Document:

exv10w8

 

EXHIBIT 10.8

ELIGIBLE LENDER TRUST AGREEMENT

between

EDUCATION LOAN ASSET-BACKED TRUST I

and

THE BANK OF NEW YORK,

As Eligible Lender Trustee

Dated as of February 1, 2003

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE I
	 	 	 	 
	 
	 	 	 	 
	DEFINITIONS AND INTENT OF THE PARTIES HERETO
	 	 	 	 
	Section 1.01. Definitions
	 	 	2	 
	Section 1.02. Intent of the Parties Hereto
	 	 	3	 
	 
	 	 	 	 
	ARTICLE II
	 	 	 	 
	 
	 	 	 	 
	ACQUISITION OF ELIGIBLE LOANS
	 	 	 	 
	 
	 	 	 	 
	Section 2.01. Acquisition
	 	 	4	 
	Section 2.02. Revocation and Termination
	 	 	4	 
	 
	 	 	 	 
	ARTICLE III
	 	 	 	 
	 
	 	 	 	 
	COVENANTS
	 	 	 	 
	 
	 	 	 	 
	Section 3.01. Administration
	 	 	4	 
	Section 3.02. Enforcement of the Trustee Guarantee Agreements
	 	 	5	 
	Section 3.03. Assignment of Eligible Loans; Collection of Payments
With Respect to Eligible Loans
	 	 	5	 
	Section 3.04. Enforcement of Financed Eligible Loans
	 	 	5	 
	Section 3.05. Enforcement of Servicing Agreements
	 	 	5	 
	Section 3.06. Authority of Eligible Lender Trustee
	 	 	5	 
	Section 3.07. Power of Attorney to Issuer
	 	 	5	 
	 
	 	 	 	 
	ARTICLE IV
	 	 	 	 
	 
	 	 	 	 
	CONCERNING THE ELIGIBLE LENDER TRUSTEE
	 	 	 	 
	 
	 	 	 	 
	Section 4.01. Acceptance of the Trusts
	 	 	6	 
	Section 4.02. Recitals of Others
	 	 	6	 
	Section 4.03. Taxes
	 	 	6	 
	Section 4.04. Eligible Lender Trustee May Act Through Agents
	 	 	7	 
	Section 4.05. Indemnification of Eligible Lender Trustee
	 	 	7	 
	Section 4.06. Eligible Lender Trustee’s Right to Reliance
	 	 	7	 
	Section 4.07. Compensation of Eligible Lender Trustee
	 	 	8	 
	Section 4.08. Eligible Lender Trustee Eligibility
	 	 	8	 
	Section 4.09. Resignation of Eligible Lender Trustee
	 	 	8	 
	Section 4.10. Removal of Eligible Lender Trustee
	 	 	9	 
	Section 4.11. Successor Eligible Lender Trustee
	 	 	9	 
	Section 4.12. Limitation with Respect to Examination of Reports
	 	 	9	 
	Section 4.13. Additional Covenants of Eligible Lender Trustee
	 	 	9	 

 

 

	 	 	 	 	 
	 	 	Page	 
	Section 4.14. Authority of Eligible Lender Trustee
	 	 	10	 
	Section 4.15. Sale of Eligible Loans
	 	 	10	 
	 
	 	 	 	 
	ARTICLE V
	 	 	 	 
	 
	 	 	 	 
	MISCELLANEOUS
	 	 	 	 
	 
	 	 	 	 
	Section 5.01. Eligible Lender Trust Agreement Binding upon Successors or Assigns
of Eligible Lender Trustee and Issuer
	 	 	10	 
	Section 5.02. Effect of Legal Holidays
	 	 	11	 
	Section 5.03. Partial Invalidity
	 	 	11	 
	Section 5.04. Notices
	 	 	11	 
	Section 5.05. Law and Place of Enforcement of Eligible Lender Trust Agreement;
Construction
	 	 	11	 
	Section 5.06. Effect of Article and Section Headings and Table of Contents
	 	 	11	 
	Section 5.07. Amendments
	 	 	11	 
	Section 5.08. Limitation of Liability
	 	 	12	 

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ELIGIBLE LENDER TRUST AGREEMENT

     ELIGIBLE LENDER TRUST AGREEMENT dated as of February 1, 2003 (this “Eligible Lender Trust
Agreement”) entered into between EDUCATION LOAN ASSET-BACKED TRUST I, a Delaware statutory trust
(the “Issuer”), and THE BANK OF NEW YORK, a banking corporation organized and existing under the
laws of the State of New York, as eligible lender trustee (the “Eligible Lender Trustee”):

W I T N E S S E T H:

     WHEREAS, the Issuer is conducting and administering a program of acquiring student loans
incurred under the Higher Education Act, under which it issues notes or other obligations to
finance the purchase of such Student Loans; and

     WHEREAS, certain contracts and agreements have been and will be entered into with the
Secretary of Education and the Guarantee Agencies to provide an insurance or guarantee program for
student loans incurred under the Higher Education Act; and

     WHEREAS, the Guarantee Agencies have entered into agreements with the Secretary of Education
for the payment by the Secretary of Education of amounts authorized to be paid pursuant to the
Higher Education Act, including reimbursement of certain amounts to be paid upon certain defaulted
student loans guaranteed by such Guarantee Agencies and interest subsidy payments to holders of
loans guaranteed by such Guarantee Agencies; and

     WHEREAS, upon the execution and delivery of this Eligible Lender Trust Agreement, the Eligible
Lender Trustee will become the legal owner, and the Issuer shall be the beneficial owner, of
various Financed Eligible Loans, and the Issuer will finance the acquisition of additional Eligible
Loans which will become Financed Eligible Loans for which the Eligible Lender Trustee shall be the
legal owner and the Issuer shall be the beneficial owner, all of which Financed Eligible Loans are
or will be held under the Indenture; and

     WHEREAS, the Eligible Lender Trustee, as trustee for this trust of which the Issuer is the
sole beneficiary, shall be legal owner of the Financed Eligible Loans and is an “eligible lender”
under the Higher Education Act, and the Issuer shall be the beneficial owner of such Financed
Eligible Loans;

     NOW, THEREFORE, THE PARTIES AGREE AS FOLLOWS:

     That the Issuer and the Eligible Lender Trustee in consideration of the premises and of other
good and lawful consideration, the receipt of which is hereby acknowledged, and the performance and
observance of all of the covenants and conditions herein contained, have executed and delivered
this Eligible Lender Trust Agreement, and by these presents the Issuer does hereby assign,
transfer, set over and confirm unto the Eligible Lender Trustee, its successor or successors and
its or their assigns, for the benefit of the Issuer, the Trust Estate, as defined in the Indenture:

 

 

ARTICLE I

DEFINITIONS AND INTENT OF THE PARTIES HERETO

     Section 1.01. Definitions. Unless the context shall clearly indicate some other meaning or
may otherwise require, the terms defined in this Section shall, for all purposes of this Eligible
Lender Trust Agreement and of any agreement or other instrument amendatory hereof or supplemental
hereto, have the meanings herein specified or have the meanings assigned to them in the Indenture:

     “Eligible Lender” means any “eligible lender,” as defined in the Higher Education Act, and
which has received an eligible lender designation from the Secretary of Education or from the
Guarantee Agency with respect to Eligible Loans.

     “Express Duties” means all duties of the Eligible Lender Trustee set forth herein, including,
but not limited to, instructions of the Issuer set forth in Issuer Requests, Issuer Orders, Issuer
Certificates and Issuer Consents.

     “Federal Contracts” means, collectively, any agreement between any Guarantee Agency and the
Secretary of Education providing for the payment by the Secretary of Education of amounts
authorized to be paid pursuant to the Higher Education Act, including but not necessarily limited
to reimbursement of amounts paid or payable upon defaulted Financed Eligible Loans and other
student loans guaranteed by any Guarantee Agency and federal interest subsidy payments and Special
Allowance Payments, if applicable, to holders of qualifying student loans guaranteed by any
Guarantee Agency.

     “Fiscal Year” means the fiscal year of the Issuer which presently begins January 1 of each
year and ends December 31 of the following year.

     “Higher Education Act” means Title IV, Parts B, F and G of the Higher Education Act of 1965,
as amended or supplemented from time to time, and all regulations and guidelines promulgated
thereunder.

     “Indenture” means the Indenture of Trust, dated as of February 1, 2003, between the Issuer,
the Indenture Trustee and the Eligible Lender Trustee, as it may be supplemented or amended.

     “Indenture Trustee” means The Bank of New York, in its capacity as trustee under the
Indenture, and its successors and assigns.

     “Interest Benefit Payments” means interest payments on Eligible Loans received pursuant to the
Higher Education Act and an agreement with the federal government, or any similar payments.

     “Issuer Representative” means those individuals authorized to act for the Issuer
Administrator, as set forth in a list of Authorized Officers delivered by the Issuer Administrator
to the Indenture Trustee, as such list may be amended from time to time by the Issuer
Administrator.

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     “Issuer Request,” “Issuer Order,” “Issuer Certificate” and “Issuer Consent” mean,
respectively, a written request, order, certificate or consent signed in the name of the Issuer by
an Issuer Representative and delivered to the Eligible Lender Trustee by overnight or same-day mail
or courier, facsimile, telex, telegram or other electronic means or by hand delivery.

     “Person” means any individual, corporation, partnership, joint venture, association, joint
stock corporation, trust, unincorporated organization or government or any agency or political
subdivision thereof.

     “Program” means shall mean the Issuer’s program for the purchase of Eligible Loans, as the
same may be modified from time to time.

     “Secretary of Education” means the Commissioner of Education and the Secretary of the United
States Department of Education (who succeeded to the functions of the Commissioner of Education
pursuant to the Department of Education Organization Act), or any successor to the functions
thereof under the Higher Education Act.

     “Servicer” shall have the meaning assigned to such term in the Indenture.

     “Servicing Agreement” shall have the meaning assigned to such term in the Indenture.

     “Special Allowance Payments” shall have the meaning assigned to such term in the Indenture.

     “State” means the State of New York.

     “Student Loan Acquisition Account” means the Account established pursuant to Section 2.02
hereof.

     “Trustee Guarantee Agreement” means the Eligible Lender Trustee’s Guarantee Agreement with
each Guarantee Agency with respect to the Financed Eligible Loans.

     Section 1.02. Intent of the Parties Hereto. This Eligible Lender Trust Agreement and all
documents, agreements, understandings and arrangements relating to this Eligible Lender Trust
Agreement which are executed by the Eligible Lender Trustee have been executed by the Eligible
Lender Trustee solely for the purpose of having the legal title to the Financed Eligible Loans held
by an “eligible lender” under the Higher Education Act, and the Issuer hereby agrees that the
Eligible Lender Trustee shall be accorded appropriate protection for its limited role herein
pursuant to the indemnity herein and that the Eligible Lender Trustee (its officers, directors,
employees and agents) shall not have any liability thereunder or hereunder except as expressly set
forth herein, including, without limitation, liability which may be incurred as a result of actions
or inactions of the Issuer and any Servicer, subject to the terms of applicable laws, rules and
regulations. The Issuer agrees that it will not seek recourse or commence any action against the
Eligible Lender Trustee (or its officers, directors, employees or agents) or any of their personal
assets for the performance or payment of any obligation thereunder or hereunder; provided that the
Eligible Lender Trustee shall be liable for its negligence and willful misconduct in the
performance of its Express Duties hereunder. The parties hereto intend that this Eligible Lender
Trust Agreement is for their benefit only and not for the benefit of any third

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party, except that the Issuer shall assign its interest in this Eligible Lender Trust
Agreement to the Indenture Trustee pursuant to the Indenture. The parties hereto agree that each
and every provision of this Eligible Lender Trust Agreement is subject to this paragraph.

ARTICLE II

ACQUISITION OF ELIGIBLE LOANS

     Section 2.01. Acquisition. The Eligible Lender Trustee shall, from time to time, acquire
Eligible Loans upon receipt of an Issuer Request with funds provided to the Eligible Lender Trustee
pursuant to the Indenture. Such Issuer Request shall contain a certification that the loans to be
acquired are Eligible Loans under the Indenture from which such funds are obtained, shall identify
such loans, and shall be in the form attached as Exhibits A, B and C to the Indenture. The
Eligible Lender Trustee will hold legal title to such Financed Eligible Loans in trust hereunder
for the sole benefit of the Issuer, but such interest of the Issuer (and the Eligible Lender
Trustee’s legal interest therein) have and will be assigned to the Indenture Trustee under the
Indenture. The Issuer shall direct the Eligible Lender Trustee to acquire only Eligible Loans that
are Guaranteed by a Guarantee Agency with respect to which the Eligible Lender Trustee has entered
into a Trustee Guarantee Agreement. The Eligible Lender Trustee shall, to the extent it has such
knowledge within its corporate trust department, notify the Issuer with respect to rejections and
repurchases of such Financed Eligible Loans.

     Section 2.02. Revocation and Termination. Subject to Section 4.10 hereof, the Issuer may, by
Issuer Order delivered to the Eligible Lender Trustee, revoke this Eligible Lender Trust Agreement
in whole or in part. Upon receipt of such Issuer Order, the Eligible Lender Trustee shall transfer
to the order of the Issuer all amounts held hereunder, and the trust created hereby shall thereupon
terminate (except that the obligations of the Issuer under Section 4.05 hereof shall survive such
termination).

ARTICLE III

COVENANTS

     Section 3.01. Administration. The Issuer shall cause the Trust Estate to be administered so
as to allow the Eligible Lender Trustee to obtain the benefits of the Trustee Guarantee Agreements
and Federal Contracts and the right to receive Interest Benefit Payments and Special Allowance
Payments with respect to Financed Eligible Loans. The Eligible Lender Trustee shall have no
liability for actions taken at the direction of the Issuer. The Eligible Lender Trustee shall have
no liability for any action or inaction hereunder, except for its negligence or willful misconduct
in the performance of its Express Duties hereunder. The Eligible Lender Trustee shall not be
responsible for any action or inaction of the Issuer or any Servicer under this Eligible Lender
Trust Agreement. Except as specifically set forth herein, the Eligible Lender Trustee shall have
no obligation to administer, service or collect the Financed Eligible Loans or to maintain or
monitor the administration, servicing or collection of the Financed Eligible Loans.

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     Section 3.02. Enforcement of the Trustee Guarantee Agreements. The Issuer will be responsible
for dealing with the Guarantee Agencies with respect to the rights, benefits and obligations under
Trustee Guarantee Agreements as they relate to Financed Eligible Loans.

     Section 3.03. Assignment of Eligible Loans; Collection of Payments With Respect to Eligible
Loans. The Issuer shall diligently or cause a Servicer to diligently make every effort to make
claim for and to collect all principal and interest payments on all the Financed Eligible Loans,
all grants, subsidies, donations, insurance payments, Interest Benefit Payments and Special
Allowance Payments relating to Financed Eligible Loans and all Guarantee payments on defaulted
Financed Eligible Loans as required under the Indenture with respect to Financed Eligible Loans.
The Issuer shall cause the Servicer to assign such Financed Eligible Loans for payment of Guarantee
benefits at the earliest practicable date permitted under applicable law and regulations. The
Issuer will comply with all statutes, rules and regulations which apply to its Program and to the
Financed Eligible Loans.

     The Issuer shall take all reasonable actions within its power to cause the Secretary of
Education to make all Interest Benefit Payments and Special Allowance Payments with respect to the
Financed Eligible Loans, all payments to be made with respect to the Financed Eligible Loans by the
obligors thereof and all payments to be made under Guarantees of Financed Eligible Loans.

     Section 3.04. Enforcement of Financed Eligible Loans. The Issuer shall cause to be diligently
enforced, and shall cause to be taken all reasonable steps, actions and proceedings necessary or
appropriate for the enforcement of all terms, covenants and conditions of all Financed Eligible
Loans and agreements in connection therewith, including the prompt payment of all principal and
interest payments and all other amounts due thereunder, as provided in the Indenture.

     Section 3.05. Enforcement of Servicing Agreements. The Issuer shall cause to be diligently
enforced, and shall cause to be taken all reasonable steps, actions and proceedings necessary or
appropriate for the enforcement of all terms, covenants and conditions of all Servicing Agreements,
including the prompt payment of all principal and interest payments and all other amounts due
thereunder, including all grants, subsidies, donations, insurance payments, Interest Benefit
Payments and Special Allowance Payments on Financed Eligible Loans, and all Guarantee payments on
defaulted Financed Eligible Loans, as provided in the Indenture.

     Section 3.06. Authority of Eligible Lender Trustee. Notwithstanding anything herein, the
Eligible Lender Trustee has any and all power, right and authority, where permitted by law and
regulation, to realize on any Guarantee of the Financed Eligible Loans under the Trustee Guarantee
Agreement.

     Section 3.07. Power of Attorney to Issuer. The Eligible Lender Trustee hereby does make,
constitute and appoint the Issuer as its true and lawful agent and attorney for it and in its name,
place and stead, from time to time, at all times until this Eligible Lender Trust Agreement is
terminated, to exercise and enforce the rights of the Eligible Lender Trustee to make claim for and
collect all payments due on Financed Eligible Loans pursuant to Section 3.03 hereof

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(provided that such payments in respect of collections, go to the Indenture Trustee) and the
Issuer does hereby accept such appointment to exercise and enforce such rights.

ARTICLE IV

CONCERNING THE ELIGIBLE LENDER TRUSTEE

     Section 4.01. Acceptance of the Trusts. The Issuer hereby appoints the Eligible Lender
Trustee to act as its “eligible lender trustee” to hold legal title to the Financed Eligible Loans
pursuant to the Higher Education Act, the Indenture and this Eligible Lender Trust Agreement. The
Eligible Lender Trustee shall hold legal title to the Financed Eligible Loans, for the benefit of
the Issuer, subject to the pledge of the Indenture, pursuant to the Higher Education Act, the
Indenture and this Eligible Lender Trust Agreement. The Eligible Lender Trustee hereby accepts the
trusts granted to it by this Eligible Lender Trust Agreement and agrees to perform said trusts, but
only upon and subject to the following express terms and conditions:

          (a) The Eligible Lender Trustee undertakes to perform such duties and only such duties
as are specifically set forth in this Eligible Lender Trust Agreement, and no implied
covenants or obligations shall be read into this Eligible Lender Trust Agreement against the
Eligible Lender Trustee.

          (b) In the absence of bad faith on its part, the Eligible Lender Trustee may
conclusively rely, as to the truth of the statements and the correctness of the opinions
expressed therein, upon certificates or opinions furnished to the Eligible Lender Trustee
and conforming to the requirements of this Eligible Lender Trust Agreement; but in the case
of any such certificates or opinions which by any provisions hereof are specifically
required to be furnished to the Eligible Lender Trustee, the Eligible Lender Trustee shall
be under a duty to examine the same to determine whether or not they conform as to form with
the requirements of this Eligible Lender Trust Agreement and whether or not they contain the
statements required under this Eligible Lender Trust Agreement.

          (c) The Eligible Lender Trustee, in exercising the rights and powers vested in it by
this Eligible Lender Trust Agreement, shall use the same degree of care and skill in their
exercise as a prudent man would exercise or use under the circumstances in the conduct of
his own affairs.

     Section 4.02. Recitals of Others. The recitals, statements, and representations of the Issuer
set forth herein shall be taken as the statements of the Issuer, and the Eligible Lender Trustee
assumes no responsibility for the correctness of the same or for inquiring with respect thereto.
The Eligible Lender Trustee makes no representations as to the title of the Issuer in Financed
Eligible Loans, and the Eligible Lender Trustee shall incur no responsibility in respect of such
matters.

     Section 4.03. Taxes. The Eligible Lender Trustee shall not be liable for failure of the
Issuer to pay any tax or taxes in respect of any property, or any part thereof, or the income
therefrom or otherwise, nor shall the Eligible Lender Trustee be under any duty in respect of any
tax which may be assessed against it in respect of such property or the Financed Eligible Loans.

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     Section 4.04. Eligible Lender Trustee May Act Through Agents. The Eligible Lender Trustee may
execute any of the trusts or powers hereof and perform any duty hereunder, either itself or by or
through its attorneys, agents, or employees, and it shall not be answerable or accountable for any
default, neglect, or misconduct of any such attorneys, agents, or employees, if reasonable care has
been exercised in the appointment, supervision, and monitoring of the work performed.

     Section 4.05. Indemnification of Eligible Lender Trustee. The Issuer agrees to indemnify the
Eligible Lender Trustee for, and to hold it harmless against, any loss, liability, or expenses
incurred without negligence or bad faith on its part, arising out of or in connection with the
acceptance or administration of this Eligible Lender Trust Agreement (including without limitation
any such losses, liability or expenses arising from a breach of a Lender representation, warranty
or covenant in any Servicing Agreement or Trustee Guarantee Agreement), including the costs and
expenses of defending itself against any claim or liability in connection with the exercise or
performance of any of its powers or duties hereunder.

     Section 4.06. Eligible Lender Trustee’s Right to Reliance. The Eligible Lender Trustee shall
be protected in acting upon any notice, resolution, request, consent, order, certificate, report,
appraisal, opinion, or other paper or document believed by it to be genuine and to have been signed
or presented by the proper party or parties. The Eligible Lender Trustee may, whenever it
determines in good faith that it must seek further determination or interpretation of any matters
hereunder, consult with experts and with counsel (who may be counsel for the Issuer, the Indenture
Trustee or the Eligible Lender Trustee), and the opinion of such counsel shall be full and complete
authorization and protection in respect of any action taken or suffered, and in respect of any
determination made by it hereunder in good faith and in accordance with the opinion of such
counsel.

     Whenever in the administration hereof the Eligible Lender Trustee shall deem it desirable that
a matter be proved or established prior to taking, suffering, or omitting any action hereunder, the
Eligible Lender Trustee (unless other evidence be herein specifically prescribed) may, in the
absence of bad faith on its part, rely upon a certificate signed by an Issuer Representative;
provided, however, that the Eligible Lender Trustee may not delay any action required hereunder
because the Eligible Lender Trustee has failed to receive such certificate.

     The Eligible Lender Trustee shall not be liable for any action taken, suffered, or omitted by
it in good faith and believed by it to be authorized or within the discretion or rights or powers
conferred upon it hereby; provided, however, that the Eligible Lender Trustee shall be liable for
its negligence or willful misconduct in taking such action.

     The Eligible Lender Trustee is authorized to sell, assign, transfer, convey or repurchase
Eligible Loans in accordance with this Eligible Lender Trust Agreement and the Indenture, provided
that no such Eligible Loan may be sold, assigned, transferred, or conveyed to any Person who is not
an “eligible lender” under the Higher Education Act. The Eligible Lender Trustee is further
authorized to enter into agreements with other Persons, in its capacity as Eligible Lender Trustee,
in order to carry out or implement the terms and provisions of this Eligible Lender Trust
Agreement.

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     Section 4.07. Compensation of Eligible Lender Trustee. The Issuer shall pay to the Eligible
Lender Trustee from time to time reasonable compensation for all services, reasonable expenses
(including Counsel fees), charges and other disbursements incurred in and about the administration
and execution of this Eligible Lender Trust Agreement. The Eligible Lender Trustee may not change
the amount of its annual compensation with respect to this Eligible Lender Trust Agreement without
giving the Issuer at least 90 days’ written notice prior to the beginning of a Fiscal Year.

     Section 4.08. Eligible Lender Trustee Eligibility.

          (a) There shall at all times be an Eligible Lender Trustee hereunder which shall be a
corporation or national bank association organized and doing business under the laws of the
United States of America or of any state thereof, authorized under such laws to exercise
corporate trust powers and shall be an Eligible Lender under the Higher Education Act and
the regulations of any Guarantee Agency and acceptable to the Issuer.

          (b) The Eligible Lender Trustee, by the execution hereof, covenants, represents and
agrees that:

               (1) it is an Eligible Lender as defined in the Higher Education Act and has
received an Eligible Lender designation and that it will remain an Eligible Lender;

               (2) it shall use eligible lender number 833922, which shall be the Eligible
Lender Trustee’s eligible lender number for Financed Eligible Loans which it owns as
legal owner for the Issuer as beneficial owner hereunder; and

               (3) it shall be responsible for the preservation of the supporting documents
submitted to and received by it relating to Financed Eligible Loans, if any;
provided, however, that the separate Servicer of the Financed Eligible Loans shall
be responsible for such preservation of the Financed Eligible Loans and supporting
documents in accordance with the Custodian Agreements to the extent and during the
period that the Servicer holds such documents.

          (c) The parties hereto recognize that the Eligible Lender Trustee has contractual
obligations with the Guarantee Agency which must be maintained and preserved in order for
the Eligible Lender Trustee to remain as Eligible Lender Trustee, and the Eligible Lender
Trustee agrees to maintain the same.

     Section 4.09. Resignation of Eligible Lender Trustee. The Eligible Lender Trustee and any
successor to the Eligible Lender Trustee may resign and be discharged from the trust created by
this Eligible Lender Trust Agreement by giving to the Issuer notice in writing which notice shall
specify the date on which such resignation is to take effect; provided, however, that such
resignation shall only take effect on the day specified in such notice if a successor Eligible
Lender Trustee shall have been appointed pursuant to Section 4.11 hereof (and is qualified to be
the Eligible Lender Trustee under the requirements of Section 4.11 hereof). If no successor
Eligible Lender Trustee has been appointed by the date specified or within a period of 90 days from
the receipt of the notice by the Issuer, the Eligible Lender Trustee may (a) appoint a

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temporary successor Eligible Lender Trustee having the qualifications provided in Section 4.11
hereof or (b) request a court of competent jurisdiction to (i) require the Issuer to appoint a
successor, as provided in Section 4.11 hereof, within three days of the receipt of citation or
notice by the court, or (ii) appoint an Eligible Lender Trustee having the qualifications provided
in Section 4.11 hereof. In no event may the resignation of the Eligible Lender Trustee be
effective until a qualified successor Eligible Lender Trustee shall have been selected and
appointed. In the event a temporary successor Eligible Lender Trustee is appointed pursuant to
clause (a) above, the Issuer may remove such temporary successor Eligible Lender Trustee and
appoint a successor thereto pursuant to Section 4.11 hereof.

     Section 4.10. Removal of Eligible Lender Trustee. The Eligible Lender Trustee or any
successor Eligible Lender Trustee may be removed at any time by the Issuer upon payment to the
Eligible Lender Trustee so removed of all money then due to it hereunder and appointment of a
successor thereto by the Issuer and acceptance thereof by said successor. In the event an Eligible
Lender Trustee (or successor Eligible Lender Trustee) is removed such removal shall not become
effective until the Issuer shall have appointed a successor and the successor Eligible Lender
Trustee has accepted appointment as such.

     Section 4.11. Successor Eligible Lender Trustee. In case at any time the Eligible Lender
Trustee or any successor Eligible Lender Trustee shall resign, be dissolved, or otherwise shall be
disqualified to act or be incapable of acting, or in case control of the Eligible Lender Trustee or
of any successor Eligible Lender Trustee or of its officers shall be taken over by any public
officer or officers, a successor Eligible Lender Trustee may be appointed by the Issuer by an
instrument in writing.

     Every successor Eligible Lender Trustee shall be a bank or trust company in good standing,
organized and doing business under the laws of the United States or of a state therein, which has a
reported capital and surplus of not less than $20,000,000, be authorized under the law to exercise
corporate trust powers, be subject to supervision or examination by a federal or state agency, and
be an Eligible Lender.

     Section 4.12. Limitation with Respect to Examination of Reports. Except as expressly provided
in this Eligible Lender Trust Agreement, the Eligible Lender Trustee shall be under no duty to
examine any report or statement or other document required or permitted to be filed with it by the
Issuer.

     Section 4.13. Additional Covenants of Eligible Lender Trustee. The Eligible Lender Trustee,
by the execution hereof, covenants, represents and agrees that:

          (a) this Eligible Lender Trust Agreement and all documents, agreements, understandings
and arrangements relating to this Eligible Lender Trust Agreement which are executed by the
Eligible Lender Trustee have been executed by the Eligible Lender Trustee solely for the
purpose of having the legal title to the Financed Eligible Loans held by an “eligible
lender” under the Higher Education Act, and the Issuer hereby agrees that the Eligible
Lender Trustee shall be accorded the protection set forth in Section 4.05 hereof for its
limited role herein pursuant to the indemnity herein and that the Eligible Lender Trustee
(its officers, directors, employees and agents) shall not have any liability

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thereunder or hereunder except as expressly set forth herein, including, without
limitation, liability which may be incurred as a result of actions or inactions of the
Issuer or the Servicer of the Financed Eligible Loans, subject to the terms of applicable
laws, rules and regulations;

          (b) it will comply with the Higher Education Act and the regulations promulgated
thereunder and will, upon written notice from the Issuer, the Secretary of Education, or the
Guarantee Agency, use its reasonable efforts to cause this Eligible Lender Trust Agreement
to be amended if the Higher Education Act or regulations promulgated thereunder are
hereafter amended so as to be contrary to the terms of this Eligible Lender Trust Agreement;

          (c) it will, from and after it shall have either entered into, or succeeded to the
rights and interests of any Eligible Lender under any Guarantee Agreement covering Financed
Eligible Loans, maintain the same and diligently enforce its rights thereunder, and not
consent to or permit any rescission of or consent to any amendment thereto or otherwise take
any action under or in connection therewith which in any manner would adversely affect the
rights of the Issuer or the parties secured by the Indenture; and

          (d) notwithstanding any other provision of this Eligible Lender Trust Agreement or
other documents pertaining to the Notes or the Financed Eligible Loans, nothing herein or
therein shall be construed to limit the responsibility of the Eligible Lender Trustee to the
Secretary of Education or a Guarantee Agency as required under, or to comply with its
obligations under, the Higher Education Act and the regulations promulgated thereunder.

     Section 4.14. Authority of Eligible Lender Trustee. Notwithstanding anything herein, the
Eligible Lender Trustee has any and all power, right and authority, where permitted by law and
regulation, to realize on any Guarantee Agreement with respect to any Financed Eligible Loan.

     Section 4.15. Sale of Eligible Loans. At the written direction of the Issuer (so long as the
Issuer certifies no Event of Default exists under the Indenture), or if an Event of Default exists
under the Indenture as directed by the Indenture Trustee, the Eligible Lender Trustee shall sell
Financed Eligible Loans to designated purchasers. The Issuer covenants that in the event it
intends to direct the sale of Financed Eligible Loans, it shall give written notice thereof to the
Eligible Lender Trustee not later than five Business Days prior to the proposed sale. The Financed
Eligible Loans shall not be sold to any Person unless such Person is an Eligible Lender.

ARTICLE V

MISCELLANEOUS

     Section 5.01. Eligible Lender Trust Agreement Binding upon Successors or Assigns of Eligible
Lender Trustee and Issuer. All the terms, provisions, conditions, covenants, warranties and
agreements contained in this Eligible Lender Trust Agreement shall be binding upon the successors
and assigns of the Issuer and the Eligible Lender Trustee, and shall inure to

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the benefit of the Eligible Lender Trustee and its successor and assigns and the Issuer, its
successors or substitutes in trust and assigns. The Eligible Lender Trustee acknowledges that the
Issuer may assign its beneficial rights hereunder in financed eligible loans and payments related
thereto to the Indenture Trustee without consent of the Eligible Lender Trustee.

     Section 5.02. Effect of Legal Holidays. Whenever this Eligible Lender Trust Agreement
requires any action to be taken on a day which is not a Business Day, such action shall be taken on
the next succeeding Business Day with the same force and effect as if taken on such day.

     Section 5.03. Partial Invalidity. If any one or more of the covenants or agreements or
portion thereof provided in this Eligible Lender Trust Agreement on the part of the Issuer or the
Eligible Lender Trustee to be performed should be determined by a court of competent jurisdiction
to be contrary to law, then such covenant or covenants, or such agreement or agreements, or such
portions thereof, shall be deemed severable from the remaining covenants and agreements provided in
this Eligible Lender Trust Agreement and the invalidity thereof shall in no way affect the validity
of the other provisions of this Eligible Lender Trust Agreement hereunder and under any applicable
provisions of law.

     Section 5.04. Notices. Except as otherwise expressly provided herein, all notices and other
communications provided for hereunder shall be in writing (including facsimile communication) and
mailed or delivered or sent by facsimile, if to the Eligible Lender Trustee, at the corporate trust
office of the Eligible Lender Trustee in Jacksonville, Florida which at the date of this Eligible
Lender Trust Agreement is located at 10161 Centurion Parkway, 2nd Floor, Jacksonville,
Florida 32256, Attention: Corporate Trust Department (telephone (904) 998-4706, facsimile (904)
645-1931), or at such other address as may have been filed in writing by the Eligible Lender
Trustee; if to the Issuer, to c/o CLF Administration Company, LLC, 5005 Water Ridge Vista Drive,
San Diego, California 92121, Attention: Ryan Katz (telephone (877) 727-6888; facsimile (858)
909-0284), or to the Issuer at such other address as may have been filed in writing by the Issuer.
All such notices and communications shall be effective (a) if given by facsimile, when transmitted,
(b) if given by mail, when deposited in the mail addressed as aforesaid, and (c) if given by other
means, when delivered at the address specified as aforesaid. Any notice required to be given in
writing shall be deemed to be in writing if given by telex, facsimile or other method which
produces a written record.

     Section 5.05. Law and Place of Enforcement of Eligible Lender Trust Agreement; Construction.
This Eligible Lender Trust Agreement shall be construed and interpreted in accordance with the laws
of the State of New York.

     Section 5.06. Effect of Article and Section Headings and Table of Contents. The heading or
titles of the several Articles and Sections hereof, and any table of contents appended hereto,
shall be solely for convenience of reference and shall not affect the meaning or construction,
interpretation or effect of this Eligible Lender Trust Agreement.

     Section 5.07. Amendments. The Issuer and the Eligible Lender Trustee, from time to time, may
amend this Eligible Lender Trust Agreement subject to any provisions to the contrary herein.

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     Section 5.08. Limitation of Liability. It is expressly understood and agreed by the parties
hereto that (a) this Eligible Lender Trust Agreement is executed and delivered by The Bank of New
York (Delaware), not individually or personally but solely as Delaware Trustee of the Issuer, in
the exercise of the powers and authority conferred and vested in it; (b) each of the
representations, undertakings and agreement herein made on the part of the Issuer is made and
intended not as personal representations, undertakings and agreements by The Bank of New York
(Delaware) but is made and intended for the purpose of binding only the Issuer; (c) nothing herein
contained shall be construed as creating any liability on The Bank of New York (Delaware),
individually or personally, to perform any covenant either expressed or implied contained herein,
all such liability, if any, being expressly waived by the parties hereto and by any Person claiming
by, through or under the parties hereto; and (d) under no circumstances shall The Bank of New York
(Delaware) be personally liable for the payment of any indebtedness or expenses of the Issuer or be
liable for the breach or failure of any obligations, representation, warranty or covenant made or
undertaken by the Issuer under this Eligible Lender Trust Agreement.

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     IN WITNESS WHEREOF, EDUCATION LOAN ASSET-BACKED TRUST I has caused this Eligible Lender Trust
Agreement to be signed in its name and on its behalf by the Delaware Trustee and THE BANK OF NEW
YORK, to evidence its acceptance of the trusts hereby created, and has caused this Eligible Lender
Trust Agreement to be signed in its name and on its behalf by one of its officers thereunto duly
authorized.

	 	 	 	 	 
	 	 	EDUCATION LOAN ASSET-BACKED TRUST I
	 
	 	 	 	 
	

	 	By:
	 	THE BANK OF NEW YORK
	

	 	 	 	(DELAWARE), not in its individual
	

	 	 	 	capacity but solely as Delaware Trustee
	 
	 	 	 	 
	

	 	By	 	 /s/ William T. Lewis
	

	 	 	 	

	

	 	Name	 	 William T. Lewis
	

	 	 	 	

	

	 	Title	 	 Senior Vice President
	

	 	 	 	

	 
	 	 	 	 
	 	 	THE BANK OF NEW YORK, as Eligible
	 	 	Lender Trustee
	 
	 	 	 	 
	

	 	By	 	 /s/ Mark McLaughlin
	

	 	 	 	

	

	 	Name	 	 Mark McLaughlin
	

	 	 	 	

	

	 	Title	 	 Vice President
	

	 	 	 	

13exv10w9

 

EXHIBIT 10.9

LOAN PURCHASE AGREEMENT

     This Loan Purchase Agreement is made and entered into as of the 1st day of March, 2002, by and
between CONSOLIDATION LOAN FUNDING, LLC, as seller (“Seller”), and STUDENT LOAN CONSOLIDATION
CENTER STUDENT LOAN TRUST I, a Delaware business trust, as purchaser (“Purchaser”), acting by and
through their eligible lender trustees.

W I T N E S S E T H:

     WHEREAS, Seller, through its eligible lender trustee, is engaged in a program of originating,
funding, purchasing, holding and selling Eligible Loans and which are made to eligible borrowers
and the proceeds of which are used to pay the costs incurred by students attending postsecondary
educational institutions;

     WHEREAS, Purchaser, through its eligible lender trustee, is engaged in or wishes to be engaged
in a program of purchasing, holding and selling Eligible Loans made to eligible borrowers in
accordance with the provisions of the Act; and

     WHEREAS, Seller, through its eligible lender trustee, desires to sell to Purchaser, through
its eligible lender trustee, certain Eligible Loans in accordance with the terms and conditions of
this Agreement.

     NOW, THEREFORE, in consideration of the foregoing premises and mutual covenants herein
contained, the parties agree as follows:

ARTICLE I

DEFINITIONS

     The following words and terms used in this Agreement shall have the following meanings unless
otherwise provided herein or unless the context or use clearly indicates another or different
meaning or intent:

     “Act” shall mean Title IV, Part B of the Higher Education Act of 1965 (20 USC §1071 et. seq.),
and includes insofar as the context requires Title VII of the Public Health Service Act (42 USC.
§292 et seq.), as either is amended and in effect from time to time, or any successor enactment
thereto, the effective administrative regulations promulgated thereunder, and any binding
directives issued by the Secretary pursuant thereto.

     “Agreement” shall mean this Agreement, including all exhibits attached hereto, and any
supplements or amendments hereto.

     “Alternative Loan” shall mean a Student Loan which is not made pursuant to the Act. An
Alternative Loan may be, but need not be, guaranteed by a third party.

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     “Business Day” shall mean any day on which banks located in New York, New York are not
required or authorized by law to remain closed. Any other reference to “days” shall mean calendar
days.

     “Certificate of Insurance” shall mean a certificate of federal loan insurance issued with
respect to an Eligible Loan by the Secretary pursuant to the Act.

     “Code” shall mean the Internal Revenue Code of 1986, as amended or supplemented from time to
time, or any successor federal act, and all regulations promulgated from time to time thereunder.

     “Commitment” shall mean Seller’s commitment to sell Eligible Loans to Purchaser pursuant to
Section 2.1 hereof.

     “Consolidation Loan” shall mean a Student Loan authorized under Section 428C of the Act
consolidating Eligible Loans.

     “‘Contract of Insurance” shall mean a contract of insurance under the Act between the
Secretary and the Eligible Lender Trustee for the benefit of the Seller or the Secretary and the
Eligible Lender Trustee for the benefit of the Purchaser, providing for the Insurance of Student
Loans.

     “Eligible Borrower” shall mean a borrower who is eligible under the Act to be the obligor of a
loan for consolidating two or more Student Loans, or who is eligible under the Act to be an obligor
of a loan made pursuant to the Act.

     “Eligible Institution” shall mean (i) an institution of higher education; (ii) a vocational
school; or (iii) with respect to students who are nationals of the United States, an institution
outside the United States which is comparable to an institution of higher education or to a
vocational school and which has been approved by the Secretary.

     “Eligible Lender Trust Agreement” means (i) the Eligible Lender Trust Agreement, dated as of
March 1, 2002, between the Purchaser, as grantor, and the Eligible Lender Trustee, as trustee, and
any similar agreement entered into by the Purchaser and an “eligible lender” under the Higher
Education Act pursuant to which such “eligible lender” holds FFELP Loans as legal owner in trust
for the Purchaser as beneficial owner, in each case as supplemented or amended from time to time;
or (ii) the Eligible Lender Trust Agreement, dated as of March 1, 2002, between the Seller, as
grantor, and the Eligible Lender Trustee, as trustee, and any similar agreement entered into by the
Seller and an “eligible lender” under the Higher Education Act pursuant to which such “eligible
lender” holds FFELP Loans as legal owner in trust for the Seller as beneficial owner, in each case
as supplemented or amended from time to time; as is applicable.

     “Eligible Lender Trustee” means, for Seller, The Bank of New York Trust Company of Florida,
N.A., as trustee under the Eligible Lender Trustee Agreement, and its successors and assigns in
such capacity and, for Purchaser, The Bank of New York as trustee under the Eligible Lender Trustee
Agreement, and its successors and assigns in such capacity.

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     “Eligible Loan” shall mean (a) a Student Loan which: (i) has been or will be made to a
borrower for post-secondary education; (ii) is a FFELP Loan which is Guaranteed; (iii) is an
“eligible loan” as defined in Section 438 of the Higher Education Act for purposes of receiving
Special Allowance Payments; and (iv) unless a Rating Agency Confirmation is obtained, is a
Consolidation Loan; or (b) a Student Loan which is an Alternative Loan if a Rating Agency
Confirmation is obtained with respect to treating such type of Student Loan as an Eligible Loan;
provided, however, that if, after any reauthorization or amendment of the Higher Education Act,
loans authorized thereunder, including their benefits, are materially different from loans
authorized prior to such reauthorization or amendment, such loans authorized after such
reauthorization or amendment shall not constitute Eligible Loans unless a Rating Agency
Confirmation is obtained.

     “Federal Reimbursement Contract” shall mean the agreement between the Guarantee Agency and the
Secretary providing for the payment by the Secretary of amounts authorized to be paid pursuant to
the Act, including (but not limited to) reimbursement of amounts paid or payable upon defaulted
Eligible Loans and other Student Loans Guaranteed or Insured by the Guarantee Agency and Interest
Benefit Payments and Special Allowance Payments to holders of qualifying Student Loans Guaranteed
or Insured by the Guarantee Agency.

     “FFELP Loan” shall mean a loan under the Higher Education Act to an Eligible Borrower for
education at an Eligible Institution (or a loan to consolidate the same).

     “Guarantee” or “Guaranteed” shall mean, with respect to a Student Loan, (i) the insurance or
guarantee by the Guarantee Agency pursuant to such Guarantee Agency’s Guarantee Agreement of the
maximum percentage of the principal of and accrued interest on such Student Loan allowed by the
terms of the Act with respect to such Student Loan, and (ii) the coverage of such Student Loan by a
Federal Reimbursement Contract, providing, among other things, for reimbursement to the Guarantee
Agency for payments made by it on defaulted Student Loans insured or guaranteed by the Guarantee
Agency of at least the minimum reimbursement allowed by the Federal Reimbursement Contract and the
Act with respect to a particular Student Loan.

     “Guarantee Agency” shall mean any state agency or private nonprofit institution or
organization which has Federal Reimbursement Contracts in place and has entered into a Guarantee
Agreement with the Eligible Lender Trustee, and any such guarantor’s successors and assigns.

     “Guarantee Agreement” shall mean any guarantee or lender agreement with any Guarantee Agency
and any amendments to the foregoing.

     “Guaranteed Loan” shall mean a Student Loan which is Guaranteed.

     “Insurance” or “Insured” or “Insure” shall mean, with respect to a Student Loan, the insurance
by the Secretary under the Act (as evidenced by a Contract of Insurance issued or entered into
under the provisions of the Act) of the maximum percentage of the principal of and accrued interest
on such Student Loan allowed under the Act with respect to such Student Loan.

     “Insured Loan” shall mean a Student Loan which is Insured.

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     “Issuer Administrator” shall mean CLF Administration Company, L.L.C.

     “Loan Transfer Addendum” shall mean the form set forth as Exhibit A, attached hereto and
incorporated herein by this reference.

     “Nelnet Servicer” shall mean Nelnet Loan Services, Inc. or its predecessor(s) or any successor
appointed pursuant to the Marketing Services Agreement between Union Bank and Trust Company and
Student Loan Consolidation Center, L.L.C.

     “Notes” shall mean all notes, bonds or other obligations issued pursuant to the Indenture of
Trust dated March 1, 2002 from Purchaser and The Bank of New York as Eligible Lender Trustee to The
Bank of New York as Indenture Trustee.

     “Portfolio” shall mean a group of Eligible Loans sold to Purchaser by Seller pursuant to
Section 2.1 hereof on a Scheduled Sale Date.

     “Principal Balance” shall mean the original principal amount of a Student Loan, plus
capitalized interest (if any) and items which may not be guaranteed or insured (such as late
charges), less payments by or on behalf of the Student Borrower.

     “Purchase Price” shall mean the price as set forth in the Loan Transfer Addendum.

     “Purchaser” shall mean Student Loan Consolidation Center Student Loan Trust I, or its
successors or assigns, by and through its Eligible Lender Trustee.

     “Rating Agency” shall mean any rating agency that shall have an outstanding rating on any of
the Notes pursuant to a request by the Purchaser.

     “Rating Agency Confirmation” shall mean, with respect to any action, that each of the Rating
Agencies shall have notified the Purchaser and the Trustee under the Indenture of Trust dated March
1, 2002 in writing that such action will not result in a reduction, qualification or withdrawal of
the then-current rating of any of the Notes.

     “Scheduled Sale Date” shall mean the dates specified in the report required by Section
4.3.2(a) of this Agreement and in the applicable Loan Transfer Addendum for purchase of a Portfolio
of Eligible Loans by Purchaser, unless such date is changed by mutual agreement of the parties, in
which case the Scheduled Sale Date shall be the new date agreed to by the parties.

     “Secretary” shall mean the Secretary of the United States Department of Education or any
successor to the pertinent functions of that official or department under the Act, or, when the
context so requires, the former Commissioner of Education of the former United States Department of
Health, Education and Welfare and includes the Secretary of the United States Department of Health
and Human Services.

     “Servicer” shall mean Nelnet Loan Services, Inc., Great Lakes Educational Loan Services, Inc.,
AFSA Data Corporation and any other organization with which the Purchaser or Seller has (or the
Purchaser and its Eligible Lender Trustee or the Seller and its Eligible Lender

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Trustee have) entered into a servicing agreement; in any case, so long as such party acts as
servicer of the Eligible Loans.

     “Seller” shall mean Consolidation Loan Funding, L.L.C., by and through its Eligible Lender
Trustee.

     “Student Borrower” shall mean the obligor on a Student Loan.

     “Student Loan” shall mean (a) a FFELP Loan or (b) an Alternative Loan.

     “Subadministrator” shall mean Lord Securities Corporation.

ARTICLE II

LOAN SALE COMMITMENT

     2.1 Loan Sale Commitment. Subject to the terms and conditions of this Agreement, and
in express reliance upon the representations, warranties and covenants set forth herein, Seller
(via its Eligible Lender Trustee ) agrees to sell, and Purchaser (via its Eligible Lender Trustee)
agrees to purchase, all Eligible Loans tendered by the Seller to the Purchaser to the extent the
Eligible Loans meet all eligibility requirements and to the extent the Purchaser has the funds
available to purchase the Eligible Loans.

ARTICLE III

SERVICING

     3.1 Servicing.

     3.1.1 Servicing of Eligible Loans Originated by Union Bank and Trust Company. All of
the Eligible Loans purchased by Seller from Union Bank and Trust Company pursuant to the Call
Option Agreement dated May 29, 2001 that are sold by Seller to Purchaser pursuant to this Agreement
are currently serviced (or will be serviced on the Scheduled Sale Date) by one or more Nelnet
Servicers, as provided in that Call Option Agreement. On the effective date for the sale of those
Eligible Loans, Purchaser shall cause the Nelnet Servicer to commence servicing such Portfolio at
Purchaser’s expense and under the federal Department of Education identification number of
Purchaser or its designee, under a life of loan servicing agreement with one or more Nelnet
Servicers. Purchaser shall have the right to terminate servicing by the NELnet Servicer should any
recognized rating agency, including Standard & Poors, Fitch Ratings or Moody’s, provide in writing
a statement that the use of the Nelnet Servicers to service student or consolidation loans
negatively affects the rating of the loans for purposes of securitization or sale.

     3.1.2 Servicing of Other Eligible Loans. All of the Eligible Loans not subject to
Section 3.1.1 hereof that are sold by Seller to Purchaser pursuant to this Agreement are currently
serviced (or will be serviced on the Scheduled Sale Date) by the Servicer(s) identified in the Loan
Transfer Addendum. Such Servicer shall either be Great Lakes Educational Loan Services, Inc., AFSA
Data Corporation or another servicer with whom Purchaser has a servicing agreement that is
satisfactory to (i) The Bank of New York or its successor as Trustee under the Indenture of Trust
and (ii) The Bank of New York or its successor as Purchaser’s Eligible Lender Trustee. On the
effective date for the sale of those Eligible Loans, Purchaser shall cause

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the current servicer(s) or such other servicer(s) as Purchaser may select to commence
servicing such Portfolio at Purchaser’s expense and under the identification number of Purchaser or
its designee.

     3.2 Change of Nelnet Servicer; Right to Repurchase. If Purchaser has the right to and
elects to remove from the Nelnet Servicer’s servicing system any Eligible Loans which were
originated by Union Bank and Trust Company and which Seller acquired from Union Bank and Trust
Company pursuant to the Call Option Agreement dated May 29, 2001, then Purchaser shall give Seller
and Union Bank and Trust Company on behalf of Seller written notice of such election at least 60
days prior to the date Purchaser intends to so remove such Eligible Loans. If Union Bank and Trust
Company desires to purchase such loans pursuant to the Call Option Agreement, then Seller, and (to
the extent provided by the aforesaid Call Option Agreement) Union Bank and Trust Company, shall
then have the option to repurchase from Purchaser all of the Eligible Loans proposed to be removed
from the Nelnet Servicer’s servicing system (or a portion of such Eligible Loans if the ABI and
other characteristics of the portion selected for repurchase are representative of all Eligible
Loans then held by Purchaser) on any date selected by it prior to such removal, at a purchase price
equal to the Principal Balance of such Eligible Loans then outstanding, plus accrued and unpaid
interest as of the date of repurchase, and under terms and conditions that are substantially
similar to those in Article IV hereof. Seller’s option to repurchase shall be exercised by sending
written notice thereof to Purchaser within 60 days after Seller’s receipt of Purchaser’s election
to remove Eligible Loans from the Nelnet Servicer servicing system. Notwithstanding the foregoing,
this Section 3.2 shall not apply if Purchaser elects to remove an Eligible Loan from the servicing
system of the Nelnet Servicer after Seller’s receipt of a written statement that the use of the
Nelnet Servicers to service student or consolidation loans negatively affects the rating of the
loans for purposes of securitization or sale, as described in Section 3.1 hereof.

ARTICLE IV

SALE/PURCHASE OF PORTFOLIOS

     4.1 Tender of Eligible Loans to Purchaser. With respect to a Portfolio of Eligible
Loans to be sold to Purchaser pursuant to Section 2.1 hereof, prior to or on the Scheduled Sale
Date (or at such other time as the parties may agree), Seller shall furnish Purchaser or its
designee with a list of the Eligible Loans to be included in such Portfolio, and shall authorize
and direct the Servicer of the Eligible Loans to release such information and documentation to
Purchaser or its designee, in its reasonable judgement, deems necessary and appropriate to
undertake a review of such loans to determine whether (i) such loans constitute Eligible Loans
under this Agreement, and (ii) the Portfolio, aggregated with the other Eligible Loans that have
been sold to Purchaser by Seller if appropriate, comply with the requirements set forth in Section
3.1 hereof.

     4.2 Conditions of Purchase. Purchaser’s obligation to purchase and pay for Eligible
Loans in a Portfolio hereunder shall be subject to the following conditions precedent:

     (a) the Eligible Loans in the Portfolio, aggregated with the other Eligible Loans that
have been sold to Purchaser by Seller if appropriate, shall meet the requirements described
in Section 3.1 hereof;

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     (b) all representations, warranties and statements by or on behalf of Seller contained
in this Agreement are true on the Scheduled Sale Date;

     (c) any notification to or approval by the Secretary or Guarantee Agency required by
the Act or the Guarantee Agreement as a condition to the assignment of Eligible Loans shall
have been made or received and evidence thereof delivered to both Purchaser and the Eligible
Lender Trustee;

     (d) without a prior Rating Agency Confirmation, all Eligible Loans purchased pursuant
to this Agreement shall have been originated by Union Bank and Trust Company, Great Lakes
Educational Loan Services, Inc. or AFSA Data Corporation; and

     (e) the entire interest of Seller in each Eligible Loan shall have been duly assigned
by endorsement, such endorsement to be without recourse except as provided in Article V
hereof.

     4.3 Consummation of Sale and Purchase of Portfolio. To consummate the sale and
purchase of a Portfolio of Eligible Loans, on or before the Scheduled Sale Date, Seller shall
deliver via facsimile to the Eligible Lender Trustee on behalf of Purchaser a Loan Transfer
Addendum, the Seller’s Closing Certificate, a form of which is attached as Exhibit B, and such
instruments of transfer, including a bill of sale, a form of which is attached as Exhibit D, and
blanket endorsement, a form of which is attached as Exhibit C, as Purchaser shall reasonably deem
necessary for conveyance of title of the Eligible Loans contained in the Portfolio free and clear
of all liens, encumbrances and security interests. Seller hereby grants to Purchaser, and Purchaser
shall have, a security interest in the contract rights of Seller to originate, fund and/or purchase
such loans and in its interest in such loans pending the completion of the sale to Purchaser.
Seller shall retain all ownership rights with respect to Eligible Loans in a Portfolio at all times
prior to the effective sale of such Portfolio. Purchaser shall pay for any reasonable transfer fees
as may be required to be paid to the Secretary or to the Servicer.

     4.3.1 Loans Originated by Union Bank and Trust Company. On the Exercise Date
specified in an Exercise Notice issued by or on behalf of Seller to Union Bank and Trust Company
pursuant to the Call Option Agreement dated May 29, 2001, and after receipt of the documentation
required by Section 4.3 of this Agreement, the Purchaser shall pay to the Seller the Purchase Price
for the purchase of the Eligible Loans. The Seller shall simultaneously pay Union Bank and Trust
Company the amount required by the Loan Purchase Agreement between Seller and Union Bank and Trust
Company for those Eligible Loans and shall resell them to the Purchaser. The purchase of Eligible
Loans originated by Union Bank and Trust Company shall be deemed to occur simultaneously with the
purchase by Seller of the Eligible Loans from Union Bank and Trust Company.

     4.3.2 Loans Originated other than by Union Bank and Trust Company.

     (a) On the Scheduled Sale Date, Seller shall arrange for the Servicer of the Eligible
Loans to notify the Eligible Lender Trustees via facsimile, by no later than 12:00 noon EST
or EDT, as is applicable, that (i) the day is a Scheduled Sale Date and (ii) the dollar
amount of the Eligible Loans which are going to be disbursed by the Servicer on

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the Scheduled Sale Date. Seller shall also arrange for the Servicer of the Eligible
Loans to e-mail to the Seller, the Issuer Administrator or its Subadministrator and the
Purchaser’s Eligible Lender Trustee a detailed roster of the Eligible Loans that were so
disbursed.

     (b) By 12:00 noon EST or EDT, as is applicable, on the Scheduled Sale Date, Seller
shall deliver to the Purchaser’s Eligible Lender Trustee on behalf of Purchaser a Loan
Transfer Addendum.

     (c) On the Scheduled Sale Date, after receipt of the aforesaid Loan Transfer Addendum
and the documentation required to be provided by Section 4.3 of this Agreement, Purchaser
shall arrange for a transfer into an Account or Accounts maintained at The Bank of New York,
designated by Seller and satisfactory to the Purchaser, or wire transfer as directed by the
Purchaser, the amount necessary for the purchase of the Eligible Loans. The purchase and
sale of the Portfolio shall be effective simultaneously with the payment of the Purchase
Price.

     4.4 Other Information and Documents. Seller shall furnish or make available to
Purchaser such additional information concerning Seller’s Student Loan portfolio as Purchaser may
reasonably request. Seller shall execute all other documents and take all other steps as may be
reasonably requested by Purchaser or the Eligible Lender Trustee from time to time to effect the
sale hereunder of a Portfolio of Eligible Loans.

ARTICLE V

REPURCHASE OBLIGATION OF SELLER

     5.1 Conditions Precedent to Repurchase Obligation. At the request of Purchaser or its
Eligible Lender Trustee, Seller shall repurchase any Student Loan purchased by Purchaser pursuant
to this Agreement if:

     (a) any representation or warranty made or furnished by Seller in or pursuant to this
Agreement shall prove to have been materially incorrect as to such Student Loan, unless
resulting from an act or omission of Purchaser;

     (b) the Secretary or a Guarantee Agency, as the case may be, refuses to honor all or
part of a claim filed with respect to a Student Loan (including any claim for interest
subsidy, Special Allowance Payments, Insurance, reinsurance or Guarantee payments) on
account of any circumstance or event that occurred prior to the sale of such Student Loan to
Purchaser, unless resulting from an act or omission of Purchaser; or

     (c) On account of any wrongful or negligent act or omission of Seller or its servicing
agent that occurred prior to the sale of a Student Loan to Purchaser, a defense is asserted
by a maker (or endorser, if any) of the Student Loan with respect to his or her obligation
to pay all or any part of the Student Loan, and Purchaser or the Eligible Lender Trustee in
good faith believes that the facts reported, if true, raise a reasonable doubt as to the
enforceability of such Student Loan.

8

 

     5.2 Repurchase by Seller. Upon the occurrence of any of the conditions set forth in
Section 5.1 hereof and upon the request of Purchaser or the Eligible Lender Trustee, Seller shall
pay to the Eligible Lender Trustee, for the account of Purchaser, an amount equal to the
then-outstanding principal balance of such Student Loan, plus any premium in excess of par paid
with respect to such Student Loan, plus interest and Special Allowance Payments accrued and unpaid
with respect to such Student Loan from the Scheduled Sale Date to and including the date of
repurchase, plus any attorneys’ fees, legal expenses, court costs, servicing fees or other expenses
incurred by Purchaser, the Eligible Lender Trustee or the appropriate successors or assigns in
connection with such Student Loans.

ARTICLE VI

ONGOING OBLIGATIONS OF SELLER

     6.1 Obligation of Seller to Forward Payments. Seller shall promptly remit, or cause
to be remitted, to the Eligible Lender Trustee as it may direct, all funds received by Seller after
the Scheduled Sale Date which constitute payments of principal, or interest or Special Allowance
Payments accrued after the Scheduled Sale Date with respect to any Student Loan.

     6.2 Obligation of Seller to Forward Communications. Seller shall immediately transmit
to Purchaser any communication received by Seller after the Scheduled Sale Date with respect to a
Student Loan or the borrower under such a Student Loan. Such communication shall include, but not
be limited to, letters, notices of death or disability, adjudication of bankruptcy and similar
documents and forms requesting deferment of repayment or loan cancellations.

     6.3 Notification to Student Borrowers. Seller and Purchaser shall cause the Servicers
to provide each borrower under the Eligible Loans purchased under this Agreement with notice of the
assignment and transfer to the Eligible Lender Trustee for the account and on behalf of Purchaser
of Seller’s interest in such Eligible Loans as required by the Act.

     6.4 No Modification of Lender Agreements. Seller will consent to no amendments to, or
modifications of, the Contract of Insurance or Guarantee Agreement that may affect Eligible Loans
which are sold or to be sold pursuant to this Agreement without (i) the prior written consent of
Purchaser, which consent shall not be unreasonably withheld, and (ii) Rating Agency Confirmation.
Amendments or modifications required by the Act are excluded from the requirement of this Section
6.4.

ARTICLE VII

REPRESENTATIONS, WARRANTIES AND COVENANTS

     7.1 Representations, Warranties and Covenants of Seller. Seller hereby represents,
covenants, and warrants to Purchaser that:

     (a) Organization and Authority of Seller. Seller is duly organized, validly
existing and in good standing under the laws of the State of Delaware, and has all necessary
statutory power and authority to own its assets and carry on its business as now being
conducted; Seller has, and its officers and Eligible Lender Trustee acting on its behalf
have, all necessary statutory power and authority to make and perform this

9

 

Agreement, and has the power and authority to sell, assign and transfer Student Loans
to the Eligible Lender Trustee on behalf of Purchaser, and to repurchase Student Loans as
required under the terms hereof.

     (b) Eligible Lender Status. Seller’s Eligible Lender Trustee if applicable, is
an “eligible lender” under the Act.

     (c) Legal and Binding Obligation. The execution, delivery and performance of
this Agreement by Seller have been duly authorized by all necessary corporate action, and do
not require any stockholder approval or approval or consent of, or notice to, any trustee or
holders of indebtedness or obligations of Seller; upon due execution and delivery by the
parties hereto, this Agreement will constitute the legal, valid and binding obligation of
Seller, enforceable in accordance with its terms.

     (d) No Conflicts. Neither the execution, delivery or performance by Seller of
this Agreement, nor the consummation or performance by Seller of the transactions
contemplated hereby, will conflict with, result in a violation of, or constitute a default
(or an event which could constitute a default with the passage of time or notice or both)
under, (i) any of the terms of Seller’s charter or bylaws, or (ii) any indenture, mortgage,
contract or other agreement to which Seller is a party or by which it or its properties are
bound, or any law or regulation by which it or its properties are bound, where, in the case
of this clause (ii), such conflict, violation or default could have a material adverse
effect on Seller’s ability for perform its obligations hereunder. Seller is not a party to
or bound by any agreement or instrument or subject to any charter or other corporate
restrictions or judgment, order, writ, injunction, decree, law, rule or regulation which may
materially and adversely affect the ability of Seller to perform its obligations under this
Agreement.

     (e) No Defaults or Violations. Seller is not in default under any mortgage,
deed of trust, indenture or other instrument or agreement to which Seller is a party or by
which it or its properties are bound, or in violation of any law or regulation, which
default or violation could have a material adverse effect on Seller’s ability for perform
its obligations hereunder.

     (f) No Consents. No consent, approval or authorization of any government or
governmental body, including (without limitation) the Office of Thrift Supervision, the
Federal Deposit Insurance Corporation, the Comptroller of the Currency, the Board of
Governors of the Federal Reserve System or any state bank regulatory agency, is required in
connection with the execution, delivery and performance of this Agreement, or the
consummation of the transactions contemplated hereby.

     (g) No Litigation. There are no pending or threatened actions or proceedings
by or before any court, administrative agency or arbitrator, that could if adversely
determined, materially and adversely affect the ability of Seller to perform its obligations
hereunder, and there are no presently existing orders of any court, administrative agency or
arbitrator that could have a material and adverse effect on the ability of Seller to perform
its obligations hereunder.

10

 

     (h) Continuing Obligation of Seller. Seller agrees that during the term of
this Agreement, it will (i) remain in good standing and qualified to do business under the
laws of the State of Delaware and the jurisdictions in which it operates, (ii) conduct its
business in accordance with all applicable state and federal laws, and (iii) continue to be
qualified to carry out this Agreement.

     7.2 Representations, Warranties and Covenants of Seller with Respect to Student Loans.
Seller hereby represents, covenants, and warrants to Purchaser that, except for any condition
resulting from an act or omission of Purchaser:

     (a) Accuracy of Information. Any information furnished by Seller to Purchaser
or its agents with respect to any Eligible Loan is true, complete and correct.

     (b) Validity of Loans. Each Eligible Loan has been duly executed and delivered
and constitutes the legal, valid and binding obligation of the maker (and the endorser, if
any) thereof, enforceable in accordance with its terms.

     (c) No Defenses Against Repayment of Loans. The amount of the unpaid principal
balance of each Eligible Loan is true and owing, and no counterclaim, offset, defense or
right to rescission exists with respect to any Eligible Loan which can be asserted and
maintained or which, with notice, lapse of time, or the occurrence or failure to occur of
any act or event, could be asserted and maintained by the borrower against the Eligible
Lender Trustee as assignee thereof. Seller shall take all reasonable actions to assure that
no maker of an Eligible Loan has or may acquire a defense to the payment thereof. The rate
of interest carried by each Eligible Loan is the maximum which was allowable by law at the
time the loan was made, and no such Eligible Loan carries a rate of interest in excess of
that permitted by the provisions of the Act or such other rate as was applicable under a
borrower’s benefit program.

     (d) Ownership and Location of Loans; Existence of Liens. Seller is the sole
owner and holder of title to each Eligible Loan and has full right and authority to sell and
assign the same free and clear of all liens, pledges or encumbrances, and upon the
endorsement and delivery of promissory notes evidencing such Eligible Loan to Eligible
Lender Trustee on behalf of Purchaser pursuant to this Agreement, Eligible Lender Trustee on
behalf of Purchaser will acquire full right, title and interest in the Eligible Loan free
and clear of all liens, pledges or encumbrances whatsoever. All documentation relating to
the Eligible Loans, including the original promissory note for each Eligible Loan, is now in
the possession of the servicer thereof.

     (e) Guarantee and Insurance on Loans Other than Alternative Loans. Unless an
Eligible Loan being Purchased is an alternative loan, each Eligible Loan to be sold
hereunder is either Insured or Guaranteed; this representation, covenant and warranty does
not apply to Alternative Loans. With respect to all Insured Loans being acquired, a Contract
of Insurance is in full force and effect with respect thereto, the applicable Certificates
of Insurance are valid and binding upon the parties thereto in all respects, Seller is not
in default in the performance of any of its covenants and agreements made in respect
thereof, and such Insurance is freely transferable as an incident to the sale of each
Eligible Loan to

11

 

be sold. With respect to all Guaranteed Loans being acquired, a Guarantee Agreement is
in full force and effect with respect thereto and is valid and binding upon the parties
thereto in all material respects, Seller is not in default in the performance of any of its
covenants and agreements made in such Guarantee Agreement, and such Guarantee is freely
transferable as an incident to the sale of each Eligible Loan to be sold. All amounts due
and payable to the Secretary or the Guarantee Agency, as the case may be, have been or will
be paid in full by Seller at the time Eligible Loans are sold to Purchaser, and none of the
Eligible Loans to be sold to Purchaser has at any time been tendered to either the Secretary
or the Guarantee Agency for payment. Seller will not, with respect to any Eligible Loan
subject to this Agreement, agree to release the Guarantee Agency or the Secretary from any
of its contractual obligations to Guarantee or Insure such loan, or agree to otherwise
alter, amend or renegotiate any terms or conditions under which such Eligible Loan is
Guaranteed or Insured, without the express prior written consent of Purchaser and the
Eligible Lender Trustee.

     (f) Compliance with the Act in Respect of Loans Which Are Not Alternative
Loans. Each Eligible Loan which is not an Alternative Loan complies in all respects
with the requirements of the Act and is an Eligible Loan as those terms are defined in this
Agreement.

     (g) Compliance with Federal Laws. Each Eligible Loan was made in compliance
with all applicable local, state and federal laws, rules and regulations, including without
limitation all applicable nondiscrimination, truth-in-lending, consumer credit and usury
laws and is an Eligible Loan as those terms are defined in this Agreement.

     (h) No Discrimination. In making each Eligible Loan to be purchased by
Purchaser pursuant to this Agreement, Seller has not discriminated based upon the
educational institutions attended by, or the age, sex, race, national origin, color,
religion, handicapped status, income, attendance at a particular eligible institution within
the area served by Purchaser, length of the Student Borrower’s educational program, or the
Student Borrower’s academic year in school.

     (i) Due Diligence in Servicing Loans. Seller and any independent servicer have
each exercised and shall continue until the Scheduled Sale Date to exercise due diligence
and reasonable care in making, administering, servicing and collecting the Eligible Loans
and Seller has conducted a reasonable investigation of sufficient scope and content to
enable it duly to make the representations and warranties contained in this Agreement.
Seller shall be solely responsible for the payment of the costs and expenses incident to
origination of the Eligible Loans, without any right of reimbursement therefor from
Purchaser.

     (j) Origination Fees. Seller has reported or shall report the amount of
origination fees (if any) authorized to be collected with respect to any Eligible Loan
pursuant to the Act to the Secretary for the period in which such fee was authorized to be
collected; and Seller has made and shall make any refund of an origination fee collected in
connection with any Eligible Loan which may be required pursuant to the Act.

12

 

     (k) Insurance Premium. For each Eligible Loan Seller has reported or shall
report the amount of the insurance premium authorized to be collected, and has paid or shall
pay said premium to the Guarantee Agency or the Secretary with all rights therein inuring to
Purchaser; and in the event a Student Borrower withdraws within the period specified as
qualifying for a cancellation refund by the Guarantee Agency, Seller agrees to pay the
amount of the premium to be refunded to Purchaser.

     (l) Alternative Loans. Each Eligible Loan which is an Alternative Loan
complies in all respects with the requirements of any applicable laws and regulations, is an
Eligible Loan as that term is defined in this Agreement, and Seller has obtained Rating
Agency Confirmation for them.

     7.3 Representations, Warranties and Covenants of Purchaser. Purchaser hereby
represents, covenants, and warrants to Seller that:

     (a) Organization and Authority of Purchaser. Purchaser is a duly organized,
validly existing Delaware business trust in good standing under the laws of the State of
Delaware; Purchaser has, and its Eligible Lender Trustee and officers acting on its behalf
have, all necessary statutory power and authority to make and perform this Agreement,
including (without limitation) the power and authority to purchase Student Loans from Seller
under the terms and conditions of this Agreement.

     (b) Legal and Binding Obligation. The execution, delivery and performance of
this Agreement by Purchaser have been duly authorized by all necessary action, and do not
require any member approval or approval or consent of, or notice to, any trustee or holders
of indebtedness or obligations of Purchaser; upon due execution and delivery by the parties
hereto, this Agreement will constitute the legal, valid and binding obligation of Purchaser,
enforceable in accordance with its terms.

     (c) No Conflict. Neither the execution, delivery and performance by Purchaser
of this Agreement, nor the consummation or performance by Purchaser of the transactions
contemplated hereby, will conflict with, result in a violation of, or constitute a default
(or an event which could constitute a default with the passage of time or notice or both)
under, (i) any of the terms of Purchaser’s organizational documents, or (ii) any indenture,
mortgage, contract or other agreement to which Purchaser is a party or by which it or its
properties are bound, or any law or regulation by which it or its properties are bound,
where, in the case of this clause (ii), such conflict, violation or default could have a
material adverse effect on Purchaser’s ability for perform its obligations hereunder.
Purchaser is not a party to or bound by any agreement or instrument or subject to any
charter or other corporate restrictions or judgment, order, writ, injunction, decree, law,
rule or regulation which may materially and adversely affect the ability of Purchaser to
perform its obligations under this Agreement.

     (d) No Defaults or Violations. Purchaser is not in default under any mortgage,
deed of trust, indenture or other instrument or agreement to which Purchaser is a party or
by which it or its properties are bound, or in violation of any law or regulation,

13

 

which default or violation could have a material adverse effect on Purchaser’s ability
for perform its obligations hereunder.

     (e) No Consents. No consent, approval or authorization of any government or
governmental body is required in connection with the execution, delivery and performance of
this Agreement, or the consummation of the transactions contemplated hereby.

     (f) No Litigation. There are no pending or threatened actions or proceedings
by or before any court, administrative agency or arbitrator, that could if adversely
determined, materially and adversely affect the ability of Purchaser to perform its
obligations hereunder, and there are no presently existing orders of any court,
administrative agency or arbitrator that could have a material and adverse affect on the
ability of Purchaser to perform its obligations hereunder.

     (g) Continuing Obligation of Purchaser. Purchaser agrees that during the term
of this Agreement, it will (i) remain in good standing and qualified to do business under
the laws of the state of its organization and any other jurisdictions in which it operates,
(ii) conduct its business in accordance with all applicable state and federal laws, and
(iii) continue to be qualified to carry out this Agreement.

     7.4 Representations, Warranties and Covenants With Respect To Eligible Lender
Trustees. Seller and Purchaser hereby represent, covenant and warrant that if and to the
extent that they are acting via Eligible Lender Trustees, then each such Eligible Lender Trustee
has no personal liability for any representation, covenant, warranty or other obligation undertaken
in this Agreement and that such Eligible Lender Trustee acts only for the Seller or Purchaser (as
applicable) and that recourse (if any) may be had only against such Seller or Purchaser and not
against such Eligible Lender Trustee or its separate assets. Each Eligible Lender Trustee shall be
a third-party beneficiary of this Section 7.4 .

ARTICLE VIII

MISCELLANEOUS

     8.1 Communications and Notices. Unless otherwise expressly provided herein, all
notices, requests, demands or other instruments which may or are required to be given by either
party to the other or to the Eligible Lender Trustee, shall be in writing, and each shall be deemed
to have been properly given when served personally on an officer of the party to whom such notice
is to be given, or upon expiration of a period of 48 hours from and after the postmark thereof when
mailed postage prepaid by registered or certified mail, requesting return receipt, addressed as
follows:

     If to Seller:

Consolidation Loan Funding, LLC

c/o CLF Management Corp. - Manager

Attn: Mr. Ryan D. Katz, President

5005 Wateridge Vista Dr., Suite 150

San Diego, CA 92121

14

 

Facsimile: (858) 909-0284

e-mail: rkatz@slccloans.com

with copies to:

The Bank of New York Trust Co. of Florida, N.A., as

Seller’s Eligible Lender Trustee

Attn: Corporate Trust Manager

10161 Centurion Parkway, 2nd Floor

Jacksonville, Florida 32256

Facsimile: (904) 645-1931

e-mail: theintz@bankofny.com

     If to Purchaser:

Student Loan Consolidation Center Student Loan Trust I

c/o CLF Administration Company, L.L.C.

c/o Lord Securities Corporation

Attention: Dean Christiansen

48 Wall Street, 27th Floor

New York, NY10005

Facsimile: (212) 346-9012

e-mail: dac@lordspv.com

with a copy to:

The Bank of New York,

as Purchaser’s Eligible Lender Trustee

Attn: Corporate Trust Manager

10161 Centurion Parkway, 2nd Floor

Jacksonville, Florida 32256

Facsimile: (904) 645-1931

e-mail: theintz@bankofny.com

     If to Issuer Administrator:

CLF Administration Company, L.L.C.

Attn: Mr. Ryan D. Katz, President

5005 Wateridge Vista Dr., Suite 150

San Diego, CA 92121

Facsimile: (858) 909-0284

e-mail: rkatz@slccloans.com

     If to Subadministrator:

Lord Securities Corporation

Attention: Dean Christiansen

48 Wall Street, 27th Floor

15

 

New York, NY 10005

Facsimile:(212) 346-9012

e-mail: dac@lordspv.com

In any instance with a copy to:

John J. Witmeyer, Esq.

Ford Marrin Witmeyer & Gleser, L.L.P.

Wall Street Plaza

New York, NY 10005-1875

Facsimile: (212) 344-4294

e-mail: jiw@fmew.com

Any party may change the address and name of the addressee to which subsequent notices are to be
sent to it, by notice to the others given as aforesaid, but any such notice of change, if sent by
mail, shall not be effective until the 5th day after it is mailed.

     8.2 Forms of Instruments, Proceedings. All instruments relating to the sale and
purchase of the Student Loans, and all proceedings to be taken in connection with this Agreement
and the transactions contemplated herein, shall be in form and substance mutually satisfactory to
Seller and Purchaser and their respective counsel.

     8.3 Payment of Expenses. Each party to this Agreement shall pay its own expenses
incurred in connection with transactions herein contemplated.

     8.4 Non-Business Days. If the date for taking any action required hereunder is not a
Business Day, then such action can be taken, without interest or penalty, on the next succeeding
Business Day, with the same force and effect as if such action was taken on the required date.

     8.5 Amendments, Modifications and Waivers. The provisions of this Agreement cannot be
amended, waived or modified unless such amendment, waiver or modification be in writing and signed
by the parties hereto and the Eligible Lender Trustee. Inaction or failure to demand strict
performance shall not be deemed a waiver.

     8.6 Severability. If any provision of this Agreement shall be held, or deemed to be
or shall, in fact, be inoperative or unenforceable as applied in any particular situation, such
circumstance shall not have the effect of rendering the provision in question inoperative or
unenforceable in any other situation or of rendering any other provision or provisions herein
contained invalid, inoperative or unenforceable to any extent whatsoever. The invalidity of any one
or more phrases, sentences, clauses or paragraphs herein contained shall not affect the remaining
portions of this Agreement or any part hereof.

     8.7 Remedies. Unless otherwise expressly provided herein, no remedy by the terms of
this Agreement conferred upon or reserved to the Eligible Lender Trustee or Purchaser is intended
to be exclusive of any other remedy, but each and every such remedy shall be cumulative and in
addition to every other remedy given under this Agreement or existing at law or in equity
(including, without limitation, the right to such equitable relief by way of injunction), or
statute on or after the date of this Agreement.

16

 

     8.8 Assignment. This Agreement may not be assigned or otherwise transferred, in whole
or in part, by one party without the prior written consent of the other parties, which consent
shall not unreasonably be withheld.

     8.9 Binding Effect. All covenants and agreements herein contained shall extend to and
be obligatory upon all successors of the respective parties hereto.

     8.10 Governing Law. This Agreement shall be construed in accordance with and governed
by the law of the State of New York.

     8.11 Arbitration. All disputes or differences between the parties which arise under
or are related to this Agreement shall be settled by arbitration in New York, New York in
accordance with the Commercial Arbitration Rules of the American Arbitration Association and
judgment upon the award entered by the arbitrators may be entered in any Court having jurisdiction
thereof. The panel of arbitrators, as contemplated in this Article, shall consist of three neutral
arbitrators. The arbitrators shall promptly enter an award which shall do justice between the
parties and the award shall be supported by written opinion. Each party to the arbitration shall
bear its respective costs of arbitration, with the fees and expenses of the arbitrators to be borne
equally by the parties.

     8.12 Entire Agreement This Agreement embodies and constitutes the entire
understanding between the parties with respect to the transactions contemplated by this Agreement,
and all prior or contemporaneous agreements, understandings, representations and statements between
the parties, written or oral, are merged into and superseded by this Agreement.

     8.13 Counterparts. This Agreement may be simultaneously executed in several
counterparts, each of which shall be an original and all of which shall constitute but one and the
same instrument.

     8.14 Limited Role of the Delaware Trustee. It is expressly understood and agreed by
the parties hereto that this Loan Purchase Agreement is executed and delivered by The Bank of New
York (Delaware), not individually or personally but solely as Delaware Trustee of the Purchaser, in
the exercise of the powers and authority conferred and vested in it; (b) each of the
representations, undertakings and agreement herein made on the part of the Purchaser is made and
intended not as personal representations, undertakings and agreements by The Bank of New York
(Delaware) but is made and intended for the purpose of binding only the Purchaser; (c) nothing
herein contained shall be construed as creating any liability on The Bank of New York (Delaware),
individually or personally, to perform any covenant either expressed or implied contained herein,
all such liability, if any, being expressly waived by the parties hereto and by any person claiming
by, through or under the parties hereto; and (d) under no circumstances shall The Bank of New York
(Delaware) be personally liable for the payment of any indebtedness or expenses of the Purchaser or
be liable for the breach or failure of any obligations, representation, warranty or covenant made
or undertaken by the Purchaser under this Loan Purchase Agreement.

     8.15 True Sale. It is the intention of the Seller that the transfer from the Seller
to the Purchaser constitutes a true sale of the Student Loans hereunder and that neither any
interest in nor title to the Student Loans shall become or be deemed property of the Seller for any
purpose

17

 

under applicable law. The Seller hereby authorizes the Purchaser to file a UCC-1 financing
statement identifying the Seller as debtor and the Purchaser as secured party and describing the
Student Loans sold pursuant to this Agreement. The preparation or filing of such UCC-1 financing
statement is solely for additional protection of the Purchaser’s interest in the Student Loans and
shall not be deemed to contradict the express intent of the Seller and the Purchaser that the
transfer of Student Loans under this Agreement is an absolute assignment of such Student Loans and
is not a transfer of such Student Loans as security for a debt.

18

 

     IN WITNESS WHEREOF, the parties hereto have caused this Loan Purchase Agreement to be duly
executed as of the day and year first above written.

	 	 	 	 	 	 	 	 	 
	CONSOLIDATION LOAN FUNDING,	 	STUDENT LOAN CONSOLIDATION
	L.L.C. “Seller”	 	CENTER STUDENT LOAN TRUST I
	By: CLF Management Corp.	 	By: THE BANK OF NEW YORK
	      Manager	 	(DELAWARE), not in its individual capacity
	 	 	 	 	but solely as Delaware Trustee
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ Ryan Katz
	 	By:
	 	/s/ Patrick Burns	 	 
	

	 	 
	 	 	 	 	 	 
	Name:

	 	Ryan Katz
	 	Name:
	 	Patrick Burns	 	 
	

	 	 
	 	 	 	 	 	 
	Title:

	 	President
	 	Title:
	 	Senior Vice President	 	 
	

	 	 
	 	 	 	 	 	 

19

 

EXHIBIT A TO LOAN PURCHASE AGREEMENT

LOAN TRANSFER ADDENDUM

     This Loan Transfer Addendum (the “Addendum”) is made and entered into as of the ___day of
___, ___, by and between Student Loan Consolidation Center Student Loan Trust I (the
“Issuer”) and Consolidation Loan Funding, LLC (the “Seller”).

     WHEREAS, the parties hereto entered into that Loan Purchase Agreement, dated as of March 1,
2002 (the “Loan Purchase Agreement”), and the Seller wishes to sell a portfolio of Student Loans
(as defined in the Loan Purchase Agreement) to the Issuer, by and through The Bank of New York as
its eligible lender trustee (the “Eligible Lender Trustee”) if such Student Loans constitute FFELP
Loans, pursuant to and in accordance with the terms and conditions of the Loan Purchase Agreement.

     NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants herein
contained, the parties hereto agree as follows:

     1. Definitions. All capitalized terms in this Addendum shall have the same meanings given to
them in the Loan Purchase Agreement, unless otherwise specifically stated herein.

     2. Purchase of Student Loans. Subject to the terms and conditions of the Loan Purchase
Agreement and in reliance upon the representations, warranties and covenants as set forth in the
Loan Purchase Agreement, the Seller agrees to sell to the Issuer, by and through the Eligible
Lender Trustee if such Student Loans constitute FFELP Loans, a portfolio of Student Loans
identified in the Loan Transfer Schedule attached hereto, having an aggregate outstanding principal
balance of approximately $___ (the “Current Purchase Portfolio”).

     3. Purchase Price. Subject to the terms and conditions of the Loan Purchase Agreement, the
Issuer, by and through the Eligible Lender Trustee if such Student Loans constitute FFELP Loans,
agrees to purchase the Student Loans in the Current Purchase Portfolio at a purchase price equal to
[___] of the aggregate unpaid principal balance thereon plus 100% of the accrued and
unpaid interest thereon (including Interest Subsidy Payments and Special Allowance Payments), each
as of the Loan Purchase Date.

     4. Loan Purchase Date. The Loan Purchase Date shall be no later than ___, ___.

     5. Alternative Loans. Alternative Loans [check one]

are ___

are not ___

included in the Portfolio of Eligible Loans. If so, a copy of the Rating Agency Confirmation is
attached.

20

 

     6. Non-Consolidation Loans. FFELP Loans which are not Consolidation Loans [check one]

are ___

are not ___

     included in the Portfolio of Eligible Loans. If so, a copy of the Rating Agency Confirmation is
attached.

     7. Servicer. The Servicer of the Eligible Loans is ___.

     8. Guarantors. The Guarantor of the Eligible Loans is ___.

     9. Representations and Warranties. The Seller hereby reconfirms all the representations and
warranties set forth in the Loan Purchase Agreement as of the Loan Purchase Date set forth in
Article VII of the Loan Purchase Agreement.

     10. Effect on Loan Purchase Agreement. This Addendum sets forth the terms of purchase and
sale solely with respect to the Current Purchase Portfolio. This Addendum shall have no effect upon
any other sale or purchase of any Student Loans consummated or contemplated prior to or after the
Loan Purchase Date, and all other terms, conditions and agreements contained in the Loan Purchase
Agreement shall remain in full force and effect. Prior or subsequent purchases and sales of Student
Loans shall each be governed by a separate Loan Transfer Addendum.

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	CONSOLIDATION LOAN FUNDING, LLC	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	CLF MANAGEMENT CORP., as
	

	 	 	 	 	 	Manager	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	By	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	Name:	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	Title:	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	STUDENT LOAN CONSOLIDATION CENTER	 	 	 	 	 	 
	 	 	STUDENT LOAN TRUST I	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	By:	 	CLF ADMINISTRATION COMPANY,
	 	 	 	 	 	 	L.L.C., as Issuer Administrator
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	By	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	Name:	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	Title:	 	 	 	 	 	 	 	 
	

	 	 	 	 	 	 	 	 	 	 	 	 	 	 

21

 

LOAN TRANSFER SCHEDULE

	 	 	 
	Loan Number / Identification

	 	Principal Balance

22

 

EXHIBIT B TO LOAN PURCHASE AGREEMENT

SELLER’S CLOSING CERTIFICATE

     Consolidation Loan Funding, LLC (the “Seller”) does hereby certify that all representations,
warranties and statements by or on behalf of the Seller contained in a certain Loan Purchase
Agreement, dated as of March 1, 2002 (the “Loan Purchase Agreement”), between the Seller and
Student Loan Consolidation Center Student Loan Trust I (the “Issuer”), are true and correct on and
as of the Loan Purchase Date, without exception or qualification whatsoever;

     FURTHERMORE, the Seller does hereby certify that the following documents, where applicable to
each Student Loan (as defined in the Loan Purchase Agreement) acquired under the Loan Purchase
Agreement, have heretofore been furnished to the Issuer or are simultaneously herewith delivered in
accordance with the instructions of the Issuer, pursuant to Section 4.3 of the Loan Purchase
Agreement:

     The Department of Education application or Guarantee Agency application, as supplemented

     Interim note(s) for each Student Loan

     Payout note(s) for each Student Loan

     Disclosure and Student Loan information statement

     Certificate of Insurance and Contract of Insurance with respect to each Insured FFELP Loan (or
certified copy thereof)

     Guarantee Agreement, Agreement for Participation in the Guaranteed Loan Program and
Notification of Loan Approval by the Guarantee Agency with respect to each Guaranteed Student Loan
(or certified copy thereof)

     Any other documentation held by the Seller relating to the history of such Student Loan

     Secretary or Guarantee Agency Loan Transfer Statements, if any

     Uniform Commercial Code financing statement, if any, securing any interest in a Student Loan
to be Financed, and an executed termination statement related thereto

     Evidence of Student Loan disbursement

     Any other document required to be submitted with a claim to the Guarantee Agency.

23

 

     IN WITNESS WHEREOF, the undersigned has caused this Certificate to be executed and delivered
by an officer hereunto duly authorized as of the Loan Purchase Date,                      ___, ___.

	 	 	 	 	 	 	 
	 	 	CONSOLIDATION LOAN FUNDING LLC
	 
	 	 	 	 	 	 
	 	 	By:	 	CLF MANAGEMENT CORP., as Manager
	 
	 	 	 	 	 	 
	

	 	 	 	By	 	 
	

	 	 	 	 	 	 
	

	 	 	 	Name:	 	 
	

	 	 	 	 	 	 
	

	 	 	 	Title:	 	 
	

	 	 	 	 	 	 

24

 

EXHIBIT C TO LOAN PURCHASE AGREEMENT

BLANKET ENDORSEMENT OF

STUDENT LOAN PROMISSORY NOTES

     Pursuant to the Loan Purchase Agreement, dated March 1, 2002 (the “Loan Purchase Agreement”),
between Consolidation Loan Funding, LLC (the “Seller”) and Student Loan Consolidation Center
Student Loan Trust I (the “Issuer”), the Seller by execution of this instrument, hereby endorses
all promissory notes purchased by the Issuer, by and through The Bank of New York as its eligible
lender trustee (the “Eligible Lender Trustee”) if such Student Loans constitute FFELP Loans. This
endorsement is in blank, unrestricted form. This endorsement is without recourse, except as
provided under the terms of the Loan Purchase Agreement. All right, title, and interest of Seller
in and to the promissory notes and related documentation identified in the attached loan ledger are
transferred and assigned to the Issuer, by and through the Eligible Lender Trustee if such Student
Loans constitute FFELP Loans.

     This endorsement may be further manifested by attaching this instrument or a facsimile hereof
to each or any of the Promissory Notes and Master Notes (or copies thereof) and related
documentation acquired by the Issuer, by and through the Eligible Lender Trustee if such Student
Loans constitute FFELP Loans, from Seller, or by attaching this instrument to the loan ledger
schedule, as the Issuer may require or deem necessary.

     Dated this                      day of                     , ___.

	 	 	 	 	 	 	 
	 	 	CONSOLIDATION LOAN FUNDING LLC
	 
	 	 	 	 	 	 
	 	 	By:	 	CLF MANAGEMENT CORP., as Manager
	 
	 	 	 	 	 	 
	

	 	 	 	By	 	 
	

	 	 	 	 	 	 
	

	 	 	 	Name:	 	 
	

	 	 	 	 	 	 
	

	 	 	 	Title:	 	 
	

	 	 	 	 	 	 

25

 

EXHIBIT D TO LOAN PURCHASE AGREEMENT

BILL OF SALE

     FOR VALUE RECEIVED, Consolidation Loan Funding, LLC (the “Seller”), pursuant to the terms and
conditions of that certain Loan Purchase Agreement, dated as of March 1, 2002 (the “Loan Purchase
Agreement”), between the Seller and Student Loan Consolidation Center Student Loan Trust I (the
“Issuer”) does hereby grant, sell, assign, transfer and convey to the Issuer, by and through The
Bank of New York as its eligible lender trustee (the “Eligible Lender Trustee”) if such Student
Loans constitute FFELP Loans, and its successors and assigns, all right, title and interest of the
Seller in and to the following:

     (1) The loans described in Annex I attached hereto (the “Student Loans”),
including the Guarantee, if any, of the Student Loans issued by a Guarantor and the
Certificate of Insurance for FFELP Loans insured by the Secretary of Education;

     (2) All promissory notes and Master Notes (or copies thereof) and related
documentation evidencing the indebtedness represented by such Student Loans; and

     (3) All proceeds of the foregoing including, without limitation, all payments
made by the obligor thereunder or with respect thereto, all guarantee payments made
by any guarantee agency with respect thereto, if any, and all interest benefit
payments and special allowance payments with respect thereto made under Title IV,
Part B, of the Higher Education Act of 1965, as amended, and all rights to receive
such payments, but excluding any proceeds of the sale made hereby.

     TO HAVE AND TO HOLD the same unto the Issuer, by and through the Eligible
Lender Trustee, its successors and assigns, forever. This Bill of Sale is made
pursuant to and is subject to the terms and provisions of the Loan Purchase
Agreement, and is without recourse, except as provided in the Loan Purchase
Agreement.

26

 

     IN WITNESS WHEREOF, the Seller has caused this instrument to be executed by one of its
officers duly authorized to be effective as of the ___ day of                     , ___.

	 	 	 	 	 	 	 
	 	 	CONSOLIDATION LOAN FUNDING LLC
	 
	 	 	 	 	 	 
	 	 	By:	 	CLF MANAGEMENT CORP., as Manager
	 
	 	 	 	 	 	 
	

	 	 	 	By	 	 
	

	 	 	 	 	 	 
	

	 	 	 	Name:	 	 
	

	 	 	 	 	 	 
	

	 	 	 	Title:	 	 
	

	 	 	 	 	 	 

27

 

ELIGIBLE LOAN ACQUISITION CERTIFICATE

     This Eligible Loan Acquisition Certificate is submitted pursuant to the provisions of Section
4.02 of the Indenture of Trust, dated as of March 1, 2002 (as amended and supplemented from time to
time in accordance with its terms, the “Indenture”), from Student Loan Consolidation Center Student
Loan Trust I (the “Issuer”) and The Bank of New York, as eligible lender trustee, to The Bank of
New York, as indenture trustee. All capitalized terms used in this Certificate and not otherwise
defined herein shall have the respective meanings given to such terms in the Indenture. In your
capacity as Trustee, you are hereby authorized and requested to disburse (i) to the Lender(s)
identified in the schedule attached hereto (the “Student Loan Acquisition Schedule”) the amount(s)
specified in such Schedule from the Acquisition Fund (or, in the case of an exchange pursuant to
Section 4.02 of the Indenture, the Student Loans listed in Annex I hereto) for the acquisition of
Eligible Loans, and any related Add-On Loan; and (ii) to the Depositor, the amount of Premium set
forth in such Schedule. With respect to the Eligible Loans so to be acquired, the Issuer hereby
certifies as follows:

     (a) The Eligible Loans to be acquired are those specified in the Student Loan
Acquisition Schedule (the “Acquired Eligible Loans”).

     (b) The amount to be disbursed pursuant to this Certificate does not exceed the amount
permitted under the provisions of Section 4.02 of the Indenture.

     (c) Each Acquired Eligible Loan is an Eligible Loan authorized so to be acquired by the
Indenture.

     (d) You (or your agent) have been previously, or are herewith, provided with the
following items:

     (i) with respect to each Acquired Eligible Loan, a copy of the resolution
pursuant to which the Issuer acquired such Acquired Eligible Loan;

     (ii) with respect to each Guaranteed Loan included among the Acquired Eligible
Loans, a certified copy of the Guarantee Agreement relating thereto;

     (iii) evidence in form satisfactory to the Trustee that each action necessary
to perfect a first security interest in each of the Acquired Eligible Loans in favor
of the Trustee has been accomplished; and

     (iv) instruments duly assigning the Acquired Eligible Loans to the Issuer or
the Eligible Lender Trustee.

     (e) The Issuer is not, on the date hereof, in default under the Indenture or any other
agreement relating to the Acquired Eligible Loans, and, to the best knowledge of the Issuer,
the Depositor is not in default under any agreement relating to the Acquired Eligible Loans.
The Issuer is not aware of any default existing on the date hereof under any of the other
documents referred to in paragraph (d) hereof.

28

 

     (f) All of the conditions specified in the resolution relating to the Acquired Eligible
Loans and the Indenture for the acquisition of the Acquired Eligible Loans and the
disbursement hereby authorized and requested have been satisfied.

     (g) The undersigned is authorized to sign and submit this Certificate on behalf of the
Issuer.

Witness my hand this ___day of                     , ___.

	 	 	 	 	 	 	 
	 	 	STUDENT LOAN CONSOLIDATION

CENTER STUDENT LOAN TRUST I
	 
	 	 	 	 	 	 
	 	 	By: CLF ADMINISTRATION
COMPANY L.L.C., 
as Issuer Administrator
	 
	 	 	 	 	 	 
	

	 	By	 	 	 	 
	

	 	 	 	 	 	 
	

	 	Name:	 	 	 	 
	

	 	 	 	 	 	 
	

	 	Title:	 	 	 	 
	

	 	 	 	 	 	 

29

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