Document:

Exhibit 4.3

 Exhibit 4.3 
  

  
 INTERIM TRUST AGREEMENT 
  
 between 
  
 SLM FUNDING LLC, 
 as the Depositor 
  
 and 
  
 CHASE MANHATTAN BANK USA, 
 NATIONAL ASSOCIATION, 
 not in its individual
capacity but solely 
 as the Interim Eligible Lender Trustee 
  
 Dated as of [·]

  

  
 TABLE OF CONTENTS

  

					
	 	  	 	  	Page

		
	 ARTICLE I Definitions and Usage
	  	1
		
	 ARTICLE II Appointment of Interim Eligible Lender Trustee
	  	1
	 SECTION 2.1
	  	 Appointment of Interim Eligible Lender Trustee
	  	1
	 SECTION 2.2
	  	 Declaration of Trust
	  	2
	 SECTION 2.3
	  	 Title to Interim Trust Loans
	  	2
		
	 ARTICLE III Representations and Warranties of the Depositor
	  	2
		
	 ARTICLE IV Authority and Duties of Interim Eligible Lender Trustee
	  	3
	 SECTION 4.1
	  	 General Authority
	  	3
	 SECTION 4.2
	  	 General Duties
	  	3
	 SECTION 4.3
	  	 No Duties Except as Specified in this Agreement
	  	3
	 SECTION 4.4
	  	 No Action Except Under Specified Documents
	  	3
	 SECTION 4.5
	  	 Restrictions
	  	3
	 	  	 	  	 
		
	 ARTICLE V Concerning the Interim Eligible Lender Trustee
	  	4
	 SECTION 5.1
	  	 Acceptance of Trust and Duties
	  	4
	 SECTION 5.2
	  	 Representations and Warranties
	  	4
	 SECTION 5.3
	  	 Not Acting in Individual Capacity
	  	5
	 SECTION 5.4
	  	 Interim Eligible Lender Trustee Not Liable for the Interim Trust Loans
	  	5
		
	 ARTICLE VI Compensation of Interim Eligible Lender Trustee
	  	5
		
	 ARTICLE VII Termination of Interim Trust Agreement
	  	5
		
	 ARTICLE VIII Successor Interim Eligible Lender Trustees
	  	6
	 SECTION 8.1
	  	 Eligibility Requirements for Interim Eligible Lender Trustee
	  	6
	 SECTION 8.2
	  	 Resignation or Removal of Interim Eligible Lender Trustee
	  	6
	 SECTION 8.3
	  	 Successor Interim Eligible Lender Trustee
	  	7
	 SECTION 8.4
	  	 Merger or Consolidation of Interim Eligible Lender Trustee
	  	7
		
	 ARTICLE IX Miscellaneous
	  	7
	 SECTION 9.1
	  	 Supplements and Amendments
	  	7
	 SECTION 9.2
	  	 Notices
	  	8
	 SECTION 9.3
	  	 Severability
	  	9
	 SECTION 9.4
	  	 Separate Counterparts
	  	9
	 SECTION 9.5
	  	 Successors and Assigns
	  	9
	 SECTION 9.6
	  	 Headings
	  	9
	 SECTION 9.7
	  	 Governing Law
	  	9

  

 i 

  
 INTERIM TRUST AGREEMENT

  
 INTERIM TRUST AGREEMENT (the “Agreement”), dated
as of [·], between SLM FUNDING LLC, a Delaware limited liability company (the “Depositor”), and CHASE MANHATTAN BANK USA, NATIONAL
ASSOCIATION, a national banking association, not in its individual capacity but solely as Interim Eligible Lender Trustee (the “Interim Eligible Lender Trustee”). 
  
 WHEREAS, the Depositor is a limited liability company established for the purpose of purchasing Loans from the Student Loan
Marketing Association, among others, for immediate resale to special purpose trusts established for the purpose of financing the purchase of such Loans; 
  
 WHEREAS, the Depositor has entered into the Purchase Agreement with the Student Loan Marketing Association and the Sale Agreement with SLM Student Loan
Trust [·] for the purpose of effecting such a purchase and resale; and 
  
 WHEREAS, the Interim Eligible Lender Trustee is an “eligible lender” within the meaning of Section 435(d) of the
Higher Education Act and is willing to hold legal title to such Loans (collectively, the “Interim Trust Loans”) on behalf and for the benefit of the Depositor. 
  
 NOW, THEREFORE, the Depositor and the Interim Eligible Lender Trustee hereby agree as follows: 
  
 ARTICLE I 
  
 Definitions and Usage 
  

Except as otherwise specified herein or as the context may otherwise require, capitalized terms used but not otherwise defined herein are defined in
Appendix A-1 hereto, which also contains rules as to usage that shall be applicable herein. 
  
 ARTICLE II 
  
 Appointment of Interim Eligible Lender Trustee 
  
 SECTION 2.1 Appointment of Interim Eligible Lender Trustee. The Depositor hereby appoints the Interim Eligible Lender Trustee, effective as of the date hereof, as trustee, to have all the rights, powers and duties set forth
herein, including, without limitation: 
  

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

  

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

 

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

  
 SECTION 2.2 Declaration
of Trust. The Interim Eligible Lender Trustee hereby declares that it will hold the Interim Trust Loans in trust upon and subject to the conditions set forth herein for the use and benefit of the Depositor, subject to the obligations of the
Interim Eligible Lender Trustee under the Purchase Agreement and the Sale Agreement. Effective as of the date hereof, the Interim Eligible Lender Trustee shall have all rights, powers and duties set forth herein with respect to accomplishing the
purposes of this Agreement. 
  
 SECTION 2.3 Title to
Interim Trust Loans. Legal title to all of the Interim Trust Loans shall be vested at all times in the Interim Eligible Lender Trustee on behalf of and for the benefit of the Depositor. 
  
 ARTICLE III 
  
 Representations and Warranties of the Depositor 
  
 The Depositor hereby represents and warrants to the Interim Eligible Lender
Trustee that: 
  

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

  

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

  

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

  

	 	4.	 The consummation of the transactions contemplated by this Agreement and the fulfillment of the terms hereof do not conflict with, result in any breach of any of the
terms and provisions of, or constitute (with or without notice or lapse of time or both) a default under, the certificate of formation or limited liability company operating agreement of the Depositor, or any indenture, agreement or other instrument
to which the Depositor is a party or by which it is bound; nor result in the creation or imposition of any Lien upon any of its properties pursuant to the terms of any such indenture, agreement or other instrument (other than as contemplated by the
Basic Documents); nor violate any law or any order, rule or regulation applicable to the Depositor of any court or of any Federal or state 

  

 2 

	 	 
regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Depositor or its properties.

  
 ARTICLE IV 
  
 Authority and Duties of Interim Eligible Lender Trustee

  
 SECTION 4.1 General Authority.
The Interim Eligible Lender Trustee is authorized and directed to execute and deliver the Purchase Agreement, the Sale Agreement and this Agreement and each certificate or other document attached as an exhibit to or contemplated by such
agreements, in each case, in such form as the Depositor shall approve as evidenced conclusively by the Interim Eligible Lender Trustee’s execution thereof. The Interim Eligible Lender Trustee is also authorized and directed on behalf and for
the benefit of the Depositor to acquire and hold legal title to the Interim Trust Loans and to take all actions required of the Interim Eligible Lender Trustee pursuant to the Purchase Agreement, the Sale Agreement and this Agreement. 
  
 SECTION 4.2 General Duties. It shall be the duty
of the Interim Eligible Lender Trustee to discharge (or cause to be discharged) all its responsibilities as the Interim Eligible Lender Trustee pursuant to the terms of the Purchase Agreement, the Sale Agreement and this Agreement. 
  
 SECTION 4.3 No Duties Except as Specified in this
Agreement. The Interim Eligible Lender Trustee shall not have any duty or obligation to manage, make any payment with respect to, register, record, sell, service, dispose of or otherwise deal with the Interim Trust Loans, or to
otherwise take or refrain from taking any action under, or in connection with, any document contemplated hereby to which the Interim Eligible Lender Trustee is a party, except as expressly provided by the terms of the Purchase Agreement, the Sale
Agreement or this Agreement; and no implied duties or obligations shall be read into this Agreement, the Purchase Agreement or the Sale Agreement against the Interim Eligible Lender Trustee. 
  
 SECTION 4.4 No Action Except Under Specified Documents.
The Interim Eligible Lender Trustee shall not otherwise deal with the Interim Trust Loans except in accordance with the powers granted to and the authority conferred upon the Interim Eligible Lender Trustee pursuant to this Agreement, the
Purchase Agreement and the Sale Agreement. 
  
 SECTION 4.5
Restrictions. The Interim Eligible Lender Trustee shall not take any action that is inconsistent with the purposes of the Trust set forth in the Basic Documents. 
  

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 ARTICLE V 
  

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

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

  

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

  

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

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

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

  

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

  

	 	3.	 Neither the execution nor the delivery by it of the Purchase Agreement, the Sale Agreement or this Agreement, nor the consummation by it of the transactions
contemplated thereby or hereby nor compliance by it with any of the terms or provisions thereof or hereof will contravene any Federal or Delaware state law, governmental rule or regulation governing the banking or trust powers of the 

  

 4 

	 	 
Interim Eligible Lender Trustee or any judgment or order binding on it, or constitute any default under its charter documents or by-laws or any indenture,
mortgage, contract, agreement or instrument to which it is a party or by which any of its properties may be bound. 

  

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

  
 SECTION 5.3 Not Acting in Individual Capacity. Except as provided in this Article V, in accepting the trust hereby created, Chase
Manhattan Bank USA, National Association acts solely as Interim Eligible Lender Trustee hereunder and not in its individual capacity. 
  
 SECTION 5.4 Interim Eligible Lender Trustee Not Liable for the Interim Trust Loans. The Interim Eligible Lender Trustee makes no
representations as to the validity or sufficiency of this Agreement, the Purchase Agreement or the Sale Agreement, or of any Interim Trust Loan or related documents. The Interim Eligible Lender Trustee shall at no time have any responsibility for or
with respect to the sufficiency of the Interim Trust Loans; the validity or completeness of the assignment to the Interim Eligible Lender Trustee of legal title to any Interim Trust Loan on behalf and for the benefit of the Depositor; the
performance or enforcement (except as expressly set forth in the Purchase Agreement or the Sale Agreement) of any Interim Trust Loan; the compliance by the Depositor or the Servicer with any warranty or representation made under any Basic Document
or in any related document or the accuracy of any such warranty or representation or any action or inaction of the Administrator, the Indenture Trustee or the Servicer or any subservicer taken in the name of the Interim Eligible Lender Trustee.

  
 ARTICLE VI 
  
 Compensation of Interim Eligible Lender Trustee 
  
 The Interim Eligible Lender Trustee shall receive as compensation for its
services hereunder such fees as have been separately agreed upon before the date hereof between the Depositor and the Interim Eligible Lender Trustee, and the Interim Eligible Lender Trustee shall be entitled to be reimbursed by the Depositor, to
the extent provided in such separate agreement, for its other reasonable expenses hereunder. 
  
 ARTICLE VII 
  
 Termination of Interim Trust Agreement 
  
 This Agreement (other than Article VI) and the trust created hereby shall terminate and be of no further force or effect upon the earlier of (i) the termination of the Trust pursuant to Section 9.1 of the Trust Agreement and (ii) the
expiration of 21 years from the death of the last 

  

 5 

 
survivor of the descendants of Joseph P. Kennedy, the late Ambassador of the United States to the Court of St. James, living on the date hereof. 

 
 ARTICLE VIII 
  
 Successor Interim Eligible Lender Trustees 
  
 SECTION 8.1 Eligibility Requirements for Interim Eligible Lender
Trustee. The Interim Eligible Lender Trustee shall at all times be a corporation or banking association (i) qualifying as an “eligible lender” as such term is defined in Section 435(d) of the Higher Education Act for purposes of
holding legal title to the Interim Trust Loans on behalf and for the benefit of the Depositor, with a valid lender identification number with respect to the Interim Trust Loans from the Department; and (ii) being authorized to exercise corporate
trust powers and hold legal title to the Interim Trust Loans. In case at any time the Interim Eligible Lender Trustee shall cease to be eligible in accordance with the provisions of this Section, the Interim Eligible Lender Trustee shall resign
immediately in the manner and with the effect specified in Section 8.2. 
  
 SECTION 8.2 Resignation or Removal of Interim Eligible Lender Trustee. The Interim Eligible Lender Trustee may at any time resign and be discharged from the trust hereby created by giving written notice thereof to the
Depositor. Upon receiving such notice of resignation, the Depositor shall promptly appoint a successor Interim Eligible Lender Trustee meeting the eligibility requirements of Section 8.1 by written instrument, in duplicate, one copy of which
instrument shall be delivered to the resigning Interim Eligible Lender Trustee and one copy to the successor Interim Eligible Lender Trustee. If no successor Interim Eligible Lender Trustee shall have been so appointed and have accepted appointment
within 30 days after the giving of such notice of resignation, the resigning Interim Eligible Lender Trustee may petition any court of competent jurisdiction for the appointment of a successor Interim Eligible Lender Trustee; provided,
however, that such right to appoint or to petition for the appointment of any such successor shall in no event relieve the resigning Interim Eligible Lender Trustee from any obligations otherwise imposed on it under this Agreement, the
Purchase Agreement or the Sale Agreement until such successor has in fact assumed such appointment. 
  
 If at any time the Interim Eligible Lender Trustee shall cease to be or shall be likely to cease to be eligible in accordance with the provisions of
Section 8.1 and shall fail to resign after written request therefor by the Depositor, then the Depositor may remove the Interim Eligible Lender Trustee. If the Depositor shall remove the Interim Eligible Lender Trustee under the authority of the
immediately preceding sentence, the Depositor shall promptly appoint a successor Interim Eligible Lender Trustee by written instrument, in duplicate, one copy of which instrument shall be delivered to the outgoing Interim Eligible Lender Trustee so
removed and one copy to the successor Interim Eligible Lender Trustee together with payment of all fees owed to the outgoing Interim Eligible Lender Trustee. 
  
 Any resignation or removal of the Interim Eligible Lender Trustee and appointment of a successor Interim Eligible Lender Trustee pursuant to any of the
provisions of this Section shall 

  

 6 

 
not become effective until acceptance of appointment by the successor Interim Eligible Lender Trustee pursuant to Section 8.3 and payment of all fees and
expenses owed to the outgoing Interim Eligible Lender Trustee. 
  
 SECTION 8.3 Successor Interim Eligible Lender Trustee. Any successor Interim Eligible Lender Trustee appointed pursuant to Section 8.2 shall execute, acknowledge and deliver to the Depositor and to its predecessor
Interim Eligible Lender Trustee an instrument accepting such appointment under this Agreement, and thereupon the resignation or removal of the predecessor Interim Eligible Lender Trustee shall become effective and such successor Interim Eligible
Lender Trustee, without any further act, deed or conveyance, shall become fully vested with all the rights, powers, duties and obligations of its predecessor under this Agreement, with like effect as if originally named as Interim Eligible Lender
Trustee. The predecessor Interim Eligible Lender Trustee shall upon payment of its fees and expenses deliver to the successor Interim Eligible Lender Trustee all documents, statements, moneys and properties held by it under this Agreement and shall
assign, if permissible, to the successor Interim Eligible Lender Trustee any lender identification number obtained from the Department with respect to the Interim Trust Loans; and the Depositor and the predecessor Interim Eligible Lender Trustee
shall execute and deliver such instruments and do such other things as may reasonably be required for fully and certainly vesting and confirming in the successor Interim Eligible Lender Trustee all such rights, powers, duties and obligations.

  
 No successor Interim Eligible Lender Trustee shall accept such
appointment as provided in this Section unless at the time of such acceptance such successor Interim Eligible Lender Trustee shall be eligible pursuant to Section 8.1. 
  
 SECTION 8.4 Merger or Consolidation of Interim Eligible Lender Trustee. Any corporation into which the
Interim Eligible Lender Trustee may be merged or converted or with which it may be consolidated, or any corporation or banking association resulting from any merger, conversion or consolidation to which the Interim Eligible Lender Trustee shall be a
party, or any corporation succeeding to all or substantially all the corporate trust business of the Interim Eligible Lender Trustee, shall, without the execution or filing of any instrument or any further act on the part of any of the parties
hereto, anything herein to the contrary notwithstanding, be the successor of the Interim Eligible Lender Trustee hereunder; provided that such corporation or banking association shall be eligible pursuant to Section 8.1. 
  
 ARTICLE IX 
  
 Miscellaneous 
  
 SECTION 9.1 Supplements and Amendments. This Agreement
may be amended by the Depositor and the Interim Eligible Lender Trustee, with prior written notice to the Rating Agencies, without the consent of any of the Noteholders or any Swap Counterparty, to cure any ambiguity, to correct or supplement any
provisions in this Agreement or for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions in this Agreement; provided, however, that such action shall not, as evidenced by an Opinion of

  

 7 

 
Counsel, adversely affect in any material respect the interests of any Noteholder or any Swap Counterparty. 
  
 This Agreement may also be amended from time to time by the Depositor and the
Interim Eligible Lender Trustee, with prior written notice to any Swap Counterparty and the Rating Agencies, with the consent of the Noteholders evidencing not less than a majority of the Outstanding Amount of the Notes, for the purpose of adding
any provisions to or changing in any manner or eliminating any of the provisions of this Agreement; provided, however, that no such amendment shall reduce the aforesaid percentage of the Outstanding Amount of the Notes required to
consent to any such amendment, without the consent of all the outstanding Noteholders. 
  
 This Agreement may also be amended from time to time by the Depositor and the Interim Eligible Lender Trustee, with prior written notice to the Rating Agencies, and, if any such amendment would adversely affect, in a
material respect, the interests of any Swap Counterparty, with the consent of that Swap Counterparty. 
  
 Promptly after the execution of any such amendment or consent, the Interim Eligible Lender Trustee shall furnish written notification of the substance of
such amendment or consent to the Indenture Trustee and each of the Rating Agencies. 
  
 It shall not be necessary for the consent of the Noteholders or any Swap Counterparty pursuant to this Section to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such
consent shall approve the substance thereof. The manner of obtaining such consents and of evidencing the authorization of the execution thereof shall be subject to such reasonable requirements as the Interim Eligible Lender Trustee may prescribe.

  
 Prior to the execution of any amendment to this Agreement, the
Interim Eligible Lender Trustee shall be entitled to receive and rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement. The Interim Eligible Lender Trustee may, but shall not be
obligated to, enter into any such amendment which affects the Interim Eligible Lender Trustee’s own rights, duties or immunities under this Agreement or otherwise. 
  
 SECTION 9.2 Notices. Unless otherwise expressly specified or permitted by the terms hereof, all notices
shall be in writing and shall be deemed given upon receipt by the intended recipient or three Business Days after mailing if mailed by certified mail, postage prepaid (except that notice to the Interim Eligible Lender Trustee shall be deemed given
only upon actual receipt by the Interim Eligible Lender Trustee), if to the Interim Eligible Lender Trustee, addressed to its Corporate Trust Office; if to the Depositor, addressed to SLM Funding LLC, 11600 Sallie Mae Drive, Reston, Virginia 20193,
Attention: Legal Department, or, as to each party, at such other address as shall be designated by such party in a written notice to each other party. 
  

 8 

 SECTION 9.3 Severability. Any provision of this Agreement that is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
  
 SECTION 9.4 Separate Counterparts. This Agreement may be executed by the parties hereto in separate counterparts, each of which when
so executed and delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument. 
  
 SECTION 9.5 Successors and Assigns. All covenants and agreements contained herein shall be binding upon and to the benefit of, the
Depositor and its successors and the Interim Eligible Lender Trustee and its successors, all as herein provided. 
  
 SECTION 9.6 Headings. The headings of the various Articles and Sections herein are for convenience of reference only and shall not
define or limit any of the terms or provisions hereof. 
  
 SECTION 9.7 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without reference to its conflict of law provisions, and the obligations, rights and
remedies of the parties hereunder shall be determined in accordance with such laws. 
  

 9 

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

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

		
	By:	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 

  

					
	 SLM FUNDING LLC,
 as the Depositor

		
	By:	 	 
	 	 	Name:	 	 
	 	 	Title:	 	 

  

 10Exhibit 4.4

  
 Exhibit 4.4 

 
 CLASS A-[·] NOTE 
  
 SEE REVERSE FOR CERTAIN DEFINITIONS 
  
 Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Issuer (as defined below) or its agent for registration of transfer, exchange or payment, and
any Note issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 
  
 THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.
ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. THIS NOTE IS NOT GUARANTEED OR INSURED BY ANY GOVERNMENTAL AGENCY. 
  

			
	NUMBER	  	PRINCIPAL AMOUNT $[·]
	R-1	  	CUSIP NO.: [·]
	 	  	ISIN No.: [·]
	 	  	EUROPEAN COMMON CODE: [·]

  

 1 

  
 SLM STUDENT LOAN TRUST
[·] 
  
 FLOATING RATE CLASS A-[·] STUDENT LOAN-BACKED NOTES 
  
 SLM Student
Loan Trust [·] a statutory trust organized and existing under the laws of the State of Delaware (herein referred
to as the “Issuer”), for value received, hereby promises to pay to CEDE & CO., or registered assigns, the principal sum of [·] DOLLARS ($[·]) payable on each Distribution Date in an amount
equal to the aggregate amount, if any, payable to Class [·] Noteholders on such Distribution Date in respect of
principal of the Notes pursuant to Section 3.1 of the Indenture dated as of             , 20     (the “Indenture”), among the Issuer, Chase
Manhattan Bank USA, National Association, a national banking association, as Eligible Lender Trustee on behalf of the Issuer, and Deutsche Bank Trust Company Americas, a New York banking corporation, as Indenture Trustee (the “Indenture
Trustee”) (capitalized terms used but not defined herein being defined in Appendix A-1 to the Indenture, which also contains rules as to usage that shall be applicable herein); provided, however, that the entire unpaid
principal amount of this Note shall be due and payable on the [·] Distribution Date (the “Class
A-[·] Maturity Date”). 
  
 The Issuer shall pay interest on this Note at the rate per annum equal to the Class [·] Rate (as defined on the reverse hereof), on each Distribution Date until the principal of this Note is paid or made available for
payment, on the principal amount of this Note outstanding on the preceding Distribution Date (after giving effect to all payments of principal made on the preceding Distribution Date), subject to certain limitations contained in Section 3.1 of the
Indenture. Interest on this Note shall accrue from and including the preceding Distribution Date (or, in the case of the first Accrual Period, the Closing Date) to but excluding the following Distribution Date (each an “Accrual Period”).
Interest shall be calculated on the basis of the actual number of days elapsed in each Accrual Period divided by 360. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof. 
  
 The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as
provided above and then to the unpaid principal of this Note. 
  
 Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note. 
  
 Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by
manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose. 
  

 2 

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

					
	SLM STUDENT LOAN TRUST [·]
		
	By:	 	CHASE MANHATTAN BANK USA, NATIONAL ASSOCIATION, not in its individual capacity but solely as Eligible Lender Trustee under the Trust Agreement,
			
	 	 	 By:
	 	 
	 	 	 	 	Authorized Signatory

  
 TRUSTEE’S
CERTIFICATE OF AUTHENTICATION 
  
 This is one of the Notes
designated above and referred to in the within-mentioned Indenture. 
  

			
	 DEUTSCHE BANK TRUST COMPANY AMERICAS,
 not in
its individual capacity but solely as
 Indenture Trustee,

		
	By:	 	 
	 	 	Authorized Signatory

  
 Date:
[·] 
  

 3 

 [REVERSE OF NOTE] 
  

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Floating Rate Class A-[·] Student Loan-Backed Notes (the “Class A-[·] Notes”), which, together with the Issuer’s Floating Rate Class A- [·] Student Loan-Backed Notes (the “Class A-[·] Notes” and together with the
Class A-[·] Notes, the “Class A Notes”), and Floating Rate Class B Student Loan-Backed Notes (the
“Class B Notes” and, together with the Class A Notes, the “Notes”), are issued under and secured by the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the Noteholders. The Notes are subject to all terms of the Indenture. 
  
 The Class A-[·]
Notes are and will be equally and ratably secured by the Collateral pledged as security therefor as provided in the Indenture. On any Distribution Date, interest on the Class A-[·] Notes will be paid pari passu with the other Class A Notes, and the Class A-[·] Notes will be prior in order of principal payment to the Class A-[·] Notes and, up to the applicable Class A Noteholders’ Principal Distribution Amount, the Class B Notes. The Class A Notes are senior to the Class B Notes, as and to the extent provided in the
Indenture. 
  
 Principal of the Class
A-[·] Notes shall be payable on each Distribution Date in an amount described on the face hereof.
“Distribution Date” means the 25th day of each January, April, July and October or, if any such date is not a Business Day, the next succeeding Business Day, commencing [·]. 
  
 As described on the face hereof, the entire unpaid principal amount of this Note shall be due and payable on the Class A-[·] Maturity Date. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due and payable on the date on which (i) an Event of Default shall have occurred and be continuing
and (ii) the Indenture Trustee or the Noteholders representing not less than a majority of the Outstanding Amount of the Notes shall have declared the Notes to be immediately due and payable in the manner provided in Section 5.2 of the Indenture.
All principal payments on the Class A-[·] Notes shall be made pro rata to the Noteholders entitled
thereto. 
  
 Interest on the Class A-[·] Notes shall be payable on each Distribution Date on the principal amount outstanding of the Class A-[·] Notes until the principal amount thereof is paid in full, at a rate per annum equal to the Class A-[·] Rate. The “Class A-[·] Rate” for each Accrual Period, other than the initial Accrual Period, shall be equal to Three-Month LIBOR as determined on the second Business Day before the beginning of that Accrual Period minus
[·]%. The interest for the initial Accrual Period shall be as set forth in the definition of Class
A-[·] Rate contained in Appendix A-1 to the Indenture. 
  
 If Definitive Notes have been issued as of the applicable Record Date, then
payments of interest on this Note on each Distribution Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Registered Holder
of this Note (or one or more Predecessor Notes) on the Note Register on the Record Date. Such checks shall be mailed to the 

  

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Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be
submitted for notation of payment, and the mailing of such check shall constitute payment of the amount thereof regardless of whether such check is returned undelivered. With respect to Notes registered on the applicable Record Date in the name of
the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), unless Definitive Notes have been issued, payments shall be made by wire transfer in immediately available funds to the account designated by such nominee. Any
reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all future Noteholders of this Note and of any Note issued upon the registration of
transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a
Distribution Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, shall notify the Person who was the Noteholder hereof as of the preceding Record Date by notice mailed no later than five days prior to such Distribution Date
and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Indenture Trustee’s Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for such purposes located
in the Borough of Manhattan, The City of New York. 
  
 The Issuer
shall pay interest on overdue installments of interest on this Note at the Class A-[·] Rate to the extent
lawful. 
  
 As provided in the Indenture and subject to certain
limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Noteholder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor
institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in Securities Transfer Agent’s Medallion Program (“STAMP”) or such other “signature guarantee program”
as may be determined by the Note Registrar in addition to, or in substitution for, STAMP (all in accordance with the Exchange Act), and such other documents as the Indenture Trustee may require, and thereupon one or more new Notes of authorized
denominations and in the same aggregate principal amount shall be issued to the designated transferee or transferees. No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to
pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange. 
  
 Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in the Note, covenants and agrees that no
recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer or the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (i) the
Indenture Trustee or the Eligible Lender Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Indenture Trustee or the
Eligible Lender Trustee in its individual capacity, any holder or owner of a beneficial interest in the Issuer, the Eligible Lender Trustee or the Indenture Trustee or of any successor or assign thereof in its individual capacity, except as 

  

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any such Person may have expressly agreed (it being understood that the Indenture Trustee and the Eligible Lender Trustee have no such obligations in their
individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or
call owing to such entity. 
  
 Upon acquisition or transfer a Note
or a beneficial interest in a Note, as the case may be, by, for or with the assets of, an employee benefit plan or other retirement arrangement (“Plan”), such Note Owner shall be deemed to have represented that such acquisition or purchase
will not constitute or otherwise result in: (i) in the case of a Plan subject to Section 406 of Employee Retirement Income Security Act of 1974, as amended (“ERISA”) or Section 4975 of the Internal Revenue Code of 1986, as amended
(“Code”), a non-exempt prohibited transaction in violation of Section 406 of ERISA or Section 4975 of the Code which is not covered by a class or other applicable exemption and (ii) in the case of a Plan subject to a substantially similar
federal, state, local or foreign law (“Similar Law”), a non-exempt violation of such substantially Similar Law. Any transfer found to have been made in violation of such deemed representation shall be null and void and of no effect.

  
 Each Noteholder or Note Owner, by acceptance of a Note or, in
the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that by accepting the benefits of the Indenture such Noteholder or Note Owner will not at any time institute against the Depositor or the Issuer, or join in any
institution against the Depositor or the Issuer of, any bankruptcy, reorganization, arrangement, insolvency, receivership or liquidation proceedings or other proceedings under any United States Federal or state bankruptcy or similar law in
connection with any obligations relating to the Notes, the Indenture or the other Basic Documents. 
  
 Prior to the due presentment for registration of transfer of this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture
Trustee may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes whether or not this Note be overdue, and neither
the Issuer, the Indenture Trustee nor any such agent shall be affected by notice to the contrary. 
  
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the Issuer
and the rights of the Noteholders under the Indenture at any time by the Issuer with the consent of the Noteholders representing a majority of the Outstanding Amount of all Notes at the time outstanding. The Indenture also contains provisions
permitting the Noteholders representing specified percentages of the Outstanding Amount of the Notes, on behalf of all the Noteholders, to waive compliance by the Issuer with certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the holder of this Note (or any one of more Predecessor Notes) shall be conclusive and binding upon such holder and upon all future holders of this Note and of any Note issued upon
registration of transfer hereof or in exchange hereof or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. The Indenture also permits the Indenture Trustee to amend or waive certain terms and conditions set
forth in the Indenture without the consent of holders of the Notes issued thereunder. 
  

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 The term “Issuer” as used in this Note includes any successor to the Issuer under the
Indenture. 
  
 The Issuer is permitted by the Indenture, under
certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the Noteholders under the Indenture. 
  
 The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

  
 This Note shall be construed in accordance with the laws of
the State of New York, without reference to its conflict of law provisions, and the obligations, rights and remedies of the parties hereunder and thereunder shall be determined in accordance with such laws. 
  
 No reference herein to the Indenture and no provision of this Note or of the
Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency, herein prescribed. 
  
 Anything herein to the contrary notwithstanding, except as expressly provided
in the Basic Documents, neither Deutsche Bank Trust Company Americas, in its individual capacity, Chase Manhattan Bank USA, National Association in its individual capacity, any owner of a beneficial interest in the Issuer, nor any of their
respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or
omission to perform, any of the covenants, obligations or indemnifications contained in this Note or the Indenture; it being expressly understood that said covenants, obligations and indemnifications have been made by the Issuer for the sole
purposes of binding the interests of the Eligible Lender Trustee in the assets of the Issuer. The Noteholder of this Note by the acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case of an Event of Default
under the Indenture, the Noteholder shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement
against, the assets of the Issuer for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note. 
  

 7 

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

	
	 

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

	
	 
	(name and address of assignee)

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

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

  
 Dated:
                      
  
                                       
              */ 
 Signature Guaranteed: 
  
                                       
              */ 

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

  

 8

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