Document:

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                                                               EXHIBIT  10.24.8

                               SECURITY AGREEMENT
                    (ALL ASSETS EXCEPT INTELLECTUAL PROPERTY)

         SECURITY AGREEMENT (ALL ASSETS EXCEPT INTELLECTUAL PROPERTY) dated as
of September ___, 2002 by and between ArQule, Inc., a Delaware corporation (the
"Debtor") and Fleet National Bank (the "Secured Party"). The Secured Party is
the successor by merger to the entity formerly known as "Fleet National Bank"
("Old FNB").

         WHEREAS, the Debtor is a party to that certain letter agreement dated
March 18, 1999 (the "Original Letter Agreement") originally made between the
Debtor and Old FNB, the Secured Party having succeeded by merger to the rights
of Old FNB thereunder; and

         WHEREAS, the Original Letter Agreement has been amended by that certain
Loan Modification Agreement dated as of March 2, 2001 (the "First Modification")
between the Debtor and the Secured Party and by that certain Second Loan
Modification Agreement of even date herewith (the "Second Modification") between
the Debtor and the Secured Party (the Original Loan Agreement, as amended by the
First Modification and the Second Modification, being hereinafter referred to as
the "Loan Agreement"); and

         WHEREAS, pursuant to the Loan Agreement, (i) the Secured Party and/or
Old FNB have made term loans (the "Facility One Term Loans") to the Debtor in an
aggregate principal amount of up to $15,000,000, evidenced by a $15,000,000 face
principal amount promissory note dated March 18, 1999, as amended (as so
amended, the "Facility One Term Note") made by the Debtor and payable to the
order of Old FNB, the Secured Party having succeeded to the rights of Old FNB
thereunder, (ii) the Secured Party has made a term loan (the "Facility Two Term
Loan") to the Debtor in the original principal amount of $16,000,000, evidenced
by a $16,000,000 original principal amount promissory note dated March 2, 2001
(the "Facility Two Term Note") made by the Debtor and payable to the order of
the Secured Party, and (iii) the Secured Party may make other term loans (the
"Facility Three Term Loans") to the Debtor in an aggregate principal amount of
up to $2,500,000, evidenced by a $2,500,000 original principal amount promissory
note of even date herewith (the "Facility Three Term Note") made by the Debtor
and payable to the order of the Secured Party; and

         WHEREAS, the Secured Party may also provide other credit facilities,
interest rate protection products and other facilities for the Debtor; and

         WHEREAS, as a condition to the Secured Party entering into the Second
Modification and making Facility Three Term Loans thereunder, the Secured Party
requires that the Debtor grant to the Secured Party a security interest in the
Collateral (as defined in Section 1);

         NOW, THEREFORE, in consideration of the aforesaid amendments and for
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereby act and agree as follows:

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         1. Definitions. As used in this Security Agreement, the following terms
have the following meanings:

         "BANK DOCUMENTS" - This Security Agreement, the Loan Agreement, any
Term Note and any other instruments, documents or other agreements made by the
Debtor with or in favor of the Secured Party, whether in connection with any
Term Loans or otherwise, all whether now existing or hereafter entered into or
delivered.

         "COLLATERAL" - All of the following now or hereafter existing or owned
by the Debtor or in which the Debtor shall now or hereafter have any interest:

         (a) all Equipment;

         (b) all Receivables;

         (c) all contracts and contract rights (to the extent assignable); all
rights to the payment of money; all obligations owing to the Debtor of every
kind and nature; and all tax refunds of every kind and nature, including,
without limitation, loss carryback refunds; and all of the foregoing whether now
existing or hereafter acquired or arising;

         (d) all Inventory;

         (e) all general intangibles (other than Intellectual Property Rights),
goodwill, customer lists, choses in action, chattel paper, insurance policies,
bank deposits, deposit accounts, checking accounts, certificates of deposit,
money, cash, securities (whether certificated or uncertificated), securities
accounts, security entitlements, commodity contracts, commodity accounts,
documents and instruments (whether negotiable or non-negotiable and regardless
of attachment to chattel paper), whether arising out of, relating to or
evidencing all or any of the foregoing Collateral or otherwise, and all whether
now existing and owned by the Debtor or hereafter acquired or arising;

         (f) all liens, guaranties, securities, rights, remedies and privileges
pertaining to, and all products and proceeds (including, without limitation,
insurance proceeds) of and all accessions to, any of the foregoing items of
Collateral (all whether now existing and owned by the Debtor or hereafter
arising or acquired); and

         (g) all information, data, files, writings, correspondence, books and
records (including, without limitation, all electronically recorded data)
relating to any of the foregoing items of Collateral (all whether now existing
and owned by the Debtor or hereafter arising or acquired), but excluding
Intellectual Property Rights of the Debtor.

         "EQUIPMENT" - All of the Debtor's machinery, equipment, tools,
furniture, furnishings and fixtures, including, without limitation, all
processing and manufacturing equipment, machine tools, data processing and
computer equipment, furniture, tools, dies, molds, motor vehicles, rolling
stock, trailers, airplanes, vessels and other equipment of every kind and
description, and all accessions, additions, substitutions or replacements to or
for any of the foregoing and all

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attachments, components, accessories, parts and supplies relating thereto; all
whether now owned or existing or hereafter arising or acquired, whether movable
or affixed, and wherever located.

         "EVENT OF DEFAULT" - The occurrence of any one or more of the
following: (i) any "Event of Default" as defined in any Bank Document; or (ii)
any representation or warranty by the Debtor contained in this Security
Agreement shall prove to have been inaccurate or incomplete in any material
respect on the date when made; or (iii) the failure or default by the Debtor
under any of Subsections 4(a), 4(c), 4(d), 4(f) or 4(h); or (iv) any failure by
the Debtor to perform or observe any of its other obligations or agreements
under this Security Agreement, which failure remains uncured for thirty (30)
days after the earlier of (A) the date when notice thereof has been given to the
Debtor, or (B) the date when the Debtor first has knowledge of such failure.

         "INTELLECTUAL PROPERTY RIGHTS" - All of the Debtor's trade secrets,
copyrights, patents, trade names, trademarks and servicemarks, as well as
licenses with respect to any of the foregoing, now owned or hereafter acquired.

         "INVENTORY" - All goods now owned or hereafter acquired by the Debtor
and intended for sale, all raw materials, parts, work-in-process, finished
goods, and all materials and supplies which are used or which may be used in
manufacturing, selling, packing, shipping, advertising or furnishing of goods,
whether now owned or hereafter acquired or created and wherever located, as well
as all proceeds (including, without limitation, insurance proceeds) of any of
the foregoing.

         "LIEN" - Any lien, charge, encumbrance or security interest, whether
voluntary or involuntary.

         "OBLIGATIONS" - Any and all indebtedness, liabilities or obligations of
the Debtor, joint or several, direct or indirect, absolute or contingent, due or
to become due, now existing or hereafter arising, to or for the benefit of the
Secured Party, including, without limitation, those arising out of or provided
for in any of the Bank Documents and/or with respect to any other credit
facilities, any interest rate protection products or any other facilities, such
term to include obligations to perform acts and refrain from taking action as
well as obligations to pay money.

         "PERSON" - As defined in the Loan Agreement.

         "PREMISES" - All locations owned, leased, operated or used by the
Debtor, all of which are listed on Exhibit A hereto together with the record
owner of each such location.

         "RECEIVABLES" - All of the Debtor's accounts (as defined in the UCC),
notes, bills, drafts, acceptances, instruments, documents, chattel paper and all
other debts, obligations and liabilities in whatever form owing to the Debtor
from any Person for goods (as defined in the UCC) sold by it or for services
rendered by it, or however otherwise established or created, all guaranties and
security therefor, all right, title and interest of the Debtor in the goods or
services which have given rise thereto, including rights to reclamation and
stoppage in transit and all rights of an unpaid seller of goods or services; all
whether any of the foregoing be now existing or hereafter arising, now or
hereafter received by or owing or belonging to the Debtor.

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         "TERM LOANS" - Collectively, the Facility One Term Loans, the Facility
Two Term Loan and the Facility Three Term Loans.

         "TERM NOTES" - Collectively, the Facility One Term Note, the Facility
Two Term Note and the Facility Three Term Note.

         "UCC" - The Uniform Commercial Code as in effect from time to time and
applicable to the relevant Collateral.

         Any defined term used in the plural preceded by the definite article
shall be taken to encompass all members of the relevant class. Any defined term
used in the singular preceded by "any" shall be taken to indicate any number of
the members of the relevant class.

         2. GRANT OF SECURITY INTEREST. As security for the full and timely
satisfaction of the Obligations, the Debtor hereby grants to the Secured Party a
continuing security interest in the Collateral, and in each item thereof, all to
the maximum extent that the Debtor has an interest therein or at any time in the
future obtains such an interest.

         3. REPRESENTATIONS AND WARRANTIES. The Debtor represents and warrants
to the Secured Party that:

             (a) The execution, delivery and performance by the Debtor of this
Security Agreement, including the security interests herein granted or intended
to be granted, has been duly authorized by all necessary corporate and other
action and does not and will not:

             (i) require any waiver, consent or approval of the Debtor's
         stockholders, any governmental authority or any other Person, other
         than any such waiver, consent or approval which has been heretofore
         obtained;

             (ii) contravene the charter or by-laws of the Debtor;

             (iii) violate any provision of, or require any filing (other than
         the filing of financing statements under the UCC with respect to the
         security interests herein granted), registration, consent or approval
         under, any law, rule, regulation (including, without limitation,
         Regulation U), order, writ, judgment, injunction, decree, determination
         or award presently in effect having applicability to the Debtor;

             (iv) result in a breach of or constitute a default or require any
         waiver or consent under any indenture or loan or credit agreement or
         any other agreement, lease or instrument to which the Debtor is party
         or by which it or any of its properties may be bound or affected; or

             (v) result in, or require, the creation or imposition of any Lien
         (other than as created hereunder) upon or with respect to any of the
         properties now owned or hereafter acquired by the Debtor.

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         (b) This Security Agreement has been duly executed and delivered on
behalf of the Debtor and is a legal, valid and binding obligation of the Debtor,
enforceable against the Debtor in accordance with its terms.

         (c) No Obligation has been or will hereafter be incurred on account of
personal, family or household purposes.

         (d) The Debtor is a duly organized and existing Delaware corporation.
The principal place of business and chief executive offices of the Debtor are
currently located at 19 Presidential Way, Woburn, MA 01801 and all of the books
and records of the Debtor are kept at that location or at one of the locations
described on Exhibit A. All of the tangible Collateral is and will be kept at
the Premises. Except as otherwise described on Exhibit A, the Debtor is the
record owner of all of the Premises.

         (e) Except as otherwise described on Exhibit B, the Debtor does not
conduct business under any trade name or style other than its corporate name and
has not used any other corporate name within the last five years.

         (f) The Debtor owns the Collateral free and clear of all Liens except
(i) Liens in favor of the Secured Party, and (ii) Liens expressly permitted by
Section 4.2 of the Loan Agreement.

         (g) This Security Agreement, coupled with the filing of appropriate UCC
financing statements with the filing offices listed on Exhibit C hereto (these
being the only locations in which such filing is required by the UCC in order to
perfect the security interests granted herein), creates in favor of the Secured
Party a valid and perfected first priority security interest in all of the
Collateral, which security interest secures the Obligations.

         (h) Exhibit D hereto contains a true and complete list of all of the
Debtor's bank accounts, brokerage accounts and other accounts holding any
investment securities and any other securities of any nature held or owned by
the Debtor.

         4. COVENANTS. (a) PAYMENT AND PERFORMANCE. The Debtor will
unconditionally pay when due or within any applicable grace period (or on
demand, if so payable) each Obligation and will duly and punctually perform each
Obligation.

         (b) FURTHER ASSURANCES. The Debtor will from time to time, at its
expense, upon the Secured Party's request, promptly execute and deliver all such
further instruments and documents, and take all such further action, as may be
necessary or that the Secured Party may reasonably request in order to perfect
and/or protect the security interests granted or intended to be granted hereby
or to enable the Secured Party to enforce its rights and remedies hereunder with
respect to any Collateral, including, without limitation: executing and
delivering written assignments of Receivables (but failure to deliver the same
shall not affect or limit the Secured Party,s security interest therein);
furnishing copies of customer invoices and original shipping documents; marking
or otherwise identifying Equipment; furnishing the originals of all bills of
lading, trust receipts and warehousemen's receipts, with such endorsements as
may be required by the Secured Party; stamping chattel paper to reflect the
Secured Party's security interest or

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delivering same to the Secured Party; and executing and filing financing
statements. The Debtor hereby authorizes the Secured Party to file financing or
continuation statements and amendments thereto relating to Collateral without
the signature of the Debtor. The Debtor will provide landlord's waivers
reasonably satisfactory to the Secured Party with respect to any premises where
any material amount of Collateral may be located. With respect to such contracts
and contract rights as are by their terms non-assignable, the Debtor agrees: (i)
to hold same in trust for the benefit of the Secured Party, (ii) at any time or
from time to time (if the Secured Party shall so request) to use its reasonable
efforts to seek the approval of the other parties to the relevant contracts so
that assignment to the Secured Party will be permitted and (iii) at the request
of the Secured Party, to assign to the Secured Party all rights in and to said
contracts and contract rights to the maximum extent that same may from time to
time be assignable.

         (c) INFORMATION. The Debtor shall maintain complete and accurate
records of all of its Collateral and its dealings with respect thereto. Upon
reasonable notice from time to time (and at any time and without notice after
the occurrence and during the continuance of any Event of Default), the Debtor
shall permit the Secured Party and its employees, representatives and agents
access to the Premises and the Secured Party shall have the right to inspect the
Collateral and make copies of such books and records. The Debtor shall from time
to time furnish to the Secured Party such information concerning the Collateral
as the Secured Party may reasonably request, and will promptly notify the
Secured Party if any representation or warranty of the Debtor in Section 3
hereof becomes inaccurate, incomplete or misleading in any material respect.
Without limiting the generality of the foregoing, the Debtor will upon the
Secured Party's request, with reasonable promptness, provide the Secured Party
with a written listing of all Collateral, and will provide the Secured Party
with such a listing immediately upon the occurrence of any Event of Default.

         (d) INSURANCE. The Debtor shall at its expense maintain fire and
extended coverage insurance policies insuring the Inventory and the Equipment,
with responsible and reputable insurance companies or associations, in amounts
sufficient to provide for full replacement cost coverage (with agreed amount
endorsement) and in any event not less than the amount necessary to avoid
co-insurance. All such casualty insurance shall name the Secured Party as
secured party and first loss payee. All policies of such insurance shall contain
a provision forbidding cancellation of such insurance either by the carrier or
by the insured without at least 30 days' prior written notice to the Secured
Party. The Debtor shall upon the Secured Party's request deliver to the Secured
Party duplicate policies of such insurance and/or binders, certificates or other
evidence thereof (with evidence of premiums having been paid) from the insurer
or a reputable insurance broker. Following any damage to or destruction of any
of the Collateral, the parties shall cooperate in order to recover any
applicable proceeds of insurance, with the Debtor to have primary responsibility
to recover the proceeds. Such proceeds shall be paid to the Secured Party. From
such proceeds, if any, as are actually received by the Secured Party, the
Secured Party shall provide for the payment or reimbursement of its reasonable
expenses (if any) of obtaining the recovery as reasonably determined by the
Secured Party. The Secured Party shall then give notice to the Debtor of such
expenses and of the amount of the remaining proceeds actually held by the
Secured Party (the "Net Proceeds"). If the Debtor desires to use any or all of
the Net Proceeds for repair, restoration or replacement of the Collateral, the
Debtor

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shall request same from the Secured Party within 20 days after receipt of
the aforesaid notice of the amount of the Net Proceeds. Provided that all of the
below-described Readvancement Conditions shall have been satisfied as at the
time of each release of all or any portion of the Net Proceeds, the Secured
Party, subject to the other requirements described below, will permit the use of
the Net Proceeds, to the extent required, for such repair, restoration and
replacement. As used herein, the term "Readvancement Conditions" means each of
the following: (1) no Event of Default, nor any event or circumstance which with
the passage of time or the giving of notice or both could become an Event of
Default, shall have occurred and be then continuing, and (2) the Net Proceeds,
in the reasonable opinion of the Secured Party, shall be sufficient for the
purpose of the required repair, restoration and replacement (or, if
insufficient, the Debtor shall have deposited with the Secured Party, for
application as provided in this Subsection, additional funds in the amount of
such insufficiency). Any disbursement of such Net Proceeds and such additional
funds, if any, will be made subject to the reasonable requirements imposed by
the Secured Party, including, without limitation, requirements as to
certification by an architect or engineer, approval of plans, obtaining waivers
of liens, and the receipt of requisitions, affidavits and opinions in form and
substance reasonably satisfactory to the Secured Party. If for any reason the
Collateral is not promptly so repaired, restored and replaced (or if there shall
be any of such Net Proceeds or additional funds remaining after such repair,
restoration and replacement have been fully completed), the Net Proceeds and
additional funds, if any (or the balance thereof so remaining) are to be applied
against payment of the Obligations (or, at the option of the Secured Party, held
as further security therefor), being applied first to the payment of fees and
charges, if any, then owing in respect of any Obligations; then to the payment
of interest, if any, then owing with respect to any Obligations; then to the
payment of principal, if any, then owing with respect to any Obligations; and
then to the prepayment of the principal amount of the Obligations, together with
interest on the amount prepaid to the date of prepayment. If any of the
Readvancement Conditions shall not have been satisfied at any time when any Net
Proceeds remain in the control of the Secured Party, the Secured Party may (in
its sole discretion) either apply the Net Proceeds and additional funds, if any,
within its control to the outstanding Obligations (in the order of priority
described in the immediately preceding sentence) and/or hold same as further
security for such Obligations and/or use any or all of such Net Proceeds and
additional funds, if any, for the repair, restoration or replacement of the
Collateral. The Debtor hereby grants to the Secured Party full power and
authority, as attorney-in-fact irrevocable of the Debtor, to act after the
occurrence of an Event of Default in order to cancel or transfer the insurance
described in this Subsection, to collect and endorse any checks issued in the
name of the Debtor and to retain any premium or proceeds and to apply the same
to the debts secured hereby. Upon default by the Debtor hereunder and exercise
by the Secured Party of any of its rights or remedies hereunder, each such
insurance policy, including the right to unearned premiums, shall become
property of the Secured Party.

         (e) RECEIVABLES. The Debtor shall notify the Secured Party promptly of
all material returns and recoveries of merchandise and claims. The Debtor shall
not without prior written notice to the Secured Party settle or adjust any
dispute or claim which (together with all other such settlements or adjustments
relating to the Receivables of the Debtor) would exceed $50,000 in the aggregate
per fiscal quarter of the Debtor, nor shall the Debtor grant any discount,
credit or allowance except in the ordinary course of the Debtor's business nor
accept any return of

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merchandise except in the ordinary course of the Debtor's business without the
Secured Party's consent. Upon the occurrence of any Event of Default, the
Secured Party may settle or adjust disputes or claims directly with customers or
account debtors for amounts and upon terms which it considers reasonably
advisable; in all such cases, the Debtor will be credited only with amounts
actually received by the Secured Party; and where the Debtor receives collateral
of any kind by reason of transactions between itself and its customers or
account debtors, it will hold the same on the Secured Party's behalf, subject to
the Secured Party's instructions, and as property forming part of the
Collateral. Upon the occurrence of an Event of Default, the Secured Party or its
designee may at any time notify the Debtor's customers or account debtors of the
Secured Party's security interest in Receivables, collect the same directly and
charge the collection costs and expenses to the Debtor; whenever the Secured
Party deems it desirable that any legal or other action be instituted in order
to collect any Receivable, the Secured Party may at its option reassign any such
Receivable to the Debtor (and any such reassignment shall be deemed to be
without recourse to the Secured Party in any event) and require the Debtor to
proceed with such legal or other action at the Debtor's sole liability, cost and
expense, in which event all amounts collected by the Debtor on such Receivable
shall nevertheless be subject to this Security Agreement; and the Debtor agrees
to pay to the Secured Party a reasonable collection charge on all Receivables
collected by the Secured Party under this Security Agreement. If the Secured
Party elects that the Debtor continue to collect the Receivables after the
occurrence of an Event of Default, the Debtor will collect its Receivables as
the Secured Party's collection agent, hold such collections in trust for the
Secured Party without commingling the same with other funds of the Debtor and,
if requested, by the Secured Party, will promptly, on the day of receipt
thereof, transmit such collections to the Secured Party in the identical form in
which they were received by the Debtor, with such endorsements as may be
appropriate.

         (f) TITLE; SALE OR REMOVAL OF COLLATERAL. The Debtor shall not create
or suffer to exist any Lien in or on any of the Collateral, except the Lien of
the Secured Party and other Liens expressly permitted by Section 4.2 of the Loan
Agreement. Except for dispositions of assets expressly permitted by Section 4.8
of the Loan Agreement, the Debtor shall not, without the Secured Party's prior
written approval, sell, transfer or otherwise dispose of any of the Collateral.
No Collateral will be located at any premises other than as described in
Subsection 3(d) above. The Debtor (i) shall maintain books and records relating
to Collateral only as described in Subsection 3(d) above, (ii) will not move its
chief executive office from the existing location described in Subsection 3(d)
above, (iii) will not change its name or identity, and (iv) will not make or
suffer to be made any change in its corporate structure or jurisdiction of
incorporation until, in each case, after receipt of a certificate from the
Secured Party, signed by an officer thereof, stating that the Secured Party has,
to its satisfaction, obtained all documentation that it deems necessary or
desirable to obtain, maintain, perfect and/or confirm the first priority
security interests granted or intended to be granted herein.

         (g) MAINTENANCE AND USE OF EQUIPMENT. The Debtor will maintain all
Equipment in good order and condition, reasonable wear and tear excepted, making
all necessary repairs thereto. The Debtor will not suffer any waste or
destruction of any Inventory or Equipment, nor use any Equipment in violation of
any applicable law or any insurance thereon. The Debtor will promptly restore or
replace any Inventory or Equipment damaged or destroyed by fire or other

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casualty, and this obligation will not be limited by the availability or
sufficiency of insurance proceeds. The Debtor shall promptly furnish to the
Secured Party a statement as to any casualty, loss or damage in excess of
$10,000 to any Inventory or Equipment.

         (h) TAXES. The Debtor promptly shall pay, as they become due and
payable, all taxes, unemployment contributions and all other charges of any kind
or nature levied, assessed or claimed against the Debtor or the Collateral by
any Person whose claim could result in a Lien upon any of the Collateral, except
to the extent such taxes, contributions or other charges are being contested in
good faith and by appropriate proceedings which operate as a matter of law to
stay the enforcement of any such Lien and adequate reserves have been
established and are maintained by the Debtor.

         (i) CONDEMNATION. Notwithstanding any taking by eminent domain or other
injury to or decrease in value of the Collateral or any of the rights of the
Debtor therein by action of any public or quasi-public authority or corporation,
the Debtor shall continue to pay interest on the entire principal sum secured
hereby until the award or payment for any such taking, injury or decrease in
value shall have been actually received by the Secured Party and applied to the
debt secured hereby, and any reduction in the principal sum resulting from the
application by the Secured Party of such award or payment as hereinafter set
forth shall be deemed to take effect only on the date of such receipt. In the
event of any such taking, injury or decrease in value, the parties shall
cooperate as in Subsection 4(d) in order to recover any applicable proceeds.
Such proceeds shall be paid to the Secured Party. The Secured Party shall make
appropriate deductions from such proceeds, if any, as are actually received by
it as in the case of insurance proceeds and shall give notice to the Debtor of
such deductions and of the amount of the net proceeds remaining and actually
held by the Secured Party (the "Eminent Domain Net Proceeds"). Following any
such taking, injury or decrease in value, the Debtor shall proceed forthwith to
repair, restore and replace the Collateral to as nearly as possible its
condition immediately prior to such event or to a condition of at least
equivalent value (and in any event to such condition and within such time period
as shall be required in order to avoid any default under any leases, agreements
or other restrictions affecting the Collateral), regardless of whether or not
the Eminent Domain Net Proceeds resulting from such taking, injury or decrease
in value shall be available or sufficient to pay the cost thereof. If the Debtor
desires to use any or all of the Eminent Domain Net Proceeds for repair,
restoration or replacement of the Collateral, it shall request same from the
Secured Party within 20 days after receipt of the aforesaid notice of the amount
of the Eminent Domain Net Proceeds. Provided that all of the Readvancement
Conditions (as defined in Subsection 4(d)) shall have been satisfied as at the
time of each release of all or any portion of the Eminent Domain Net Proceeds,
the Secured Party, subject to the other requirements described below, will
permit the use of the Eminent Domain Net Proceeds to the extent required for
such repair, restoration and/or replacement. Any disbursement of such Eminent
Domain Net Proceeds and additional funds, if any, deposited with the Secured
Party will be made subject to the reasonable requirements of the Secured Party,
including, without limitation, requirements as to certification by an architect
or engineer, approval of plans, obtaining waivers of liens, and the receipt of
requisitions, affidavits and opinions in form and substance reasonably
satisfactory to the Secured Party. If for any reason the Collateral is not
promptly so repaired, restored and replaced (or if there shall be any of such
Eminent Domain Net

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Proceeds or additional funds remaining after such repair, restoration and
replacement have been fully completed), the Eminent Domain Net Proceeds and
additional funds, if any (or the balance thereof so remaining) are to be applied
against payment of the Obligations (or, at the option of the Secured Party, held
as further security therefor), being applied first to the payment of fees and
charges, if any, then owing in respect of any Obligations; then to the payment
of interest, if any, then owing with respect to any Obligations; then to the
payment of principal, if any, then owing with respect to any Obligations; and
then to the prepayment of the principal amount of the Obligations, together with
interest on the amount prepaid to the date of prepayment. If any of the
Readvancement Conditions shall not have been satisfied at any time when any
Eminent Domain Net Proceeds remain in the control of the Secured Party, the
Secured Party may (in its sole discretion) either apply the Eminent Domain Net
Proceeds and additional funds, if any, within its control to the outstanding
Obligations (in the order of priority described in the immediately preceding
sentence) and/or hold same as further security for such Obligations and/or use
any or all of such Eminent Domain Net Proceeds and additional funds, if any, for
the repair, restoration, replacement or reconstruction of the Collateral.

         (j) DELIVERY OF PLEDGED SECURITIES AND CHATTEL PAPER. All securities of
the Debtor, whether now owned or hereafter acquired by the Debtor, shall be
promptly delivered to the Secured Party by the Debtor (which securities,
together with all other securities, security entitlements, securities accounts
and shares of stock which may hereafter be delivered to the Secured Party
pursuant to the terms hereof, are hereinafter called the "Pledged Securities"),
shall be in suitable form for transfer by delivery, or shall be accompanied by
duly executed instruments of transfer or assignments in blank, with signatures
appropriately guaranteed, and accompanied in each case by any required transfer
tax stamps, all in form and substance satisfactory to the Secured Party. The
Debtor shall inform the Secured Party promptly upon the acquisition, after the
date hereof, of any securities, security entitlements and/or security accounts
and shall, from time to time promptly and in accordance with the foregoing
provisions, deliver to the Secured Party any and all Pledged Securities which
may hereafter be acquired by the Debtor. The Debtor will execute and deliver to
the Secured Party all such control agreements with respect to Pledged Securities
as the Secured Party may from time to time reasonably request, and, if requested
by the Secured Party as a security device, will transfer the Pledged Securities
into the name of the Secured Party or its nominee. The Secured Party may at any
time or from time to time, in its sole discretion, require the Debtor to cause
any chattel paper included in the Debtor's Receivables to be delivered to the
Secured Party or any agent or representative designated by it, or to cause a
legend referring to the Secured Party's security interests to be placed on such
chattel paper and upon any ledgers or other records concerning the Debtor's
Receivables. The Debtor shall inform the Bank promptly of the establishment of
any bank account and will deliver to Bank control agreements, in form and
substance reasonably satisfactory to the Bank, from each depository bank.
Nothing contained herein will be deemed to permit the Debtor to have or maintain
any bank account at a bank other than the Secured Party, except to the extent
expressly authorized by the Loan Agreement.

         After the occurrence and during the continuance of an Event of Default,
the Secured Party may cause any or all of the Pledged Securities to be
transferred of record into the Secured Party's name. The Debtor will promptly
give to the Secured Party copies of any notices or other

                                      -10-
<PAGE>

communications received by the Debtor with respect to Pledged Securities
registered in the name of the Debtor.

         Unless an Event of Default shall occur and be continuing and the
Secured Party shall have given written notice to the Debtor of its election to
so vote, the Debtor shall have the right, from time to time, to vote and to give
consents, ratifications and waivers with respect to the Pledged Securities and
to exercise conversion rights with respect to the convertible securities
included therein, and the Secured Party shall, upon receiving a written request
from the Debtor accompanied by a certificate signed by its principal financial
officer stating that no Event of Default has occurred and is continuing, deliver
to the Debtor or as specified in such request such proxies, powers of attorney,
consents, ratifications and waivers as the Secured Party shall approve in
respect of any Pledged Securities which are registered in the Secured Party's
name, and make such arrangements with respect to the conversion of convertible
securities as shall be specified in the Debtor's request and shall be in form
and substance satisfactory to the Secured Party.

         If an Event of Default shall occur, and provided the Secured Party
elects to exercise the rights hereinafter set forth by written notice to the
Debtor of such election, the Secured Party shall have the right to the extent
permitted by law, and the Debtor shall take all such action as may be necessary
or appropriate to give effect to such right, to vote and to give consents,
ratifications and waivers and take any other action with respect to all the
Pledged Securities with the same force and effect as if the Secured Party were
the absolute and sole owner thereof. The curing of any such Event of Default
shall not divest Secured Party of its rights hereunder unless and until the
Secured Party in writing reinstates the rights of the Debtor which existed prior
to the occurrence of the breach.

         5. SECURED PARTY APPOINTED ATTORNEY-IN-FACT. (a) The Debtor hereby
irrevocably appoints the Secured Party as the Debtor's attorney-in-fact, with
full authority after the occurrence and during the continuance of an Event of
Default in the name, place and stead of the Debtor, from time to time in the
Secured Party's discretion, to take any action and to execute any instrument
which the Secured Party may deem necessary or advisable to accomplish the
purposes of this Security Agreement, including, without limitation:

            (i) to obtain and adjust any insurance required pursuant to this
         Security Agreement and/or the Loan Agreement;

            (ii) to ask, demand, collect, sue for, recover, compromise, receive
         and give acquittances for monies due and to become due under or in
         respect of any of the Collateral;

            (iii) to receive, endorse and collect any notes, drafts or other
         instruments, documents and chattel paper;

            (iv) to file any claims or take any action or institute any
         proceedings for the collection of any of the Collateral or otherwise to
         enforce the rights of the Secured Party with respect to any of the
         Collateral;

                                      -11-
<PAGE>

            (v) to sign the name of the Debtor on invoices or bills of lading,
         drafts against customers, notices of assignment, verifications and
         schedules;

            (vi) to defend any suit, action or proceeding brought against the
         Debtor in respect of any Collateral, to settle, compromise or adjust
         any such suit, action or proceeding and, in connection therewith, to
         give such discharges or releases as the Secured Party may deem
         appropriate;

            (vii) to notify the U.S. Postal Service authorities to change the
         address for delivery of mail to an address designated by the Secured
         Party and to open and dispose of mail addressed to the Debtor; and,
         generally,

            (viii) to do all things necessary to carry out the intent of this
         Security Agreement.

         (b) The power of attorney granted pursuant to this Section 5 is a power
coupled with an interest and shall be irrevocable until the Obligations are paid
indefeasibly in full.

         6. SECURED PARTY MAY PERFORM. If the Debtor fails to perform any
agreement contained herein, the Secured Party may itself perform, or cause
performance of, such agreement, and the expenses of the Secured Party incurred
in connection therewith shall be payable by the Debtor as provided under Section
9 hereof, with interest at the rate provided for in Section 6.1 of the Loan
Agreement.

         7. SECURED PARTY'S DUTIES. The powers conferred on the Secured Party
hereunder are solely to protect its interests in the Collateral and shall not
impose any duty upon it to exercise any such powers. Except for the safe custody
of any Collateral actually in its possession and the accounting for monies
actually received by it hereunder, the Secured Party shall have no duty as to
any Collateral. The Secured Party shall not be liable for any acts, omissions,
errors of judgment or mistakes of fact or law including, without limitation,
acts, omissions, errors or mistakes with respect to the Collateral, except for
those arising out of or in connection with the Secured Party's gross negligence
or willful misconduct. The Secured Party shall be deemed to have exercised
reasonable care in the custody and preservation of the Collateral in its
possession if the Collateral is accorded treatment substantially equal to that
which the Secured Party accords its own like property, it being understood that
the Secured Party shall be under no obligation to take any necessary steps to
collect any Collateral or preserve rights against prior parties or any other
rights pertaining to any Collateral, but may do so at its option, and all
expenses incurred in connection therewith shall be for the sole account of the
Debtor and shall be added to the Obligations.

         8. REMEDIES. If any Event of Default shall have occurred and be
continuing:

         (a) The Secured Party may exercise in respect of the Collateral, in
addition to other rights and remedies provided for herein or otherwise available
to it, all the rights and remedies of a secured party under the UCC and also may
without limitation:

                                      -12-
<PAGE>

            (i) require the Debtor to, and the Debtor hereby agrees that it
         will, at its expense and the upon reasonable request of the Secured
         Party, forthwith assemble all or any part of the Collateral as directed
         by the Secured Party and make it available to the Secured Party at a
         place or places to be designated by the Secured Party which is or are
         reasonably convenient to the respective parties;

            (ii) itself or through agents, without notice to any Person and
         without judicial process of any kind, enter the Debtor's Premises (or
         any other premises or location where any Collateral may be) and take
         physical possession of any Collateral or disassemble, render unusable
         and/or repossess any of the same, and the Debtor shall peacefully and
         quietly yield up and surrender the same; and

            (iii) without notice except as specified below, sell, lease, assign,
         grant an option or options to purchase or otherwise dispose of the
         Collateral or any part thereof in one or more parcels at public or
         private sale, at any exchange, broker's board or at the Secured Party's
         offices or elsewhere, for cash, on credit or for future delivery, and
         upon such other terms as are commercially reasonable.

         (b) The Secured Party may maintain possession of Collateral at the
Premises or remove the same or any part thereof to such places as the Secured
Party may elect. The Debtor waives all rights which it would otherwise have
under any applicable law to prohibit entry to any premises or to require notice
of any such action, to the maximum extent permitted by applicable law. The
Debtor agrees that, to the extent notice of sale shall be required by law, 10
days' prior written notice to the Debtor shall constitute reasonable
notification. Notice of any public sale shall be sufficient if it describes the
Collateral to be sold in general terms, stating the items or amounts thereof and
the location and nature thereof, and is published at least once in any newspaper
selected by the Secured Party and of general circulation in the locale of such
sale, not less than 7 days prior to the sale. The Secured Party shall not be
obligated to make any sale of Collateral regardless of notice of sale having
been given and may be the purchaser at any such sale, if public, to the extent
permitted by applicable law, free from any right of redemption. The Debtor shall
be fully liable for any deficiency. The Secured Party may adjourn any public or
private sale from time to time by announcement at the time and place fixed
therefor, and such sale may, without further notice, be made at the time and
place to which it was so adjourned.

         (c) Any cash held by the Secured Party as Collateral and all cash or
other proceeds received by the Secured Party in respect of any sale of,
collection from, or other realization upon all or any part of the Collateral,
shall (subject to Subsections 4(d) and 4(i) with respect to insurance and
condemnation proceeds) be applied by the Secured Party in the following order of
priorities:

         FIRST, to the payment of the reasonable costs and expenses of any sale
or other expenses (including, without limitation, reasonable legal fees and
expenses), liabilities and advances made or incurred by the Secured Party in
connection therewith or referred to in Section 9 or provided for by the Loan
Agreement or arising in connection with any other facilities now or hereafter
provided by the Secured Party to or for the benefit of the Debtor;

                                      -13-
<PAGE>

         NEXT, to payment of interest on and principal of the Term Loans (in
such order as may be provided for in the Loan Agreement or as otherwise
determined by the Secured Party);

         NEXT, to the payment of any other Obligations (or may be held by the
Secured Party as security for any other Obligations not yet due and payable);
and

         FINALLY, after payment in full of all Obligations and termination of
all credit facilities, interest rate protection products and other facilities
now or hereafter provided by the Secured Party to the Debtor, to the payment to
the Debtor or its successors or assigns, or to whomsoever may be lawfully
entitled to receive the same or as a court of competent jurisdiction may direct,
of any surplus then remaining of such cash.

         9. EXPENSES AND INDEMNIFICATION. The Debtor agrees to reimburse the
Secured Party for and to indemnify and hold harmless the Secured Party from and
against any and all liability, loss, damage, and all costs or expenses
(including, without limitation, reasonable fees and disbursements of counsel,
experts and agents) imposed on, incurred by or asserted against the Secured
Party arising out of or in connection with: preparation of this Security
Agreement, the documents relating hereto, or amendments, modifications or
waivers hereof; taxes (excluding any corporate excise or income taxes payable by
the Secured Party by reason hereof or otherwise) and other governmental charges
in connection with this Security Agreement and the Collateral; exercise of the
Secured Party's rights with respect to this Security Agreement and the
Collateral; any enforcement, collection or other proceedings resulting therefrom
or any negotiations or other measures to preserve the Secured Party's rights
hereunder; the custody or preservation of, or the sale of or other realization
upon, any of the Collateral; any failure by the Debtor to perform or observe any
of the provisions of this Security Agreement; any investigative, administrative
or judicial proceeding (whether or not the Secured Party is designated a party
thereto) relating to or arising out of this Security Agreement; or any
bankruptcy, insolvency or other similar proceeding relating to the Debtor,
unless the Secured Party was at fault with respect to such liability, loss,
damage, cost or expense or acted in bad faith with respect thereto. The Debtor's
obligations under the preceding sentence shall constitute Obligations and shall
survive the termination of this Security Agreement.

         10. TERMINATION. This Security Agreement shall remain in full force and
effect so long as any Term Loan and/or any Obligation remains outstanding and/or
any credit facility, interest rate protection product or other facility remains
in effect. Upon the satisfaction in full of all of the Obligations and the
termination or expiration of all credit and other facilities and all interest
rate protection products now or hereafter provided by the Secured Party for the
Debtor, the Secured Party shall, at the Debtor's expense, execute and deliver to
the Debtor all instruments of assignment or otherwise as may be necessary to
establish full title of the Debtor to any of the Collateral, subject to any
prior sale or other disposition thereof pursuant to Section 8. Until then, this
Security Agreement shall itself constitute conclusive evidence of the validity,
effectiveness and continuing force hereof, and any Person may rely hereon.

         11. WAIVER; RIGHTS CUMULATIVE. No failure to exercise and no delay in
exercising, on the part of the Secured Party, any right or remedy hereunder or
otherwise shall operate as a

                                      -14-
<PAGE>

waiver thereof, nor shall any single or partial exercise thereof preclude any
other or further exercise thereof or the exercise of any other right or remedy.
Waiver by the Secured Party of any right or remedy on any one occasion shall not
be construed as a bar to or waiver thereof or of any other right or remedy on
any future occasion. The Secured Party's rights and remedies hereunder and under
the Bank Documents shall be cumulative, may be exercised singly or concurrently
and are not exclusive of any rights or remedies provided by law.

         The provisions of this Security Agreement are not in derogation or
limitation of any obligations, liabilities or duties of the Debtor under any of
the other Bank Documents or any other agreement with or for the benefit of the
Secured Party. No inconsistency in default provisions between this Security
Agreement and any of the other Bank Documents or any such other agreement will
be deemed to create any additional grace period or otherwise derogate from the
express terms of each such default provision. No covenant, agreement or
obligation of the Debtor contained herein, nor any right or remedy of the
Secured Party contained herein, shall in any respect be limited by or be deemed
in limitation of any inconsistent or additional provisions contained in any of
the other Bank Documents or any such other agreement.

         12. SEVERABILITY. In the event that any provision of this Security
Agreement or the application thereof to any Person, property or circumstance
shall be held to any extent to be invalid or unenforceable, the remainder of
this Security Agreement and the application of such provision to Persons,
properties and circumstances other than those as to which it has been held
invalid or unenforceable shall not be affected thereby, and each provision of
this Security Agreement shall be valid and enforceable to the fullest extent
permitted by law.

         13. BINDING EFFECT; ASSIGNMENT. This Security Agreement shall be
binding upon the Debtor and its successors and assigns and shall inure to the
benefit of the Debtor and the Secured Party and their respective successors and
assigns.

         14. NOTICES. All notices and other communications under or relating to
this Security Agreement shall be given in the manner and to the addresses of the
parties provided for in the Loan Agreement.

         15. HEADINGS. Section headings in this Security Agreement are included
herein for convenience of reference only and shall not constitute a part of this
Security Agreement for any other purpose.

         16. GOVERNING LAW. This Security Agreement shall be governed by, and
construed and enforced in accordance with, the laws of The Commonwealth of
Massachusetts, except that the law governing the creation, perfection and
enforcement of security interests in Collateral will be as provided for in the
UCC.

                                      -15-
<PAGE>

         IN WITNESS WHEREOF, the Debtor and the Secured Party have caused this
Security Agreement to be executed, as an instrument under seal, by their
respective officers thereunto duly authorized, as of the date first above
written.

                                               ARQULE, INC.

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

                                               FLEET NATIONAL BANK

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

                                      -16-
<PAGE>

                                                                 EXHIBIT 10.24.8

                                  EXHIBIT LIST

EXHIBIT A - Locations of Collateral

EXHIBIT B - Tradenames; Corporate Names Used in Last Five Years

EXHIBIT C - Filing Offices

EXHIBIT D - Bank accounts, brokerage accounts, investment accounts and other
            securities

<PAGE>

                                                                 EXHIBIT 10.24.8

                                    EXHIBIT A

                             LOCATIONS OF COLLATERAL

         LOCATION                                      RECORD OWNER OF PREMISES

                          [To be provided by Borrower.]

<PAGE>

                                    EXHIBIT B

               TRADENAMES; CORPORATE NAMES USED IN LAST FIVE YEARS

<PAGE>

                                    EXHIBIT C

                                 FILING OFFICES

         1. Delaware Secretary of State
         2. Middlesex (South) Registry of Deeds
         3. [Borrower to provide locations for fixture filings.]

<PAGE>

                                                                 EXHIBIT 10.24.8

                                    EXHIBIT D

   BANK ACCOUNTS, BROKERAGE ACCOUNTS, INVESTMENT ACCOUNTS AND OTHER SECURITIES

                          [To be provided by Borrower.]QuickLinks
 -- Click here to rapidly navigate through this document

Exhibit 4.1  

TRUST AGREEMENT  

 between  

 SLM FUNDING CORPORATION,

as Depositor  

 and  

 CHASE MANHATTAN BANK USA, NATIONAL ASSOCIATION,

not in its individual capacity but solely

as Eligible Lender Trustee  

 Dated as of November 1, 2002  

 
  
 

    TABLE OF CONTENTS    
  

	 
	 	 
	 	Page

	ARTICLE I

DEFINITIONS AND USAGE
	

SECTION 1.1	
 	

Definitions and Usage	
 	

5
	

ARTICLE II

ORGANIZATION
	

SECTION 2.1	
 	

Creation of Trust; Name	
 	

5
	SECTION 2.2	 	Office	 	5
	SECTION 2.3	 	Purposes and Powers	 	5
	SECTION 2.4	 	Appointment of Eligible Lender Trustee	 	6
	SECTION 2.5	 	Initial Capital Contribution of Trust Estate	 	6
	SECTION 2.6	 	Declaration of Trust	 	6
	SECTION 2.7	 	Liability of the Holders of the Excess Distribution Certificate	 	6
	SECTION 2.8	 	Title to Trust Property	 	6
	SECTION 2.9	 	Representations, Warranties and Covenants of the Depositor	 	6
	SECTION 2.10	 	Intentionally Omitted	 	7
	

ARTICLE III

BENEFICIAL OWNERSHIP AND EXCESS DISTRIBUTION CERTIFICATE
	

SECTION 3.1	
 	

Initial Beneficial Ownership	
 	

7
	SECTION 3.2	 	Intentionally Omitted	 	7
	SECTION 3.3	 	Intentionally Omitted	 	7
	SECTION 3.4	 	Intentionally Omitted	 	7
	SECTION 3.5	 	Intentionally Omitted	 	7
	SECTION 3.6	 	Intentionally Omitted	 	7
	SECTION 3.7	 	Intentionally Omitted	 	7
	SECTION 3.8	 	Corporate Trust Office	 	7
	SECTION 3.9	 	Intentionally Omitted	 	8
	SECTION 3.10	 	Intentionally Omitted	 	8
	SECTION 3.11	 	Intentionally Omitted	 	8
	SECTION 3.12	 	Intentionally Omitted	 	8
	SECTION 3.13	 	The Excess Distribution Certificate	 	8
	

ARTICLE IV

ACTIONS BE ELIGIBLE LENDER TRUSTEE
	

SECTION 4.1	
 	

Prior Notice to the Holder of the Excess Distribution Certificate With Respect to Certain Matters	
 	

10
	SECTION 4.2	 	Action with Respect to Sale of the Trust Student Loans	 	11
	SECTION 4.3	 	Action with Respect to Bankruptcy	 	11
	SECTION 4.4	 	Restrictions	 	11
	SECTION 4.5	 	Intentionally Omitted	 	11
	

ARTICLE V

APPLICATION OF TRUST FUNDS; CERTAIN DUTIES
	

SECTION 5.1	
 	

Application of Trust Funds	
 	

11
	SECTION 5.2	 	Method of Payment	 	11
	SECTION 5.3	 	No Segregation of Moneys; No Interest	 	11

2

 

	SECTION 5.4	 	Reports to the Holder of the Excess Distribution Certificate, the Internal Revenue Service and Others	 	12
	SECTION 5.5	 	Intentionally Omitted	 	12
	SECTION 5.6	 	Intentionally Omitted	 	12
	

ARTICLE VI

AUTHORITY AND DUTIES OF ELIGIBLE LENDER TRUSTEE
	

SECTION 6.1	
 	

General Authority	
 	

12
	SECTION 6.2	 	General Duties	 	12
	SECTION 6.3	 	Action upon Instruction	 	13
	SECTION 6.4	 	No Duties Except as Specified in This Agreement or in Instructions	 	13
	SECTION 6.5	 	No Action Except Under Specified Documents or Instructions	 	14
	SECTION 6.6	 	Restrictions	 	14
	

ARTICLE VII

CONCERNING THE ELIGIBLE LENDER TRUSTEE
	

SECTION 7.1	
 	

Acceptance of Trusts and Duties	
 	

14
	SECTION 7.2	 	Intentionally Omitted	 	15
	SECTION 7.3	 	Representations and Warranties	 	15
	SECTION 7.4	 	Reliance; Advice of Counsel	 	16
	SECTION 7.5	 	Not Acting in Individual Capacity	 	16
	SECTION 7.6	 	Eligible Lender Trustee Not Liable for Excess Distribution Certificate or Trust Student Loans	 	16
	SECTION 7.7	 	Eligible Lender Trustee May Own Notes	 	17
	

ARTICLE VIII

COMPENSATION AND INDEMNITY OF ELIGIBLE LENDER TRUSTEE
	

SECTION 8.1	
 	

Eligible Lender Trustee's Fees and Expenses	
 	

17
	SECTION 8.2	 	Payments to the Eligible Lender Trustee	 	17
	SECTION 8.3	 	Indemnity	 	17
	

ARTICLE IX

TERMINATION OF TRUST AGREEMENT
	

SECTION 9.1	
 	

Termination of Trust Agreement	
 	

17
	SECTION 9.2	 	Dissolution upon Insolvency of the Depositor	 	18
	

ARTICLE X

SUCCESSOR ELIGIBLE LENDER TRUSTEES AND ADDITIONAL ELIGIBLE LENDER TRUSTEES
	

SECTION 10.1	
 	

Eligibility Requirements for Eligible Lender Trustee	
 	

18
	SECTION 10.2	 	Resignation or Removal of Eligible Lender Trustee	 	18
	SECTION 10.3	 	Successor Eligible Lender Trustee	 	19
	SECTION 10.4	 	Merger or Consolidation of Eligible Lender Trustee	 	19
	SECTION 10.5	 	Appointment of Co-Eligible Lender Trustee or Separate Eligible Lender	 	20
	

ARTICLE XI

MISCELLANEOUS
	

SECTION 11.1	
 	

Supplements and Amendments	
 	

21
	SECTION 11.2	 	No Legal Title to Trust Estate in Holders of the Excess Distribution Certificate	 	21

3

 

	SECTION 11.3	 	Limitations on Rights of Others	 	22
	SECTION 11.4	 	Notices	 	22
	SECTION 11.5	 	Severability	 	22
	SECTION 11.6	 	Separate Counterparts	 	22
	SECTION 11.7	 	Successors and Assigns	 	22
	SECTION 11.8	 	No Petition	 	22
	SECTION 11.9	 	No Recourse	 	23
	SECTION 11.10	 	Headings	 	23
	SECTION 11.11	 	Governing Law	 	23
	

Exhibit A	
 	

Reserved	
 	

 
	Exhibit B	 	Reserved	 	 
	Exhibit C	 	Form of Excess Distribution Certificate	 	 
	

Annex 1 to Trust Agreement	
 	

 

4

  

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

WITNESSETH:  

        The Depositor and the Eligible Lender Trustee hereby agree as follows: 

ARTICLE I  

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

ARTICLE II  

Organization  

        SECTION 2.1    Creation of Trust; Name.    There is hereby created a Trust which shall be
known as "SLM Student Loan Trust 2002-6", in which name the Eligible Lender Trustee may conduct the business of the Trust, make and execute contracts and other instruments on behalf of the
Trust and sue and be sued. The Trust shall constitute a statutory trust within the meaning of Section 3801(a) of the Delaware
Statutory Trust Act for which the Trustee has filed a certificate of trust with the Secretary of State of the State of Delaware pursuant to Section 3810(a) of the Delaware Statutory Trust Act. 

        SECTION 2.2    Office.    The office of the Trust shall be in care of the Eligible Lender
Trustee at its Corporate Trust Office or at such other address as the Eligible Lender Trustee may designate by written notice to the Depositor. 

        SECTION 2.3    Purposes and Powers.    The purpose of the Trust is to engage in the
following
activities: 

        (i)    to
issue the Notes pursuant to the Indenture and the Excess Distribution Certificate pursuant to this Agreement and to sell the Notes in one or more transactions; 

        (ii)  with
the proceeds of the sale of the Notes, to fund the Reserve Account pursuant to Section 2.8.1 of the Administration Agreement, to fund the Capitalized
Interest Account pursuant to Section 2.8.2 of the Administration Agreement, to fund the Collection Account pursuant to Section 2.6.C of the Administration Agreement, and to purchase the
Trust Student Loans pursuant to the Sale Agreement, as applicable; 

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

        (iv)  to
enter into and perform its obligations under the Basic Documents to which it is to be a party; 

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

        (vi)  subject
to compliance with the Basic Documents, to engage in such other activities as may be required in connection with conservation of the Trust Estate and the making
of distributions to 

5

 

the Noteholders and the others specified in Sections 2.7, 2.8.1 and 2.8.2 of the Administration Agreement. 

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

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

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

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

        SECTION 2.7    Liability of the Holders of the Excess Distribution Certificate.    

	(a)
	Notwithstanding
the provisions of Section 3803 of the Delaware Statutory Trust Act, the Depositor shall be liable directly to and shall indemnify the injured party for all
losses, claims, damages, liabilities and expenses of the Trust (including Expenses, to the extent that the assets of the Trust that would remain if all of the Notes were paid in full would not be
sufficient to pay any such liabilities, or if such liabilities in fact are not paid out of the Trust Estate) to the extent that the Depositor would be liable if the Trust were a partnership under the
Delaware Revised Uniform Limited Partnership Act in which the Depositor were a general partner; provided, however, that the Depositor shall not be
liable for any losses incurred by a beneficial owner of a Note in its capacity as a holder of limited recourse debt or to any holder of the Excess Distribution Certificate. In addition, any third
party creditors of the Trust (other than in connection with the obligations to Noteholders excepted above) shall be third party beneficiaries of this paragraph.

	(b)
	No
holder of the Excess Distribution Certificate (in such capacity) shall have any personal liability for any liability or obligation of the Trust. 

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

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

	(a)
	The
Depositor is duly organized and validly existing as a Delaware corporation in good standing under the laws of the State of Delaware, with power and authority to own its 

6

 

properties
and to conduct its business as such properties are currently owned and such business is presently conducted. 

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

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

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

	(e)
	The
Depositor agrees for the benefit of the Noteholders and the holder of the Excess Distribution Certificate that it will comply with each of the requirements set forth in
Article IX, X, and XII of its Certificate of Incorporation and with each of the undertakings set forth in Annex I hereto. 

        SECTION 2.10    Intentionally Omitted.    

ARTICLE III  

Beneficial Ownership and

Excess Distribution Certificate  

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

        SECTION 3.2    Intentionally Omitted.    

        SECTION 3.3    Intentionally Omitted.    

        SECTION 3.4    Intentionally Omitted.    

        SECTION 3.5    Intentionally Omitted.    

        SECTION 3.6    Intentionally Omitted.    

        SECTION 3.7    Intentionally Omitted.    

        SECTION 3.8    Corporate Trust Office.    The Eligible Lender Trustee initially designates
Christiana Center/OPS4, 500 Stanton Christiana Road, Newark, Delaware 19713, as its principal Corporate Trust Office, at which it shall act as Trustee of the Trust. The Eligible Lender Trustee's New
York office and 

7

 

its authenticating agent's office are located at 450 West 33rd Street, 15th Floor, New York, New York 10001, Attention: Structured Finance Services. 

        SECTION 3.9    Intentionally Omitted.    

        SECTION 3.10    Intentionally Omitted.    

        SECTION 3.11    Intentionally Omitted.    

        SECTION 3.12    Intentionally Omitted.    

        SECTION 3.13    The Excess Distribution Certificate.    

        (a)    General.    The Excess Distribution Certificate shall be issued without denomination. The Excess Distribution
Certificate shall receive payments as provided in Sections 2.8.1C.1(F)(ii) and 2.8.2B.2 of the Administration Agreement. The Excess Distribution Certificate shall be executed on behalf of the
Trust by manual or facsimile signature of an authorized officer of the Eligible Lender Trustee. An Excess Distribution Certificate bearing the manual or facsimile signatures of individuals who were,
at the time when such signatures were affixed, authorized to sign on behalf of the Trust, shall be valid and binding obligations of the Trust, notwithstanding that such individuals or any of them
shall have ceased to be so authorized prior to the authentication and delivery of such Excess Distribution Certificate or did not hold such offices at the date of authentication and delivery of such
Excess Distribution Certificate. 

        (b)    Authentication.    Concurrently with the sale of the Trust Student Loans to the Trust pursuant to the Purchase
Agreement, the Eligible Lender Trustee shall cause the Excess Distribution Certificate to be executed on behalf of the Trust, authenticated and delivered to or upon the written order of the Depositor,
signed by its chairman of the board, its president or any vice president, without further action by the Depositor. No Excess Distribution Certificate shall entitle its holder to any benefit under this
Agreement, or shall be valid for any purpose, unless there shall appear on such Excess Distribution Certificate a certificate of authentication substantially in the form set forth in Exhibit C,
executed by the Eligible Lender Trustee or JPMorgan Chase Bank, as the Eligible Lender Trustee's authenticating agent, by manual signature; such authentication shall constitute conclusive evidence
that such Excess Distribution Certificate shall have been duly authenticated and delivered hereunder. The Excess
Distribution Certificate shall be dated the date of its authentication. No further Excess Distribution Certificates shall be issued except pursuant to paragraph (c) or (d) below. 

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

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

8

 

        An
Excess Distribution Certificate presented or surrendered for registration of transfer or exchange shall be accompanied by a written instrument of transfer in form satisfactory to the
Eligible Lender Trustee and the Excess Distribution Certificate Registrar duly executed by the holder thereof or his attorney duly authorized in writing, with such signature guaranteed by a member
firm of the New York Stock Exchange or a commercial bank or trust company. An Excess Distribution Certificate surrendered for registration of transfer or exchange shall be cancelled and subsequently
disposed of by the Eligible Lender Trustee in accordance with its customary practice. 

        No
service charge shall be made for any registration of transfer or exchange of the Excess Distribution Certificate, but the Eligible Lender Trustee or the Excess Distribution
Certificate Registrar may require payment of a sum sufficient to cover any tax or governmental charge that may be imposed in connection with any transfer or exchange of the Excess Distribution
Certificate. 

        The
preceding provisions of this Section notwithstanding, the Eligible Lender Trustee shall not be required to make and the Excess Distribution Certificate Registrar need not register
transfers or exchanges of the Excess Distribution Certificate for a period of 15 days preceding any Distribution Date with respect to the Excess Distribution Certificate. 

        The
Excess Distribution Certificate and any beneficial interest in the Excess Distribution Certificate may not be acquired by (a) employee benefit plans (as defined in
section 3(3) of ERISA) that are subject to the provisions of Title I of ERISA, (b) plans described in section 4975(e)(1) of the Code, including individual retirement accounts
described in Section 408(a) of the Code or Keogh plans, or (c) Benefit Plans. By accepting and holding the Excess Distribution Certificate or an interest therein, the holder thereof
shall be deemed to have represented and warranted that it is not a Benefit Plan, is not purchasing the Excess Distribution Certificate on behalf of a Benefit Plan and is not using assets of a Plan to
purchase the Excess Distribution Certificate and to have agreed that if the Excess Distribution Certificate is deemed to be a plan asset, the holder thereof will promptly dispose of the Excess
Distribution Certificate. 

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

        (e)    Persons Deemed Owners.    Prior to due presentation of the Excess Distribution Certificate for registration of
transfer, the Eligible Lender Trustee and the Excess Distribution Certificate Registrar and any agent of either of them may treat the Person in whose name the Excess Distribution Certificate shall be
registered in the Excess Distribution Certificate Register as the owner of such Excess Distribution Certificate for the purpose of receiving distributions thereon and for all other purposes
whatsoever, and neither the Eligible Lender Trustee, the Excess Distribution Certificate Registrar nor any agent thereof shall be bound by any notice to the contrary. 

9

 

        (f)    Maintenance of Office or Agency.    The Eligible Lender Trustee shall maintain in the Borough of Manhattan, The
City of New York, an office or offices or agency or agencies where the Excess Distribution Certificate may be surrendered for registration of transfer or exchange and where notices and demands to or
upon the Eligible Lender Trustee in respect of the Excess Distribution Certificate may be served. 

        (g)    Appointment of Excess Distribution Certificate Paying Agent.    The Excess Distribution Certificate Paying
Agent shall make distributions to the holder of the Excess Distribution Certificate from the amounts received from the Indenture Trustee pursuant to Sections 2.8.1C.1F(ii) and 2.8.2B.2 of the
Administration Agreement and shall report the amounts of such distributions to the Eligible Lender Trustee. Any Excess Distribution Certificate Paying Agent shall have the revocable power to receive
such funds from the Indenture Trustee for the purpose of making the distributions referred to above. The Eligible Lender Trustee may revoke such power and remove the Excess Distribution Certificate
Paying Agent if the Eligible Lender Trustee determines in its sole discretion that the Excess Distribution Certificate Paying Agent shall have failed to perform its obligations under this Agreement in
any material respect. The Excess Distribution Certificate Paying Agent shall initially be the Eligible Lender Trustee, and any co-paying agent chosen by the Eligible Lender Trustee and
consented to by the Administrator (which consent shall not be unreasonably withheld). The co-paying agent shall initially be the Indenture Trustee. The Eligible Lender Trustee shall be
permitted to resign as Excess Distribution Certificate Paying Agent upon 30 days' written notice to the Eligible Lender Trustee. In the event that the Eligible Lender Trustee shall no longer be
the Excess Distribution Certificate Paying Agent, the Eligible Lender Trustee shall appoint a successor to act as Excess Distribution Certificate Paying Agent (which shall be a bank or trust company).
The Eligible Lender Trustee shall cause such successor Excess Distribution Certificate Paying Agent or any additional Excess Distribution Certificate Paying Agent appointed by the Eligible Lender
Trustee to execute and deliver to the Eligible Lender Trustee an instrument in which such successor Excess Distribution Certificate Paying Agent or additional Excess Distribution Certificate Paying
Agent shall agree with the Eligible Lender Trustee that as Excess Distribution Certificate Paying Agent, such successor Excess Distribution Certificate Paying Agent or additional Excess Distribution
Certificate Paying Agent will hold all sums, if any, held by it for payment to the holder of the Excess Distribution Certificate in trust for the benefit of such holder until such sums shall be paid
to such holder. The Excess Distribution Certificate Paying Agent shall return all unclaimed funds to the Eligible Lender Trustee and upon removal of an Excess Distribution Certificate Paying Agent
such Excess Distribution Certificate Paying Agent shall also return all funds in its possession to the Eligible Lender Trustee. The provisions of Sections 7.1, 7.3, 7.4, 7.5 and 8.1 shall apply to the
Eligible Lender Trustee also in its role as Excess Distribution Certificate Paying Agent, for so long as the Eligible Lender Trustee shall act as Certificate Paying Agent and, to the extent
applicable, to any other paying agent appointed hereunder. Any reference in this Agreement to the Excess Distribution Certificate Paying Agent shall include any co-paying agent unless the
context requires otherwise. 

ARTICLE IV  

Actions by Eligible Lender Trustee  

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

	(a)
	the
initiation of any material claim or lawsuit by the Trust (except claims or lawsuits brought in connection with the collection of the Trust Student Loans) and the compromise of any 

10

 

material
action, claim or lawsuit brought by or against the Trust (except with respect to the aforementioned claims or lawsuits for collection of Trust Student Loans); 

	(b)
	the
amendment of the Indenture by a supplemental indenture in circumstances where the consent of any class of Noteholders is required; or

	(c)
	the
amendment of the Indenture by a supplemental indenture in circumstances where the consent of any class of Noteholder is not required and such amendment materially adversely
affects the interest of the holder of the Excess Distribution Certificate. 

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

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

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

        SECTION 4.    Intentionally Omitted.    

 
 

ARTICLE V    
    
    Application of Trust Funds; Certain Duties    
  

        SECTION 5.1    Application of Trust Funds.    

	(a)
	On
each Distribution Date, the Eligible Lender Trustee shall distribute to the holder of the Excess Distribution Certificate any amounts payable in respect of the Excess Distribution
Certificate in accordance with the Administrative Agreement.

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

        SECTION 5.2    Method of Payment.    Subject to Section 9.1(c), distributions required
to be made to the holder of the Excess Distribution Certificate on any Distribution Date shall be made to the holder of record on the preceding Record Date either by wire transfer, in immediately
available funds, to the account of such holder at a bank or other entity having appropriate facilities therefor, if such holder shall have provided to the Excess Distribution Certificate Registrar
appropriate written instructions signed by two authorized officers, if any, at least five Business Days prior to such Distribution Date, or, if not, by check mailed to such holder at the address of
such holder appearing in the Excess Distribution Certificate Register. 

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

11

 

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

        SECTION 5.5    Intentionally Omitted.    

        SECTION 5.6    Intentionally Omitted.    

 
 

ARTICLE VI    
    
    Authority and Duties of Eligible Lender Trustee    
  

        SECTION 6.1    General Authority.    The Eligible Lender Trustee is authorized and directed
to
execute and deliver the Basic Documents to which the Trust is to be a party and each certificate or other document attached as an exhibit to or contemplated by the Basic Documents to which the Trust
is to be a party, in each case, in such form as the Depositor shall approve as evidenced conclusively by the Eligible Lender Trustee's execution thereof, and, on behalf of the Trust, to direct the
Indenture Trustee to authenticate and deliver Notes in the aggregate principal amount of $2,023,700,000. The Eligible Lender Trustee is also authorized and directed on behalf of the Trust
(i) to acquire and hold legal title to the Trust Student Loans from the Depositor and (ii) to take all actions required pursuant to Section 3.2C of the Administration Agreement
and otherwise follow the direction of and cooperate with the Servicer in submitting, pursuing and collecting any claims to and with the Department with respect to any Interest Subsidy Payments and
Special Allowance Payments relating to the Trust Student Loans. 

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

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

12

 

        SECTION 6.3    Action upon Instruction.    

	(a)
	[Reserved]

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

	(c)
	Whenever
the Eligible Lender Trustee is unable to determine the appropriate course of action between alternative courses and actions permitted or required by the terms of this
Agreement or under any other Basic Document, the Eligible Lender Trustee shall promptly give notice (in such form as shall be appropriate under the circumstances) to the Depositor requiring
instruction as to the course of action to be adopted, and to the extent the Eligible Lender Trustee acts in good faith in accordance with any written instruction of the Depositor received, the
Eligible Lender Trustee shall not be liable on account of such action to any Person. If the Eligible Lender Trustee shall not have received appropriate instruction within 10 days of such notice
(or within such shorter period of time as reasonably may be specified in such notice or may be necessary under the circumstances) it may, but shall be under no duty to, take or refrain from taking
such action, not inconsistent with this Agreement, the other Basic Documents, as it shall deem to be in the best interests of the Depositor, and shall have no liability to any Person for such action
or inaction.

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

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

13

 

promptly take all action as may be necessary to discharge any Liens on any part of the Trust Estate that result from actions by, or claims against, Chase Manhattan Bank USA, National Association in
its individual capacity or as the Eligible Lender Trustee that are not related to the ownership or the administration of the Trust Estate. 

        SECTION 6.5    No Action Except Under Specified Documents or Instructions.    The Eligible
Lender Trustee shall not otherwise deal with any part of the Trust Estate except (i) in accordance with the powers granted to and the authority conferred upon the Eligible Lender Trustee
pursuant to this Agreement, (ii) in accordance with the other Basic Documents to which it is a party and (iii) in accordance with any document or instruction delivered to the Eligible
Lender Trustee pursuant to Section 6.3. 

        SECTION 6.6    Restrictions.    The Eligible Lender Trustee shall not take any action
(a) that is inconsistent with the purposes of the Trust set forth in Section 2.3 or (b) that, to the actual knowledge of the Eligible Lender Trustee, would result in the Trust's
becoming taxable as a corporation for Federal income tax purposes. Neither the Depositor nor the holder of the Excess Distribution Certificate shall direct the Eligible Lender Trustee to take action
that would violate the provisions of this Section. 

 
 

ARTICLE VII    
    
    Concerning the Eligible Lender Trustee    
  

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

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

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

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

	(d)
	under
no circumstances shall the Eligible Lender Trustee be liable for indebtedness evidenced by or arising under any of the Basic Documents, including the principal of and interest
on the Notes;

	(e)
	the
Eligible Lender Trustee shall not be responsible for or in respect of the validity or sufficiency of this Agreement or for the due execution hereof by the Depositor or for the
form, character, genuineness, sufficiency, value or validity of any of the Trust Estate or for or in respect of the validity or sufficiency of the Basic Documents, other than the certificate of
authentication on the Excess Distribution Certificate, and the Eligible Lender Trustee shall in 

14

 

no
event assume or incur any liability, duty, or obligation to any Noteholder or the holder of the Excess Distribution Certificate, other than as expressly provided for herein and in the other Basic
Documents; 

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

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

        SECTION 7.2    Intentionally Omitted.    

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

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

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

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

	(d)
	It
is and will maintain its status as an "eligible lender" (as such term is defined in Section 435(d) of the Higher Education Act) for purposes of holding legal title to the
Trust Student Loans as contemplated by this Agreement and the other Basic Documents, it has a lender identification number with respect to the Trust Student Loans from the Department and has and will
maintain in effect a Guarantee Agreement with each of the Guarantors with respect to the Trust Student Loans. 

15

 

        SECTION 7.4    Reliance; Advice of Counsel.    

	(a)
	The
Eligible Lender Trustee shall incur no liability to anyone in acting upon any signature, instrument, direction, notice, resolution, request, consent, order, certificate, report,
opinion, bond or other document or paper believed by it to be genuine and believed by it to be signed by the proper party or parties. The Eligible Lender Trustee may accept a certified copy of a
resolution of the board of directors or other governing body of any corporate party as conclusive evidence that such resolution has been duly adopted by such body and that the same is in full force
and effect. As to any fact or matter the method of the determination of which is not specifically prescribed herein, the Eligible Lender Trustee may for all purposes hereof rely on a certificate,
signed by the president or any vice president or by the treasurer or other authorized officers of the relevant party, as to such fact or matter and such certificate shall constitute full protection to
the Eligible Lender Trustee for any action taken or omitted to be taken by it in good faith in reliance thereon.

	(b)
	In
the exercise or administration of the trusts hereunder and in the performance of its duties and obligations under this Agreement or the other Basic Documents, the Eligible Lender
Trustee (i) may act directly or through its agents or attorneys pursuant to agreements entered into with any of them and the Eligible Lender Trustee shall not be liable for the conduct or
misconduct of such agents or attorneys if such agents or attorneys shall have been selected by the Eligible Lender Trustee with reasonable care, and (ii) may consult with counsel and
accountants to be selected with reasonable care and employed by it. The Eligible Lender Trustee shall not be liable for anything done, suffered or omitted in good faith by it in accordance with the
written opinion or advice of any such counsel or accountants and not contrary to this Agreement or any other Basic Document. 

        SECTION 7.5    Not Acting in Individual Capacity.    Except as provided in this
Article VII, in accepting the trusts hereby created Chase Manhattan Bank USA, National Association acts solely as Eligible Lender Trustee hereunder and not in its individual capacity and all
Persons having any claim against the
Eligible Lender Trustee by reason of the transactions contemplated by this Agreement or any other Basic Document shall look only to the Trust Estate for payment or satisfaction thereof. 

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

16

 

the accuracy of any such warranty or representation or any action or inaction of the Administrator, the Indenture Trustee or the Servicer or any subservicer taken in the name of the Eligible Lender
Trustee. 

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

 
 

ARTICLE VIII    
    
    Compensation and Indemnity of Eligible Lender Trustee    
  

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

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

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

 
 

ARTICLE IX    
    
    Termination of Trust Agreement    
  

        SECTION 9.1    Termination of Trust Agreement.    

	(a)
	This
Agreement (other than Article VIII) and the Trust shall terminate and be of no further force or effect upon the earlier of (i) the final distribution by the
Eligible Lender Trustee of all moneys or other property or proceeds of the Trust Estate in accordance with the terms of the Indenture, the Administration Agreement and Article V, and
(ii) the time provided in Section 9.2. The bankruptcy, liquidation, dissolution, death or incapacity of the holder of the Excess Distribution Certificate, other than the Depositor as
described in Section 9.2, shall not (x) operate to terminate this Agreement or the Trust, nor (y) entitle such holder's legal representatives or heirs to claim an accounting or to
take any action or proceeding in any court for a partition or winding up of all or any part of the Trust or Trust Estate nor (z) otherwise affect the rights, obligations and liabilities of the
parties hereto.

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

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

17

  

        SECTION 9.2    Dissolution upon Insolvency of the Depositor.    Notwithstanding the
provisions
of Section 3808 of the Delaware Statutory Trust Act, in the event that an Insolvency Event shall occur with respect to the Depositor, (x) the Trust created hereunder shall dissolve and
(y) this Agreement shall be terminated in accordance with Section 9.1 90 days after the date of such Insolvency Event. Promptly after the occurrence of any Insolvency Event with
respect to the Depositor, (i) the Depositor shall give the Indenture Trustee, the Eligible Lender Trustee,, and each Rating Agency written notice of such Insolvency Event, and (ii) the
Eligible Lender Trustee shall, upon the receipt of such written notice from the Depositor, give prompt written notice to the holder of the Excess Distribution Certificate and the Indenture Trustee, of
the occurrence of such event and of the effect of such event under this Section 9.2; provided, however, that any failure to give a notice
required by this sentence shall not prevent or delay, in any manner, a termination of the Trust pursuant to the first sentence of this Section 9.2. Upon a termination of the Trust pursuant to
this Section, the Eligible Lender Trustee shall direct the Indenture Trustee promptly to sell the assets of the Trust (other than the Trust Accounts) in a commercially reasonable manner and on
commercially reasonable terms. The proceeds of such a sale of the assets of the Trust shall be treated as collections under the Administration Agreement. 

 
 

ARTICLE X    
    
    Successor Eligible Lender Trustees and
  Additional Eligible Lender Trustees    
  

        SECTION 10.1    Eligibility Requirements for Eligible Lender Trustee.    The Eligible Lender
Trustee shall at all times be a corporation or association (i) qualifying as an "eligible lender" as such term is defined in Section 435(d) of the Higher Education Act for purposes of
holding legal title to the Trust Student Loans on behalf of the Trust, with a valid lender identification number with respect to the Trust Student Loans from the Department; (ii) being
authorized to exercise corporate trust powers and hold legal title to the Trust Student Loans; (iii) having in effect Guarantee Agreements with each of the Guarantors; (iv) having a
combined capital and surplus of at least $50,000,000 and being subject to supervision or examination by Federal or state authorities; (v) having its principal place of business in the State of
Delaware and otherwise complying with Section 3807 of the Delaware Statutory Trust Act; and (vi) having (or having a parent which has) a rating in respect of its long-term
senior unsecured debt of at least BBB- (or the equivalent) by each of the Rating Agencies (or which, if the long-term senior unsecured debt of such corporation or association
is not rated by any Rating Agency, shall have provided to the Indenture Trustee written confirmation from such Rating Agency that the appointment of such corporation or association to serve as
Eligible Lender Trustee will not result in and of itself in
a reduction or withdrawal of the then current rating of any of the Notes). If the Eligible Lender Trustee shall publish reports of condition at least annually, pursuant to law or to the requirements
of the aforesaid supervising or examining authority, then for the purpose of this Section, the combined capital and surplus of the Eligible Lender Trustee shall be deemed to be its combined capital
and surplus as set forth in its most recent report of condition so published. In case at any time the Eligible Lender Trustee shall cease to be eligible in accordance with the provisions of this
Section, the Eligible Lender Trustee shall resign immediately in the manner and with the effect specified in Section 10.2. 

        SECTION 10.2    Resignation or Removal of Eligible Lender Trustee.    The Eligible Lender
Trustee may at any time resign and be discharged from the trusts hereby created by giving written notice thereof to the Administrator. Upon receiving such notice of resignation, the Administrator
shall promptly appoint a successor Eligible Lender Trustee meeting the eligibility requirements of Section 10.1 by written instrument, in duplicate, one copy of which instrument shall be
delivered to the resigning Eligible Lender Trustee and one copy to the successor Eligible Lender Trustee. If no successor Eligible Lender Trustee shall have been so appointed and have accepted
appointment within 30 days after the giving of such notice of resignation, the resigning Eligible Lender Trustee may 

18

 

petition any court of competent jurisdiction for the appointment of a successor Eligible Lender Trustee; provided, however, that such right to appoint
or to petition for the appointment of any such successor shall in no event relieve the resigning Eligible Lender Trustee from any obligations otherwise imposed on it under the Basic Documents until
such successor has in fact assumed such appointment. 

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

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

        SECTION 10.3    Successor Eligible Lender Trustee.    Any successor Eligible Lender Trustee
appointed pursuant to Section 10.2 shall execute, acknowledge and deliver to the Administrator and to its predecessor Eligible Lender Trustee an instrument accepting such appointment under this
Agreement, and thereupon the resignation or removal of the predecessor Eligible Lender Trustee shall become
effective and such successor Eligible Lender Trustee, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor
under this Agreement, with like effect as if originally named as Eligible Lender Trustee. The predecessor Eligible Lender Trustee shall upon payment of its fees and expenses deliver to the successor
Eligible Lender Trustee all documents, statements, moneys and properties held by it under this Agreement and shall assign, if permissible, to the successor Eligible Lender Trustee the lender
identification number obtained from the Department on behalf of the Trust; and the Administrator and the predecessor Eligible Lender Trustee shall execute and deliver such instruments and do such
other things as may reasonably be required for fully and certainly vesting and confirming in the successor Eligible Lender Trustee all such rights, powers, duties and obligations. 

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

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

        SECTION 10.4    Merger or Consolidation of Eligible Lender Trustee.    Any corporation into
which the 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 Eligible
Lender Trustee shall be a party, or any corporation succeeding to all or substantially all the corporate trust business of the Eligible Lender Trustee, shall, without the execution or filing of any
instrument or any 

19

 

further act on the part of any of the parties hereto, anything herein to the contrary notwithstanding, be the successor of the Eligible Lender Trustee hereunder;  provided that such corporation shall be
eligible pursuant to Section 10.1; and provided further
that the Eligible Lender Trustee shall mail notice of such merger or consolidation to the Rating Agencies not less than 15 days prior to the effective date thereof. 

        SECTION 10.5    Appointment of Co-Eligible Lender Trustee or Separate Eligible Lender
Trustee.    Notwithstanding any other provisions of this Agreement, at any time, for the purpose of meeting any legal requirements of any jurisdiction in which any
part of the Trust may at the time be located, the Administrator and the Eligible Lender Trustee acting jointly shall have the power and shall execute and deliver all instruments to appoint one or more
Persons approved by the Eligible Lender Trustee, meeting the eligibility requirements of clauses (i) through (iii) of Section 10.1, to act as co-trustee, jointly with
the Eligible Lender Trustee, or separate trustee or separate trustees, of all or any part of the Trust Estate, and to vest in such Person, in such capacity, such title to the Trust Estate, or any part
thereof, and, subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the Administrator and the Eligible Lender Trustee may consider necessary or
desirable. If the Administrator shall not have joined in such appointment within 15 days after the receipt by it of a
request so to do, the Eligible Lender Trustee alone shall have the power to make such appointment. No co-trustee or separate trustee under this Agreement shall be required to meet the
terms of eligibility as a successor trustee pursuant to clauses (iv), (v) and (vi) of Section 10.1 and no notice of the appointment of any co-trustee or separate
trustee shall be required pursuant to Section 10.3. 

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

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

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

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

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

20

 

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

 
 

ARTICLE XI    
    
    Miscellaneous    
  

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

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

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

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

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

        SECTION 11.2    No Legal Title to Trust Estate in Holder of the Excess Distribution
Certificate.    The holder of the Excess Distribution Certificate shall not have legal title to any part of the Trust Estate. The holder of the Excess Distribution
Certificate shall be entitled to receive distributions with respect to its undivided beneficial ownership interest therein only in accordance with Section 3.13 of this Agreement. No transfer,
by operation of law or otherwise, of any right, title, or interest of the holder of the Excess Distribution Certificate to and in its beneficial ownership interest in the Trust Estate shall 

21

 

operate to terminate this Agreement or the trusts hereunder or entitle any transferee to an accounting or to the transfer to it of legal title to any part of the Trust Estate. 

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

        SECTION 11.4    Notices.    Unless otherwise expressly specified or permitted by the terms
hereof, all notices shall be in writing and shall be deemed given upon receipt by the intended recipient or three Business Days after mailing if mailed by certified mail, postage prepaid (except that
notice to the Eligible Lender Trustee shall be deemed given only upon actual receipt by the Eligible Lender Trustee), if to the Eligible Lender Trustee, addressed to its Corporate Trust Office; if to
the Depositor, 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 11.5    Severability.    Any provision of this Agreement that is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

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

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

        SECTION 11.8    No Petition.    

	(a)
	The
Depositor will not at any time institute against the Trust any bankruptcy proceedings under any United States Federal or state bankruptcy or similar law in connection with any
obligations relating to the Excess Distribution Certificate, the Notes, this Agreement or any of the other Basic Documents.

	(b)
	The
Eligible Lender Trustee (not in its individual capacity but solely as Eligible Lender Trustee), by entering into this Agreement, the holder of the Excess Distribution Certificate
by accepting the Excess Distribution Certificate, and the Indenture Trustee and each Noteholder by accepting the benefits of this Agreement, hereby covenant and agree that they will not at any time
institute against the Depositor or the Trust, or join in any institution against the Depositor or the Trust of, any bankruptcy, reorganization, arrangement, insolvency, receivership or liquidation
proceedings, or other proceedings under any United States Federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, this Agreement or any of the other Basic
Documents. 

22

 

        SECTION 11.9    No Recourse.    Each holder of the Excess Distribution Certificate by
accepting the Excess Distribution Certificate acknowledges that such holder's certificate represents beneficial interests in the Trust only and do not represent interests in or obligations of the
Depositor, the Servicer, the Administrator, the Eligible Lender Trustee, the Indenture Trustee or any Affiliate thereof or any officer, director or employee of any thereof and no recourse may be had
against such parties or their assets, except as may be expressly set forth or contemplated in this Agreement, the Excess Distribution Certificate or the other Basic Documents. 

        SECTION 11.10    Headings.    The headings of the various Articles and Sections herein are
for
convenience of reference only and shall not define or limit any of the terms or provisions hereof. 

        SECTION 11.11    Governing Law.    This Agreement shall be governed by and construed in
accordance with the laws of the State of Delaware, without reference to its conflict of law provisions, and the obligations, rights and remedies of the parties hereunder shall be determined in
accordance with such laws. 

23

 

        IN
WITNESS WHEREOF, the parties hereto have caused this 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 Eligible Lender Trustee,
	

 	
 	

By	

/s/  JOHN J. CASHIN      
 Name: John J. Cashin

Title: Vice President
	

 	
 	

SLM FUNDING CORPORATION,

as the Depositor,
	

 	
 	

By	

/s/  MARK L. HELEEN      
 Name: Mark L. Heleen

Title: Vice President

24

  

EXHIBIT A

TO THE TRUST AGREEMENT  

 
 

RESERVED    
  

1

EXHIBIT B

TO THE TRUST AGREEMENT  

 
 

RESERVED    
  

  

EXHIBIT C

TO THE TRUST AGREEMENT  

[FORM
OF EXCESS DISTRIBUTION CERTIFICATE]

[SEE REVERSE FOR CERTAIN DEFINITIONS] 

        THIS
EXCESS DISTRIBUTION CERTIFICATE MAY NOT BE ACQUIRED BY OR FOR THE ACCOUNT OF A BENEFIT PLAN (AS DEFINED BELOW). THIS CERTIFICATE IS NOT GUARANTEED OR INSURED BY ANY GOVERNMENTAL
AGENCY. 

SLM
STUDENT LOAN TRUST 2002-6

EXCESS DISTRIBUTION CERTIFICATE 

evidencing
a fractional undivided interest in the Trust, as defined below, the property of which includes a pool of student loans sold to the Trust by SLM Funding Corporation. 

(This
Excess Distribution Certificate does not represent an interest in or obligation of SLM Funding Corporation, the Servicer (as defined below), the Eligible Lender Trustee (as defined below) or any
of their respective affiliates, except to the extent described below.) 

        THIS
CERTIFIES THAT SLM Funding Corporation is the registered owner of a 100% percentage interest in this Excess Distribution Certificate. The SLM Student Loan Trust 2002-6
(the "Trust") was formed under the laws of the State of Delaware by SLM Funding Corporation, a Delaware corporation (the "Depositor"). The Trust was created pursuant to a Trust Agreement dated as of
November 1, 2002 (the "Trust Agreement") between the Depositor and Chase Manhattan Bank USA, National Association, a national banking association, not in its individual capacity but solely as
eligible lender trustee on behalf of the Trust (the "Eligible Lender Trustee"), a summary of certain of the pertinent
provisions of which is set forth below. To the extent not otherwise defined herein, the capitalized terms used herein have the meanings assigned to them in Appendix A to the Trust Agreement. 

        Issued
under the Indenture dated as of November 1, 2002, between the Trust and The Bank of New York, as the Indenture Trustee, are Notes designated as "Floating Rate Student
Loan-Backed Notes" (the "Notes"). This Excess Distribution Certificate is issued under and is subject to the terms, provisions and conditions of the Trust Agreement, to which Trust
Agreement the holder of this Excess Distribution Certificate by virtue of the acceptance hereof assents and by which such holder is bound. The property of the Trust includes a pool of student loans
(the "Trust Student Loans"), all moneys paid thereunder on or after September 30, 2002, certain bank accounts and the proceeds thereof and certain other rights under the Trust Agreement, the
Sale Agreement, the Purchase Agreement, the Administration Agreement and the Servicing Agreement and all proceeds of the foregoing. 

        To
the extent of funds available therefor, amounts owing hereon will be distributed on the 15th day of each March, June, September and December (or, if such 15th day is not a Business
Day, the next succeeding Business Day) (each a "Distribution Date"), commencing on December 16, 2002, to the person in whose name this Excess Distribution Certificate is registered as of the
close of business on the day immediately preceding the Distribution Date (such day the "Record Date"), in each case to the extent of such holder's fractional and undivided interest in the amount to be
distributed hereon on such Distribution Date pursuant to Sections 2.8.1C.1(F)(ii) and 2.8.2B.2 of the Administration Agreement. 

        The
holder of this Excess Distribution Certificate acknowledges and agrees that its rights to receive distributions in respect of this Excess Distribution Certificate are subordinated to
the rights of the Noteholders as described in the Basic Documents. 

        It
is the intent of the Depositor, and the holder of this Excess Distribution Certificate that, for purposes of Federal, state and local income and franchise and any other income taxes,
the Notes will be treated as newly-issued debt of, and this Excess Distribution Certificate will be treated as equity in, 

i

 

the Trust. The holder of this Excess Distribution Certificate agrees to treat, and to take no action inconsistent with the treatment of, this Excess Distribution Certificate for such tax purposes as
equity in the Trust. 

        The
holder of this Excess Distribution Certificate, by its acceptance of this Excess Distribution Certificate, covenants and agrees that it will not at any time institute against the
Depositor or the Trust, or join in any institution against the Depositor or the Trust of, any bankruptcy, reorganization, arrangement, insolvency, receivership or liquidation proceedings, or other
proceedings under any United States Federal or state bankruptcy or similar law in connection with any obligations relating to this Excess Distribution Certificate, the Notes, the Trust Agreement or
any of the other Basic Documents. 

        Distributions
on this Excess Distribution Certificate will be made as provided in the Administration Agreement to the holder of record hereof without the presentation or surrender of
this Excess Distribution Certificate or the making of any notation hereon. Except as otherwise provided in the Trust Agreement and notwithstanding the above, the final distribution on this Excess
Distribution Certificate will be made after due notice by the Administrator of the pendency of such distribution and only upon presentation and surrender of this Excess Distribution Certificate at the
office or agency maintained for the purpose by the Eligible Lender Trustee in the Borough of Manhattan, The City of New York. 

        Reference
is hereby made to the further provisions of this Excess Distribution Certificate set forth on the reverse hereof, which further provisions shall for all purposes have the same
effect as if set forth at this place. 

        Unless
the certificate of authentication hereon shall have been executed by an authorized officer of the Eligible Lender Trustee or its authenticating agent, by manual signature, this
Excess Distribution Certificate shall not entitle the holder hereof to any benefit under the Trust Agreement or the Administration Agreement or be valid for any purpose. 

ii

 

        IN
WITNESS WHEREOF, the Eligible Lender Trustee on behalf of the Trust and not in its individual capacity has caused this Excess Distribution Certificate to be duly executed as of the
date set forth below. 

	 	 	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:	

    
 Authorized Signatory
	

Date:                      , 20	
 	

 	

 

 
 

TRUSTEE'S CERTIFICATE OF AUTHENTICATION    
  

        This is the Excess Distribution Certificate referred to in the within-mentioned Trust Agreement. 

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

 	
 	

By:	

    
 Authorized Signatory
	

 	
 	

OR
	

 	
 	

JPMORGAN CHASE BANK, solely in its capacity as Authenticating Agent for the Eligible Lender Trustee,
	

 	
 	

By:	

    
 Authenticating Agent
	

Date:                      , 200	
 	

 	

 

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[Reverse of Excess Distribution Certificate]  

        This Excess Distribution Certificate does not represent an obligation of, or an interest in, the Depositor, Sallie Mae Servicing L.P., as servicer (the
"Servicer"), Student Loan Marketing Association, as administrator (the "Administrator"), the Eligible Lender Trustee or any affiliates of any of them, and no recourse may be had against such parties
or their assets, except as may be expressly set forth or contemplated herein, in the Trust Agreement or in the other Basic Documents. In addition, this Excess Distribution Certificate is not
guaranteed by any governmental agency or instrumentality and is limited in right of payment to certain collections with respect to the Trust Student Loans, all as more specifically set forth in the
Administration Agreement. A copy of each of the Trust Agreement, the Sale Agreement, the Purchase Agreement, the Administration Agreement, the Servicing Agreement and the Indenture may be examined
during normal business hours at the principal office of the Administrator, and at such other places, if any, designated by the Administrator, by the holder of this Excess Distribution Certificate upon
request. 

        The
Trust Agreement permits, with certain exceptions therein provided, the amendment thereof and the certification of the rights and obligations of the Depositor and the rights of the
holders of this Excess Distribution Certificate under the Trust Agreement at any time by the Depositor and the Eligible Lender Trustee with the consent of the holders of the Class A Notes and
the Class B Notes, each voting as a class evidencing not less than a majority of the outstanding principal balance of each class of the Notes. The Trust Agreement also permits the amendment
thereof, in certain limited circumstances, without the consent of the Noteholders. 

        As
provided in the Trust Agreement and subject to certain limitations therein set forth, the transfer of this Excess Distribution Certificate is registerable in the Excess Distribution
Certificate Register upon surrender of this Excess Distribution Certificate for registration of transfer at the offices or agencies maintained by Chase Manhattan Bank USA, National Association in its
capacity as Excess Distribution Certificate Registrar, or by any successor Excess Distribution Certificate Registrar, in the Borough of Manhattan, The City of New York, accompanied by a written
instrument of transfer in form satisfactory to the Eligible Lender Trustee and the Excess Distribution Certificate Registrar duly executed by the holder hereof or such holder's attorney duly
authorized in writing, and thereupon a new Excess Distribution Certificate will be issued to the designated transferee. 

        As
provided in the Trust Agreement and subject to certain limitations therein set forth, this Excess Distribution Certificate is exchangeable for a new Excess Distribution Certificate as
requested by the holder surrendering the same. No service charge will be made for any such registration of transfer or exchange, but the Eligible Lender Trustee or the Excess Distribution Certificate
Registrar may require payment of a sum sufficient to cover any tax or governmental charge payable in connection therewith. 

        The
Eligible Lender Trustee, the Certificate Registrar and any agent of the Eligible Lender Trustee or the Excess Distribution Certificate Registrar may treat the person in whose name
this Excess Distribution Certificate is registered as the owner hereof for all purposes, and none of the Eligible Lender Trustee or the Excess Distribution Certificate Registrar or any such agent
shall be affected by any notice to the contrary. 

        This
Excess Distribution Certificate (including any beneficial interest herein) may not be acquired by or for the account of (i) an employee benefit plan (as defined in
Section 3(3) of ERISA) that is subject to the provisions of Title I of ERISA, (ii) a plan described in section 4975(e)(1) of the Internal Revenue Code of 1986, as amended (the
"Code"), including an individual retirement account described in Section 408(a) of the Code or a Keogh plan or (iii) any entity whose underlying assets include plan assets by reason of a
plan's investment in the entity (each, a "Benefit Plan"). By accepting and holding this Excess Distribution Certificate, the holder hereof shall be deemed to have represented and warranted that it is
not a Benefit Plan, it is not purchasing this Excess Distribution Certificate on behalf of a Benefit Plan, is not using assets of a Benefit Plan to purchase this Excess Distribution 

iv

 

Certificate and to have agreed that if this Excess Distribution Certificate is deemed to be a plan asset, the Holder will promptly dispose of this Excess Distribution Certificate. 

        The
obligations and responsibilities created by the Trust Agreement and the Trust created thereby shall terminate upon the payment to Noteholders and the holder of this Excess
Distribution Certificate of all amounts required to be paid to them pursuant to the Trust Agreement, the Administration Agreement and the Indenture and the disposition of all property held as part of
the Trust. The Depositor may at its option purchase the corpus of the Trust at a price specified in the Administration Agreement; however, such right of purchase is exercisable only on any
Distribution Date on or after the date on which the Pool Balance is less than or equal to 10% of the Initial Pool Balance. Any Trust Student Loans remaining in the Trust as of the end of the
Collection Period immediately preceding the Trust Auction Date will be offered for sale by the Indenture Trustee by auction in accordance with the procedure described in the Indenture. 

        This
Excess Distribution Certificate shall be 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. 

 
 

ASSIGNMENT    
  

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

PLEASE
INSERT SOCIAL SECURITY

OR OTHER IDENTIFYING NUMBER

OF ASSIGNEE 

	

	(Please print or type name and address, including postal zip code, of assignee)	 
	

 	

 
	

	the within Excess Distribution Certificate, and all rights thereunder, hereby irrevocably constituting and appointing	 
	

 	

Attorney
	
	 
	to transfer said Excess Distribution Certificate on the books of the Excess Distribution Certificate Registrar, with full power of substitution in the premises.	 

	

Dated:	
 	

 
	

*	
 	

 
	
	 	 
	Signature Guaranteed:	 	 
	

*	
 	

 
	
	 	 

        *      NOTICE:
The signature to this assignment must correspond with the name as it appears upon the face of the within the Excess Distribution Certificate in every particular,
without alteration, enlargement or any change whatever. Such signature must be guaranteed by a member firm of the New York Stock Exchange or a commercial bank or trust company. 

v

QuickLinks

TABLE OF CONTENTS

ARTICLE V Application of Trust Funds; Certain Duties

ARTICLE VI Authority and Duties of Eligible Lender Trustee

ARTICLE VII Concerning the Eligible Lender Trustee

ARTICLE VIII Compensation and Indemnity of Eligible Lender Trustee

ARTICLE IX Termination of Trust Agreement

ARTICLE X Successor Eligible Lender Trustees and Additional Eligible Lender Trustees

ARTICLE XI Miscellaneous

RESERVED

RESERVED

TRUSTEE'S CERTIFICATE OF AUTHENTICATION

ASSIGNMENT

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