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end
</PDF>Exhibit 4.1

 

 

AMENDED AND RESTATED

TRUST AGREEMENT

 

among

 

SLM EDUCATION CREDIT FUNDING LLC,

as Depositor

 

CHASE BANK USA, NATIONAL ASSOCIATION,

not in its individual capacity but solely,

as Trustee,

 

and

 

JPMORGAN CHASE BANK, NATIONAL ASSOCIATION

not in its individual capacity but solely as the Indenture Trustee,

acting as the Excess Distribution Certificate Paying Agent

 

Dated as of April 28, 2005

 

 

 

TABLE OF CONTENTS

 

	
  ARTICLE I

  
	
   

  
	
  DEFINITIONS AND USAGE

  
	
   

  
	
  Section 1.01.

  	
  Definitions and Usage

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE II

  
	
   

  	
   

  	
   

  
	
  ORGANIZATION

  
	
   

  	
   

  	
   

  
	
  Section 2.01.

  	
  Creation of Trust; Name

  	
   

  
	
  Section 2.02.

  	
  Office

  	
   

  
	
  Section 2.03.

  	
  Purposes and Powers

  	
   

  
	
  Section 2.04.

  	
  Appointment of Trustee

  	
   

  
	
  Section 2.05.

  	
  Initial
  Capital Contribution of Trust Estate

  	
   

  
	
  Section 2.06.

  	
  Declaration of Trust

  	
   

  
	
  Section 2.07.

  	
  Liability
  of the Holders of Excess Distribution Certificate

  	
   

  
	
  Section 2.08.

  	
  Title to Trust Property

  	
   

  
	
  Section 2.09.

  	
  Representations,
  Warranties, and Covenants of the Depositor

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE III

  
	
   

  	
   

  	
   

  
	
  BENEFICIAL OWNERSHIP AND
  EXCESS DISTRIBUTION CERTIFICATE

  
	
   

  	
   

  	
   

  
	
  Section 3.01.

  	
  Initial Beneficial
  Ownership

  	
   

  
	
  Section 3.02.

  	
  Corporate Trust Office

  	
   

  
	
  Section 3.03.

  	
  The Excess
  Distribution Certificate

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV

  
	
   

  
	
  ACTIONS BY TRUSTEE

  
	
   

  
	
  Section 4.01.

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

  	
   

  
	
  Section 4.02.

  	
  Action
  with Respect to Sale of the Trust Student Loans

  	
   

  
	
  Section 4.03.

  	
  Action with Respect
  to Bankruptcy

  	
   

  
	
  Section 4.04.

  	
  Restrictions

  	
   

  

 

 

	
  ARTICLE V

  
	
   

  
	
  APPLICATION
  OF TRUST FUNDS; CERTAIN DUTIES

  
	
   

  
	
  Section 5.01.

  	
  Application of Trust Funds

  	
   

  
	
  Section 5.02.

  	
  Method of Payment

  	
   

  
	
  Section 5.03.

  	
  No Segregation of
  Moneys; No Interest

  	
   

  
	
  Section 5.04.

  	
  Reports
  to the Holder of the Excess Distribution Certificate, the Internal Revenue
  Service and Others

  	
   

  
	
  Section 5.05.

  	
  Signature on Returns

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE VI

  
	
   

  
	
  AUTHORITY AND DUTIES OF
  TRUSTEE

  
	
   

  
	
  Section 6.01.

  	
  General Authority

  	
   

  
	
  Section 6.02.

  	
  General Duties

  	
   

  
	
  Section 6.03.

  	
  Action Upon Instruction

  	
   

  
	
  Section 6.04.

  	
  No
  Duties Except as Specified in this Agreement or in Instructions

  	
   

  
	
  Section 6.05.

  	
  No
  Action Except under Specified Documents or Instructions

  	
   

  
	
  Section 6.06.

  	
  Restrictions

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE VII

  
	
   

  
	
  CONCERNING THE TRUSTEE

  
	
   

  
	
  Section 7.01.

  	
  Acceptance of Trusts
  and Duties

  	
   

  
	
  Section 7.02.

  	
  Reserved

  	
   

  
	
  Section 7.03.

  	
  Representations and
  Warranties

  	
   

  
	
  Section 7.04.

  	
  Reliance; Advice of
  Counsel

  	
   

  
	
  Section 7.05.

  	
  Not Acting in
  Individual Capacity

  	
   

  
	
  Section 7.06.

  	
  Trustee
  Not Liable for Excess Distribution Certificate or Trust Student Loans

  	
   

  
	
  Section 7.07.

  	
  Trustee May Own Notes

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE VIII

  
	
   

  
	
  COMPENSATION AND
  INDEMNITY OF TRUSTEE

  
	
   

  
	
  Section 8.01.

  	
  Trustee’s Fees and Expenses

  	
   

  
	
  Section 8.02.

  	
  Payments to the Trustee

  	
   

  
	
  Section 8.03.

  	
  Indemnity

  	
   

  

 

ii

 

	
  ARTICLE IX

  
	
   

  
	
  TERMINATION OF TRUST
  AGREEMENT

  
	
   

  
	
  Section 9.01.

  	
  Termination of Trust
  Agreement

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE X

  
	
   

  
	
  SUCCESSOR TRUSTEES AND
  ADDITIONAL TRUSTEES

  
	
   

  
	
  Section 10.01.

  	
  Eligibility
  Requirements for Trustee

  	
   

  
	
  Section 10.02.

  	
  Resignation or
  Removal of Trustee

  	
   

  
	
  Section 10.03.

  	
  Successor Trustee

  	
   

  
	
  Section 10.04.

  	
  Merger or
  Consolidation of Trustee

  	
   

  
	
  Section 10.05.

  	
  Appointment
  of Co-Trustee or Separate Trustee

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE XI

  
	
   

  
	
  MISCELLANEOUS

  
	
   

  
	
  Section 11.01.

  	
  Supplements and Amendments

  	
   

  
	
  Section 11.02.

  	
  No
  Legal Title to Trust Estate in Holder of the Excess Distribution Certificate

  	
   

  
	
  Section 11.03.

  	
  Limitations on Rights
  of Others

  	
   

  
	
  Section 11.04.

  	
  Notices

  	
   

  
	
  Section 11.05.

  	
  Severability

  	
   

  
	
  Section 11.06.

  	
  Separate Counterparts

  	
   

  
	
  Section 11.07.

  	
  Successors and Assigns

  	
   

  
	
  Section 11.08.

  	
  No
  Petition

  	
   

  
	
  Section 11.09.

  	
  No
  Recourse

  	
   

  
	
  Section 11.10.

  	
  Headings

  	
   

  
	
  Section 11.11.

  	
  Governing Law

  	
   

  

 

	
  Exhibit A

  	
  Form of
  Excess Distribution Certificate

  	
   

  
	
  Exhibit B

  	
  Form of
  Certificate of Trust

  	
   

  
	
  Exhibit C

  	
  Form of
  Transferor Letter

  	
   

  
	
  Exhibit D-1

  	
  Form of
  Transferee Letter (Non-Rule 144A)

  	
   

  
	
  Exhibit D-2

  	
  Form of
  Transferee Letter (Rule 144A)

  	
   

  
	
   

  	
   

  	
   

  
	
  Appendix A-1 to Trust Agreement

  
	
   

  
	
  Annex 1

  	
  Qualified
  Institutional Buyer Status under SEC Rule 144A (Non-Registered
  Investment Companies)

  	
   

  
	
  Annex 2

  	
  Qualified
  Institutional Buyer Status under SEC Rule 144A (Registered Investment
  Companies)

  	
   

  

 

iii

 

TRUST
AGREEMENT

 

This AMENDED AND RESTATED TRUST AGREEMENT, dated as of
April 28, 2005 (the “Agreement”), is among SLM EDUCATION CREDIT FUNDING
LLC, a Delaware limited liability company, as depositor (the “Depositor”),
CHASE BANK USA, NATIONAL ASSOCIATION (formerly known as Chase Manhattan Bank
USA, National Association), a national banking association, not in its
individual capacity but solely as the Trustee (the “Trustee”), and JPMORGAN
CHASE BANK, NATIONAL ASSOCIATION, not in its individual capacity but solely as
the Indenture Trustee, acting as the Excess Distribution Certificate Paying
Agent (the “Indenture Trustee”).

 

WITNESSETH:

 

WHEREAS, the Depositor and the Trustee are parties to
the trust agreement dated as of March 29, 2005 (the “Short-Form Trust
Agreement”) pursuant to which a trust known as “SLM Private Credit Student Loan
Trust 2005-A” was established; and

 

WHEREAS, the Depositor, the Indenture Trustee and the
Trustee desire to amend and restate the Short-Form Trust Agreement upon
the terms and conditions set forth herein as follows.

 

NOW, THEREFORE, the Depositor, the Trustee and the
Indenture Trustee hereby agree as follows:

 

ARTICLE I

 

DEFINITIONS AND USAGE

 

Section 1.01.                             Definitions
and Usage.  Except as otherwise
specified herein or as the context may otherwise require, capitalized terms
used but not otherwise defined herein are defined in Appendix A hereto, which
also contains rules as to usage that shall be applicable herein.

 

ARTICLE II

 

ORGANIZATION

 

Section 2.01.                             Creation
of Trust; Name.  There is hereby
created a Trust which shall be known as “SLM Private Credit Student Loan Trust
2005-A”, in which name the Trustee may conduct the business of the Trust,
make and execute contracts and other instruments on behalf of the Trust and sue
and be sued.  The Trust shall constitute
a statutory trust within the meaning of Section 3801(a) of the
Delaware Statutory Trust Act for which the Trustee has filed or caused to be
filed a certificate of trust with the Secretary of State of the State of
Delaware pursuant to Section 3810(a) of the Delaware Statutory Trust
Act.

 

 

Section 2.02.          Office.  The
office of the Trust shall be in care of the Trustee at its Corporate Trust
Office or at such other address as the Trustee may designate by written notice
to the Depositor.

 

Section 2.03.          Purposes and Powers. 
The purpose of the Trust is to engage in the following activities:

 

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

 

(ii)                                  with
the proceeds of the sale of the Notes, to fund the Reserve Account and the Cash
Capitalization Account pursuant to Section 2.08 of the Administration
Agreement, to make the Collection Account Initial Deposit and to purchase the
Trust Student Loans pursuant to the Depositor Sale Agreement;

 

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

 

(iv)                              to
enter into and perform its obligations under the Basic Documents to which it is
to be a party, including, but not limited to, any payments that may be owed by
the Trust under the Swap Agreements;

 

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

 

(vi)                              subject
to compliance with the Basic Documents, to engage in such other activities as
may be required in connection with conservation of the Trust Estate and the
making of distributions to the Noteholders and the others specified in Sections
2.07 and 2.08 of the Administration Agreement.

 

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

 

Section 2.04.                             Appointment
of Trustee.  The Depositor hereby
appoints the Trustee as trustee of the Trust, effective as of the date hereof,
to have all the rights, powers and duties set forth herein.

 

Section 2.05.                             Initial
Capital Contribution of Trust Estate. 
The Depositor hereby sells, assigns, transfers, conveys and sets over to
the Trustee, as of the date hereof, the sum of $100.00.  The Trustee hereby acknowledges receipt in
trust from the Depositor, as of the date hereof, of the foregoing contribution,
which shall constitute the Initial Trust Estate and shall be deposited in the
Collection Account.  The Depositor shall
pay the organizational expenses of the Trust as they may arise or shall, upon
the request of the Trustee, promptly reimburse the Trustee for any such
expenses paid by the Trustee.

 

2

 

Section 2.06.                             Declaration
of Trust.  The Trustee hereby
declares that it will hold the Trust Estate in trust upon and subject to the
conditions set forth herein for the use and benefit of the holder of the Excess
Distribution Certificate, subject to the obligations of the Trust under the
other Basic Documents.  It is the
intention of the parties hereto that the Trust constitute a statutory trust
under Delaware law and that this Agreement constitute the governing instrument
of such trust. Effective as of the date hereof, the Trustee shall have all
rights, powers and duties set forth herein and in the Delaware Statutory Trust
Act with respect to accomplishing the purposes of the Trust.

 

Section 2.07.                             Liability
of the Holders of Excess Distribution Certificate.

 

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

 

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

 

Section 2.08.                             Title
to Trust Property.  Legal title to
all of the Trust Estate shall be vested at all times in the Trust as a separate
legal entity except where applicable law in any jurisdiction requires title to
any part of the Trust Estate to be vested in a trustee or trustees, in which
case title shall be deemed to be vested in the Trustee, a co-trustee and/or a
separate trustee, as the case may be.

 

Section 2.09.                             Representations,
Warranties, and Covenants of the Depositor. 
The Depositor hereby represents, warrants and covenants to the Trustee
as follows:

 

(a)                                  The
Depositor 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.

 

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

 

3

 

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

 

(d)                                 The
consummation of the transactions contemplated by this Agreement and the
fulfillment of the terms hereof do not conflict with, result in any breach of
any of the terms and provisions of, or constitute (with or without notice or
lapse of time or both) a default under, the Certificate of Formation or
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 pursuant to the Basic Documents); nor violate any law or, to the
Depositor’s knowledge, any order, rule or regulation applicable to the
Depositor of any court or of any Federal or state regulatory body,
administrative agency or other governmental instrumentality having jurisdiction
over the Depositor or its properties.

 

(e)                                  The
Depositor agrees, for the benefit of the Noteholders and the holder of the
Excess Distribution Certificate, that it will comply with each of the requirements
set forth in its Certificate of Formation or Operating Agreement.

 

ARTICLE III

 

BENEFICIAL OWNERSHIP AND

EXCESS DISTRIBUTION CERTIFICATE

 

Section 3.01.                             Initial
Beneficial Ownership.  Upon the
formation of the Trust by the contribution by the Depositor pursuant to Section 2.05
and until the issuance of the Excess Distribution Certificate, the Depositor
shall be the sole beneficial owner of the Trust.

 

Section 3.02.                             Corporate
Trust Office.  The Trustee initially
designates Christiana Center/OPS4, 500 Stanton Christiana Road, Newark,
Delaware 19713, as its principal Corporate Trust Office, at which it shall act
as Trustee of the Trust.  The Excess
Distribution Certificate Registrar’s New York office and its authenticating
agent’s office are located at 399 Park Avenue, New York, New York 10022,
Attention:  Structured Finance Services.

 

Section 3.03.                             The
Excess Distribution Certificate.

 

(a)                                  General.  The Excess Distribution Certificate shall be
issued in one or more registered, definitive, physical certificates
substantially in the form of Exhibit A hereto, in minimum percentage
interests of at least 10% and integral multiples of 10% in excess thereof.  The Excess Distribution Certificate shall
receive payments as provided in Section 2.07(c)(xvii) and Section 2.08
of the Administration Agreement.  The
Excess Distribution Certificate shall be executed on behalf of the Trust by
manual or facsimile signature of an authorized officer of the Trustee.  An Excess Distribution Certificate bearing
the manual or facsimile signatures of individuals who were, at the time when
such signatures were affixed, authorized to sign on behalf of the Trust, shall
be valid and binding obligations of the Trust, notwithstanding that such
individuals or any of them shall have ceased to be so authorized prior to the
authentication and

 

4

 

delivery of such Excess Distribution Certificate or did not hold such
offices at the date of authentication and delivery of such Excess Distribution
Certificate.

 

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

 

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

 

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

 

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

 

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

 

5

 

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

 

The Excess Distribution
Certificate (including any beneficial interest therein) may not be acquired by
or for the account of (i) any Benefit Plan subject to Title I of ERISA
and/or Section 4975 of the Code, if such acquisition, or the management or
servicing of the Trust or its assets, would cause a non-exempt prohibited
transaction in violation of Section 406 of ERISA and/or Section 4975
of the Code, (ii) any Benefit Plan subject to a substantially similar
federal, state, local or foreign law, if such acquisition would cause a
non-exempt violation of such substantially similar law, (iii) any person
who is not a United States person within the meaning of Section 7701(a)(30)
of the Code, or (iv) any “pass-thru entity” referred to in Section 1(h)(10)(D),
(E) or (F) of the Code, the income of which pass-thru entity is
includible directly or indirectly through one or more other such pass-thru
entities by any person referred to in clause (iii) above.  By accepting and holding the Excess
Distribution Certificate, the holder hereof shall be deemed to have represented
and warranted that it is not acquiring the Excess Distribution Certificate by
or for the account of any entity in violation of the above restrictions, and to
have agreed that if such restrictions are violated, the holder will promptly
dispose of the Excess Distribution Certificate.

 

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

 

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

 

(f)                                    Maintenance
of Office or Agency.  The Trustee
shall maintain in the Borough of Manhattan, The City of New York, an office or
offices or agency or agencies where the Excess

 

6

 

Distribution Certificate may be surrendered for registration of
transfer or exchange and where notices and demands to or upon the Trustee in
respect of the Excess Distribution Certificate may be served.

 

(g)                                 Appointment
of Excess Distribution Certificate Paying Agent.  The Excess Distribution Certificate Paying
Agent shall make distributions to the holder of the Excess Distribution
Certificate from the amounts received from the Indenture Trustee pursuant to Section 2.07(c)(xvii)
and Section 2.08 of the Administration Agreement and shall report the
amounts of such distributions to the Indenture Trustee (if the Excess
Distribution Certificate Paying Agent is not the Indenture Trustee).  Any Excess Distribution Certificate Paying
Agent shall have the revocable power to receive such funds from the Indenture
Trustee for the purpose of making the distributions referred to above.  The Trustee may revoke such power and remove
the Excess Distribution Certificate Paying Agent if the Trustee determines in
its sole discretion that the Excess Distribution Certificate Paying Agent shall
have failed to perform its obligations under this Agreement in any material
respect.  The Excess Distribution
Certificate Paying Agent shall initially be the Indenture Trustee, and any
co-paying agent chosen by the Trustee and consented to by the Administrator
(which consent shall not be unreasonably withheld).  The Indenture Trustee shall be permitted to
resign as Excess Distribution Certificate Paying Agent upon 30 days’ written
notice to the Trustee.  In the event that
the Indenture Trustee shall no longer be the Excess Distribution Certificate
Paying Agent, the Trustee shall appoint a successor to act as Excess
Distribution Certificate Paying Agent (which shall be a bank or trust
company).  The Trustee shall cause such
successor Excess Distribution Certificate Paying Agent or any additional Excess
Distribution Certificate Paying Agent appointed by the Trustee to execute and
deliver to the Trustee an instrument in which such successor Excess Distribution
Certificate Paying Agent or additional Excess Distribution Certificate Paying
Agent shall agree with the Trustee that as Excess Distribution Certificate
Paying Agent, such successor Excess Distribution Certificate Paying Agent or
additional Excess Distribution Certificate Paying Agent will hold all sums, if
any, held by it for payment to the holder of the Excess Distribution
Certificate in trust for the benefit of such holder until such sums shall be
paid to such holder.  The Excess
Distribution Certificate Paying Agent shall return all unclaimed funds to the
Trustee and upon removal of an Excess Distribution Certificate Paying Agent
such Excess Distribution Certificate Paying Agent shall also return all funds
in its possession to the Trustee.  The provisions
of Sections 7.01, 7.03, 7.04, 7.05, 8.01 and 8.03 shall apply to the Indenture
Trustee also in its role as Excess Distribution Certificate Paying Agent, for
so long as the Indenture Trustee shall act as Excess Distribution Certificate
Paying Agent and, to the extent applicable, to any other paying agent appointed
hereunder.  Any reference in this
Agreement to the Excess Distribution Certificate Paying Agent shall include any
co-paying agent unless the context requires otherwise.

 

(h)                                 Restrictions
on Transfer of the Excess Distribution Certificate.  (i)  The Excess Distribution Certificate
may be transferred to the Depositor or to any Affiliate of the Depositor,
without any requirement to provide any officer’s certificates or legal opinions
that would otherwise be required if such proposed transfer was being made to a
Person who is not an Affiliate of the Depositor.

 

(ii)                                  Except
as provided above, the Excess Distribution Certificate shall not be sold,
pledged, transferred or assigned except as provided below:

 

7

 

A.                                   The
Excess Distribution Certificate has not been registered or qualified under the
Securities Act of 1933, as amended (the “Securities Act”) or any state
securities law.  No transfer, sale, pledge
or other disposition of the Excess Distribution Certificate or any interest
therein shall be made unless such transfer is made pursuant to an effective
registration statement under the Securities Act and effective registration or
qualification under applicable state securities laws, or is made in a
transaction which does not require such registration or qualification.  In the event that a transfer is to be made
without registration or qualification, the Trustee shall require, in order to
assure compliance with such laws, that the prospective transferor and
transferee each certify to the Trustee, the Excess Distribution Certificate
Registrar, the Administrator, and, if it is not the proposed transferor, the
Depositor, in writing, the facts surrounding the transfer.  Such certifications shall be substantially in
the forms of Exhibits C and D-1 or D-2 hereto, respectively.  In the event that such a transfer is to be
made within two years from the date of the initial issuance of the Excess
Distribution Certificate pursuant hereto (other than a transfer as to which the
proposed transferee has provided a certificate in the form of Exhibit D-2),
the Trustee in its sole discretion, may require that there shall also be
delivered to the Trustee, the Excess Distribution Certificate Registrar, the
Administrator, and, if it is not the proposed transferor, the Depositor, at the
expense of the transferor, an opinion of counsel that such transfer may be made
pursuant to an exemption from the Securities Act and such state securities
laws.  Any such opinion of counsel shall
not be an expense of the Trustee, the Excess Distribution Certificate
Registrar, the Administrator, and, if it is not the proposed transferor, the
Depositor.  None of the Depositor, the
Administrator or the Trustee is obligated to register or qualify the Excess
Distribution Certificate under the Securities Act or any other securities law
or to take any action not otherwise required under this Agreement to permit the
transfer of the Excess Distribution Certificate without registration or
qualification.  Any such holder of the
Excess Distribution Certificate desiring to effect such transfer shall, and
does hereby agree to, indemnify the Trustee, the Excess Distribution
Certificate Registrar, the Administrator, and, if it is not the proposed
transferor, the Depositor, against any liability that may result if the
transfer is not so exempt or is made in accordance with such applicable federal
and state laws.

 

B.                                     No
transfer of the Excess Distribution Certificate will be registered by the
Trustee or the Excess Distribution Certificate Registrar unless the Trustee,
the Certificate Registrar, the Administrator, and, if it is not the proposed
transferor, the Depositor receives a representation from the proposed transferee
of the Excess Distribution Certificate, substantially in the form of Exhibit D-1
or D-2, as the case may be, that such transferee is not acquiring the
Excess Distribution Certificate directly or indirectly for, on behalf of or
with the assets of a Plan.  If any
proposed transferee shall become a holder of the Excess Distribution
Certificate in violation of these provisions, then the last preceding permitted
transferee shall be restored, to the extent permitted by law, to all rights as
holder of the Excess Distribution Certificate, retroactive to the date of
registration of such transfer of the Excess Distribution Certificate.  Neither the Trustee nor the Excess
Distribution Certificate Registrar shall have any liability to any person for
any registration or transfer of the Excess Distribution Certificate that is not
permitted or for making any payments due on the Excess Distribution Certificate
to the holder or taking any action with respect to such holder under this
Agreement.  Any proposed

 

8

 

transferee who becomes a
holder of the Excess Distribution Certificate shall agree to indemnify the
Trustee, the Excess Distribution Certificate Registrar, the Swap Counterparties,
the Administrator, and, if it is not the proposed transferor, the Depositor,
against any loss, damage or penalty incurred as a result of the transfer of the
Excess Distribution Certificate to such proposed transferee in violation of
such restrictions.

 

C.                                     The
prospective transferee shall be aware that the Excess Distribution Certificate
shall bear legends referring to the restrictions contained in sub-clauses (A) and
(B) above and by its acceptance of the Excess Distribution Certificate
agrees to abide by such restrictions.

 

D.                                    The
prospective transferee shall deliver an opinion of counsel addressed to the
Trustee, the Swap Counterparties, the Administrator, and, if it is not the
proposed transferor, the Depositor, to the effect that, (1) as a matter of
federal income tax law, such prospective transferee is permitted to accept the
transfer of the Excess Distribution Certificate, (2) such transfer or
pledge would not jeopardize the tax treatment of the Trust, (3) such
transfer or pledge would not subject the Trust to any entity-level tax, (4) such
transfer or pledge would not jeopardize the status of the Notes as debt for all
purposes, and (5) such pledge or transfer would not cause the Trust to be
treated, for federal income tax purposes, as an association or a publicly
traded partnership taxable as a corporation.

 

E.                                      No
pledge or transfer of the Excess Distribution Certificate shall be effective
unless such purchase or transfer is to a single beneficial owner who shall be
the registered holder of the Excess Distribution Certificate.

 

ARTICLE IV

 

ACTIONS BY TRUSTEE

 

Section 4.01.          Prior Notice to the Holder of the Excess Distribution
Certificate With Respect to Certain Matters.  With respect to the following matters, the
Trustee shall not take action unless at least 30 days before the taking of such
action, the Trustee shall have notified the holder of the Excess Distribution
Certificate and each of the Rating Agencies in writing of the proposed action
and the holder shall not have notified the Trustee in writing prior to the 30th
calendar day after such notice is given that it has withheld consent or
provided alternative direction:

 

(a)                                  the
initiation of any material claim or lawsuit by the Trust (except claims or
lawsuits brought in connection with the collection of the Trust Student Loans)
and the compromise of any material action, claim or lawsuit brought by or
against the Trust (except with respect to the aforementioned claims or lawsuits
for collection of Trust Student Loans);

 

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

 

9

 

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

 

(d)                                 the
amendment of a Swap Agreement in circumstances where the consent of any class
of Noteholders is required or in circumstances where the consent of Noteholders
is not required but where such amendment materially adversely affects the
interest of the holder of the Excess Distribution Certificate.

 

Section 4.02.                             Action
with Respect to Sale of the Trust Student Loans.  The Trustee shall not have the power, except
upon the written direction of the Depositor and except as expressly provided in
the Basic Documents, to sell the Trust Student Loans after the payment in full
of the Notes.

 

Section 4.03.                             Action
with Respect to Bankruptcy.  The
Trustee shall not have the power to commence a voluntary proceeding in
bankruptcy relating to the Trust without the prior approval of the Depositor
and the delivery to the Trustee by the Depositor of a certificate certifying
that the Depositor reasonably believes that the Trust is insolvent.

 

Section 4.04.                             Restrictions.  Neither the Depositor nor the holder of the
Excess Distribution Certificate shall direct the Trustee to take or refrain
from taking any action if such action or inaction would be contrary to any
obligation of the Trust or the Trustee under this Agreement or any of the other
Basic Documents or would be contrary to Section 2.03 nor shall the Trustee
be permitted to follow any such direction, if given.

 

ARTICLE V

 

APPLICATION OF
TRUST FUNDS; CERTAIN DUTIES

 

Section 5.01.                             Application of Trust
Funds.

 

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

 

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

 

Section 5.02.                             Method
of Payment.  Distributions required
to be made to the holder of the Excess Distribution Certificate on any
Distribution Date shall be made to the holder of record on the preceding Record
Date either by wire transfer, in immediately available funds, to the account of
such holder at a bank or other entity having appropriate facilities therefor,
if such holder shall have provided to the Excess Distribution Certificate
Registrar appropriate written instructions signed by two authorized officers,
if any, at least five Business Days prior to such Distribution Date, or, if
not, by check mailed to such holder at the address of such holder appearing in
the Excess Distribution Certificate Register.

 

10

 

Section 5.03.                             No
Segregation of Moneys; No Interest. 
Subject to Section 5.01, moneys received by the Trustee hereunder
need not be segregated in any manner except to the extent required by law or
the Administration Agreement and may be deposited under such general conditions
as may be prescribed by law, and the Trustee shall not be liable for any
interest thereon.

 

Section 5.04.                             Reports
to the Holder of the Excess Distribution Certificate, the Internal Revenue
Service and Others.  The Trustee
shall provide (or cause to be provided) any reports or other information
required to be provided to the holder of the Excess Distribution Certificate
pursuant to the Code, the regulations promulgated thereunder or other
applicable law.  In addition, the Trustee
shall provide (or cause to be provided) any information concerning the Excess
Distribution Certificate to the Internal Revenue Service or other taxing
authority as required under the Code, the regulations promulgated thereunder or
other applicable law. The Trustee shall be entitled to hire an independent
accounting firm to perform the functions described in this Section 5.04,
the reasonable fees and expenses of which shall be paid by the Depositor.

 

Section 5.05.                             Signature
on Returns.  The Trustee shall sign
on behalf of the Trust the tax returns of the Trust, unless applicable law
requires a holder of the Excess Distribution Certificate to sign such
documents, in which case such documents shall be signed by the Depositor or the
then holder of the Excess Distribution Certificate.

 

ARTICLE VI

 

AUTHORITY AND DUTIES OF
TRUSTEE

 

Section 6.01.                             General
Authority.  The Trustee is authorized
and directed to execute and deliver the Basic Documents to which the Trust is
to be a party and each certificate or other document attached as an exhibit to
or contemplated by the Basic Documents to which the Trust is to be a party, in
each case, in such form as the Depositor shall approve as evidenced
conclusively by the Trustee’s execution thereof, and, on behalf of the Trust,
to direct the Indenture Trustee to authenticate and deliver Notes in the
aggregate principal amount of $1,650,794,000. 
In addition to the foregoing, the Trustee is authorized to take all
actions required of the Trust pursuant to the Basic Documents.  The Trustee is further authorized from time
to time to take such action as the Administrator directs or instructs with
respect to the Basic Documents and is directed to take such action to the
extent that the Administrator is expressly required pursuant to the Basic
Documents to cause the Trustee to act.

 

Section 6.02.                             General
Duties.  It shall be the duty of the
Trustee to discharge (or cause to be discharged) all its responsibilities
pursuant to the terms of this Agreement, the other Basic Documents to which the
Trust is a party and to administer the Trust in the interest of the Noteholders
and the holder of the Excess Distribution Certificate subject to and in
accordance with the provisions of this Agreement and the other Basic Documents.  Without limiting the foregoing, the Trustee
shall on behalf of the Trust file and prove any claim or claims that may exist
on behalf of the Trust against the Depositor in connection with any claims
paying procedure as part of an insolvency or a receivership proceeding
involving the Depositor.  Notwithstanding
the foregoing, the Trustee shall be deemed to have discharged its duties and

 

11

 

responsibilities hereunder and under the other Basic Documents to the
extent the Administrator has agreed in the Administration Agreement to perform
and act or to discharge any duty of the Trustee hereunder or under any other
Basic Document, and the Trustee shall not be held liable for the default or
failure of the Administrator to carry out its obligations under the
Administration Agreement.  Except as
expressly provided in the Basic Documents, the Trustee shall have no obligation
to administer, service or collect the Trust Student Loans or to maintain,
monitor or otherwise supervise the administration, servicing or collection of
the Trust Student Loans.

 

Section 6.03.                             Action
Upon Instruction.

 

(a)                                  Reserved.

 

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

 

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

 

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

 

12

 

Section 6.04.                             No
Duties Except as Specified in this Agreement or in Instructions.  The Trustee shall not have any duty or
obligation to manage, make any payment with respect to, register, record, sell,
service, dispose of or otherwise deal with the Trust Estate, or to otherwise
take or refrain from taking any action under, or in connection with, any
document contemplated hereby to which the Trustee is a party, except as
expressly provided by the terms of this Agreement or in any document or written
instruction received by the Trustee pursuant to Section 6.03; and no
implied duties or obligations shall be read into this Agreement or any other
Basic Document against the Trustee. The Trustee shall have no responsibility
for filing any financing or continuation statement in any public office at any
time or to otherwise perfect or maintain the perfection of any security
interest or lien granted to it hereunder or to prepare or file any Commission
filing for the Trust or to record this Agreement or any other Basic
Document.  The Trustee nevertheless agrees
that it will, at its own cost and expense, promptly take all action as may be
necessary to discharge any Liens on any part of the Trust Estate that result
from actions by, or claims against, Chase Bank USA, National Association in its
individual capacity or as the Trustee that are not related to the ownership or
the administration of the Trust Estate.

 

Section 6.05.                             No
Action Except under Specified Documents or Instructions.  The Trustee shall not otherwise deal with any
part of the Trust Estate except (i) in accordance with the powers granted
to and the authority conferred upon the Trustee pursuant to this Agreement, (ii) in
accordance with the other Basic Documents to which it is a party and (iii) in
accordance with any document or instruction delivered to the Trustee pursuant
to Section 6.03.

 

Section 6.06.                             Restrictions.  The Trustee shall not take any action (a) that
is inconsistent with the purposes of the Trust set forth in Section 2.03
or (b) that, to the actual knowledge of the Trustee, would result in the
Trust’s becoming taxable as a corporation for Federal income tax purposes.  Neither the Depositor nor the holder of the
Excess Distribution Certificate shall direct the Trustee to take action that
would violate the provisions of this Section.

 

ARTICLE VII

 

CONCERNING THE TRUSTEE

 

Section 7.01.                             Acceptance
of Trusts and Duties.  The Trustee
accepts the trusts hereby created and agrees to perform its duties hereunder
with respect to such trusts but only upon the terms of this Agreement.  The Trustee also agrees to disburse all
moneys actually received by it constituting part of the Trust Estate upon the
terms of this Agreement and the other Basic Documents.  The Trustee shall not be answerable or
accountable hereunder or under any other Basic Document under any
circumstances, except (i) for its own willful misconduct or negligence or (ii) in
the case of the inaccuracy of any representation or warranty contained in Section 7.03
expressly made by the Trustee.  In
particular, but not by way of limitation (and subject to the exceptions set
forth in the preceding sentence):

 

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

 

13

 

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

 

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

 

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

 

(e)                                  the
Trustee shall not be responsible for or in respect of the validity or
sufficiency of this Agreement or for the due execution hereof by the Depositor
or for the form, character, genuineness, sufficiency, value or validity of any
of the Trust Estate or for or in respect of the validity or sufficiency of the
Basic Documents, other than the certificate of authentication on the Excess
Distribution Certificate, and the Trustee shall in no event assume or incur any
liability, duty, or obligation to any Noteholder or the holder of the Excess
Distribution Certificate, other than as expressly provided for herein and in
the other Basic Documents;

 

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

 

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

 

Section 7.02.                             Reserved.

 

Section 7.03.                             Representations
and Warranties.  The Trustee hereby
represents and warrants to the Depositor, for the benefit of the Noteholders
and the holder of the Excess Distribution Certificate, that:

 

14

 

(a)                                  It
is a national banking association duly organized and validly existing in good
standing under the laws of the United States and has its principal office
located within the State of Delaware.  It
has all requisite banking power and authority to execute, deliver and perform
its obligations under this Agreement.

 

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

 

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

 

Section 7.04.                             Reliance;
Advice of Counsel.

 

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

 

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

 

Section 7.05.                             Not
Acting in Individual Capacity. 
Except as provided in this Article VII, in accepting the trusts
hereby created Chase Bank USA, National Association acts solely as Trustee
hereunder and not in its individual capacity and all Persons having any claim
against the Trustee by reason of the transactions contemplated by this
Agreement or any other Basic Document shall look only to the Trust Estate for
payment or satisfaction thereof.

 

15

 

Section 7.06.                             Trustee
Not Liable for Excess Distribution Certificate or Trust Student Loans.  The recitals contained herein and in the
Excess Distribution Certificate (other than the signature of and authentication
by the Trustee on the Excess Distribution Certificate) shall be taken as the
statements of the Depositor and the Trustee assumes no responsibility for the
correctness thereof.  The Trustee makes
no representations as to the validity or sufficiency of this Agreement, the
Excess Distribution Certificate, or any other Basic Document (other than the
signature of and authentication by the Trustee on the Excess Distribution
Certificate), or the Notes, or of any Trust Student Loan or related
documents.  The Trustee shall at no time
have any responsibility for or with respect to the legality, validity and
enforceability of any Trust Student Loan, or for or with respect to the
sufficiency of the Trust Estate or its ability to generate the payments to be
distributed to the holders of the Excess Distribution Certificates under this
Agreement or the Noteholders under the Indenture, including the existence and
contents of any computer or other record of any Trust Student Loan; the validity
of the assignment of any Trust Student Loan to the Trustee on behalf of the
Trust; the completeness of any Trust Student Loan; the performance or
enforcement (except as expressly set forth in any Basic Document) of any Trust
Student Loan; the compliance by the Depositor or the Servicer with any warranty
or representation made under any Basic Document or in any related document or
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 Trustee.

 

Section 7.07.                             Trustee
May Own Notes.  The Trustee in
its individual or any other capacity may become the owner or pledgee of Notes
and may deal with the Depositor, the Administrator, the Indenture Trustee, the
Servicer or the Swap Counterparties in banking transactions with the same
rights as if it were owner of the Notes and not acting as Trustee.

 

ARTICLE VIII

 

COMPENSATION AND
INDEMNITY OF TRUSTEE

 

Section 8.01.                             Trustee’s
Fees and Expenses.  The 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
Trustee, and the Trustee shall be entitled to be reimbursed by the Depositor,
to the extent provided in such separate agreement, for its other reasonable
expenses (including the reasonable fees and expenses of counsel and independent
accountants) hereunder.

 

Section 8.02.                             Payments
to the Trustee.  Any amounts paid to
the Trustee pursuant to Section 8.01 hereof or pursuant to Section 9.01
of the Depositor Sale Agreement, Section 4.02 of the Administration
Agreement or Section 4.02 of the Servicing Agreement shall be deemed not
to be a part of the Trust Estate immediately after such payment.

 

Section 8.03.                             Indemnity.  The Depositor shall cause the Administrator
to indemnify the Trustee in its individual capacity and any of its officer,
directors, employees and agents as and to the extent provided for in Section 4.02
of the Administration Agreement.

 

16

 

ARTICLE IX

 

TERMINATION OF TRUST
AGREEMENT

 

Section 9.01.                             Termination
of Trust Agreement.

 

(a)                                  This
Agreement (other than Article VIII) and the Trust shall terminate and be
of no further force or effect upon the final distribution by the Trustee of all
moneys or other property or proceeds of the Trust Estate in accordance with the
terms of the Indenture, the Administration Agreement and Article V hereof
and (2) the filing of the certificate of cancellation by the Trustee
pursuant to Section 9.01(b) below of this Agreement.  The bankruptcy, liquidation, dissolution,
death or incapacity of any holder of an Excess Distribution Certificate, shall
not (x) operate to terminate this Agreement or the Trust, nor (y) entitle such
holder’s legal representatives or heirs to claim an accounting or to take any
action or proceeding in any court for a partition or winding up of all or any
part of the Trust or Trust Estate nor (z) otherwise affect the rights, obligations
and liabilities of the parties hereto.

 

(b)                                 Except
as provided in Section 9.01(a), none of the Depositor, any Noteholder or any
holder of an Excess Distribution Certificate shall be entitled to revoke or
terminate the Trust.

 

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

 

ARTICLE X

 

SUCCESSOR TRUSTEES AND

ADDITIONAL TRUSTEES

 

Section 10.01.                       Eligibility
Requirements for Trustee.  The
Trustee shall at all times (i) be an entity having its principal place of
business in the State of Delaware and otherwise complying with Section 3807
of the Delaware Statutory Trust Act, (ii) be authorized to exercise
statutory trust powers, (iii) have a combined capital and surplus of at
least $50,000,000 and subject to supervision or examination by Federal or state
authorities and (iv) have (or have a parent which has) a rating in respect
of its long-term senior unsecured debt of at least BBB- (or the equivalent) by
each of the Rating Agencies (or which, if the long-term senior unsecured debt
of such entity is not rated by any Rating Agency, shall have provided to the
Indenture Trustee written confirmation from such Rating Agency that the
appointment of such entity to serve as Trustee will not result in and of itself
in a reduction or withdrawal of the then current rating of any of the
Notes).  If the Trustee shall publish
reports of condition at least annually, pursuant to law or to the requirements
of the aforesaid supervising or examining authority, then for the purpose of
this Section, the combined capital and surplus of the Trustee shall be deemed
to be its combined capital and surplus as set forth in its most recent report
of condition so published.  In case at
any time the Trustee shall cease to be eligible in accordance with the
provisions of this Section, the Trustee shall resign immediately in the manner
and with the effect specified in Section 10.02.

 

17

 

Section 10.02.                       Resignation
or Removal of Trustee.  The Trustee
may at any time resign and be discharged from the trusts hereby created by
giving written notice thereof to the Administrator.  Upon receiving such notice of resignation,
the Administrator shall promptly appoint a successor Trustee meeting the
eligibility requirements of Section 10.01 by written instrument, in
duplicate, one copy of which instrument shall be delivered to the resigning
Trustee and one copy to the successor Trustee. 
If no successor Trustee shall have been so appointed and have accepted
appointment within 30 days after the giving of such notice of resignation, the
resigning Trustee may petition any court of competent jurisdiction for the
appointment of a successor 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 Trustee from any obligations otherwise
imposed on it under the Basic Documents until such successor has in fact
assumed such appointment.

 

If at any time the Trustee shall cease to be or shall
be likely to cease to be eligible in accordance with the provisions of Section 10.01
and shall fail to resign after written request therefor by the Administrator,
or if at any time an Insolvency Event with respect to the Trustee shall have
occurred and be continuing, then the Administrator may remove the Trustee.  If the Administrator shall remove the Trustee
under the authority of the immediately preceding sentence, the Administrator
shall promptly appoint a successor Trustee by written instrument, in duplicate,
one copy of which instrument shall be delivered to the outgoing Trustee so
removed and one copy to the successor Trustee and payment of all fees owed to
the outgoing Trustee.

 

Any resignation or removal of the Trustee and
appointment of a successor Trustee pursuant to any of the provisions of this Section shall
not become effective until acceptance of appointment by the successor Trustee
pursuant to Section 10.03, payment of all fees and expenses owed to the
outgoing Trustee and the filing of a certificate of amendment to the Trust’s
certificate of trust pursuant to Section 3810(b) of the Delaware
Statutory Trust Act.  The Administrator
shall provide notice of such resignation or removal of the Trustee and to each
of the Rating Agencies.

 

Section 10.03.                       Successor
Trustee.  Any successor Trustee
appointed pursuant to Section 10.02 shall execute, acknowledge and deliver
to the Administrator and to its predecessor Trustee an instrument accepting
such appointment under this Agreement, and thereupon the resignation or removal
of the predecessor Trustee shall become effective and such successor 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 Trustee.  The predecessor Trustee shall upon payment of
its fees and expenses deliver to the successor Trustee all documents,
statements, moneys and properties held by it under this Agreement; and the
Administrator and the predecessor 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 Trustee all such rights,
powers, duties and obligations.

 

No successor Trustee shall accept such appointment as
provided in this Section unless at the time of such acceptance such successor
Trustee shall be eligible pursuant to Section 10.01.

 

18

 

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

 

Section 10.04.                       Merger
or Consolidation of Trustee.  Any
corporation into which the Trustee may be merged or converted or with which it
may be consolidated, or any corporation resulting from any merger, conversion
or consolidation to which the Trustee shall be a party, or any corporation
succeeding to all or substantially all the corporate trust business of the
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 Trustee hereunder; provided,
that such corporation shall be eligible pursuant to Section 10.01; and provided,
further, that the Trustee shall mail notice of such merger or
consolidation to the Rating Agencies not less than 15 days prior to the
effective date thereof and shall file an amendment to the Certificate of Trust
as required under the Delaware Statutory Trust Act.

 

Section 10.05.                       Appointment
of Co-Trustee or Separate Trustee. 
Notwithstanding any other provisions of this Agreement, at any time, for
the purpose of meeting any legal requirements of any jurisdiction in which any
part of the Trust may at the time be located, the Administrator and the Trustee
acting jointly shall have the power and shall execute and deliver all
instruments to appoint one or more Persons approved by the Trustee, meeting the
eligibility requirements of clauses (i) through (iii) of Section 10.01,
to act as co-trustee, jointly with the Trustee, or separate trustee or separate
trustees, of all or any part of the Trust Estate, and to vest in such Person,
in such capacity, such title to the Trust Estate, or any part thereof, and,
subject to the other provisions of this Section, such powers, duties,
obligations, rights and trusts as the Administrator and the Trustee may
consider necessary or desirable.  If the
Administrator shall not have joined in such appointment within 15 days after
the receipt by it of a request so to do, the Trustee alone shall have the power
to make such appointment.  No co-trustee
or separate trustee under this Agreement shall be required to meet the terms of
eligibility as a successor trustee pursuant to clauses (iv), (v) and (vi) of
Section 10.01 and no notice of the appointment of any co-trustee or
separate trustee shall be required pursuant to Section 10.03.

 

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

 

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

 

19

 

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

 

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

 

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

 

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

 

ARTICLE XI

 

MISCELLANEOUS

 

Section 11.01.                       Supplements
and Amendments.  This Agreement may
be amended by the Depositor and the Trustee, with prior written notice to the
Rating Agencies, without the consent of any of the Noteholders or the Swap
Counterparties, to cure any ambiguity, to correct or supplement any provisions
in this Agreement or for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions in this Agreement or modifying
in any manner the rights of the Noteholders or the Swap Counterparties; provided,
however, that such action shall not, as evidenced by an Opinion of
Counsel, adversely affect in any material respect the interests of any
Noteholder or the Swap Counterparties.

 

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

 

20

 

This Agreement may also be amended from time to time
by the Depositor and the Trustee, with prior written notice to the Rating
Agencies, with the consent of the Swap Counterparties for the purpose of adding
any provisions to, changing in any manner, or eliminating any of the provisions
of this Agreement or modifying in any manner the rights of the Swap Counterparties,
if in the Opinion of Counsel such amendment materially adversely affects the
interests of the Swap Counterparties.

 

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

 

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

 

Prior to the execution of any amendment to this
Agreement, the 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 and an Officer’s Certificate from the Depositor that all
conditions precedent to the execution of such amendment have been met or
otherwise satisfied.  The Trustee may,
but shall not be obligated to, enter into any such amendment which affects the
Trustee’s own rights, duties or immunities under this Agreement or otherwise.

 

Section 11.02.                       No
Legal Title to Trust Estate in Holder of the Excess Distribution Certificate.  The holder of the Excess Distribution
Certificate shall not have legal title to any part of the Trust Estate. The
holder of the Excess Distribution Certificate shall be entitled to receive
distributions with respect to its undivided beneficial ownership interest
therein only in accordance with Section 3.03 of this Agreement.  No transfer, by operation of law or
otherwise, of any right, title, or interest of the holder of the Excess
Distribution Certificate to and in its beneficial ownership interest in the
Trust Estate shall operate to terminate this Agreement or the trusts hereunder
or entitle any transferee to an accounting or to the transfer to it of legal
title to any part of the Trust Estate.

 

Section 11.03.                       Limitations
on Rights of Others.  Except for Section 2.07,
the provisions of this Agreement are solely for the benefit of the Trustee, the
Depositor, the holder of the Excess Distribution Certificate, the Administrator
and, to the extent expressly provided herein, the Indenture Trustee, the
Noteholders and the Swap Counterparties, and nothing in this Agreement (other
than Section 2.07), whether express or implied, shall be construed to give
to any other Person any legal or equitable right, remedy or claim in the Trust
Estate or under or in respect of this Agreement or any covenants, conditions or
provisions contained herein.

 

Section 11.04.                       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

 

21

 

(except that notice to the Trustee shall be deemed given only upon
actual receipt by the Trustee), if to the Trustee, addressed to its Corporate
Trust Office; if to the Depositor, addressed to SLM Education Credit Funding
LLC, 20 Hemingway Drive, East Providence, Rhode Island 02915, or, as to each
party, at such other address as shall be designated by such party in a written
notice to each other party.

 

Section 11.05.                       Severability.  Any provision of this Agreement that is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

 

Section 11.06.                       Separate
Counterparts.  This Agreement may be
executed by the parties hereto in separate counterparts, each of which when so
executed and delivered shall be an original, but all such counterparts shall
together constitute but one and the same instrument.

 

Section 11.07.                       Successors
and Assigns.  All covenants and
agreements contained herein shall be binding upon to the benefit of, the Depositor
and its successors, the Trustee and its successors, each holder of the Excess
Distribution Certificate and its successors and permitted assigns, all as
herein provided.  Any request, notice,
direction, consent, waiver or other instrument or action by a Noteholder or the
holder of an Excess Distribution Certificate shall bind the successors and
assigns of such holder.

 

Section 11.08.                       No
Petition.

 

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

 

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

 

Section 11.09.                       No
Recourse.  Each holder of the Excess Distribution
Certificate by accepting the Excess Distribution Certificate acknowledges that
such holder’s certificate represents beneficial interests in the Trust only and
do not represent interests in or obligations of the Depositor, the Servicer,
the Administrator, the Trustee, the Indenture Trustee, the Swap Counterparties
or any Affiliate thereof or any officer, director or employee of any thereof
and no recourse may be had against such parties or their assets, except as may
be expressly set forth or

 

22

 

contemplated in this Agreement, the Excess Distribution Certificate or
the other Basic Documents.

 

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

 

SECTION 11.11.           GOVERNING
LAW.  THIS AGREEMENT SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE,
WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS,
RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE
WITH SUCH LAWS.

 

23

 

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

 

	
   

  	
  CHASE BANK USA,

  NATIONAL ASSOCIATION,

  not in its individual capacity but solely as

  Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /S/ JOHN J. CASHIN

  	
   

  
	
   

  	
   

  	
  Name:

  	
  John J. Cashin

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  SLM EDUCATION CREDIT FUNDING LLC,

  as Depositor

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /S/ JOHN J. CASHIN

  	
   

  
	
   

  	
   

  	
  Name:

  	
  John J. Cashin

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
  Acknowledged and agreed as to

  	
   

  
	
  Section 3.03(c) and Section 3.03(g)

  	
   

  
	
  of this Amended and Restated Trust Agreement:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  JPMORGAN CHASE BANK, NATIONAL

  ASSOCIATION

  not in its individual capacity but solely

  as the Indenture Trustee, acting as the Excess

  Distribution Certificate Paying Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /S/ DANIEL C. BROWN JR.

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Daniel C. Brown Jr.

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
					

 

 

24

 

EXHIBIT A

TO THE
TRUST AGREEMENT

 

[FORM OF
EXCESS DISTRIBUTION CERTIFICATE]

SEE REVERSE FOR CERTAIN DEFINITIONS

 

[PLEASE
SEE ATTACHED]

 

1

 

EXHIBIT B

 

FORM OF

 

CERTIFICATE
OF TRUST

OF

SLM PRIVATE CREDIT STUDENT LOAN

TRUST 2005-A

 

This Certificate of Trust of SLM PRIVATE CREDIT
STUDENT LOAN TRUST 2005-A (the “Trust”) is being duly executed and filed
on behalf of the Trust by the undersigned, as trustee, to form a statutory
trust under the Delaware Statutory Trust Act (12 Del. C. § 3801 et seq.)
(the “Act”).

 

1.                                       Name.  The name of the statutory
trust formed by this Certificate of Trust is SLM PRIVATE CREDIT STUDENT LOAN
TRUST 2005-A.

 

2.                                       Delaware Trustee.  The name and business address of the trustee
of the Trust in the State of Delaware are the Chase Bank USA, National
Association, c/o JPMorgan Chase Bank, National Association, 500 Stanton
Christiana Road, Christiana Center/OPS4/3rd Floor, Newark, Delaware
19713.  Attn:  Institutional Trust Services.

 

3.                                       Effective Date.  This Certificate of Trust shall be effective
upon filing.

 

IN WITNESS WHEREOF, the undersigned has duly executed
this Certificate of Trust in accordance with Section 3811(a)(1) of
the Act.

 

	
   

  	
  CHASE BANK USA,

  
	
   

  	
  NATIONAL ASSOCIATION, not in its

  
	
   

  	
  individual capacity but solely as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

1

 

EXHIBIT C

[FORM OF TRANSFEROR LETTER]

 

[Date]

 

Sallie
Mae, Inc.

as Administrator

12061 Bluemont Way

Reston, Virginia 20190

 

Chase
Bank USA, National Association

as Trustee and Excess Distribution Certificate Registrar

Christiana Center/OPS4

500 Stanton Christiana Road

Newark, Delaware 19713

 

	
  Re:

  	
  SLM Private Credit Student Loan Trust 2005-A,

  
	
   

  	
  Excess Distribution Certificate (the “Certificate”)

  

 

Ladies
and Gentlemen:

 

In connection with our disposition of the above
Certificate, we certify that (a) we understand that the Certificate has
not been registered under the Securities Act of 1933, as amended (the “Securities
Act”), and is being disposed by us in a transaction that is exempt from the
registration requirements of the Securities Act, and (b) we have not
offered or sold the Certificate to, or solicited offers to buy the Certificate
from, any person, or otherwise approached or negotiated with any person with
respect thereto, in a manner that would be deemed, or taken any other action
would result in, a violation of Section 5 of the Securities Act.

 

 

	
  Very truly yours,

  
	
   

  
	
   

  	
   

  
	
  [Print Name of Transferor]

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Authorized Officer

  	
   

  

 

1

 

EXHIBIT D-1

[FORM OF TRANSFEREE LETTER (NON-RULE 144A)]

 

[Date]

 

Sallie
Mae, Inc.

as Administrator

12061 Bluemont Way

Reston, Virginia 20190

 

Chase
Bank USA, National Association

as Trustee and Excess Distribution Certificate Registrar

Christiana Center/OPS4

500 Stanton Christiana Road

Newark, Delaware 19713

 

	
  Re:

  	
  SLM Private Credit Student Loan Trust 2005-A,

  
	
   

  	
  Excess Distribution Certificate (the “Certificate”)

  

 

Ladies
and Gentlemen:

 

In connection with our acquisition of the above
Certificate, we certify that (a) we understand that the Certificate is not
being registered under the Securities Act of 1933, as amended (the “Securities
Act”), or any state securities laws and is being transferred to us in a
transaction that is exempt from the registration requirements of the Securities
Act and any such laws, (b) we are an institutional “accredited investor,”
as defined in Rule 501 (a) (1), (2), (3) or (7) of
Regulation D under the Securities Act or an entity in which all of the equity
owners come within such paragraphs, and have such knowledge and experience in
financial and business matters that we are capable of evaluating the merits and
risks of investments in the Certificate, (c) we have had the opportunity
to ask questions of and receive answers from the Depositor concerning the
purchase of the Certificate and all matters relating thereto or any additional
information deemed necessary to our decision to purchase the Certificate, (d) we
are not acquiring the Certificate for, by or for the account of (i) any
Benefit Plan subject to Title I of ERISA and/or Section 4975 of the Code,
if such acquisition, or the management or servicing of the Trust or its assets,
would cause a non-exempt prohibited transaction in violation of Section 406
of ERISA and/or Section 4975 of the Code, (ii) any Benefit Plan
subject to a substantially similar federal, state, local or foreign law, if
such acquisition would cause a non-exempt violation of such substantially
similar law, (iii) any person who is not a United States person within the
meaning of Section 7701(a)(30) of the Code, or (iv) any “pass-thru
entity” referred to in Section 1(h)(10)(D), (E) or (F) of the
Code, the income of which pass-thru entity is includible directly or indirectly
through one or more other such pass-thru entities by any person referred to in
clause (iii) above, (e) we are acquiring the Certificate for
investment for our own account and not with a view to any distribution of the
Certificate (but without prejudice to our right at all times to sell or
otherwise dispose of the Certificate in accordance with clause (g) below),
(f) we have not offered or sold the Certificate to, or solicited offers to
buy the Certificate from, any

 

1

 

person, or otherwise approached or negotiated with any
person with respect thereto, or taken any other action which would result in a
violation of Section 5 of the Securities Act, and (g) we will not
sell, transfer or otherwise dispose of the Certificate unless (1) such
sale, transfer or other disposition is made pursuant to an effective
registration statement under the Securities Act or is exempt from such
registration requirements, and if requested, we will at our expense provide an
opinion of counsel satisfactory to the addressees of this Letter that such
sale, transfer or other disposition may be made pursuant to an exemption from
the Securities Act, (2) the purchaser or transferee of such Certificate
has executed and delivered to you a certificate to substantially the same
effect as this certificate and (3) the purchaser or transferee has
otherwise complied with any conditions for transfer set forth in the Trust
Agreement relating to the Certificate.

 

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 to the Amended and Restated Trust Agreement dated as
of April 28, 2005, among SLM Education Credit Funding LLC, as the
Depositor, Chase Bank USA, National Association, not in its individual
capacity, but solely as the Trustee, and JPMorgan Chase Bank, National
Association, not in its individual capacity, but solely as the Indenture
Trustee, acting as the Excess Distribution Certificate Paying Agent.

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  [Print Name of Transferee]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized Officer

  	
   

  

 

2

 

EXHIBIT D-2

[FORM OF TRANSFEREE LETTER (RULE 144A)]

 

[Date]

 

Sallie
Mae, Inc.

as Administrator

12061 Bluemont Way

Reston, Virginia 20190

 

Chase
Bank USA, National Association

as Trustee and Excess Distribution Certificate Registrar

Christiana Center/OPS4

500 Stanton Christiana Road

Newark,
Delaware 19713

 

	
  Re:

  	
  SLM Private Credit Student Loan Trust 2005-A,

  
	
   

  	
  Excess Distribution Certificate (the “Certificate”)

  

 

Ladies
and Gentlemen:

 

In connection with our acquisition of the above
Certificate, we certify that (a) we understand that the Certificate is not
being registered under the Securities Act of 1933, as amended (the “Securities
Act”), or any state securities laws and are being transferred to us in a
transaction that is exempt from the registration requirements of the Securities
Act and any such laws, (b) we have such knowledge and experience in
financial and business matters that we are capable of evaluating the merits and
risks of investments in the Certificate, (c) we have had the opportunity
to ask questions of and receive answers from the Depositor concerning the
purchase of the Certificate and all matters relating thereto or any additional
information deemed necessary to our decision to purchase the Certificate, (d) we
are not acquiring the Certificate by or for the account of (i) any Benefit
Plan subject to Title I of ERISA and/or Section 4975 of the Code, if such
acquisition, or the management or servicing of the Trust or its assets, would
cause a non-exempt prohibited transaction in violation of Section 406 of
ERISA and/or Section 4975 of the Code, (ii) any Benefit Plan subject
to a substantially similar federal, state, local or foreign law, if such
acquisition would cause a non-exempt violation of such substantially similar
law, (iii) any person who is not a United States person within the meaning
of Section 7701(a)(30) of the Code, or (iv) any “pass-thru entity”
referred to in Section 1(h)(10)(D), (E) or (F) of the Code, the
income of which pass-thru entity is includible directly or indirectly through
one or more other such pass-thru entities by any person referred to in clause (iii) above,
(e) we have not, nor has anyone acting on our behalf offered, transferred,
pledged, sold or otherwise disposed of the Certificate, any interest in the
Certificate or any other similar security to, or solicited any offer to buy or
accept a transfer, pledge or other disposition of the Certificate, any interest
in the Certificate or any other similar security from, or otherwise approached
or negotiated with respect to the Certificate, any interest in the Certificate
or any other similar security with, any person in any manner, or made any
general solicitation by means of general advertising or in any other

 

1

 

manner, or taken any other action, that would
constitute a distribution of the Certificate under the Securities Act or that
would render the disposition of the Certificate a violation of Section 5
of the Securities Act or require registration pursuant thereto, nor will act,
nor has authorized or will authorize any person to act, in such manner with
respect to the Certificate, (f) we are a “qualified institutional buyer”
as that term is defined in Rule 144A under the Securities Act (“Rule 144A”)
and have completed either of the forms of certification to that effect attached
hereto as Annex 1 or Annex 2.  We are
aware that the sale to us is being made in reliance on Rule 144A.  We are acquiring the Certificate for our own
account or for resale pursuant to Rule 144A and further understand that
the Certificate may be resold, pledged or transferred only (1) to a person
reasonably believed to be a qualified institutional buyer that purchases for
its own account or for the account of a qualified institutional buyer to whom
notice is given that the resale, pledge or transfer is being made in reliance
on Rule 144A, or (ii) pursuant to another exemption from registration
under the Securities Act.

 

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 to the Amended and Restated Trust Agreement dated as
of April 28, 2005, among SLM Education Credit Funding LLC, as the
Depositor, Chase Bank USA, National Association, not in its individual
capacity, but solely as the Trustee, and JPMorgan Chase Bank, National
Association, not in its individual capacity, but solely as the Indenture
Trustee, acting as the Excess Distribution Certificate Paying Agent.

 

	
   

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  [Print Name of Transferee]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized Officer

  	
   

  

 

2

 

ANNEX 1

QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

 

[For Transferees Other Than Registered
Investment Companies]

 

The undersigned (the “Buyer”) hereby certifies as
follows to the parties listed in the Rule 144A Transferee Letter to which
this certification relates with respect to the Certificate described therein:

 

1.                                       As
indicated below, the undersigned is the President, Chief Financial Officer,
Senior Vice President or other executive officer of the Buyer.

 

2.                                       In
connection with purchases by the Buyer, the Buyer is a “qualified institutional
buyer” as that term is defined in Rule 144A under the Securities Act of
1933, as amended (“Rule 144A”) because (i) the Buyer owned and/or
invested on a discretionary basis $                        (1) in
securities (except for the excluded securities referred to below) as of the end
of the Buyer’s most recent fiscal year (such amount being calculated in
accordance with Rule 144A) and (ii) the Buyer satisfies the criteria
in the category marked below.

 

•                                          Corporation,
etc.  The Buyer is a corporation
(other than a bank, savings and loan association or similar institution),
Massachusetts or similar business trust, partnership, or charitable
organization described in Section 501 (c) (3) of the Internal
Revenue Code of 1986, as amended.

 

•                                          Bank.  The Buyer (a) is a national bank or
banking institution organized under the laws of any State, territory or the
District of Columbia, the business of which is substantially confined to
banking and is supervised by the State or territorial banking commission or
similar official or is a foreign bank or equivalent institution, and (b) has
an audited net worth of at least $25,000,000 as demonstrated in its latest
annual financial statements, a copy of which is attached hereto.

 

•                                          Savings
and Loan.  The Buyer (a) is a
savings and loan association, building and loan association, cooperative bank,
homestead association or similar institution, which is supervised and examined
by a State or Federal authority having supervision over any such institutions
or is a foreign savings and loan association or equivalent institution and (b) has
an audited net worth of at least $25,000,000 as demonstrated in its latest
annual financial statements, a copy of which is attached hereto.

(1)                                  Buyer
must own and/or invest on a discretionary basis at least $100,000,000 in
securities unless Buyer is a dealer, and, in that case, Buyer must own and/or
invest on a discretionary basis at least $10,000,000 in securities.

 

1

 

•                                          Broker-dealer.  The Buyer is a dealer registered pursuant to Section 15
of the Securities Exchange Act of 1934.

 

•                                          Insurance
Company.  The Buyer is an insurance
company whose primary and predominant business activity is the writing of
insurance or the reinsuring of risks underwritten by insurance companies and
which is subject to supervision by the insurance commissioner or a similar
official or agency of a State, territory or the District of Columbia.

 

•                                          State or
Local Plan.  The Buyer is a plan
established and maintained by a State, its political subdivisions, or any
agency or instrumentality of the State or its political subdivisions, for the
benefit of its employees.

 

•                                          ERISA Plan.  The Buyer is an employee benefit plan within
the meaning of Title I of the Employee Retirement Income Security Act of 1974.

 

•                                          Investment
Advisor.  The Buyer is an investment
advisor registered under the Investment Advisors Act of 1940.

 

•                                          Small
Business Investment Company.  The
Buyer is a small business investment company licensed by the U.S. Small
Business Administration under Section 301(c) or (d) of the Small
Business Investment Act of 1958.

 

•                                          Business
Development Company.  The Buyer is a
business development company as defined in Section 202(a)(22) of the
Investment Advisors Act of 1940.

 

•                                          Qualified
Institutional Buyers.  The Buyer
owned and/or invested on a discretionary basis less than $100,000,000, but it
is an entity in which all of the equity owners are qualified institutional
buyers.

 

3.                                       The
term “securities” as used herein does not include (i) securities
of issuers that are affiliated with the Buyer, (ii) securities that are
part of an unsold allotment to or subscription by the Buyer, if the Buyer is a
dealer, (iii) securities issued or guaranteed by the U.S. or any
instrumentality thereof, (iv) bank deposit notes and certificates of
deposit, (v) loan participations, (vi) repurchase agreements, (vii) securities
owned but subject to a repurchase agreement and (viii) currency, interest
rate and commodity swaps.

 

4.                                       For
purposes of determining the aggregate amount of securities owned and/or invested
on a discretionary basis by the Buyer, the Buyer used the cost of such
securities to the Buyer and did not include any of the securities referred to
in the preceding paragraph, except (i) where the Buyer reports its
securities holdings in its financial statements on the basis of their market
value, and (ii) no current information with respect to the cost of those
securities has been published.  If clause
(ii) in the preceding sentence applies, the securities may be valued at
market.  Further, in determining such
aggregate amount, the Buyer may have included securities owned by subsidiaries
of the Buyer, but only if such

 

2

 

subsidiaries are
consolidated with the Buyer in its financial statements prepared in accordance
with generally accepted accounting principles and if the investments of such
subsidiaries are managed under the Buyer’s direction.  However, such securities were not included if
the Buyer is a majority-owned, consolidated subsidiary of another enterprise
and the Buyer is not itself a reporting company under the Securities Exchange
Act of 1934, as amended.

 

5.                                       The
Buyer acknowledges that it is familiar with Rule 144A and understands that
the seller to it and other parties related to the Certificate are relying and
will continue to rely on the statements made herein because one or more sales
to the Buyer may be in reliance on Rule 144A.

 

6.                                       Until
the date of purchase of the Rule 144A Securities, the Buyer will notify
each of the parties to which this certification is made of any changes in the
information and conclusions herein. 
Until such notice is given, the Buyer’s purchase of the Certificate will
constitute a reaffirmation of this certification as of the date of such
purchase.  In addition, if the Buyer is a
bank or savings and loan is provided above, the Buyer agrees that it will
furnish to such parties updated annual financial statements promptly after they
become available.

 

 

	
   

  	
   

  
	
  [Print Name of Transferee]

  
	
   

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  
	
   

  
	
  Date:

  	
   

  	
   

  
				

 

3

 

ANNEX 2

QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

 

[For Transferees That are Registered
Investment Companies]

 

The undersigned (the “Buyer”) hereby certifies as
follows to the parties listed in the Rule 144A Transferee Letter to which
this certification relates with respect to the Certificate described therein:

 

1.                                       As
indicated below, the undersigned is the President, Chief Financial Officer or
Senior Vice President of the Buyer or, if the Buyer is a “qualified
institutional buyer” as that term is defined in Rule 144A under the
Securities Act of 1933, as amended (“Rule 144A”) because Buyer is part of
a Family of Investment Companies (as defined below), is such an officer of the
Adviser.

 

2.                                       In
connection with purchases by Buyer, the Buyer is a “qualified institutional
buyer” as defined in SEC Rule 144A because (i) the Buyer is an
investment company registered under the Investment Company Act of 1940, as
amended and (ii) as marked below, the Buyer alone, or the Buyer’s Family
of Investment Companies, owned at least $100,000,000 in securities (other than
the excluded securities referred to below) as of the end of the Buyer’s most
recent fiscal year.  For purposes of
determining the amount of securities owned by the Buyer or the Buyer’s Family
of Investment Companies, the cost of such securities was used, except (i) where
the Buyer or the Buyer’s Family of Investment Companies reports its securities
holdings in its financial statements on the basis of their market value, and (ii) no
current information with respect to the cost of those securities has been
published.  If clause (ii) in the
preceding sentence applies, the securities may be valued at market.

 

•                                          The Buyer
owned $                            
in securities (other than the excluded securities referred to below) as of the
end of the Buyer’s most recent fiscal year (such amount being calculated in
accordance with Rule 144A).

 

•                                          The Buyer is
part of a Family of Investment Companies which owned in the aggregate $                          
in securities (other than the excluded securities referred to below) as of the
end of the Buyer’s most recent fiscal year (such amount being calculated in
accordance with Rule 144A).

 

3.                                       The
term “Family of Investment Companies” as used herein means two or more
registered investment companies (or series thereof) that have the same
investment adviser or investment advisers that are affiliated (by virtue of
being majority owned subsidiaries of the same parent or because one investment
adviser is a majority owned subsidiary of the other).

 

1

 

4.                                       The
term “securities” as used herein does not include (i) securities of
issuers that are affiliated with the Buyer or are part of the Buyer’s Family of
Investment Companies, (ii) securities issued or guaranteed by the U.S. or
any instrumentality thereof, (iii) bank deposit notes and certificates of
deposit, (iv) loan participations, (v) repurchase agreements, (vi) securities
owned but subject to a repurchase agreement and (vii) currency, interest
rate and commodity swaps.

 

5.                                       The
Buyer is familiar with Rule 144A and understands that the parties listed
in the Rule 144A Transferee Letter to which this certification relates are
relying and will continue to rely on the statements made herein because one or
more sales to the Buyer will be in reliance on Rule 144A.  In addition, the Buyer will only purchase for
the Buyer’s own account.

 

6.                                       Until
the date of purchase of the Certificate, the undersigned will notify the
parties listed in the Rule 144A Transferee Letter to which this
certification relates of any changes in the information and conclusions
herein.  Until such notice is given, the
Buyer’s purchase of the Certificate will constitute a reaffirmation of this
certification by the undersigned as of the date of such purchase.

 

 

	
   

  	
   

  	
   

  
	
   

  	
  Print Name of Buyer or Adviser

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  [IF AN ADVISER:]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Print Name of Buyer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Date:

  	
   

  	
   

  
						

 

2

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