by the acceptance of a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Trust Student
Loan to be sold to (i) the Seller in accordance with Section 6 of the Sale Agreement, (ii) to the Servicer in accordance 

32

 

with Section 3.5 of the Servicing Agreement and (iii) to another eligible lender holding one or more Serial Loans with respect to such Trust Student Loan, in accordance with
Section 3.11E of the Servicing Agreement, and each Noteholder, by the acceptance of a Note, consents to any such release. 

        SECTION
8.5    Opinion of Counsel.    The Indenture Trustee shall receive at least seven days' notice when requested
by the Issuer to take any action pursuant to Section 8.4(a), accompanied by copies of any instruments involved, and the Indenture Trustee shall also require, except in connection with any
action contemplated by Section 8.4(c), as a condition to such action, an Opinion of Counsel, in form and substance satisfactory to the Indenture Trustee, stating the legal effect of any such
action, outlining the steps required to complete the same, and concluding that all conditions precedent to the taking of such action have been complied with and such action will not materially and
adversely impair the security for the Notes or the rights of the Noteholders in contravention of the provisions of this Indenture; provided, however,
that such Opinion of Counsel shall not be required to express an opinion as to the fair value of the Indenture Trust Estate. Counsel rendering any such opinion may rely, without independent
investigation, on the accuracy and validity of any certificate or other instrument delivered to the Indenture Trustee in connection with any such action. 

 
 

ARTICLE IX    
    
    Supplemental Indentures    
  

        SECTION
9.1    Supplemental Indentures Without Consent of Noteholders.    Without the consent of any Noteholders but
with prior notice to the Rating Agencies, the Issuer and the Indenture Trustee, when authorized by an Issuer Order, at any time and from time to time, may enter into one or more indentures
supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as in force at the date of the execution thereof), in form satisfactory to the Indenture Trustee, for any of the
following purposes: 

        (i)    to
correct or amplify the description of any property at any time subject to the lien of this Indenture, or better to assure, convey and confirm unto the Indenture
Trustee any property subject or required to be subjected to the lien of this Indenture, or to subject to the lien of this Indenture additional property; 

        (ii)  to
evidence the succession, in compliance with the applicable provisions hereof, of another person to the Issuer, and the assumption by any such successor of the
covenants of the Issuer herein and in the Notes contained; 

        (iii)  to
add to the covenants of the Issuer, for the benefit of the Noteholders, or to surrender any right or power herein conferred upon the Issuer; 

        (iv)  to
convey, transfer, assign, mortgage or pledge any property to the Indenture Trustee; 

        (v)  to
cure any ambiguity, to correct or supplement any provision herein or in any supplemental indenture which may be inconsistent with any other provision herein or in any
supplemental indenture or to make any other provisions with respect to matters or questions arising under this Indenture or in any supplemental indenture;  provided that such action shall not materially
adversely affect the interests of the Noteholders; 

        (vi)  to
evidence and provide for the acceptance of the appointment hereunder by a successor trustee with respect to the Notes and to add to or change any of the provisions
of this Indenture as shall be necessary to facilitate the administration of the trusts hereunder by more than one trustee, pursuant to the requirements of Article VI; or 

        (vii) to
modify, eliminate or add to the provisions of this Indenture to such extent as shall be necessary to effect the qualification of this Indenture under the TIA or
under any similar Federal 

33

 

statute hereafter enacted and to add to this Indenture such other provisions as may be expressly required by the TIA. 

        The
Indenture Trustee is hereby authorized to join in the execution of any such supplemental indenture and to make any further appropriate agreements and stipulations that may be therein
contained. 

        (b)  The
Issuer and the Indenture Trustee, when authorized by an Issuer Order, may, also without the consent of any of the Noteholders but with prior notice to the Rating
Agencies, enter into an indenture
or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any manner the
rights of the Noteholders under this Indenture; provided, however, that such action shall not, as evidenced by an Opinion of Counsel, adversely affect
in any material respect the interests of any Noteholder. 

        SECTION
9.2    Supplemental Indentures with Consent of Noteholders.    The Issuer and the Indenture Trustee, when
authorized by an Issuer Order, also may, with prior notice to the Rating Agencies and with the consent of the Noteholders of not less than a majority of the Outstanding Amount of the Notes, by Act of
such Noteholders delivered to the Issuer and the Indenture Trustee, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or
eliminating any of the provisions of, this Indenture or of modifying in any manner the rights of the Noteholders under this Indenture; provided,
however, that no such supplemental indenture shall, without the consent of the Noteholder of each Outstanding Note affected thereby: 

        (i)    change
the date of payment of any installment of principal of or interest on any Note, or reduce the principal amount thereof, the interest rate thereon or the
Redemption Price with respect thereto, change the provisions of this Indenture relating to the application of collections on, or the proceeds of the sale of, the Indenture Trust Estate to payment of
principal of or interest on the Notes, or change any place of payment where, or the coin or currency in which, any Note or the interest thereon is payable, or impair the right to institute suit for
the enforcement of the provisions of this Indenture requiring the application of funds available therefor, as provided in Article V, to the payment of any such amount due on the Notes on or
after the respective due dates thereof (or, in the case of redemption, on or after the Redemption Date); 

        (ii)  reduce
the percentage of the Outstanding Amount of the Notes, the consent of the Noteholders of which is required for any such supplemental indenture, or the consent of
the Noteholders of which is required for any waiver of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences provided for in this Indenture; 

        (iii)  modify
or alter the provisions of the proviso to the definition of the term "Outstanding"; 

        (iv)  reduce
the percentage of the Outstanding Amount of the Notes required to direct the Indenture Trustee to direct the Issuer to sell or liquidate the Indenture Trust
Estate pursuant to Section 5.4; 

        (v)  modify
any provision of this Section except to increase any percentage specified herein or to provide that certain additional provisions of this Indenture or the other
Basic Documents cannot be modified or waived without the consent of the Noteholder of each Outstanding Note affected thereby; 

        (vi)  modify
any of the provisions of this Indenture in such manner as to affect the calculation of the amount of any payment of interest or principal due on any Note on any
Distribution Date (including the calculation of any of the individual components of such calculation) or to affect the 

34

 

rights of the Noteholders to the benefit of any provisions for the mandatory redemption of the Notes contained herein; or 

        (vii) permit
the creation of any lien ranking prior to or on a parity with the lien of this Indenture with respect to any part of the Indenture Trust Estate or, except as
otherwise permitted or contemplated herein, terminate the lien of this Indenture on any property at any time subject hereto or deprive any Noteholder of any Note of the security provided by the lien
of this Indenture. 

        It
shall not be necessary for any Act of Noteholders under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act
shall approve the substance thereof. 

        Promptly
after the execution by the Issuer and the Indenture Trustee of any supplemental indenture pursuant to this Section, the Indenture Trustee shall mail to the Noteholders of the
Notes to which such amendment or supplemental indenture relates a notice setting forth in general terms the substance of such supplemental indenture. Any failure of the Indenture Trustee to mail such
notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture. 

        SECTION
9.3    Execution of Supplemental Indentures.    In executing, or permitting the additional trusts created by,
any supplemental indenture permitted by this Article IX or the modifications thereby of the trusts created by this Indenture, the Indenture Trustee shall be entitled to receive, and subject to
Sections 6.1 and 6.2, shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture. The
Indenture Trustee may, but shall not be obligated to, enter into any such supplemental indenture that affects the Indenture Trustee's own rights, duties, liabilities or immunities under this Indenture
or otherwise. 

        SECTION
9.4    Effect of Supplemental Indenture.    Upon the execution of any supplemental indenture pursuant to the
provisions hereof, this Indenture shall be and be deemed to be modified and amended in accordance therewith with respect to the Notes affected thereby, and the respective rights, limitations of
rights, obligations, duties, liabilities and immunities under this Indenture of the Indenture Trustee, the Issuer and the Noteholders shall thereafter be determined, exercised and enforced hereunder
subject in all respects to such modifications and amendments, and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this
Indenture for any and all purposes. 

        SECTION
9.5    Conformity with Trust Indenture Act.    Every amendment of this Indenture and every supplemental
indenture executed pursuant to this Article IX shall conform to the requirements of the Trust Indenture Act as then in effect so long as this Indenture shall then be qualified under the Trust
Indenture Act. 

        SECTION
9.6    Reference in Notes to Supplemental Indentures.    Notes authenticated and delivered after the execution
of any supplemental indenture pursuant to this Article IX may, and if required by the Indenture Trustee shall, bear a notation in form approved by the Indenture Trustee as to any matter
provided for in such supplemental indenture. If the Issuer or the Indenture Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Indenture Trustee and the Issuer, to
any such supplemental indenture may be prepared and executed by the Issuer and authenticated and delivered by the Indenture Trustee in exchange for Outstanding Notes. 

35

 

 
 

ARTICLE X    
    
    Redemption of Notes    
  

        SECTION
10.1    Redemption.    The Indenture Trustee shall, upon receipt of written notice from the Eligible Lender
Trustee or the Depositor pursuant to Section 9.2 of the Trust Agreement of an Insolvency Event with respect to the Depositor, give prompt written notice to the Noteholders of the occurrence of
such event. In the event that the assets of the Trust are sold pursuant to Section 9.2 of the Trust Agreement, that portion of the amounts on deposit in the Trust Accounts to be distributed to
the Noteholders shall be paid to the Noteholders up to the Outstanding Amount of the Notes and all accrued and unpaid interest thereon (but only to the extent provided by Sections 2.7(d) and 8.2(c)).
If amounts are to be paid to Noteholders pursuant to this Section 10.1, the notice of such event from the Indenture Trustee to the Noteholders shall include notice of the redemption of Notes by
application of such amounts on the next Distribution Date which is not sooner than 15 days after the date of such notice (the "Redemption Date"), whereupon all such amounts shall be payable on
the Redemption Date. 

        SECTION
10.2    Form of Redemption Notice.    Notice of redemption under Section 10.1 shall be given by the
Indenture Trustee by first-class mail, postage prepaid, or by facsimile, mailed or transmitted on or prior to the applicable Redemption Date to each Noteholder, as of the close of business on the
Record Date preceding the applicable Redemption Date, at such Noteholder's address or facsimile number appearing in the Note Register. 

        All
notices of redemption shall state: 

        (i)    the
Redemption Date; 

        (ii)  the
Redemption Price; and 

        (iii)  the
place were such Notes are to be surrendered for payment of the Redemption Price (which shall be the office or agency of the Issuer to be maintained as provided in
Section 3.2). 

        Notice
of redemption of the Notes shall be given by the Indenture Trustee in the name and at the expense of the Issuer. Failure to give notice of redemption, or any defect therein, to
any Noteholder of any Note shall not impair or affect the validity of the redemption of any other Note. 

        SECTION
10.3    Notes Payable on Redemption Date.    The Notes or portions thereof to be redeemed shall on the
Redemption Date become due and payable at the Redemption Price and (unless the Issuer shall default in the payment of the Redemption Price) no interest shall accrue on the Redemption Price for any
period after the date to which accrued interest is calculated for purposes of calculating the Redemption Price. 

 
 

ARTICLE XI    
    
    Miscellaneous    
  

        SECTION
11.1    Compliance Certificates and Opinions, etc.    Upon any application or request by the Issuer to the
Indenture Trustee to take any action under any provision of this Indenture, the Issuer shall furnish to the Indenture Trustee and the Rating Agencies (i) an Officers' Certificate of the Issuer
stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with, (ii) an Opinion of Counsel stating that in the opinion of
such counsel all such conditions precedent, if any, have been complied with and (iii) (if required by the TIA) an Independent Certificate from a firm of certified public accountants meeting the
applicable requirements of this Section, except that, in the case of any such application or request as to which the furnishing of such documents is specifically required by any provision of this
Indenture, no additional certificate or opinion need be furnished. 

36

 

        Every
certificate or opinion with respect to compliance with a condition or covenant provided for in this indenture shall include: 

        (i)    a
statement that each signatory of such certificate or opinion has read or has caused to be read such covenant or condition and the definitions herein relating thereto; 

        (ii)  a
brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are
based; 

        (iii)  a
statement that, in the opinion of each such signatory, such signatory has made such examination or investigation as is necessary to enable such signatory to express
an informed opinion as to whether or not such covenant or condition has been complied with; and 

        (iv)  a
statement as to whether, in the opinion of each such signatory, such condition or covenant has been complied with. 

        (b)  (i) Prior
to the deposit of any Collateral or other property or securities with the Indenture Trustee that is to be made the basis for the release of any property
or securities subject to the lien of this Indenture, the Issuer shall, in addition to any obligation imposed in Section 11.1(a) or elsewhere in this Indenture, furnish to the Indenture Trustee
and the Rating Agencies an Officers' Certificate of the Issuer certifying or stating the opinion of each person signing such certificate as to the fair value (within 90 days of such deposit) to
the Issuer of the Collateral or other property or securities to be so deposited. 

        (ii)  Whenever
the Issuer is required to furnish to the Indenture Trustee and the Rating Agencies an Officers' Certificate of the Issuer certifying or stating the opinion of
any signer thereof as to the matters described in clause (i) above, the Issuer shall also deliver to the Indenture Trustee an Independent Certificate as to the same matters, if the fair value
to the Issuer of the securities to be so deposited and of all other such securities made the basis of any such withdrawal or release since the commencement of the then-current fiscal year
of the Issuer, as set forth in the certificates delivered pursuant to clause (i) above and this clause (ii), is 10% or more of the Outstanding Amount of the Notes, but such a certificate
need not be furnished with respect to any securities so deposited, if the fair value thereof to the Issuer as set forth in the related Officers' Certificate is less than $25,000 or less than one
percent of the Outstanding Amount of the Notes. 

        (iii)  Other
than any property released as contemplated by clause (v) below, whenever any property or securities are to be released from the lien of this Indenture,
the Issuer shall also furnish to the Indenture Trustee an Officers' Certificate of the Issuer certifying or stating the opinion of each person signing such certificate as to the fair value (within
90 days of such release) of the property or securities proposed to be released and stating that in the opinion of such person the proposed release will not impair the security under this
Indenture in contravention of the provisions hereof. 

        (iv)  Whenever
the Issuer is required to furnish to the Indenture Trustee an Officers' Certificate of the Issuer certifying or stating the opinion of any signer thereof as to
the matters described in clause (iii) above, the Issuer shall also furnish to the Indenture Trustee an Independent Certificate as to the same matters if the fair value of the property or
securities and of all other property, other than property as contemplated by clause (v) below, or securities released from the lien of this Indenture since the commencement of the
then-current calendar year, as set forth in the certificates required by clause (iii) above and this clause (iv), equals 10% or more of the Outstanding Amount of the Notes,
but such certificate need not be furnished in the case of any release of property or securities if the fair value thereof as set forth in the related Officers' Certificate is less than $25,000 or less
than one percent of the then Outstanding Amount of the Notes. 

37

 

        (v)  Notwithstanding
Section 2.9 or any other provision of this Section, the Issuer may, without compliance with the requirements of the other provisions of this
Section, (A) collect, liquidate, sell or otherwise dispose of Trust Student Loans as and to the extent permitted or required by the Basic Documents, (B) make cash payments out of the
Trust Accounts as and to the extent permitted or required by the Basic Documents and (C) convey to the Seller, the Servicer or another eligible lender those specified Trust Student Loans as and
to the extent permitted or required by and in accordance with Section 8.4(c) hereof and Section 6 of the Sale Agreement, Section 3.5 of the Servicing Agreement or
Section 3.11E of the Servicing Agreement, respectively, so long as the Issuer shall deliver to the Indenture Trustee every six months, commencing December 25, 2002, an Officers'
Certificate of the Issuer stating that all the dispositions of Collateral described in clauses (A), (B) or (C) above that occurred during the immediately preceding six calendar months
were in the ordinary course of the Issuer's business and that the proceeds thereof were applied in accordance with the Basic Documents. 

        SECTION
11.2    Form of Documents Delivered to Indenture Trustee.    In any case where several matters are required to
be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so
certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters, and one or more other such Persons as to other matters, and any such Person
may certify or give an opinion as to such matters in one or several documents. 

        Any
certificate or opinion of an Authorized Officer of the Issuer may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel,
unless such officer knows,
or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his certificate or opinion is based are erroneous. Any such
certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of
the Servicer, the Seller, the Issuer or the Administrator, stating that the information with respect to such factual matters is in the possession of the Servicer, the Seller, the Issuer or the
Administrator, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. 

        Where
any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this indenture, they
may, but need not, be consolidated and form one instrument. 

        Whenever
in this Indenture, in connection with any application or certificate or report to the Indenture Trustee, it is provided that the Issuer shall deliver any document as a condition
of the granting of such application, or as evidence of the Issuer's compliance with any term hereof, it is intended that the truth and accuracy, at the time of the granting of such application or at
the effective date of such certificate or report (as the case may be), of the facts and opinions stated in such document shall in such case be conditions precedent to the right of the Issuer to have
such application granted or to the sufficiency of such certificate or report. The foregoing shall not, however, be construed to affect the Indenture Trustee's right to rely upon the truth and accuracy
of any statement or opinion contained in any such document as provided in Article VI. 

        SECTION
11.3    Acts of Noteholders.    (a) Any request, demand, authorization, direction, notice, consent,
waiver or other action provided by this Indenture to be given or taken by Noteholders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such
Noteholders in person or by agents duly appointed in writing; and except as herein otherwise expressly provided such action shall become effective when such instrument or instruments are delivered to
the Indenture Trustee, and, where it is hereby expressly required, to the Issuer. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred
to 

38

 

as the "Act" of the Noteholders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this
Indenture and (subject to Section 6.1) conclusive in favor of the Indenture Trustee and the Issuer, if made in the manner provided in this Section. 

        (b)  The
fact and date of the execution by any person of any such instrument or writing may be proved in any manner that the Indenture Trustee deems sufficient. 

        (c)  The
ownership of Notes shall be proved by the Note Register. 

        (d)  Any
request, demand, authorization, direction, notice, consent, waiver or other action by the Noteholder of any Notes shall bind the Noteholder of every Note issued upon
registration of transfer thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Indenture Trustee or the Issuer in reliance thereon,
whether or not notation of such action is made upon such Note. 

        SECTION
11.4    Notices, etc., to Indenture Trustee, Issuer and Rating Agencies.    Any request, demand,
authorization, direction, notice, consent, waiver or Act of Noteholders or other documents provided or permitted by this Indenture shall be in writing and if such request, demand, authorization,
direction, notice, consent, waiver or Act of Noteholders is to be made upon, given or furnished to or filed with: 

        (a)  The
Indenture Trustee by any Noteholder, the Servicer, the Administrator or by the Issuer shall be sufficient for every purpose hereunder if made, given, furnished or
filed in writing to or with the Indenture Trustee at its Corporate Trust Office with a copy to: The Bank Of New York, 2 LaSalle, Suite 1020, Chigago, Illinois, 60602, Attn: Corporate
Trust—Structured Finance. 

        (b)  The
Issuer by the Indenture Trustee or by any Noteholder shall be sufficient for every purpose hereunder if in writing and mailed, first-class, postage prepaid, to the
Issuer addressed to: SLM Student Loan Trust 2002-6, in care of Chase Manhattan Bank USA, National Association, Christiana Center/OPS4, 500 Stanton Christiana Road, Newark, Delaware 19713,
Attention: Corporate Trust Department; with copies to JPMorgan Chase Bank, 450 West 33rd Street 15th Fl., New York, New York 10001, Attention: Structured Finance Services; 11600 Sallie Mae Drive,
Reston, VA 20193, Attention: Director, Corporate Finance Operations, or any other address previously furnished in writing to the Indenture Trustee by the Issuer or the Administrator. The Issuer shall
promptly transmit any notice received by it from the Noteholders to the Indenture Trustee. 

        Notices
required to be given to the Rating Agencies by the Issuer, the Indenture Trustee or the Eligible Lender Trustee shall be in writing, personally delivered or mailed by certified
mail, return receipt requested, to (i) in the case of Moody's, at the following address: ABS Monitoring Department, 99 Church Street, New York, New York 10007, (ii) in the case of
Standard & Poor's, at the following address: 55 Water Street, New York, New York 10041-0003, Attention: Asset Backed Surveillance Department, 32nd Floor, and
(iii) in the case of Fitch, at the following address: One State Street Plaza, New York, New York 10004, Attention: Municipal Structured Finance Group; or as to each of the foregoing, at such
other address as shall be designated by written notice to the other parties. 

        SECTION
11.5    Notices to Noteholders; Waiver.    Where this Indenture provides for notice to Noteholders of any
event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class, postage prepaid to each Noteholder affected by such event, at his
address as it appears on the Note Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice. In any case where notice to Noteholders is
given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular Noteholder shall affect the sufficiency of such notice with respect to other
Noteholders, and any notice that is mailed in the manner herein provided shall conclusively be presumed to have been duly given. 

39

 

        Where
this Indenture provides for notice in any manner, such notice may be waived in writing by any Person entitled to receive such notice, either before or after the event, and such
waiver shall be the equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Indenture Trustee but such filing shall not be a condition precedent to the validity of any
action taken in reliance upon such a waiver. 

        In
case, by reason of the suspension of regular mail service as a result of a strike, work stoppage or similar activity, it shall be impractical to mail notice of any event to
Noteholders when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be satisfactory to the Indenture Trustee shall be
deemed to be a sufficient giving of such notice. 

        Where
this Indenture provides for notice to the Rating Agencies, failure to give such notice shall not affect any other rights or obligations created hereunder, and shall not under any
circumstance constitute a Default. 

        SECTION
11.6    Alternate Payment and Notice Provisions.    Notwithstanding any provision of this Indenture or any of
the Notes to the contrary, the Issuer may enter into any agreement with any Noteholder providing for a method of payment, or notice by the Indenture Trustee or any Paying Agent to such Noteholder,
that is different from the methods provided for in this Indenture for such payments or notices. The Issuer will furnish to the Indenture Trustee a copy of each such agreement and the Indenture Trustee
will cause payments to be made and notices to be given in accordance with such agreements. 

        SECTION
11.7    Conflict with Trust Indenture Act.    If any provision hereof limits, qualifies or conflicts with
another provision hereof that is required to be included in this Indenture by any of the provisions of the Trust Indenture Act, such required provision shall control. 

        The
provisions of TIA §§ 310 through 317 that impose duties on any Person (including the provisions automatically deemed included herein unless expressly excluded
by this Indenture) are a part of and govern this Indenture, whether or not physically contained herein. 

        SECTION
11.8    Effect of Headings and Table of Contents.    The Article and Section headings herein and the Table of
Contents are for convenience only and shall not affect the construction hereof. 

        SECTION
11.9    Successors and Assigns.    All covenants and agreements in this Indenture and the Notes by the Issuer
shall bind its successor and assigns, whether so expressed or not. All agreements of the Indenture Trustee in this Indenture shall bind the successors, co-trustees and agents (excluding
any legal representatives or accountants) of the Indenture Trustee. 

        SECTION
11.10    Separability.    In case any provision in this Indenture or in the Notes shall be invalid, illegal or
unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

        SECTION
11.11    Benefits of Indenture.    Nothing in this Indenture or in the Notes, express or implied, shall give
to any Person, other than the parties hereto and their successors hereunder, and the Noteholders, and any other party secured hereunder, and any other Person with an ownership interest in any part of
the Indenture Trust Estate, any benefit or any legal or equitable right, remedy or claim under this Indenture. 

        SECTION
11.12    Legal Holidays.    In any case where the date on which any payment is due shall not be a Business
Day, then (notwithstanding any other provision of the Notes or this Indenture) payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect
as if made on the date on which nominally due, and no interest shall accrue for the period from and after any such nominal date. 

40

 

        SECTION
11.13    Governing Law.    This Indenture shall be construed in accordance with the laws of the State of New
York, without reference to its conflict of law provisions (other than §5-1401 of the New York General Obligations Law), and the obligations, rights and remedies of the parties
hereunder shall be determined in accordance with such laws. 

        SECTION
11.14    Counterparts.    This Indenture may be executed in any number of counterparts, each of which so
executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 

        SECTION
11.15    Recording of Indenture.    If this Indenture is subject to recording in any appropriate public
recording offices, such recording is to be effected by the Issuer and at its expense accompanied by an Opinion of Counsel (which may be counsel to the Indenture Trustee or any other counsel reasonably
acceptable to the Indenture Trustee) to the effect that such recording is necessary either for the protection of the Noteholders or any other Person secured hereunder or for the enforcement of any
right or remedy granted to the Indenture Trustee under this Indenture. 

        SECTION
11.16    Trust Obligations.    No recourse may be taken, directly or indirectly, with respect to the
obligations of the Issuer, the Seller, the Administrator, the Servicer, the Eligible Lender Trustee or the Indenture Trustee on the Notes or under this Indenture or any certificate or other writing
delivered in connection herewith or therewith, against (i) the Indenture Trustee or the Eligible Lender Trustee in its individual capacity, (ii) any owner of a beneficial interest in the
Issuer or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the Eligible Lender Trustee in its individual capacity, any holder or owner of
a beneficial interest in the Issuer, the Eligible Lender Trustee or the Indenture Trustee or of any successor or assign thereof in its individual capacity, except as any such Person may have expressly
agreed (it being understood that the Indenture Trustee and the Eligible Lender Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary
shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. For
all purposes of this Indenture, in the performance of any duties or obligations of the Issuer hereunder, the Eligible Lender Trustee shall be subject to, and entitled to the benefits of, the terms and
provisions of Article VI, VII and VIII of the Trust Agreement. 

        SECTION
11.17    No Petition.    The Indenture Trustee, by entering into this Indenture, and each Noteholder, by
accepting a Note, hereby covenant and agree that they shall not at any time institute against the Seller or the Issuer, or join in any institution against the Seller or the Issuer of, any bankruptcy,
reorganization, arrangement, insolvency, receivership or liquidation proceedings, or other proceedings under any United States Federal or state bankruptcy or similar law in connection with any
obligations relating to the Notes, this Indenture or any of the other Basic Documents. The foregoing shall not limit the rights of the Indenture Trustee to file any claim in, or otherwise take any
action with respect to, any insolvency proceeding that was instituted against the Issuer by any Person other than the Indenture Trustee. 

        SECTION
11.18    Inspection.    The Issuer agrees that, on reasonable prior notice, it shall permit any representative
of the Indenture Trustee, during the Issuer's normal business hours, to examine all the books of account, records, reports, and other papers of the Issuer, to make copies and extracts therefrom, to
cause such books to be audited by Independent certified public accountants, and to discuss the Issuer's affairs, finances and accounts with the Issuer's officers, employees, and Independent certified
public accountants, all at such reasonable times and as often as may be reasonably requested. The Indenture Trustee shall and shall cause its representatives to hold in confidence all such information
obtained from such examination or inspection except to the extent disclosure may be required by law (and all reasonable applications for confidential treatment are unavailing) and except to the extent
that the Indenture Trustee may reasonably determine that such disclosure is consistent with its obligations hereunder. 

41

   
        IN WITNESS WHEREOF, the Issuer, the Eligible Lender Trustee and the Indenture Trustee have caused this Indenture to be duly executed by their respective officers, thereunto duly
authorized and duly attested, all as of the day and year first above written. 

	

 	
 	

SLM STUDENT LOAN TRUST 2002-6
	

 	
 	

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

 	
 	

By:	

/s/  JOHN J. CASHIN      

	 	 	 	Name:	John J. Cashin
	 	 	 	Title:	Vice President
	

 	
 	

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

 	
 	

By:	

/s/  JOHN J. CASHIN      

	 	 	 	Name::	John J. Cashin
	 	 	 	Title::	Vice President
	

 	
 	

THE BANK OF NEW YORK, not in its individual capacity but solely as Indenture Trustee
	

 	
 	

By:	

/s/  ROBERT D. FOLTZ      

	 	 	 	Name:	Robert D. Foltz
	 	 	 	Title:	Agent

42

 
APPENDIX A

TO THE INDENTURE  

Definitions and Usage  

43

  

 
 

SCHEDULE A
  TO THE INDENTURE    
  

Schedule of Trust Student Loans  

[See Schedule A to the Bill of Sale (Attachment B to the Sale Agreement)] 

44

 
SCHEDULE B

TO THE INDENTURE  

Location of Trust Student Loan Files  

[See Attachment B to the Servicing Agreement] 

45

   EXHIBIT A-1

TO THE INDENTURE  

[FORM OF CLASS A-1 NOTE]  

 SEE REVERSE FOR CERTAIN DEFINITIONS  

        Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation ("DTC"), to the Issuer (as defined below) 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. 

        THE
PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE
FACE HEREOF. THIS NOTE IS NOT GUARANTEED OR INSURED BY ANY GOVERNMENTAL AGENCY. 

	NUMBER	 	[Note Face Amount]
	R-	 	CUSIP NO. [CUSIP #]

1

 
SLM STUDENT LOAN TRUST [Trust Name}  

FLOATING RATE CLASS A-1 STUDENT LOAN-BACKED NOTES  

        SLM Student Loan Trust [Trust Name], a business trust organized and existing under the laws of the State of Delaware (herein referred to
as the "Issuer"), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of [Note Face Amount] DOLLARS payable on each
Distribution Date in an amount equal to the result obtained by multiplying (i) a fraction the numerator of which is [Note Face Amount] and the denominator of which is
[Total Class A-1 Note Amount] by (ii) the aggregate amount, if any, payable to Class A-1 Noteholders on such Distribution Date in
respect of principal of the Notes pursuant to Section 3.1 of the Indenture dated as of [Indenture Date], among the Issuer, Chase Manhattan Bank USA, National
Association, a Delaware banking corporation, as Eligible Lender Trustee on behalf of the Issuer, and The Bank of New York, a New York banking corporation, as Indenture Trustee (the "Indenture
Trustee") (capitalized terms used but not defined herein being defined in Appendix A to the Indenture, which also contains rules as to usage that shall be applicable herein);  provided, however,
that the entire unpaid principal amount of this Note shall be due and payable on the [Final Class A-1
Distribution Date] (the "Class A-1 Maturity Date"). 

        The
Issuer shall pay interest on this Note at the rate per annum equal to the Class A-1 Rate (as defined on the reverse hereof), on each Distribution Date until the
principal of this Note is paid or made available for payment, on the principal amount of this Note outstanding on the preceding Distribution Date (after giving effect to all payments of principal made
on the preceding Distribution Date), subject to certain limitations contained in Section 3.1 of the Indenture. Interest on this Note shall accrue from and including the preceding Distribution
Date (or, in the case of the first Accrual Period, the Closing Date) to but excluding the following Distribution Date (each an "Accrual Period"). Interest shall be
calculated on the basis of the actual number of days elapsed in each Accrual Period divided by 360. Such principal of and interest on this Note shall be paid in the manner specified on the reverse
hereof. 

        The
principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and
private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this
Note. 

        Reference
is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 

        Unless
the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit
under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose. 

2

 

        IN
WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed, manually or in facsimile, as of the date set forth below. 

	

 	
 	

SLM STUDENT LOAN TRUST [Trust Name]
	

 	
 	

By CHASE MANHATTAN BANK USA, NATIONAL
	

 	
 	

 	

By:	

    
 Authorized Signatory
	

Date: [Closing Date]	
 	

 	

 	

 

TRUSTEE'S CERTIFICATE OF AUTHENTICATION  

        This is one of the Notes designated above and referred to in the within-mentioned Indenture. 

	

 	
 	

 	

THE BANK OF NEW YORK,

not in its individual capacity but solely as Indenture Trustee,
	

 	
 	

 	

By:	

    
 Authorized Signatory
	

Date: [Closing Date]	
 	

 	

 	

 

3

 
[REVERSE OF NOTE]  

        This
Note is one of a duly authorized issue of Notes of the Issuer, designated as its Floating Rate Class A-1 Student Loan-Backed Notes (the
"Class A-1 Notes"), which, together with the Issuer's Floating Rate Class A-2 Student Loan-Backed Notes (the "Class A-2 Notes"),
Floating Rate Class A-3 Student Loan-Backed Notes (the "Class A-3 Notes"), Floating Rate Class A-4 Student Loan-Backed
Notes (the "Class A-4 Notes") and Floating Rate Class B Student Loan-Backed Notes (the "Class B Notes" and, together with the Class A-1
Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes, the "Notes"), are issued under and secured by the Indenture, to which
Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Noteholders.
The Notes are subject to all terms of the Indenture. 

        The
Class A-1 Notes are and will be equally and ratably secured by the Collateral pledged as security therefor as provided in the Indenture. The
Class A-1 Notes are prior in order of principal payment to
the Class A-2, Class A-3, Class A-4 and Class B Notes and senior to the Class B Notes as and to the extent provided in the
Indenture. 

        Principal
of the Class A-1 Notes shall be payable on each Distribution Date in an amount described on the face hereof. "Distribution Date" means the 15th day of each
March, June, September and December or, if any such date is not a Business Day, the next succeeding Business Day, commencing [initial Distribution Date]. 

        As
described on the face hereof, the entire unpaid principal amount of this Note shall be due and payable on the Class A-1 Maturity Date. Notwithstanding the
foregoing, the entire unpaid principal amount of the Notes shall be due and payable on the date on which (i) an Event of Default shall have occurred and be continuing and (ii) the
Indenture Trustee or the Noteholders representing not less than a majority of the Outstanding Amount of the Notes shall have declared the Notes to be immediately due and payable in the manner provided
in Section 5.2 of the Indenture. All principal payments on the Class A-1 Notes shall be made pro rata to the Noteholders entitled thereto. 

        Interest
on the Class A-1 Notes shall be payable on each Distribution Date on the principal amount outstanding of the Class A-1 Notes until the
principal amount thereof is paid in full, at a rate per annum equal to the Class A-1 Rate. The "Class A-1 Rate" for each Accrual Period shall be equal to Three-
Month [or such other designated maturity or formula, as necessary, for the initial Accrual Period] LIBOR as determined on the second Business Day before the beginning of that
Accrual Period plus [specified percentage points]%. 

        Payments
of interest on this Note on each Distribution Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made by check
mailed to the Person whose name appears as the Registered Holder of this Note (or one or more Predecessor Notes) on the Note Register on the Record Date, except that with respect to Notes registered
on the Record Date in the name of the nominee of the Clearing Agency, unless Definitive Notes have been issued (initially, such nominee to be Cede & Co.), payments shall be made by wire
transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note
Register as of the applicable Record Date without requiring that this Note be submitted for notation of payment, and the mailing of such check shall constitute payment of the amount thereof regardless
of whether such check is returned undelivered. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall be
binding upon all future Noteholders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are
expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this 

4

 

Note on a Distribution Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, shall notify the Person who was the Noteholder hereof as of the preceding Record Date by notice
mailed no later than five days prior to such Distribution Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Indenture Trustee's
Corporate Trust Office or at the office of the Indenture Trustee's agent appointed for such purposes located in the Borough of Manhattan, The City of New York. 

        The
Issuer shall pay interest on overdue installments of interest on this Note at the Class A-1 Rate to the extent lawful. 

        As
provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for
registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, 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, with such signature guaranteed by an "eligible guarantor institution" meeting the requirements of
the Note Registrar, which requirements include membership or participation in Securities Transfer Agent's Medallion Program ("STAMP") or such other "signature guarantee program" as may be determined
by the Note Registrar in addition to, or in substitution for, STAMP (all in accordance with the Exchange Act), and such other documents as the Indenture Trustee may require, and thereupon one or more
new Notes of authorized denominations and in the same aggregate principal amount shall be issued to the designated transferee or transferees. No service charge will be charged for any registration of
transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration
of transfer or exchange. 

        Each
Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in the Note, covenants and agrees that no recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuer or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against
(i) the Indenture Trustee or the Eligible Lender Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner,
beneficiary, agent, officer, director or employee of the Indenture Trustee or the Eligible Lender Trustee in its individual capacity, any holder or owner of a beneficial interest in the Issuer, the
Eligible Lender Trustee or the Indenture Trustee or of any successor or assign thereof in its individual capacity, except as any such Person may have expressly agreed (it being understood that the
Indenture Trustee and the Eligible Lender Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent
provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 

        Each
Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that by accepting the benefits of the
Indenture such Noteholder or Note Owner will not at any time institute against the Seller or the Issuer, or join in any institution against the Seller or the Issuer of, any bankruptcy, reorganization,
arrangement, insolvency, receivership or liquidation proceedings or other proceedings under any United States Federal or state bankruptcy or similar law in connection with any obligations relating to
the Notes, the Indenture or the other Basic Documents. 

        Prior
to the due presentment for registration of transfer of this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in
whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes whether or not this Note be
overdue, and neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary. 

5

 

        The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the
Noteholders under the Indenture at any time by the Issuer with the consent of the Noteholders representing a majority of the Outstanding Amount of all Notes at the time outstanding. The Indenture also
contains provisions permitting the Noteholders representing specified percentages of the Outstanding Amount of the Notes, on behalf of all the Noteholders, to waive compliance by the Issuer with
certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the holder of this Note (or any one of more Predecessor Notes)
shall be conclusive and binding upon such holder and upon all future holders of this Note and of any Note issued upon registration of transfer hereof or in exchange hereof or in lieu hereof whether or
not notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the
consent of holders of the Notes issued thereunder. 

        The
term "Issuer" as used in this Note includes any successor to the Issuer under the Indenture. 

        The
Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Noteholders under the Indenture. 

        The
Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth. 

        This
Note shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions, and the obligations, rights and remedies of the
parties hereunder and thereunder shall be determined in accordance with such laws. 

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

        Anything
herein to the contrary notwithstanding, except as expressly provided in the Basic Documents, neither The Bank of New York, in its individual capacity, Chase Manhattan Bank USA,
National Association in its individual capacity, any owner of a beneficial interest in the Issuer, nor any of their respective partners, beneficiaries, agents, officers, directors, employees or
successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the
covenants, obligations or indemnifications contained in this Note or the Indenture; it being expressly understood that said covenants, obligations and indemnifications have been made by the Eligible
Lender Trustee for the sole purposes of binding the interests of the Eligible Lender Trustee in the assets of the Issuer. The Noteholder of this Note by the acceptance hereof agrees that, except as
expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Noteholder shall have no claim against any of the foregoing for any deficiency, loss or claim
therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for
any and all liabilities, obligations and undertakings contained in the Indenture or in this Note. 

6

 
ASSIGNMENT  

	Social Security or taxpayer I.D. or other identifying number of assignee
	

	

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

 (name and address of assignee)
	

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
	

 attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises.

	Dated:	 	 	 	 	 
	 	
	 	 	 	 
	 	 	 	 	 	*/
	 	 	 	 	 	
 Signature Guaranteed:
	

 	

 	
 	

 	
 	

*/
	 	 	 	 	 	

*/            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 Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities
Exchange Act of 1934, as amended. 

7

  

EXHIBIT A-2

TO THE INDENTURE  

 
 

[FORM OF CLASS A-2 NOTE]    
    
    SEE REVERSE FOR CERTAIN DEFINITIONS    
  

        Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation ("DTC"), to the Issuer (as defined below) 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. 

        THE
PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE
FACE HEREOF. THIS NOTE IS NOT GUARANTEED OR INSURED BY ANY GOVERNMENTAL AGENCY. 

	NUMBER

R-	 	[Note Face Amount]

CUSIP NO. [CUSIP #]

1

 
SLM STUDENT LOAN TRUST [Trust Name]  

 FLOATING RATE CLASS A-2 STUDENT LOAN-BACKED NOTES  

        SLM Student Loan Trust [Trust Name], a business trust organized and existing under the laws of the State of Delaware (herein referred to
as the "Issuer"), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of [Note Face Amount] DOLLARS payable on each
Distribution Date in an amount equal to the result obtained by multiplying (i) a fraction the numerator of which is [Note Face Amount] and the denominator of which is
$[Total Class A-2 Note Amount] by (ii) the aggregate amount, if any, payable to Class A-2 Noteholders on such Distribution Date in
respect of principal of the Notes pursuant to Section 3.1 of the Indenture dated as of [Indenture Date], among the Issuer, Chase Manhattan Bank USA, National
Association, a Delaware banking corporation, as Eligible Lender Trustee on behalf of the Issuer, and The Bank of New York,, a New York banking corporation, as Indenture Trustee (the "Indenture
Trustee") (capitalized terms used but not defined herein being defined in Appendix A to the Indenture, which also contains rules as to usage that shall be applicable herein);  provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the
[Final Class A-2 Distribution Date] (the "Class A-2 Maturity Date"). 

        The
Issuer shall pay interest on this Note at the rate per annum equal to the Class A-2 Rate (as defined on the reverse hereof), on each Distribution Date until the
principal of this Note is paid or made available for payment, on the principal amount of this Note outstanding on the preceding Distribution Date (after giving effect to all payments of principal made
on the preceding Distribution Date), subject to certain limitations contained in Section 3.1 of the Indenture. Interest on this Note shall accrue from and including the preceding Distribution
Date (or, in the case of the first Accrual Period, the Closing Date) to but excluding the following Distribution Date (each an "Accrual Period"). Interest shall be calculated on the basis of the
actual number of days elapsed in each Accrual Period divided by 360. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 

        The
principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and
private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this
Note. 

        Reference
is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 

        Unless
the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit
under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose. 

2

 

        IN
WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed, manually or in facsimile, as of the date set forth below. 

	 	SLM STUDENT LOAN TRUST [Trust Name]
	

 	

By CHASE MANHATTAN BANK USA, NATIONAL
	 	 	ASSOCIATION, not in its individual capacity but solely as Eligible Lender Trustee under the Trust Agreement,
	

 	

 	

 	

 
	 	 	By:	 
	 	 	 	
 Authorized Signatory
	

 	

 	

 	

 
	Date: [Closing Date]

	 	 	 

TRUSTEE'S CERTIFICATE OF AUTHENTICATION  

        This is one of the Notes designated above and referred to in the within-mentioned Indenture. 

	

 	

 	

 
	 	THE BANK OF NEW YORK

not in its individual capacity but solely as Indenture Trustee,
	

 	

 	

 
	 	By:	 
	 	 	
 Authorized Signatory
	

 	

 	

 
	Date: [Closing Date]

	 	 

3

 
[REVERSE OF NOTE]  

        This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Floating Rate Class A-2 Student Loan-Backed
Notes (the "Class A-2 Notes"), which, together with the Issuer's Floating Rate Class A-1 Student Loan-Backed Notes (the "Class A-1
Notes"), Floating Rate Class A-3 Student Loan-Backed Notes (the "Class A-3 Notes"), Floating Rate Class A-4 Student
Loan-Backed Notes (the "Class A-4 Notes") and the Issuer's Floating Rate Class B Student Loan-Backed Notes (the "Class B Notes" and, together
with the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes the "Notes") are issued under and
secured by the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the
Indenture Trustee and the Noteholders. The Notes are subject to all terms of the Indenture. 

        The
Class A-2 Notes are and will be equally and ratably secured by the Collateral pledged as security therefor as provided in the Indenture. The
Class A-1 Notes are prior in order of principal payment to
the Class A-2 Notes, and the Class A-2 Notes are senior to the Class A-3 Notes, Class A-4 Notes and Class B Notes, as
and to the extent provided in the Indenture. 

        Principal
of the Class A-2 Notes shall be payable on each Distribution Date in an amount described on the face hereof. "Distribution Date" means the 15th day of each
March, June, September and December or, if any such date is not a Business Day, the next succeeding Business Day, commencing [initial Distribution Date]. 

        As
described on the face hereof, the entire unpaid principal amount of this Note shall be due and payable on the Class A-2 Maturity Date. Notwithstanding the
foregoing, the entire unpaid principal amount of the Notes shall be due and payable on the date on which (i) an Event of Default shall have occurred and be continuing and (ii) the
Indenture Trustee or the Noteholders representing not less than a majority of the Outstanding Amount of the Notes shall have declared the Notes to be immediately due and payable in the manner provided
in Section 5.2 of the Indenture. All principal payments on the Class A-2 Notes shall be made pro rata to the Noteholders entitled thereto. 

        Interest
on the Class A-2 Notes shall be payable on each Distribution Date on the principal amount outstanding of the Class A-2 Notes until the
principal amount thereof is paid in full, at a rate per annum equal to the Class A-2 Rate. The "Class A-2 Rate" for each Accrual Period shall be equal to Three-
Month [or such other designated maturity or formula, as necessary, for the initial Accrual Period] LIBOR as determined on the second Business Day before the beginning of that
Accrual Period plus [specified percentage points]%. 

        Payments
of interest on this Note on each Distribution Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made by check
mailed to the Person whose name appears as the Registered Holder of this Note (or one or more Predecessor Notes) on the Note Register on the Record Date, except that with respect to Notes registered
on the Record Date in the name of the nominee of the Clearing Agency, unless Definitive Notes have been issued (initially, such nominee to be Cede & Co.), payments shall be made by wire
transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note
Register as of the applicable Record Date without requiring that this Note be submitted for notation of payment, and the mailing of such check shall constitute payment of the amount thereof regardless
of whether such check is returned undelivered. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall be
binding upon all future Noteholders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are
expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a Distribution Date, then the Indenture Trustee, in the name
of and on behalf of the Issuer, 

4

 

shall notify the Person who was the Noteholder hereof as of the preceding Record Date by notice mailed no later than five days prior to such Distribution Date and the amount then due and payable
shall be payable only upon presentation and surrender of this Note at the Indenture Trustee's
Corporate Trust Office or at the office of the Indenture Trustee's agent appointed for such purposes located in the Borough of Manhattan, The City of New York. 

        The
Issuer shall pay interest on overdue installments of interest on this Note at the Class A-2 Rate to the extent lawful. 

        As
provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for
registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, 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, with such signature guaranteed by an "eligible guarantor institution" meeting the requirements of
the Note Registrar, which requirements include membership or participation in Securities Transfer Agent's Medallion Program ("STAMP") or such other "signature guarantee program" as may be determined
by the Note Registrar in addition to, or in substitution for, STAMP (all in accordance with the Exchange Act), and such other documents as the Indenture Trustee may require, and thereupon one or more
new Notes of authorized denominations and in the same aggregate principal amount shall be issued to the designated transferee or transferees. No service charge will be charged for any registration of
transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration
of transfer or exchange. 

        Each
Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in the Note, covenants and agrees that no recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuer or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against
(i) the Indenture Trustee or the Eligible Lender Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner,
beneficiary, agent, officer, director or employee of the Indenture Trustee or the Eligible Lender Trustee in its individual capacity, any holder or owner of a beneficial interest in the Issuer, the
Eligible Lender Trustee or the Indenture Trustee or of any successor or assign thereof in its individual capacity, except as any such Person may have expressly agreed (it being understood that the
Indenture Trustee and the Eligible Lender Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent
provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 

        Each
Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that by accepting the benefits of the
Indenture such Noteholder or Note Owner will not at any time institute against the Seller or the Issuer, or join in any institution against the Seller or the Issuer of, any bankruptcy, reorganization,
arrangement, insolvency, receivership or liquidation proceedings or other proceedings under any United States Federal or state bankruptcy or similar law in connection with any obligations relating to
the Notes, the Indenture or the other Basic Documents. 

        Prior
to the due presentment for registration of transfer of this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in
whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes whether or not this Note be
overdue, and neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary. 

5

 

        The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the
Noteholders under the Indenture at any time by the Issuer with the consent of the Noteholders representing a majority of the Outstanding Amount of all Notes at the time outstanding. The Indenture also
contains provisions permitting the Noteholders representing specified percentages of the Outstanding Amount of the Notes, on behalf of all the Noteholders, to waive compliance by the Issuer with
certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the holder of this Note (or any one of more Predecessor Notes)
shall be conclusive and binding upon such holder and upon all future holders of this Note and of any Note issued upon registration of transfer hereof or in exchange hereof or in lieu hereof whether or
not notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the
consent of holders of the Notes issued thereunder. 

        The
term "Issuer" as used in this Note includes any successor to the Issuer under the Indenture. 

        The
Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Noteholders under the Indenture. 

        The
Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth. 

        This
Note shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions, and the obligations, rights and remedies of the
parties hereunder and thereunder shall be determined in accordance with such laws. 

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

        Anything
herein to the contrary notwithstanding, except as expressly provided in the Basic Documents, neither The Bank of New York, in its individual capacity, Chase Manhattan Bank USA,
National Association in its individual capacity, any owner of a beneficial interest in the Issuer, nor any of their respective partners, beneficiaries, agents, officers, directors, employees or
successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the
covenants, obligations or indemnifications contained in this Note or the Indenture; it being expressly understood that said covenants, obligations and indemnifications have been made by the Eligible
Lender Trustee for the sole purposes of binding the interests of the Eligible Lender Trustee in the assets of the Issuer. The Noteholder of this Note by the acceptance hereof agrees that, except as
expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Noteholder shall have no claim against any of the foregoing for any deficiency, loss or claim
therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and
enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note. 

6

 
ASSIGNMENT  

	Social Security or taxpayer I.D. or other identifying number of assignee
	

	

	

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

	
 (name and address of assignee)
	

	the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
	

	

	attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises.

	

Dated:	

 	

 	

 
	 	
	 	 
	

	

 	

 	

 
	 	 	 	*/
 Signature Guaranteed:
	

	

 	

 	

 
	 	 	 	*/

*/    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 Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities
Exchange Act of 1934, as amended. 

7

  

EXHIBIT A-3

TO THE INDENTURE  

 
 

[FORM OF CLASS A-3 NOTE]    
    
    SEE REVERSE FOR CERTAIN DEFINITIONS    
  

        Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation ("DTC"), to the Issuer (as defined below) 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. 

        THE
PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE
FACE HEREOF. THIS NOTE IS NOT GUARANTEED OR INSURED BY ANY GOVERNMENTAL AGENCY. 

	NUMBER

R-	 	[Note Face Amount]

CUSIP NO. [CUSIP #]

1

 
SLM STUDENT LOAN TRUST [Trust Name]  

 FLOATING RATE CLASS A-3 STUDENT LOAN-BACKED NOTES  

        SLM Student Loan Trust [Trust Name], a business trust organized and existing under the laws of the State of Delaware (herein referred to
as the "Issuer"), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of [Note Face Amount] DOLLARS payable on each
Distribution Date in an amount equal to the result obtained by multiplying (i) a fraction the numerator of which is [Note Face Amount] and the denominator of which is
$[Total Class A-3 Note Amount] by (ii) the aggregate amount, if any, payable to Class A-3 Noteholders on such Distribution Date in
respect of principal of the Notes pursuant to Section 3.1 of the Indenture dated as of [Indenture Date], among the Issuer, Chase Manhattan Bank USA, National
Association, a Delaware banking corporation, as Eligible Lender Trustee on behalf of the Issuer, and The Bank of New York, a New York banking corporation, as Indenture Trustee (the "Indenture
Trustee") (capitalized terms used but not defined herein being defined in Appendix A to the Indenture, which also contains rules as to usage that shall be applicable herein);  provided, however, that the entire unpaid principal amount of this Note shall be due and payable on the
[Final Class A-3 Distribution Date] (the "Class A-3 Maturity Date"). 

        The
Issuer shall pay interest on this Note at the rate per annum equal to the Class A-3 Rate (as defined on the reverse hereof), on each Distribution Date until the
principal of this Note is paid or made available for payment, on the principal amount of this Note outstanding on the preceding Distribution Date (after giving effect to all payments of principal made
on the preceding Distribution Date), subject to certain limitations contained in Section 3.1 of the Indenture. Interest on this Note shall accrue from and including the preceding Distribution
Date (or, in the case of the first Accrual Period, the Closing Date) to but excluding the following Distribution Date (each an "Accrual Period"). Interest shall be calculated on the basis of the
actual number of days elapsed in each Accrual Period divided by 360. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 

        The
principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and
private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this
Note. 

        Reference
is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 

        Unless
the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit
under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose. 

2

 

        IN
WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed, manually or in facsimile, as of the date set forth below. 

	 	SLM STUDENT LOAN TRUST [Trust Name]
	

 	

By CHASE MANHATTAN BANK USA, NATIONAL
	 	 	ASSOCIATION, not in its individual capacity but solely as Eligible Lender Trustee under the Trust Agreement,
	

 	

 	

 	

 
	 	 	By:	 
	 	 	 	
 Authorized Signatory
	

 	

 	

 	

 
	Date: [Closing Date]

	 	 	 

TRUSTEE'S CERTIFICATE OF AUTHENTICATION  

        This is one of the Notes designated above and referred to in the within-mentioned Indenture. 

	

 	

 	

 
	 	THE BANK OF NEW YORK,

not in its individual capacity but solely as Indenture Trustee,
	

 	

 	

 
	 	By:	 
	 	 	
 Authorized Signatory
	

 	

 	

 
	Date: [Closing Date]

	 	 

3

 
[REVERSE OF NOTE]  

        This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Floating Rate Class A-3 Student Loan-Backed
Notes (the "Class A-3 Notes"), which, together with the Issuer's Floating Rate Class A-1 Student Loan-Backed Notes (the "Class A-1
Notes"), Floating Rate Class A-2 Student Loan-Backed Notes (the "Class A-2 Notes"), Floating Rate Class A-4 Student
Loan-Backed Notes (the "Class A-4 Notes") and the Issuer's Floating Rate Class B Student Loan-Backed Notes (the "Class B Notes" and, together
with the Class A-1 Notes, Class A-2 Notes, Class A-3 Notes and Class A-4 Notes, the "Notes") are issued under and secured by
the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture
Trustee and the Noteholders. The Notes are subject to all terms of the Indenture. 

        The
Class A-3 Notes are and will be equally and ratably secured by the Collateral pledged as security therefor as provided in the Indenture. The
Class A-1 Notes and the Class A-2 Notes are prior in order of principal payment to the Class A-3 Notes, and the Class A-3
Notes are prior in order of principal payment
to the Class A-4 Notes and are senior to the Class B Notes, as and to the extent provided in the Indenture. 

        Principal
of the Class A-3 Notes shall be payable on each Distribution Date in an amount described on the face hereof. "Distribution Date" means the 15th day of each
March, June, September and December or, if any such date is not a Business Day, the next succeeding Business Day, commencing [initial Distribution Date]. 

        As
described on the face hereof, the entire unpaid principal amount of this Note shall be due and payable on the Class A-3 Maturity Date. Notwithstanding the
foregoing, the entire unpaid principal amount of the Notes shall be due and payable on the date on which (i) an Event of Default shall have occurred and be continuing and (ii) the
Indenture Trustee or the Noteholders representing not less than a majority of the Outstanding Amount of the Notes shall have declared the Notes to be immediately due and payable in the manner provided
in Section 5.2 of the Indenture. All principal payments on the Class A-2 Notes shall be made pro rata to the Noteholders entitled thereto. 

        Interest
on the Class A-3 Notes shall be payable on each Distribution Date on the principal amount outstanding of the Class A-3 Notes until the
principal amount thereof is paid in full, at a rate per annum equal to the Class A-3 Rate. The "Class A-3 Rate" for each Accrual Period shall be equal to Three-
Month [or such other designated maturity or formula, as necessary, for the initial Accrual Period] LIBOR as determined on the second Business Day before the beginning of that
Accrual Period plus [specified percentage points]%. 

        Payments
of interest on this Note on each Distribution Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made by check
mailed to the Person whose name appears as the Registered Holder of this Note (or one or more Predecessor Notes) on the Note Register on the Record Date, except that with respect to Notes registered
on the Record Date in the name of the nominee of the Clearing Agency, unless Definitive Notes have been issued (initially, such nominee to be Cede & Co.), payments shall be made by wire
transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note
Register as of the applicable Record Date without requiring that this Note be submitted for notation of payment, and the mailing of such check shall constitute payment of the amount thereof regardless
of whether such check is returned undelivered. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall be
binding upon all future Noteholders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are
expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this 

4

 

Note on a Distribution Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, shall notify the Person who was the Noteholder hereof as of the preceding Record Date by notice
mailed no later than five days prior to such Distribution Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Indenture Trustee's
Corporate Trust Office or at the office of the Indenture Trustee's agent appointed for such purposes located in the Borough of Manhattan, The City of New York. 

        The
Issuer shall pay interest on overdue installments of interest on this Note at the Class A-3 Rate to the extent lawful. 

        As
provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for
registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, 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, with such signature guaranteed by an "eligible guarantor institution" meeting the requirements of
the Note Registrar, which requirements include membership or participation in Securities Transfer Agent's Medallion Program ("STAMP") or such other "signature guarantee program" as may be determined
by the Note Registrar in addition to, or in substitution for, STAMP (all in accordance with the Exchange Act), and such other documents as the Indenture Trustee may require, and thereupon one or more
new Notes of authorized denominations and in the same aggregate principal amount shall be issued to the designated transferee or transferees. No service charge will be charged for any registration of
transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration
of transfer or exchange. 

        Each
Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in the Note, covenants and agrees that no recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuer or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against
(i) the Indenture Trustee or the Eligible Lender Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner,
beneficiary, agent, officer, director or employee of the Indenture Trustee or the Eligible Lender Trustee in its individual capacity, any holder or owner of a beneficial interest in the Issuer, the
Eligible Lender Trustee or the Indenture Trustee or of any successor or assign thereof in its individual capacity, except as any such Person may have expressly agreed (it being understood that the
Indenture Trustee and the Eligible Lender Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent
provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 

        Each
Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that by accepting the benefits of the
Indenture such Noteholder or Note Owner will not at any time institute against the Seller or the Issuer, or join in any institution against the Seller or the Issuer of, any bankruptcy, reorganization,
arrangement, insolvency, receivership or liquidation proceedings or other proceedings under any United States Federal or state bankruptcy or similar law in connection with any obligations relating to
the Notes, the Indenture or the other Basic Documents. 

        Prior
to the due presentment for registration of transfer of this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in
whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes whether or not this Note be
overdue, and neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary. 

5

 

        The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the
Noteholders under the Indenture at any time by the Issuer with the consent of the Noteholders representing a majority of the Outstanding Amount of all Notes at the time outstanding. The Indenture also
contains provisions permitting the Noteholders representing specified percentages of the Outstanding Amount of the Notes, on behalf of all the Noteholders, to waive compliance by the Issuer with
certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the holder of this Note (or any one of more Predecessor Notes)
shall be conclusive and binding upon such holder and upon all future holders of this Note and of any Note issued upon registration of transfer hereof or in exchange hereof or in lieu hereof whether or
not notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the
consent of holders of the Notes issued thereunder. 

        The
term "Issuer" as used in this Note includes any successor to the Issuer under the Indenture. 

        The
Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Noteholders under the Indenture. 

        The
Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth. 

        This
Note shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions, and the obligations, rights and remedies of the
parties hereunder and thereunder shall be determined in accordance with such laws. 

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

        Anything
herein to the contrary notwithstanding, except as expressly provided in the Basic Documents, neither The Bank of New York, in its individual capacity, Chase Manhattan Bank USA,
National Association in its individual capacity, any owner of a beneficial interest in the Issuer, nor any of their respective partners, beneficiaries, agents, officers, directors, employees or
successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the
covenants, obligations or indemnifications contained in this Note or the Indenture; it being expressly understood that said covenants, obligations and indemnifications have been made by the Eligible
Lender Trustee for the sole purposes of binding the interests of the Eligible Lender Trustee in the assets of the Issuer. The Noteholder of this Note by the acceptance hereof agrees that, except as
expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Noteholder shall have no claim against any of the foregoing for any deficiency, loss or claim
therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and
enforcement against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note. 

6

 
ASSIGNMENT  

	Social Security or taxpayer I.D. or other identifying number of assignee
	

	

	

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

	
 (name and address of assignee)
	

	the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
	

	

	attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises.

	

Dated:	

 	

 	

 
	 	
	 	 
	

	

 	

 	

 
	 	 	 	*/
 Signature Guaranteed:
	

	

 	

 	

 
	 	 	 	*/

*/    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 Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities
Exchange Act of 1934, as amended. 

7

  

EXHIBIT A-4

TO THE INDENTURE  

 
 

[FORM OF CLASS A-4L NOTE]    
    
    SEE REVERSE FOR CERTAIN DEFINITIONS    
  

        Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation ("DTC"), to the Issuer (as defined below) 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. 

        THE
PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE
FACE HEREOF. THIS NOTE IS NOT GUARANTEED OR INSURED BY ANY GOVERNMENTAL AGENCY. 

	NUMBER

R-	 	[Note Face Amount]

CUSIP NO. [CUSIP #]

1

 
SLM STUDENT LOAN TRUST [Trust Name]  

 FLOATING RATE CLASS A-4L STUDENT LOAN-BACKED NOTES  

        SLM Student Loan Trust [Trust Name], a business trust organized and existing under the laws of the State of Delaware (herein referred to
as the "Issuer"), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of [Note Face Amount] DOLLARS payable on each
Distribution Date in an amount equal to the result obtained by multiplying (i) a fraction the numerator of which is [Note Face Amount] and the denominator of which is
$[Total Class A-4 Note Amount] by (ii) the aggregate amount, if any, payable to Class A-4L Noteholders on such Distribution Date in
respect of principal of the Notes pursuant to Section 3.1 of the Indenture dated as of [Indenture Date], among the Issuer, Chase Manhattan Bank USA, National
Association, a Delaware banking corporation, as Eligible Lender Trustee on behalf of the Issuer, and The Bank of New York, a New York banking corporation, as Indenture Trustee (the "Indenture
Trustee") (capitalized terms used but not defined herein being defined in Appendix A to the Indenture, which also contains rules as to usage that shall be applicable herein);  provided, however,
that the entire unpaid principal amount of this Note shall be due and payable on the [Final Class A-4
Distribution Date] (the "Class A-4 Maturity Date"). 

        The
Issuer shall pay interest on this Note at the rate per annum equal to the Class A-4L Rate (as defined on the reverse hereof), on each Distribution Date until the
principal of this Note is paid or made available for payment, on the principal amount of this Note outstanding on the preceding Distribution Date (after giving effect to all payments of principal made
on the preceding Distribution Date), subject to certain limitations contained in Section 3.1 of the Indenture. Interest on this Note shall accrue from and including the preceding Distribution
Date (or, in the case of the first Accrual Period, the Closing Date) to but excluding the following Distribution Date (each an "Accrual Period"). Interest shall be calculated on the basis of the
actual number of days elapsed in each Accrual Period divided by 360. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 

        The
principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and
private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this
Note. 

        Reference
is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 

        Unless
the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit
under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose. 

2

 

        IN
WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed, manually or in facsimile, as of the date set forth below. 

	 	SLM STUDENT LOAN TRUST [Trust Name]
	

 	

By CHASE MANHATTAN BANK USA, NATIONAL
	 	 	ASSOCIATION, not in its individual capacity but solely as Eligible Lender Trustee under the Trust Agreement,
	

 	

 	

 	

 
	 	 	By:	 
	 	 	 	
 Authorized Signatory
	

 	

 	

 	

 
	Date: [Closing Date]

	 	 	 

TRUSTEE'S CERTIFICATE OF AUTHENTICATION  

        This is one of the Notes designated above and referred to in the within-mentioned Indenture. 

	

 	

 	

 
	 	THE BANK OF NEW YORK, as

not in its individual capacity but solely as Indenture Trustee,
	

 	

 	

 
	 	By:	 
	 	 	
 Authorized Signatory
	

 	

 	

 
	Date: [Closing Date]

	 	 

3

 
[REVERSE OF NOTE]  

        This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Floating Rate Class A-4L Student Loan-Backed
Notes (the "Class A-4 Notes"), which, together with the Issuer's Floating Rate Class A-1 Student Loan-Backed Notes (the "Class A-1
Notes"), Floating Rate Class A-2 Student Loan-Backed Notes (the "Class A-2 Notes"), Floating Rate Class A-3 Student
Loan-Backed Notes (the "Class A-3 Notes"), Floating Rate Class A-4 Student Loan-Backed Notes (the "Class A-4 Notes")
and the Issuer's Floating Rate Class B Student Loan-Backed Notes (the "Class B Notes" and, together with the Class A-1 Notes, the
Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes, the "Notes") are issued under and secured by the Indenture, to which Indenture
and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Noteholders. The Notes
are subject to all terms of the Indenture. 

        The
Class A-4L Notes are and will be equally and ratably secured by the Collateral pledged as security therefor as provided in the Indenture. The
Class A-1 Notes, Class A-2 Notes and Class A-3 Notes are prior
in order of principal payment to the Class A-4 Notes, and the Class A-4 Notes are senior to the Class B Notes, as and to the extent provided in the
Indenture. 

        Principal
of the Class A-4L Notes shall be payable on each Distribution Date in an amount described on the face hereof. "Distribution Date" means the 15th day of each
March, June, September and Decemberor, if any such date is not a Business Day, the next succeeding Business Day, commencing [initial Distribution Date]. 

        As
described on the face hereof, the entire unpaid principal amount of this Note shall be due and payable on the Class A-4 Maturity Date. Notwithstanding the
foregoing, the entire unpaid principal amount of the Notes shall be due and payable on the date on which (i) an Event of Default shall have occurred and be continuing and (ii) the
Indenture Trustee or the Noteholders representing not less than a majority of the Outstanding Amount of the Notes shall have declared the Notes to be immediately due and payable in the manner provided
in Section 5.2 of the Indenture. All principal payments on the Class A-4 Notes shall be made pro rata to the Noteholders entitled thereto. 

        Interest
on the Class A-4L Notes shall be payable on each Distribution Date on the principal amount outstanding of the Class A-4L Notes until the
principal amount thereof is paid in full, at a rate per annum equal to the Class A-4L Rate. The "Class A-4L Rate" for each Accrual Period shall be equal to
Three-Month [or such other designated maturity or formula, as necessary, for the initial Accrual Period] LIBOR as determined on the second Business Day before the beginning of
that Accrual Period plus [specified percentage points]%. 

        Payments
of interest on this Note on each Distribution Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made by check
mailed to the Person whose name appears as the Registered Holder of this Note (or one or more Predecessor Notes) on the Note Register on the Record Date, except that with respect to Notes registered
on the Record Date in the name of the nominee of the Clearing Agency, unless Definitive Notes have been issued (initially, such nominee to be Cede & Co.), payments shall be made by wire
transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note
Register as of the applicable Record Date without requiring that this Note be submitted for notation of payment, and the mailing of such check shall constitute payment of the amount thereof regardless
of whether such check is returned undelivered. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall be
binding upon all future Noteholders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are
expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this 

4

 

Note on a Distribution Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, shall notify the Person who was the Noteholder hereof as of the preceding Record Date by notice
mailed no later than five days prior to such Distribution Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Indenture Trustee's
Corporate Trust Office or at the office of the Indenture Trustee's agent appointed for such purposes located in the Borough of Manhattan, The City of New York. 

        The
Issuer shall pay interest on overdue installments of interest on this Note at the Class A-4L Rate to the extent lawful. 

        As
provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for
registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, 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, with such signature guaranteed by an "eligible guarantor institution" meeting the requirements of
the Note Registrar, which requirements include membership or participation in Securities Transfer Agent's Medallion Program ("STAMP") or such other "signature guarantee program" as may be determined
by the Note Registrar in addition to, or in substitution for, STAMP (all in accordance with the Exchange Act), and such other documents as the Indenture Trustee may require, and thereupon one or more
new Notes of authorized denominations and in the same aggregate principal amount shall be issued to the designated transferee or transferees. No service charge will be charged for any registration of
transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration
of transfer or exchange. 

        Each
Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in the Note, covenants and agrees that no recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuer or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against
(i) the Indenture Trustee or the Eligible Lender Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner,
beneficiary, agent, officer, director or employee of the Indenture Trustee or the Eligible Lender Trustee in its individual capacity, any holder or owner of a beneficial interest in the Issuer, the
Eligible Lender Trustee or the Indenture Trustee or of any successor or assign thereof in its individual capacity, except as any such Person may have expressly agreed (it being understood that the
Indenture Trustee and the Eligible Lender Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent
provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 

        Each
Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that by accepting the benefits of the
Indenture such Noteholder or Note Owner will not at any time institute against the Seller or the Issuer, or join in any institution against the Seller or the Issuer of, any bankruptcy, reorganization,
arrangement, insolvency, receivership or liquidation proceedings or other proceedings under any United States Federal or state bankruptcy or similar law in connection with any obligations relating to
the Notes, the Indenture or the other Basic Documents. 

        Prior
to the due presentment for registration of transfer of this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in
whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes whether or not this Note be
overdue, and neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary. 

5

 

        The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the
Noteholders under the Indenture at any time by the Issuer with the consent of the Noteholders representing a majority of the Outstanding Amount of all Notes at the time outstanding. The Indenture also
contains provisions permitting the Noteholders representing specified percentages of the Outstanding Amount of the Notes, on behalf of all the Noteholders, to waive compliance by the Issuer with
certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the holder of this Note (or any one of more Predecessor Notes)
shall be conclusive and binding upon such holder and upon all future holders of this Note and of any Note issued upon registration of transfer hereof or in exchange hereof or in lieu hereof whether or
not notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the
consent of holders of the Notes issued thereunder. 

        The
term "Issuer" as used in this Note includes any successor to the Issuer under the Indenture. 

        The
Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Noteholders under the Indenture. 

        The
Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth. 

        This
Note shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions, and the obligations, rights and remedies of the
parties hereunder and thereunder shall be determined in accordance with such laws. 

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

        Anything
herein to the contrary notwithstanding, except as expressly provided in the Basic Documents, neither The Bank of New York, in its individual capacity, Chase Manhattan Bank USA,
National Association in its individual capacity, any owner of a beneficial interest in the Issuer, nor any of their respective partners, beneficiaries, agents, officers, directors, employees or
successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the
covenants, obligations or indemnifications contained in this Note or the Indenture; it being expressly understood that said covenants, obligations and indemnifications have been made by the Eligible
Lender Trustee for the sole purposes of binding the interests of the Eligible Lender Trustee in the assets of the Issuer. The Noteholder of this Note by the acceptance hereof agrees that, except as
expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Noteholder shall have no claim against any of the foregoing for any deficiency, loss or claim
therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for
any and all liabilities, obligations and undertakings contained in the Indenture or in this Note. 

6

 
ASSIGNMENT  

	Social Security or taxpayer I.D. or other identifying number of assignee
	

	

	

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

	
 (name and address of assignee)
	

	the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
	

	

	attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises.

	

Dated:	

 	

 	

 
	 	
	 	 
	

	

 	

 	

 
	 	 	 	*/
 Signature Guaranteed:
	

	

 	

 	

 
	 	 	 	*/

*/
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 Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934,
as amended. 

7

  

EXHIBIT A-5

TO THE INDENTURE  

 
 

[FORM OF CLASS A-4CP NOTE]    
    
    SEE REVERSE FOR CERTAIN DEFINITIONS    
  

        Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation ("DTC"), to the Issuer (as defined below) 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. 

        THE
PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE
FACE HEREOF. THIS NOTE IS NOT GUARANTEED OR INSURED BY ANY GOVERNMENTAL AGENCY. 

	NUMBER

R-	 	[Note Face Amount]

CUSIP NO. [CUSIP #]

1

 
SLM STUDENT LOAN TRUST [Trust Name]

FLOATING RATE CLASS A-4CP STUDENT LOAN-BACKED NOTES  

        SLM Student Loan Trust [Trust Name], a business trust organized and existing under the laws of the State of Delaware (herein referred to
as the "Issuer"), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of [Note Face Amount] DOLLARS payable on each
Distribution Date in an amount equal to the result obtained by multiplying (i) a fraction the numerator of which is [Note Face Amount] and the denominator of which is
$[Total Class A-4CP Note Amount] by (ii) the aggregate amount, if any, payable to Class A-4CP Noteholders on such Distribution Date
in respect of principal of the Notes pursuant to Section 3.1 of the Indenture dated as of [Indenture Date], among the Issuer, Chase Manhattan Bank USA, National
Association, a Delaware banking corporation, as Eligible Lender Trustee on behalf of the Issuer, and The Bank of New York, a New York banking corporation, as Indenture Trustee (the "Indenture
Trustee") (capitalized terms used but not defined herein being defined in Appendix A to the Indenture, which also contains rules as to usage that shall be applicable herein);  provided, however,
that the entire unpaid principal amount of this Note shall be due and payable on the [Final Class A-4
Distribution Date] (the "Class A-4 Maturity Date"). 

        The
Issuer shall pay interest on this Note at the rate per annum equal to the Class A-4CP Rate (as defined on the reverse hereof), on each Distribution Date until the
principal of this Note is paid or made available for payment, on the principal amount of this Note outstanding on the preceding Distribution Date (after giving effect to all payments of principal made
on the preceding Distribution Date), subject to certain limitations contained in Section 3.1 of the Indenture. Interest on this Note shall accrue from and including the preceding Distribution
Date (or, in the case of the first Accrual Period, the Closing Date) to but excluding the following Distribution Date (each an "Accrual Period"). Interest shall be calculated on the basis of the
actual number of days elapsed in each Accrual Period divided by 365 or 366, as the case may be. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 

        The
principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and
private debts. All
payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note. 

        Reference
is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 

        Unless
the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit
under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose. 

2

 

        IN
WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed, manually or in facsimile, as of the date set forth below. 

	 	SLM STUDENT LOAN TRUST [Trust Name]
	

 	

By CHASE MANHATTAN BANK USA, NATIONAL
	 	 	ASSOCIATION, not in its individual capacity but solely as Eligible Lender Trustee under the Trust Agreement,
	

 	

 	

 	

 
	 	 	By:	 
	 	 	 	
 Authorized Signatory
	

 	

 	

 	

 
	Date: [Closing Date]

	 	 	 

TRUSTEE'S CERTIFICATE OF AUTHENTICATION  

        This is one of the Notes designated above and referred to in the within-mentioned Indenture. 

	

 	

 	

 
	 	THE BANK OF NEW YORK,

not in its individual capacity but solely as Indenture Trustee,
	

 	

 	

 
	 	By:	 
	 	 	
 Authorized Signatory
	

 	

 	

 
	Date: [Closing Date]

	 	 

3

 
[REVERSE OF NOTE]  

        This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Floating Rate Class A-4CP Student Loan-Backed
Notes (the "Class A-4CP Notes"), which, together with the Issuer's Floating Rate Class A-1 Student Loan-Backed Notes (the
"Class A-1 Notes"), Floating Rate Class A-2 Student Loan-Backed Notes (the "Class A-2 Notes"), Floating Rate
Class A-3 Student Loan-Backed Notes (the "Class A-3 Notes"), Floating Rate Class A-4 Student Loan-Backed Notes (the
"Class A-4 Notes") and the Issuer's Floating Rate Class B Student Loan-Backed Notes (the "Class B Notes" and, together with the
Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class A-4 Notes, the "Notes") are issued under and secured
by the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture
Trustee and the Noteholders. The Notes are subject to all terms of the Indenture. 

        The
Class A-4CP Notes are and will be equally and ratably secured by the Collateral pledged as security therefor as provided in the Indenture. The
Class A-1 Notes, Class A-2 Notes and Class A-3 Notes are prior in order of principal payment to the Class A-4 Notes, and the
Class A-4 Notes are senior to the Class B Notes, as and to the extent provided in the Indenture. 

        Principal
of the Class A-4CP Notes shall be payable on each Distribution Date in an amount described on the face hereof. "Distribution Date" means the 15th day of each
March, June, September and
December or, if any such date is not a Business Day, the next succeeding Business Day, commencing [initial Distribution Date]. 

        As
described on the face hereof, the entire unpaid principal amount of this Note shall be due and payable on the Class A-4 Maturity Date. Notwithstanding the
foregoing, the entire unpaid principal amount of the Notes shall be due and payable on the date on which (i) an Event of Default shall have occurred and be continuing and (ii) the
Indenture Trustee or the Noteholders representing not less than a majority of the Outstanding Amount of the Notes shall have declared the Notes to be immediately due and payable in the manner provided
in Section 5.2 of the Indenture. All principal payments on the Class A-4 Notes shall be made pro rata to the Noteholders entitled thereto. 

        Interest
on the Class A-4CP Notes shall be payable on each Distribution Date on the principal amount outstanding of the Class A-4CP Notes until the
principal amount thereof is paid in full, at a rate per annum equal to the Class A-4CP Rate. "Class A-4CP Rate"
means, for any Accrual Period, the daily weighted average of the CP Rates within the Accrual Period, plus [specified percentage points]%. The CP Rate will be adjusted daily
based upon the CP Rate published for the corresponding day in the preceding week. If the corresponding day in the immediately preceding week is a Saturday, Sunday or other Non-Business
Day, the CP Rate will be the rate published for the Business Day immediately preceding that corresponding day. Interest due for any Accrual Period for the Class A-4CP Notes will be
determined based on the actual number of days elapsed in the Accrual Period divided by 365, or 366 in the case of any accrual period ending in a leap year. 

        Payments
of interest on this Note on each Distribution Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made by check
mailed to the Person whose name appears as the Registered Holder of this Note (or one or more Predecessor Notes) on the Note Register on the Record Date, except that with respect to Notes registered
on the Record Date in the name of the nominee of the Clearing Agency, unless Definitive Notes have been issued (initially, such nominee to be Cede & Co.), payments shall be made by wire
transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note
Register as of the applicable Record Date without requiring that this Note be submitted for notation of payment, and the mailing of such check shall constitute payment of the amount thereof regardless
of whether such check is returned undelivered. Any reduction in the principal amount of this Note (or any one or more Predecessor 

4

 

Notes) effected by any payments made on any Distribution Date shall be binding upon all future Noteholders of this Note and of any Note issued upon the registration of transfer hereof or in exchange
hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this
Note on a Distribution Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, shall notify the Person who was the Noteholder hereof as of the preceding Record Date by notice
mailed no later than five days prior to such Distribution Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Indenture Trustee's
Corporate Trust Office or at the office of the Indenture Trustee's agent appointed for such purposes located in the Borough of Manhattan, The City of New York. 

        The
Issuer shall pay interest on overdue installments of interest on this Note at the Class A-4CP Rate to the extent lawful. 

        As
provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for
registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, 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, with such signature guaranteed by an "eligible guarantor institution" meeting the requirements of
the Note Registrar, which requirements include membership or participation in Securities Transfer Agent's Medallion Program ("STAMP") or such other "signature guarantee program" as may be determined
by the Note Registrar in addition to, or in substitution for, STAMP (all in accordance with the Exchange Act), and such other documents as the Indenture Trustee may require, and thereupon one or more
new Notes of authorized denominations and in the same aggregate principal amount shall be issued to the designated transferee or transferees. No service charge will be charged for any registration of
transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration
of transfer or exchange. 

        Each
Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in the Note, covenants and agrees that no recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuer or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against
(i) the Indenture Trustee or the Eligible Lender Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner,
beneficiary, agent, officer, director or employee of the Indenture Trustee or the Eligible Lender Trustee in its individual capacity, any holder or owner of a beneficial interest in the Issuer, the
Eligible Lender Trustee or the Indenture Trustee or of any successor or assign thereof in its individual capacity, except as any such Person may have expressly agreed (it being understood that the
Indenture Trustee and the Eligible Lender Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent
provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 

        Each
Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that by accepting the benefits of the
Indenture such Noteholder or Note Owner will not at any time institute against the Seller or the Issuer, or join in any institution against the Seller or the Issuer of, any bankruptcy, reorganization,
arrangement, insolvency, receivership or liquidation proceedings or other proceedings under any United States Federal or state bankruptcy or similar law in connection with any obligations relating to
the Notes, the Indenture or the other Basic Documents. 

5

 

        Prior
to the due presentment for registration of transfer of this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in
whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes whether or not this Note be
overdue, and neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary. 

        The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the
Noteholders under the Indenture at any time by the Issuer with the consent of the Noteholders representing a majority of the Outstanding Amount of all Notes at the time outstanding. The Indenture also
contains provisions permitting the Noteholders representing specified percentages of the Outstanding Amount of the Notes, on behalf of all the Noteholders, to waive compliance by the Issuer with
certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the holder of this Note (or any one of more Predecessor Notes)
shall be conclusive and binding upon such holder and upon all future holders of this Note and of any Note issued upon registration of transfer hereof or in exchange hereof or in lieu hereof whether or
not notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the
consent of holders of the Notes issued thereunder. 

        The
term "Issuer" as used in this Note includes any successor to the Issuer under the Indenture. 

        The
Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Noteholders under the Indenture. 

        The
Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth. 

        This
Note shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions, and the obligations, rights and remedies of the
parties hereunder and thereunder shall be determined in accordance with such laws. 

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

        Anything
herein to the contrary notwithstanding, except as expressly provided in the Basic Documents, neither The Bank of New York, in its individual capacity, Chase Manhattan Bank USA,
National Association in its individual capacity, any owner of a beneficial interest in the Issuer, nor any of their respective partners, beneficiaries, agents, officers, directors, employees or
successors or assigns shall be
personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or
indemnifications contained in this Note or the Indenture; it being expressly understood that said covenants, obligations and indemnifications have been made by the Eligible Lender Trustee for the sole
purposes of binding the interests of the Eligible Lender Trustee in the assets of the Issuer. The Noteholder of this Note by the acceptance hereof agrees that, except as expressly provided in the
Basic Documents, in the case of an Event of Default under the Indenture, the Noteholder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom;  provided, however,
that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for any and
all liabilities, obligations and undertakings contained in the Indenture or in this Note. 

6

 
ASSIGNMENT  

	Social Security or taxpayer I.D. or other identifying number of assignee
	

	

	

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

	
 (name and address of assignee)
	

	the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
	

	

	attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises.

	

Dated:	

 	

 	

 
	 	
	 	 
	

	

 	

 	

 
	 	 	 	*/
 Signature Guaranteed:
	

	

 	

 	

 
	 	 	 	*/

*/NOTICE:
The signature to this assignment must correspond with the name of the registered owner Note Registrar, which requirements include membership or participation in STAMP or such other
"signature guarantee program" as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange 

7

  

EXHIBIT A-6

TO THE INDENTURE  

 
 

[FORM OF CLASS B NOTE]    
    
    SEE REVERSE FOR CERTAIN DEFINITIONS    
  

        Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation ("DTC"), to the Issuer (as defined below) 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. 

        THE
PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE
FACE HEREOF. THIS NOTE IS NOT GUARANTEED OR INSURED BY ANY GOVERNMENTAL AGENCY. 

	NUMBER

R-	 	[Note Face Amount]

CUSIP NO. [CUSIP #]

1

 
SLM STUDENT LOAN TRUST [Trust Name]  

 FLOATING RATE CLASS B STUDENT LOAN-BACKED NOTES  

        SLM Student Loan Trust [Trust Name], a business trust organized and existing under the laws of the State of Delaware (herein referred to
as the "Issuer"), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of [Note Face Amount] DOLLARS payable on each
Distribution Date in an amount equal to the result obtained by multiplying (i) a fraction the numerator of which is [Note Face Amount] and the denominator of which is
$[Total Class B Note Amount] by (ii) the aggregate amount, if any, payable to Class B Noteholders on such Distribution Date in respect of principal of the
Notes pursuant to Section 3.1 of the Indenture dated as of [Indenture Date], among the Issuer, Chase Manhattan Bank USA, National Association, a Delaware banking
corporation, as Eligible Lender Trustee on behalf of the Issuer, and The Bank of New York, a New York banking corporation, as Indenture Trustee (the "Indenture Trustee") (capitalized terms used but
not defined herein being defined in Appendix A to the Indenture, which also contains rules as to usage that shall be applicable herein); provided,
however, that the entire unpaid principal amount of this Note shall be due and payable on the [Final Class B Distribution Date] (the
"Class B Maturity Date"). 

        The
Issuer shall pay interest on this Note at the rate per annum equal to the Class B Rate (as defined on the reverse hereof), on each Distribution Date until the principal of
this Note is paid or made available for payment, on the principal amount of this Note outstanding on the preceding Distribution Date (after giving effect to all payments of principal made on the
preceding Distribution Date), subject to certain limitations contained in Section 3.1 of the Indenture. Interest on this Note shall accrue from and including the preceding Distribution Date
(or, in the case of the first Accrual Period, the Closing Date) to but excluding the following Distribution Date (each an "Accrual Period"). Interest shall be calculated on the basis of the actual
number of days elapsed in each Accrual Period divided by 360. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 

        The
principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and
private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this
Note. 

        Reference
is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 

        Unless
the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit
under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose. 

2

 

        IN
WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed, manually or in facsimile, as of the date set forth below. 

	 	SLM STUDENT LOAN TRUST [Trust Name]
	

 	

By CHASE MANHATTAN BANK USA, NATIONAL
	 	 	ASSOCIATION, not in its individual capacity but solely as Eligible Lender Trustee under the Trust Agreement,
	

 	

 	

 	

 
	 	 	By:	 
	 	 	 	
 Authorized Signatory
	

 	

 	

 	

 
	Date: [Closing Date]

	 	 	 

TRUSTEE'S CERTIFICATE OF AUTHENTICATION  

        This is one of the Notes designated above and referred to in the within-mentioned Indenture. 

	

 	

 	

 
	 	THE BANK OF NEW YORK,

not in its individual capacity but solely as Indenture Trustee,
	

 	

 	

 
	 	By:	 
	 	 	
 Authorized Signatory
	

 	

 	

 
	Date: [Closing Date]

	 	 

3

 
[REVERSE OF NOTE]  

        This
Note is one of a duly authorized issue of Notes of the Issuer, designated as its Floating Rate Class B Student Loan-Backed Notes (the "Class B Notes"),
which, together with the Issuer's Floating Rate Class A-1 Student Loan-Backed Notes (the "Class A-1 Notes"), Floating Rate
Class A-2 Student Loan-Backed Notes (the "Class A-2 Notes"), Floating Rate Class A-3 Student Loan-Backed Notes (the
"Class A-3 Notes") and the Issuer's Floating Rate Class A-4 Student Loan-Backed Notes (the "Class A-4 Notes" and, together with the
Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes and the Class B Notes, the "Notes") are issued under and secured by the
Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee
and the Noteholders. The Notes are subject to all terms of the Indenture. 

        The
Class B Notes are and will be equally and ratably secured by the Collateral pledged as security therefor as provided in the Indenture. The Class A-1,
Class A-2 Notes, Class A-3 Notes and Class A-4 Notes are prior in order of principal payment, and are senior, to the Class B Notes as
and to the extent provided in the Indenture. 

        Principal
of the Class B Notes shall be payable on each Distribution Date in an amount described on the face hereof. "Distribution Date" means the 15th day of each March, June,
September and December or, if any such date is not a Business Day, the next succeeding Business Day, commencing [initial Distribution Date]. 

        As
described on the face hereof, the entire unpaid principal amount of this Note shall be due and payable on the Class B Maturity Date. Notwithstanding the foregoing, the entire
unpaid principal amount of the Notes shall be due and payable on the date on which (i) an Event of Default shall have occurred and be continuing and (ii) the Indenture Trustee or the
Noteholders representing not less than a majority of the Outstanding Amount of the Notes shall have declared the Notes to be immediately due and payable in the manner provided in Section 5.2 of
the Indenture. All principal payments on the Class B Notes shall be made pro rata to the Noteholders entitled thereto. 

        Interest
on the Class B Notes shall be payable on each Distribution Date on the principal amount outstanding of the Class B Notes until the principal amount thereof is paid
in full, at a rate per annum equal to the Class B Rate. The "Class B Rate" for each Accrual Period shall be equal to Three-Month [or such other designated maturity or
formula, as necessary, for the initial Accrual Period] LIBOR as determined on the second business day before the beginning of that Accrual Period plus [specified percentage
points]%. 

        Payments
of interest on this Note on each Distribution Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made by check
mailed to the Person whose name appears as the Registered Holder of this Note (or one or more Predecessor Notes) on the Note Register on the Record Date, except that with respect to Notes registered
on the Record Date in the name of the nominee of the Clearing Agency, unless Definitive Notes have been issued (initially, such nominee to be Cede & Co.), payments shall be made by wire
transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note
Register as of the applicable Record Date without requiring that this Note be submitted for notation of payment, and the mailing of such check shall constitute payment of the amount thereof regardless
of whether such check is returned undelivered. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall be
binding upon all future Noteholders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are
expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this 

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Note on a Distribution Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, shall notify the Person who was the Noteholder hereof as of the preceding Record Date by notice
mailed no later than five days prior to such Distribution Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Indenture Trustee's
Corporate Trust Office or at the office of the Indenture Trustee's agent appointed for such purposes located in the Borough of Manhattan, The City of New York. 

        The
Issuer shall pay interest on overdue installments of interest on this Note at the Class B Rate to the extent lawful. 

        As
provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for
registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, 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, with such signature guaranteed by an "eligible guarantor institution" meeting the requirements of
the Note Registrar, which requirements include membership or participation in Securities Transfer Agent's Medallion Program ("STAMP") or such other "signature guarantee program" as may be determined
by the Note Registrar in addition to, or in substitution for, STAMP (all in accordance with the Exchange Act), and such other documents as the Indenture Trustee may require, and thereupon one or more
new Notes of authorized denominations and in the same aggregate principal amount shall be issued to the designated transferee or transferees. No service charge will be charged for any registration of
transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration
of transfer or exchange. 

        Each
Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in the Note, covenants and agrees that no recourse may be taken, directly or
indirectly, with respect to the obligations of the Issuer or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against
(i) the Indenture Trustee or the Eligible Lender Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner,
beneficiary, agent, officer, director or employee of the Indenture Trustee or the Eligible Lender Trustee in its individual capacity, any holder or owner of a beneficial interest in the Issuer, the
Eligible Lender Trustee or the Indenture Trustee or of any successor or assign thereof in its individual capacity, except as any such Person may have expressly agreed (it being understood that the
Indenture Trustee and the Eligible Lender Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent
provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity. 

        Each
Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that by accepting the benefits of the
Indenture such Noteholder or Note Owner will not at any time institute against the Seller or the Issuer, or join in any institution against the Seller or the Issuer of, any bankruptcy, reorganization,
arrangement, insolvency, receivership or liquidation proceedings or other proceedings under any United States Federal or state bankruptcy or similar law in connection with any obligations relating to
the Notes, the Indenture or the other Basic Documents. 

        Prior
to the due presentment for registration of transfer of this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee may treat the Person in
whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes whether or not this Note be
overdue, and neither the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary. 

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        The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer and the rights of the
Noteholders under the Indenture at any time by the Issuer with the consent of the Noteholders representing a majority of the Outstanding Amount of all Notes at the time outstanding. The Indenture also
contains provisions permitting the Noteholders representing specified percentages of the Outstanding Amount of the Notes, on behalf of all the Noteholders, to waive compliance by the Issuer with
certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the holder of this Note (or any one of more Predecessor Notes)
shall be conclusive and binding upon such holder and upon all future holders of this Note and of any Note issued upon registration of transfer hereof or in exchange hereof or in lieu hereof whether or
not notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set forth in the Indenture without the
consent of holders of the Notes issued thereunder. 

        The
term "Issuer" as used in this Note includes any successor to the Issuer under the Indenture. 

        The
Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Noteholders under the Indenture. 

        The
Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth. 

        This
Note shall be construed in accordance with the laws of the State of New York, without reference to its conflict of law provisions, and the obligations, rights and remedies of the
parties hereunder and thereunder shall be determined in accordance with such laws. 

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

        Anything
herein to the contrary notwithstanding, except as expressly provided in the Basic Documents, neither The Bank of New York, in its individual capacity, Chase Manhattan Bank USA,
National Association in its individual capacity, any owner of a beneficial interest in the Issuer, nor any of their respective partners, beneficiaries, agents, officers, directors, employees or
successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the
covenants, obligations or indemnifications contained in this Note or the Indenture; it being expressly understood that said covenants, obligations and indemnifications have been made by the Eligible
Lender Trustee for the sole purposes of binding the interests of the Eligible Lender Trustee in the assets of the Issuer. The Noteholder of this Note by the acceptance hereof agrees that, except as
expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture, the Noteholder shall have no claim against any of the foregoing for any deficiency, loss or claim
therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the assets of the Issuer for
any and all liabilities, obligations and undertakings contained in the Indenture or in this Note. 

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ASSIGNMENT  

	Social Security or taxpayer I.D. or other identifying number of assignee
	

	

	

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

	
 (name and address of assignee)
	

	the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints
	

	

	attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises.

	

Dated:	

 	

 	

 
	 	
	 	 
	

	

 	

 	

 
	 	 	 	*/
 Signature Guaranteed:
	

	

 	

 	

 
	 	 	 	*/

*/                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 Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities
Exchange Act of 1934, as amended. 

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EXHIBIT B

TO THE INDENTURE  

Note Depository Agreement  

QuickLinks

TABLE OF CONTENTS

GRANTING CLAUSE

ARTICLE I Definitions and Usage

Article II The Notes

ARTICLE III Covenants

ARTICLE IV Satisfaction and Discharge

ARTICLE V Remedies

ARTICLE VI The Indenture Trustee

ARTICLE VII Noteholders' Lists and Reports

ARTICLE IX Supplemental Indentures

ARTICLE X Redemption of Notes

ARTICLE XI Miscellaneous

SCHEDULE A TO THE INDENTURE

[FORM OF CLASS A-2 NOTE] SEE REVERSE FOR CERTAIN DEFINITIONS

[FORM OF CLASS A-3 NOTE] SEE REVERSE FOR CERTAIN DEFINITIONS

[FORM OF CLASS A-4L NOTE] SEE REVERSE FOR CERTAIN DEFINITIONS

[FORM OF CLASS A-4CP NOTE] SEE REVERSE FOR CERTAIN DEFINITIONS

[FORM OF CLASS B NOTE] SEE REVERSE FOR CERTAIN DEFINITIONS

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