SLM CORP
EX-10.34
<DOCUMENT>
<TYPE>EX-10.34
<SEQUENCE>6
<FILENAME>w56852exv10w34.htm
<DESCRIPTION>EX-10.34
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<TITLE>exv10w34</TITLE>
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><U><B><I>EXHIBIT 10.34</I></B></U>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXECUTION COPY</B><BR>
<BR>

</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">NOTE PURCHASE AND SECURITY AGREEMENT
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">by and among

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">BLUEMONT FUNDING I,<BR>
as the Trust,

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">THE CONDUIT LENDERS PARTY HERETO,<BR>
as Conduit Lenders,

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">CERTAIN FINANCIAL INSTITUTIONS PARTIES HERETO,<BR>
as Alternate Lenders,

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">CERTAIN FINANCIAL INSTITUTIONS PARTIES HERETO,<BR>
as LIBOR Lenders,

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">CERTAIN FINANCIAL INSTITUTIONS PARTIES HERETO,<BR>
as Managing Agents,

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">BANK OF AMERICA, N.A.,<BR>
as Administrative Agent,

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">JPMORGAN CHASE BANK, N.A.,<BR>
as Syndication Agent,

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">BANC OF AMERICA SECURITIES LLC and<BR>
J.P. MORGAN SECURITIES INC.,<BR>
as Lead Arrangers,<BR><BR style="font-size: 6pt">

BARCLAYS BANK PLC,<BR>
THE ROYAL BANK OF SCOTLAND PLC, and<BR>
DEUTSCHE BANK SECURITIES INC.,<BR>
as Co-Lead Arrangers,

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">CREDIT SUISSE, NEW YORK BRANCH,<BR>
as Arranger,

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">THE BANK OF NEW YORK TRUST COMPANY, N.A.,<BR>
as Eligible Lender Trustee,

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">and

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">SALLIE MAE, INC.,<BR>
as Administrator

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">February&nbsp;29, 2008

</DIV>

 <DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt">TABLE OF CONTENTS
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">ARTICLE I.

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">DEFINITIONS

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
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<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1.01. Certain Defined Terms</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1.02. Other Terms</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1.03. Computation of Time Periods</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1.04. Calculation of Yield Rate and Certain Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;1.05. Time References</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">ARTICLE II.<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">THE FACILITY<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;2.01. Issuance and Purchase of Notes; Making of Advances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;2.02. The Initial Advance and Subsequent Advances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;2.03. Reduction, Termination or Increase of the Maximum Financing Amount and
Prepayment of the Notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;2.04. The Accounts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;2.05. Transfers from Collection Account</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;2.06. Capitalized Interest Account and Reserve Account</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;2.07. Transfers from the Capitalized Interest Account and Reserve Account</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;2.08. Management of Trust Accounts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;2.09. &#091;RESERVED&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;2.10. Grant of a Security Interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;2.11. Evidence of Debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;2.12. Payments by the Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;2.13. Payment of Stamp Taxes, Etc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;2.14. Sharing of Payments, Etc</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;2.15. Yield Protection</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;2.16. Extension of Scheduled Maturity Date</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;2.17. Servicer Advances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;2.18. Release and Transfer of Pledged Collateral</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;2.19. Effect of Release</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67</TD>
    <TD>&nbsp;</TD>
</TR>
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</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->i<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>&#091;</B>SLM Bluemont Note Purchase Agreement<B>&#093;</B>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;2.20. Taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;2.21. Replacement or Repayment of Facility Group</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;2.22. Notice of Amendments to Program Support Agreements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;2.23. Lender Holding Account</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;2.24. Deliveries by Administrative Agent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;2.25. Mark-to-Market Valuation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;2.26. Inability to Determine Rates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;2.27. Calculation of Monthly Yield</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">ARTICLE III.<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">THE NOTES<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;3.01. Form of Notes Generally</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;3.02. Securities Legend</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;3.03. Priority</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;3.04. Execution and Dating</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;3.05. Registration, Registration of Transfer and Exchange, Transfer Restrictions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;3.06. Mutilated, Destroyed, Lost and Stolen Notes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;3.07. Persons Deemed Owners</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;3.08. Cancellation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;3.09. CUSIP/DTC Listing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;3.10. Legal Final Maturity Date</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">ARTICLE IV.<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">CONDITIONS TO CLOSING DATE AND ADVANCES<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;4.01. Conditions Precedent to Closing Date</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;4.02. Conditions Precedent to Advances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;4.03. Condition Subsequent to Advances (other than the Initial Advance)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">87</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;4.04. Conditions Precedent to Addition of New Seller</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">87</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->ii<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>&#091;</B>SLM Bluemont Note Purchase Agreement<B>&#093;</B>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="5" align="center">ARTICLE V.<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">REPRESENTATIONS AND WARRANTIES<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;5.01. General Representations and Warranties of the Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">88</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;5.02. Representations and Warranties of the Trust Regarding the
Administrative Agent&#146;s Security Interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">91</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;5.03. Particular Representations and Warranties of the Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;5.04. Repurchase of Student Loans; Reimbursement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">93</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;5.05. Administrator Actions Attributable to the Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">93</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">ARTICLE VI.<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">COVENANTS OF THE TRUST<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;6.01. Preservation of Separate Existence</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">94</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;6.02. Notice of Termination Event, Potential Termination Event or Amortization Event</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">94</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;6.03. Notice of Material Adverse Change</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;6.04. Compliance with Laws; Preservation of Corporate Existence; Code of Conduct</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;6.05. Enforcement of Obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;6.06. Maintenance of Books and Records</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">97</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;6.07. Fulfillment of Obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">97</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;6.08. Notice of Material Litigation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">97</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;6.09. Notice of Relocation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">97</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;6.10. Rescission or Modification of Trust Student Loans and Transaction Documents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">97</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;6.11. Liens</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;6.12. Sales of Assets; Consolidation/Merger</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;6.13. Change in Business</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;6.14. Residual Interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;6.15. General Reporting Requirements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;6.16. Inspections</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">102</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;6.17. ERISA</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">102</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;6.18. Servicers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">102</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;6.19. Acquisition, Financing, Collection and Assignment of Student Loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">102</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->iii<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>&#091;</B>SLM Bluemont Note Purchase Agreement<B>&#093;</B>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;6.20. Administration and Collection of Trust Student Loans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">103</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;6.21. Obligations of the Trust With Respect to Pledged Collateral</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">103</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;6.22. Asset Coverage Requirement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">103</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;6.23. Amendment of Organizational Documents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">103</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;6.24. Amendment of Underwriting Guidelines or Servicing Policies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">103</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;6.25. No Payments on Excess Distribution Certificate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">103</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;6.26. Borrower Benefit Programs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">103</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;6.27. Required Ratings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">104</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;6.28. Competing Financing Transactions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">104</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;6.29. Initial Advances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">105</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">ARTICLE VII.<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">AMORTIZATION EVENTS AND TERMINATION EVENTS<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;7.01. Amortization Events</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">105</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;7.02. Termination Events</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">107</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;7.03. Remedies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">109</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;7.04. Setoff</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">110</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">ARTICLE VIII.<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">INDEMNIFICATION<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;8.01. Indemnification by the Trust</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">111</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;8.02. Indemnification by SLM Corporation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">111</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">ARTICLE IX.<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">ADMINISTRATIVE AGENT, SYNDICATION AGENT AND MANAGING AGENTS<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;9.01. Authorization and Action of Administrative Agent and Syndication Agent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;9.02. Authorization and Action of Managing Agents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;9.03. Agency Termination</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">114</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;9.04. Administrative Agent&#146;s, Syndication Agent&#146;s and Managing
Agent&#146;s Reliance, Etc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">114</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;9.05. Administrative Agent, Syndication Agent, Managing Agents and Affiliates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">115</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->iv<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>&#091;</B>SLM Bluemont Note Purchase Agreement<B>&#093;</B>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;9.06. Decision to Purchase Notes and Make Advances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">115</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;9.07. Successor Administrative Agent or Syndication Agent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">115</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;9.08. Successor Managing Agents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">116</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;9.09. Reimbursement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">117</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;9.10. Notice of Amortization Events, Termination Events, Potential Amortization Events, Potential Termination Events or Servicer Defaults</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">117</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">ARTICLE X.<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" align="center">MISCELLANEOUS<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;10.01. Amendments, Etc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">118</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;10.02. Notices; Non-Public Information, Etc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">119</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;10.03. No Waiver; Remedies; Limitation of Liability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">121</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;10.04. Successors and Assigns; Binding Effect</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">121</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;10.05. Survival</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">127</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;10.06. Governing Law</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">127</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;10.07. Submission to Jurisdiction; Waiver of Jury Trial;
Appointment of Service Agent</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">128</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;10.08. Costs and Expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">128</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;10.09. Bankruptcy Non-Petition and Limited Recourse</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">129</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;10.10. Recourse Against Certain Parties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">129</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;10.11. Execution in Counterparts; Severability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">130</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;10.12. Confidentiality</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">130</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;10.13. Section&nbsp;Titles</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">132</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;10.14. Entire Agreement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">132</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;10.15. No Petition</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">132</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;10.16. Excess Funds</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">132</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;10.17. Eligible Lender Trustee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">133</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Section&nbsp;10.18. USA PATRIOT Act Notice</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">133</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->v<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>&#091;</B>SLM Bluemont Note Purchase Agreement<B>&#093;</B>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EXHIBIT A COMMITMENTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EXHIBIT B LIST OF APPROVED GUARANTORS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EXHIBIT C FORM OF MONTHLY REPORT</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EXHIBIT D FORM OF ADVANCE REQUEST</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EXHIBIT E FORM OF MONTHLY ADMINISTRATIVE AGENT&#146;S REPORT</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EXHIBIT F FORM OF NOTICE OF RELEASE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EXHIBIT G FORM OF PRO FORMA REPORT (SECTION 2.18(b)(ii))</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EXHIBIT H FORM OF RELEASE RECONCILIATION STATEMENT</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EXHIBIT I FORM OF 2.20(d) CERTIFICATE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EXHIBIT J FORM OF CLASS A VARIABLE FUNDING NOTE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EXHIBIT K FORM OF CLASS B VARIABLE FUNDING NOTE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EXHIBIT L FORM OF ADVANCE RECONCILIATION STATEMENT</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EXHIBIT M NOTICE ADDRESSES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->vi<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>NOTE PURCHASE AND SECURITY AGREEMENT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>THIS NOTE PURCHASE AND SECURITY AGREEMENT </B>(this <I>&#147;</I><B><I>Agreement</I></B><I>&#148;</I>) is made as of February&nbsp;29, 2008,
among <B>BLUEMONT FUNDING I</B>, a statutory trust duly organized under the laws of the State of Delaware,
as the trust hereunder (the <I>&#147;</I><B><I>Trust</I></B><I>&#148;</I>), <B>SALLIE MAE, INC.</B>, a Delaware corporation, as administrator
(the <I>&#147;</I><B><I>Administrator</I></B><I>&#148;</I>), <B>THE BANK OF NEW YORK TRUST COMPANY, N.A.</B>, a national banking association, as
the eligible lender trustee hereunder (the <I>&#147;</I><B><I>Eligible Lender Trustee</I></B><I>&#148;</I>), <B>J.P. MORGAN SECURITIES INC.</B>
and <B>BANC OF AMERICA SECURITIES LLC</B>, as lead arrangers (the <I>&#147;</I><B><I>Lead Arrangers</I></B><I>&#148;</I>), <B>BARCLAYS BANK PLC</B>,
<B>THE ROYAL BANK OF SCOTLAND PLC </B>and <B>DEUTSCHE BANK SECURITIES INC.</B>, as co-lead arrangers (the
<I>&#147;</I><B><I>Co-Lead Arrangers</I></B><I>&#148;</I>), <B>CREDIT SUISSE, NEW YORK BRANCH</B>, as arranger (the <I>&#147;</I><B><I>Arranger</I></B><I>&#148;</I>), the <B>CONDUIT
LENDERS </B>(as hereinafter defined) from time to time parties hereto, the <B>ALTERNATE LENDERS </B>(as
hereinafter defined) from time to time parties hereto, the <B>LIBOR LENDERS </B>(as hereinafter defined)
from time to time parties hereto, <B>JPMORGAN CHASE BANK, N.A.</B>, a national banking association, <B>BANK
OF AMERICA, N.A.</B>, a national banking association, <B>BARCLAYS BANK PLC</B>, a public limited company
organized under the laws of England and Wales, <B>THE ROYAL BANK OF SCOTLAND PLC</B>, a bank organized
under the laws of Scotland, <B>DEUTSCHE BANK AG, NEW YORK BRANCH</B>, a German banking corporation acting
through its New York Branch, and <B>CREDIT SUISSE</B>, <B>NEW YORK BRANCH</B>, the New York branch of a Swiss
banking corporation, each as agent on behalf of its related LIBOR Lender or its related Conduit
Lenders, Alternate Lenders and Program Support Providers (as hereinafter defined) (and together
with any other similar financial institutions which become parties hereto, collectively, the
<I>&#147;</I><B><I>Managing Agents</I></B><I>&#148;</I>), <B>JPMORGAN CHASE BANK, N.A., </B>as syndication agent hereunder (in such capacity,
the <I>&#147;</I><B><I>Syndication Agent</I></B><I>&#148;</I>), and <B>BANK OF AMERICA, N.A.</B>, as the administrative agent for the Conduit
Lenders, Alternate Lenders, LIBOR Lenders and Managing Agents (in such capacity, the
<I>&#147;</I><B><I>Administrative Agent</I></B><I>&#148;</I>).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt">PRELIMINARY STATEMENTS
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Conduit Lenders are special purpose entities engaged in the business of issuing
promissory notes and obtaining funding (directly or indirectly) in the commercial paper market and
purchasing notes of certain entities for the purpose of financing financial assets of such
entities; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the LIBOR Lenders are financial institutions engaged in the business of purchasing
notes of certain entities for the purpose of financing financial assets of such entities; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Master Depositor will purchase certain Eligible FFELP Loans in accordance with
the Purchase Agreements; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Depositor will purchase certain Eligible FFELP Loans in accordance with the
Conveyance Agreement and the Tri-Party Transfer Agreement; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Trust will purchase certain Eligible FFELP Loans in accordance with the Sale
Agreement; and
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>&#091;</B>SLM Bluemont Note Purchase Agreement<B>&#093;</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Eligible Lender Trustee will maintain legal title of the Trust Student Loans on
behalf of the Trust in accordance with the terms of the Trust Agreement; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Trust desires to fund such purchases through the issuance of its Class&nbsp;A variable
funding notes (the <I>&#147;</I><B><I>Class&nbsp;A Notes</I></B><I>&#148;</I>) and Class&nbsp;B variable funding notes (the <I>&#147;</I><B><I>Class&nbsp;B Notes</I></B><I>&#148; </I>and
together with the Class&nbsp;A Notes, the <I>&#147;</I><B><I>Notes</I></B><I>&#148;</I>) and the sale of such Notes to the Managing Agents for
the benefit of the Conduit Lenders, the LIBOR Lenders and the Alternate Lenders, as applicable, on
the terms and conditions set forth herein; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, the Conduit Lenders may, from time to time, assign all or a part of such Notes or
assign interests therein or commitments to purchase or fund such Notes to the Alternate Lenders or
to certain Program Support Providers (as hereinafter defined) pursuant to the terms of the Program
Support Agreements (as hereinafter defined); and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHEREAS, each of the Managing Agents is willing to act as the agent on behalf of its related
LIBOR Lender or on behalf of each of its related Conduit Lenders, Alternate Lenders and Program
Support Providers, as applicable, pursuant to this Agreement and the corresponding Program Support
Agreements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements
herein contained, the parties hereto agree as follows:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE I.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>DEFINITIONS</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;1.01. Certain Defined Terms. </B>Certain capitalized terms used throughout this Agreement
are defined above or in this Section.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As used in this Agreement and its exhibits, the following terms shall have the following
meanings (such meanings to be equally applicable to both the singular and plural forms of the terms
defined unless otherwise noted).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Additional Student Loan</I></B><I>&#148; </I>means any Student Loan that becomes a Trust Student Loan after the
Closing Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Adjusted Cash Income</I></B><I>&#148; </I>means, for any period, Adjusted Revenue for such period less Operating
Expenses for such period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Adjusted Pool Balance</I></B><I>&#148; </I>means, as of any date:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;(i)&nbsp;the aggregate of the Principal Balance of each Eligible FFELP Loan acquired by the
Trust on or prior to the Valuation Date set forth in the most recent Valuation Report multiplied by
the Applicable Percentage for such Eligible FFELP Loan, determined by reference to the most recent
Valuation Report, <U>plus</U> (ii)&nbsp;the Collateral Value of each Eligible FFELP Loan acquired by
the Trust since the Valuation Date set forth in the most recent Valuation Report, <U>minus</U>
(iii)&nbsp;the aggregate of the Principal Balance of each Eligible FFELP Loan that was subject
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>&#091;</B>SLM Bluemont Note Purchase Agreement<B>&#093;</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">to a release pursuant to <U>Section&nbsp;2.18</U> since the Valuation Date set forth in the most
recent Valuation Report, multiplied by the Applicable Percentage for such Eligible FFELP Loan,
<U>minus</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;the Excess Concentration Amount multiplied by the weighted average Applicable Percentage
for all Eligible FFELP Loans.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Adjusted Revenue</I></B><I>&#148; </I>means, for any period, (a)&nbsp;the sum, without duplication, of all items which
would fairly be presented in the consolidated income statement of SLM Corporation and its
consolidated subsidiaries for such period (subject to normal year-end adjustments) prepared in
accordance with GAAP as (i) <I>&#147;</I>total interest income<I>&#148; </I>and (ii) <I>&#147;</I>total other income,<I>&#148; </I>less (b)&nbsp;the sum
of (i) <I>&#147;</I>provisions for losses,<I>&#148; </I>(ii) <I>&#147;</I>gains on student loan securitizations<I>&#148; </I>and (iii) <I>&#147;</I>servicing
and securitization revenue,<I>&#148; </I>eliminating (c) <I>&#147;</I>total net impact of SFAS No.&nbsp;133 derivative
accounting,<I>&#148; </I>and including (d) <I>&#147;</I>net interest income on securitized loans, after provisions for
losses,<I>&#148; </I>in the case of (c)&nbsp;and (d)&nbsp;above as currently reported in SLM Corporation&#146;s most recent
Form 10-Q or Form 10-K, as applicable, under &#147;RESULTS OF OPERATIONS&#148; &#150; &#147;Alternative Performance
Measures&#148; or as subsequently identified in writing by SLM Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Administrative Agent</I></B><I>&#148; </I>means Bank of America, N.A., a national banking association, and its
successors and assigns, in its capacity as agent of the Conduit Lenders, the Managing Agents, the
LIBOR Lenders and the Alternate Lenders hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Administrative Agent Fees</I></B><I>&#148; </I>means the fees, reasonable expenses and charges of the
Administrative Agent, including reasonable legal fees and expenses, as set forth in the
Administrative Agent and Syndication Agent Fee Letter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Administrative Agent and Syndication Agent Fee Letter</I></B><I>&#148; </I>means the Administrative Agent and
Syndication Agent Fee Letter, dated as of the Closing Date, among the Trust, the Administrative
Agent and the Syndication Agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Administrative Questionnaire</I></B><I>&#148; </I>means an Administrative Questionnaire in a form supplied by the
Administrative Agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Administration Account</I></B><I>&#148; </I>means the special account created pursuant to <U>Section
2.04(b)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Administration Agreement</I></B><I>&#148; </I>means the Administration Agreement, dated as of the Closing Date,
among the Depositor, the Trust, the Eligible Lender Trustee, the Master Servicer, the Administrator
and the Administrative Agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Administrator Fee</I></B><I>&#148; </I>means, for each calendar month, a fee payable to the Administrator monthly
in arrears equal to $10,000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Administrator</I></B><I>&#148; </I>means Sallie Mae, Inc., a Delaware corporation, and its successors and
assigns, in its capacity as administrator of the Trust in accordance with the Administration
Agreement.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>&#091;</B>SLM Bluemont Note Purchase Agreement<B>&#093;</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Administrator Default</I></B><I>&#148; </I>has the meaning assigned to such term in <U>Section&nbsp;5.01</U> of the
Administration Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Advance</I></B><I>&#148; </I>means an advance, including a Purchase Price Advance, an Excess Collateral Advance
or a Capitalized Interest Advance, made by the Lenders pursuant to <U>Article&nbsp;II</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Advance Date</I></B><I>&#148; </I>means, with respect to any Advance, the date on which such Advance is made.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Advance Reconciliation Statement</I></B><I>&#148; </I>has the meaning assigned to such term in <U>Section
4.03</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Advance Request</I></B><I>&#148; </I>has the meaning assigned to such term in <U>Section&nbsp;2.02(b)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Adverse Claim</I></B><I>&#148; </I>means a lien, security interest, charge, encumbrance or other right or claim
or restriction in favor of any Person (including any UCC financing statement or similar instrument
filed against the assets of that Person) other than, with respect to the Pledged Collateral, any
lien, security interest, charge, encumbrance or other right or claim or restriction in favor of the
Administrative Agent, for the benefit of the Secured Creditors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Affected Party</I></B><I>&#148; </I>means the Administrative Agent, the Syndication Agent, each Co-Valuation
Agent, each LIBOR Lender, each Conduit Lender, each Managing Agent, each Alternate Lender, each
Program Support Provider and any permitted assignee or participant of any LIBOR Lender, any Conduit
Lender, any Alternate Lender or any Program Support Provider.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Affiliate</I></B><I>&#148; </I>means, when used with respect to a Person, any other Person controlling,
controlled by or under common control with such Person. A Person shall be deemed to control
another person if the controlling Person possesses, directly or indirectly, the power to direct or
cause the direction of the management and policies of the other Person, whether through the
ownership of voting securities, membership interests, by contract or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Agent Parties</I></B><I>&#148; </I>has the meaning assigned to such term in <U>Section&nbsp;10.02(c)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Aggregate Note Balance</I></B><I>&#148; </I>means, as of any date of determination, the sum of the Class&nbsp;A Note
Balance and the Class&nbsp;B Note Balance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Agreement</I></B><I>&#148; </I>means this Note Purchase and Security Agreement, together with all exhibits and
appendices attached hereto as the same may be amended, restated, supplemented or otherwise modified
from time to time hereafter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Alternate Lender</I></B><I>&#148; </I>means any financial institution identified as an Alternate Lender on
<U>Exhibit&nbsp;A</U> attached hereto as such Exhibit may be amended, restated or otherwise revised
from time to time, and any successors or assigns (subject to <U>Section&nbsp;10.04</U>).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Amortization Event</I></B><I>&#148; </I>has the meaning assigned to such term in <U>Section&nbsp;7.01</U>.
</DIV>

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</DIV>

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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>&#091;</B>SLM Bluemont Note Purchase Agreement<B>&#093;</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Amortization Period</I></B><I>&#148; </I>means the period commencing on the occurrence of an Amortization Event
and ending on the earliest of (a)&nbsp;the date the Notes and all other Obligations are paid in full,
(b)&nbsp;90&nbsp;days from the occurrence of such Amortization Event and (c)&nbsp;the occurrence of a Termination
Event.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Amortization Period Rate</I></B><I>&#148; </I>means, (a)&nbsp;during the first 30&nbsp;days following the commencement of
the Amortization Period, the Base Rate plus 0.50% per annum, (b)&nbsp;during the second 30&nbsp;days
following the commencement of the Amortization Period, the Base Rate plus 1.00% per annum and (c)
thereafter, until the Termination Date, the Base Rate plus 1.50% per annum.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Applicable Margin</I></B><I>&#148; </I>means, with respect to any Class&nbsp;A Advance or Class&nbsp;B Advance and any
Lender, the Applicable Margin as set forth in the Lenders Fee Letter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Applicable Percentage</I></B><I>&#148; </I>has the meaning set forth in the Side Letter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Approved Fund</I></B><I>&#148; </I>means any Fund that is administered or managed by (a)&nbsp;a Lender, (b)&nbsp;an
Affiliate of a Lender or (c)&nbsp;an entity or an Affiliate of any entity that administers or manages a
Lender.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Arranger</I></B><I>&#148; </I>means Credit Suisse, New York Branch.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Arrangers</I></B><I>&#148; </I>means collectively, the Lead Arrangers, the Co-Lead Arrangers and the Arranger.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Asset Coverage Ratio</I></B><I>&#148; </I>means, on the last day of each calendar month, and as of any other date
of determination, the ratio (expressed as a percentage) of (a)&nbsp;the sum of (i)&nbsp;the Adjusted Pool
Balance as of such date plus (ii) (without duplication) any accrued and unpaid interest thereon and
any accrued and unpaid Special Allowance Payments and Interest Subsidy Payments on the Trust
Student Loans as of such date plus (iii)&nbsp;funds (including Eligible Investments) on deposit in the
Collection Account, the Administration Account, the Capitalized Interest Account and the Reserve
Account, if any, as of such date, to (b)&nbsp;the Reported Liabilities as of such date and rounding to
the nearest second decimal place.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Assignee Group</I></B><I>&#148; </I>means two or more assignees that meet the requirements to be an assignee
under <U>Section&nbsp;10.04(b)</U> and that are Affiliates of one another or two or more Approved Funds
managed by the same investment advisor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Assignment Amount</I></B><I>&#148; </I>means, with respect to an Alternate Lender at the time of any assignment
pursuant to <U>Section&nbsp;10.04(g)</U>, an amount equal to the lesser of (a)&nbsp;such Alternate Lender&#146;s
pro rata share of the aggregate principal amount of the Notes requested by the related Conduit
Lender to be assigned at such time plus any accrued and unpaid interest owed thereon at the
applicable CP Rate and (b)&nbsp;such Alternate Lender&#146;s unused Assignment Commitment (minus the
unrecovered principal amount of such Alternate Lender&#146;s investments pursuant to the Program Support
Agreement to which it is a party).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Assignment Commitment</I></B><I>&#148; </I>means, with respect to an Alternate Lender, such Alternate Lender&#146;s
Commitment multiplied by 1.02.
</DIV>

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</DIV>

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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>&#091;</B>SLM Bluemont Note Purchase Agreement<B>&#093;</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Authorized Officer</I></B><I>&#148; </I>means:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;with respect to the Trust, any officer of the Eligible Lender Trustee who is authorized to
act for the Eligible Lender Trustee in matters relating to the Trust pursuant to the Transaction
Documents and who is identified on the list of Authorized Officers delivered by the Eligible Lender
Trustee to the Administrative Agent on the Closing Date (as such list may be modified or
supplemented by the Eligible Lender Trustee from time to time thereafter and delivered to the
Administrative Agent);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;with respect to the Administrator, any officer of the Administrator who is authorized to
act for the Administrator in matters relating to itself or to the Trust and to be acted upon by the
Administrator pursuant to the Transaction Documents and who is identified on the list of Authorized
Officers delivered by the Administrator to the Administrative Agent on the Closing Date (as such
list may be modified or supplemented by the Administrator from time to time thereafter and
delivered to the Administrative Agent);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;with respect to the Depositor, any officer of the Depositor who is authorized to act for
the Depositor in matters relating to itself or to be acted upon by the Depositor pursuant to the
Transaction Documents and who is identified on the list of Authorized Officers delivered by the
Depositor to the Administrative Agent on the Closing Date (as such list may be modified or
supplemented by the Depositor from time to time thereafter and delivered to the Administrative
Agent);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;with respect to the Master Servicer, any officer of the Master Servicer who is authorized
to act for the Master Servicer in matters relating to itself or to be acted upon by the Master
Servicer pursuant to the Transaction Documents and who is identified on the list of Authorized
Officers delivered by the Master Servicer to the Administrative Agent on the Closing Date (as such
list may be modified or supplemented by the Master Servicer from time to time thereafter and
delivered to the Administrative Agent);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;with respect to the Eligible Lender Trustee, any officer of the Eligible Lender Trustee
who is authorized to act for the Eligible Lender Trustee in matters relating to itself or to be
acted upon by the Eligible Lender Trustee pursuant to the Transaction Documents and who is
identified on the list of Authorized Officers delivered by the Eligible Lender Trustee to the
Administrative Agent on the Closing Date (as such list may be modified or supplemented by the
Eligible Lender Trustee from time to time thereafter and delivered to the Administrative Agent);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;with respect to SLM Corporation, chief executive officer, chief financial officer,
president, any vice president, treasurer or other senior officer of SLM Corporation who is
authorized to act for SLM Corporation in matters relating to itself or to be acted upon by SLM
Corporation pursuant to the Transaction Documents and who is identified on the list of Authorized
Officers delivered by SLM Corporation to the Administrative Agent on the Closing Date (as such list
may be modified or supplemented by SLM Corporation from time to time thereafter and delivered to
the Administrative Agent); and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;with respect to the Administrative Agent, any officer of the Administrative Agent who is
authorized to act for the Administrative Agent in matters relating to itself or to be acted
</DIV>

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</DIV>

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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>&#091;</B>SLM Bluemont Note Purchase Agreement<B>&#093;</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">upon by the Administrative Agent pursuant to the Transaction Documents and who is identified
on the list of Authorized Officers delivered by the Administrative Agent to the Administrator and
the Eligible Lender Trustee on the Closing Date (as such list may be modified or supplemented by
the Administrative Agent from time to time thereafter and delivered to the Administrator and the
Eligible Lender Trustee).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Available Funds</I></B><I>&#148; </I>means, with respect to a Settlement Date, the sum of the following amounts
received into the Collection Account with respect to the related Settlement Period:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;all collections of principal and interest on the Trust Student Loans, including any
payments received from the Guarantees on the Trust Student Loans but <U>net of</U> (i)&nbsp;any
collections in respect of principal on the Trust Student Loans applied by the Trust to repurchase
Guaranteed loans from the Guarantors under the Guarantee Agreements, (ii)&nbsp;amounts required by the
Higher Education Act to be paid to the Department or to be repaid or rebated to Obligors (whether
or not in the form of a principal reduction of the applicable Trust Student Loan) on the Trust
Student Loans for that Settlement Period including Floor Income Rebate Fees and Monthly Rebate Fees
and (iii)&nbsp;amounts deposited into the Floor Income Rebate Account during the related Settlement
Period;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;any Interest Subsidy Payments and Special Allowance Payments with respect to the Trust
Student Loans received during that Settlement Period for the Trust Student Loans;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;all Liquidation Proceeds from any Trust Student Loans which became Liquidated Student
Loans during that Settlement Period in accordance with the Servicer&#146;s applicable Servicing
Policies, plus all Recoveries on Liquidated Student Loans which were written off in prior
Settlement Periods or during that Settlement Period;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;the aggregate amounts received during that Settlement Period for those Trust Student Loans
(i)&nbsp;repurchased by the applicable Seller or the Depositor, as applicable, (ii)&nbsp;purchased by the
Servicer or its assignee or (iii)&nbsp;sold to another eligible lender pursuant to <U>Section&nbsp;3.11</U>
of the Servicing Agreement;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;the aggregate amounts, if any, received by the Trust from the applicable Seller, the
Depositor or the Servicer, as the case may be, as reimbursement of non-guaranteed principal or
interest amounts, or lost Interest Subsidy Payments and Special Allowance Payments, on the Trust
Student Loans pursuant to the Sale Agreement or <U>Section&nbsp;3.05</U> of the Servicing Agreement,
respectively;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;amounts received by the Trust pursuant to <U>Sections&nbsp;3.01</U> and <U>3.12</U> of the
Servicing Agreement during that Settlement Period as to yield or principal adjustments other than
deposits into the Borrower Benefit Account;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;investment earnings for that Settlement Period earned on investments in the Trust Accounts
during such Settlement Period;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;amounts, if any, transferred into the Collection Account from the Capitalized Interest
Account in excess of the Required Capitalized Interest Account Balance, calculated as of the end of
the Settlement Period related to that Settlement Date;
</DIV>

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</DIV>

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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>&#091;</B>SLM Bluemont Note Purchase Agreement<B>&#093;</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;amounts, if any, transferred into the Collection Account from the Reserve Account in
excess of the Reserve Account Specified Balance, calculated as of the end of the Settlement Period
related to that Settlement Date;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;amounts, if any, transferred into the Collection Account from the Floor Income Rebate
Account representing amounts no longer required to be held in connection with floor income payment
obligations;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;amounts, if any, transferred into the Collection Account from the Borrower Benefit Account
to offset reductions in yield on affected Trust Student Loans during the related Settlement Period;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;amounts, if any, received by the Trust from SLM Corporation under the Revolving Credit
Agreement and which have been deposited into the Collection Account;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;all proceeds from any Permitted Release (to the extent such proceeds were not previously
used to prepay the Aggregate Note Balance or used to purchase new Eligible FFELP Loans);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;amounts received, if any, in respect of insurance proceeds; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;all other Collections or other amounts deposited into the Collection Account for
application pursuant to <U>Section&nbsp;2.05(b)</U> on the applicable Settlement Date;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>provided</U>, that if on any Settlement Date, there would not be sufficient funds, after
application of Available Funds, as defined above, and application of amounts available from the
Capitalized Interest Account and the Reserve Account, in that order, to pay any of the items
specified in clauses (i)&nbsp;through (v)&nbsp;of <U>Section&nbsp;2.05(b)</U>, then Available Funds for that
Settlement Date will include, in addition to the Available Funds as defined above, amounts on
deposit in the Collection Account, or amounts held by the Administrative Agent for deposit into the
Collection Account which would have constituted Available Funds for the Settlement Date immediately
succeeding that Settlement Date, up to the amount necessary to pay such items, and the Available
Funds for the immediately succeeding Settlement Date will be adjusted accordingly.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Bankruptcy Code</I></B><I>&#148; </I>means Title 11 of the United States Code (11 U.S.C. Section&nbsp;101 et seq.), as
amended from time to time, and any successor statute.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Base Rate</I></B><I>&#148; </I>means, for any day, a rate per annum determined by the Administrative Agent equal
to the higher of (a)&nbsp;the Prime Rate for such day and (b)&nbsp;the sum of 0.50% plus the Federal Funds
Rate for such day.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Base Rate Advance</I></B><I>&#148; </I>means an Advance funded with reference to the Base Rate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Benefit Plan</I></B><I>&#148; </I>means any employee benefit plan as defined in Section&nbsp;3(3) of ERISA in respect
of which the Trust or any ERISA Affiliate is, or at any time during the immediately preceding six
years was, an <I>&#147;</I>employer<I>&#148; </I>as defined in Section&nbsp;3(5) of ERISA.
</DIV>

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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>&#091;</B>SLM Bluemont Note Purchase Agreement<B>&#093;</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Borrower Benefit Account</I></B><I>&#148; </I>means the special account created pursuant to
<U>Section&nbsp;2.04(d)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Business Day</I></B><I>&#148; </I>means a day of the year other than a Saturday or a Sunday or other day on which
(a)&nbsp;banks are not authorized or required to close in Charlotte, North Carolina or New York, New
York and (b)&nbsp;trust companies are not authorized or required to close in Wilmington, Delaware;
<U>provided</U>, <U>however</U>, if the term <I>&#147;</I>Business Day<I>&#148; </I>is used in connection with the LIBOR
Rate, it means any day on which (x)&nbsp;dealings in dollar deposits are carried on in the London
interbank market and (y)&nbsp;banks are not authorized or required to close in New York, New York.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Capitalized Interest Account</I></B><I>&#148; </I>means the special account created pursuant to <U>Section
2.06(a)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Capitalized Interest Account Funding Event</I></B><I>&#148; </I>means (i)&nbsp;an event which occurs as of any date on
which an Advance has been requested and after giving effect to such Advance, the Aggregate Note
Balance plus the Capitalized Interest Account Specified Balance exceeds the Maximum Financing
Amount, (ii)&nbsp;the third Business Day preceding the Scheduled Maturity Date, or (iii)&nbsp;the last day of
the Revolving Period under clause (ii)&nbsp;or (iii)&nbsp;of the definition of Revolving Period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Capitalized Interest Account Specified Balance</I></B><I>&#148; </I>means, as of any date of determination, the
sum of (i)&nbsp;for each Eligible FFELP Loan that is a Trust Student Loan included in the Initial Pool,
the product of 2% multiplied by the Principal Balance thereof as of such date of determination, and
(ii)&nbsp;for each Eligible FFELP Loan that becomes a Trust Student Loan not included in the Initial
Pool, the product of 4% multiplied by the Principal Balance thereof as of such date of
determination.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Capitalized Interest Advance</I></B><I>&#148; </I>means an Advance made upon a Capitalized Interest Account
Funding Event or as provided in <U>Section&nbsp;2.21(b)</U>, the proceeds of which are to be deposited
into the Capitalized Interest Account.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Carryover Servicing Fee</I></B><I>&#148; </I>has the meaning specified in Attachment A to the Servicing
Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Change of Control</I></B><I>&#148; </I>means (i)&nbsp;a merger or consolidation of the Trust, the Administrator, any
Seller, the Depositor, the Master Depositor or the Master Servicer, as applicable, into another
Person (other than an Affiliate of SLM Corporation), (ii)&nbsp;any merger or consolidation to which the
Trust, the Administrator, any Seller, the Depositor, the Master Depositor or the Master Servicer,
as applicable, shall be a party resulting in the creation of another Person (other than an
Affiliate of SLM Corporation), (iii)&nbsp;any Person (other than an Affiliate of SLM Corporation)
succeeding to the properties and assets of the Trust, the Administrator, any Seller, the Depositor,
the Master Depositor or the Master Servicer, as applicable, substantially as a whole or (iv)&nbsp;an
event or series of events by which any Person (other than an Affiliate of SLM Corporation) acquires
the right to vote more than 50% of the common stock or other voting interest of the Trust, the
Administrator, any Seller, the Depositor, the Master Depositor or the Master Servicer, as
applicable.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>&#091;</B>SLM Bluemont Note Purchase Agreement<B>&#093;</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Class&nbsp;A Advance</I></B><I>&#148; </I>means an Advance under a Class&nbsp;A Note.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Class&nbsp;A Maximum Financing Amount</I></B><I>&#148; </I>means an amount equal to the product of 97% and the Maximum
Financing Amount.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Class&nbsp;A Note</I></B><I>&#148; </I>means a variable funding note, substantially in the form attached hereto as
<U>Exhibit&nbsp;J</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Class&nbsp;A Note Balance</I></B><I>&#148; </I>means, as of any date of determination, the principal amount of each
Class&nbsp;A Note Outstanding and for all Class&nbsp;A Notes, the aggregate principal amount of all Class&nbsp;A
Notes Outstanding, after giving effect to (i)&nbsp;all distributions applied to principal on the Class&nbsp;A
Notes on such date of determination and (ii)&nbsp;Class&nbsp;A Advances made on such date of determination.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Class&nbsp;A Principal Distribution Amount</I></B><I>&#148; </I>means (a)&nbsp;with respect to any Settlement Date prior to
the occurrence of an Amortization Event or a Termination Event and at a time when the Minimum Asset
Coverage Requirement is satisfied, 97% of the Principal Distribution Amount, and (b)&nbsp;with respect
to any Settlement Date following the occurrence of an Amortization Event or a Termination Event or
on any Settlement Date on which the Minimum Asset Coverage Requirement is not satisfied, 100% of
the Principal Distribution Amount, in each case until the Class&nbsp;A Note Balance is reduced to zero.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Class&nbsp;B Advance</I></B><I>&#148; </I>means an Advance under the Class&nbsp;B Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Class&nbsp;B Maximum Financing Amount</I></B><I>&#148; </I>means an amount equal to the product of 3% and the Maximum
Financing Amount.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Class&nbsp;B Note</I></B><I>&#148; </I>means a variable funding note, substantially in the form attached hereto as
<U>Exhibit&nbsp;K</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Class&nbsp;B Note Balance</I></B><I>&#148; </I>means, as of any date of determination, the principal amount of each
Class&nbsp;B Note Outstanding and for all Class&nbsp;B Notes, the aggregate principal amount of all Class&nbsp;B
Notes Outstanding at the date of determination after giving effect to (i)&nbsp;all distributions applied
to principal on the Class&nbsp;B Notes on such date of determination and (ii)&nbsp;Class&nbsp;B Advances made on
such date of determination.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Class&nbsp;B Principal Distribution Amount</I></B><I>&#148; </I>means (a)&nbsp;with respect to any Settlement Date until
and including the Settlement Date on which the Class&nbsp;A Note Balance is reduced to zero, the
Principal Distribution Amount, less the Class&nbsp;A Principal Distribution Amount, and (b)&nbsp;with respect
to any Settlement Date after the Class&nbsp;A Note Balance is reduced to zero, 100% of any remaining
Principal Distribution Amount, in each case until the Class&nbsp;B Note Balance is reduced to zero.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Closing Date</I></B><I>&#148; </I>means February&nbsp;29, 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Co-Lead Arrangers</I></B><I>&#148; </I>means Barclays Bank PLC, The Royal Bank Of Scotland PLC and Deutsche Bank
Securities Inc.
</DIV>

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</DIV>

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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>&#091;</B>SLM Bluemont Note Purchase Agreement<B>&#093;</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Co-Valuation Agents</I></B><I>&#148; </I>means J.P. Morgan Securities Inc., Banc of America Securities LLC and
Barclays Bank PLC, or any other entity appointed as a successor Co-Valuation Agent pursuant to the
Valuation Agent Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Co-Valuation Agents Fees</I></B><I>&#148; </I>means the fees and charges, if any, of the Co-Valuation Agents,
including reasonable legal fees and expenses, payable to the Co-Valuation Agents pursuant to the
Valuation Agent Fee Letter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Code</I></B><I>&#148; </I>means the Internal Revenue Code of 1986, as amended from time to time, or any successor
statute and the regulations promulgated and rulings issued thereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Collateral Value</I></B><I>&#148; </I>means, with respect to each pool of Eligible FFELP Loans to be added to the
Trust Student Loans in connection with a particular Purchase Price Advance, an amount equal to the
product of&nbsp;the weighted average advance rate referred to in clause (a)&nbsp;of the definition of
Applicable Percentage for such pool and the aggregate Principal Balance of such pool;
<U>provided</U>, <U>however</U>, that if&nbsp;the Applicable Percentage set forth in the most recent
Valuation Report is the percentage referred to in clause (b)&nbsp;or (c)&nbsp;of the definition of Applicable
Percentage, then in calculating each of the percentages used in determining the weighted average
advance rate referred to in clause (a)&nbsp;of the definition of Applicable Percentage for such pool,
each such percentage shall be multiplied by a fraction the numerator of which is the lower of the
percentages calculated pursuant to clause (b)&nbsp;and (c)&nbsp;of the definition of Applicable Percentage in
the most recent Valuation Report and the denominator of which is the weighted average advance rate
calculated pursuant to clause (a)&nbsp;of the definition of Applicable Percentage in the most recent
Valuation Report.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Collection Account</I></B><I>&#148; </I>means the special account created pursuant to <U>Section&nbsp;2.04(a)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Collections</I></B><I>&#148; </I>means (a)&nbsp;all amounts received with respect to principal and interest and other
proceeds, payments and reimbursements, including Recoveries, with respect to any Trust Student Loan
and any other collection of cash with respect to such Trust Student Loan and (b)&nbsp;all other cash
collections and other cash proceeds of the Pledged Collateral (including, without limitation, in
each of clauses (a)&nbsp;and (b)&nbsp;above, each of the items enumerated in the definition of Available
Funds with respect to any Settlement Period).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Commitment</I></B><I>&#148; </I>means (i)&nbsp;with respect to a Lender, the obligation, if any, of such Lender to
fund Advances pursuant to this Agreement in the amount stated to be such Lender&#146;s <I>&#147;</I>Commitment<I>&#148; </I>on
<U>Exhibit&nbsp;A</U> attached hereto, as such Exhibit may be amended, restated or otherwise revised
from time to time and (ii)&nbsp;with respect to a Facility Group, the aggregate Commitment of the
Lenders within such Facility Group, in each case as such Commitment may be reduced or increased
pursuant to <U>Section&nbsp;2.03</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Committed Conduit Lender</I></B><I>&#148; </I>means any Conduit Lender that has a Commitment and any of its
successors or assigns (subject to <U>Section&nbsp;10.04</U>).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Competing Financing Transaction</I></B><I>&#148; </I>has the meaning assigned to such term in <U>Section
6.28</U>.
</DIV>

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</DIV>

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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>&#091;</B>SLM Bluemont Note Purchase Agreement<B>&#093;</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Conduit Assignee</I></B><I>&#148; </I>means any special purpose entity that finances its activities directly or
indirectly through asset backed commercial paper and is administered by a Managing Agent or any
Affiliate of a Managing Agent and designated by such Managing Agent from time to time to accept an
assignment from such Managing Agent&#146;s related Conduit Lender of outstanding Advances;
<U>provided</U>, <U>however</U>, that with respect to any Conduit Lender with a Commitment
hereunder, such Conduit Assignee must be an assignee with respect to such Commitment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Conduit Lender</I></B><I>&#148; </I>means any special purpose entity identified as a Conduit Lender on
<U>Exhibit&nbsp;A</U> attached hereto, as such Exhibit may be amended, restated or otherwise revised
from time to time, and any successors or assigns (subject to <U>Section&nbsp;10.04</U>).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Consolidated Tangible Net Worth</I></B><I>&#148; </I>means, as of any date of determination, the consolidated
stockholders&#146; equity of SLM Corporation and its consolidated subsidiaries, determined in accordance
with GAAP, less their consolidated Intangible Assets, all determined as of such date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Consolidation Loan</I></B><I>&#148; </I>means a loan made to a borrower which loan consolidates such borrower&#146;s
PLUS/SLS Loans, direct loans made by the Department of Education, Stafford Loans in accordance with
the Higher Education Act and/or loans made under the Federal Health Education Assistance Loan
Program authorized under Sections&nbsp;701 through 720 of the Public Health Services Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Conveyance Agreement</I></B><I>&#148; </I>means the Conveyance Agreement, dated as of the Closing Date, among the
Master Depositor, the Depositor and the Interim Eligible Lender Trustee, under which the Master
Depositor will transfer, on a true sale basis, certain Eligible FFELP Loans to the Depositor,
together with all transfer agreements, blanket endorsements and bills of sale executed pursuant
thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>CP</I></B><I>&#148; </I>means the commercial paper notes issued from time to time by means of which a Conduit
Lender (directly or indirectly) obtains financing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>CP Advance</I></B><I>&#148; </I>means an Advance made through the issuance of CP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>CP Rate</I></B><I>&#148; </I>means, for any Settlement Period, for any Conduit Lender, for the portion of the
Aggregate Note Balance funded by such Conduit Lender directly or indirectly with CP, the rate
equivalent to the weighted average cost (as determined by the applicable Managing Agent and which
shall include Dealer Fees, incremental carrying costs incurred with respect to CP maturing on dates
other than those on which corresponding funds are received by the Conduit Lender, other borrowings
by the Conduit Lender to fund any Advances hereunder or its related commercial paper issuer if the
Conduit Lender does not itself issue commercial paper (other than under any Program Support
Agreement), actual costs of swapping foreign currencies into dollars to the extent the CP is issued
in a market outside the U.S. and any other costs associated with the issuance of CP) of or related
to the issuance of CP that are allocated, in whole or in part, by the Conduit Lender or the
applicable Managing Agent to fund or maintain such portion of the Aggregate Note Balance (and which
may be also allocated in part to the funding of other assets of the Conduit Lender); provided,
however, that if the rate (or rates) is a discount rate, then the
</DIV>

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</DIV>

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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>&#091;</B>SLM Bluemont Note Purchase Agreement<B>&#093;</B>
</DIV>




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">rate (or if more than one rate, the weighted average of the rates) shall be the rate resulting
from converting such discount rate (or rates) to an interest-bearing equivalent rate per annum.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Cutoff Date</I></B><I>&#148; </I>means the Initial Cutoff Date or any Subsequent Cutoff Date, as applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Dealer Fees</I></B><I>&#148; </I>means a commercial paper dealer fee, payable to each Conduit Lender, of not
greater than five basis points per annum on the amount of CP Advances made by such Conduit Lender.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Debt</I></B><I>&#148; </I>means, with respect to any Person, (a)&nbsp;indebtedness of such Person for borrowed money;
(b)&nbsp;obligations of such Person evidenced by bonds, debentures, notes, letters of credit, interest
rate and currency swaps or other similar instruments; (c)&nbsp;obligations of such Person to pay the
deferred purchase price of property or services; (d)&nbsp;obligations of such Person as lessee under
leases which shall have been or should be, in accordance with GAAP, recorded as capital leases; (e)
obligations secured by an Adverse Claim upon property or assets owned by such Person, even though
such Person has not assumed or become liable for the payment of such obligations; (f)&nbsp;obligations
of such Person under direct or indirect guaranties in respect of, and obligations (contingent or
otherwise) to purchase or otherwise acquire, or otherwise to assure a creditor against loss in
respect of, indebtedness or obligations of other Persons of the kinds referred to in clauses (a)
through (e)&nbsp;above; (g)&nbsp;all obligations of such Person upon which interest charges are customarily
paid; (h)&nbsp;all obligations of such Person under conditional sale or other title retention agreements
relating to property acquired by such Person; (i)&nbsp;all obligations, contingent or otherwise, of such
Person in respect of bankers&#146; acceptances or as an account party in respect of letters of credit
and letters of guaranty; (j)&nbsp;all obligations of any other entity (including any partnership in
which such Person is a general partner) to the extent such Person is liable therefor as a result of
such Person&#146;s ownership interest in or other relationship with such entity, except to the extent
the terms of such obligations provide that such Person is not liable therefor; and (k)&nbsp;any other
liabilities of such Person which would be treated as indebtedness in accordance with GAAP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Defaulted Student Loan</I></B><I>&#148; </I>means any Trust Student Loan (a)&nbsp;as to which any payment or portion
thereof is more than the number of days past due from the original due date thereof that would
permit the Eligible Lender Trustee, or any other Person acting on its behalf, to submit a default
claim to the applicable Guarantor under the terms of the Higher Education Act (which number of
days, as of the Closing Date, is 270), (b)&nbsp;the Obligor of which is the subject of an Event of
Bankruptcy (without giving effect to any applicable cure or continuance period) or is deceased or
disabled or (c)&nbsp;as to which a continuing condition exists that, with notice or the lapse of time or
both, would constitute a default, breach, violation or event permitting acceleration under the
terms of such Student Loan (other than payment defaults continuing for a period of not more than
the number of days past due from the original due date thereof that would permit the submission of
a default claim to the applicable Guarantor under the terms of the Higher Education Act).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Defaulting Lender</I></B><I>&#148; </I>has the meaning assigned to such term in <U>Section&nbsp;2.01(d)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Delaware Trustee</I></B><I>&#148; </I>means BNYM (Delaware), a Delaware banking corporation.
</DIV>

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</DIV>

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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>&#091;</B>SLM Bluemont Note Purchase Agreement<B>&#093;</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Delinquent Student Loan</I></B><I>&#148; </I>means any Trust Student Loan, which is not a Defaulted Student Loan,
as to which any payment, or portion thereof, is more than 120&nbsp;days past due from the original due
date thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Departing Facility Group</I></B><I>&#148; </I>means a Facility Group whose Commitment the Trust has determined to
assign or terminate in accordance with <U>Section&nbsp;2.21(a)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Department of Education</I></B><I>&#148; </I>or <I>&#147;</I><B><I>Department</I></B><I>&#148; </I>means the United States Department of Education, or
any other officer, board, body, commission or agency succeeding to the functions thereof under the
Higher Education Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Depositor</I></B><I>&#148; </I>means Bluemont Funding LLC, a Delaware limited liability company, in its capacity
as depositor with respect to the Trust.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Depositor Interim Trust Agreement</I></B><I>&#148; </I>means the interim trust agreement, dated the date hereof,
between the Depositor and the Interim Eligible Lender Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Eligible FFELP Loan</I></B><I>&#148; </I>means a Student Loan which meets the following criteria as of any date
of determination:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;such Student Loan is fully disbursed;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;such Student Loan has not been owned by the Trust or by any Related SPE Trusts for more
than 364&nbsp;days in the aggregate for all such parties;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;such Student Loan is a Stafford Loan, an SLS Loan, a PLUS Loan or a Consolidation Loan and
the Obligor thereof was an Eligible Obligor at the time such Student Loan was originated;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;such Student Loan is a U.S. Dollar denominated obligation payable in the United States;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;at least 97% of the principal of and interest on such Student Loan is guaranteed by the
applicable Guarantor and eligible for reinsurance under the Higher Education Act, such percentage
to be met without giving effect to any increase due to any special servicer status under the Higher
Education Act of any applicable Servicer;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;such Student Loan provides for periodic payments which fully amortize the amount financed
over its term to maturity (exclusive of any deferral or forbearance periods granted in accordance
with applicable law, including, without limitation, the Higher Education Act, and in accordance
with the applicable Guarantee Agreement);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;such Student Loan is being serviced by a Servicer under a Servicing Agreement and if such
Student Loan is serviced by a Subservicer, the related Obligor has been directed to make all
payments into a Permitted Lockbox;
</DIV>

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</DIV>

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</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;such Student Loan bears interest at a stated rate equal to the maximum rate permitted
under the Higher Education Act for such Student Loan (before giving effect to any borrower benefit
programs);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;such Student Loan is eligible for the payment of quarterly Special Allowance Payments at a
rate established under the formula set forth in the Higher Education Act for such Student Loan;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;if not yet in repayment status, such Student Loan is eligible for the payment of Interest
Subsidy Payments by the Department of Education or, if not so eligible, is a Student Loan for which
interest either is billed quarterly to the Obligor or deferred until commencement of the repayment
period, in which case such accrued interest is subject to capitalization to the full extent
permitted by the applicable Guarantor;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;such Student Loan is not a Defaulted Student Loan at the time the Advance to purchase such
Student Loan is made;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;such Student Loan is supported by the following documentation:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) loan application, and any supplement thereto;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) evidence of Guarantee;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) any other document and/or record which the Trust or the related Servicer or other
agent may be required to retain pursuant to the Higher Education Act;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) if applicable, payment history (or similar documentation) including (A)&nbsp;an
indication of the Principal Balance and the date through which interest has been paid, each
as of the related date of determination and (B)&nbsp;an accounting of the allocation of all
payments by the Obligor or on Obligor&#146;s behalf to principal and interest on the Student
Loan;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) if applicable, documentation which supports periods of current or past deferment or
past forbearance;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) if applicable, a collection history, if the Student Loan was ever in a delinquent
status, including detailed summaries of contacts and including the addresses or telephone
numbers used in contacting or attempting to contact the related Obligor and any endorser
and, if required by the Guarantor, copies of all letters and other correspondence relating
to due diligence processing;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) if applicable, evidence of all requests for skip-tracing assistance and current
address of the related Obligor, if located;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) if applicable, evidence of requests for pre-claims assistance, and evidence that
the Obligor&#146;s school(s) have been notified; and
</DIV>

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</DIV>

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</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) if applicable, a record of any event resulting in a change to or confirmation of
any data in the Student Loan file;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;such Student Loan was originated and has been serviced in compliance with all requirements
of applicable law, including the Higher Education Act and all origination fees authorized to be
collected pursuant to Section&nbsp;438 of the Higher Education Act have been paid to the United States
Secretary of Education;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;such Student Loan is evidenced by a single original Student Loan Note and any addendum
thereto (or a certified copy thereof if more than one Student Loan is represented by a single
Student Loan Note and all Student Loans represented thereby are not being sold) (whether e-signed
or otherwise), containing terms in accordance with those required by the FFELP Program, the
applicable Guarantee Agreements and other applicable requirements and which does not require the
Obligor to consent to the transfer, sale or assignment of the rights and duties of the related
Seller, the Master Depositor (or the Interim Eligible Lender Trustee on behalf of the Master
Depositor), or the Depositor (or the Interim Eligible Lender Trustee on behalf of the Depositor) or
the Trust (or the Eligible Lender Trustee on behalf of the Trust) and does not contain any
provision that restricts the ability of the Administrative Agent, on behalf of the Secured
Creditors, to exercise its rights under the Transaction Documents;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;in each case, (i)&nbsp;immediately prior to the sale thereof to the Master Depositor, the
applicable Seller had, (ii)&nbsp;immediately prior to the sale thereof by the Master Depositor to the
Depositor, the Master Depositor had, and (iii)&nbsp;immediately following the acquisition thereof on the
related Advance Date, the Trust has good and marketable title to such Student Loan free and clear
of any Adverse Claim or other encumbrance, lien or security interest, or any other prior
commitment, other than as may be granted in favor of the Administrative Agent, on behalf of the
Secured Creditors;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;such Student Loan has not been modified, extended or renegotiated in any way, except (i)
as required under the Higher Education Act or other applicable laws, rules and regulations and the
applicable Guarantee Agreement, (ii)&nbsp;as provided for or permitted under the applicable underwriting
guidelines or Servicing Policies if such modification, extension or renegotiation does not
materially adversely affect the value or collectability thereof or (iii)&nbsp;as provided for in the
Transaction Documents;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;such Student Loan constitutes a legal, valid and binding obligation to pay on the part of
the related Obligor enforceable in accordance with its terms and is not noted on the appropriate
Servicer&#146;s books and records as being subject to a current bankruptcy proceeding;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;such Student Loan constitutes an instrument, an account or a general intangible as defined
in the UCC in the jurisdiction that governs the perfection of the interests of the Trust therein
and the perfection of the Secured Creditors&#146; interest therein;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;the sale or assignment of such Student Loan to the Master Depositor or an interim eligible
lender trustee on its behalf pursuant to a Purchase Agreement, the sale or assignment of which to
the Depositor or the Interim Eligible Lender Trustee on its behalf pursuant to the Conveyance
Agreement or the Tri-Party Transfer Agreement, the sale or assignment of which to
</DIV>

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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>&#091;</B>SLM Bluemont Note Purchase Agreement<B>&#093;</B>
</DIV>




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the Trust or the Eligible Lender Trustee on its behalf pursuant to the Sale Agreement, and the
granting of a security interest to the Administrative Agent pursuant to this Agreement does not
contravene or conflict with any applicable law, rule or regulation, or require the consent or
approval of, or notice to, any Person;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;such Student Loan was acquired by the Master Depositor pursuant to a Purchase Agreement
and acquired by the Depositor pursuant to the Conveyance Agreement or the Tri-Party Transfer
Agreement and sold to the Trust pursuant to the Sale Agreement and was not previously owned by the
Trust and subsequently re-acquired, unless such repurchase is required under the Higher Education
Act;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)&nbsp;the purchase price paid for such Student Loan at the time of purchase by the Trust (i)&nbsp;did
not exceed the Applicable Percentage (in effect at the time of purchase) multiplied by the
Principal Balance thereof, plus amounts, if any, drawn under the Revolving Credit Agreement; and
(ii)&nbsp;is reasonably equal to its fair market value at the time of purchase; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;the purchase of such Student Loan will not result in (i)&nbsp;an Amortization Event, (ii)&nbsp;a
Termination Event or (iii)&nbsp;an increase in any Excess Concentration Amount that would result in the
Asset Coverage Ratio being less than 100%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Eligible Institution</I></B><I>&#148; </I>means (a)&nbsp;an institution of higher education, (b)&nbsp;a vocational school
or (c)&nbsp;any other institution which, in all of the above cases, is an <I>&#147;</I>eligible institution<I>&#148; </I>as
defined in the Higher Education Act and has been approved by the Department of Education and the
applicable Guarantor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Eligible Investments</I></B><I>&#148; </I>means book-entry securities, negotiable instruments or securities
represented by instruments in bearer or registered form which evidence:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) direct obligations of, and obligations fully guaranteed as to timely payment by,
the United States of America, the Government National Mortgage Association, the Federal Home
Loan Mortgage Corporation or the Federal National Mortgage Association or any agency or
instrumentality of the United States of America, the obligations of which are backed by the
full faith and credit of the United States of America; <U>provided</U>, that obligations
of, or guaranteed by, the Government National Mortgage Association, the Federal Home Loan
Mortgage Corporation or the Federal National Mortgage Association shall be Eligible
Investments only if, at the time of investment, they have a rating from each of the Rating
Agencies in the highest investment category granted thereby;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) demand deposits, time deposits or certificates of deposit of any depository
institution or trust company incorporated under the laws of the United States of America or
any State (or any domestic branch of a foreign bank) and subject to supervision and
examination by federal or state banking or depository institution authorities (including
depository receipts issued by any such institution or trust company as custodian with
respect to any obligation referred to in clause (a)&nbsp;above or portion of such obligation for
the benefit of the holders of such depository receipts); <U>provided</U>, that at the time
of the investment or contractual commitment to invest therein (which shall be deemed to be
</DIV>

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</DIV>

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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>&#091;</B>SLM Bluemont Note Purchase Agreement<B>&#093;</B>
</DIV>




<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">made again each time funds are reinvested following each Settlement Date), the
commercial paper or other short-term senior unsecured debt obligations (other than such
obligations the rating of which is based on the credit of a Person other than such
depository institution or trust company) thereof shall have a credit rating from each of the
Rating Agencies in the highest investment category granted thereby;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) non-extendible commercial paper having, at the time of the investment, a rating
from each of the Rating Agencies then rating that commercial paper in the highest investment
category granted thereby;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) investments in money market funds having a rating from each of the Rating Agencies
in the highest investment category granted thereby (including funds for which the
Administrative Agent, the Syndication Agent, or the Eligible Lender Trustee or any of their
respective Affiliates is investment manager or advisor);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) bankers&#146; acceptances issued by any depository institution or trust company referred
to in clause (b)&nbsp;above; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) repurchase obligations with respect to any security that is a direct obligation of,
or fully guaranteed by, the United States of America or any agency or instrumentality
thereof, the obligations of which are backed by the full faith and credit of the United
States of America, in each case entered into with a depository institution or trust company
(acting as principal) described in clause (b)&nbsp;above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of the definition of &#147;Eligible Investments,&#148; the phrase &#147;highest investment
category&#148; means (i)&nbsp;in the case of Fitch, &#147;AAA&#148; for long-term investments (or the equivalent) and
&#147;F-1&#043;&#148; for short-term investments (or the equivalent), (ii)&nbsp;in the case of Moody&#146;s, &#147;Aaa&#148; for
long-term investments and &#147;P-1&#148; for short-term investments, and (iii)&nbsp;in the case of S&#038;P, &#147;AAA&#148; for
long-term investments and &#147;A-1&#043;&#148; for short-term investments. A proposed investment not rated by
Fitch but rated in the highest investment category by Moody&#146;s and S&#038;P shall be considered to be
rated by each of the Rating Agencies in the highest investment category granted thereby. In the
event the rating(s) of an Eligible Investment falls below the applicable rating(s) set forth
herein, the Administrative Agent shall promptly (but in no event longer than 60&nbsp;days from the time
of such downgrade) replace such investment, at no cost to the Trust, with an Eligible Investment
which has the required ratings; <U>provided</U>, that if each of the Rating Agencies has approved
an Eligible Investment with other terms relating to a downgrade (including, but not limited to
collateralization of the Eligible Investment or furnishing a guaranty or insurance), such other
terms shall prevail.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Eligible Lender</I></B><I>&#148; </I>means any <I>&#147;</I>eligible lender,<I>&#148; </I>as defined in the Higher Education Act, which
has received an eligible lender designation from the Department of Education or from a Guarantor
with respect to Student Loans.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Eligible Lender Trustee</I></B><I>&#148; </I>means The Bank of New York Trust Company, N.A., a national banking
association, not in its individual capacity but solely as Eligible Lender Trustee under the Trust
Agreement and its successor or successors and any other corporation which may at any time be
substituted in its place pursuant to the terms of the Trust Agreement.
</DIV>

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</DIV>

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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>&#091;</B>SLM Bluemont Note Purchase Agreement<B>&#093;</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Eligible Lender Trustee Fees</I></B><I>&#148; </I>means the fees, reasonable expenses and charges of the Eligible
Lender Trustee, including reasonable legal fees and expenses, as agreed to in writing by the
Eligible Lender Trustee and the Administrator.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Eligible Lender Trustee Guarantee Agreement</I></B><I>&#148; </I>means any guarantee or similar agreement issued
by any Guarantor to the Eligible Lender Trustee relating to the Guarantee of Trust Student Loans,
and any amendment thereto entered into in accordance with the provisions thereof and hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Eligible Obligor</I></B><I>&#148; </I>means an Obligor who is eligible under the Higher Education Act to be the
obligor of a loan for financing a program of education at an Eligible Institution, including an
Obligor who is eligible under the Higher Education Act to be an obligor of a loan made pursuant to
Section&nbsp;428A, 428B and 428C of the Higher Education Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>ERISA</I></B><I>&#148; </I>means the U.S. Employee Retirement Income Security Act of 1974, as amended from time
to time, or any successor statute and the regulations promulgated and rulings issued thereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>ERISA Affiliate</I></B><I>&#148; </I>means (a)&nbsp;any corporation which is a member of the same controlled group of
corporations (within the meaning of Section 414(b) of the Code) as the Trust, (b)&nbsp;a trade or
business (whether or not incorporated) under common control (within the meaning of Section 414(c)
of the Code) with the Trust, or (c)&nbsp;a member of the same affiliated service group (within the
meaning of Section 414(m) of the Code) as the Trust, any corporation described in clause (a)&nbsp;above
or any trade or business described in clause (b)&nbsp;above or other Person which is required to be
aggregated with the Trust pursuant to regulations promulgated under Section 414(o) of the Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Estimated Interest Adjustment</I></B><I>&#148; </I>means, for each Settlement Date with respect to any Facility
Group, the variation, if any, between (x)&nbsp;the Yield paid on the preceding Settlement Date to such
Facility Group and (y)&nbsp;the Yield that accrued on the portion of the Aggregate Note Balance
allocable to such Facility Group during the Interest Accrual Period then ending on such preceding
Settlement Date. The amount by which clause (y)&nbsp;exceeds clause (x)&nbsp;shall be a positive Estimated
Interest Adjustment and the amount by which clause (x)&nbsp;exceeds clause (y)&nbsp;shall be a negative
Estimated Interest Adjustment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Eurodollar Reserve Percentage</I></B><I>&#148; </I>means, for any day during any period, the reserve percentage
(expressed as a decimal, rounded upward to the next 1/100<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> of 1%) in effect on such
day, whether or not applicable to any Lender, under regulations issued from time to time by the
Board of Governors of the Federal Reserve System for determining the maximum reserve requirement
(including any emergency, special, supplemental or other marginal reserve requirement) with respect
to eurocurrency funding (currently referred to as <I>&#147;</I>eurocurrency liabilities<I>&#148;</I>). The LIBOR Rate
shall be adjusted automatically as of the effective date of any change in the Eurodollar Reserve
Percentage.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Event of Bankruptcy</I></B><I>&#148; </I>means, with respect to a specified Person, (a)&nbsp;the filing of a decree or
order for relief by a court having jurisdiction in the premises in respect of such Person or any
substantial part of its property in an involuntary case under any applicable federal or state
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>&#091;</B>SLM Bluemont Note Purchase Agreement<B>&#093;</B>
</DIV>




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a
receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such
Person or for any substantial part of its property, or ordering the winding-up or liquidation of
such Person&#146;s affairs, which decree or order remains unstayed and in effect for a period of 30
consecutive days; or (b)&nbsp;the commencement by such Person of a voluntary case under any applicable
federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or the
consent by such Person to the entry of an order for relief in an involuntary case under any such
law, or the consent by such Person to the appointment of or taking possession by a receiver,
liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for
any substantial part of its property, or the making by such Person of any general assignment for
the benefit of creditors, or the failure by such Person generally to pay its debts as such debts
become due, or the taking of action by such Person in furtherance of any of the foregoing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Excess Collateral Advance</I></B><I>&#148; </I>means an Advance made to the Trust after the Transition Period,
that is not a Purchase Price Advance or a Capitalized Interest Advance and is made to provide
additional Available Funds; <U>provided</U>, <U>however</U>, that the amount of any such Advance
shall not exceed the amount by which (a)&nbsp;the Adjusted Pool Balance plus the sum of the amounts on
deposit in the Trust Accounts (other than the Borrower Benefit Account and the Floor Income Rebate
Account) exceeds (b)&nbsp;the Reported Liabilities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Excess Concentration Amount</I></B><I>&#148; </I>has the meaning set forth in the Side Letter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Excess Distribution Certificate</I></B><I>&#148; </I>has the meaning assigned to such term in the Trust
Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Excess Spread</I></B><I>&#148; </I>means the annualized percentage, calculated on the last day of each calendar
month, which is a fraction, the numerator of which is the positive difference, if any, between (x)
the Expected Interest Collections for such month with respect to the Trust Student Loans and (y)
the sum of (i)&nbsp;the Primary Servicing Fee payable to the Master Servicer for such month, (ii)&nbsp;all
other fees payable under this Agreement for such month (other than the Non-Use Fee), (iii)&nbsp;all
Monthly Rebate Fees for such month, (iv)&nbsp;all other accrued and unpaid amounts generally payable by
the Trust with respect to the Trust Student Loans to the Department or any Guarantor, regardless of
whether such amounts are then due and owing and whether such amounts may be netted or deducted from
payments to be received from the Department or such Guarantor, as applicable, and (v)&nbsp;all Yield
payable to the Lenders for such month in respect of the Notes, and the denominator of which is the
weighted average Principal Balance of all Trust Student Loans held by the Trust during such month.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Excess Spread Test</I></B><I>&#148; </I>means the three-month average Excess Spread is greater than 0.25%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Excess Yield Rate</I></B><I>&#148; </I>means, with respect to any Advance and any Yield Period, the amount by
which the applicable Yield Rate for such Advance exceeds the sum of (a)&nbsp;the CP Rate or the LIBOR
Rate (whichever is applicable to such Advance) plus the Used Fee that would be applicable if such
Advance were a CP Advance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Excluded Taxes</I></B><I>&#148; </I>has the meaning assigned to such term in <U>Section&nbsp;2.20(a)</U>.
</DIV>

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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>&#091;</B>SLM Bluemont Note Purchase Agreement<B>&#093;</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Exiting Facility Group</I></B><I>&#148; </I>means any Departing Facility Group, Non-Renewing Facility Group or
Withdrawing Facility Group, as applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Exiting Facility Group Amortization Period</I></B><I>&#148; </I>means the period beginning on (a)&nbsp;with respect to
any Departing Facility Group, the Settlement Date following the date on which the Managing Agent
for such Facility Group and the Administrative Agent receive written notice from the Administrator
of its termination in accordance with <U>Section&nbsp;2.21(a)</U>, (b)&nbsp;with respect to any Non-Renewing
Facility Group, the then current Scheduled Maturity Date for such Non-Renewing Facility Group and
(c)&nbsp;with respect to any Withdrawing Facility Group the Settlement Date following the date the
Managing Agent for such Facility Group and the Administrator mutually agree by joint written notice
to the Administrative Agent; and in each case ending on the earliest to occur of (i)&nbsp;the occurrence
of an Amortization Event or a Termination Event, (ii)&nbsp;90&nbsp;days after the start of the period
described in clause (a), (b)&nbsp;or (c)&nbsp;above and (iii)&nbsp;the date the Class&nbsp;A Note Balance of the Class
A Note and the Class&nbsp;B Note Balance of the Class&nbsp;B Note held by the Exiting Facility Group have
been repaid in full.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Expected Interest Collections</I></B><I>&#148; </I>means, for any calendar month, the sum of (i)&nbsp;the amount of
interest due or accrued with respect to the Trust Student Loans and payable by the related Obligors
thereon during such calendar month (whether or not such interest is actually paid), (ii)&nbsp;all
Interest Subsidy Payments and Special Allowance Payments estimated to have accrued with respect to
the Trust Student Loans during such calendar month whether or not actually received and (iii)
investment earnings on the Trust Accounts for such calendar month.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Facility Group</I></B><I>&#148; </I>means a Managing Agent and its related Conduit Lenders, Alternate Lenders,
LIBOR Lenders and Program Support Providers, as applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Fair Market Auction</I></B><I>&#148; </I>means a commercially reasonable sale of Trust Student Loans pursuant to
an arms-length auction process with respect to which (a)&nbsp;bids have been solicited from two or more
potential bidders including at least two bidders that are not Affiliates of SLM Corporation, (b)&nbsp;at
least one bid is received from a bidder that is not an Affiliate of SLM Corporation and (c)&nbsp;if an
Affiliate of SLM Corporation submits the winning bid, such bid is in an amount reasonably equal to
the fair market value of the Trust Student Loans being sold.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Federal Funds Rate</I></B><I>&#148; </I>means, for any day, the rate per annum (rounded upwards, if necessary, to
the nearest 1/100<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> of 1%) equal to the weighted average of the rates on overnight
federal funds transactions with members of the Federal Reserve System arranged by federal funds
brokers on such day, as published by the Federal Reserve Bank of New York on the Business Day next
succeeding such day; <U>provided</U>, that (a)&nbsp;if such day is not a Business Day, the Federal
Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day
as so published on the next succeeding Business Day, and (b)&nbsp;if no such rate is so published on
such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate
(adjusted, if necessary, to the nearest 1/100 of 1%) charged to the Administrative Agent on such
day on such transactions as determined by it.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Federal Reimbursement Contracts</I></B><I>&#148; </I>means any agreement between any Guarantor and the Department
of Education providing for the payment by the Department of Education of amounts authorized to be
paid pursuant to the Higher Education Act, including but not
</DIV>

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</DIV>




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">necessarily limited to reimbursement of amounts paid or payable upon defaulted student loans
Guaranteed by such Guarantor to holders of qualifying student loans Guaranteed by any Guarantor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Fee Letters</I></B><I>&#148; </I>means the Administrative Agent and Syndication Agent Fee Letter, each Lenders
Fee Letter and the Valuation Agent Fee Letter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>FFELP Loan</I></B><I>&#148; </I>means a Consolidation Loan, a PLUS Loan, an SLS Loan or a Stafford Loan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>FFELP Loan Facilities</I></B><I>&#148; </I>means the FFELP student loan conduit securitization facilities
established pursuant to (i)&nbsp;this Agreement; (ii)&nbsp;that certain Note Purchase and Security Agreement,
dated as of the Closing Date, among Town Center Funding I, the arrangers party thereto, the conduit
lenders party thereto, the alternate lenders party thereto, the LIBOR lenders party thereto, Bank
of America, N.A., as administrative agent, the managing agents party thereto, The Bank of New York
Trust Company, N.A., as eligible lender trustee, JPMorgan Chase Bank, N.A., as syndication agent,
and Sallie Mae, Inc., as administrator; and (iii)&nbsp;that certain Note Purchase and Security
Agreement, dated as of the Closing Date, among Town Hall Funding I, the arrangers party thereto,
the conduit lenders party thereto, the alternate lenders party thereto, the LIBOR lenders party
thereto, Bank of America, N.A., as administrative agent, the managing agents party thereto, The
Bank of New York Trust Company, N.A., as eligible lender trustee, JPMorgan Chase Bank, N.A., as
syndication agent, and Sallie Mae, Inc., as administrator.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>FFELP Program</I></B><I>&#148; </I>means the Federal Family Education Loan Program authorized under the Higher
Education Act, including Stafford Loans, SLS Loans, PLUS Loans and Consolidation Loans.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Financing Costs</I></B><I>&#148; </I>means, with respect to:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;the Class&nbsp;A Notes, an amount equal to the sum (without duplication) of (i)&nbsp;the accrued
Yield applicable to the Class&nbsp;A Notes for the preceding Yield Period and the applicable portion of
the Non-Use Fee; (ii)&nbsp;any past due Yield payable on the Class&nbsp;A Notes; (iii)&nbsp;interest on any
related loans or other disbursements payable by the Lenders as a result of unreimbursed draws on or
under a Program Support Agreement supporting the purchase of the Class&nbsp;A Notes; and (iv)&nbsp;increased
costs of the Affected Parties resulting from Yield Protection, if any, and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;the Class&nbsp;B Notes, an amount equal to the sum (without duplication) of (i)&nbsp;the accrued
Yield applicable to the Class&nbsp;B Notes for the preceding Yield Period and the applicable portion of
the Non-Use Fee; (ii)&nbsp;any past due Yield payable on the Class&nbsp;B Notes; (iii)&nbsp;interest on any
related loans or other disbursements payable by the Lenders as a result of unreimbursed draws on or
under a Program Support Agreement supporting the purchase of the Class&nbsp;B Notes; and (iv)&nbsp;increased
costs of the Affected Parties resulting from Yield Protection, if any.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Fitch</I></B><I>&#148; </I>means Fitch, Inc. (or its successors in interest).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Floor Income Rebate Account</I></B><I>&#148; </I>means the special account created pursuant to <U>Section
2.04(c)</U>.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

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</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Floor Income Rebate Fee</I></B><I>&#148; </I>means the quarterly rebate fee payable to the Department of
Education on Trust Student Loans originated on or after April&nbsp;1, 2006 for which interest payable by
the related Obligors for such quarter exceeds the Interest Subsidy Payments or Special Allowance
Payments applicable to such Trust Student Loans for such quarter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Fund</I></B><I>&#148; </I>means any Person (other than a natural person) that is (or will be) engaged in making,
purchasing, holding, or otherwise investing in commercial loans and similar extensions of credit in
the ordinary course of its activities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>GAAP</I></B><I>&#148; </I>means generally accepted accounting principles as in effect from time to time in the
United States of America that are applicable to the circumstances as of the date of determination
and applied on a consistent basis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>GLB Regulations</I></B><I>&#148; </I>means the Joint Banking Agencies&#146; Privacy of Consumer Financial Information,
Final Rule (12 CFR Parts 40, 216, 332 and 573) or the Federal Trade Commission&#146;s Privacy of
Consumer Financial Information, Final Rule (16 CFR Part&nbsp;313), as applicable, implementing Title V
of the Gramm-Leach-Bliley Act, Public Law 106-102, as amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Governmental Authority</I></B><I>&#148; </I>means any nation or government, any state or other political
subdivision thereof, any central bank (or similar monetary or regulatory authority) thereof, any
body or entity exercising executive, legislative, judicial, regulatory or administrative functions
or pertaining to government, including without limitation any court, and any Person owned or
controlled, through stock or capital ownership or otherwise, by any of the foregoing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Grant</I></B><I>&#148; </I>or <I>&#147;</I><B><I>Granted</I></B><I>&#148; </I>means to pledge, create and grant a security interest in and with regard
to property. A Grant of Trust Student Loans, other assets or of any other agreement includes all
rights, powers and options (but none of the obligations) of the granting party thereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Guarantee</I></B><I>&#148; </I>or <I>&#147;</I><B><I>Guaranteed</I></B><I>&#148; </I>means, with respect to a Student Loan, the insurance or guarantee
by the applicable Guarantor, in accordance with the terms and conditions of the applicable
Guarantee Agreement, of some or all of the principal of and accrued interest on such Student Loan
and the coverage of such Student Loan by the Federal Reimbursement Contracts providing, among other
things, for reimbursement to such Guarantor for losses incurred by it on defaulted Student Loans
insured or guaranteed by such Guarantor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Guarantee Agreements</I></B><I>&#148; </I>means the Federal Reimbursement Contracts, the Eligible Lender Trustee
Guarantee Agreements and any other guarantee or agreement issued by a Guarantor to the Eligible
Lender Trustee, which pertain to Student Loans, providing for the payment by the Guarantor of
amounts authorized to be paid pursuant to the Higher Education Act to holders of qualifying Student
Loans guaranteed in accordance with the Higher Education Act by such Guarantor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Guarantee Payments</I></B><I>&#148; </I>means, with respect to a Student Loan, any payment made by a Guarantor
pursuant to a Guarantee Agreement in respect of a Trust Student Loan.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>&#091;</B>SLM Bluemont Note Purchase Agreement<B>&#093;</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Guarantee Percentage</I></B><I>&#148; </I>means, with respect to a Student Loan, the percentage of principal of
and accrued interest on such Student Loan that is Guaranteed under the applicable Guarantee
Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Guarantor</I></B><I>&#148; </I>means any entity listed on <U>Exhibit&nbsp;B</U> to this Agreement authorized to
guarantee Student Loans under the Higher Education Act and with which the Eligible Lender Trustee
maintains in effect a Guarantee Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Guaranty and Pledge Agreement</I></B><I>&#148; </I>means the Guaranty and Pledge Agreement, dated as of the
Closing Date between the Depositor and the Administrative Agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Higher Education Act</I></B><I>&#148; </I>means the Higher Education Act of 1965, as amended or supplemented from
time to time, and all regulations and guidelines promulgated thereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Holding Account Lender</I></B><I>&#148; </I>means (i)&nbsp;any Non-Rated Lender and (ii)&nbsp;any other Lender that has
elected at its option to make a Lender Holding Deposit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Indemnified Party</I></B><I>&#148; </I>has the meaning assigned to such term in <U>Section&nbsp;8.01(a)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Indemnity Agreement</I></B><I>&#148; </I>means the Indemnity Agreement entered into by SLM Corporation, the Trust
and the Administrative Agent dated as of the Closing Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Initial Cutoff Date</I></B><I>&#148; </I>means the date set forth as such in the initial Advance Request.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Initial Pool</I></B><I>&#148; </I>means that pool of Eligible FFELP Loans as of the Initial Cutoff Date
identified by the Administrator to the Administrative Agent and the Managing Agents party to this
Agreement as of the Closing Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Intangible Assets</I></B><I>&#148; </I>means the amount (to the extent reflected in determining such consolidated
stockholders&#146; equity) of all unamortized debt discount and expense, unamortized deferred charges
(which for purposes of this definition do not include deferred taxes or premiums paid in connection
with the purchase of student loans), goodwill, patents, trademarks, service marks, trade names,
anticipated future benefit of tax loss carry-forwards, copyrights, organization or developmental
expenses and other intangible assets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Interest Accrual Period</I></B><I>&#148; </I>means, each period from a Settlement Date until the immediately
succeeding Settlement Date, provided that the initial Interest Accrual Period shall be the period
from the Closing Date until the first Settlement Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Interest Coverage Ratio</I></B><I>&#148; </I>means, for any four consecutive fiscal quarter period, the ratio of
Adjusted Cash Income for such period to Interest Expense for such period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Interest Expense</I></B><I>&#148; </I>means, for any period, the aggregate amount which would fairly be presented
in the consolidated income statement of SLM Corporation and its consolidated subsidiaries for such
period (subject to normal year-end adjustments) prepared in accordance with GAAP as <I>&#147;</I>total interest
expense.<I>&#148;</I>
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>&#091;</B>SLM Bluemont Note Purchase Agreement<B>&#093;</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Interest Subsidy Payments</I></B><I>&#148; </I>means the interest subsidy payments on certain Trust Student Loans
authorized to be made by the Department of Education pursuant to Section&nbsp;428 of the Higher
Education Act or similar payments authorized by federal law or regulations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Interim Eligible Lender Trustee</I></B><I>&#148; </I>means The Bank of New York Trust Company, N.A., a national
banking association, not in its individual capacity but solely as eligible lender trustee for the
Depositor under the Depositor Interim Trust Agreement, for the Master Depositor under the Master
Depositor Interim Trust Agreement, or for the applicable Sellers under the Seller Interim Trust
Agreements, as applicable, and its successor or successors and any other corporation which may at
any time be substituted in its place.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Interim Trust Agreements</I></B><I>&#148; </I>means collectively, the Seller Interim Trust Agreements, the Master
Depositor Interim Trust Agreement and the Depositor Interim Trust Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Investment Deficit</I></B><I>&#148; </I>has the meaning assigned to such term in <U>Section&nbsp;2.01(d)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Investment Company Act</I></B><I>&#148; </I>means the Investment Company Act of 1940, as amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Lead Arrangers</I></B><I>&#148; </I>means Banc of America Securities LLC and J.P. Morgan Securities Inc.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Legal Final Maturity Date</I></B><I>&#148; </I>means the date occurring on the 40th anniversary of the
termination of the Revolving Period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Lender Guarantor</I></B><I>&#148; </I>means any Person which has provided in favor of the Administrative Agent an
irrevocable guaranty or provided an irrevocable letter of credit, to secure the obligations of a
Non-Rated Lender to fund a Capitalized Interest Advance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Lender Holding Account</I></B><I>&#148; </I>has the meaning assigned to such term in <U>Section&nbsp;2.23</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Lender Holding Deposit</I></B><I>&#148; </I>has the meaning assigned to such term in <U>Section&nbsp;2.23</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Lenders</I></B><I>&#148; </I>means, collectively, the Conduit Lenders, the Alternate Lenders and the LIBOR
Lenders.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Lenders Fee Letter</I></B><I>&#148; </I>means the Fee Letter, dated as of the Closing Date, among the Trust and
the Managing Agents and certain other financial institutions party thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Liabilities</I></B><I>&#148; </I>means the sum of the Trust&#146;s obligations with respect to (a)&nbsp;the Aggregate Note
Balance, (b)&nbsp;all accrued and unpaid Financing Costs applicable thereto to the extent not included
in the Aggregate Note Balance, (c)&nbsp;any accrued and unpaid fees, including Servicing Fees, Eligible
Lender Trustee Fees and any other fees or payment obligations (other than borrower benefits to the
extent the associated reduction in yield has been prefunded in the Borrower Benefit Account)
payable by the Trust pursuant to the Transaction Documents, (d)&nbsp;any outstanding Servicer Advances,
(e)&nbsp;amounts due and unpaid under the Revolving Credit Agreement, (f)&nbsp;all amounts payable by the
Trust with respect to the Trust Student Loans to the Department or any Guarantor then due and
owing, regardless of whether such amounts may be netted or deducted from payments to be received
from the Department or such Guarantor (other
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">than any such amount payable from or with respect to which the Trust will be reimbursed from
the Floor Income Rebate Account) and (g)&nbsp;any other accrued and unpaid Obligations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>LIBOR Advance</I></B><I>&#148; </I>means an Advance funded with reference to the LIBOR Rate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>LIBOR Base Rate</I></B><I>&#148; </I>means:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;for any Tranche Period for any Alternate Lender or Conduit Lender:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the rate per annum (carried out to the fifth decimal place) equal to the rate
determined by the applicable Managing Agent to be the offered rate that appears on the page
of the Reuters Screen that displays an average British Bankers Association Interest
Settlement Rate (such page currently being LIBOR01) for deposits in United States dollars
(for delivery on the first day of such period) with a term equivalent to such period,
determined as of approximately 11:00&nbsp;a.m. (London time) two Business Days prior to the first
day of such period;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the event the rate referenced in the preceding subsection (a)&nbsp;does not appear on
such page or service or such page or service shall cease to be available, the rate per annum
(carried to the fifth decimal place) equal to the rate determined by the applicable Managing
Agent to be the offered rate on such other page or other service that displays an average
British Bankers Association Interest Settlement Rate for deposits in United States dollars
(for delivery on the first day of such period) with a term equivalent to such period,
determined as of approximately 11:00&nbsp;a.m. (London time) two Business Days prior to the first
day of such period; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the event the rates referenced in the preceding subsections (a)&nbsp;and (b)&nbsp;are not
available, the rate per annum determined by the applicable Managing Agent as the rate of
interest at which Dollar deposits (for delivery on the first day of such period) in same day
funds in the approximate amount of the applicable investment to be funded by reference to
the LIBOR Rate and with a term equivalent to such period would be offered by its London
Branch to major banks in the London interbank eurodollar market at their request at
approximately 11:00&nbsp;a.m. (London time) two Business Days prior to the first day of such
period; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;for any day during an Interest Accrual Period for any LIBOR Lender:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the rate per annum (carried out to the fifth decimal place) equal to the rate
determined by the Administrative Agent to be the offered rate that appears on the page of
the Reuters Screen on such day that displays an average British Bankers Association Interest
Settlement Rate (such page currently being LIBOR01) for deposits in United States dollars
(for delivery on a date two Business Days later) with a term equivalent to one month;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the event the rate referenced in the preceding subsection (a)&nbsp;does not appear on
such page or service or such page or service shall cease to be available, the rate per annum
(carried to the fifth decimal place) equal to the rate determined by the Administrative
Agent to be the offered rate on such day on such other page or other
</DIV>

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</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">service that displays an average British Bankers Association Interest Settlement Rate
for deposits in United States dollars (for delivery on a date two Business Days later) with
a term equivalent to one month; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the event the rates referenced in the preceding subsections (a)&nbsp;and (b)&nbsp;are not
available, the rate per annum determined by the Administrative Agent on such day as the rate
of interest at which Dollar deposits (for delivery on a date two Business days later than
such day) in same day funds in the approximate amount of the applicable investment to be
funded by reference to the LIBOR Rate and with a term equivalent to one month would be
offered by its London Branch to major banks in the London interbank eurodollar market at
their request.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>LIBOR Lender</I></B><I>&#148; </I>means any Person identified as a LIBOR Lender on <U>Exhibit&nbsp;A</U> attached
hereto, as such Exhibit may be amended, restated or otherwise revised from time to time, and any
successors or assigns (subject to <U>Section&nbsp;10.04</U>).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>LIBOR Rate</I></B><I>&#148; </I>for any Tranche Period (when used with respect to any Alternate Lender) or for
any day during an Interest Accrual Period (when used with respect to any LIBOR Lender), means a
rate per annum determined by the Administrative Agent pursuant to the following formula:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">LIBOR Rate
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD> =</TD>
    <TD align="center" valign="top">LIBOR Base Rate</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
1.00 - Eurodollar Reserve Percentage
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Liquidated Student Loan</I></B><I>&#148; </I>means any defaulted Trust Student Loan liquidated by the Servicer
(which shall not include any Trust Student Loan on which payments pursuant to the applicable
Guarantee are received) or which the Servicer has, after using all reasonable efforts to realize
upon such Trust Student Loan, determined to charge off in accordance with the applicable Servicing
Policies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Liquidation Proceeds</I></B><I>&#148; </I>means, with respect to any Liquidated Student Loan which became a
Liquidated Student Loan during the current Settlement Period in accordance with the applicable
Servicing Policies, the moneys collected in respect of the liquidation thereof from whatever
source, other than Recoveries, net of the sum of any amounts expended by the Servicer in connection
with such liquidation and any amounts required by law to be remitted to the Obligor on such
Liquidated Student Loan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Lockbox Bank</I></B><I>&#148; </I>means a bank that maintains a lockbox into which a Subservicer, or the Obligors
of the Trust Student Loans serviced by such Subservicer, deposit Collections.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Lockbox Bank Fees</I></B><I>&#148; </I>means fees, reasonable expenses and charges of a Lockbox Bank as may be
agreed to in writing by the Administrator and the Lockbox Bank.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Managing Agent</I></B><I>&#148; </I>means each of the agents identified as a Managing Agent on <U>Exhibit&nbsp;A</U>
attached hereto as such Exhibit may be amended, restated or otherwise revised from time to time,
acting on behalf of its related LIBOR Lenders and its related Conduit Lenders, Alternate
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->27<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>&#091;</B>SLM Bluemont Note Purchase Agreement<B>&#093;</B>
</DIV>




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Lenders and Program Support Providers under this Agreement, as applicable, and any of its
successors or assigns (subject to <U>Section&nbsp;10.04</U>).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Master Depositor</I></B><I>&#148; </I>means Churchill Funding LLC, a Delaware limited liability company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Master Depositor Interim Trust Agreement</I></B><I>&#148; </I>means the interim trust agreement, dated the date
hereof, between the Master Depositor and the Interim Eligible Lender Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Master Servicer</I></B><I>&#148; </I>means Sallie Mae, Inc., a Delaware corporation, and its successors and
permitted assigns.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Material Adverse Effect</I></B><I>&#148; </I>means a material adverse effect on:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) with respect to the Trust, the status, existence, perfection, priority or
enforceability of the Administrative Agent&#146;s interest in the Pledged Collateral or the
ability of the Trust to perform its obligations under this Agreement or any other
Transaction Document or the ability to collect on a material portion of the Pledged
Collateral; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) with respect to any other Person, the ability of the applicable Person to perform
its obligations under this Agreement or any other Transaction Document.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Material Subservicer</I></B><I>&#148; </I>means any Subservicer responsible for servicing more than 15% of the
Trust Student Loans by aggregate Principal Balance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Maximum Advance Amount</I></B><I>&#148; </I>means, for any Advance Date:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;with respect to a Purchase Price Advance, an amount equal to the lesser of (i)&nbsp;the Maximum
Financing Amount minus the sum of (A)&nbsp;the Capitalized Interest Account Specified Balance and (B)
the Aggregate Note Balance and (ii)&nbsp;the aggregate Collateral Value of the Eligible FFELP Loans
being acquired;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;with respect to an Excess Collateral Advance, an amount equal to the Maximum Financing
Amount minus the sum of (A)&nbsp;the Capitalized Interest Account Specified Balance and (B)&nbsp;the
Aggregate Note Balance (after giving effect to any Purchase Price Advance to be made on such
Advance Date); and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;with respect to a Capitalized Interest Advance, an amount equal to the lesser of (i)&nbsp;the
Maximum Financing Amount minus the Aggregate Note Balance and (ii)&nbsp;the amount necessary to cause
the amount on deposit in the Capitalized Interest Account to equal the Required Capitalized
Interest Account Balance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Maximum Financing Amount</I></B><I>&#148; </I>means, at any time, $7,800,000,000, as such amount may be adjusted
from time to time pursuant to <U>Sections&nbsp;2.03</U> and <U>2.21</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Minimum Asset Coverage Requirement</I></B><I>&#148; </I>means an Asset Coverage Ratio of greater than or equal to
100%.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->28<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>&#091;</B>SLM Bluemont Note Purchase Agreement<B>&#093;</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>MNPI</I></B><I>&#148; </I>has the meaning assigned to such term in <U>Section&nbsp;10.02(b)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Monthly Administrative Agent&#146;s Report</I></B><I>&#148; </I>means the report to be delivered by the Administrative
Agent pursuant to <U>Section&nbsp;2.05(a)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Monthly Rebate Fee</I></B><I>&#148; </I>means the monthly rebate fee payable to the Department of Education on
the Trust Student Loans which are Consolidation Loans.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Monthly Report</I></B><I>&#148; </I>means a report, in substantially the form of <U>Exhibit&nbsp;C</U> hereto,
prepared by the Administrator and furnished to the Administrative Agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Moody&#146;s</I></B><I>&#148; </I>means Moody&#146;s Investors Service, Inc. (or its successors in interest).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Multiemployer Plan</I></B><I>&#148; </I>means a <I>&#147;</I>multiemployer plan<I>&#148; </I>as defined in Section&nbsp;4001(a)(3) of ERISA
which is or was at any time during the current year or the immediately preceding six years
contributed to by the Trust or any ERISA Affiliate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Mustang Funding I Facility</I></B><I>&#148; </I>means the financing facility established pursuant to that certain
Participation Purchase and Security Agreement, dated as of April&nbsp;30, 2007, among Mustang Funding I,
LLC, the conduit purchasers party thereto, the alternate purchasers party thereto, Bank of America,
N.A., as administrative agent, the managing agents party thereto, Chase Bank USA, National
Association, as eligible lender trustee and Sallie Mae, Inc., as administrator.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Mustang Funding II Facility</I></B><I>&#148; </I>means the financing facility established pursuant to that
certain Participation Purchase and Security Agreement, dated as of April&nbsp;30, 2007, among Mustang
Funding II, LLC, the conduit purchasers party thereto, the alternate purchasers party thereto, Bank
of America, N.A., as administrative agent, the managing agents party thereto, Chase Bank USA,
National Association, as eligible lender trustee and Sallie Mae, Inc., as administrator.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Net Adjusted Revenue</I></B><I>&#148; </I>means, for any period, Adjusted Revenue for such period less Interest
Expense and Operating Expenses for such period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>New York UCC</I></B><I>&#148; </I>means the New York Uniform Commercial Code as in effect from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Non-Defaulting Lender</I></B><I>&#148; </I>has the meaning assigned to such term in <U>Section&nbsp;2.01(d)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Non-Rated Lender</I></B><I>&#148; </I>means any Alternate Lender, LIBOR Lender or Committed Conduit Lender which
does not satisfy any of the following: (i)&nbsp;has a short-term unsecured indebtedness rating of at
least &#147;A-1&#148; by S&#038;P and &#147;P-1&#148; by Moody&#146;s, (ii)&nbsp;has a Lender Guarantor which has a short-term
unsecured indebtedness rating of at least &#147;A-1&#148; by S&#038;P and &#147;P-1&#148; by Moody&#146;s or (iii)&nbsp;has a
Qualified Program Support Provider.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Non-Renewing Facility Group</I></B><I>&#148; </I>means a LIBOR Lender or a Conduit Lender and its related
Alternate Lenders and Program Support Providers which have determined not to extend the Scheduled
Maturity Date in accordance with <U>Section&nbsp;2.16</U>.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->29<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>&#091;</B>SLM Bluemont Note Purchase Agreement<B>&#093;</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Non-U.S. Lender</I></B><I>&#148; </I>has the meaning assigned to such term in <U>Section&nbsp;2.20(d)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Non-Use Fee</I></B><I>&#148; </I>means, with respect to each Facility Group, a non-use fee, payable monthly by
the Trust to the Managing Agent for such Facility Group (or, if applicable, to the Lenders within
such Facility Group) as set forth in the Lenders Fee Letter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Note</I></B><I>&#148; </I>means, as applicable, the Class&nbsp;A Note or the Class&nbsp;B Note issued by the Trust
hereunder to a Registered Owner.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Note Account</I></B><I>&#148; </I>has the meaning specified in <U>Section&nbsp;2.11</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Note Purchase</I></B><I>&#148; </I>means the purchase of Notes under this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Note Purchasers</I></B><I>&#148; </I>means the Lenders and, if applicable, their respective Program Support
Providers, and their respective successors and assigns (subject to <U>Section&nbsp;10.04)</U>. Each
Facility Group shall purchase its Notes and otherwise act through its Managing Agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Note Register</I></B><I>&#148; </I>has the meaning assigned to such term in <U>Section&nbsp;3.05(a)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Note Registrar</I></B><I>&#148; </I>has the meaning assigned to such term in <U>Section&nbsp;3.05(a)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Notice of Release</I></B><I>&#148; </I>has the meaning assigned to such term in <U>Section&nbsp;2.18</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Obligations</I></B><I>&#148; </I>means all present and future indebtedness and other liabilities and obligations
(howsoever created, arising or evidenced, whether direct or indirect, absolute or contingent, or
due or to become due) of the Trust to the Secured Creditors, arising under or in connection with
this Agreement or any other Transaction Document or the transactions contemplated hereby or thereby
and shall include, without limitation, all liability for principal of and Financing Costs on the
Notes, closing fees, unused line fees, audit fees, Administrative Agent Fees, Syndication Agent
Fees, Co-Valuation Agent Fees, expense reimbursements, indemnifications, and other amounts due or
to become due under the Transaction Documents, including, without limitation, interest, fees and
other obligations that accrue after the commencement of an insolvency proceeding (in each case
whether or not allowed as a claim in such insolvency proceeding).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Obligor</I></B><I>&#148; </I>means the borrower or co-borrower or any other Person obligated to make payments
with respect to a Student Loan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Officer&#146;s Certificate</I></B><I>&#148; </I>means a certificate signed and delivered by an Authorized Officer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Official Body</I></B><I>&#148; </I>means any government or political subdivision or any agency, authority,
bureau, central bank, commission, department or instrumentality of any such government or political
subdivision, or any court, tribunal, grand jury or arbitrator, or any accounting board or authority
(whether or not a part of government) which is responsible for the establishment or interpretation
of national or international accounting principles, in each case whether foreign or domestic.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->30<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091; SLM Bluemont Note Purchase Agreement &#093;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Operating Expenses</I></B><I>&#148; </I>means, for any period, the aggregate amount which would fairly be
presented in the consolidated income statement of SLM Corporation and its consolidated subsidiaries
for such period (subject to normal year-end adjustments) prepared in accordance with GAAP as <I>&#147;</I>total
operating expenses.<I>&#148;</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Opinion of Counsel</I></B><I>&#148; </I>means an opinion in writing of outside legal counsel, who may be counsel
or special counsel to the Trust, any Affiliate of the Trust, the Eligible Lender Trustee, the
Administrator, the Administrative Agent, the Syndication Agent, any Managing Agent or any Lender.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Other Applicable Taxes</I></B><I>&#148; </I>has the meaning assigned to such term in <U>Section&nbsp;2.13</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Other Taxes</I></B><I>&#148; </I>has the meaning assigned to such term in <U>Section&nbsp;2.20(a)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Outstanding</I></B><I>&#148; </I>means, when used with respect to Notes, as of the date of determination, all
Notes theretofore authenticated and delivered under this Agreement except,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notes theretofore cancelled by the Note Registrar or delivered to the Note
Registrar for cancellation; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notes for whose payment or repayment money in the necessary amount and currency and
in immediately available funds has been theretofore deposited with the Administrative Agent
for the Registered Owners of such Notes; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Notes which have been exchanged for other Notes, or in lieu of which other Notes
have been delivered, pursuant to this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Participant</I></B><I>&#148; </I>has the meaning assigned to such term in <U>Section&nbsp;10.04(m)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Patriot Act</I></B><I>&#148; </I>has the meaning assigned to such term in <U>Section&nbsp;10.18</U> hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>PBGC</I></B><I>&#148; </I>means the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of
Title IV of ERISA (or any successor).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Permitted Lockbox</I></B><I>&#148; </I>means a lockbox arrangement between a Subservicer and a Lockbox Bank
approved by the Administrative Agent, with respect to which Collections from Obligors whose Student
Loans are serviced by such Subservicer are sent to the related lockboxes and are forwarded by the
applicable Lockbox Bank to the Collection Account within two Business Days after receipt of good
funds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Permitted Release</I></B><I>&#148; </I>means a release of Pledged Collateral in connection with (a)&nbsp;a Take Out
Securitization, (b)&nbsp;a Whole Loan Sale, (c)&nbsp;a Fair Market Auction, (d)&nbsp;a Permitted SPE Transfer, (e)
a Permitted Seller Buy-Back, (f)&nbsp;a Servicer Buy-Out or (g)&nbsp;any other transfer of Pledged Collateral
with respect to which the Administrative Agent has received a Required Legal Opinion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Permitted Seller Buy-Back</I></B><I>&#148; </I>means an arms-length transfer of Pledged Collateral by the Trust
to the Depositor and subsequently by the Depositor to the applicable Seller, so long as the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->31<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>&#091;</B>SLM Bluemont Note Purchase Agreement<B>&#093;</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">aggregate principal amount of such Permitted Seller Buy-Backs does not exceed ten percent of the
lesser of (i)&nbsp;the highest Aggregate Note Balance outstanding at any time under this Agreement and
(ii)&nbsp;the aggregate original principal amount of all Student Loans sold, directly or indirectly to
the Trust by SLM Education Credit Finance Corporation, including any Student Loans deemed to have
been sold by SLM Education Credit Finance Corporation, in its capacity as the assignee of the
Student Loan Marketing Association.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Permitted SPE Transfer</I></B><I>&#148; </I>means an arms-length transfer of Pledged Collateral by the Trust to
the Depositor and subsequently by the Depositor to another special purpose entity established by
SLM Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Person</I></B><I>&#148; </I>means an individual, partnership, corporation (including a statutory trust), limited
liability company, joint stock company, trust, unincorporated association, joint venture,
government (or any agency or political subdivision thereof) or other entity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Phoenix Fundings Facility</I></B><I>&#148; </I>means the financing facility for student loans established
pursuant to that certain Note Purchase and Security Agreement, dated as of February&nbsp;29, 2008, among
Phoenix Fundings I, UBS Securities LLC, as administrative agent, The Bank of New York Trust
Company, N.A., as eligible lender trustee, Deutsche Bank Trust Company Americas, as paying agent,
Sallie Mae, Inc., as administrator and UBS Real Estate Securities Inc., as note purchaser.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Platform</I></B><I>&#148; </I>has the meaning assigned to such term in <U>Section&nbsp;10.02(b)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Pledged Collateral</I></B><I>&#148; </I>has the meaning specified in <U>Section&nbsp;2.10</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>PLUS Loan</I></B><I>&#148; </I>means a student loan originated under the authority set forth in Section&nbsp;428A or B
(or a predecessor section thereto) of the Higher Education Act and shall include student loans
designated as <I>&#147;</I>PLUS Loans<I>&#148; </I>or <I>&#147;</I>Grad PLUS Loans,<I>&#148; </I>as defined under the Higher Education Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Potential Amortization Event</I></B><I>&#148; </I>means an event which but for the lapse of time or the giving of
notice, or both, would constitute an Amortization Event.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Potential Termination Event</I></B><I>&#148; </I>means an event which but for the lapse of time or the giving of
notice, or both, would constitute a Termination Event.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Power of Attorney</I></B><I>&#148; </I>means that certain Power of Attorney of the Trust dated as of the Closing
Date, appointing Bank of America, N.A., as Administrative Agent, as the Trust&#146;s attorney-in-fact.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Primary Servicing Fee</I></B><I>&#148; </I>for any Settlement Date has the meaning specified in Attachment A to
the Servicing Agreement, and shall include any such fees from prior Settlement Dates that remain
unpaid.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Prime Rate</I></B><I>&#148; </I>means, for any day, a fluctuating rate per annum equal to the rate of interest in
effect for such day as publicly announced from time to time by the Administrative Agent as its
<I>&#147;</I>prime rate.<I>&#148; </I>The &#147;prime rate&#148; is a rate set by the Administrative Agent based upon
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>&#091;</B>SLM Bluemont Note Purchase Agreement<B>&#093;</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">various
factors including the Administrative Agent&#146;s costs and desired return, general economic conditions
and other factors, and is used as a reference point for pricing some loans, which may be priced at,
above, or below such announced rate. Any change in the prime rate announced by the Administrative
Agent shall take effect at the opening of business on the day specified in the public announcement
of such change.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Principal Balance</I></B><I>&#148; </I>means, with respect to any Student Loan and any specified date, the
outstanding principal amount of such Student Loan, plus accrued and unpaid interest thereon to be
capitalized.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Principal Distribution Amount</I></B><I>&#148; </I>means, with respect to any Settlement Date, (i)&nbsp;during the
Revolving Period, the excess, if any, of (a)&nbsp;the Aggregate Note Balance as of the end of the
related Settlement Period over (b)&nbsp;the Adjusted Pool Balance as of the end of the related
Settlement Period, and (ii)(a) during the Amortization Period or (b)&nbsp;following the occurrence of a
Termination Event, the Aggregate Note Balance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Private Credit Loan Facility</I></B><I>&#148; </I>means the financing facility for private credit student loans
established pursuant to that certain Note Purchase and Security Agreement, dated as of the Closing
Date, among Rendezvous Funding I, the conduit lenders party thereto, the alternate lenders party
thereto, the LIBOR lenders party thereto, Bank of America, N.A., as administrative agent, the
managing agents party thereto, the arrangers party thereto, The Bank of New York Trust Company,
N.A., as eligible lender trustee, JPMorgan Chase Bank, N.A., as syndication agent, and Sallie Mae,
Inc., as administrator.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Pro Rata Share</I></B><I>&#148; </I>means (a)&nbsp;with respect to any particular Facility Group, a fraction
(expressed as a percentage) the numerator of which is the aggregate Commitment of such Facility
Group and the denominator of which is the Maximum Financing Amount; (b)&nbsp;with respect to any Lender
within a Facility Group, the percentage of such Facility Group&#146;s Pro Rata Share allocated to such
Lender by its Managing Agent; and (c)&nbsp;with respect to any repayment of Notes with respect to any
Lender, a fraction (expressed as a percentage) the numerator of which is the Aggregate Note Balance
attributable to such Lender, and the denominator of which is the Aggregate Note Balance;
<U>provided</U>, that for so long as any Lender is a Defaulting Lender, its Pro Rata Share under
this clause (c)&nbsp;shall be deemed to be zero.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Program Support Agreemen</I></B><I>t&#148; </I>means, with respect to any Conduit Lender, any liquidity agreement
or any other agreement entered into by any Program Support Provider providing for the issuance of
one or more letters of credit for the account of such Conduit Lender (or any related commercial
paper issuer that finances such Conduit Lender), the issuance of one or more surety bonds for which
such Conduit Lender or such related issuer is obligated to reimburse the applicable Program Support
Provider for any drawings thereunder, the sale by the Conduit Lender or such related issuer to any
Program Support Provider of any interest in a Note (or portions thereof or participations therein)
and/or the making of loans and/or other extensions of liquidity or credit to the Conduit Lender or
such related issuer in connection with its commercial paper program, together with any letter of
credit, surety bond or other instrument issued thereunder.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->33<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>&#091;</B>SLM Bluemont Note Purchase Agreement<B>&#093;</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Program Support Provider</I></B><I>&#148; </I>means and includes any Person now or hereafter extending liquidity
or credit or having a commitment to extend liquidity or credit to or for the account of, or to make
purchases from, a Conduit Lender (or any related commercial paper issuer that finances such Conduit
Lender) in support of commercial paper issued, directly or indirectly, by such Conduit Lender in
order to fund Advances made by such Conduit Lender hereunder or issuing a letter of credit, surety
bond or other instrument to support any obligations arising under or in connection with such
Conduit Lender&#146;s or such related issuer&#146;s commercial paper program, but only to the extent that
such letter of credit, surety bond, or other instrument supported either CP issued to make Advances
and purchase the Notes hereunder or was dedicated to that Program Support Provider&#146;s support of the
Conduit Lender as a whole rather than one particular issuer (other than the Trust) within such
Conduit Lender&#146;s commercial paper program.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Program Support Termination Event</I></B><I>&#148; </I>means the earliest to occur of the following: (a)&nbsp;any
Program Support Provider related to a Conduit Lender has its rating lowered below &#147;A-1&#148; by S&#038;P,
&#147;P-1&#148; by Moody&#146;s or &#147;F1&#148; by Fitch (if rated by Fitch), unless a replacement Program Support
Provider having ratings of at least &#147;A-1&#148; by S&#038;P, &#147;P-1&#148; by Moody&#146;s and &#147;F1&#148; by Fitch (if rated by
Fitch) is substituted within 30&nbsp;days of such downgrade or alternative arrangements are then in
place that are sufficient to continue to enable such Rating Agency to rate the affected CP at least
&#147;A-1&#148; by S&#038;P, &#147;P-1&#148; by Moody&#146;s and &#147;F1&#148; by Fitch (if rated by Fitch); (b)&nbsp;any Program Support
Provider shall fail to honor any of its payment obligations under its Program Support Agreement
unless alternative arrangements are then in place that are sufficient to continue to enable such
Rating Agency to rate the affected CP at least &#147;A-1&#148; by S&#038;P, &#147;P-1&#148; by Moody&#146;s and &#147;F1&#148; by Fitch
(if rated by Fitch); (c)&nbsp;a Program Support Agreement shall cease for any reason to be in full force
and effect or be declared null and void; or (d)&nbsp;the final maturity date of such Program Support
Agreement (unless such final maturity date is extended pursuant to the Program Support Agreement).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Proprietary Institution</I></B><I>&#148; </I>means a for-profit vocational school.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Proprietary Loan</I></B><I>&#148; </I>means a loan made to or for the benefit of a student attending a
Proprietary Institution; <U>provided</U>, <U>however</U>, that if a Student Loan that was
initially a Proprietary Loan is consolidated, that Student Loan shall no longer be a Proprietary
Loan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Public Lender</I></B><I>&#148; </I>has the meaning assigned to such term in <U>Section&nbsp;10.02(b)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Purchase Agreement</I></B><I>&#148; </I>means each Purchase Agreement, dated as of the Closing Date, between a
Seller (other than a Related SPE Seller), the Interim Eligible Lender Trustee, if applicable,
Sallie Mae, Inc., as master servicer, and the Master Depositor under which such Seller will sell,
on a true sale basis, certain Eligible FFELP Loans to the Master Depositor, together with all
purchase agreements, blanket endorsements and bills of sale executed pursuant thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Purchase Price Advance</I></B><I>&#148; </I>means an Advance made to fund the purchase by the Trust of Eligible
FFELP Loans.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Qualified Institution</I></B><I>&#148; </I>means the Administrative Agent or, with the written consent of the
Administrative Agent and the Trust (or the Administrator on behalf of the Trust), any bank or
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>&#091;</B>SLM Bluemont Note Purchase Agreement<B>&#093;</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">trust
company which has (a)&nbsp;a long-term unsecured debt rating of at least &#147;A2&#148; by Moody&#146;s and at least
&#147;A&#148; by S&#038;P and (b)&nbsp;a short-term rating of at least &#147;P-1&#148; by Moody&#146;s and at least &#147;A-1&#148; by S&#038;P.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Qualified Program Support Provider</I></B><I>&#148; </I>mean, with respect to a Committed Conduit Lender, any
Program Support Provider to such Conduit Lender which has a Program Support Agreement in a form
acceptable to the Rating Agencies and has a short-term unsecured indebtedness rating of at least
&#147;A-1&#148; by S&#038;P and &#147;P-1&#148; by Moody&#146;s.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Rating Agencies</I></B><I>&#148; </I>means Moody&#146;s, S&#038;P and, if applicable, Fitch.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Rating Agency Condition</I></B><I>&#148; </I>means, with respect to a particular amendment to or change in the
Transaction Documents, that each Rating Agency rating the CP of any Conduit Lender shall, if
required pursuant to such Conduit Lender&#146;s program documents or by the related Managing Agent, have
provided a statement in writing that such amendment or change will not result in a withdrawal or
reduction of the ratings of such CP and that each Rating Agency rating the Notes shall have
provided a statement in writing that such amendment or change will not result in a withdrawal or
reduction of the ratings of such Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Records</I></B><I>&#148; </I>means all documents, books, records, Student Loan Notes and other information
(including without limitation, computer programs, tapes, disks, punch cards, data processing
software and related property and rights) maintained with respect to Trust Student Loans or
otherwise in respect of the Pledged Collateral.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Recoveries</I></B><I>&#148; </I>means moneys collected from whatever source with respect to any Liquidated
Student Loan which was written off in prior Settlement Periods or during the current Settlement
Period, net of the sum of any amounts expended by the Servicer with respect to such Student Loan
for the account of any Obligor and any amounts required by law to be remitted to any Obligor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Register</I></B><I>&#148; </I>means that register maintained by the Administrative Agent, pursuant to <U>Section
10.04(j)</U>, on which it will record the Lenders&#146; rights hereunder, and each assignment and
acceptance and participation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Registered Owner</I></B><I>&#148; </I>means the Person in whose name a Note is registered in the Note Register.
The Managing Agents shall be the initial Registered Owners.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Regulatory Change</I></B><I>&#148; </I>means, relative to any Affected Party:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) after the date of this Agreement, any change in or the adoption or implementation
of, any new (or any new interpretation or administration of any existing):
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) United States federal or state law or foreign law applicable to such
Affected Party;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) regulation, interpretation, directive, requirement, guideline or request
(whether or not having the force of law) applicable to such Affected Party of (A)
any court or Governmental Authority charged with the interpretation or
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>&#091;</B>SLM Bluemont Note Purchase Agreement<B>&#093;</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">administration of any law referred to in clause (a)(i) above or (B)&nbsp;any fiscal,
monetary or other authority having jurisdiction over such Affected Party; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) generally accepted accounting principles or regulatory accounting
principles applicable to such Affected Party and affecting the application to such
Affected Party of any law, regulation, interpretation, directive, requirement,
guideline or request referred to in clause (a)(i) or (a)(ii) above; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any change after the date of this Agreement in the application to such Affected
Party (or any implementation by such Affected Party) of any existing law, regulation,
interpretation, directive, requirement, guideline or request referred to in clause (a)(i),
(a)(ii) or (a)(iii) above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Related Parties</I></B><I>&#148; </I>means, with respect to any Person, such Person&#146;s Affiliates and the
partners, directors, officers, employees, agents and advisors of such Person and of such Person&#146;s
Affiliates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Related SPE Sellers</I></B><I>&#148; </I>means Town Hall Funding LLC and Town Center Funding LLC, each a Delaware
limited liability company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Related SPE Trusts</I></B><I>&#148; </I>means Town Hall Funding I and Town Center Funding I, each a Delaware
statutory trust.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Release Reconciliation Statement</I></B><I>&#148; </I>has the meaning assigned to such term in <U>Section
2.18</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Released Collateral</I></B><I>&#148; </I>means any Pledged Collateral released pursuant to <U>Section&nbsp;2.18</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Reportable Event</I></B><I>&#148; </I>means any of the events set forth in Section 4043(c) of ERISA.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Reported Liabilities</I></B><I>&#148; </I>means, as of any date, the Liabilities of the Trust (less amounts then
outstanding under the Revolving Credit Agreement) reported to the Trust (or to the Administrator on
behalf of the Trust) as set forth in the most recent Monthly Report and as adjusted for any
Advances made since the date of such Monthly Report or with respect to which the Trust (or the
Administrator on behalf of the Trust) has actual knowledge.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Reporting Date</I></B><I>&#148; </I>means the twenty-second (22<SUP style="font-size: 85%; vertical-align: text-top">nd</SUP>) day of each calendar month,
beginning April&nbsp;22, 2008 or, if such day is not a Business Day, the immediately preceding Business
Day.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Requested Advance Amount</I></B><I>&#148; </I>means the amount of the Class&nbsp;A Advance and the amount of the Class
B Advance that is requested by the Trust.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Required Capitalized Interest Account Balance</I></B><I>&#148; </I>means (i)&nbsp;at any time that no Capitalized
Interest Account Funding Event has occurred and is continuing, $0, (ii)&nbsp;after the occurrence and
during the continuation of a Capitalized Interest Account Funding Event, the Capitalized Interest
Account Specified Balance, and (iii)&nbsp;at any time a Non-Renewing Facility
</DIV>

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</DIV>

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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>&#091;</B>SLM Bluemont Note Purchase Agreement<B>&#093;</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Group is required to make
a Capitalized Interest Advance pursuant to <U>Section&nbsp;2.21(b)</U>, the amount of such Capitalized
Interest Advance.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Required Holding Deposit Amount</I></B><I>&#148; </I>has the meaning assigned to such term in <U>Section
2.23</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Required Legal Opinion</I></B><I>&#148; </I>means an opinion of McKee Nelson LLP, or such other outside counsel
to the Trust reasonably acceptable to the Administrative Agent, with respect to the true sale of
Trust Student Loans and non-consolidation issues that describes the facts of the proposed
transaction and contains conclusions reasonably determined by the Administrative Agent to be in
form and substance similar to the conclusions contained in the legal opinions previously delivered
to and accepted by the Administrative Agent on the Closing Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Required Managing Agents</I></B><I>&#148; </I>means, at any time, not less than four Managing Agents representing
Facility Groups then holding at least 66-2/3% of the Aggregate Note Balance; <U>provided</U>, that
if there are no outstanding Advances, then <I>&#147;</I>Required Managing Agents<I>&#148; </I>means at such time Managing
Agents representing Facility Groups then holding at least 66-2/3% of the Commitments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Required Ratings</I></B><I>&#148; </I>means, with respect to the Class&nbsp;A Notes, &#147;Aaa&#148; by Moody&#146;s and &#147;AAA&#148; by
S&#038;P, and with respect to the Class&nbsp;B Notes, &#147;A2&#148; by Moody&#146;s and &#147;A&#148; by S&#038;P.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Reserve Account</I></B><I>&#148; </I>means the special account created pursuant to <U>Section&nbsp;2.06(b)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Reserve Account Specified Balance</I></B><I>&#148; </I>means (a)&nbsp;on the Closing Date and for each Settlement
Period, cash or Eligible Investments in an amount equal to one-half of one percent (0.50%) of the
Student Loan Pool Balance as of the Initial Cutoff Date, or as of the last day of that Settlement
Period, as applicable, and (b)&nbsp;for each Advance Date, the sum of (i)&nbsp;the Reserve Account Specified
Balance as of the last day of the most recent Settlement Period plus (ii)&nbsp;one-half of one percent
(0.50%) of the Principal Balance of the Additional Student Loans purchased by the Trust since the
last day of the most recent Settlement Period (including Additional Student Loans being purchased
by the Trust with the Advance to be made on such Advance Date); <U>provided</U>, <U>however</U>,
that the Reserve Account Specified Balance shall be not less than $500,000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Reset Date</I></B><I>&#148; </I>means with respect to any LIBOR Advance made by an Alternate Lender or a Conduit
Lender, the last Business Day of the related Tranche Period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Revolving Credit Agreement</I></B><I>&#148; </I>means the subordinated revolving credit agreement, dated the
Closing Date, between the Trust and SLM Corporation to (i)&nbsp;fund the difference, if any, between the
amount of each related Advance and the fair market value of the Eligible FFELP Loans purchased
pursuant to the Sale Agreement on the related date of purchase and (ii)&nbsp;at the option of SLM
Corporation, to cure any breach of the Minimum Asset Coverage Requirement caused by an adjustment
of the Applicable Percentage, as such agreement may be amended, restated, or otherwise modified
from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Revolving Period</I></B><I>&#148; </I>means the period commencing on the Closing Date and terminating on the
earliest of (i)&nbsp;the Scheduled Maturity Date, (ii)&nbsp;the first day of the Amortization Period and
(iii)&nbsp;the Termination Date.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->37<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>&#091;</B>SLM Bluemont Note Purchase Agreement<B>&#093;</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>S&#038;P</I></B><I>&#148; </I>means Standard &#038; Poor&#146;s Ratings Service, a division of The McGraw-Hill Companies, Inc.
(or its successors in interest).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Sale Agreement</I></B><I>&#148; </I>means the Sale Agreement, dated as of the Closing Date, among the Depositor,
the Trust, the Interim Eligible Lender Trustee and the Eligible Lender Trustee, under which the
Depositor will transfer certain Eligible FFELP Loans to the Trust, together with all sale
agreements, blanket endorsements and bills of sale executed pursuant thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Schedule of Trust Student Loans</I></B><I>&#148; </I>means a listing of all Trust Student Loans delivered to and
held by the Administrative Agent (which Schedule of Trust Student Loans may be in the form of
microfiche, CD-ROM, electronic or magnetic data file or other medium acceptable to the
Administrative Agent), as from time to time amended, supplemented, or modified, which Schedule of
Trust Student Loans shall be the master list of all Trust Student Loans then comprising a part of
the Pledged Collateral pursuant to this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Scheduled Maturity Date</I></B><I>&#148; </I>means February&nbsp;27, 2009, or if such date is extended pursuant to
<U>Section&nbsp;2.16</U>, the date to which so extended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Secured Creditors</I></B><I>&#148; </I>means the Administrative Agent, the Syndication Agent, each Conduit
Lender, LIBOR Lender, Alternate Lender, Managing Agent, Co-Valuation Agent and Program Support
Provider, and any assignee or participant of any Lender or any Program Support Provider pursuant to
the terms hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Securities Act</I></B><I>&#148; </I>means the Securities Act of 1933, as amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Securities Intermediary</I></B><I>&#148; </I>means Bank of America, N.A. and its successors or assigns.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Seller Interim Trust Agreements</I></B><I>&#148; </I>means (i)&nbsp;the interim trust agreement, dated the date
hereof, between the Interim Eligible Lender Trustee and VG Funding, LLC, (ii)&nbsp;the interim trust
agreement, dated the date hereof, between the Interim Eligible Lender Trustee and VL Funding LLC
and (iii)&nbsp;the interim trust agreement, dated the date hereof, between the Interim Eligible Lender
Trustee and Phoenix Fundings LLC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Sellers</I></B><I>&#148; </I>means one or more of SLM Education Credit Finance Corporation, VG Funding, LLC, VL
Funding LLC, Mustang Funding I, LLC, Mustang Funding II, LLC, the Related SPE Sellers, and Phoenix
Fundings LLC, and such other subsidiaries of SLM Corporation as may be agreed upon by the Required
Managing Agents and with respect to which the requirements of <U>Section&nbsp;4.04</U> have been
satisfied; <U>provided</U>, <U>however</U>, that if a proposed seller is a special purpose
subsidiary of SLM Corporation for which the Master Servicer is responsible for any repurchase
obligations, only the consent of the Administrative Agent shall be required.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Servicer</I></B><I>&#148; </I>means the Master Servicer or a Subservicer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Servicer Advances</I></B><I>&#148; </I>means any Financing Costs advanced by the Master Servicer pursuant to
<U>Section&nbsp;2.17</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Servicer Buy-Out</I></B><I>&#148; </I>means the right of the Master Servicer, as set forth in <U>Section
3.05(h)</U> of the Servicing Agreement, to purchase any Trust Student Loans (when added to the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->38<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>&#091;</B>SLM Bluemont Note Purchase Agreement<B>&#093;</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">aggregate Principal Balance of all Trust Student Loans previously purchased pursuant to a Servicer
Buy-Out) in an amount not to exceed 2%, in the aggregate, of the Aggregate Note Balance then
Outstanding.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Servicer Default</I></B><I>&#148; </I>means a <I>&#147;</I>Servicer Default<I>&#148; </I>as defined in <U>Section&nbsp;5.01</U> of the
Servicing Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Servicing Agreement</I></B><I>&#148; </I>means, individually or collectively, (a)&nbsp;the Servicing Agreement, dated
as of the Closing Date, among the Trust, the Master Servicer, the Eligible Lender Trustee, the
Administrator and the Administrative Agent, (b)&nbsp;any other servicing agreement among the Trust, the
Master Servicer and any Subservicer under which the respective Subservicer agrees to administer and
collect the Trust Student Loans but the Master Servicer remains responsible to the Trust for the
performance of such duties, which is substantially similar to the subservicing agreement signed
with Great Lakes Higher Education Servicing Corporation or is otherwise consented to by the
Administrative Agent, which consent is not to be unreasonably withheld or delayed, and (c)&nbsp;any
other subservicing agreement among the Trust, the Master Servicer and a Subservicer, consented to
by the Administrative Agent, under which such Subservicer agrees to administer and collect certain
Trust Student Loans, but with respect to which the Master Servicer is not liable for such Trust
Student Loans.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Servicing Fees</I></B><I>&#148; </I>means the Primary Servicing Fee, the Carryover Servicing Fee and any other
fees payable by the Trust to the Master Servicer or the Subservicers in respect of servicing Trust
Student Loans pursuant to the provisions of any Servicing Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Servicing Policies</I></B><I>&#148; </I>means the policies and procedures of the Master Servicer or any
Subservicer, as applicable, with respect to the servicing of Student Loans.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Settlement Date</I></B><I>&#148; </I>means the 25<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day of each calendar month, beginning April&nbsp;25,
2008 or, if such day is not a Business Day, the following Business Day.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Settlement Period</I></B><I>&#148; </I>means (i)&nbsp;initially the period commencing on the Closing Date and ending
on March&nbsp;31, 2008, and (ii)&nbsp;thereafter, (a)&nbsp;during the Revolving Period and the Amortization
Period, each monthly period ending on (and inclusive of) the last day of the calendar month and (b)
after the occurrence and during the continuation of a Termination Event, such period as determined
by the Administrative Agent in its sole discretion (which may be a period as short as one Business
Day).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Side Letter</I></B><I>&#148; </I>means the Side Letter, dated as of the Closing Date, among the Trust, the
Administrator, the Administrative Agent, the Managing Agents, the Eligible Lender Trustee and
certain other financial institutions party thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>SLM Corporation</I></B><I>&#148; </I>means SLM Corporation, a Delaware corporation, and its successors and
assigns.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>SLM Indemnified Amounts</I></B><I>&#148; </I>has the meaning assigned to such term in <U>Section&nbsp;8.02</U>.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->39<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>&#091;</B>SLM Bluemont Note Purchase Agreement<B>&#093;</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>SLS Loan</I></B><I>&#148; </I>means a student loan originated under the authority set forth in Section&nbsp;428A (or a
predecessor section thereto) of the Higher Education Act and shall include student loans designated
as <I>&#147;</I>SLS Loans,<I>&#148; </I>as defined under the Higher Education Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Solvent</I></B><I>&#148; </I>means, at any time with respect to any Person, a condition under which:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the fair value and present fair saleable value of such Person&#146;s total assets is, on
the date of determination, greater than such Person&#146;s total liabilities (including
contingent and unliquidated liabilities) at such time;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the fair value and present fair saleable value of such Person&#146;s assets is greater
than the amount that will be required to pay such Person&#146;s probable liability on its
existing debts as they become absolute and matured (<I>&#147;</I>debts,<I>&#148; </I>for this purpose, includes all
legal liabilities, whether matured or unmatured, liquidated or unliquidated, absolute, fixed
or contingent);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) such Person is, and shall continue to be, able to pay all of its liabilities as
such liabilities mature; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) such Person does not have unreasonably small capital with which to engage in its
current and in its anticipated business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Special Allowance Payments</I></B><I>&#148; </I>means special allowance payments on Student Loans authorized to
be made by the Department of Education pursuant to Section&nbsp;438 of the Higher Education Act, or
similar allowances authorized from time to time by federal law or regulation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Stafford Loan</I></B><I>&#148; </I>means a loan designated as such that is made under the Robert T. Stafford
Student Loan Program in accordance with the Higher Education Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Step-Up Fees</I></B><I>&#148; </I>means, with respect to any Facility Group&#146;s Notes and any Yield Period, the
applicable Excess Yield Rate multiplied by the average outstanding principal amount of such
Facility Group&#146;s Class&nbsp;A Note and Class&nbsp;B Note, as applicable, during such Yield Period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Student Loan</I></B><I>&#148; </I>means a FFELP Loan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Student Loan Notes</I></B><I>&#148; </I>means the promissory note or notes of an Obligor and any amendment
thereto evidencing such Obligor&#146;s obligation with regard to a Student Loan or the electronic
records evidencing the same.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Student Loan Pool Balance</I></B><I>&#148; </I>means, (i)&nbsp;as of the Initial Cutoff Date, the aggregate Principal
Balance of the Trust Student Loans as reported by the Administrator for such date; and (ii)&nbsp;as of
any other date of determination, (x)&nbsp;the aggregate Principal Balance (as reported by the
Administrator on the last Monthly Report delivered to the Administrative Agent) of the Trust
Student Loans, calculated as of the end of the previous calendar month, <U>plus</U> (y)&nbsp;the
aggregate Principal Balance of the Trust Student Loans acquired since the end of the previous
calendar month as of their respective Cutoff Dates, <U>minus</U> (z)&nbsp;the aggregate Principal
Balance of the Trust Student Loans disposed of by the Trust since the end of the previous calendar
month as of their date of disposition.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->40<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>&#091;</B>SLM Bluemont Note Purchase Agreement<B>&#093;</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Subsequent Cutoff Date</I></B><I>&#148; </I>means, with respect to any Trust Student Loan, the <I>&#147;</I>Purchase Date<I>&#148;</I>
for such Trust Student Loan as such term is defined in the Sale Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Subservicer</I></B><I>&#148; </I>means, on the Closing Date, Great Lakes Higher Education Servicing Corporation
and, thereafter, any subservicer appointed by the Master Servicer pursuant to the Servicing
Agreement of the Master Servicer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Syndication Agent</I></B><I>&#148; </I>means JPMorgan Chase Bank, N.A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Syndication Agent Fees</I></B><I>&#148; </I>means, the fees, reasonable expenses and charges, if any, of the
Syndication Agent, payable pursuant to the Administrative Agent and Syndication Agent Fee Letter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Syndication Period</I></B><I>&#148; </I>has the meaning assigned to such term in the Syndication Procedures
Letter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Syndication Procedures Letter</I></B><I>&#148; </I>has the meaning assigned to such term in <U>Section
10.04(l)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Take Out Securitization</I></B><I>&#148; </I>means a sale or transfer of any portion of the Trust Student Loans
by the Trust (directly or indirectly) to a trust sponsored by an Affiliate of the Depositor as part
of a publicly or privately traded, rated or unrated student loan securitization, pass-through, pay
through, secured note or similar transaction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Termination Date</I></B><I>&#148; </I>means the earliest to occur of (a)&nbsp;any date designated as the date for
terminating the entire Maximum Financing Amount pursuant to <U>Section&nbsp;2.03</U>, (b)&nbsp;the last day
of the Amortization Period and (c)&nbsp;the date of the declaration or automatic occurrence of the
Termination Date pursuant to <U>Article&nbsp;VII</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Termination Event</I></B><I>&#148; </I>has the meaning assigned to such term in <U>Article&nbsp;VII</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Tranche Period</I></B><I>&#148; </I>with respect to LIBOR Advances made by an Alternate Lender or a Conduit
Lender, means a period commencing on the date such LIBOR Advance is disbursed or on a Reset Date
and ending on the date one day, one week, one month, two months or three months thereafter, as
selected by the Trust on its Advance Request; <U>provided</U>, that (i)&nbsp;any Tranche Period that
would otherwise end on a day that is not a Business Day shall be extended to the next succeeding
Business Day unless such Business Day falls in another calendar month, in which case such Tranche
Period shall end on the next preceding Business Day; (ii)&nbsp;any Tranche Period that begins on the
last Business Day of a calendar month (or on a day for which there is no numerically corresponding
day in the calendar month at the end of such Tranche Period) shall end on the last Business Day of
the calendar month at the end of such Tranche Period; and (iii)&nbsp;in no event shall any Tranche
Period end after the then current Scheduled Maturity Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Transaction Documents</I></B><I>&#148; </I>means, collectively, this Agreement, the Trust Agreement, the
Administration Agreement, the Servicing Agreement, each Purchase Agreement, the Conveyance
Agreement, the Sale Agreement, the Tri-Party Transfer Agreement, all Guarantee Agreements, the
Interim Trust Agreements, the Valuation Agent Agreement, the Guaranty and Pledge Agreement, the
Indemnity Agreement, the Revolving Credit Agreement, the Syndication
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->41<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>&#091;</B>SLM Bluemont Note Purchase Agreement<B>&#093;</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Procedures Letter, the Power
of Attorney, the Fee Letters, the Side Letter and all other instruments, fee letters, documents and
agreements executed in connection with any of the foregoing.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Transaction Parties</I></B><I>&#148; </I>means, collectively, the Trust, the Depositor, the Master Depositor, the
Master Servicer, each Seller and SLM Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Transition Period</I></B><I>&#148; </I>means the period beginning on the day of the initial Advance and ending on
the earlier of (i)&nbsp;the date on which all of the Eligible FFELP Loans in the Initial Pool are
purchased by the Trust and (ii)&nbsp;15 Business Days after the date of the initial Advance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Treasury Regulations</I></B><I>&#148; </I>means any regulations promulgated by the Internal Revenue Service
interpreting the provisions of the Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Tri-Party Transfer Agreement</I></B><I>&#148; </I>means the sale and purchase agreement dated as of the Closing
Date, among the Depositor, the Related SPE Sellers, the Master Servicer and the related eligible
lender trustees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Trust</I></B><I>&#148; </I>means Bluemont Funding I, a Delaware statutory trust, and its successors and assigns.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Trust Accounts</I></B><I>&#148; </I>means the Administration Account, Collection Account, Capitalized Interest
Account, Reserve Account, Borrower Benefit Account and Floor Income Rebate Account.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Trust Agreement</I></B><I>&#148; </I>means the Amended and Restated Trust Agreement, dated as of the Closing
Date, among the Depositor, the Delaware Trustee and the Eligible Lender Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Trust Indemnified Amounts</I></B><I>&#148; </I>has the meaning assigned to such term in <U>Section&nbsp;8.01</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Trust Materials</I></B><I>&#148; </I>has the meaning assigned to such term in <U>Section&nbsp;10.02(b)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Trust Student Loan</I></B><I>&#148; </I>means any Student Loan held by the Trust.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>UCC</I></B><I>&#148; </I>means the Uniform Commercial Code as from time to time in effect in the specified
jurisdiction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>United States</I></B><I>&#148; </I>means the United States of America.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Used Fee</I></B><I>&#148; </I>means, with respect to any Lender, the used fee as set forth in the Lenders Fee
Letter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>&#147;</I><B><I>Valu</I></B>at<B><I>ion Agent Agreement</I></B><I>&#148; m</I>eans the Valuation Agent Agreement, dated as of the Closing Date,
among the Trust, the Administrator, the Administrative Agent, and the Co-Valuation Agents.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;


<b><i>&#147;Valuation Agent Fee Letter&#148;</i></b> means the Valuation Agent Fee Letter, dated as of the Closing
Date, among the Trust and the Co-Valuation Agent<I>s</I>, setting forth the Co-Valuation Agent Fees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>&#147;Valuation
Date&#148;</i></b> has the meaning assigned to such term in the Valuation Agent Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><I>&#147;Valuation Report&#148;</I></b> means a report furnished by the Administrative Agent pursuant to
<U>Section&nbsp;2.25(a)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<i><b>&#147;VG
Funding Facility&#148;</b></i> means the financing facility established pursuant to that certain
Amended and Restated Note Purchase and Security Agreement, dated as of May 4, 2005, <I>among VG
Funding I</I><I>, </I>the conduit lenders party thereto, the alternate lenders party thereto, Bank of America,
N.A., as administrative agent, the managing agents party thereto, Chase Bank USA, National
Association, as eligible lender trustee and Sallie Mae, Inc., as administrator.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>&#147;Weighted
Average Remaining Term in School&#148;</i></b> means, as of any date of determination, (a) the
sum, for all Eligible FFELP Loans that are in in-school status, of the products <I>of (i)&nbsp;the
Principal Balance of each suc</I><I>h </I>Eligible FFELP Loan, as of such date, and (ii)&nbsp;the number of months
remaining in school shown on the Servicer&#146;s record, as of such date, for the student with respect
to such Eligible FFELP Loan, divided by (b)&nbsp;the aggregate Principal Balance of all Eligible FFELP
Loans that are in in-school status, as of such date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><i>&#147;Whole
Loan Sale&#148;</i></b> means a sale of all or a part of the Trust Student Loans to a third-party
purchaser in exchange for not less than fair market value.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<i><b>&#147;Withdrawing
Facility Group&#148;</b></i> means a LIBOR Lender or a Conduit Lender and its related
Alternate Lenders and Program Support Providers which have determined to terminate th<I>e</I><I>ir Commitment
prior to th</I><I>e </I>end of the Revolving Period in order to
participate in one or more different
financing
facilities sponsored by SLM Corporation or an Affiliate of SLM Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><I>&#147;</I><I>Yield</I><I>&#148; </I></b>means, for each Facility Group&#146;s Notes and any Yield Period, the applicable Yield Rate
multiplied by the average outstanding principal amount of such Facility Group&#146;s Class&nbsp;A Note and/or
Class&nbsp;B Note, as applicable, during such Yield Period, <U>plus</U> or <U>minus</U> the Estimated
Interest Adjustment if and as applicable minus any Step-Up Fees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><I>&#147;</I><I>Yield Period</I><I>&#148; </I></b>means, for a CP Advance or a Base Rate Advance, each Settlement Period and for
a LIBOR Advance, each Interest Accrual Period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><I>&#147;</I><I>Yield Protection</I><I>&#148; </I></b>means any Note Purchaser&#146;s reasonable increased costs for taxes, reserves,
special deposits, insurance assessments, breakage costs, changes in regulatory capital requirements
(or similar requirement against assets of, deposits with or for the account of, or credit extended
or participated in by, such Lender) and certain reasonable expenses imposed on such Lender.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<b><I>&#147;</I><I>Yield Rate</I><I>&#148; </I></b>means with respect to any Yield Period:
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;other than during the Amortization Period or on and after the occurrence of a Termination
Event:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if a Conduit Lender funds (directly or indirectly) its portion of the Aggregate
Note Balance with CP, the CP Rate plus the applicable Used Fee;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if an Alternate Lender or a Conduit Lender (if funding its investment other than
with CP) funds its portion of the Aggregate Note Balance, the applicable LIBOR Rate (or if
LIBOR Rate is not available, the applicable Base Rate) plus the Applicable Margin; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if a LIBOR Lender funds its portion of the Aggregate Note Balance, the applicable
LIBOR Rate (or if LIBOR Rate is not available, the applicable Base Rate) plus the Applicable
Margin; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;during the Amortization Period, the applicable Amortization Period Rate; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;on and after the occurrence of a Termination Event, the Base Rate plus 2.00% per annum.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;1.02. Other Terms.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;All accounting terms not specifically defined herein shall be construed in accordance with
GAAP. All terms used in Article&nbsp;9 of the UCC in the State of New York and not specifically defined
herein, are used herein as defined in such Article&nbsp;9. Any reference to an agreement herein shall
be deemed to include a reference to such agreement as amended, supplemented or otherwise modified
from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The definitions of terms herein shall apply equally to the singular and plural forms of
the terms defined. Whenever the context may require, any pronoun shall include the corresponding
masculine, feminine and neuter forms. The words <I>&#147;</I>include,<I>&#148; &#147;</I>includes<I>&#148; </I>and <I>&#147;</I>including<I>&#148; </I>shall be
deemed to be followed by the phrase <I>&#147;</I>without limitation.<I>&#148; </I>The word <I>&#147;</I>will<I>&#148; </I>shall be construed to
have the same meaning and effect as the word <I>&#147;</I>shall.<I>&#148;</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Unless the context requires otherwise, (i)&nbsp;any definition of or reference to any
agreement, instrument or other document shall be construed as referring to such agreement,
instrument or other document as from time to time amended, supplemented or otherwise modified
(subject to any restrictions on such amendments, supplements or modifications set forth herein or
in any other Transaction Document), (ii)&nbsp;any reference herein to any Person shall be construed to
include such Person&#146;s successors and assigns, (iii)&nbsp;the words <I>&#147;</I>herein,<I>&#148; &#147;</I>hereof<I>&#148; </I>and <I>&#147;</I>hereunder,<I>&#148;</I>
and words of similar import when used in any Transaction Document, shall be construed to refer to
such Transaction Document in its entirety and not to any particular provision thereof, (iv)&nbsp;all
references in any Transaction Document to Articles, Sections, Exhibits and Schedules shall be
construed to refer to Articles and Sections of, and Exhibits and Schedules to, the Transaction
Document in which such references appear, (v)&nbsp;any reference to any law shall include all statutory
and regulatory provisions consolidating, amending, replacing or interpreting such law and any
reference to any law or regulation shall, unless otherwise specified, refer to such law or
regulation as amended, modified or supplemented from time to time, and (vi)&nbsp;the
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">words <I>&#147;</I>asset<I>&#148; </I>and
<I>&#147;</I>property<I>&#148; </I>shall be construed to have the same meaning and effect and to refer to any and all
tangible and intangible assets and properties.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;1.03. Computation of Time Periods. </B>Unless otherwise stated in this Agreement, in the
computation of a period of time from a specified date to a later specified date, the word <I>&#147;</I>from<I>&#148;</I>
means <I>&#147;</I>from and including<I>&#148; </I>and the words <I>&#147;</I>to<I>&#148; </I>and <I>&#147;</I>until<I>&#148; </I>each mean <I>&#147;</I>to but excluding.<I>&#148;</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;1.04. Calculation of Yield Rate and Certain Fees. </B>The Yield Rate on the Notes and all
fees payable to the Lenders, the Note Purchasers or the Registered Owners pursuant to this
Agreement are calculated based on the actual number of days divided by 360. Interest shall accrue
on the Notes from and including the day on which the related Advance is made, and shall not accrue
on the Notes or any portion thereof, for the day on which the Notes or such portion is paid. Each
determination by the Administrative Agent (or, with respect to the calculation of any CP Rate,
LIBOR Base Rate or LIBOR Rate, the applicable Managing Agent), of an interest rate or fee hereunder
shall be conclusive and binding for all purposes, absent manifest error.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;1.05. Time References. </B>All time references in this Agreement shall refer to the time
in New York, New York unless otherwise noted.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE II.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>THE FACILITY</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.01. Issuance and Purchase of Notes; Making of Advances.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;In consideration of the agreements of the Note Purchasers hereunder, and subject to the
terms and conditions set forth in this Agreement, (y)&nbsp;the Trust agrees to sell, transfer and
deliver to each Managing Agent, on behalf of its related Note Purchasers, and (z)&nbsp;each Managing
Agent on behalf of its related Note Purchasers agrees to purchase from the Trust, on the Closing
Date, (i)&nbsp;a Class&nbsp;A Note, the outstanding principal amount of which shall not exceed the applicable
Pro Rata Share of such Facility Group multiplied by the Class&nbsp;A Maximum Financing Amount and (ii)&nbsp;a
Class&nbsp;B Note, the outstanding principal amount of which shall not exceed the applicable Pro Rata
Share of such Facility Group multiplied by the Class&nbsp;B Maximum Financing Amount. Subject to the
satisfaction of the conditions precedent set forth in <U>Section&nbsp;4.01</U>, the purchase price
payable on the Closing Date for the Class&nbsp;A Note for each Facility Group shall be equal to such
Facility Group&#146;s Pro Rata Share of the Class&nbsp;A Note Balance as of the Closing Date and the purchase
price payable on the Closing Date for the Class&nbsp;B Note for each Facility Group shall be equal to
such Facility Group&#146;s Pro Rata Share of the Class&nbsp;B Note Balance as of the Closing Date. The
payment of such purchase price shall be subject to the same requirements applicable to an Advance
under <U>Section&nbsp;2.01(b)</U>. Each Note shall be issued in the name of a Registered Owner.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;On the terms and conditions hereinafter set forth, each Alternate Lender, LIBOR Lender and
Committed Conduit Lender agrees to make Advances, and each other Conduit Lender may, in its sole
discretion, make Advances to the Trust from time to time up to an
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">aggregate principal amount
outstanding at any one time not to exceed the Maximum Financing Amount in effect at the time of
such Advance; <U>provided</U>, that: (i)&nbsp;the aggregate Advances made on any date, together with
advances made under the other FFELP Loan Facilities on such date, must be in a principal amount
equal to $50,000,000 or integral multiples of $500,000 in excess thereof (other than (x)
Capitalized Interest Advances and (y)&nbsp;Excess Collateral Advances made on a Settlement Date the
proceeds of which are used to pay Financing Costs owing under clauses (ii)&nbsp;through (v)&nbsp;of
<U>Section&nbsp;2.05(b)</U>, in each case as to which such minimum is not applicable) and (ii)&nbsp;the
Requested Advance Amount on any Advance Date for the Class&nbsp;A Advance and Class&nbsp;B Advance shall not,
in the aggregate, exceed the Maximum Advance Amount. Within the limits set forth in this Section
and the other terms and conditions of this Agreement, during the Revolving Period, the Trust,
acting through the Administrator, may request Advances, repay Advances and reborrow Advances under
this Section; <U>provided</U>, <U>however</U>, that after the end of the Revolving Period,
Capitalized Interest Advances will continue to be made in accordance with <U>Section&nbsp;4.02(c)</U>.
In addition, the Administrative Agent may also request Capitalized Interest Advances after the
occurrence of a Capitalized Interest Account Funding Event. All Notes issued hereunder shall be
denominated in and be payable in United States dollars. Yield on each CP Advance, each Base Rate
Advance and each LIBOR Advance shall be due and payable on each Settlement Date. The Aggregate
Note Balance and all other Obligations hereunder, if not previously paid pursuant to <U>Section
2.05(b)</U>, shall be due and payable on the Termination Date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Each Lender&#146;s obligations under this Section are several and the failure of any Lender to
make available its Pro Rata Share of any Requested Advance Amount on an Advance Date shall not
relieve any other Note Purchaser of its obligations hereunder or, except as provided in paragraph
(d)&nbsp;below, obligate any other Note Purchaser to honor the obligations of any Defaulting Lenders (as
defined below). Advances shall be allocated among the Facility Groups in accordance with their
respective Pro Rata Shares and shall be further allocated to each Lender within a Facility Group as
designated by the applicable Managing Agent. Notwithstanding anything contained in this Agreement
to the contrary, (i)&nbsp;no Conduit Lender shall fund any portion of any Advance which would cause the
aggregate principal amount of its Advances to exceed the Commitments of its related Alternate
Lenders; (ii)&nbsp;no Alternate Lender, LIBOR Lender or Committed Conduit Lender shall be obligated to
fund any portion of any Advance which would cause the aggregate principal amount of its Advances to
exceed its Commitment; and (iii)&nbsp;no Facility Group shall be obligated to fund any portion of any
Advance which would cause the aggregate principal amount of its Advances to exceed its total
Commitment. The Commitment of each Lender as of the Closing Date is set forth on <U>Exhibit
A</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;If by 2:00 p.m. on an Advance Date, whether or not the Administrative Agent has advanced
the applicable Requested Advance Amount, one or more Alternate Lenders, LIBOR Lenders or Committed
Conduit Lenders fails to make its Pro Rata Share of any Advance required to be made by such Lender
(each, a <I>&#147;</I><B><I>Defaulting Lender</I></B><I>&#148;</I>) available to the Administrative Agent pursuant to this Agreement (the
aggregate amount not so made available to the Administrative Agent being herein called the
<I>&#147;</I><B><I>Investment Deficit</I></B><I>&#148;</I>), then the Administrative Agent shall, by no later than 5:00 p.m. on the
applicable Advance Date instruct each Alternate Lender, LIBOR Lender and Committed Conduit Lender
which is not a Defaulting Lender (each, a <I>&#147;</I><B><I>Non-Defaulting Lender</I></B><I>&#148;</I>) to pay, by no later than noon on
the next Business Day in immediately available funds, to the account designated by the
Administrative Agent, an amount equal to the lesser of (i)&nbsp;such Non-Defaulting Lender&#146;s
proportionate share (based upon the
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">relative Commitments of the Non-Defaulting Lenders) of the
Investment Deficit and (ii)&nbsp;its unused Commitment. A Defaulting Lender shall forthwith, upon
demand, pay to the Administrative Agent for the ratable benefit of the Non-Defaulting Lenders all
amounts paid by each Non-Defaulting Lender on behalf of such Defaulting Lender.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.02. The Initial Advance and Subsequent Advances.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Advances shall be made contemporaneously pursuant to <U>Section&nbsp;2.01</U> and this Section
such that the amount of the Class&nbsp;A Advance on each Advance Date shall be equal to 97% of all
Advances made on such date and the amount of the Class&nbsp;B Advance on each Advance Date shall be
equal to 3% of all Advances made on such date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Subject to the satisfaction of the conditions precedent set forth in this Agreement and in
accordance with the terms and conditions of <U>Section&nbsp;2.01</U> and this Section, the Trust,
acting through the Administrator, may request an Advance hereunder by giving written notice
substantially in the form of <U>Exhibit&nbsp;D</U> (each, an <I>&#147;</I><B><I>Advance Request</I></B><I>&#148;</I>) to the Administrative
Agent not later than 11:00&nbsp;a.m. on the second Business Day prior to the proposed Advance Date,
which the Administrative Agent shall promptly forward to the Managing Agents not later than 1:00
p.m. on such date. Each such Advance Request shall specify:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Requested Advance Amount, which, together with the advances made under the
other FFELP Loan Facilities on such date, shall be equal to or greater than $50,000,000 in
the aggregate with respect to all Facility Groups, except as otherwise permitted under
<U>Section&nbsp;2.01(b)</U>;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the proposed Advance Date;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if such Advance is a Purchase Price Advance, the aggregate Collateral Value of
the Eligible FFELP Loans to be acquired; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Asset Coverage Ratio after giving effect to such Advance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, each Advance Request (other than an Advance Request made during the Transition
Period to the extent that there is no Excess Concentration Amount with respect to the Initial Pool)
shall include a pro forma calculation and certification establishing (x)&nbsp;with respect to a Purchase
Price Advance or an Excess Collateral Advance, that the Minimum Asset Coverage Requirement will be
satisfied after giving effect to such Advance and (y)&nbsp;with respect to a Capitalized Interest
Advance, the Maximum Advance Amount for such Capitalized Interest Advance and that the proceeds
thereof will be deposited into the Capitalized Interest Account.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No later than 2:00 p.m. on the Advance Date, each Conduit Lender (other than a Committed
Conduit Lender) may, in its sole discretion, and each Committed Conduit Lender and LIBOR Lender
shall, upon satisfaction of the applicable conditions set forth in this Agreement, make available
to the Trust in same day funds, its respective Pro Rata Share of the Requested Advance Amount by
payment to the Administration Account; <U>provided</U>, that Capitalized Interest Advances made by
a Non-Renewing Facility Group may be made on a non-pro rata basis as contemplated in <U>Section
2.21(b)</U>. If a Conduit Lender (other than a Committed Conduit Lender) elects not to fund its
respective Pro Rata Share of the Requested Advance Amount, such Conduit
</DIV>


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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Lender&#146;s related Alternate
Lenders shall, upon satisfaction of the applicable conditions set forth in this Agreement, make
available to the Trust in same day funds, their respective Pro Rata Shares of the Requested Advance
Amount by payment to the Administration Account and the related Managing Agent shall, no later than
2:00 p.m. on such Advance Date and on each Reset Date, notify the Administrator and the
Administrative Agent of the actual Yield Rate applicable to such LIBOR Advance, and the related
Tranche Period. Each Advance made by a Conduit Lender shall be a CP Advance unless the applicable
Managing Agent otherwise provides notice as provided in the immediately succeeding sentence. To
the extent any Conduit Lender is unable or declines to fund a requested Advance by issuing CP or if
any Conduit Lender&#146;s Alternate Lenders fund any requested Advance in its place, the applicable
Conduit Lender&#146;s Managing Agent shall promptly advise the Administrative Agent and the
Administrator, on behalf of the Trust.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Prior to the commencement of the Amortization Period or the occurrence of a Termination
Event, the Administrator, on behalf of the Trust, may request that the Administrative Agent pay any
amounts on deposit in the Administration Account as a prepayment on any principal of, and Financing
Costs due or accrued on, the Notes in whole or in part on any Business Day by giving written notice
two Business Days prior to such date to the Administrative Agent and each Managing Agent indicating
the amount of such prepayment and the Business Day on which such prepayment shall be made. The
Trust shall pay the applicable Managing Agent for the account of the applicable Lenders in its
Facility Group, on demand, such amount or amounts as shall compensate such Lenders for any loss
(including loss of profit), cost or expense incurred by such Lenders and including any claims
arising under any Program Support Agreement (as reasonably determined by the applicable Managing
Agent) and hold such Lenders harmless from any such loss, cost or expenses, incurred by them as a
result of payments with respect to the Notes in connection with a prepayment under this <U>Section
2.02(c)</U>, a request by the Trust pursuant to <U>Section&nbsp;2.21</U>, a Permitted Release under
<U>Section&nbsp;2.18</U> or otherwise, whether voluntary, mandatory, automatic by reason of
acceleration or otherwise, such compensation to be (i)&nbsp;limited to an amount equal to any loss or
expense suffered by the Lenders during the period from the date of receipt of such repayment to
(but excluding) the maturity of the related CP (in the case of a CP Advance by a match-funded
Conduit Lender), the maturity of sufficient pool-funded CP (in the case of a CP Advance by a
pool-funded Conduit Lender) or the maturity of the related Tranche Period (in the case of a LIBOR
Advance by an Alternate Lender or a Conduit Lender), (ii)&nbsp;net of the income, if any, received by
the recipient of such reductions from investing the proceeds of such reductions and (iii)&nbsp;inclusive
of any loss or expense arising from the liquidation or re-employment of funds obtained by it to
maintain such Advance or from fees payable to terminate the deposits from which such funds were
obtained; <U>provided</U>, <U>however</U>, that the Trust shall not be obligated to pay such
breakage amounts for a period in excess of 60&nbsp;days under clause (i)&nbsp;above if aggregate
discretionary prepayments by the Trust do not exceed 20% of the Aggregate Note Balance per month;
<U>provided</U> <U>further</U>, that no such breakage amounts shall be payable by the Trust with
respect to the regular distribution of Available Funds (other than proceeds of Permitted Releases)
on any Settlement Date pursuant to the priority of payments set forth in <U>Section&nbsp;2.05(b)</U>.
The determination by the applicable Managing Agent of the amount of any such loss or expense shall
be set forth in a written notice to the Administrator (with a copy to the Administrative Agent), on
behalf of the Trust, including a statement as to such loss or expense (including calculation
thereof in reasonable detail), and shall be conclusive, absent manifest error.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Each Advance Request shall be irrevocable and binding on the Trust, and the Trust shall
indemnify each Lender against any loss or expense incurred by such Lender, either directly or
indirectly (including, in the case of a Conduit Lender, through the applicable Program Support
Agreement) as a result of any failure by the Trust to complete such Advance, including any loss or
expense incurred by such Lender or such Lender&#146;s Managing Agent, either directly or indirectly
(including, in the case of a Conduit Lender, pursuant to the applicable Program Support Agreement)
by reason of the liquidation or reemployment of funds acquired by such Lender (or the applicable
Program Support Provider(s)) (including funds obtained by issuing CP or promissory notes or
obtaining deposits or loans from third parties) in order to fund such Advance. Any such amounts
shall constitute Yield Protection hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;<B><I>Prefunding of Advances</I></B>. In order to allow the Lenders to raise funds at times and in
amounts that are more advantageous to the Lenders than might otherwise be possible, the Trust may,
after consultation with the Administrative Agent and in connection with a proposed purchase or
series of purchases of Trust Student Loans, request that all or a portion of the related Purchase
Price Advance be funded prior to the actual acquisition of the related Trust Student Loans. Each
such prefunding shall constitute a separate Purchase Price Advance for purposes of <U>Section
4.02(b)(xiv)</U> and <U>(xv)</U> and shall otherwise be subject to all applicable conditions
precedent, measured as of the date such loans are actually purchased, for Purchase Price Advances
set forth in <U>Article&nbsp;IV</U>. The proceeds of any such prefunded advance shall be deposited
into the Administration Account (or such subaccount thereof as the Administrative Agent may
establish for purposes of convenience) and shall not be released to the Trust until the date of
purchase of the related Trust Student Loans. So long as the conditions precedent to a new Advance
would be satisfied as if the Lenders were making a new Advance, the Trust may draw against such
prefunding amount on any Business Day in order to consummate the related purchase of Trust Student
Loans on such date. Upon the occurrence of a Termination Event, the Administrative Agent may
direct that any such amounts on deposit in the Administration Account or subaccount, as applicable,
be transferred to the Collection Account to be distributed in accordance with <U>Section&nbsp;2.05</U>
and used to reduce the Aggregate Note Balance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.03. Reduction, Termination or Increase of the Maximum Financing Amount and
Prepayment of the Notes.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Trust, acting through the Administrator, may, upon at least five Business Days&#146;
written notice to the Administrative Agent, (i)&nbsp;terminate the entire facility or (ii)&nbsp;reduce in
part the portion of the Maximum Financing Amount that exceeds the sum of the Capitalized Interest
Account Specified Balance and the Aggregate Note Balance. Any partial reduction in the Maximum
Financing Amount shall be in an amount equal to or greater than $100,000,000 or any integral
multiple of $10,000,000 in excess thereof. If such reduction is not in connection with an Exiting
Facility Group, any such reduction in the Maximum Financing Amount shall be allocated among the
Facility Groups in accordance with their Pro Rata Shares, except as otherwise provided under the
Syndication Procedures Letter, and shall be allocated within each Facility Group as designated by
the applicable Managing Agent. If such reduction is in connection with an Exiting Facility Group,
such reduction shall be allocated first to the Commitment of the Exiting Facility Group and then
any balance allocated among the remaining Facility Groups as set forth in the preceding sentence.
The Trust shall pay, in immediately available funds, all outstanding principal and Financing Costs
on the Notes owned by any
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Lender, together with any other Obligations owed to such Lender, upon the
termination of its Commitment pursuant to this <U>Section&nbsp;2.03(a)</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;During any Exiting Group Amortization Period, if there are not sufficient proceeds from
Permitted Releases, the Administrative Agent may, in accordance with the procedures set forth in
<U>Section&nbsp;7.03(b)</U>, sell or otherwise dispose of a portion of the Pledged Collateral in an
amount sufficient to pay the Aggregate Note Balance of the Outstanding Notes owned by each Exiting
Facility Group. Amounts received from any such sale or disposition of Pledged Collateral shall be
deposited into the Administration Account and, provided no Amortization Event or Termination Event
has occurred and is continuing, and the Minimum Asset Coverage Requirement has been satisfied, such
amounts shall be distributed to the Exiting Facility Groups, on any Business Day which is not a
Settlement Date in accordance with the priority of payments described in <U>Section
2.05(b)(viii)</U>. Amounts received from the sale of Pledged Collateral in excess of the amount
required to repay in full the Aggregate Note Balance of, and accrued Yield on, the Outstanding
Notes owned by the Exiting Facility Groups which are deposited in the Collection Account shall be
treated as Available Funds; <U>provided</U>, that any Yield Protection associated with any such
prepayment shall be paid to the Administrative Agent for the benefit of the applicable Lender on
the next Settlement Date (to the extent of Available Funds) in accordance with the priority of
payments described in <U>Section&nbsp;2.05(b)</U>. All reductions to principal owed to an Exiting
Facility Group in connection with any such disposition, together with any reductions to principal
received by such Exiting Facility Group pursuant to clauses (viii)&nbsp;and (xiii)&nbsp;of <U>Section
2.05(b)</U> shall constitute a permanent reduction in the Commitment of such Exiting Facility Group
and the Lenders part of such Exiting Facility Group and their Pro Rata Shares shall be calculated
accordingly.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Subject to the terms and conditions herein provided, the parties agree that, concurrently
with any assignment of the Notes or addition of additional Facility Groups hereunder during the
Syndication Period, the Maximum Financing Amount shall automatically increase by the dollar amount
of the Commitments assumed by any assignee Lender under <U>Section&nbsp;10.04</U> until such time
as<U> </U>the aggregate Commitments of all the Lenders is equal to $8,666,666,667. Any such
increase is subject to the condition that no Termination Event or Amortization Event shall have
occurred and be continuing immediately before or after giving effect to such increase in the
Commitments and in no event shall any Lender&#146;s Commitment be increased without the prior written
consent of such Lender. In connection with each such increase, the Pro Rata Shares of the Facility
Groups and the Lenders will be recalculated accordingly. Once the aggregate Commitments are equal
to $8,666,666,667, the Maximum Financing Amount shall not thereafter be increased except by
amendment in accordance with <U>Section&nbsp;10.01</U> and any future assignments of Commitments will
reduce the Commitments of the applicable Lenders in accordance with <U>Section&nbsp;10.04</U> and, if
applicable, the terms of the Syndication Procedures Letter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.04. The Accounts.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<B><I>Collection Account. </I></B>On or prior to the date hereof, the Trust shall establish and
maintain, or cause to be established and maintained, the Collection Account. The Collection
Account shall be maintained as a segregated account at the Administrative Agent, and shall be under
the sole dominion and control of the Administrative Agent, on behalf of the Secured
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Creditors. The
Collection Account shall be in the name of the Trust for the benefit of the Administrative Agent,
on behalf of the Secured Creditors. Neither the Trust nor the Administrator shall have any
withdrawal rights from the Collection Account. Any Collections received by the Trust, the
Administrator, the Eligible Lender Trustee, the Sellers, the Depositor, the Servicers, or any agent
thereof, as the case may be, are to be transmitted to the Collection Account as soon as
practicable, but in any event, within two Business Days of receipt of good funds. The Trust shall
direct the Eligible Lender Trustee, each Servicer, each Seller, the Depositor and each agent of any
of the foregoing, in writing, to transmit any Collections it receives with respect to the Trust
Student Loans directly to the Administrative Agent for deposit to the Collection Account within two
Business Days of receipt of good funds. Funds on deposit in the Collection Account may be invested
from time to time in Eligible Investments at the direction of the Administrator in accordance with
<U>Section&nbsp;2.08</U>. Upon the payment in full of all Obligations hereunder and the termination of
this Agreement, the Administrative Agent agrees to send notice to the Master Servicer that this
Agreement has terminated and that Collections no longer are to be forwarded to the Collection
Account pursuant to this Agreement. All investment earnings on the funds on deposit in the
Collection Account during any Settlement Period shall be applied as Available Funds for the
applicable Settlement Period. The Administrative Agent shall apply funds on deposit in the
Collection Account as described in <U>Section&nbsp;2.05</U>. Each of the Trust and the Administrator
agree, by executing this Agreement, to hold any Collections received in trust for the
Administrative Agent and to comply with the remittance procedures set forth in this <U>Section
2.04</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<B><I>Administration Account</I></B><B>. </B>On or prior to the date hereof, the Trust shall establish and
maintain, or cause to be established and maintained, the Administration Account. The
Administration Account shall be maintained as a segregated account at the Administrative Agent, and
shall be under the sole dominion and control of the Administrative Agent, on behalf of the Secured
Creditors. The Administration Account shall be in the name of the Trust for the benefit of the
Administrative Agent, on behalf of the Secured Creditors. Prior to the commencement of the
Amortization Period or the occurrence of a Termination Event, funds in the Administration Account
shall be applied to the following (in the order such events occur for so long as funds are
available in the Administration Account): (i)&nbsp;to make payments to any Exiting Facility Group
pursuant to <U>Section&nbsp;2.03(b)</U>; (ii)&nbsp;to finance the purchase of Eligible FFELP Loans pursuant
to <U>Section&nbsp;2.05(c)</U>; (iii)&nbsp;if necessary, to be deposited into the Collection Account on each
Settlement Date to cover any shortfall in amounts on deposit in the Collection Account as Available
Funds to pay amounts described in clauses (i)&nbsp;through (ix)&nbsp;of <U>Section&nbsp;2.05(b)</U>; (iv)&nbsp;to be
released to the Trust to the extent permitted under <U>Section&nbsp;2.25(d)</U>; (v)&nbsp;to be withdrawn
for deposit to the extent permitted under <U>Section&nbsp;4.03</U>; and (vi)&nbsp;if so requested by the
Administrator on behalf of the Trust, to be disbursed on any Business Day as a prepayment of
principal of the Outstanding Notes pursuant to <U>Section&nbsp;2.02(c)</U>. During the Amortization
Period and on and after the Termination Date, funds in the Administration Account shall be released
to the Administrative Agent for the account of the applicable Note Purchasers to reduce the
Aggregate Note Balance of the Outstanding Notes and to pay accrued Yield thereon. Funds on deposit
in the Administration Account may be invested from time to time in Eligible Investments in
accordance with <U>Section&nbsp;2.08</U> hereof. All investment earnings on the funds on deposit in
the Administration Account during any Settlement Period shall be deposited into the Collection
Account by the Administrative Agent on or before the second Business Day after the end of that
Settlement Period and applied as Available Funds on the Settlement Date for that Settlement
</DIV>


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</DIV>


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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Period. Except for the right of the Administrator to withdraw funds as expressly set forth in this Agreement, neither the Trust nor the Administrator shall have any withdrawal rights from the Administration Account. Any funds remaining in the Administration Account after the payment in full of all Obligations under the Transaction Documents shall be paid to the holder of the Excess Distribution Certificate.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;(c)<B> <I>Floor Income Rebate Account</I></B>. On or prior to the date hereof, the Trust shall establish and maintain, or cause to be established and maintained, the Floor Income Rebate Account. The Floor Income Rebate Account shall be maintained as a segregated account at the Administrative Agent, and shall be under the sole dominion and control of the Administrative Agent, on behalf of the Secured Creditors. The Floor
Income Rebate Account shall be in the name of the Trust for the benefit of the Administrative Agent, on behalf of the Secured Creditors. Neither the Trust nor the Administrator shall have any withdrawal rights from the Floor Income Rebate Account. On or before each Settlement Date, the Administrator will instruct the Administrative Agent to transfer from the Collection Account to the Floor Income Rebate Account the estimated monthly accrual of Floor Income
Rebate Fees for the prior calendar month (the <I>&#147;</I><B><I>Estimated Excess
Accrual</I></B><I>&#148;</I>). Funds on deposit in the Floor Income Rebate Account may be invested from time to time in Eligible Investments in accordance with Section&nbsp;2.08 hereof. All investment earnings on the funds on deposit in the Floor Income Rebate Account during any Settlement Period shall be deposited into the Collection Account by the Administrative Agent on or before the second Business Day after the end of that Settlement Period and applied as Available Funds
on the Settlement Date for that Settlement Period.
On the Settlement Date following each quarterly date as of which the Servicers notify the Trust of the aggregate amount of Floor Income Rebate Fees, if any, that is due and owing to the Department of Education for the preceding quarterly period, the Administrative Agent shall transfer from the Floor Income Rebate Account to the Collection Account the aggregate
Estimated Excess Accrual for the related Settlement Periods to pay any Floor Income Rebate Fees due and owing to the Department of Education pursuant to Section&nbsp;2.05(e) and apply any excess funds in accordance with Section&nbsp;2.05(b). Any funds remaining in the Floor Income Rebate Account after the payment in full of all Obligations under the Transaction Documents shall be paid to the holder of the Excess Distribution Certificate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;(d)<B> <I>Borrower Benefit Account</I></B>. On or prior to the date hereof, the Trust shall establish and maintain, or cause to be established and maintained, the Borrower Benefit Account. The Borrower Benefit Account shall be maintained as a segregated account at the Administrative Agent, and shall be under the sole dominion and control of the Administrative Agent, on behalf of the Secured Creditors. The Borrower Benefit
Account shall be in the name of the Trust for the benefit of the Administrative Agent, on behalf of the Secured Creditors. Neither the Trust nor the Administrator shall have any withdrawal rights from the Borrower Benefit Account. In the event that new borrower benefits, which are not required under the Higher Education Act or other applicable laws, rules or regulations, are offered to Obligors, the result of which is to reduce the yield on
the related Eligible FFELP Loans, the Borrower Benefit Account will be funded in accordance with Section&nbsp;6.26 hereof. On or before each Settlement Date, the Administrator will instruct the Administrative Agent to transfer from the Borrower Benefit Account to the Collection Account all amounts on deposit in the Borrower Benefit Account which relate to the related Settlement Period and apply such funds in accordance with Section&nbsp;2.05(b). Funds on deposit in the Borrower Benefit Account may be invested from time to time in
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Eligible Investments in accordance with <U>Section&nbsp;2.08</U>. All investment earnings on the
funds on deposit in the Borrower Benefit Account during any Settlement Period shall be deposited
into the Collection Account by the Administrative Agent on or before the second Business Day after
the end of that Settlement Period and applied as Available Funds on the Settlement Date for the
related Settlement Period. Any funds remaining in the Borrower Benefit Account after the payment
in full of all Obligations under the Transaction Documents shall be paid to the holder of the
Excess Distribution Certificate.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.05. Transfers from Collection Account.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;On or prior to each Reporting Date, the Trust shall cause the Administrator to prepare the
Monthly Report and shall provide or cause to be provided to the Administrator all information
necessary or appropriate to accurately prepare such Monthly Report, all calculations, unless
otherwise specified, to be made as of the end of the related Settlement Period, and cause the
Administrator to forward such Monthly Report to the Administrative Agent and each Rating Agency.
The Administrative Agent shall promptly forward the Monthly Report to each Managing Agent. The
Administrative Agent shall provide to the Trust and the Administrator the Monthly Administrative
Agent&#146;s Report in the form attached as <U>Exhibit&nbsp;E</U> hereto no later than five Business Days
prior to each Reporting Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Administrative Agent, on each Settlement Date, shall make the following deposits and
distributions from Available Funds in the Collection Account in the amount and in the order of
priority set forth below as directed by the Administrator on behalf of the Trust (or if the
Administrator fails to provide such direction, as provided by the Administrative Agent) pursuant to
the Monthly Report, on which the Administrative Agent may conclusively rely, on such Settlement
Date (or as otherwise provided in <U>Article&nbsp;VII</U>), in the following priority:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) pay to the Master Servicer an amount equal to its unreimbursed Servicer Advances
due and owing;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) pay to the Lockbox Banks, the Eligible Lender Trustee and the Administrator, as
appropriate and on a pro rata basis, (A)&nbsp;an amount equal to the Lockbox Bank Fees, the
Eligible Lender Trustee Fees and the Administrator Fees, which are due and owing as of the
close of business on the last day of the immediately preceding calendar month, and (B)&nbsp;the
reasonable out-of-pocket costs and expenses of such Persons not to exceed in the aggregate
$100,000 per annum;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) pay to the Master Servicer, for the benefit of the Master Servicer and any
Subservicers, an amount equal to the Primary Servicing Fees which are due and owing as of
the close of business on the last day of the immediately preceding Settlement Period;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) on a <I>pro rata </I>basis, based on the amounts owed, (A)&nbsp;pay to the Administrative
Agent, for the benefit of the holders of the Class&nbsp;A Notes (excluding Class&nbsp;A Notes held by
any Defaulting Lenders), Yield on such Class&nbsp;A Notes (excluding, for the avoidance of doubt,
any Step-Up Fees) for the previous Yield Period and (B)&nbsp;pay to the Administrative Agent and
each Managing Agent as Registered Owner of its Note, as appropriate, an amount equal to all
other Financing Costs related to such Class&nbsp;A
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Notes (other than amounts owed with respect to Step-Up Fees or with respect to
Financing Costs of a type described in clause (a)(iii) or (a)(iv) of the definition
thereof);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) on a <I>pro rata </I>basis, based on the amounts owed, (A)&nbsp;pay to the Administrative
Agent, for the benefit of the holders of the Class&nbsp;B Notes (excluding Class&nbsp;B Notes held by
any Defaulting Lenders), Yield on such Class&nbsp;B Notes (excluding, for the avoidance of doubt,
any Step-Up Fees) for the previous Yield Period and (B)&nbsp;pay to the Administrative Agent and
each Managing Agent as Registered Owner of its Note, as appropriate, an amount equal to all
other Financing Costs related to such Class&nbsp;B Notes (other than amounts owed with respect to
Step-Up Fees or with respect to Financing Costs of a type described in clause (b)(iii) or
(b)(iv) of the definition thereof);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) during the Revolving Period: <I>first, </I>pay to the Capitalized Interest Account, any
amount required to cause the amount on deposit in the Capitalized Interest Account to equal
the Required Capitalized Interest Account Balance and <I>second, </I>to the Reserve Account, any
amount required to cause the amount on deposit in the Reserve Account to equal the Reserve
Account Specified Balance;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) following the replacement of the Master Servicer, pay to the replacement Master
Servicer the reasonable expenses and charges resulting from the transition in servicing, to
the extent such costs have not been paid by the predecessor Master Servicer;
<U>provided</U>, that amounts paid under this clause (vii)&nbsp;shall not exceed $300,000;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) provided no Amortization Event or Termination Event has occurred and the Minimum
Asset Coverage Requirement is satisfied before and after giving effect to such payment, pay
to the Administrative Agent for the benefit of each Exiting Facility Group its ratable share
of the Principal Distribution Amount, as follows: <I>first, </I>the Class&nbsp;A Principal Distribution
Amount with respect to its Class&nbsp;A Note and <I>second, </I>the Class&nbsp;B Principal Distribution
Amount with respect to its Class&nbsp;B Note until each Note of each Exiting Facility Group has
been paid in full;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) pay to the Administrative Agent for the benefit of the Note Purchasers, the
Principal Distribution Amount (to the extent not distributed pursuant to clause (viii)
above) as follows: <I>first, </I>the Class&nbsp;A Principal Distribution Amount for the benefit of the
holders of the Class&nbsp;A Notes in accordance with their Pro Rata Shares and <I>second, </I>the Class
B Principal Distribution Amount for the benefit of the holders of the Class&nbsp;B Notes in
accordance with their Pro Rata Shares;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) <I>first, </I>pay to the replacement Master Servicer any amounts described in clause (vii)
above which were not previously paid due to the limitation specified in the proviso to such
clause (vii)&nbsp;and <I>second, </I>pay to the Administrative Agent, for the benefit of the Note
Purchasers (excluding Notes held by Defaulting Lenders), on a pro rata basis if necessary,
any Step-Up Fees and any Yield Protection due and owing pursuant to this Agreement as of the
close of business on the last day of the immediately preceding Settlement Period;
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) pay to the Eligible Lender Trustee, the Administrative Agent, the Syndication
Agent, the Co-Valuation Agents, the Conduit Lenders, the LIBOR Lenders, the Managing Agents,
the Alternate Lenders, the Program Support Providers and any Affected Party, on a pro rata
basis if necessary, any amounts due and owing and not previously paid pursuant to clause
(ii)&nbsp;above and any Trust Indemnified Amounts due and owing pursuant to this Agreement or any
other Transaction Document as of such Settlement Date;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) pay to the Administrative Agent (i)&nbsp;for the benefit of the Defaulting Lenders any
Yield, Step-Up Fees, principal or Yield Protection due and owing and not paid above and (ii)
for the benefit of all the Note Purchasers, the Administrative Agent, the Managing Agents
and the Program Support Providers, an amount equal to any other Obligations (other than
principal, Yield or Step-Up Fees of any Notes) which are accrued and owing as of the close
of business on the last day of the immediately preceding Settlement Period;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) pay to the Administrative Agent for the benefit of each Exiting Facility Group,
to the extent not paid in clause (viii)&nbsp;or (ix)&nbsp;above, <I>pro rata</I>, an amount up to its
remaining Outstanding Notes: <I>first, </I>with respect to its Class&nbsp;A Note and <I>second, </I>with
respect to its Class&nbsp;B Note until each Note of each Exiting Facility Group has been paid in
full;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) pay to the Administrator, reimbursements of any out-of-pocket costs and expenses
relating to the administration of the Trust or paid on behalf of the Trust, including fees
paid to the Rating Agencies on behalf of the Trust, to the extent not previously paid;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) <I>pro rata</I>, pay to SLM Corporation in repayment of any SLM Indemnified Amounts paid
by it pursuant to <U>Section&nbsp;8.02(b)</U> and pay to the Administrator in repayment of any
amounts paid by it pursuant to <U>Section&nbsp;10.08</U>;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) pay to the Master Servicer, for the benefit of the Master Servicer and any
Subservicers, an amount equal to any other amounts due and payable to them including
Carryover Servicing Fees, if any, which are accrued and unpaid as of the close of business
on the last day of the immediately preceding Settlement Period;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvii) prior to the commencement of the Amortization Period or the occurrence of a
Termination Event, pay to the Administrative Agent for deposit into the Administration
Account to fund new purchases of Eligible FFELP Loans;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xviii) prior to the commencement of the Amortization Period, solely to the extent
requested by the Administrator as a prepayment of the Notes in an amount up to the Aggregate
Note Balance, on a <I>pro rata </I>basis, (A)&nbsp;pay to the Administrative Agent for the account of
the applicable Note Purchasers with respect to their Class&nbsp;A Notes in accordance with their
Pro Rata Shares until such class has been paid in full, and (B)&nbsp;pay to the Administrative
Agent for the account of the applicable Note Purchasers with
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">respect to their Class&nbsp;B Notes in accordance with their Pro Rata Shares, until such
class has been paid in full;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xix) pay to SLM Corporation in repayment of accrued interest on and the unpaid
principal balance borrowed under the Revolving Credit Agreement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xx) if the Administrative Agent has received written notice that any amounts are owed
to a former Facility Group under the Guaranty and Pledge Agreement, to pay to the Managing
Agent for such former Facility Group any remaining funds up to the amounts then owed under
the Guaranty and Pledge Agreement; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xxi) if so requested by the Administrator (and so long as (A)&nbsp;no Amortization Event or
Termination Event has occurred and is continuing and no Potential Termination Event
described in <U>Section&nbsp;7.02(f)</U> or <U>(g)</U> has occurred and is continuing and (B)
there is no unresolved dispute as described in <U>Section&nbsp;2.25(e)</U> as to the Applicable
Percentage to be applied with respect to such Settlement Period, to pay to the holder of the
Excess Distribution Certificate, any Available Funds remaining after the payment in full of
each of the foregoing items.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Any funds deposited into the Administration Account for the purpose of purchasing or
financing Eligible FFELP Loans or prepayment of the Notes shall be disbursed pursuant to a written
direction of the Administrator, on behalf of the Trust, or to the Administrative Agent, as
applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;In the event that there are insufficient Available Funds to pay the amounts set forth in
clauses (ii)&nbsp;through (v)&nbsp;of <U>Section&nbsp;2.05(b)</U> due and payable on such date and if no Servicer
Advance has been made and no funds withdrawn from the Reserve Account or the Capitalized Interest
Account to pay such amounts, and an Excess Collateral Advance could be made in accordance with the
terms hereof, then the Trust shall request an Excess Collateral Advance in the amount necessary to
pay such amounts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;On each Settlement Date, prior to making the deposits and distributions specified in
<U>Section&nbsp;2.05(b)</U>, the Administrative Agent shall pay, from funds on deposit in the
Collection Account, any accrued and unpaid amounts due and owing to the Department or any
Guarantor, including, without limitation, any Floor Income Rebate Fees and Monthly Rebate Fees, as
directed by the Administrator on behalf of the Trust (or if the Administrator fails to provide such
direction, as provided by the Administrative Agent) pursuant to the Monthly Report, on which the
Administrative Agent may conclusively rely.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.06. Capitalized Interest Account and Reserve Account.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;On or prior to the date hereof, the Trust shall establish and maintain, or cause to be
established and maintained, the Capitalized Interest Account. The Capitalized Interest Account
shall be maintained as a segregated account at the Administrative Agent, and shall be under the
sole dominion and control of the Administrative Agent, on behalf of the Secured Creditors. The
Capitalized Interest Account shall be in the name of the Trust for the benefit of the
Administrative Agent, on behalf of the Secured Creditors. Neither the Trust nor the Administrator
shall have any withdrawal rights from the Capitalized Interest Account. If at any
</DIV>

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<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">time a Capitalized Interest Account Funding Event occurs, the Trust shall request a
Capitalized Interest Advance in an amount equal to the applicable Maximum Advance Amount for such
Advance and deposit the proceeds thereof into the Capitalized Interest Account. In the event that
a Capitalized Interest Account Funding Event occurs solely with respect to one or more Non-Renewing
Facility Groups, such Advance shall be requested solely from such Non-Renewing Facility Groups.
Thereafter, until the commencement of the Amortization Period or the occurrence of a Termination
Event, on each Settlement Date, the Administrator shall cause to be deposited into the Capitalized
Interest Account from Available Funds pursuant to <U>Section&nbsp;2.05(b)(vii)</U> such additional
amounts as are necessary to cause the amount on deposit in the Capitalized Interest Account to be
equal to the Required Capitalized Interest Account Balance calculated as of the last day of the
related Settlement Period. Funds on deposit in the Capitalized Interest Account may be invested
from time to time in Eligible Investments in accordance with <U>Section&nbsp;2.08</U>. The
Administrative Agent shall apply funds on deposit in the Capitalized Interest Account as described
in <U>Section&nbsp;2.07(a)</U>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;On or prior to the date hereof, the Administrator shall establish and maintain, or cause
to be established and maintained, the Reserve Account by depositing into the Reserve Account cash
or Eligible Investments equal to the Reserve Account Specified Balance as of the date of the
initial Advance hereunder. The Reserve Account shall be maintained as a segregated account at the
Administrative Agent, and shall be under the sole dominion and control of the Administrative Agent,
on behalf of the Secured Creditors. The Reserve Account shall be in the name of the Trust for the
benefit of the Administrative Agent, on behalf of the Secured Creditors. Neither the Trust nor the
Administrator shall have any withdrawal rights from the Reserve Account. On each Advance Date, the
Trust shall deposit into the Reserve Account from proceeds of each Advance the amount, if any,
necessary to bring the balance in such account up to the Reserve Account Specified Balance.
Thereafter, until the commencement of the Amortization Period or the occurrence of a Termination
Event, on each Settlement Date, the Administrator shall cause to be deposited into the Reserve
Account from Available Funds pursuant to <U>Section&nbsp;2.05(b)(vii)</U> such additional amounts as
are necessary to cause the amount on deposit in the Reserve Account to be equal to the Reserve
Account Specified Balance calculated as of the last day of the related Settlement Period. Funds on
deposit in the Reserve Account may be invested from time to time in Eligible Investments in
accordance with <U>Section&nbsp;2.08</U>. The Administrative Agent shall apply funds on deposit in the
Reserve Account as described in <U>Section&nbsp;2.07(b)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.07. Transfers from the Capitalized Interest Account and Reserve Account.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;To the extent there are insufficient Available Funds in the Collection Account to pay the
amounts set forth in clauses (ii)&nbsp;through (v)&nbsp;of <U>Section&nbsp;2.05(b)</U> in accordance with the
provisions of <U>Section&nbsp;2.05</U> on any Settlement Date, the Administrative Agent shall transfer
to the Collection Account moneys held by the Administrative Agent in the Capitalized Interest
Account, to the extent available for distribution on the specified day, to pay the amounts set
forth in clauses (ii)&nbsp;through (v)&nbsp;of <U>Section&nbsp;2.05(b)</U> in the priority set forth in
<U>Section&nbsp;2.05</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;To the extent there are insufficient Available Funds in the Collection Account to pay the
amounts set forth in clauses (ii)&nbsp;through (v)&nbsp;of <U>Section&nbsp;2.05(b)</U> in accordance with the
</DIV>

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<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">provisions of <U>Section&nbsp;2.05</U> on any Settlement Date (after taking into account any
amounts transferred to the Collection Account pursuant to <U>Section&nbsp;2.07(a)</U>), the
Administrative Agent shall transfer to the Collection Account moneys held by the Administrative
Agent in the Reserve Account, to the extent available for distribution on the specified day, to pay
the amounts set forth in clauses (ii)&nbsp;through (v)&nbsp;of <U>Section&nbsp;2.05(b)</U> in the priority set
forth in <U>Section&nbsp;2.05</U>; <U>provided</U>, that upon the commencement of the Amortization
Period or on the occurrence of a Termination Event, all amounts on deposit in the Reserve Account
shall immediately be transferred to the Collection Account and shall be part of Available Funds on
the next Settlement Date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;To the extent, as of the end of any Settlement Period, there are on deposit in the Reserve
Account funds in excess of the Reserve Account Specified Balance calculated as of the end of such
Settlement Period (giving effect to any purchase of additional Trust Student Loans between the end
of such Settlement Period and the related Settlement Date) or there are on deposit in the
Capitalized Interest Account funds in excess of the Required Capitalized Interest Account Balance
calculated as of the end of such Settlement Period, then the Administrative Agent shall withdraw
such excess from the relevant account and deposit it into the Collection Account to be used as
Available Funds on the related Settlement Date. In addition, (i)&nbsp;if a Capitalized Interest Account
Funding Event has occurred solely because of the expiration of the Revolving Period pursuant to
clause (ii)&nbsp;of the definition thereof and the Revolving Period is subsequently reinstated, then the
Administrative Agent shall withdraw all funds from the Capitalized Interest Account on such date
and apply such amounts to repay the Notes on a pro rata basis and (ii)&nbsp;the Administrative Agent
shall withdraw and apply funds from the Capitalized Interest Account as and when required in
accordance with <U>Section&nbsp;2.21(b)</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.08. Management of Trust Accounts.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;All funds held in the Trust Accounts, including investment earnings thereon, shall be
invested at the direction of the Administrator in Eligible Investments having a maturity date not
later than the next date on which any distributions are to be made from funds on deposit in such
Trust Accounts; <U>provided</U>, <U>however</U>, that from and after the Termination Date, the
Administrative Agent shall have the sole right to restrict the maturities of any investments held
in the Trust Accounts and to direct the withdrawal of any such investments for the purposes of
paying the amounts described in <U>Section&nbsp;2.05(b)</U>, including, without limitation, any unpaid
principal and Financing Costs on the Notes. All investment earnings (net of losses) on such
Eligible Investments shall be credited to the applicable Trust Accounts. In the event that the
Administrator shall have failed to give investment directions to the Administrative Agent by 11:00
a.m. on any Business Day on which there may be uninvested cash deposited in any Trust Account, the
Administrative Agent shall have no obligation to invest such funds and shall not be liable for any
lost potential investment earnings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Bank of America, N.A. (<I>&#147;</I><B><I>Bank of America</I></B><I>&#148;</I>), in its capacity as Securities Intermediary or
depositary bank with respect to each Trust Account, hereby agrees with the Trust and the
Administrative Agent that (i)&nbsp;each of the Trust Accounts shall be either securities accounts or
deposit accounts maintained at Bank of America; <U>provided</U>, <U>however</U>, that if, at any
time, the rating assigned to Bank of America is downgraded below &#147;A-1&#148; by S&#038;P, the Administrative
Agent shall, in cooperation with the Administrator, promptly (but in no event longer that 60&nbsp;days
from the time of such downgrade), at no cost to the Trust, transfer each of the
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<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Trust Accounts to another financial institution which has either a long-term senior unsecured
debt rating of &#147;A&#043;&#148; or better or a short-term senior unsecured debt or certificate of deposit
rating of &#147;A-1&#148; or better by S&#038;P, (ii)&nbsp;each item of property (whether investment property,
financial asset, security, cash or instrument) credited to any Trust Account shall be treated as a
<I>&#147;</I>financial asset<I>&#148; </I>within the meaning of Section&nbsp;8-102(a)(9) of the UCC to the extent any such Trust
Account is a securities account, (iii)&nbsp;Bank of America shall treat the Administrative Agent as
entitled to exercise the rights that comprise each financial asset credited to the Trust Accounts,
(iv)&nbsp;Bank of America shall comply with entitlement orders originated by the Administrative Agent
with respect to any of the foregoing accounts that is a securities account and shall comply with
instructions directing the disposition of funds originated by the Administrative Agent with respect
to any of the foregoing accounts that is a deposit account, in each case without the further
consent of any other person or entity, (v)&nbsp;except as otherwise provided in subsection (a)&nbsp;of this
Section, Bank of America shall not agree to comply with entitlement orders or instructions
directing the disposition of funds originated by any person or entity other than the Administrative
Agent, (vi)&nbsp;the Trust Accounts, and all property credited to such accounts shall not be subject to
any lien, security interest, right of set-off or encumbrance in favor of Bank of America in its
capacity as Securities Intermediary or depositary bank or anyone claiming through Bank of America
as Securities Intermediary or depositary bank (other than the Administrative Agent), and (vii)&nbsp;the
agreement herein between Bank of America and the Administrative Agent shall be governed by the laws
of the State of New York and the jurisdiction of Bank of America, in its capacity as Securities
Intermediary or depositary bank with respect to each Trust Account, shall be the State of New York
for purposes of the UCC. Each term used in this <U>Section&nbsp;2.08(b)</U> and in <U>Section
2.08(c)</U> and defined in the New York UCC shall have the meaning set forth in the New York UCC.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;No Eligible Investment held in the Trust Accounts in the form of an instrument or
certificated security as defined in the New York UCC in the possession of the Securities
Intermediary (i)&nbsp;shall be subject to any other security interest or (ii)&nbsp;shall constitute proceeds
of any property subject to such third party&#146;s security interest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;The Trust agrees to report as its income for financial reporting and tax purposes (to the
extent reportable) all investment earnings on amounts in the Trust Accounts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Any investment of any funds in the Trust Accounts shall be made under the following terms
and conditions:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any such investment of funds shall be made in Eligible Investments which will
mature no later than the next Settlement Date (or such shorter periods as the Administrative
Agent may direct); and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to each of the investments credited to any of the Trust Accounts, the
Administrative Agent for the benefit of the Secured Creditors shall have a first priority
perfected security interest in such investment, perfected by control to the extent permitted
under Article&nbsp;9 of the UCC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;The Administrative Agent shall not in any way be held liable by reason of any
insufficiency in the Trust Accounts resulting from losses on investments made in accordance
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</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">with the provisions of this Agreement (but the institution serving as Administrative Agent
shall at all times remain liable for its own debt obligations, if any, constituting part of such
investments).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;With respect to each of the Trust Accounts that is a <I>&#147;</I>securities account<I>&#148; </I>(each, a
<I>&#147;</I><B><I>Securities Account</I></B><I>&#148;</I>), the Securities Intermediary hereby confirms and agrees that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(i)&nbsp;all securities, financial assets or other property credited to the Securities
Accounts shall be registered in the name of the Securities Intermediary by a
clearing corporation or other securities intermediary and as to which the Securities
Intermediary is entitled to exercise the rights that comprise any financial assets
credited to such Securities Account, indorsed to the Securities Intermediary in
blank or credited to another Securities Account maintained in the name of the
Securities Intermediary, and in no case shall any financial asset credited to any
Securities Account be registered in the name of the Trust, payable to the order of
the Trust or specially indorsed to the Trust;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(ii)&nbsp;all securities and other property delivered to the Securities Intermediary
pursuant to this Agreement shall be promptly credited to the appropriate Securities
Account;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(iii)&nbsp;each Securities Account is an account to which financial assets are or may be
credited;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(iv)&nbsp;except for the claims and interest of the Administrative Agent and of the Trust
in the Securities Accounts and without independent investigation of any kind, the
Securities Intermediary does not know of any claim to, or interest in, any
Securities Account or in any <I>&#147;</I>financial asset<I>&#148; </I>(as defined in Section&nbsp;8 102(a)(9) of
the UCC) credited thereto; if any person asserts any lien, encumbrance or adverse
claim (including any writ, garnishment, judgment, warrant of attachment, execution
or similar process) against any Securities Account or in any financial asset carried
therein, the Securities Intermediary will promptly notify the Administrative Agent
and the Trust thereof upon receiving notice or other actual knowledge thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;Each party hereto acknowledges that the Securities Intermediary constitutes a <I>&#147;</I>securities
intermediary<I>&#148; </I>within the meaning of Section&nbsp;8-102(a)(14) of the UCC with respect to each Securities
Account and constitutes a <I>&#147;</I>bank<I>&#148; </I>within the meaning of Section&nbsp;9-102(a)(8) of the New York UCC with
respect to each Trust Account that is a <I>&#147;</I>deposit account.<I>&#148;</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.09. &#091;RESERVED&#093;.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.10. Grant of a Security Interest. </B>To secure the prompt and complete payment when
due of the Obligations and the performance by the Trust of all of the covenants and obligations to
be performed by it pursuant to this Agreement and each other Transaction Document, the Trust (and
the Eligible Lender Trustee, in its capacity as titleholder to the Trust Student Loans) hereby (i)
assigns to the Administrative Agent, and grants to the Administrative Agent a security interest in,
all of its right, title and interest in (but none of its obligations under),
</DIV>

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</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">each of the Transaction Documents, including all rights and remedies thereunder (excluding any
rights and remedies of the Trust under the Revolving Credit Agreement); and (ii)&nbsp;hereby further
Grants to the Administrative Agent on behalf of the Secured Creditors (and their respective
successors and assigns), a security interest in all of the Trust&#146;s and the Eligible Lender
Trustee&#146;s, on behalf of the Trust, right, title and interest in the following property, whether now
owned or existing or hereafter arising or acquired and wheresoever located:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;all Trust Student Loans;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;all Collections from Trust Student Loans, including, without limitation, all Interest
Subsidy Payments, Special Allowance Payments, borrower payments and reimbursements of principal and
accrued interest on default claims received and to be received from any Guarantor;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;all Eligible Investments, funds and accrued earnings thereon held in the Trust Accounts;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;all Records relating to any of the foregoing items;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;all supporting obligations, liens securing any of the foregoing, money and claims and
other rights under insurance policies relating to any of the foregoing;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;all accounts, general intangibles, payment intangibles, instruments, investment property,
documents, chattel paper, goods, moneys, letters of credit, letter of credit rights, certificates
of deposit, deposit accounts and all other property and interests in property of the Trust or the
Eligible Lender Trustee, on behalf of the Trust, whether tangible or intangible; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;all proceeds of any of the foregoing (collectively, along with the right and title to and
interest of the Trust (and the Eligible Lender Trustee, in its capacity as titleholder to the Trust
Student Loans) in the Transaction Documents pursuant to <U>Section&nbsp;2.09</U> and all proceeds
thereof, the <I>&#147;</I><B><I>Pledged Collateral</I></B><I>&#148;</I>).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust and the Eligible Lender Trustee agree that the foregoing sentence is intended to
grant in favor of the Administrative Agent, on behalf of the Secured Creditors, a first priority
continuing lien and security interest in all of the Trust&#146;s (and the Eligible Lender Trustee&#146;s in
its capacity as titleholder to the Trust Student Loans) personal property. Each of the Trust and
the Eligible Lender Trustee authorizes the Administrative Agent and its counsel to file UCC
financing statements in form and substance satisfactory to the Eligible Lender Trustee, describing
the collateral as all personal property of the Trust. In addition, at the request of the
Administrative Agent, the Trust shall file or cause to be filed, and authorizes the Administrative
Agent to file, UCC financing statement assignments assigning to the Administrative Agent any
financing statement showing the Trust as secured party with respect to the Pledged Collateral. The
Trust further confirms and agrees that the Administrative Agent shall have, following the
occurrence or declaration of the Termination Date, the sole right to enforce the Trust&#146;s rights and
remedies under the Transaction Documents with respect to the Pledged Collateral for the benefit of
the Secured Creditors, but without any obligation on the part of the Administrative Agent or any
other Secured Creditor or any of their respective Affiliates, to perform any of the obligations of
the Trust under the Transaction Documents.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.11. Evidence of Debt. </B>Each Managing Agent shall maintain a Note Account (the <I>&#147;</I><B><I>Note
Account</I></B><I>&#148;</I>) on its books in which shall be recorded (a)&nbsp;all Class&nbsp;A Advances and Class&nbsp;B Advances
owed to each related Lender in its related Facility Group by the Trust pursuant to this Agreement,
(b)&nbsp;the Class&nbsp;A Note Balance of the Class&nbsp;A Note and the Class&nbsp;B Note Balance of the Class&nbsp;B Note
held by or on behalf of its related Facility Group, (c)&nbsp;all payments of principal and Financing
Costs made by the Trust on such Class&nbsp;A Note and Class&nbsp;B Note, and (d)&nbsp;all appropriate debits and
credits with respect to its related Facility Group as provided in this Agreement including, without
limitation, all fees, charges, expenses and interest. All entries in each Managing Agent&#146;s Note
Account shall be made in accordance with such Managing Agent&#146;s customary accounting practices as in
effect from time to time. The entries in the Note Account shall be conclusive and binding for all
purposes, absent manifest error. Any failure to so record or any errors in doing so shall not,
however, limit or otherwise affect the obligation of the Trust to pay any amount owing with respect
to the Notes or any of the other Obligations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.12. Payments by the Trust. </B>All payments to be made by the Trust shall be made
without set-off, recoupment or counterclaim. Except as otherwise expressly provided herein, all
payments by, or on behalf of, the Trust for the account of a Conduit Lender, a LIBOR Lender, an
Alternate Lender or a Program Support Provider, as the case may be, shall be made to the
Administrative Agent, for further credit to an account designated by such Conduit Lender, LIBOR
Lender, Alternate Lender or Program Support Provider or its related Managing Agent, in United
States dollars. Such payments (other than amounts already on deposit in the Collection Account)
shall be made in immediately available funds to the Administrative Agent no later than 12:00 noon
on the date specified herein and the Administrative Agent shall forward such amounts to such
Conduit Lender, LIBOR Lender, Alternate Lender or Program Support Provider no later than 1:00 p.m.
on the date specified herein. Payments shall be applied in the order of priority specified in
<U>Section&nbsp;2.05(b)</U>. Any payment which is received later than 1:00 p.m. (other than payments
from amounts already on deposit in the Collection Account) shall be deemed to have been received on
the following Business Day and any applicable interest or fee shall continue to accrue.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.13. Payment of Stamp Taxes, Etc. </B>Subject to any limitations set forth in
<U>Section&nbsp;2.20</U>, the Trust agrees to pay any present or future stamp, mortgage, value-added,
court or documentary taxes or any other excise or property taxes, charges or similar levies imposed
by any federal, state or local governmental body, agency or instrumentality (hereinafter referred
to as <I>&#147;</I><B><I>Other Applicable Taxes</I></B><I>&#148;</I>) relating to this Agreement, any of the other Transaction Documents
or any recordings or filings made pursuant hereto and thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.14. Sharing of Payments, Etc. </B>If, other than as expressly provided elsewhere
herein, any Note Purchaser shall obtain on account of the Notes owned by it any payment (whether
voluntary, involuntary, through the exercise of any right of set-off, or otherwise) in excess of
its Pro Rata Share (or other share contemplated hereunder), such Note Purchaser shall immediately
(a)&nbsp;notify the Administrative Agent of such fact and (b)&nbsp;purchase from the other Note Purchasers
such participations made by them as shall be necessary to cause such purchasing Note Purchaser to
share the excess payment pro rata (based on the Pro Rata Share of each Note Purchaser) with each of
them; <U>provided</U>, <U>however</U>, that if all or any portion of such excess payment is
thereafter recovered from the purchasing Note Purchaser, such purchase shall to that extent be
rescinded and each other Note Purchaser shall repay to the purchasing Note Purchaser
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the purchase price paid therefor, together with an amount equal to such paying Note
Purchaser&#146;s ratable share (according to the proportion of (i)&nbsp;the amount of such paying Note
Purchaser&#146;s required repayment to (ii)&nbsp;the total amount so recovered from the purchasing Note
Purchaser) of any interest or other amount paid or payable by the purchasing Note Purchaser in
respect of the total amount so recovered. The Trust agrees that any Note Purchaser so purchasing a
participation from another Note Purchaser may, to the fullest extent permitted by law, exercise all
its rights of payment (including the right of set-off) with respect to such participation as fully
as if such Note Purchaser was the direct creditor of the Trust in the amount of such participation.
The Administrative Agent will keep records (which shall be conclusive and binding in the absence
of manifest error) of participations purchased under this Section and will in each case notify each
Managing Agent following any such purchases or repayments.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.15. Yield Protection.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;If any Regulatory Change (including a change to Regulation&nbsp;D under the Securities Act):
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) shall impose, modify or deem applicable any reserve (including, without limitation,
any reserve imposed by the Federal Reserve Board), special deposit, insurance assessment, or
similar requirement against assets of any Affected Party, deposits or obligations with or
for the account of any Affected Party or with or for the account of any Affiliate (or entity
deemed by the Federal Reserve Board to be an affiliate) of an Affected Party, or credit
extended to or participated in by any Affected Party;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) shall change the amount of capital maintained or required or requested or directed
to be maintained by any Affected Party;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) shall impose any other condition, cost or expense affecting this Agreement or any
portion of the Obligations owed or funded in whole or in part by any Affected Party, or its
obligations or rights, if any, to pay any portion of its unused Commitment or to provide
funding therefor (other than any condition or expense resulting from the gross negligence or
willful misconduct of such Affected Party);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) shall change the rate for, or the manner in which the Federal Deposit Insurance
Corporation (or any successor thereto) assesses deposit insurance premiums or similar
charges; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">(v)&nbsp;subject any Affected Party to any tax of any kind whatsoever with respect to
this Agreement, any Obligations or any LIBOR Advance made by it, or change the basis
of taxation of payments to such Affected Party in respect thereof (except for
Indemnified Taxes or Other Taxes covered by <U>Section&nbsp;2.20</U> and the imposition
of, or any change in the rate of, any Excluded Tax payable by such Affected Party,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">and the result of any of the foregoing is or would be:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) to increase the cost to or to impose a cost in any material amount on an
Affected Party funding or making or maintaining any portion of the
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">Obligations, or any purchases, reinvestments or loans or other extensions of
credit under the Program Support Agreement or any Transaction Document or any
commitment of such Affected Party with respect to the foregoing;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) to reduce the amount of any sum received or receivable by an Affected Party
under this Agreement, or under any Program Support Agreement or any Transaction
Document with respect thereto; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) in the sole determination of such Affected Party, to reduce the rate of
return on the capital of an Affected Party as a consequence of its obligations
hereunder or under any Program Support Agreement or arising in connection herewith
to a level below that which the Affected Party could otherwise have achieved;
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">then on or before the 30<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day following the date of demand by such Affected Party
(which demand shall be accompanied by a statement setting forth in reasonable detail the basis of
such demand), the Trust shall pay directly to such Affected Party such additional amount or amounts
as will compensate such Affected Party for such additional or increased cost or such reduction;
<U>provided</U>, that such additional amount or amounts shall not be payable with respect to any
period in excess of 90&nbsp;days prior to the date of demand by the Affected Party unless (1)&nbsp;the effect
of the Regulatory Change is retroactive by its terms to a period prior to the date of the
Regulatory Change, in which case any additional amount or amounts shall be payable for the
retroactive period but only if the Affected Party provides its written demand not later than 90
days after the Regulatory Change; or (2)&nbsp;the Affected Party reasonably and in good faith did not
believe the Regulatory Change resulted in such an additional or increased cost or such a reduction
during such prior period. Each Affected Party agrees that the Trust shall not be asked to pay
amounts which the Affected Party&#146;s similarly situated customers are not being requested to pay.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Each Affected Party will promptly notify the Administrator and the Administrative Agent of
any event of which it has actual knowledge which will entitle such Affected Party to any
compensation pursuant to this Section; <U>provided</U>, <U>however</U>, no failure or delay in
giving such notification shall adversely affect the rights of any Affected Party to such
compensation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;In determining any amount provided for or referred to in this Section, an Affected Party
may use any reasonable averaging or attribution methods that it (in its sole discretion exercised
in good faith) shall deem applicable and which it applies on a consistent basis. Any Affected
Party when making a claim under this Section shall submit to the Administrator and the
Administrative Agent a statement as to such increased cost or reduced return (including calculation
thereof in reasonable detail), which statement shall, in the absence of manifest error, be
conclusive and binding upon the Trust and the Administrative Agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.16. Extension of Scheduled Maturity Date. </B>Provided that no Amortization Event or
Termination Event shall have occurred and be continuing, the Trust, acting through the
Administrator, may, at any time during the period which is no more than 90&nbsp;days or less than 45
days immediately preceding the Scheduled Maturity Date (as such date may have been previously
extended pursuant to this <U>Section&nbsp;2.16</U>), request that the then applicable Scheduled
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Maturity Date be extended for an additional period of up to 364&nbsp;days. Any such request shall
be in writing and delivered to each Managing Agent and the Administrative Agent. None of the
Lenders, Managing Agents or Facility Groups shall have any obligation to extend the Scheduled
Maturity Date at any time. Any such extension of the Scheduled Maturity Date with respect to a
Lender shall be effective only upon the written agreement of the Trust, the Managing Agent for such
Lender&#146;s Facility Group, such Lender and, if applicable, the related Conduit Lender. Each Managing
Agent will (on behalf of its related Note Purchasers) respond to any such request by providing a
response to the Trust and the Administrative Agent within the later of (i)&nbsp;30&nbsp;days of its receipt
of such request and (ii)&nbsp;30&nbsp;days prior to the then-effective Scheduled Maturity Date;
<U>provided</U>, <U>however</U>, that if any Facility Group determines that it will not renew its
Commitment prior to the response date set forth above, the related Managing Agent shall notify the
Administrator as soon as practicable after such determination has been made. Any failure by a
Managing Agent to respond by the later of the dates set forth in clause (i)&nbsp;and (ii)&nbsp;of the
preceding sentence shall be deemed to be a rejection of the requested extension by such Managing
Agent and the related Lenders in its Facility Group. If one or more Managing Agents (but less than
all) does not extend the Scheduled Maturity Date, the provisions of <U>Section&nbsp;2.21(b)</U> shall
apply with respect to its Facility Group and the Scheduled Maturity Date shall be extended with
respect to the remaining Facility Groups.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.17. Servicer Advances. </B>In the event that, on the Settlement Date relating to any
Settlement Period, the amount on deposit in the Collection Account which is allocable to the
payment of amounts described in <U>Sections&nbsp;2.05(b)(ii)</U> through <U>(v)</U> due and payable on
such Settlement Date is not sufficient to pay such amounts, the Master Servicer may, if permitted
pursuant to its Servicing Agreement, make an advance in an amount equal to such insufficiency to
the extent it believes such Servicer Advance will be recoverable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.18. Release and Transfer of Pledged Collateral.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Administrative Agent hereby agrees to release its lien on that portion of the Pledged
Collateral transferred from the Trust to the Depositor or the Servicer as a result of purchases or
repurchases (including substitutions) of Trust Student Loans pursuant to the Sale Agreement, the
Conveyance Agreement, the Tri-Party Transfer Agreement, any Purchase Agreement or any Servicing
Agreement; <U>provided</U>, <U>however</U>, that with respect to a repurchase of a Student Loan
pursuant to the Sale Agreement, the Conveyance Agreement, the Tri-Party Transfer Agreement or a
Purchase Agreement that is not a Permitted Release covered by clause (b)&nbsp;below, it shall be a
condition to such release that the Administrative Agent shall have received cash into the
Administration Account in an amount equal to the sum of (i)&nbsp;the product of the Applicable
Percentage (determined as if each Student Loan were an Eligible FFELP Loan) multiplied by the
Principal Balance of such Student Loan and (ii)&nbsp;any amount previously drawn under the Revolving
Credit Agreement to purchase such Student Loan (as reduced by any payments of principal received on
such Student Loan, proportionately, based on the portion of the purchase price of such Student Loan
financed under the Revolving Credit Agreement) or, in the case of any substitution, the Trust shall
have received new Eligible FFELP Loans with a Principal Balance equal to or greater than the
Principal Balance of the Student Loans being released and the tests set forth in <U>Section
2.18(b)(ii)(B)</U> and <U>(C)</U> shall be satisfied; and <U>provided</U> <U>further</U>, that
with respect to purchases of Student Loans by a Servicer required or expressly permitted as a
result of the related Servicing Agreement that is not a Permitted Release covered
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">by clause (b)&nbsp;below, the Administrative Agent has received cash into the Administration
Account in an amount equal to that set forth in <U>Section&nbsp;3.05(a)</U> of the Servicing Agreement
or, in the case of any substitution, the Trust shall have received new Eligible FFELP Loans with a
Principal Balance equal to or greater than the Principal Balance of the Student Loans being
released and the tests set forth in <U>Section&nbsp;2.18(b)(ii)(B)</U> and <U>(C)</U> shall be
satisfied.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;In addition, the Administrative Agent hereby further agrees to release its lien on that
portion of the Pledged Collateral transferred from the Trust to the Depositor or an Affiliate
thereof in connection with a Permitted Release. The release of the Administrative Agent&#146;s security
interest in any Released Collateral pursuant to this <U>Section&nbsp;2.18(b)</U> shall be subject to
the following conditions precedent unless the Required Managing Agents (or following a Termination
Event or Amortization Event or with respect to a failure to satisfy condition (ii)(B) below, all of
the Managing Agents) have waived such condition (and by transferring the Pledged Collateral the
Trust shall be deemed to have certified that all such conditions precedent are satisfied):
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such release shall be a Permitted Release,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) before and after giving effect to such release and to any simultaneous acquisition
of Trust Student Loans at such time,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) there shall not exist any Amortization Event, Servicer Default, Termination
Event or Potential Termination Event;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the Minimum Asset Coverage Requirement is met; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the Weighted Average Remaining Term in School shall be less than 24&nbsp;months,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) three Business Days prior to any such release that is a Take Out Securitization,
a Fair Market Auction, Whole Loan Sale, a Permitted SPE Transfer, a Permitted Seller
Buy-Back or a Servicer Buy-Out, the Trust, acting through the Administrator, shall have
delivered a notice describing the Trust Student Loans proposed to be released substantially
in the form and substance of <U>Exhibit&nbsp;F</U> attached hereto (a <I>&#147;</I><B><I>Notice of Release</I></B><I>&#148;</I>) to
the Administrative Agent, certifying that the foregoing conditions described in clause (ii)
above shall have been satisfied in connection therewith, together with a pro forma report in
the form attached as <U>Exhibit&nbsp;G</U> demonstrating compliance with the conditions
described in clause (ii)&nbsp;above, and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) on or prior to such Permitted Release, the Trust shall have deposited into the
Administration Account cash in an amount equal to the sum of (A)&nbsp;the product of the
Applicable Percentage (determined as if each Student Loan were an Eligible FFELP Loan)
multiplied by the Principal Balance of such Student Loan and (B)&nbsp;any amount previously drawn
under the Revolving Credit Agreement to purchase such Student Loan (as reduced by any
payments of principal received on such Student Loan, proportionately, based on the portion
of the purchase price of such Student Loan financed under the Revolving Credit Agreement).
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Within five Business Days after each release of collateral hereunder in connection with a
Take Out Securitization, the Trust, acting through the Administrator, shall deliver to the
Administrative Agent a reconciliation statement (the <I>&#147;</I><B><I>Release Reconciliation Statement</I></B><I>&#148;</I>) which
shall include an updated calculation, based on actual figures, in the form attached as <U>Exhibit
H</U>, confirming that the Minimum Asset Coverage Requirement was satisfied before and after giving
effect to the related release. If the Release Reconciliation Statement shows that the value of the
released Trust Student Loans was greater than the value provided on the Notice of Release, then the
Trust shall deposit such difference into the Administration Account.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.19. Effect of Release</B>. Upon the satisfaction of the conditions in <U>Section
2.18</U>, all right, title and interest of the Administrative Agent in, to and under such Released
Collateral shall terminate and revert to the Trust, its successors and assigns, and the right,
title and interest of the Administrative Agent in such Released Collateral shall thereupon cease,
terminate and become void; and, upon the written request of the Trust, acting through its
Administrator, its successors or assigns, and at the cost and expense of the Trust, the
Administrative Agent, acting through the Administrator, shall deliver and, if necessary, execute
such UCC-3 financing statements and releases prepared by and submitted to the Administrative Agent
for authorization as are necessary or reasonably requested in writing by the Trust, acting through
the Administrator, to terminate and remove of record any documents constituting public notice of
the security interest in such Released Collateral granted hereunder being released.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.20. Taxes.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;All payments made by the Trust under this Agreement shall be made free and clear of, and
without deduction or withholding for or on account of, any present or future income, stamp or other
taxes, levies, imposts, duties, charges, fees, deductions or withholdings, now or hereafter
imposed, levied, collected, withheld or assessed by any Governmental Authority, excluding any U.S.
federal taxes (other than federal withholding taxes on interest), net income taxes and franchise
taxes or branch profit taxes (imposed in lieu of net income taxes) imposed on the Administrative
Agent, any Managing Agent, any Lender or any Program Support Provider as a result of a present or
former connection between the Administrative Agent, the Syndication Agent, each Co-Valuation Agent,
any Managing Agent, such Lender or any Program Support Provider and the jurisdiction of the
Governmental Authority imposing such tax or any political subdivision or taxing authority thereof
or therein (other than any such connection arising solely from the Administrative Agent, any
Managing Agent, such Lender or any Program Support Provider having executed, delivered or performed
its obligations or received a payment under, or enforced, this Agreement or any other Transaction
Document) (collectively, the <I>&#147;</I><B><I>Excluded Taxes</I></B><I>&#148;</I>). If any non-Excluded Taxes, levies, imposts,
duties, charges, fees of any kind, deductions, withholdings or assessments (including, but not
limited to any current or future stamp as documentary taxes or any other excise or property taxes,
charges or similar levies, but excluding Excluded Taxes) (<I>&#147;</I><B><I>Other Taxes</I></B><I>&#148;</I>) are required to be
withheld from any amounts payable to the Administrative Agent, the Syndication Agent, each
Co-Valuation Agent, any Managing Agent, any Lender or any Program Support Provider hereunder, the
amounts so payable to the Administrative Agent, any Managing Agent, such Lender or any Program
Support Provider shall be increased to the extent necessary to yield to the Administrative Agent,
the Syndication Agent, each Co-Valuation Agent, any Managing Agent, such Lender or any Program
Support Provider (after payment of all Other Taxes) interest or any such other amounts
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">payable hereunder at the rates or in the amounts specified in this Agreement;
<U>provided</U>, <U>however</U>, that the Trust shall not be required to increase any such
amounts payable to any Lender with respect to (i)&nbsp;any Other Taxes that are United States
withholding taxes imposed on amounts payable to such Lender at the time such Lender becomes a party
to this Agreement, except to the extent that such Lender&#146;s assignor (if any) was entitled, at the
time of the assignment, to receive additional amounts from the Trust with respect to such Other
Taxes pursuant to this paragraph or (ii)&nbsp;Other Taxes to the extent the Administrative Agent,
Managing Agent or Lender will receive a refund or realize the benefit of a credit or reduction in
taxes or amount owed to any taxing jurisdiction. To be entitled to receive additional amounts for
Other Taxes, the Administrative Agent, Managing Agent or Lender must certify to the Trust that,
based upon advice from one of its inside or outside tax advisors, such Administrative Agent,
Managing Agent or Lender does not reasonably expect to receive a refund or realize the benefit of a
credit or reduction in taxes or amount owed to any taxing jurisdiction as a result of such Other
Taxes.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;In addition, the Trust shall pay to the relevant Governmental Authority in accordance with
applicable law all Other Taxes imposed upon the Administrative Agent, any Managing Agent, such
Lender or any Program Support Provider that arise from any payment made hereunder or from the
execution, delivery, or registration of or otherwise similarly with respect to, this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Whenever any Other Taxes are payable by the Trust, the Administrative Agent or the
applicable Managing Agent shall promptly notify the Trust in writing and as soon as practicable,
but no later than 30&nbsp;days thereafter the Trust shall send to the Administrative Agent for its own
account or for the account of the Syndication Agent, any Co-Valuation Agent, any Managing Agent,
any Program Support Provider or relevant Lender, as the case may be, a certified copy of an
original official receipt received by the Trust showing payment thereof. The Trust agrees to
indemnify the Administrative Agent, any Managing Agent, any Program Support Provider and each
Lender within 10&nbsp;days after demand therefor from and against the full amount of the Other Taxes
arising out of this Agreement (whether directly or indirectly) imposed upon or paid by the
Administrative Agent, any Managing Agent, any Program Support Provider or such Lender and any
liability (including penalties, interest, and expenses arising with respect thereto), regardless of
whether such Other Taxes were correctly or legally asserted by the relevant Governmental Authority;
<U>provided</U>, that such Lender shall have provided the Trust with evidence, setting forth in
reasonable detail, of payment of such Other Taxes, and the certification required in clause (a)
above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Each Lender (or transferee) that is not a <I>&#147;</I>U.S. Person<I>&#148; </I>as defined in section 7701(a)(30)
of the Code (a <I>&#147;</I><B><I>Non-U.S. Lender</I></B><I>&#148;</I>) shall deliver to the Trust and the Administrative Agent and its
Managing Agent two copies of either U.S. Internal Revenue Service form W-8BEN or form W-8ECI, or,
in the case of a Non-U.S. Lender claiming exemption from the withholding of U.S. federal income tax
under Section 871(h) or 881(c) of the Code with respect to payments of <I>&#147;</I>portfolio interest,<I>&#148; </I>both a
form W-8BEN and a certificate substantially in the form of <U>Exhibit&nbsp;I</U> (a <I>&#147;</I><B><I>2.20(d)
Certificate</I></B><I>&#148;</I>) or any subsequent versions thereof or successors thereto, in all cases properly
completed and duly executed by such Non-U.S. Lender, claiming complete exemption from withholding
of U.S. federal income tax on all payments by the Trust under this Agreement. Such forms shall be
delivered by each Non-U.S. Lender at least five Business Days before the date of the initial
payment to be made pursuant to this Agreement by
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the Trust to such Lender. In addition, each Non-U.S. Lender shall deliver such forms promptly
upon the obsolescence or invalidity of any form previously delivered by such Non-U.S. Lender. Each
Non-U.S. Lender shall promptly notify the Trust at any time it determines that it is no longer in a
position to provide any previously delivered certificate to the Trust (or any other form of
certification adopted by the U.S. taxing authorities for such purpose). Notwithstanding any other
provision in this paragraph, a Non-U.S. Lender shall not be required to deliver any subsequent form
pursuant to this paragraph that such Non-U.S. Lender is not legally able to deliver.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;For any period with respect to which a Lender has failed to provide the Trust, the
Administrative Agent or its Managing Agent with the appropriate form, certificate or other document
described in <U>Section&nbsp;2.20(d)</U> (unless such failure is due to a change in treaty, law or
regulation, or any interpretation or administration thereof by any Governmental Authority,
occurring after the date on which a form, certificate or other document originally was required to
be provided), such Lender shall not be entitled to indemnification of additional amounts under
<U>Section&nbsp;2.20</U> with respect to Other Taxes by reason of such failure; <U>provided</U>,
<U>however</U>, that should a Lender, which is otherwise exempt from or subject to a reduced rate
of withholding tax, become subject to Other Taxes because of its failure to deliver a form required
hereunder, the Trust shall take such steps as such Lender shall reasonably request to recover such
Other Taxes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;A Lender which is entitled to an exemption from or reduction of non-U.S. withholding tax
under the law of the jurisdiction in which the Trust is located, or any treaty to which such
jurisdiction is a party, with respect to payments under this Agreement shall deliver to the Trust
(with a copy to the Administrative Agent), at the time or times prescribed by the applicable law or
reasonably requested by the Trust, such properly completed and executed documentation prescribed by
applicable law as will permit such payments to be made without withholding or at a reduced rate;
<U>provided</U>, that such Lender is legally entitled to complete, execute and deliver such
documentation and in such Lender&#146;s judgment such completion, execution or submission would not
materially prejudice the legal position of such Lender.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;In cases in which the Trust makes a payment under this Agreement to a U.S. Person with
knowledge that such U.S. Person is acting as an agent for a foreign person, the Trust will not
treat such payment as being made to a U.S. Person for purposes of Treas. Reg. &#167; 1.1441-1(b)(2)(ii)
(or a successor provision) without the express written consent of such U.S. Person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;Each Lender hereby agrees that, upon the occurrence of any circumstances entitling such
Lender to indemnification or additional amounts pursuant to this <U>Section&nbsp;2.20</U>, such Lender
shall use reasonable efforts to designate a different lending office if the making of such a change
would avoid the need for, or materially reduce the amount of, any such additional amounts that may
thereafter accrue and would not, in the reasonable judgment of such Lender, be materially
disadvantageous to such Lender.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;If a Lender receives a refund or realizes the benefit of a credit or reduction in respect
of any Other Taxes as to which the Lender has been indemnified by the Trust, or with respect to
which the Trust has paid an additional amount hereunder, the Lender shall, within 30&nbsp;days after the
date of such receipt or realization, pay over the amount of such refund or credit (to the extent so
attributable, but only to the extent of indemnity payments made, or additional
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">amounts paid, by the Trust under this Section with respect to the taxes or Other Taxes giving
rise to such refund or credit) to the Trust, net of all out-of-pocket expenses of such Lender
related to claiming such refund or credit, and without interest (other than any interest paid by
the relevant Governmental Authority with respect to such refund or credit); <U>provided</U>,
<U>however</U>, that (i)&nbsp;the Lender, acting in good faith, will be the sole judge of the amount of
any such refund, credit or reduction and of the date on which such refund, credit or reduction is
received, (ii)&nbsp;the Lender, acting in good faith, shall have absolute discretion as to the order and
manner in which it employs or claims tax refunds, credits, reductions and allowances available to
it and (iii)&nbsp;the Trust agrees to repay the Lender, upon written request from the Lender, as the
case may be, the amount of such refund, credit or reduction received by the Trust, plus any
penalties, interest or other charges imposed by the relevant Governmental Authority, in the event
and to the extent, the Lender is required to repay such refund, credit or reduction to any relevant
Governmental Authority.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;Notwithstanding any other provision of this Agreement, in the event that a Lender is party
to a merger or consolidation pursuant to which such Lender no longer exists or is not the surviving
entity (but excluding any change in the ownership of such Lender), any taxes payable under
applicable law as a result of such change shall be considered Excluded Taxes to the extent such
taxes are in excess of the taxes that would have been payable had such change not occurred.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;Within 30&nbsp;days of the written request of the Trust therefor, the applicable Lender shall
execute and deliver to the Trust such certificates, forms or other documents which can be furnished
consistent with the facts and which are reasonably necessary to assist the Trust in applying for
refunds of taxes remitted hereunder; provided that nothing in this Section&nbsp;2.20 shall be construed
to require any Lender to make available its tax returns (or any other information relating to its
taxes that it deems confidential) to the Trust or any other Person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;The Trust and each Lender will treat the Notes as debt for U.S. federal income tax
purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;The agreements in this Section shall survive the termination of this Agreement and the
payment of all amounts payable hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.21. Replacement or Repayment of Facility Group.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<B><I>Departing Facility Group. </I></B>In the event that (i)&nbsp;the Trust is required to pay amounts
under <U>Section&nbsp;2.15</U>, <U>2.20</U> or <U>10.08</U> or <U>Article&nbsp;VIII</U> of this Agreement
that are particular to an individual Lender, a Program Support Provider or its Managing Agent, (ii)
the Administrator reasonably determines that, as a result of a Conduit Lender issuing CP outside
the United States commercial paper market, the funding costs for such Conduit Lender are materially
higher than for other Lenders or (iii)&nbsp;a Program Support Termination Event occurs with respect to a
Program Support Provider, then the Trust may require, at its sole expense and effort, upon notice
to such Lender or Program Support Provider or to the applicable Managing Agent, that the Managing
Agent for such Lender or Program Support Provider assign, without recourse, to one or more
financial institutions designated by the Administrator, on behalf of the Trust, all of the rights
and obligations hereunder of all, or with the consent of the related Managing Agent, the
applicable, Lenders or Program Support Providers within such Facility Group in accordance with
<U>Section </U><U>10.04</U>;
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>provided</U>, that in the case of any such assignment resulting from a
claim for compensation under <U>Section&nbsp;2.15</U> or payments required to be made pursuant to
<U>Section&nbsp;2.20</U>, such assignment will result in a reduction in such compensation or payments
thereafter.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A Managing Agent shall not be required to make any such assignment or delegation if, prior
thereto, as a result of a waiver by the affected Lender, Program Support Provider, or Managing
Agent or otherwise, the circumstances entitling the Trust to require such assignment and delegation
cease to apply. Each member of the Departing Facility Group shall cooperate fully with the Trust
in effecting any such assignment. If the Trust is unable to effect such an assignment, the Trust
may terminate the Commitment of the Departing Facility Group. Upon receipt by the Departing
Facility Group of a notice of termination hereunder, the obligation of the Departing Facility Group
to make additional Advances shall cease and the Exiting Facility Group Amortization Period for such
Departing Facility Group shall begin.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<B><I>Non-Renewing Facility Group. </I></B>In the event that one or more Managing Agents (but less than
all) gives notice that its Facility Group will not extend the Scheduled Maturity Date pursuant to
<U>Section&nbsp;2.16</U>, then the Trust, acting through the Administrator, may request that the
Managing Agent for such Facility Group arrange for an assignment to one or more entities and
financial institutions designated by the Administrator, acting on behalf of the Trust, of all of
the rights and obligations hereunder of such Non-Renewing Facility Group. If the Managing Agent
does not comply with such request within ten Business Days of such request, then the Administrator,
on behalf of the Trust, may arrange for an assignment to one or more existing Facility Groups or
replacement Facility Groups of all of the rights and obligations hereunder of the Non-Renewing
Facility Group in accordance with <U>Section&nbsp;10.04</U>. Each member of the Non-Renewing Facility
Group shall cooperate fully with the Administrator in effecting any such assignment. If the
Administrator is unable to arrange such an assignment within an additional 15 Business Days, then
the Commitment of the Non-Renewing Facility Group to make new Advances hereunder shall terminate on
the relevant Scheduled Maturity Date; <U>provided</U>, that the Non-Renewing Facility Group shall
make a Capitalized Interest Advance in an amount equal to the lesser of (i)&nbsp;its Pro Rata Share of
the Capitalized Interest Account Specified Balance and (ii)&nbsp;such Non-Renewing Facility Group&#146;s
unused Commitment on the Business Day prior to its Scheduled Maturity Date for deposit into the
Capitalized Interest Account; <U>provided</U> <U>further</U>, that the Non-Renewing Facility
Group will continue to make Advances in an amount not to exceed the amount of such Non-Renewing
Facility Group&#146;s unused Commitment until its Scheduled Maturity Date. The Exiting Facility Group
Amortization Period for the Non-Renewing Facility Group shall begin on its Scheduled Maturity Date.
So long as the Exiting Facility Group Amortization Period for such Non-Renewing Facility Group has
not terminated pursuant to clause (i)&nbsp;or (ii)&nbsp;of the definition thereof, at such time as all other
Advances made by such Non-Renewing Facility Group have been paid in full, the aggregate amount of
all Capitalized Interest Advances made by the Non-Renewing Facility Group shall be repaid to such
Non-Renewing Facility Group to reduce its portion of the Aggregate Note Balance to zero.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;<B><I>Withdrawing Facility Group. </I></B>In the event a Managing Agent gives notice to the
Administrator of the desire of its Facility Group to terminate its Commitment prior to the end of
the Revolving Period in order to participate in one or more different financing facilities
sponsored by SLM Corporation or an Affiliate of SLM Corporation, including any determination to
participate in a Competing Financing Transaction as described in <U>Section&nbsp;6.28(y)</U>, such
</DIV>


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</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Withdrawing Facility Group may, with the prior written consent of the Administrator, terminate
its Commitment upon a mutually agreeable date. The Exiting Facility Group Amortization Period with
respect to a Withdrawing Facility Group shall begin on such mutually agreeable termination date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;<B><I>Termination of the Exiting Facility Group Amortization Period. </I></B>The Exiting Facility Group
Amortization Period with respect to any Exiting Facility Group shall terminate upon the occurrence
of an Amortization Event or Termination Event. After the occurrence of either such event, the
Exiting Facility Group shall be entitled to payment with respect to the Aggregate Note Balance pro
rata with other Note Purchasers in accordance with <U>Section&nbsp;2.05(b)</U> or <U>Section&nbsp;7.03</U>
as applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.22. Notice of Amendments to Program Support Agreements</B>. Each Managing Agent shall
provide the Trust and the Administrator with written notice of any amendment to the Program Support
Agreements executed in connection with this Agreement if such amendment is reasonably expected by
such Managing Agent to result in any material increase in costs or expenses for the Trust or
otherwise materially impact the Trust.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.23. Lender Holding Account</B>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Each Non-Rated Lender must, at the time such Lender becomes a party hereto (or, if a
Lender hereunder subsequently becomes a Non-Rated Lender, within ten Business Days of the time it
becomes a Non-Rated Lender), and any other Lender may, in its sole discretion at any time, make an
advance (such advance, the <I>&#147;</I><B><I>Lender Holding Deposit</I></B><I>&#148;</I>) to the Administrative Agent in an amount equal
to its Pro Rata Share of the Capitalized Interest Account Specified Balance (such amount, the
<I>&#147;</I><B><I>Required Holding Deposit Amount</I></B><I>&#148;</I>). Upon receipt of any such Lender Holding Deposit, the
Administrative Agent shall deposit such funds into a trust account maintained at a Qualified
Institution (each such account, a <I>&#147;</I><B><I>Lender Holding Account</I></B><I>&#148;</I>), in the name of such Holding Account
Lender and referencing the name of the Trust. The Lender Holding Account shall be maintained as a
segregated account at the Administrative Agent, and shall be under the sole dominion and control of
the Administrative Agent, on behalf of the applicable Holding Account Lender and the Trust. The
Lender Holding Account shall not be deemed to be a Trust Account for purposes of this Agreement,
but shall be deemed to be property of the Holding Account Lender held for the benefit of the Trust
as described herein, and neither the Administrator nor the Trust shall have any rights to withdraw
funds from such Lender Holding Account or any interest in or rights to the earnings thereon.
Thereafter, until the release and termination of such Lender Holding Account under clause (b)
below, any Capitalized Interest Advance to be made by such Holding Account Lender shall be made by
withdrawing funds from such Lender Holding Account. Each of the applicable Holding Account Lender
and the Trust hereby grants to the Administrative Agent full power and authority, on behalf of the
Trust and the applicable Holding Account Lender, to withdraw funds from the applicable Lender
Holding Account in order to honor such Holding Account Lender&#146;s obligations to fund any Capitalized
Interest Advance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Each Lender Holding Account with respect to any Holding Account Lender, once established,
shall continue to be maintained until the earliest of (i)&nbsp;the assignment by such Lender of all of
its rights pursuant to <U>Section&nbsp;10.04</U> hereof, (ii)&nbsp;such Lender receiving a short-
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">term unsecured indebtedness rating of at least A-1 by S&#038;P and P-1 by Moody&#146;s, (iii)&nbsp;such
Lender obtaining a guarantee or letter of credit that causes it to cease to be a Holding Account
Lender, (iv)&nbsp;the funding of a Capitalized Interest Advance through a withdrawal of funds from such
Lender Holding Account that satisfies in full such Holding Account Lender&#146;s obligation to fund
further Capitalized Interest Advances and (v)&nbsp;the payment in full of the Aggregate Note Balance and
the termination of the Commitments hereunder. Upon any of the events described in clauses (i)
through (v)&nbsp;of the immediately preceding sentence, the Administrative Agent, at the times and in
the manner requested by the Holding Account Lender, shall sell, liquidate or otherwise transfer the
investments on deposit in the applicable Lender Holding Account to such accounts as the Holding
Account Lender may request, and release to the Holding Account Lender any remaining funds on
deposit in such Lender Holding Account. If, due to a reduction in or partial assignment of
Commitments of the Holding Account Lender, the amounts on deposit in its Lender Holding Account
exceed the applicable Required Holding Deposit Amount, the Administrative Agent shall, at the
request of such Holding Account Lender, release such excess to such Holding Account Lender.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;From and after the establishment of a Lender Holding Account until one of the events
described in clauses (i)&nbsp;through (v)&nbsp;of the first sentence of <U>Section&nbsp;2.23(b</U>), the
Administrative Agent shall continue to maintain such Lender Holding Account and shall, at the
direction of the applicable Holding Account Lender, from time to time invest and reinvest the funds
on deposit in such Lender Holding Account in Eligible Investments having a maturity not greater
than those permitted for funds in the Trust Accounts under <U>Section&nbsp;2.08(a)</U>. The funding of
a Lender Holding Deposit shall not be considered an Advance or part of the Aggregate Note Balance
for any purpose under this Agreement, including for purposes of calculating any Yield or Non-Use
Fees owed to the Lenders hereunder. The Administrative Agent shall remit or cause to be remitted
to the Managing Agent for each relevant Holding Account Lender, on each Settlement Date or on such
other dates on which the Administrative Agent and such Managing Agent mutually agree, all realized
investment earnings earned or received in connection with the investment of such funds on deposit
in the Lender Holding Account of such Holding Account Lender so long as the release of such
earnings would not cause the amount on deposit in the Lender Holding Account to be less than the
Required Holding Deposit Amount. Notwithstanding anything contained herein to the contrary,
neither the Administrative Agent nor the Trust shall have any liability for any loss arising from
any investment or reinvestment made by it in accordance with, and pursuant to, the provisions
hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.24. Deliveries by Administrative Agent. </B>The Administrative Agent agrees that it
will forward to the Managing Agents each of the following, promptly after receipt thereof: (a)&nbsp;the
annual Administrator&#146;s statement delivered to the Administrative Agent pursuant to <U>Section
3.02(a)</U> of the Administration Agreement and (b)&nbsp;any notice of a change in the location of the
records of a Servicer delivered to the Administrative Agent pursuant to <U>Section&nbsp;2.03</U> of the
Servicing Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.25. Mark-to-Market Valuation.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;In accordance with the Valuation Agent Agreement, the Administrator shall provide to the
Co-Valuation Agents and, upon request, to each Managing Agent, no later than (i)&nbsp;the fifth calendar
day of each month, a collateral tape reflecting the portfolio of Trust Student
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Loans as of the end of the immediately preceding calendar month and (ii)&nbsp;if required under the
Valuation Agent Agreement, the fifth calendar day after each Valuation Date, a collateral tape
reflecting the portfolio of Trust Student Loans as of such Valuation Date (provided that portfolio
information from subservicers may not be available). Pursuant to the Valuation Agent Agreement, on
or before the fifth Business Day after receipt of such collateral tape, each Co-Valuation Agent
will deliver to the Administrative Agent two mark-to-market valuations of the Trust Student Loans
based on such collateral tape. The Administrative Agent shall deliver to the Administrator, each
Managing Agent and the Co-Valuation Agents on or before the Business Day following receipt of the
mark-to-market valuations from the Co-Valuation Agents, a Valuation Report setting forth (i)&nbsp;the
mark-to-market valuations submitted by the Co-Valuation Agents and (ii)&nbsp;the resulting Applicable
Percentage determined in accordance with the Valuation Agent Agreement. The Managing Agents may
request, within reason, that such mark-to-market valuations occur more frequently in accordance
with and subject to the terms of the Valuation Agent Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;If any Managing Agent disagrees at any time with the mark-to-market valuation stated in
the Valuation Report by more than 0.25% (e.g., such Managing Agent believes that a different
percentage, which is at least 0.25% less than the mark-to-market valuation set forth in such
Valuation Report, should be used to reflect the market value of the Trust Student Loans), such
Managing Agent shall submit a notice of such dispute in writing together with such Managing Agent&#146;s
own good faith valuation to each Co-Valuation Agent, the Administrative Agent and the Administrator
within two Business Days after receipt of the related Valuation Report. In such event, the
Co-Valuation Agents shall be required to negotiate with such Managing Agent in good faith to
determine an agreed upon mark-to-market valuation within three Business Days after receipt of such
notice. If the Co-Valuation Agents do not reach an agreement with the Managing Agent within such
three Business Day period, the mark-to-market valuation to be used for determining the new
Applicable Percentage shall be the average of the mark-to-market valuations submitted by the
Co-Valuation Agents and such Managing Agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;If the Administrator disagrees at any time with the mark-to-market valuation stated in the
Valuation Report by more than 0.25% (e.g., the Administrator believes that a different percentage,
which is at least 0.25% greater than the mark-to-market valuation set forth in such Valuation
Report, should be used to reflect the market value of the Trust Student Loans), the Administrator
shall submit a notice of such dispute in writing to the Administrative Agent and each Co-Valuation
Agent within two Business Days after receipt of the related Valuation Report. The Co-Valuation
Agents shall be required to negotiate with the Administrator in good faith to determine an agreed
upon mark-to-market valuation within three Business Days after receipt of such notice. At the end
of such period, each Co-Valuation Agent shall resubmit its good faith valuation (adjusted, to the
extent applicable, following such negotiation) to the Administrative Agent and the mark-to-market
valuation to be used for determining the new Applicable Percentage shall be the average of the
mark-to-market valuations submitted by the Co-Valuation Agents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;During the pendency of any dispute described in clause (b)&nbsp;or (c)&nbsp;above, the Applicable
Percentage to be applied shall be the disputed Applicable Percentage set forth in the Valuation
Report; <U>provided</U>, <U>however</U>, that to the extent the Administrator has disputed the
Applicable Percentage, the Administrator, on behalf of the Trust, shall cause to be transferred
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">into the Administration Account amounts required to cure any breach of the Minimum Asset
Coverage Requirement based on the disputed Applicable Percentage, which amounts shall be maintained
therein until such dispute is resolved, at which time the Administrator, on behalf of the Trust,
may, if the dispute is resolved at a higher valuation, withdraw the portion of such payment that is
no longer required to satisfy the Minimum Asset Coverage Requirement and release such amount to the
Trust. To the extent an Applicable Percentage changes due to either a mark-to-market valuation or
as a result of the process required to obtain a periodic ratings confirmation letter, all new
Eligible FFELP Loans shall thereafter be sold to the Trust using such revised Applicable
Percentages, and with respect to all Eligible FFELP Loans then owned by the Trust, the
Administrator, on behalf of the Trust, shall cure any Minimum Asset Coverage Requirement deficiency
by causing cash to be contributed, or by causing Eligible FFELP Loans to be transferred, to the
Trust by the Business Day following the date of adjustment of the Applicable Percentage.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;No amounts shall be paid to the holder of the Excess Distribution Certificate pursuant to
<U>Section&nbsp;2.05(b)(xxi)</U> until any dispute as to the Applicable Percentage is resolved and, if
applicable, any additional amounts required to be deposited into the Administration Account to
satisfy the Minimum Asset Coverage Requirement shall have been deposited therein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;In connection with any Permitted Release under <U>Section&nbsp;2.18</U> involving a release of
Trust Student Loans with an aggregate Principal Balance of more than $500,000,000, the Trust,
acting through the Administrator, shall deliver to each Co-Valuation Agent, within five Business
Days of request therefor, at the Administrator&#146;s option, either (i)&nbsp;summary statistics of the
Pledged Collateral being released, together with a copy of a collateral tape describing the
released assets, to the extent such a tape has been prepared and delivered to any third parties in
connection with such release, or (ii)&nbsp;an updated collateral tape reflecting the portfolio of Trust
Student Loans after giving effect to such release. The Trust, acting through the Administrator,
shall also use commercially reasonable efforts to provide, with reasonable promptness, such other
information as may be reasonably requested by any Managing Agent in connection with such release.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;The parties agree that, for purposes of this Agreement and the Valuation Agent Agreement,
delivery of any collateral tape shall be effective if (i)&nbsp;the same is posted through the
Administrator&#146;s customary file transfer protocols as in effect on the Closing Date (as such
protocols may be modified in a manner mutually acceptable to the Administrator and the Co-Valuation
Agents), and (ii)&nbsp;notice of such posting is given to the applicable recipient in accordance with
<U>Section&nbsp;10.02</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.26. Inability to Determine Rates</B>. If the Required Managing Agents determine, for
any reason in connection with any request for a LIBOR Advance, that (a)&nbsp;dollar deposits are not
being offered to banks in the London interbank eurodollar market for the applicable amount and
Tranche Period of such LIBOR Advance, (b)&nbsp;adequate and reasonable means do not exist for
determining the LIBOR Base Rate for any requested Tranche Period with respect to a proposed LIBOR
Advance, or (c)&nbsp;the LIBOR Base Rate for any requested Tranche Period with respect to a proposed
LIBOR Advance does not adequately and fairly reflect the cost to such Lenders of funding such
Advance, the Administrative Agent will promptly so notify the Trust and each Lender. Thereafter,
the obligation of the Lenders to make or maintain a LIBOR
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Advance shall be suspended until the Administrative Agent (upon the instruction of the
Required Managing Agents) revokes such notice. Upon receipt of such notice, the Trust may revoke
any pending request for a LIBOR Advance, or failing that, will be deemed to have converted such
request into a request for Base Rate Advances in the amount specified therein.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;2.27. Calculation of Monthly Yield</B>. On or before the fifth calendar day after the
last day of any Settlement Period, each Managing Agent shall notify the Administrator and the
Administrative Agent of the Yield payable to its Facility Group on the succeeding Settlement Date
together with, (i)&nbsp;if interest for any portion of any Note for any portion of such Settlement
Period is determined by reference to the CP Rate, the applicable CP Rate for such Settlement Period
for the applicable Conduit Lender; (ii)&nbsp;if interest for any portion of any Note for any portion of
such Settlement Period is determined by reference to the LIBOR Rate, such Managing Agent&#146;s
calculation of the applicable LIBOR Rate for such Settlement Period (which rate may be based on
such Managing Agent&#146;s good faith estimates of the LIBOR Rates to be in effect during the remainder
of such Interest Accrual Period) and (iii)&nbsp;any Estimated Interest Adjustments owing in respect of
the previous Settlement Date.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE III.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>THE NOTES</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;3.01. Form of Notes Generally.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Class&nbsp;A Notes shall be in substantially the form set forth in <U>Exhibit&nbsp;J</U> and
the Class&nbsp;B Notes shall be in substantially the form set forth in <U>Exhibit&nbsp;K</U>, in each case
with such appropriate insertions, omissions, substitutions and other variations as are required or
permitted by this Agreement, and may have such letters, numbers or other marks of identification
and such legends or endorsements placed thereon as may, consistently herewith, be determined by the
officers executing such Notes, as evidenced by their execution of the Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Notes shall be typewritten or printed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Class&nbsp;A Notes shall be issuable only in registered form and with a maximum aggregate
principal amount that, when aggregated with the maximum aggregate principal amounts of each other
Outstanding Class&nbsp;A Note, will equal the Class&nbsp;A Maximum Financing Amount. The Class&nbsp;B Notes shall
be issuable only in registered form and with a maximum aggregate principal amount that, when
aggregated with the maximum aggregate principal amounts of each other Outstanding Class&nbsp;B Note,
will equal the Class&nbsp;B Maximum Financing Amount. One Class&nbsp;A Note in the maximum aggregate
principal amount equal to the Pro Rata Share of the Class&nbsp;A Maximum Financing Amount of each
Facility Group shall be registered in the name of the Managing Agent for such Facility Group. One
Class&nbsp;B Note in the maximum aggregate principal amount equal to the Pro Rata Share of the Class&nbsp;B
Maximum Financing Amount of each Facility Group shall be registered in the name of the Managing
Agent for such Facility Group.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->76<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;All Class&nbsp;A Notes shall be substantially identical and all Class&nbsp;B Notes shall be
substantially identical except as to maximum denomination and except as may otherwise be provided
in or pursuant to this Section.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;3.02. Securities Legend. </B>Each Note issued hereunder will contain the following
legend:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES
ACT OF 1933, AS AMENDED (THE &#147;SECURITIES ACT&#148;), AND HAS NOT BEEN APPROVED OR DISAPPROVED BY
THE SECURITIES AND EXCHANGE COMMISSION OR REGULATORY AUTHORITY OF ANY STATE. THIS NOTE HAS
BEEN OFFERED AND SOLD PRIVATELY. THE REGISTERED OWNER HEREOF ACKNOWLEDGES THAT THESE
SECURITIES ARE &#147;RESTRICTED SECURITIES&#148; THAT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT AND AGREES FOR THE BENEFIT OF THE TRUST AND ITS AFFILIATES THAT THESE SECURITIES MAY NOT
BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (I)&nbsp;TO A PERSON WHOM THE
TRANSFEROR REASONABLY BELIEVES IS AN INSTITUTIONAL ACCREDITED INVESTOR TO WHOM NOTICE IS
GIVEN THAT THE RESALE, PLEDGE OR TRANSFER IS BEING MADE IN RELIANCE ON REGULATION D, AND IN
ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER
JURISDICTION OR (II)&nbsp;TO A PERSON IN A TRANSACTION THAT IS REGISTERED UNDER THE SECURITIES
ACT OR THAT IS OTHERWISE EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND
ANY APPLICABLE STATE SECURITIES LAWS. THE HOLDER HEREOF, BY ACQUIRING THIS NOTE, REPRESENTS
AND AGREES FOR THE BENEFIT OF THE DEPOSITOR, THE ADMINISTRATOR, THE ADMINISTRATIVE AGENT AND
THE ELIGIBLE LENDER TRUSTEE THAT: IT IS AN INSTITUTIONAL ACCREDITED INVESTOR (AS DEFINED IN
RULE 501(a)(1)-(3) AND (7)&nbsp;OF REGULATION D UNDER THE SECURITIES ACT) OR AN ENTITY IN WHICH
ALL THE EQUITY OWNERS COME WITHIN SUCH PARAGRAPHS; ITS ACQUISITION OF THIS NOTE IS OTHERWISE
EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND ANY APPLICABLE STATE
SECURITIES LAWS AND IT IS HOLDING THIS NOTE FOR INVESTMENT PURPOSES AND NOT FOR
DISTRIBUTION.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;3.03. Priority. </B>Except as permitted by <U>Section&nbsp;2.05(b)</U>, <U>Section&nbsp;2.21</U>
or <U>Section&nbsp;7.03(b)</U>, all Notes issued under this Agreement shall be in all respects equally
and ratably entitled to the benefits hereof and secured by the Pledged Collateral without
preference, priority or distinction on account of the actual time or times of authentication and
delivery, all in accordance with the terms and provisions of this Agreement. Except as provided in
<U>Section&nbsp;2.05(b)</U>, payments of Financing Costs on the Notes shall be made pro rata among all
Outstanding Notes based on the amount of Financing Costs owed on such Notes, without preference or
priority of any kind. Except as provided in <U>Sections&nbsp;2.05(b)</U> and <U>2.21</U>, payments of
principal on the Notes shall be made pro rata among all Outstanding Notes, without preference or
priority of any kind.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;3.04. Execution and Dating. </B>The Notes shall be executed on behalf of the Trust by any
of the Authorized Officers of the Eligible Lender Trustee. The signature of any of these officers
on the Notes may be manual or facsimile. Each Note shall be dated the date of its execution.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;3.05. Registration, Registration of Transfer and Exchange, Transfer Restrictions.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Trust shall cause to be kept a register (the <I>&#147;</I><B><I>Note Register</I></B><I>&#148;</I>) in which, subject to
such reasonable regulations as it may prescribe, the Trust shall provide for the registration of
the Notes and for transfers of the Notes. The Administrative Agent, acting solely for this purpose
as agent for the Trust, shall serve as <I>&#147;</I><B><I>Note Registrar</I></B><I>&#148; </I>for the purpose of registering the Notes
and transfers of the Notes as herein provided.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Upon surrender for registration of transfer of any Note at the address of the Trust
referred to in <U>Exhibit&nbsp;M</U>, the Trust shall execute and deliver in the name of the designated
transferee or transferees, one or more new Notes of any authorized denominations and of a like
tenor and aggregate principal amount.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;At the option of the Registered Owner, Notes may be exchanged for other Notes of the same
series and of like tenor in a maximum principal amount consistent with <U>Section&nbsp;3.01(c)</U>,
upon surrender of the Notes to be exchanged at such office or agency. Whenever any Notes are so
surrendered for exchange, the Trust shall execute and deliver the Notes, which the Registered Owner
making the exchange is entitled to receive.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;All Notes issued upon any registration of transfer or exchange of Notes shall be the valid
obligations of the Trust, evidencing the same debt, and entitled to the same benefits under this
Agreement, as the Notes surrendered upon such registration of transfer or exchange.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Every Note presented or surrendered for registration of transfer or for exchange shall (if
so required by the Trust or the Administrative Agent) be duly endorsed, or be accompanied by a
written instrument of transfer in form satisfactory to the Trust and the Note Registrar duly
executed, by the Registered Owner thereof or his attorney duly authorized in writing with such
signature guaranteed by a commercial bank or trust company, or by a member firm of a national
securities exchange, and such other documents as the Administrative Agent may require. The Trust
shall notify the Administrative Agent, as the Note Registrar, of each transfer or exchange of
Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;No service charge shall be made for any registration of transfer or exchange of Notes, but
the Trust or the Administrative Agent may require payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in connection with any registration of transfer or
exchange of Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;3.06. Mutilated, Destroyed, Lost and Stolen Notes.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;If any mutilated Note is surrendered to the Administrative Agent, the Trust shall execute
and deliver in exchange therefor a new Note of the same series and of like tenor and maximum
principal amount and bearing a number not contemporaneously outstanding. If there
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">shall be delivered to the Trust (i)&nbsp;evidence to the Trust&#146;s satisfaction of the destruction,
loss or theft of any Note and (ii)&nbsp;such security or indemnity as may be required by them to hold
the Trust and any of its agents, including the Administrative Agent and the Eligible Lender
Trustee, harmless, then, in the absence of notice to the Trust that such Note has been acquired by
a bona fide purchaser, the Trust shall execute and deliver, in lieu of any such destroyed, lost or
stolen Note, a new Note of the same series and of like tenor and principal amount and maximum
principal amount and bearing a number not contemporaneously outstanding.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;In case any such mutilated, destroyed, lost or stolen Note has become or is about to
become due and payable, the Trust in its discretion may, instead of issuing a new Note, pay such
Note.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Upon the issuance of any new Note under this Section, the Trust may require the payment of
a sum sufficient to cover any tax or other governmental charge that may be imposed in relation
thereto and any other expenses (including the fees and expenses of the Note Registrar) connected
therewith.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;Every new Note issued pursuant to this Section in lieu of any destroyed, lost or stolen
Note shall constitute an original additional contractual obligation of the Trust, whether or not
the destroyed, lost or stolen Note shall be at any time enforceable by anyone, and shall be
entitled to all the benefits of this Agreement equally and proportionately with any and all other
Notes duly issued hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;The provisions of this Section are exclusive and shall preclude (to the extent lawful) all
other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost
or stolen Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;3.07. Persons Deemed Owners. </B>Prior to due presentment of a Note for registration of
transfer, the Trust, the Administrative Agent and any agent of the Trust or the Administrative
Agent may treat the Person in whose name such Note is registered as the absolute owner of such Note
for the purpose of receiving payment of principal of and Financing Costs on such Note and for all
other purposes whatsoever, whether or not such Note be overdue, and none of the Trust, the
Administrative Agent or any agent of the Trust or the Administrative Agent shall be affected by
notice to the contrary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;3.08. Cancellation. </B>Subject to <U>Section&nbsp;3.05(b)</U>, all Notes surrendered for
payment, prepayment in whole, registration of transfer or exchange shall, if surrendered to any
Person other than the Trust, be delivered to the Trust and shall be promptly cancelled by the
Trust. The Trust may at any time cancel any Notes previously delivered hereunder which the Trust
may have acquired in any manner whatsoever, and may cancel any Notes previously executed hereunder
which the Trust has not issued and sold. No Notes shall be executed and delivered in lieu of or in
exchange for any Notes cancelled as provided in this Section, except as expressly permitted by this
Agreement. All cancelled Notes held by the Trust shall be held or destroyed by the Trust in
accordance with its standard retention or disposal policy as in effect at the time.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->79<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;3.09. CUSIP/DTC Listing</B>. Each of the Administrator, SLM Corporation and the Trust
hereby covenants and agrees, at the request of any Lender, to take any actions reasonably requested
by any such requesting Lender in order to obtain a CUSIP number for such Lender&#146;s Notes or to list
such Lender&#146;s Notes on The Depository Trust Company (<I>&#147;</I><B><I>DTC</I></B><I>&#148;)</I>; <U>provided</U>, <U>however</U>,
that the Trust shall not be required to pay amounts under <U>Section&nbsp;2.15</U>, <U>2.20</U> or
<U>10.08</U> as a result of such action. The requesting Lender agrees to pay all costs and
expenses (other than legal expenses) associated with obtaining any such CUSIP number or making such
listing on DTC, and the Administrator agrees to pay all costs and expenses associated with any
amendments to be made to this Agreement as determined to be reasonably necessary to accomplish the
foregoing; <U>provided</U> <U>further</U>, that the parties hereto agree that no amendment fee in
connection therewith will apply.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;3.10. Legal Final Maturity Date</B>. The Notes shall be due and payable in full on the
Legal Final Maturity Date.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE IV.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>CONDITIONS TO CLOSING DATE AND ADVANCES</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;4.01. Conditions Precedent to Closing Date. </B>The purchase of the Notes on the Closing
Date are subject to the condition precedents, unless waived by the Required Managing Agents (and
the Trust, by executing this Agreement, shall be deemed to have certified that all such conditions
precedent unless waived are satisfied on the Closing Date), that:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;the Administrative Agent shall have received on or before the Closing Date the following
documents and opinions, in form and substance satisfactory to each Managing Agent:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) executed copies of the Transaction Documents and each Note,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) UCC-1 Financing Statements;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Officer&#146;s Certificates of the Trust, the Eligible Lender Trustee, the
Administrator, the Master Servicer, SLM Corporation, each Seller, the Master Depositor, and
the Depositor certifying, in each case the articles of incorporation or equivalent
organization document, certificate of formation, by-laws or the equivalent, board
resolutions, good standing certificates and the incumbency and specimen signature of each
officer authorized to execute the Transaction Documents (on which certificates the
Administrative Agent, Managing Agents and Note Purchasers may conclusively rely until such
time as the Administrative Agent and the Managing Agents shall receive from the applicable
Person a revised certificate meeting the requirements of this clause);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Officer&#146;s Certificates of the Trust certifying that each of the Guarantee
Agreements that have been provided to the Administrative Agent are true and correct copies
thereof and remain in full force and effect;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Opinions of Counsel to the Trust, the Depositor, the Master Depositor, each Seller,
the Administrator, the Master Servicer, SLM Corporation, and the Eligible Lender Trustee in
form and substance acceptable to the Administrative Agent; with
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->80<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">respect to, among other things: (A)&nbsp;the due organization, good standing and power and
authority of each of the Transaction Parties; (B)&nbsp;the due authorization, execution and
delivery of each of the Transaction Documents by the Transaction Parties party thereto; (C)
the enforceability of each of the transaction documents against each of the Transaction
Parties party thereto; (D)&nbsp;that all governmental consents or filings required under New York
or federal law or applicable corporate law in connection with the execution, delivery and
performance of the Transaction Documents have been made; (E)&nbsp;the absence of conflicts with
organizational documents, laws, regulations, court orders or contracts arising from the
execution, delivery and performance by the Transaction Parties of the Transaction Documents;
(F)&nbsp;the exemption from registration of the Notes under the Securities Act; (G)&nbsp;the exemption
of the Trust and the Depositor from registration under the Investment Company Act; (H)&nbsp;the
validity and perfection of the security interests created under the Transaction Documents;
(I)&nbsp;that each transfer of assets under the Purchase Agreements, the Conveyance Agreement and
the Tri-Party Transfer Agreement constitutes a &#147;true sale&#148; in the event of the bankruptcy of
the applicable Seller or, in the case of the Conveyance Agreement, the Master Depositor; (J)
the priority of any security interests created under the Transaction Documents; (K)&nbsp;the
non-consolidation of the assets and liabilities of the Depositor and the Trust with the
Sellers, the Master Depositor, Sallie Mae, Inc. and SLM Corporation in the event of the
bankruptcy of any such entity; and (L)&nbsp;the treatment of the Notes as debt for federal income
tax purposes and the classification of the Trust not as an association or otherwise taxable
as a corporation for federal income tax purposes;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) a schedule of all Trust Student Loans as of the Closing Date;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) UCC search report results dated a date reasonably near the Closing Date listing
all effective financing statements which name the Trust, any Seller, the Master Depositor,
the Depositor or the Eligible Lender Trustee (under its present name or any previous names)
in any jurisdictions where filings are to be made under clause (ii)&nbsp;above (or similar
filings would have been made in the past five years);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) financing statement terminations on Form UCC-3, if necessary, to release any
liens;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) evidence of establishment of the Trust Accounts;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) evidence of any required certification from S&#038;P and Moody&#146;s with respect to
pre-review Conduit Lenders;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) such powers of attorney as the Administrative Agent or any Managing Agent shall
reasonably request to enable the Administrative Agent to collect all amounts due under any
and all of the Pledged Collateral;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) a list of any pre-approved Lockbox Bank arrangements and copies of all related
documentation; and
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->81<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) a letter from Moody&#146;s stating that the Class&nbsp;A Notes have received a long term
definitive rating of &#147;Aaa&#148; and the Class&nbsp;B Notes have received a long term definitive rating
of &#147;A2&#148;, in each case subject to customary surveillance procedures;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;all fees due and payable to the Arrangers, the Co-Valuation Agents, the Lenders, the
Managing Agents, the Administrative Agent, the Syndication Agent and the Eligible Lender Trustee on
the Closing Date shall have been paid;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;a review of the portfolio and servicing operations has been conducted by Protiviti Inc.
based on procedures agreed upon among the Managing Agents, the Administrative Agent, the
Administrator and the Master Servicer;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;the Managing Agents shall have completed satisfactory due diligence on the status of SLM
Corporation&#146;s current class action litigation and legal compliance issues;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;the Private Credit Loan Facility and the other FFELP Loan Facilities shall have closed
contemporaneously;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;the senior unsecured debt rating of SLM Corporation shall not have been downgraded by
Moody&#146;s or S&#038;P below investment grade;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;there shall not have occurred since December&nbsp;31, 2007, any event which could reasonably be
expected to have a material adverse effect on the business, assets or condition of SLM Corporation
and its Affiliates taken as a whole, other than as disclosed to each of the Administrative Agent,
the Lead Arrangers, the Managing Agents and the Lenders prior to January&nbsp;25, 2008;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;there are no Competing Financing Transactions outstanding or being offered, placed or
arranged, other than the other FFELP Loan Facilities, the Private Credit Loan Facility, the VG
Funding Facility, the Mustang Funding I Facility, the Mustang Funding II Facility and the Phoenix
Fundings Facility;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;the Administrator shall have delivered to the Administrative Agent evidence of
(i)&nbsp;notification to the administrative agents under the VG Funding Facility, the Mustang Funding I
Facility and the Mustang Funding II Facility that no further advances shall be made thereunder
after the Closing Date; (ii)&nbsp;an irrevocable written request from or on behalf of VG Funding I to
terminate the VG Funding Facility in full on the date of the initial Advance; (iii)&nbsp;written
agreement from VG Funding I and Sallie Mae, Inc., in its capacity as administrator under the VG
Funding Facility to waive any waiting period or extension period during which the lenders under the
VG Funding Facility are stayed from exercising remedies; (iv)&nbsp;an irrevocable written request from
or on behalf of each of Mustang Funding I, LLC and Mustang Funding II, LLC providing for the
termination of the Mustang Funding I Facility and the Mustang Funding II Facility, on or prior to
the 15<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Business Day after the date the initial Advance has been made under this
Agreement and (v)&nbsp;written agreement from Mustang Funding I, LLC, Mustang Funding II, LLC and Sallie
Mae, Inc., in its capacity as administrator under the Mustang Funding I Facility and Mustang
Funding II Facility to waive any waiting period or extension period during which the lenders under
the Mustang Funding I Facility and Mustang Funding II Facility are stayed from exercising remedies;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->82<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;the aggregate amount of (i)&nbsp;Commitments under this Agreement, (ii)&nbsp;commitments under the
other FFELP Loan Facilities, (iii)&nbsp;commitments under the Private Credit Loan Facility, (iv)
commitments under any Competing Financing Transactions with a commitment maturity of not less than
364&nbsp;days, and (v)&nbsp;funds received from any term securitizations or whole loan sales consummated
after January&nbsp;25, 2008, the proceeds of which have been or will be used to repay outstanding
amounts under the VG Funding Facility, the Mustang Funding I Facility or the Mustang Funding II
Facility and which financings of the type described in this clause (v)&nbsp;are in excess of any
financings projected by SLM Corporation on or prior to January&nbsp;25, 2008 and which do not involve a
material portion of the unencumbered assets of SLM Corporation or its Affiliates, equals or exceeds
$30,000,000,000; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;such other information, certificates, documents and actions as the Required Managing
Agents and the Administrative Agent may reasonably request has been received or performed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;4.02. Conditions Precedent to Advances.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<B><I>Conditions Precedent to the Initial Advance. </I></B>The initial Advance hereunder shall be
subject to the condition precedents, unless waived by each of the Managing Agents, that on or prior
to the date of such Advance (and the Trust, by accepting the proceeds of such initial Advance,
shall be deemed to have certified that all such conditions unless waived are satisfied on the date
of such Advance):
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (A)&nbsp;from and after the Closing Date, no additional advances shall have been made
under the VG Funding Facility and (B)&nbsp;after giving effect to the initial Advance, the VG
Funding Facility shall have been repaid in full and terminated; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the aggregate amount of (A)&nbsp;Commitments under this Agreement (including for this
purpose executed letters from additional lenders committing to become a new Facility Group
under this Agreement), (B)&nbsp;commitments under the other FFELP Loan Facilities, (C)
commitments under the Private Credit Loan Facility, (D)&nbsp;commitments under any Competing
Financing Transactions with a commitment maturity of not less than 364&nbsp;days, and (E)&nbsp;funds
received from any term securitizations or whole loan sales consummated after January&nbsp;25,
2008, the proceeds of which have been used to repay outstanding amounts under the VG Funding
Facility, the Mustang Funding I Facility or the Mustang Funding II Facility and which
financings of the type described in this clause (E)&nbsp;are in excess of any financings
projected by SLM Corporation on or prior to January&nbsp;25, 2008 and which do not involve a
material portion of the unencumbered assets of SLM Corporation or its Affiliates, equals or
exceeds $35,000,000,000. The parties hereby agree that the condition set forth in this
clause (ii)&nbsp;has been satisfied on the Closing Date and therefore do not need be retested on
the date of the initial Advance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<B><I>Conditions Precedent to All Advances. </I></B>Each Advance (including the initial Advance but
excluding any Capitalized Interest Advances) shall be subject to the further conditions precedent,
unless waived by the Required Managing Agents (or, in the case of clauses (iv)(B)(1), (iv)(B)(2),
(iv)(B)(4), (iv)(C), (iv)(D), (iv)(F), (v), (x)&nbsp;and (xi)&nbsp;below, waived by all of the Managing
Agents), that on the date of such Advance (and the Trust, by accepting the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->83<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">proceeds of such Advance, shall be deemed to have certified that all such conditions unless
waived are satisfied on the date of such Advance):
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) with respect to any Purchase Price Advance, the Eligible FFELP Loans are being (A)
purchased by the Master Depositor from a Seller pursuant to a Purchase Agreement, (B)&nbsp;then
purchased by the Depositor from the Master Depositor pursuant to the Conveyance Agreement
and (C)&nbsp;subsequently purchased by the Trust from the Depositor pursuant to the Sale
Agreement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to any Purchase Price Advance, on or prior to the Advance Date, the
Trust shall cause to be delivered to the Administrative Agent copies of the relevant
Purchase Agreement (except to the extent previously delivered), Conveyance Agreement (except
to the extent previously delivered), Sale Agreement (except to the extent previously
delivered), bills of sale and blanket endorsements, together with a Schedule of Trust
Student Loans, and copies of all schedules, financing statements and other documents
required to be delivered by the applicable Seller, the Master Depositor and the Depositor as
a condition of purchase thereunder;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) with respect to any Advance, on or prior to the Advance Date, the Trust shall
cause to be delivered to the Administrative Agent an Advance Request at the time required in
<U>Section&nbsp;2.02(b)</U>;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) on the Advance Date, the following statements shall be true, and the Trust by
accepting the amount of such Advance shall be deemed to have certified that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the representations and warranties contained in <U>Article&nbsp;V</U> are
correct on and as of such day as though made on and as of such date, both before and
after giving effect to such Advance (or, to the extent such representations and
warranties speak as of a specific date, were true and correct on and as of such
date);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) no event has occurred and is continuing, or would result from such Advance,
which constitutes (1)&nbsp;a Termination Event, (2)&nbsp;a Servicer Default, (3)&nbsp;a Potential
Termination Event, or (4)&nbsp;an Amortization Event;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) the Requested Advance Amount for the Class&nbsp;A Advance and the Class&nbsp;B
Advance does not, in the aggregate, exceed the Maximum Advance Amount;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) there has occurred no event which could reasonably be determined to have a
Material Adverse Effect with respect to the Trust;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) no law or regulation shall prohibit, and no order, judgment or decree of
any Official Body shall prohibit or enjoin, the making of such Advances in
accordance with the provisions hereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) the amount of money equal to any shortfall in the Reserve Account Specified
Balance on such date is deposited into the Reserve Account on such
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->84<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">date from the proceeds of such Advance; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G) all covenants and agreements contained in the Transaction Documents,
including the delivery of all reports required to be delivered thereunder, shall
have been complied with by the Trust, subject to any applicable grace periods or
waivers granted;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the Termination Date shall not have been declared;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) with respect to any Purchase Price Advance, the related Servicer, as bailee for
the Administrative Agent for the benefit of the Secured Creditors, shall be in possession of
the original Student Loan Notes or certified copies thereof, to the extent more than one
loan is evidenced by such Student Loan Note, representing the Student Loans being financed
with the proceeds of such Advance;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) with respect to any Purchase Price Advance, all conditions precedent to the
Trust&#146;s acquisition of the Student Loans to be financed with the proceeds of such Advance
(other than the payment of the purchase price therefor) shall have been satisfied;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) no suit, action or other proceeding, investigation or injunction, or final
judgment relating thereto, shall be pending or threatened before any court or governmental
agency, seeking to restrain or prohibit or to obtain damages or other relief in connection
with any of the Transaction Documents or the consummation of the transactions contemplated
hereby;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) no statute, rule, regulation or order shall have been enacted, entered or deemed
applicable by any government or governmental or administrative agency or court that would
make the transactions contemplated by any of the Transaction Documents illegal or otherwise
prevent the consummation thereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) after giving effect to such Advance, the Asset Coverage Ratio shall be greater than
or equal to the Minimum Asset Coverage Requirement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) the ratings for the Notes shall not have been reduced below the applicable
Required Ratings on such Advance Date;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) the amount of such Advance, together with any amounts drawn under the Revolving
Credit Agreement in connection with the purchase of the related Student Loans, shall, in the
aggregate, be reasonably equal to the fair market value of such Student Loans;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) with respect to any Purchase Price Advance, after giving effect to the purchase
by the Trust of the related additional Eligible FFELP Loans, the Weighted Average Remaining
Term in School shall not be more than 24&nbsp;months;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) the Requested Advance Amount for such Advance Date, together with the aggregate
amount of all advances to be made under the other FFELP Loan Facilities and the Private
Credit Loan Facility on such Advance Date, shall not exceed (x)
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->85<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">$2,000,000,000 if such Advance Date is on or prior to the end of the Transition Period
and (y) $1,500,000,000 on any date thereafter (it being understood that Advances made with
proceeds of any prefunding arrangements agreed to by the Managing Agents (including amounts
allocated to the Lenders that are also Lenders in the Mustang I Facility and the Mustang II
Facility) shall not be counted towards such numbers in clauses (x)&nbsp;and (y)); and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) the sum of (A)&nbsp;the Requested Advance Amount on such Advance Date, (B)&nbsp;the
aggregate amount of all advances to be made under the other FFELP Loan Facilities and the
Private Credit Loan Facility on such Advance Date, (C)&nbsp;the amount of all Advances already
made during such calendar week and (D)&nbsp;the aggregate amount of all advances already made
under the other FFELP Loan Facilities and the Private Credit Loan Facility during such
calendar week, shall not exceed (x) $10,000,000,000 if such Advance Date is on or prior to
the end of the Transition Period and (y) $5,000,000,000 on any date thereafter (it being
understood that Advances made with proceeds of any prefunding arrangements agreed to by the
Managing Agents (including amounts allocated to the Lenders that are also Lenders in the
Mustang I Facility and the Mustang II Facility) shall not be counted towards such numbers in
clauses (x)&nbsp;and (y)).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;<B><I>Conditions Precedent to Capitalized Interest Advances. </I></B>Each Capitalized Interest Advance
shall be subject to the following conditions precedent, unless waived by each of the Managing
Agents, that on the date of such Advance (and the Trust, by accepting the proceeds of such Advance,
shall be deemed to have certified that all such conditions unless waived are satisfied on the date
of such Advance):
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Trust shall cause to be delivered to the Administrative Agent an Advance
Request (and, if the Trust fails to deliver such Advance Request, the Administrative Agent
shall prepare and deliver to the Managing Agents on the Trust&#146;s behalf) at the time required
in <U>Section&nbsp;2.02(b)</U>; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) on the Advance Date, the following statements shall be true, and the Trust by
accepting the amount of such Advance shall be deemed to have certified that:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the Requested Advance Amount for the Capitalized Interest Advance does not,
in the aggregate, exceed the Maximum Advance Amount;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) no law or regulation shall prohibit, and no order, judgment or decree of
any Official Body shall prohibit or enjoin, the making of such Advances in
accordance with the provisions hereof;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) no Event of Bankruptcy shall have occurred with respect to the Trust; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) the Scheduled Maturity Date shall not have occurred.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;<B><I>Additional Condition Precedent to Initial Advance for the Purchase of Student Loans from
Phoenix Fundings LLC. </I></B>With respect to the initial Purchase Price Advance the proceeds of which
will be used to purchase Eligible Student Loans from Phoenix Fundings LLC,
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">such Purchase Price Advance shall be subject to the further conditions precedent, unless
waived by the Required Managing Agents, that the Administrative Agent shall have received (i)&nbsp;a
copy of each purchase agreement pursuant to which Phoenix Fundings LLC purchased such Student Loans
and (ii)&nbsp;a reliance letter permitting the parties hereto to rely on the true sale opinion of
counsel delivered in connection with such purchase of Student Loans by Phoenix Fundings LLC.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;4.03. Condition Subsequent to Advances (other than the Initial Advance). </B>Within five
Business Days after each Advance other than the initial Advance, the Trust shall cause to be
delivered to the Administrative Agent a reconciliation statement (the <I>&#147;</I><B><I>Advance Reconciliation
Statement</I></B><I>&#148;</I>) which shall include an updated calculation, based on actual figures, and certification
in the form attached as <U>Exhibit&nbsp;L</U> confirming that the Minimum Asset Coverage Requirement
was satisfied after giving effect to the related Advance. The foregoing notwithstanding, so long
as the Trust has not acquired any Student Loans other than those in the Initial Pool, the Trust
shall not be required to deliver any Reconciliation Statements or to comply with the next sentence
until the end of the Transition Period. If the Advance Reconciliation Statement shows that the
actual value of the Trust Student Loans was less than the value provided on the pro forma
certification or that the Minimum Asset Coverage Requirement was not satisfied as of the Advance
Date, then the Trust shall deposit into the Administration Account an amount for each Trust Student
Loan equal to the product of (a)&nbsp;the Applicable Percentage for such Trust Student Loan multiplied
by (b)&nbsp;such difference in value. If the Advance Reconciliation Statement shows that the value of
the Trust Student Loans was greater than the value provided on the pro forma certification, then
the Administrative Agent shall release funds to the Depositor in an amount, for each Trust Student
Loan, equal to the product of (x)&nbsp;the Applicable Percentage for such Trust Student Loan multiplied
by (y)&nbsp;such difference in value from the following accounts in order and to the extent available:
<I>first, </I>from the Administration Account and <I>second, </I>from the Collection Account. Before funds from
the Collection Account may be used for this purpose, the Administrator must determine that the
amounts on deposit in the Collection Account as of the date of payment (excluding any Special
Allowance Payments or Interest Subsidy Payments received during the current Settlement Period)
after any withdrawal for this purpose are sufficient to pay items (i)&nbsp;through (v)&nbsp;in <U>Section
2.05(b)</U> of this Agreement due and payable on the next Settlement Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;4.04. Conditions Precedent to Addition of New Seller</B>. The addition of any new Seller
to a Purchase Agreement shall be subject to the prior written consent of the Administrative Agent
and the further conditions precedent that (a)&nbsp;at least five Business Days prior to the first
transfer of Eligible FFELP Loans from such Seller, the Trust or the Administrator shall have
delivered copies of the following documents to the Administrative Agent and the Managing Agents in
form acceptable to the Administrative Agent and the Required Managing Agents and (b)&nbsp;at least three
Business Days prior to the first transfer of Eligible FFELP Loans from such Seller, the
Administrative Agent shall have delivered notice of the proposed addition of such new Seller to the
Rating Agencies:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Executed agreements adding the Seller (and, if applicable, the eligible lender
trustee for such Seller) to the Purchase Agreement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If applicable, an executed trust agreement with respect to the Seller and the
Seller&#146;s <I>&#147;</I>Eligible Lender Trustee<I>&#148; </I>(as defined in such trust agreement), to the extent
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->87<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">the Seller will be transferring Student Loans with respect to which legal title is held
by such trustee;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) UCC, tax lien, pending suit and judgment searches against the Seller in the
appropriate jurisdictions;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) A good standing certificate and organizational documents certified by the
Secretary of State of such Seller&#146;s jurisdiction of organization, together with an officer&#146;s
certificate with respect to such Seller&#146;s organizational documents and incumbency of
officers in the form prepared for the initial Sellers;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Evidence of filing of UCC financing statements reflecting the Seller and, to the
extent applicable, its eligible lender trustee, in the form prepared for the initial Sellers
in the appropriate jurisdiction; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) To the extent not already covered by a legal opinion of outside legal counsel
given to the Administrative Agent, a legal opinion in form reasonably acceptable to the
Administrative Agent with respect to true sale, non-consolidation, enforceability and
security interest issues.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE V.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>REPRESENTATIONS AND WARRANTIES</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;5.01. General Representations and Warranties of the Trust. </B>The Administrator (on
behalf of the Trust) represents and warrants for the benefit of the Secured Creditors as follows on
the Closing Date, on the date of each Advance and on each Reporting Date:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Trust is a statutory trust duly organized, validly existing and in good standing
solely under the laws of the State of Delaware and is duly qualified to do business, and is in good
standing, in every jurisdiction in which the nature of its business requires it to be so qualified.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The execution, delivery and performance by the Trust of this Agreement and all Transaction
Documents to be delivered by it in connection herewith or therewith, including the Trust&#146;s use of
the proceeds of Advances,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) are within the Trust&#146;s organizational powers,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) have been duly authorized by all necessary organizational action,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) do not contravene (A)&nbsp;the Trust&#146;s organizational documents; (B)&nbsp;any law, rule or
regulation applicable to the Trust; (C)&nbsp;any contractual restriction binding on or affecting
the Trust or its property; or (D)&nbsp;any order, writ, judgment, award, injunction or decree
binding on or affecting the Trust or its property,
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) do not result in a breach of or constitute a default under any indenture,
agreement, lease or other instrument to which the Trust is a party,
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->88<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) do not result in or require the creation of any lien, security interest or other
charge or encumbrance upon or with respect to any of its properties (other than in favor of
the Administrative Agent, for the benefit of the Secured Creditors, with respect to the
Pledged Collateral), and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) no transaction contemplated hereby or by the other Transaction Documents to which
it is a party requires compliance with any bulk sales act or similar law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;This Agreement and the other Transaction Documents to which it is named as a party have
each been duly executed and delivered by the Eligible Lender Trustee, on behalf of the Trust. The
Notes have been duly and validly authorized and, when executed and paid for in accordance with the
terms of this Agreement, will be duly and validly issued and Outstanding, and will be entitled to
the benefits of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;No permit, authorization, consent, license or approval or other action by, and no notice
to or filing with, any Official Body is required for the due execution, delivery and performance by
the Trust of this Agreement or any other Transaction Document to which it is a party, except for
the filing of UCC financing statements which shall have been filed on or prior to the date of the
initial Advance and except as may be required under non-U.S. law in connection with any future
transfer of the Notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;This Agreement and each other Transaction Document to which the Trust is a party
constitute the legal, valid and binding obligations of the Trust, enforceable against the Trust in
accordance with their respective terms, subject to (i)&nbsp;applicable bankruptcy, insolvency,
moratorium, or other similar laws affecting the rights of creditors and (ii)&nbsp;general principles of
equity, whether such enforceability is considered in a proceeding in equity or at law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;No Amortization Event, Termination Event, Servicer Default, or, to the best of the Trust&#146;s
knowledge, Potential Termination Event has occurred and is continuing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;No Monthly Report, Valuation Report (but only to the extent that information contained
therein is supplied by the Administrator on behalf of the Trust or by the Trust), information,
exhibit, financial statement, document, book, record or report furnished or to be furnished by or
on behalf of the Trust to the Affected Parties in connection with this Agreement is or will be
incorrect in any material respect as of the date it is or shall be dated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;The Notes will be characterized as debt for federal income tax purposes. The Trust has or
has caused to be (i)&nbsp;timely filed all tax returns (federal, state and local) required to be filed,
(ii)&nbsp;paid or made adequate provision for the payment of all taxes, assessments and other
governmental charges and (iii)&nbsp;accounted for the sale and pledge of the Trust Student Loans in its
books consistent with GAAP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;There is no action, suit, proceeding, inquiry or investigation at law or in equity or
before or by any court, public board or body pending or, to the knowledge of the Trust, overtly
threatened in writing against or affecting the Trust (x)&nbsp;asserting the invalidity of this Agreement
or any other Transaction Document, (y)&nbsp;seeking to prevent the consummation of any of the
transactions contemplated by this Agreement and the other Transaction Documents, or
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->89<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(z)&nbsp;wherein an unfavorable decision, ruling or finding would have a Material Adverse Effect on
the Trust or which affects, or purports to affect, the validity or enforceability against the Trust
of any Transaction Document.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;The Trust is not required to register as an <I>&#147;</I>investment company<I>&#148; </I>or a company controlled
by an <I>&#147;</I>investment company<I>&#148; </I>under the Investment Company Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;The Trust is Solvent at the time of (and immediately after) each Advance and each purchase
of Eligible FFELP Loans made by the Trust. The Trust has given reasonably equivalent value to the
Depositor in consideration for the transfer to it of the Trust Student Loans from the Depositor and
each such transfer shall not have been made for or on account of an antecedent debt owed by the
Depositor to it. No Event of Bankruptcy has occurred with respect to the Trust.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;The principal place of business and chief executive office of the Trust and the office
where the Trust keeps any Records in its possession are located at the addresses of the Trust
referred to in <U>Section&nbsp;10.02</U> or such other location as the Trust shall have given notice of
to the Administrative Agent pursuant to this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;The Trust has no trade names, fictitious names, assumed names or <I>&#147;</I>doing business as<I>&#148; </I>names
or other names under which it has done or is doing business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;All representations and warranties of the Trust set forth in the Transaction Documents to
which it is a party are true and correct in all material respects as of the date made the Trust is
hereby deemed to have made each such representation and warranty, as of the date made, to, and for
the benefit of, the Secured Creditors as if the same were set forth in full herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;The Trust is not in violation of, or default under, any material law, rule, regulation,
order, writ, judgment, award, injunction or decree binding upon it or affecting the Trust or its
property or any indenture, agreement, lease or instrument.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;The Trust has incurred no Debt and has no other obligation or liability, other than normal
trade payables and the Liabilities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;The sale of the Notes to the initial Note Purchasers pursuant to this Agreement will not
require the registration of the Notes under the Securities Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;(i)&nbsp;No Reportable Event has occurred during the six year period prior to the date on which
this representation is made or deemed made with respect to any Benefit Plan; (ii)&nbsp;no steps have
been taken by any Person to terminate any Benefit Plan subject to Title IV of ERISA; (iii)&nbsp;no
contribution failure or other event has occurred with respect to any Benefit Plan which is
sufficient to give rise to a lien on the assets of the Trust or any ERISA Affiliate in favor of the
PBGC, during such six-year period; (iv)&nbsp;each Benefit Plan has been administered in all material
respects in compliance with its terms and the applicable provisions of ERISA and the Code; (v)
neither the Trust nor any ERISA Affiliate maintains or contributes to any employee welfare benefit
plan within the meaning of Section&nbsp;3(1) of ERISA which provides benefits to employees after
termination of employment and which is unfunded by a material amount, except as specifically
required by the continuation requirements of Part&nbsp;6 of Title I of ERISA; (vi)&nbsp;the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->90<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">present value of all accrued benefits under each Benefit Plan subject to Title IV of ERISA
(based on those assumptions used to fund such Benefit Plans) did not, as of the last valuation date
prior to the date on which this representation is made or deemed made, exceed the value of the
assets of such Benefit Plan allocable to such accrued benefits; (vii)&nbsp;neither the Trust nor any
ERISA Affiliate has had a complete or partial withdrawal from any Multiemployer Plan and neither
the Trust nor any ERISA Affiliate would become subject to any liability under ERISA if the Trust or
any such ERISA Affiliate were to withdraw completely from all Multiemployer Plans as of the
valuation date most closely preceding the date on which this representation is made or deemed made;
and (viii)&nbsp;no such Multiemployer Plan is insolvent within the meaning of Section&nbsp;4245 of ERISA or
in reorganization within the meaning of Section&nbsp;4241 of ERISA; provided that this subsection (r)
shall not apply to events which could not reasonably be expected to have a Material Adverse Effect
on the Trust or on SLM Corporation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;No proceeds of any Advances will be used by the Trust for any purpose that violates
applicable law, including Regulation&nbsp;U of the Federal Reserve Board. The Trust does not own any
<I>&#147;</I>margin stock<I>&#148; </I>within the meaning of Regulation&nbsp;T, U and X of the Federal Reserve Board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;Each Student Loan to be financed with the proceeds of any Advance constitutes an Eligible
FFELP Loan as of the date of such Advance and is purchased, or was previously purchased by the
Trust, from the Depositor pursuant to the Sale Agreement. Each Trust Student Loan represented as
an Eligible FFELP Loan in a Monthly Report, in fact satisfied as of the last day of the related
Settlement Period the definition of <I>&#147;</I>Eligible FFELP Loan.<I>&#148; </I>Each Trust Student Loan represented to
be an Eligible FFELP Loan on any other date or included in the calculation of Asset Coverage Ratio
on any other date in fact satisfied as of such date the definition of <I>&#147;</I>Eligible FFELP Loan.<I>&#148;</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)&nbsp;Since the date of its formation, no event has occurred which has had a Material Adverse
Effect on the Trust.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;The information provided to the Administrative Agent and the Managing Agents with respect
to the Trust Student Loans is accurate in all material respects.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)&nbsp;Each payment of interest on and principal of the Notes will have been (i)&nbsp;in payment of a
debt incurred in the ordinary course of business or financial affairs on the part of the Trust and
(ii)&nbsp;made in the ordinary course of business or financial affairs of the Trust.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;5.02. Representations and Warranties of the Trust Regarding the Administrative Agent&#146;s
Security Interest. </B>The Administrator (on behalf of the Trust) hereby represents and warrants for
the benefit of the Secured Creditors as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;This Agreement creates a valid and continuing security interest (as defined in the New
York UCC) in the Pledged Collateral in favor of the Administrative Agent, which security interest
is both perfected and prior to all other liens, charges, security interests, mortgages or other
encumbrances, and is enforceable as such as against creditors of and purchasers from the Trust.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->91<!-- /Folio -->
</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>&#091;</B>SLM Bluemont Note Purchase Agreement<B>&#093;</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The Trust, by and through the Eligible Lender Trustee as its Eligible Lender, owns and has
good and marketable title to the Trust Student Loans and other Pledged Collateral free and clear of
any Adverse Claim.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Trust has caused the filing of all appropriate financing statements in the proper
filing office in the appropriate jurisdictions under applicable law in order to perfect the
security interest in the Pledged Collateral granted to the Administrative Agent hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;All executed originals (or certified copies thereof to the extent more than one loan is
evidenced by such Student Loan Note) of each Student Loan Note that constitute or evidence the
Trust Student Loans have been delivered to the applicable Servicer, as bailee for the
Administrative Agent for the benefit of the Secured Creditors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Other than the security interest granted to the Administrative Agent pursuant to this
Agreement, the Trust has not pledged, assigned, sold, granted a security interest in, or otherwise
conveyed any of the Pledged Collateral. The Trust has not authorized the filing of and is not
aware of any financing statements against the Trust that include a description of collateral
covering the Pledged Collateral other than any financing statement relating to the security
interest granted to the Administrative Agent hereunder or any financing statement that has been
terminated. There are no judgments or tax lien filings against the Trust.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;The Trust is a <I>"</I>registered organization<I>&#148; </I>(as defined in &#167;9-102(a)(70) of the UCC)
organized exclusively under the laws of the State of Delaware and, for purposes of Article&nbsp;9 of the
UCC, the Trust is located in the State of Delaware.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;The Trust&#146;s exact legal name is the name set forth for it on the signature page hereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;5.03. Particular Representations and Warranties of the Trust</B>. The Administrator (on
behalf of the Trust) further represents and warrants to each of the parties hereto with respect to
each of the Trust Student Loans included in the Pledged Collateral:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Such Trust Student Loans constitute <I>&#147;</I>accounts<I>,&#148; &#147;</I>promissory notes<I>&#148; </I>or <I>&#147;</I>payment
intangibles<I>&#148; </I>within the meaning of the applicable UCC and are within the coverage of Sections
432(m)(1)(E) and 439(d)(3) of the Higher Education Act;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Such Trust Student Loans are Eligible FFELP Loans as of the date they become Pledged
Collateral and as of any other date upon which they are declared by the Trust or the Administrator
to be Eligible FFELP Loans and the description of such Eligible FFELP Loans set forth in the
Transaction Documents or the Schedule of Trust Student Loans and in any other documents or written
information provided to any of the parties hereunder (other than documents or information stated to
be preliminary which have subsequently been replaced by definitive documents or information), as
applicable, is true and correct in all material respects;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Trust is authorized to pledge such Trust Student Loans and the other Pledged
Collateral; and the sale, assignment and transfer of such Trust Student Loans has been made
pursuant to and consistent with the laws and regulations under which the Trust operates, and will
not violate any decree, judgment or order of any court or agency, or conflict with or result in a
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->92<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>&#091;</B>SLM Bluemont Note Purchase Agreement<B>&#093;</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">breach of any of the terms, conditions or provisions of any agreement or instrument to which
the Trust is a party or by which the Trust or its property is bound, or constitute a default (or an
event which could constitute a default with the passage of time or notice or both) thereunder;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;No consents or approvals are required for the consummation of the pledge of the Pledged
Collateral hereunder to the Administrative Agent for the benefit of the Secured Creditors;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;Any payments on such Trust Student Loans received by the Trust which have been allocated
to the reduction of principal and interest on such Trust Student Loans have been allocated on a
simple interest basis;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;Due diligence and reasonable care have been exercised in making, administering, servicing
and collecting the Trust Student Loans and, with respect to any Trust Student Loan for which
repayment terms have been established, all disclosures of information required to be made pursuant
to the Higher Education Act have been made;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;Except for Trust Student Loans executed electronically or Trust Student Loans evidenced by
a master promissory note, there is only one original executed copy of the Student Loan Note
evidencing each such Trust Student Loan. For such Trust Student Loans that were executed
electronically, the Master Servicer has possession of the electronic records evidencing the Student
Loan Note. Each applicable Servicer has in its possession a copy of the endorsement and each Loan
Transmittal Summary Form identifying the Student Loan Notes that constitute or evidence the Trust
Student Loans. The Student Loan Notes that constitute or evidence the Trust Student Loans do not
have any marks or notations indicating that they are currently pledged, assigned or otherwise
conveyed to any Person other than the Administrative Agent. All financing statements filed or to
be filed against the Eligible Lender Trustee and the Trust in favor of the Administrative Agent in
connection herewith describing the Pledged Collateral contain a statement to the following effect:
<I>&#147;</I>A purchase of or security interest in any collateral described in this financing statement will
violate the rights of the Secured Party<I>&#148;</I>; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;The applicable parties shall have performed, satisfied and complied with the conditions
set forth in <U>Section&nbsp;3</U> of the Purchase Agreement, the Conveyance Agreement (or the
Tri-Party Transfer Agreement, as applicable) and the Sale Agreement as of the date of the related
bill of sale.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;5.04. Repurchase of Student Loans; Reimbursement. </B>The Trust shall cause the
obligations of the Depositor, the Master Depositor, the Master Servicer and the Sellers to
purchase, repurchase, make reimbursement or substitute Trust Student Loans to be enforced to the
extent such obligations are set forth in the Sale Agreement, the Conveyance Agreement, the
Tri-Party Transfer Agreement, the applicable Purchase Agreement and the Servicing Agreement. The
Trust shall cause any such repurchase amount or reimbursement to be remitted to the Collection
Account. Any substitute Trust Student Loan obtained by the Trust from the Master Depositor,
Depositor, any Servicer or Seller shall constitute Pledged Collateral hereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;5.05. Administrator Actions Attributable to the Trust</B>. Any action required to be
taken by the Trust hereunder may be taken by the Administrator on behalf of the Trust, to
</DIV>

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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>&#091;</B>SLM Bluemont Note Purchase Agreement<B>&#093;</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the extent permitted under the Administration Agreement. The Trust shall be fully responsible
for each of the representations, warranties, certifications and other statements made herein, in
any other Transaction Document, any Advance Request, any Notice of Release or any other
communication hereunder or thereunder by the Administrator on its behalf as if such
representations, warranties, certifications or statements had been made directly by the Trust. In
addition, the Trust shall be fully responsible for all actions of the Administrator taken on its
behalf under this Agreement or any other Transaction Document as if such actions had been taken
directly by the Trust. Nothing in this Section shall limit the responsibility of the
Administrator, or relieve the Administrator from any liability for exceeding its authority under
the Administration Agreement.
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VI.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>COVENANTS OF THE TRUST</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">From the date hereof until all of the Obligations hereunder and under the other Transaction
Documents have been satisfied in full:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;6.01. Preservation of Separate Existence.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<B>Nature of Business</B>. The Trust will engage in no business other than (i)&nbsp;purchases, sales
and financings of Trust Student Loans, (ii)&nbsp;the other transactions permitted or contemplated by
this Agreement and the other Transaction Documents, and (iii)&nbsp;any other transactions permitted or
contemplated by its organizational documents as they exist on the Closing Date, or as amended as
such amendments may be permitted pursuant to the terms of this Agreement. The Trust will incur no
other Debt except as expressly contemplated by the Transaction Documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<B>Maintenance of Separate Existence</B>. The Trust will do all things necessary to maintain its
existence as a Delaware statutory trust separate and apart from all Affiliates of the Trust,
including complying with the provisions described in <U>Section&nbsp;9j(iv)</U> of the Limited
Liability Company Agreement of the Depositor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;<B>Transactions with Affiliates</B>. The Trust will not enter into, or be a party to, any
transaction with any of its respective Affiliates, except (i)&nbsp;the transactions permitted or
contemplated by this Agreement (including the sale and purchase of Eligible FFELP Loans to or from
Affiliates) or the other Transaction Documents; and (ii)&nbsp;other transactions (including, without
limitation, the lease of office space or computer equipment or software by the Trust to or from an
Affiliate) (A)&nbsp;in the ordinary course of business, (B)&nbsp;pursuant to the reasonable requirements of
the Trust&#146;s business, (C)&nbsp;upon fair and reasonable terms that are no less favorable to the Trust
than could be obtained in a comparable arm&#146;s-length transaction with a Person not an Affiliate of
the Trust, and (D)&nbsp;not inconsistent with the factual assumptions set forth in the opinion letter
issued as of the Closing Date by McKee Nelson LLP to the Secured Creditors relating to the issues
of substantive consolidation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;6.02. Notice of Termination Event, Potential Termination Event or Amortization Event</B>.
As soon as possible and in any event within three Business Days after the
</DIV>

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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>&#091;</B>SLM Bluemont Note Purchase Agreement<B>&#093;</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">occurrence of each Termination Event, each Potential Termination Event, each Amortization
Event and each Potential Amortization Event (or, to the extent the Trust does not have knowledge of
a Termination Event, Potential Termination Event, Amortization Event or Potential Amortization
Event, promptly upon obtaining such knowledge), the Trust will provide (or shall cause the
Administrator to provide) to the Administrative Agent a statement setting forth details of such
Termination Event, Potential Termination Event, Amortization Event or Potential Amortization Event
and the action which the Trust has taken or proposes to take with respect thereto. The
Administrative Agent shall promptly forward such notice to the Managing Agents. The Administrative
Agent shall promptly provide written notice of any Termination Event, Potential Termination Event,
Amortization Event or Potential Amortization Event of which it has knowledge to the applicable
Rating Agencies.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;6.03. Notice of Material Adverse Change</B>. As soon as possible and in any event within
three Business Days after becoming aware of an event which could reasonably be expected to have a
Material Adverse Effect on the Trust, the Trust will provide to the Administrative Agent written
notice thereof. The Administrative Agent shall promptly forward such notice to the Managing
Agents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;6.04. Compliance with Laws; Preservation of Corporate Existence; Code of Conduct.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Trust will comply in all material respects with all applicable laws, rules,
regulations and orders and preserve and maintain its legal existence, and will preserve and
maintain its rights, franchises, qualifications and privileges in all material respects.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Sallie Mae, Inc. agrees to comply in all material respects with the Student Loan Code of
Conduct that it entered into with the New York Attorney General on April&nbsp;11, 2007 and agrees to
comply in all material respects with any other similar codes of conduct that it may expressly agree
to after the date hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;6.05. Enforcement of Obligations.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<B><I>Enforcement of Trust Student Loans</I></B><B>. </B>The Trust shall cause to be diligently enforced and
taken all steps, actions and proceedings reasonably necessary for the enforcement of all terms,
covenants and conditions of all Trust Student Loans and agreements in connection therewith (except
as otherwise permitted pursuant to the Transaction Documents), including the prompt payment of all
principal and interest payments and all other amounts due the Trust or the Eligible Lender Trustee,
as applicable thereunder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <B><I>Enforcement of Servicing Agreements and Administration Agreement</I></B><B>. </B>The Trust shall cause
to be diligently enforced and taken all reasonable steps, actions and proceedings necessary for the
enforcement of all terms, covenants and conditions of all Servicing Agreements and the
Administration Agreement, including all Interest Subsidy Payments, Special Allowance Payments and
all defaulted payments Guaranteed by any Guarantor and/or by the Department of Education which
relate to any Trust Student Loans. Except as otherwise permitted under any Transaction Document,
the Trust shall not permit the release of the obligations of any Servicer under any Servicing
Agreement or of the Administrator under the
</DIV>

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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>&#091;</B>SLM Bluemont Note Purchase Agreement<B>&#093;</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Administration Agreement and shall at all times, to the extent permitted by law, cause to be
defended, enforced, preserved and protected the rights and privileges of the Trust, the Eligible
Lender Trustee and the Secured Creditors under or with respect to each Servicing Agreement and the
Administration Agreement. The Trust shall not consent or agree to or permit any amendment or
modification of any Servicing Agreement or of the Administration Agreement, except (i)&nbsp;as required
by the Higher Education Act; (ii)&nbsp;solely for the purpose of extending the term thereof; or (iii)&nbsp;in
any other manner, if such modification, amendment or supplement is made pursuant to the terms of
that agreement. Upon the occurrence of a Servicer Default and during the continuation thereof, the
Trust shall replace the Servicer subject to such Servicer Default if instructed to do so by the
Administrative Agent. Upon the occurrence of an Administrator Default and during the continuation
thereof, the Trust shall replace the Administrator if instructed to do so by the Administrative
Agent.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;<B><I>Enforcement of Purchase Agreements, Conveyance Agreement and Sale Agreement</I></B><B>. </B>The Trust
shall cause to be diligently enforced and taken all reasonable steps, actions and proceedings
necessary for the enforcement of all terms, covenants and conditions of each Purchase Agreement,
the Conveyance Agreement, the Tri-Party Transfer Agreement and the Sale Agreement. Except as
otherwise permitted under any Transaction Document, the Trust shall not permit the release of the
obligations of any Seller under any Purchase Agreement, of the Master Depositor under the
Conveyance Agreement, of any Related SPE Seller under the Tri-Party Transfer Agreement or of the
Depositor under the Sale Agreement and shall at all times, to the extent permitted by law, cause to
be defended, enforced, preserved and protected the rights and privileges of the Trust, the
Depositor, the Master Depositor, the Eligible Lender Trustee and the Secured Creditors under or
with respect to each Purchase Agreement, the Conveyance Agreement, the Tri-Party Transfer Agreement
and the Sale Agreement. Except as otherwise permitted under any Transaction Document, the Trust
shall not consent or agree to or permit any amendment or modification of any Purchase Agreement,
the Conveyance Agreement, the Tri-Party Transfer Agreement or the Sale Agreement which will in any
manner materially adversely affect the rights or security of the Administrative Agent, the Eligible
Lender Trustee or the Secured Creditors. To the extent such action is required under the terms of
the Sale Agreement, upon a determination that a Trust Student Loan sold pursuant to a Purchase
Agreement was not an Eligible FFELP Loan at the time it was represented to be as such, the Trust
shall require the Depositor to repurchase such Trust Student Loan from the Trust pursuant to the
Sale Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;<B><I>Enforcement and Amendment of Guarantee Agreements</I></B><B>. </B>So long as any Notes are Outstanding
and each Trust Student Loan is guaranteed by a Guarantee, the Administrator on behalf of the Trust
shall (i)&nbsp;from and after the date on which the Eligible Lender Trustee on its behalf shall have
entered into any Guarantee Agreement covering Trust Student Loans, cause the Eligible Lender
Trustee to maintain such Guarantee Agreement and diligently enforce the Eligible Lender Trustee&#146;s
rights thereunder; (ii)&nbsp;cause the Eligible Lender Trustee to enter into such other similar or
supplemental agreements as shall be required to maintain benefits for all Trust Student Loans
covered thereby; and (iii)&nbsp;not voluntarily consent to or permit any rescission of or consent to any
amendment to or otherwise take any action under or in connection with any such Guarantee Agreement
or any similar or supplemental agreement in any manner which would materially and adversely affect
the ability of the Trust to perform its obligations under this Agreement or cause a Material
Adverse Effect with respect to the Trust without the prior written consent of the Administrative
Agent.
</DIV>

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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>&#091;</B>SLM Bluemont Note Purchase Agreement<B>&#093;</B>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;6.06. Maintenance of Books and Records</B>. The Administrator on behalf of the Trust
shall maintain and implement or cause to be maintained and implemented administrative and operating
procedures (including, without limitation, an ability to recreate records evidencing the Pledged
Collateral in the event of the destruction of the originals thereof), and keep and maintain, or
cause to be kept and maintained, all documents, books, records and other information reasonably
necessary or advisable for the collection of all the Pledged Collateral.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;6.07. Fulfillment of Obligations</B>. The Trust shall fulfill its obligations pursuant to
the Transaction Documents. The Trust shall cause each of its Affiliates to fulfill its respective
obligations pursuant to the Transaction Documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;6.08. Notice of Material Litigation</B>. As soon as possible and in any event within
three Business Days of the Trust&#146;s actual knowledge thereof, the Trust shall cause the
Administrative Agent to be provided with written notice of (a)&nbsp;any litigation, investigation or
proceeding which may exist at any time which could be reasonably likely to have a Material Adverse
Effect on the Trust; and (b)&nbsp;to the extent reasonably requested by the Administrative Agent in
connection with the delivery of each Monthly Report, a monthly update of material adverse
developments in previously disclosed litigation, including in each case, if known to the Trust,
including any of the same against a Servicer.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;6.09. Notice of Relocation</B>. The Administrator on behalf of the Trust shall cause the
Administrative Agent to be provided notice of any change in the location of the Trust&#146;s principal
offices or any change in the location of the Trust&#146;s books and records within thirty days before
any such change.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;6.10. Rescission or Modification of Trust Student Loans and Transaction Documents.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Except as expressly permitted in the Servicing Agreement, the Trust shall not permit the
release of the obligations of any Obligor under any Trust Student Loan and shall at all times, to
the extent permitted by law, cause to be defended, enforced, preserved and protected the rights and
privileges of the Trust and the Secured Creditors under or with respect to each Trust Student Loan
and each agreement in connection therewith. The Trust shall not consent or agree to or permit any
modification, extension or renegotiation in any way of any Trust Student Loan or agreement in
connection therewith unless such modification, extension or renegotiation is (i)&nbsp;required under the
Higher Education Act or other applicable laws, rules and regulations and the applicable Guarantee
Agreement, (ii)&nbsp;provided for in the applicable underwriting guidelines or Servicing Policies, if
such modification, extension or renegotiation does not materially adversely affect the value or
collectability thereof or (iii)&nbsp;expressly provided for or permitted in the Transaction Documents.
Nothing in this Agreement shall be construed to prevent the Trust, the Eligible Lender Trustee or
the Administrative Agent, as applicable, from offering any Obligor any borrower benefit to the
extent permissible by this Agreement or the Servicing Agreement or settling a default or curing a
delinquency on any Trust Student Loan on such terms as shall be permitted by law and shall be
consistent with the applicable underwriting guidelines or Servicing Policies.
</DIV>

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</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Unless otherwise specified pursuant to clause (a)&nbsp;above or in any Transaction Document,
without the written consent of the Required Managing Agents (and the written consent of the
Administrative Agent or the Syndication Agent to the extent any of the following would require the
Administrative Agent or the Syndication Agent to take any action or amend, modify or waive the
duties or responsibilities of the Administrative Agent or the Syndication Agent hereunder), the
Trust will not (nor will it permit any of its agents to):
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) cancel, terminate, extend, amend, modify or waive (or consent to or approve any of
the foregoing) any provision of any Transaction Document (other than any cancellation or
termination of a Guarantee Agreement that does not apply at such time to any Trust Student
Loans or any extension, amendment, modification or waiver of a Guarantee Agreement that
would not have a Material Adverse Effect on the Trust); or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) take or consent to any other action that may impair the rights of any Secured
Creditor to any Pledged Collateral or modify, in a manner adverse to any Secured Creditor,
the right of such Secured Creditor to demand or receive payment under any of the Transaction
Documents (other than any action with regard to a Guarantee Agreement that does not apply at
such time to any Trust Student Loans or any extension, amendment, modification or waiver of
a Guarantee Agreement that would not have a Material Adverse Effect on the Trust).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;6.11. Liens.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<B><I>Transaction Documents</I></B><B>. </B>The Trust (i)&nbsp;will cause to be taken all action necessary to
perfect, protect and more fully evidence the ownership interest of the Trust (or of the Eligible
Lender Trustee, acting on behalf of the Trust) and the first priority perfected security interest
of the Administrative Agent in favor of the Secured Creditors in the Trust Student Loans,
Collections with respect thereto and in the other Pledged Collateral and the Transaction Documents
including, without limitation, (A)&nbsp;filing and maintaining effective financing statements (Form
UCC-1) in all necessary or appropriate filing offices; (B)&nbsp;filing continuation statements,
amendments or assignments with respect thereto in such filing offices; (C)&nbsp;filing amendments,
releases and terminations with respect to filed financing statements, as necessary; and (D)
executing or causing to be executed such other instruments or notices as may be necessary or
appropriate; and (ii)&nbsp;will cause to be taken all additional actions to perfect, protect and fully
evidence the first priority security interest of the Administrative Agent, for the benefit of the
Secured Creditors, in the Trust Student Loans and other Pledged Collateral related thereto
reasonably requested by the Administrative Agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<B><I>UCC Matters; Protection and Perfection of Pledged Collateral; Delivery of Documents</I></B><B>.</B>
Unless the Trust has complied with <U>Section&nbsp;6.09</U>, the Trust will keep its principal place of
business and chief executive office, and the office where it keeps any Records in its possession,
at the address of the Trust referred to in <U>Exhibit&nbsp;M</U>. The Trust will not make any change
to its name unless prior to the effective date of any such name change or use, the Trust delivers
to the Administrative Agent such financing statements necessary, or as the Administrative Agent may
request, to reflect such name change, together with such other documents and instruments as the
Administrative Agent may request in connection therewith. The Trust will not change its
jurisdiction of formation or its corporate structure.
</DIV>

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</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Trust agrees that from time to time, at its expense, it will promptly execute and deliver
all further instruments and documents, and take all further action necessary, or that the
Administrative Agent may reasonably request, in order to maintain the Administrative Agent&#146;s first
priority perfected security interest in the Pledged Collateral for the benefit of the Secured
Creditors, or to enable the Administrative Agent or the Secured Creditors to exercise or enforce
any of their respective rights hereunder (<U>provided</U>, <U>however</U>, that the foregoing
sentence shall not be deemed to require the Trust or the Master Servicer to relocate or deliver any
Student Loan Notes to or at the direction of the Administrative Agent prior to the Termination
Date). Without limiting the generality of the foregoing, the Trust will: (i)&nbsp;authorize and file
such financing or continuation statements, or amendments thereto or assignments thereof, and such
other instruments or notices, as may be necessary or appropriate (or as the Administrative Agent
may request); and (ii)&nbsp;mark their master data processing records evidencing such Pledged Collateral
with a legend or numeric code acceptable to the Administrative Agent, evidencing that the
Administrative Agent, for the benefit of the Secured Creditors, has acquired an interest therein as
provided in this Agreement. The Trust hereby authorizes the Administrative Agent, or any Secured
Creditor on behalf of the Trust, to file one or more financing or continuation statements, and
amendments thereto and assignments thereof, relative to all or any of the Pledged Collateral now
existing or hereafter arising without the signature of the Trust where permitted by law. A carbon,
photographic or other reproduction of this Agreement or any financing statement covering the
Pledged Collateral, or any part thereof, shall be sufficient as a financing statement. If the
Trust fails to perform any of its agreements or obligations under this Section, the Administrative
Agent or any Secured Creditor may (but shall not be required to) itself perform, or cause
performance of, such agreement or obligation, and the expenses of the Administrative Agent or such
Secured Creditor incurred in connection therewith shall be payable by the Trust upon the
Administrative Agent&#146;s or such Secured Creditor&#146;s demand therefor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of enabling the Administrative Agent or any such Secured Creditor to exercise
their respective rights described in the preceding sentence and elsewhere in this Agreement, the
Trust and the Eligible Lender Trustee hereby authorize, and irrevocably grant a Power of Attorney,
exercisable only after the occurrence and during the continuation of a Termination Event, to the
Administrative Agent and its respective successors and assigns to take any and all steps in the
Trust&#146;s and the Eligible Lender Trustee&#146;s name and on behalf of the Trust and/or the Eligible
Lender Trustee necessary or desirable, in the determination of the Administrative Agent, as the
case may be, to collect all amounts due under any and all Trust Student Loans and other Pledged
Collateral, including, without limitation, (i)&nbsp;endorsing the promissory notes to the Administrative
Agent or its designee, such that the Administrative Agent or such designee becomes the holder of
the promissory notes and has the rights and powers of a holder under applicable law, (ii)&nbsp;endorsing
the Trust&#146;s and/or the Eligible Lender Trustee&#146;s name on checks and other instruments representing
Collections and (iii)&nbsp;enforcing such Trust Student Loans and other Pledged Collateral.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;6.12. Sales of Assets; Consolidation/Merger.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;<B><I>Sales, Liens, Etc. </I></B>Except as otherwise provided herein or in any other Transaction
Document, the Trust will not (nor will it permit the Eligible Lender Trustee to) sell, assign (by
operation of law or otherwise) or otherwise dispose of, or create or suffer to exist any Adverse
Claim upon or with respect to, any Pledged Collateral.
</DIV>

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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>&#091;</B>SLM Bluemont Note Purchase Agreement<B>&#093;</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<B><I>Merger, Etc. </I></B>The Trust will not merge or consolidate with any other entity. The Trust
will not convey, transfer, lease or otherwise dispose of (whether in one transaction or in a series
of transactions), all or substantially all of its assets (whether now owned or hereafter acquired),
or acquire all or substantially all of the assets or capital stock or other ownership interest of
any Person, other than with respect to asset acquisitions or dispositions permitted under the
Transaction Documents. The Trust shall not form or create any subsidiary without the consent of
each Managing Agent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;6.13. Change in Business</B>. The Trust will not make any change in the character of its
business, which change could reasonably be expected to impair the collectability of any Pledged
Collateral or otherwise materially adversely affect the interests or remedies of the Administrative
Agent or the Note Purchasers under this Agreement or any other Transaction Document.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;6.14. Residual Interest</B>. The Trust will not issue any Excess Distribution
Certificates (other than replacement Excess Distribution Certificates) to any Person other than the
Depositor; <U>provided</U>, <U>however</U>, that the Excess Distribution Certificate may be
transferred to and owned by an Affiliate of the Depositor and the Depositor or such Affiliate may
pledge the Excess Distribution Certificate to the Administrative Agent for the benefit of the
Secured Creditors to secure the obligations under the Transaction Documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;6.15. General Reporting Requirements. </B>The Trust shall provide to the Administrative
Agent (and, as applicable, will cause the Master Servicer to provide) the following:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;as soon as available and in any event within 120&nbsp;days after the end of each fiscal year of
the Trust, the Depositor and the Master Servicer, an annual statement of compliance with the
Transaction Documents and applicable law together with an agreed upon procedures letter delivered
by an independent public accountant with respect to the Transaction Documents, all in form
acceptable to the Administrative Agent;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;as soon as available and in any event within 90&nbsp;days after the end of each fiscal year of
SLM Corporation, a copy of the balance sheet of SLM Corporation and its consolidated subsidiaries
and the related statements of income, stockholders&#146; equity and cash flows for such year, each
prepared in accordance with GAAP consistently applied and duly certified by nationally recognized
independent certified public accountants selected by SLM Corporation, together with a certificate
of an officer certifying that such financial statements fairly present in all material respects the
financial condition of SLM Corporation and its consolidated subsidiaries;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;as soon as available and in any event within 60&nbsp;days after the end of each fiscal quarter
of SLM Corporation, a copy of an unaudited balance sheet of SLM Corporation and its consolidated
subsidiaries and the related statements of income, stockholders&#146; equity and cash flows for such
fiscal quarter, each prepared in accordance with GAAP consistently applied, together with a
certificate of an officer certifying that such financial statements fairly present in all material
respects the financial condition of SLM Corporation and its consolidated subsidiaries;
</DIV>

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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>&#091;</B>SLM Bluemont Note Purchase Agreement<B>&#093;</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;promptly following the Administrative Agent&#146;s or any Managing Agent&#146;s request therefor,
copies of all financial statements, settlement statements, portfolio and other material reports,
notices, disclosures, certificates and other written material delivered or made available to the
Trust by any Person pursuant to the terms of any Transaction Document;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;promptly following the Administrative Agent&#146;s or any Managing Agent&#146;s request therefor,
such other information respecting the Trust Student Loans and the other Pledged Collateral or the
conditions or operations, financial or otherwise, of the Trust as the Administrative Agent or any
Managing Agent may from time to time reasonably request;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;with respect to each Guarantor, promptly after receipt thereof as made available to the
Trust after request therefor, copies of any audited financial statements of such Guarantor
certified by an independent certified public accounting firm;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;with respect to each Servicer and promptly after receipt thereof after a good faith effort
to obtain such material is made by the Trust, (i)&nbsp;copies of any annual audited financial statements
of such Servicer other than the Master Servicer for so long as the Master Servicer is a
consolidated subsidiary of SLM Corporation, to the extent available, certified by an independent
certified public accounting firm, (ii)&nbsp;on an annual basis within 30&nbsp;days after receipt thereof,
copies of SAS 70 reports for such Servicer, or, if not available, the annual compliance audit for
each Servicer required by Section&nbsp;428(b)(1)(U) of the Higher Education Act and (iii)&nbsp;to the extent
not included in the financial information provided pursuant to clauses (i)&nbsp;and (ii)&nbsp;above and to
the extent available, such Servicer&#146;s net dollar loss for the year due to servicing errors;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;promptly following the Administrative Agent&#146;s or any Managing Agent&#146;s request therefor, a
Schedule of Trust Student Loans;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;promptly and in any event within 45&nbsp;days after the filing or receiving thereof, copies of
all reports and notices with respect to (A)&nbsp;any &#147;Reportable Event,&#148; relating to a Benefit Plan (B)
the institution of proceedings or the taking of any other action regarding the termination of,
withdrawal from, reorganization within the meaning of Section&nbsp;4241 of ERISA or insolvency within
the meaning of Section&nbsp;4245 of ERISA, any Benefit Plan subject to Title IV of ERISA which the Trust
or any of its ERISA Affiliates files under ERISA with the Internal Revenue Service, the PBGC or the
U.S. Department of Labor or which the Trust or any of its ERISA Affiliates receives from the PBGC,
(C)&nbsp;a failure to make any required contribution to a Benefit Plan or (D)&nbsp;the creation of any lien
against the assets of the Trust or an ERISA Affiliate in favor of the PBGC or a Benefit Plan under
ERISA;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;promptly after the occurrence thereof, written notice of changes in the Higher Education
Act or any other law of the United States that could reasonably have a probability of having a
Material Adverse Effect on the Trust or could materially and adversely affect (i)&nbsp;the ability of a
Servicer to perform its obligations under its Servicing Agreement, (ii)&nbsp;the ability of a
Subservicer to perform its obligations under its Servicing Agreement, or (iii)&nbsp;the collectability
or enforceability of a material amount of the Trust Student Loans, or any Guarantee Agreement or
Federal Reimbursement Contract with respect to a material amount of Trust Student Loans;
</DIV>

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</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;promptly, notice of any change in the accountants of the Trust or SLM Corporation; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;promptly, after the occurrence thereof or if sooner upon any executive officer of the
Administrator having direct or primary responsibility for ABS trust administration obtaining
knowledge of any pending change, notice of any change in the accounting policy of the Trust or SLM
Corporation to the extent such change could reasonably be seen to have a material and adverse
impact on the transactions contemplated herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;6.16. Inspections. </B>The Administrative Agent and the Managing Agents may, upon
reasonable notice and from time to time during regular business hours, once per calendar year (or,
after the occurrence and during the continuation of an Amortization Event or a Termination Event,
as frequently as requested by the Administrative Agent on behalf of any Managing Agent) (i)&nbsp;examine
and make copies of and take abstracts from all books, records and documents (including computer
tapes and disks) relating to the Pledged Collateral and (ii)&nbsp;visit the offices and properties of
the Trust (or the Master Servicer or Subservicer, as applicable) for the purpose of examining such
materials described in clause (i)&nbsp;above, and to discuss matters relating to the Pledged Collateral
or the Trust&#146;s (or the Master Servicer&#146;s or Subservicer&#146;s) performance hereunder and under the
other Transaction Documents with any of the officers, directors, employees or independent public
accountants of the Trust (to the extent available), the Master Servicer or Subservicer having
knowledge of such matters. Any reasonable expenses related to such inspections shall be
reimbursable directly by the Master Servicer. In addition, from time to time during the year, the
Administrative Agent and the Managing Agents may, at their own expense, conduct any other
inspections as they may deem necessary or appropriate, provided such inspections occur upon
reasonable notice and during regular business hours.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;6.17. ERISA. </B>The Trust will not adopt, maintain, contribute to or incur by any of its
own actions or assume any legal obligation with respect to any Benefit Plan or Multiemployer Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;6.18. Servicers. </B>Except as permitted by any Servicing Agreement, the Trust will not
permit any Person other than the Master Servicer or a Subservicer to collect, service or administer
the Trust Student Loans. The Trust will promptly provide, or cause to be provided, to the Rating
Agencies notice of any resignation, replacement, merger or consolidation of the Servicer and of any
amendments or other modifications made to the Servicing Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;6.19. Acquisition, Financing, Collection and Assignment of Student Loans. </B>The Trust
shall acquire or finance only Eligible FFELP Loans with proceeds of the Advances and shall cause to
be collected all principal and interest payments on all the Trust Student Loans and all sums to
which the Trust or Administrative Agent is entitled pursuant to the Sale Agreement, and all
Interest Subsidy Payments, Special Allowance Payments and all defaulted payments Guaranteed by any
Guarantor which relate to such Trust Student Loans as more fully set forth in the Servicing
Agreement. The Trust shall assign or direct the assignment of such Trust Student Loans for payment
of guarantee benefits as required by applicable law and regulations. The Trust shall comply in all
material respects with any Guarantor&#146;s rules and regulations which apply to such Trust Student
Loans.
</DIV>

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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>&#091;</B>SLM Bluemont Note Purchase Agreement<B>&#093;</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;6.20. Administration and Collection of Trust Student Loans. </B>All Trust Student Loans
shall be administered and collected either by the Trust or by the Master Servicer or a Subservicer
on behalf of the Trust in accordance in all material respects with the Servicing Agreements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;6.21. Obligations of the Trust With Respect to Pledged Collateral. </B>The Trust will (a)
at its expense, regardless of any exercise by any Secured Creditor of its rights hereunder, timely
and fully perform and comply with all provisions, covenants and other promises required to be
observed by it under the Transaction Documents included in the Pledged Collateral to the same
extent as if the Pledged Collateral had not been pledged hereunder; and (b)&nbsp;pay when due any taxes,
including without limitation, sales and excise taxes, payable in connection with the Pledged
Collateral. In no event shall any Secured Creditor have any obligation or liability with respect
to any Trust Student Loans or other instrument document or agreement included in the Pledged
Collateral, nor shall any of them be obligated to perform any of the obligations of the Trust or
any of its Affiliates thereunder. The Trust will timely and fully comply in all respects with each
Transaction Document to which it is a party.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;6.22. Asset Coverage Requirement</B>. The Trust shall maintain at all times, to the best
of its actual knowledge, the Minimum Asset Coverage Requirement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;6.23. Amendment of Organizational Documents. </B>The Trust shall cause the Administrative
Agent to be notified in writing of any proposed amendments to the Trust&#146;s organizational documents.
No such amendment shall become effective unless and until the Required Managing Agents have
consented in writing thereto, which consent shall not be unreasonably withheld or delayed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;6.24. Amendment of Underwriting Guidelines or Servicing Policies. </B>Promptly after the
occurrence thereof, the Trust shall cause the Administrative Agent to be notified of any material
changes to the underwriting guidelines or Servicing Policies. The Trust shall not permit or
implement any change in the underwriting guidelines or Servicing Policies applicable to any Trust
Student Loan which would materially and adversely affect the collectability of any Trust Student
Loan, the performance of the portfolio of Trust Student Loans or the Administrative Agent&#146;s
security interest in such Trust Student Loans without the prior written consent of the Required
Managing Agents, and unless such changes are made with respect to all FFELP Loans serviced by the
Servicer for its own portfolio and for securitization trusts sponsored by SLM Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;6.25. No Payments on Excess Distribution Certificate</B>. Except as expressly permitted
by <U>Section&nbsp;2.05(b)</U> of this Agreement, the Trust shall not make any payments or
distributions with respect to the Excess Distribution Certificate without the prior written consent
of the Required Managing Agents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;6.26. Borrower Benefit Programs</B>. The Trust shall cause the Servicer to maintain any
rate reduction programs or other borrower benefit programs in effect at the time the Trust
purchased such Trust Student Loan. The Trust shall not permit any Servicer to apply any rate
reduction programs with respect to the Trust Student Loans unless (i)&nbsp;such borrower benefit program
is required under the Higher Education Act, (ii)&nbsp;the Master Servicer, the Depositor or
</DIV>

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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>&#091;</B>SLM Bluemont Note Purchase Agreement<B>&#093;</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the applicable Seller has deposited funds into the Borrower Benefit Account in an amount
sufficient to offset any effective yield reductions in accordance with <U>Section&nbsp;3.12</U> of the
Servicing Agreement and the Rating Agency Condition has been satisfied with respect to such program
or (iii)&nbsp;the Administrative Agent has consented to the Trust&#146;s participation in that borrower
benefit program or other rate reduction program and the Rating Agency Condition has been satisfied
with respect to such program.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;6.27. Required Ratings. </B>Within 60&nbsp;days following the Closing Date, with the
cooperation of the Lead Arrangers, the Trust shall obtain a rating letter from S&#038;P stating that the
Class&nbsp;A Notes have received a long term definitive rating of &#147;AAA&#148; and the Class&nbsp;B Notes have
received a long term definitive rating of &#147;A&#148;, in each case subject to customary surveillance
procedures, and deliver it to the Administrative Agent. The Lead Arrangers are expected to assist
the Trust in securing the Required Ratings, which effort may include preparing statistical and
other reports required by the Rating Agencies, participating in teleconferences and/or meetings as
needed and otherwise providing information to the Rating Agencies to the extent requested as a
condition to obtaining the Required Ratings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;6.28. Competing Financing Transactions. </B>During the Syndication Period, SLM
Corporation hereby agrees that neither it nor any of its Affiliates will negotiate or solicit
offers, bids or engagements, or otherwise seek to obtain commitments, or to assign, participate or
transfer any interest in the commitments, advances, notes, collateral or any other right or
interest in respect of, the FFELP Loan Facilities or any Competing Financing Transactions, except
in cooperation and consultation with the Arrangers. If SLM Corporation or any of its Affiliates
enters into, or commits to enter into any financing transaction on or before the end of the
Syndication Period, and such financing transaction is a (i)&nbsp;conduit securitization of student
loans, (ii)&nbsp;student loan warehouse financing transaction, or (iii)&nbsp;secured financing with a
commitment maturity of 364&nbsp;days or less that is secured by student loans that would otherwise have
been Eligible FFELP Loans (any of (i), (ii)&nbsp;or (iii)&nbsp;being a <I>&#147;</I><B><I>Competing Financing Transaction</I></B><I>&#148;</I>),
which the Required Managing Agents reasonably determine contains terms or conditions (including
pricing) which are materially more favorable than substantially analogous terms set forth herein,
then upon reasonable written notice by the Administrative Agent to the Administrator, (x)&nbsp;the
Administrative Agent on behalf of the Note Purchasers, may elect to amend this Agreement in
accordance with <U>Section&nbsp;10.01</U> to the extent required to conform its terms to the
substantially analogous terms set forth in the transaction documents related to such Competing
Financing Transaction, or (y)&nbsp;to the extent such participation is feasible under the terms of such
Competing Financing Transaction, the Note Purchasers shall be permitted to participate in such
Competing Financing Transaction. In the event a Lender determines to participate in a Competing
Financing Transaction and to terminate its Commitment under this Agreement, such Lender&#146;s Facility
Group shall be treated as a Withdrawing Facility Group and shall terminate its Commitment hereunder
in accordance with <U>Section&nbsp;2.21(c)</U> to the extent it participates in such Competing
Financing Transaction. In addition, if, at any time while the Notes are Outstanding, SLM
Corporation or any of its Affiliates enters into, or commits to enter into, any financing
transaction (whether or not such financing transaction is a Competing Financing Transaction), which
contains financial covenants substantially similar or in addition to those set forth in <U>Section
7.02(o)</U>, <U>7.02(p)</U> or <U>7.02(q)</U> herein, the Administrator must, prior to the time
SLM Corporation or any of its Affiliates enters into such transaction, certify to the
Administrative Agent and the Managing Agents a true and correct copy of all financial covenants
</DIV>

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</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">contained in any such financing transaction. If, in the reasonable determination of the
Required Managing Agents, such financial covenants are materially more favorable to the lenders
under such financing transaction than the corresponding covenants set forth herein, then, at the
request of the Administrative Agent, this Agreement shall be amended in accordance with <U>Section
10.01</U> to conform to the more restrictive (or more expansive, as applicable) financial covenants
set forth in the related transaction documents.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;6.29. Initial Advances. </B>After or concurrently with the termination and payment of all
outstanding amounts under the VG Funding Facility and until the termination and payment in full of
the Mustang Funding I Facility and Mustang Funding II Facility, the Trust will, subject to
limitations on the ability of the Conduit Lenders to raise CP, request the Lenders to make Purchase
Price Advances to acquire Eligible FFELP Loans from, and repay outstanding amounts (and permanently
reduce commitments to the extent of such repayment) under, the Mustang Funding I Facility and
Mustang Funding II Facility, together with all advances made under the other FFELP Loan Facilities
and the Private Credit Loan Facility, in an aggregate minimum amount of not less than
$9,000,000,000 per calendar week (or if less, the amount necessary to reduce the outstanding
amounts under the Mustang Funding I Facility and the Mustang Funding II Facility to zero) and will
not use any proceeds from any Advance for any other purpose until such facilities are paid in full;
<U>provided</U>, that until all non-FFELP Loans owned by the Mustang Funding I Facility and
Mustang Funding II Facility are financed under the Private Credit Loan Facility, at least 25% of
all such aggregate advances shall relate to the re-financing of such non-FFELP Loans.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VII.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>AMORTIZATION EVENTS AND TERMINATION EVENTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;7.01. Amortization Events.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the following events (each, an <I>&#147;</I><B><I>Amortization Event</I></B><I>&#148;</I>) shall be an Amortization Event
under this Agreement:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;the Aggregate Note Balance and all other Obligations due under the Transaction Documents
are not repaid in full on the Scheduled Maturity Date (as such date may be extended from time to
time); or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;any settlement or one or more judgments or orders for the payment of money or adverse
rulings shall be rendered against any Seller, the Depositor, the Master Depositor, any Related SPE
Seller, the Administrator or the Master Servicer in excess of $50,000,000 on an individual basis or
on an aggregate basis that relates to the student loan origination or servicing practices of such
Person and such settlement, judgment or ruling shall remain unsatisfied or unstayed for a period in
excess of 30&nbsp;days; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;the filing of any judgment or adverse ruling against any Seller, the Depositor, the Master
Depositor, the Master Servicer, the Administrator, any Related SPE Seller or SLM Corporation that
could reasonably be expected to have, individually or in the aggregate, a
</DIV>

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<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>&#091;</B>SLM Bluemont Note Purchase Agreement<B>&#093;</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Material Adverse Effect on such Person and such judgment or ruling shall remain unsatisfied or
unstayed for a period in excess of 30&nbsp;days; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;any material adverse development in any federal or state litigation, investigation or
proceeding against the Trust, the Depositor, the Administrator, any Seller, the Master Servicer,
the Master Depositor, any Related SPE Seller, or SLM Corporation shall occur that could reasonably
be expected to have a Material Adverse Effect on such Person or on the Pledged Collateral which
continues for 30&nbsp;days after the earlier to occur of knowledge thereof or written notice thereof
shall have been received by the Trust; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;the filing of any actions or proceedings against the Trust, the Depositor, the
Administrator, any Seller, the Master Servicer, any Related SPE Seller, the Master Depositor or SLM
Corporation that involves the Transaction Documents or any material portion of the Pledged
Collateral as to which the Administrative Agent reasonably believes there is likely to result a
materially adverse determination which remains unsettled, unsatisfied or unstayed for a period in
excess of 30&nbsp;days; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;(i)&nbsp;the Internal Revenue Service shall file notice of a lien involving a sum in excess of
$50,000,000 pursuant to Section&nbsp;6323 of the Code with regard to any assets of the Trust and such
lien shall not have been released within two Business Days, (ii)&nbsp;any Person shall institute steps
to terminate any Benefit Plan if the assets of such Benefit Plan are insufficient to satisfy all of
its benefit liabilities in excess of $50,000,000 (as determined under Title IV of ERISA), or a
contribution failure in excess of $50,000,000 occurs with respect to any Benefit Plan, which is
sufficient to give rise to a lien under Section 302(f) or 303(k), as applicable, of ERISA or where
the PBGC shall, or shall indicate its intention to, file notice of a lien pursuant to Section&nbsp;4068
of ERISA with regard to any of the assets of the Trust and in each case such lien shall not have
been released within two Business Days, or (iii)&nbsp;any Person shall engage in any &#147;prohibited
transaction&#148; (as defined in Section&nbsp;406 of ERISA or Section&nbsp;4975 of the Code) involving a Benefit
Plan; or any Reportable Event shall occur with respect to, or proceedings shall commence to have a
trustee appointed, or a trustee shall be appointed, to administer or to terminate, a Benefit Plan
subject to Title IV of ERISA, which Reportable Event is likely to result in termination of such
Benefit Plan; or the Trust or any ERISA Affiliate is likely to incur any liability in connection
with the withdrawal from, or the insolvency within the meaning of Section&nbsp;4245 of ERISA or
reorganization within the meaning of Section&nbsp;4241 of ERISA of, a Multiemployer Plan;
<U>provided</U>, that an event described in this subsection (f)&nbsp;shall not be an Amortization Event
unless such event could reasonably be expected to have a Material Adverse Effect on the Trust or on
SLM Corporation; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;any material provision of this Agreement or any other Transaction Document (other than a
Guarantee Agreement that does not apply at such time to any Trust Student Loans) to which the
Trust, the Administrator, any Seller, the Depositor, the Master Depositor or the Master Servicer is
a party shall cease to be in full force and effect for a period of 30&nbsp;days subject to any other
applicable cure period under this Agreement or any other Transaction Documents; or
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>&#091;</B>SLM Bluemont Note Purchase Agreement<B>&#093;</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;any amendment to the Higher Education Act or any other federal law becomes effective that
materially adversely affects the interests of the Administrative Agent or the Note Purchasers in
the Pledged Collateral; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;the failure to obtain from S&#038;P within 60&nbsp;days of the Closing Date its explicit and
published Required Ratings for the Notes; <U>provided</U>, that this Amortization Event shall
terminate and the Revolving Period shall be reinstated if such Required Ratings are subsequently
obtained prior to the occurrence of the Termination Date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;7.02. Termination Events.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each of the following events (each, a <I>&#147;</I><B><I>Termination Event</I></B><I>&#148;</I>) shall be a Termination Event under
this Agreement:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;(i)&nbsp;the Trust shall fail to pay the Aggregate Note Balance or any other Obligations in
full on the last day of the Amortization Period, (ii)&nbsp;the Trust shall fail to make any payment
under <U>Sections&nbsp;2.05(b)(i)</U> through <U>2.05(b)(v)</U> within five Business Days of the due
date thereof, or (iii)&nbsp;the Trust, the Depositor, the Master Servicer, the Master Depositor, any
Material Subservicer or the Eligible Lender Trustee shall fail to make any other payment, transfer
or deposit (unless waived by the payee or in the case of a failure to make a payment by a Material
Subservicer, such failure was cured by the Master Servicer within the permissible grace period) on
the date first required of such party under the Transaction Documents and such failure shall remain
uncured following the expiration of any applicable payment or grace period provided for in the
Transaction Documents (including the Amortization Period, if applicable); <U>provided</U>,
<U>however</U>, that failure by the Trust to make a required payment on a Settlement Date under
<U>Sections&nbsp;2.05(b)(vi)</U> through <U>(xx)</U> solely due to insufficient Available Funds on
such Settlement Date shall not by itself constitute a Termination Event (other than with respect to
all amounts due and owing on the Termination Date or as expressly specified below); or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;any material representation, warranty, certification or statement made or deemed to be
made by the Trust, the Administrator, the Eligible Lender Trustee, any Seller, the Depositor, the
Master Depositor, the Master Servicer or any Material Subservicer (to the extent such entity
remains a Subservicer after the 30-day cure period noted below) under or in connection with this
Agreement or any other Transaction Document, or other information, report or document delivered
pursuant hereto or thereto shall prove to have been incorrect in any material respect when made,
deemed made or delivered (except for representations and warranties concerning Eligible FFELP Loans
with respect to which the applicable Seller, the Depositor, the Master Depositor or the Servicer
has repurchased the related Student Loans) and shall remain unremedied (if such default can be
remedied) for the greater of (i)&nbsp;30&nbsp;days or (ii)&nbsp;the time period expressly provided for the cure of
such representation or warranty in the related Transaction Document, in each case after written
notice thereof shall have been received by the Trust; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;the Trust, the Administrator, the Eligible Lender Trustee, any Seller, the Depositor, the
Master Depositor, the Master Servicer or any Material Subservicer shall materially default in the
performance or observance of any term, covenant or undertaking to be performed or observed herein
or in any other Transaction Document on its part and any such
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->107<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>&#091;</B>SLM Bluemont Note Purchase Agreement<B>&#093;</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">failure shall remain unremedied (if such default can be remedied) for 30&nbsp;days after the
earlier of actual knowledge by an Authorized Officer of the Trust, the Administrator or the Master
Servicer and written notice thereof shall have been received by the Trust (or, if the obligation in
question arises under another Transaction Document, within the cure period, if any, provided in
such Transaction Document); <U>provided</U>, <U>however</U>, such 30-day cure period shall not
apply to defaults under <U>Section&nbsp;6.01</U>, <U>6.11</U>, <U>6.12</U>, <U>6.25</U> or 6.29; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;a Servicer Default shall have occurred with respect to the Master Servicer or the
Servicing Agreement of the Master Servicer shall not be in full force and effect for any reason and
the Master Servicer shall not have been replaced within 30&nbsp;days after notification from the
Administrative Agent; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;an Event of Bankruptcy shall have occurred with respect to the Trust, the Eligible Lender
Trustee, the Depositor, the Master Depositor, any Seller, the Administrator, the Master Servicer,
SLM Corporation or any Material Subservicer (to the extent such entity remains a Subservicer after
the 30-day period provided in the definition of an Event of Bankruptcy); or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;<B>&#091;</B>reserved<B>&#093;</B>; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;the Trust shall fail to deposit, (i)&nbsp;for two consecutive Settlement Periods, into the
Reserve Account, such additional amounts, if any, as are necessary to cause the amount on deposit
in the Reserve Account to be at least equal to the Reserve Account Specified Balance, (ii)&nbsp;into the
Borrower Benefit Account, any amount required to be deposited therein under the Transaction
Documents on or prior to the first Settlement Date for such deposit as described in the Transaction
Documents or (iii)&nbsp;into the Floor Income Rebate Account, amounts required to be deposited therein
when and as such amounts are required to be deposited pursuant to the Transaction Documents; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;the filing of any judgment or adverse ruling against the Trust that could reasonably be
expected to have a Material Adverse Effect on the Trust and such judgment or ruling shall continue
unsatisfied or unstayed for a period in excess of 30&nbsp;days; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;the Administrative Agent, for the benefit of the Secured Creditors, shall, for any reason,
cease to have a valid and perfected first priority security interest in the Pledged Collateral, or
the Trust shall, for any reason, cease to have a valid and perfected first priority ownership
interest in any of the Pledged Collateral, in each case for a period of two Business Days following
the date the Administrator acquired such knowledge or its receipt of such notice; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;a Change of Control has occurred with respect to the Trust, the Administrator, any Seller,
the Depositor, the Master Depositor or the Master Servicer; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;the Depositor shall fail to maintain its status as a limited purpose bankruptcy remote
limited liability company or the Trust shall fail to maintain its status as a single purpose
bankruptcy remote Delaware statutory trust; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;the Excess Spread Test is not satisfied; or
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>&#091;</B>SLM Bluemont Note Purchase Agreement<B>&#093;</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;the Trust shall be required to register as an <I>&#147;</I>investment company<I>&#148; </I>or a company controlled
by an <I>&#147;</I>investment company<I>&#148; </I>under the Investment Company Act; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)&nbsp;any Seller, the Depositor, the Master Depositor, the Master Servicer, any Material
Subservicer (to the extent such Material Subservicer has not been removed as a Subservicer prior to
the expiration of any related cure period), the Administrator or any Affiliate thereof (other than
the Trust) shall default with respect to any outstanding financing arrangement (other than in
connection with this Agreement and the Transaction Documents) representing indebtedness in excess
of $50,000,000 and either (i)&nbsp;such indebtedness is incurred with respect to any other financing
comprising part of the FFELP Loan Facilities or (ii)&nbsp;the result of such default is to cause the
acceleration of such indebtedness; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;the Asset Coverage Ratio shall be less than the Minimum Asset Coverage Requirement and
such deficiency shall not have been cured within one Business Day; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;the Consolidated Tangible Net Worth of SLM Corporation shall be less than $1,380,000,000;
or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;at the last day of each fiscal quarter of SLM Corporation, either (i)&nbsp;the Interest
Coverage Ratio shall be less than 1.15:1.00 or (ii)&nbsp;the Net Adjusted Revenue shall be less than
$400,000,000, in each case for the period of four consecutive fiscal quarters then ended; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)&nbsp;the Trust shall fail to pay to any Exiting Facility Group its Pro Rata Share of the Class
A Note Balance and Class&nbsp;B Note Balance within 90&nbsp;days of the commencement of the Exiting Facility
Group Amortization Period with respect to such Exiting Facility Group; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)&nbsp;any Rating Agency shall withdraw or downgrade its rating of the Notes below the Required
Ratings; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)&nbsp;any failure by the Trust to pay amounts required to be paid under <U>Section&nbsp;2.15</U>,
<U>8.01</U> or <U>10.08</U> on or before the 30<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day following the date of demand for
payment thereof; or
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)&nbsp;the failure to pay in full all amounts outstanding under the Mustang Funding I Facility
and Mustang Funding II Facility and to terminate each such facility on or prior to the
15<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Business Day after the date the initial Advance has been made under this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;7.03. Remedies.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <B><I>Amortization Event. </I></B>After the occurrence of an Amortization Event, the Yield Rate shall
be increased to the Amortization Period Rate until the expiration of the Amortization Period and
any increase in amounts owed shall be payable as Step-Up Fees subject to the priority of payments
set forth in <U>Section&nbsp;2.05(b)</U>. In addition, following the occurrence of an Amortization
Event, no further Advances (other than Capitalized Interest Advances) shall be made and all amounts
on deposit in the Reserve Account will be transferred to the Collection Account and will become
part of Available Funds on the next Settlement Date. During the Amortization Period, the
Administrative Agent or any party acting on its behalf shall not have the right to seize or sell
the Pledged Collateral. Upon the expiration of the Amortization Period, the Administrative Agent
may, by notice to the Trust, declare that the Termination Date has
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>&#091;</B>SLM Bluemont Note Purchase Agreement<B>&#093;</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">occurred and may sell the Pledged Collateral to the extent required in order to repay in full
all outstanding Advances and all other amounts due and owing under this Agreement and the other
Transaction Documents in accordance with the procedures set forth in subsection (b)&nbsp;below.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<B><I>Termination Event. </I></B>After the occurrence of a Termination Event, the Yield Rate shall be
increased as set forth in clause (c)&nbsp;of the definition thereof and any increase in amounts owed
shall be payable as Step-Up Fees subject to the priority of payments set forth in <U>Section
2.05(b)</U>. In addition, after the occurrence of a Termination Event, the Administrative Agent
may, and shall, at the direction of the Required Managing Agents, by notice to the Trust, declare
that a Termination Date shall have occurred (except that, in the case of any event described in
<U>Section&nbsp;7.02(e)</U> above, the Termination Date shall be deemed to have occurred
automatically). Upon the declaration of the Termination Date or the automatic occurrence thereof,
no further Advances will be made and all of the Obligations due and owing to the Affected Party
shall become immediately due and payable. Upon any such declaration or automatic occurrence, the
Administrative Agent (for the benefit of the Secured Creditors) shall have, in addition to all
other rights and remedies under this Agreement or otherwise, all other rights and remedies provided
to a secured party under the UCC of the applicable jurisdiction and other applicable laws, which
rights shall be cumulative. The rights and remedies of a secured party which may be exercised by
the Administrative Agent pursuant to this Article shall include, without limitation, the right,
without notice except as specified below, to solicit and accept bids for and sell the Pledged
Collateral or any part thereof in one or more parcels at a public or private sale, at any exchange,
broker&#146;s board or at any of the Administrative Agent&#146;s offices or elsewhere, for cash, on credit or
for future delivery, and upon such other terms as the Administrative Agent may deem commercially
reasonable, including selling Trust Student Loans on a servicing released basis; <U>provided</U>,
that the Administrative Agent may not, without the prior written consent of the Required Managing
Agents, sell the entire corpus of the Trust Student Loans unless the net proceeds of such sale will
be sufficient to pay in full all interest and principal owing on the Notes. Any sale or transfer
by the Administrative Agent of Trust Student Loans shall only be made to an Eligible Lender. The
Trust agrees that, to the extent notice of sale shall be required by law, ten Business Days&#146; notice
to the Trust and the Administrator of the time and place of any public sale or the time after which
any private sale is to be made shall constitute reasonable notification and that it shall be
commercially reasonable for the Administrative Agent to sell the Pledged Collateral to an Eligible
Lender on an <I>"</I>as is<I>&#148; </I>basis, without representation or warranty of any kind. The proceeds of any
such sale shall be deposited into the Collection Account and shall be distributed pursuant to
<U>Section&nbsp;2.05(b)</U>. The Administrative Agent shall not be obligated to make any sale of
Pledged Collateral regardless of notice of sale having been given and may adjourn any public or
private sale from time to time by announcement at the time and place fixed therefor, and such sale
may, without further notice, be made at the time and place to which it was so adjourned.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;7.04. Setoff</B>. Each of the Secured Creditors and the Administrative Agent on behalf of
all the Secured Creditors is hereby authorized (in addition to any other rights it may have) at any
time after the occurrence of the Termination Date due to the occurrence of a Termination Event or
during the continuation of a Potential Termination Event to set off, appropriate and apply (without
presentment, demand, protest or other notice which are hereby expressly waived) any deposits and
any other indebtedness held or owing by such Secured Creditor or all the Secured Creditors, as
applicable, to, or for the account of, the Trust against the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->110<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>&#091;</B>SLM Bluemont Note Purchase Agreement<B>&#093;</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">amount of the Outstanding Notes owing by the Trust to such Secured Creditor or to the
Administrative Agent on behalf of such Secured Creditor (even if contingent or unmatured).
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE VIII.</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>INDEMNIFICATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;8.01. Indemnification by the Trust</B>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Without limiting any other rights which the Affected Parties or any of their respective
Affiliates may have hereunder or under applicable law, the Trust hereby agrees to indemnify the
Affected Parties and each of their respective members, investors, officers, directors, employees,
agents, advisors, attorneys-in-fact and Affiliates (each, an <I>&#147;</I><B><I>Indemnified Party</I></B><I>&#148;</I>) from and against
any and all damages, losses, claims, liabilities and related costs and expenses, including
reasonable attorneys&#146; fees and disbursements (except as may be expressly limited by <U>Section
10.08</U>) awarded against or incurred by any of the Indemnified Parties arising out of or as a
result of the purchase of any Notes, the funding of Advances, this Agreement, the other Transaction
Documents or the Pledged Collateral; <U>excluding, however</U> (i)&nbsp;any indemnified amounts to the
extent determined by a court of competent jurisdiction to have resulted from the gross negligence
or willful misconduct of the Indemnified Party seeking indemnification and (ii)&nbsp;any recourse for
Defaulted Student Loans or Delinquent Student Loans or losses attributable to changes in the market
value of the Trust Student Loans because of changes in market interest rates or in rate of
prepayment (the foregoing, being collectively referred to as <I>&#147;</I><B><I>Trust Indemnified Amounts</I></B><I>&#148;</I>).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Any amounts subject to the indemnification provisions of this <U>Section&nbsp;8.01</U> shall
be paid by the Trust, to the extent not already paid by the Seller, the Depositor or the Servicer
under any other Transaction Documents, to the related Indemnified Party on or before the
30<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day following the date of demand therefor accompanied by reasonable supporting
documentation with respect to such amounts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;8.02. Indemnification by SLM Corporation</B>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Without limiting any other rights that any such Person may have hereunder or under
applicable law (including, without limitation, the right to recover damages for breach of
contract), SLM Corporation hereby agrees to indemnify each Indemnified Party, from and against any
and all damages, losses, claims, liabilities and related costs and expenses, including attorneys&#146;
fees and disbursements awarded against or incurred by any of them arising out of or relating to (i)
the Transaction Documents, the transactions contemplated under the Transaction Documents or the
Trust Student Loans, or (ii)&nbsp;use of proceeds hereunder, including indemnified amounts arising out
of or relating to any Regulatory Change after the date of this Agreement that results in any Other
Tax, all interest and penalties thereon or with respect thereto, and all out-of-pocket costs and
expenses, including the reasonable fees and expenses of counsel in defending against the same,
which may arise by reason of the purchases hereunder, or any security interest in the Trust Student
Loans or any item of the Trust Student Loans; <U>excluding</U>, <U>however</U>, (A)&nbsp;indemnified
amounts to the extent determined by a court of competent jurisdiction to have resulted from gross
negligence or willful misconduct on the part of such Indemnified Party, (B)
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->111<!-- /Folio -->
</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">any amounts payable as indemnification by the Trust for which the Indemnified Party has a
claim against the Depositor, the Master Depositor, a Seller or the Master Servicer under the
indemnification provisions in the Sale Agreement, the Conveyance Agreement, the Tri-Party Transfer
Agreement, any Purchase Agreement or the Servicing Agreement, unless such claim has not been paid
within the applicable timeframe provided therein, (C)&nbsp;recourse for Defaulted Student Loans or
Delinquent Student Loans or losses attributable to changes in the market value of the Trust Student
Loans because of changes in market interest rates or in rate of prepayment, or (D)&nbsp;indemnified
amounts to the extent that such indemnified amounts exceed in the aggregate the lesser of (1)&nbsp;5% of
the highest Aggregate Note Balance at any time during the immediately preceding 12-month period,
and (2) $133,333,334 (the foregoing being collectively referred to as <I>&#147;</I><B><I>SLM Indemnified Amounts</I></B><I>&#148;</I>).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Any Trust Indemnified Amounts which are also SLM Indemnified Amounts and are not paid by
the Trust on or before the 30<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day following the date of demand pursuant to Section
8.01, shall be paid by SLM Corporation to the related Indemnified Party within five Business Days
following demand therefor accompanied by reasonable supporting documentation with respect to such
amounts.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE IX.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>ADMINISTRATIVE AGENT, SYNDICATION AGENT AND MANAGING AGENTS</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;9.01. Authorization and Action of Administrative Agent and Syndication Agent.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Conduit Lenders, the LIBOR Lenders, the Managing Agents and the Alternate Lenders
hereby accept the appointment of and authorize the Administrative Agent and the Syndication Agent
to take such action as agent on their behalf and to exercise such powers as are delegated to the
Administrative Agent and the Syndication Agent by the terms hereof, together with such powers as
are reasonably incidental thereto. Each of the Administrative Agent and the Syndication Agent
reserves the right, in its sole discretion, to take any actions and exercise any rights or remedies
under this Agreement and any related agreements and documents. Notwithstanding any provision to
the contrary contained elsewhere in this Agreement or in any other Transaction Document, the
Administrative Agent and the Syndication Agent shall not have any duties or responsibilities,
except those expressly set forth in this Agreement, nor shall the Administrative Agent or the
Syndication Agent have or be deemed to have any fiduciary relationship with any Lender or Managing
Agent, and no implied covenants, functions, responsibilities, duties, obligations or liabilities
shall be read into this Agreement or any other Transaction Document or otherwise exist against the
Administrative Agent and the Syndication Agent. Without limiting the generality of the foregoing
sentence, the use of the terms <I>&#147;</I>Administrative Agent<I>&#148; </I>and <I>&#147;</I>Syndication Agent<I>&#148; </I>in this Agreement
with reference to the Administrative Agent and the Syndication Agent, respectively, are not
intended to connote any fiduciary or other implied (or express) obligations arising under agency
doctrine of any applicable law. Instead, such terms are used merely as a matter of market custom,
and is intended to create or reflect only an administrative relationship between independent
contracting parties.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->112<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Each of the Administrative Agent and the Syndication Agent may execute any of its duties
under this Agreement or any other Transaction Document by or through agents, employees or
attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to
such duties. Each of the Administrative Agent and the Syndication Agent shall not be responsible
for the negligence or misconduct of any agent or attorney-in-fact that it selects with reasonable
care. The Administrative Agent agrees to give the Managing Agents notice of each notice and
determination and a copy of each certificate and report (if such notice, report, determination, or
certificate is not given by the applicable Person to such Managing Agent) given to it by the Trust,
the Administrator, any Seller, the Master Depositor, the Depositor, any Servicer, any Co-Valuation
Agent or the Eligible Lender Trustee pursuant to the terms of the Transaction Documents within five
Business Days of receipt thereof. Except for actions which each of the Administrative Agent and
the Syndication Agent is expressly required to take pursuant to this Agreement, neither the
Administrative Agent nor the Syndication Agent shall be required to take any action which exposes
the Administrative Agent or the Syndication Agent to personal liability or which is contrary to
applicable law unless the Administrative Agent or the Syndication Agent shall receive further
assurances to its satisfaction from the Managing Agents that it will be indemnified against any and
all liability and expense which may be incurred in taking or continuing to take such action.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Syndication Agent shall provide prompt notice to the Administrator of a successful
syndication as described under the Syndication Procedures Letter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;9.02. Authorization and Action of Managing Agents.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Each Lender hereby accepts the appointment of and authorize its related Managing Agent to
take such action as agent on its behalf and to exercise such powers as are delegated to such
Managing Agent by the terms hereof, together with such powers as are reasonably incidental thereto.
Each Managing Agent reserves the right, in its sole discretion, to take any actions and exercise
any rights or remedies under this Agreement and any related agreements and documents.
Notwithstanding any provision to the contrary contained elsewhere in this Agreement or in any other
Transaction Document, no Managing Agent shall have any duties or responsibilities, except those
expressly set forth in this Agreement, nor shall any Managing Agent have or be deemed to have any
fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities,
duties, obligations or liabilities shall be read into this Agreement or any other Transaction
Document or otherwise exist against any Managing Agent. Without limiting the generality of the
foregoing sentence, the use of the term <I>&#147;</I>Managing Agent<I>&#148; </I>in this Agreement with reference to any
Managing Agent is not intended to connote any fiduciary or other implied (or express) obligations
arising under agency doctrine of any applicable law. Instead, such term is used merely as a matter
of market custom, and is intended to create or reflect only an administrative relationship between
independent contracting parties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Each Managing Agent may execute any of its duties under this Agreement or any other
Transaction Document by or through agents, employees or attorneys-in-fact and shall be entitled to
advice of counsel concerning all matters pertaining to such duties. No Managing Agent shall be
responsible for the negligence or misconduct of any agent or attorney-in-fact that it selects with
reasonable care. Each Managing Agent agrees to give to its related Lenders prompt notice of each
notice and determination and a copy of each certificate and report (if such
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->113<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">notice, report, determination, or certificate is not given by the applicable Person
to such Lender) given to it by the Administrative Agent, the Syndication Agent, the Trust, the
Administrator, any Seller, the Depositor, any Servicer, any Co-Valuation Agent or the Eligible
Lender Trustee pursuant to the terms of this Agreement. Except for actions which each Managing
Agent is expressly required to take pursuant to this Agreement, such Managing Agent shall not be
required to take any action which exposes such Managing Agent to personal liability or which is
contrary to applicable law unless such Managing Agent shall receive further assurances to its
satisfaction from its related Lenders that it will be indemnified against any and all liability and
expense which may be incurred in taking or continuing to take such action.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;9.03. Agency Termination. </B>The appointment and authority of the Administrative Agent,
the Syndication Agent and the Managing Agents hereunder shall terminate upon the payment by the
Trust of all Obligations hereunder unless sooner terminated pursuant to <U>Sections&nbsp;9.07</U> and
<U>9.08</U>, as applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;9.04. Administrative Agent&#146;s, Syndication Agent&#146;s and Managing Agent&#146;s Reliance, Etc.</B>
None of the Administrative Agent, the Syndication Agent, any Managing Agent or any of their
respective directors, officers, agents or employees shall be liable for any action taken or omitted
to be taken by it as Administrative Agent, the Syndication Agent, or Managing Agent, as applicable,
under or in connection with this Agreement or any related agreement or document, except for its own
gross negligence or willful misconduct. Without limiting the foregoing, each of the Administrative
Agent, the Syndication Agent and each Managing Agent:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;may consult with legal counsel (including counsel for the Trust or any Affiliate of the
Trust), independent public accountants and other experts selected by it and shall not be liable for
any action taken or omitted to be taken in good faith by it in accordance with the advice of such
counsel, accountants or experts;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;makes no warranty or representation to any Lender, any Managing Agent or any Program
Support Provider and shall not be responsible to any Lender, any Managing Agent or any Program
Support Provider for any statements, warranties or representations made by the Trust, the
Administrator, SLM Corporation, the Eligible Lender Trustee, any Seller, the Depositor, any
Servicer, any Guarantor or any Co-Valuation Agent in connection with this Agreement or any other
Transaction Document;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;shall not have any duty to ascertain or to inquire as to the performance or observance of
any of the terms, covenants or conditions of this Agreement or any other Transaction Document on
the part of the Trust, the Administrator, SLM Corporation, the Eligible Lender Trustee, any
Servicer, any Seller, the Depositor, any Guarantor or any Co-Valuation Agent or to inspect the
property (including the books and records) of the Trust, the Administrator, SLM Corporation, the
Eligible Lender Trustee, any Servicer, any Seller, the Depositor, any Guarantor or any Co-Valuation
Agent;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;shall not be responsible to any Lender, any Managing Agent, or any Program Support
Provider, as the case may be, for the due execution, legality, validity, enforceability,
genuineness, sufficiency or value of this Agreement, any Transaction Document or any other
instrument or document furnished pursuant hereto; and
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->114<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;shall incur no liability under or in respect of this Agreement by acting upon any notice
(including notice by telephone), consent, certificate or other instrument or writing (which may be
by facsimile or other electronic means) believed by it in good faith to be genuine and signed or
sent by the proper party or parties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;9.05. Administrative Agent, Syndication Agent, Managing Agents and Affiliates. </B>The
Administrative Agent, the Syndication Agent, the Managing Agents and their Affiliates may generally
engage in any kind of business with the Trust, the Administrator, SLM Corporation, the Eligible
Lender Trustee, any Servicer, any Guarantor, any Seller, the Depositor, any of their respective
Affiliates and any Person who may do business with or own securities of the Trust, the
Administrator, SLM Corporation, the Eligible Lender Trustee, any Servicer, any Guarantor, any
Seller, the Depositor, or any of their respective Affiliates, all as if such entities were not the
Administrative Agent, the Syndication Agent or a Managing Agent and without any duty to account
therefor to any Lender, any Managing Agent or any Program Support Provider.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;9.06. Decision to Purchase Notes and Make Advances. </B>The Lenders acknowledge that each
has, independently and without reliance upon the Administrative Agent or any Managing Agent, and
based on such documents and information as it has deemed appropriate, made its own evaluation and
decision to enter into this Agreement and to make Advances hereunder. The Lenders also acknowledge
that each will, independently and without reliance upon the Administrative Agent, any Managing
Agent or any of their Affiliates, and based on such documents and information as it shall deem
appropriate at the time, continue to make its own decisions in taking or not taking action under
this Agreement or any related agreement, instrument or other document. Furthermore, each of the
Lenders and Managing Agents acknowledges and agrees that although it may have received modeling and
other structural information (including cash flow analysis) from the Administrative Agent or a
Managing Agent, neither the Administrative Agent nor any Managing Agent assumes any responsibility
for the accuracy or completeness of such information and such information is not intended to be
relied upon as a prediction of performance or for any other reason.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;9.07. Successor Administrative Agent or Syndication Agent.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The Administrative Agent or the Syndication Agent may resign at any time by giving five
days&#146; written notice thereof to the Syndication Agent or the Administrative Agent, as applicable,
each Conduit Lender, each Managing Agent, each LIBOR Lender, each Alternate Lender, the Trust, the
Administrator and the Eligible Lender Trustee. Upon any such resignation, the Conduit Lenders, the
Managing Agents, the LIBOR Lenders and the Alternate Lenders shall have the right to appoint a
successor Administrative Agent or Syndication Agent approved by the Administrator (which approval
will not be unreasonably withheld or delayed and will not be required after the occurrence and
during the continuation of a Termination Event). If no successor Administrative Agent or
Syndication Agent shall have been so appointed and shall have accepted such appointment within
sixty days after the retiring Administrative Agent&#146;s or Syndication Agent&#146;s giving of notice of
resignation, then the retiring Administrative Agent or Syndication Agent may, on behalf of the
Conduit Lenders, the Managing Agents, the LIBOR Lenders and the Alternate Lenders, appoint a
successor Administrative Agent or Syndication Agent. If the successor Administrative Agent or
Syndication Agent is not an Affiliate of the resigning Administrative Agent or Syndication Agent, a
LIBOR Lender or an
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->115<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Alternate Lender, such successor Administrative Agent or Syndication Agent shall be subject to
the Administrator&#146;s prior written approval (which approval will not be unreasonably withheld or
delayed). Upon the acceptance of any appointment as Administrative Agent or Syndication Agent
hereunder by a successor Administrative Agent or Syndication Agent, such successor Administrative
Agent or Syndication Agent shall thereupon succeed to and become vested with all of the rights,
powers, privileges and duties of the retiring Administrative Agent or Syndication Agent, and the
retiring Administrative Agent or Syndication Agent shall be discharged from its duties and
obligations under this Agreement. After any retiring Administrative Agent&#146;s or Syndication Agent&#146;s
resignation hereunder as Administrative Agent or Syndication Agent, the provisions of this Article
shall inure to its benefit as to any actions taken or omitted to be taken by it while it was an
Administrative Agent or Syndication Agent under this Agreement.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The <I>&#147;</I>Administrative Agent<I>&#148; </I>and <I>&#147;</I>Syndication Agent<I>&#148; </I>shall include any successors to the
Administrative Agent or Syndication Agent as a result of a merger, consolidation, combination,
conversion, reorganization or any other transaction (or series of related transactions) in which
shares of the Administrative Agent&#146;s or the Syndication Agent&#146;s capital stock are sold or exchanged
for or converted or otherwise changed into other stock or securities, cash and/or any other
property, or the sale, lease, assignment, transfer or other conveyance of a majority of the assets
of the Administrative Agent or the Syndication Agent in any transaction (or series of related
transactions). Notwithstanding anything to the contrary in this Agreement, no consent of the
Lenders, the Managing Agents or the Trust shall be required in connection with the succession of
the Administrative Agent or the Syndication Agent as a result of any of the foregoing transactions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;9.08. Successor Managing Agents. </B>Any Managing Agent may resign at any time by giving
five days&#146; written notice thereof to its related Lenders, the Trust, the Administrator, the
Administrative Agent and the Eligible Lender Trustee. Upon any such resignation, the applicable
Lenders shall have the right to appoint a successor Managing Agent approved by the Administrator
(which approval will not be unreasonably withheld or delayed and will not be required after the
occurrence and during the continuation of a Termination Event). If no successor Managing Agent
shall have been so appointed and shall have accepted such appointment, within sixty days after the
retiring Managing Agent&#146;s giving of notice of resignation, then the retiring Managing Agent may, on
behalf of its related Lenders, appoint a successor Managing Agent. If the successor Managing Agent
is not an Affiliate of the resigning Managing Agent, such successor Managing Agent shall be subject
to the Administrator&#146;s prior written approval (which approval will not be unreasonably withheld or
delayed and will not be required after the occurrence and during the continuation of a Termination
Event). Upon the acceptance of any appointment as a Managing Agent hereunder by a successor
Managing Agent, such successor Managing Agent shall thereupon succeed to and become vested with all
of the rights, powers, privileges and duties of the retiring Managing Agent, and the retiring
Managing Agent shall be discharged from its duties and obligations under this Agreement. After any
retiring Managing Agent&#146;s resignation hereunder as a Managing Agent, the provisions of this Article
shall inure to its benefit as to any actions taken or omitted to be taken by it while it was a
Managing Agent under this Agreement.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->116<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;9.09. Reimbursement</B>. Each Managing Agent, Alternate Lender, LIBOR Lender and
Committed Conduit Lender agrees to reimburse and indemnify the Administrative Agent, the
Syndication Agent and its officers, directors, employees, representatives, counsel and agents (to
the extent the Administrative Agent or the Syndication Agent is not paid or reimbursed by the
Trust, the Administrator, SLM Corporation, the Master Servicer, the Sellers or the Depositor),
ratably according to the amounts owed to each such Person hereunder, from and against such Lender&#146;s
ratable share of any and all liabilities, obligations, losses, damages, penalties, actions,
judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever which may be
imposed on, incurred by, or asserted against the Administrative Agent or the Syndication Agent in
any way relating to or arising out of this Agreement or any other Transaction Document or any
action taken or omitted by the Administrative Agent or the Syndication Agent under this Agreement
or any Transaction Document; <U>provided</U>, that no Lender shall be liable for any portion of
such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs,
expenses or disbursements resulting from the Administrative Agent&#146;s or the Syndication Agent&#146;s
gross negligence or willful misconduct. Without limitation of the foregoing, each Alternate
Lender, LIBOR Lender and Committed Conduit Lender agrees to reimburse the Administrative Agent and
the Syndication Agent promptly upon demand for its ratable share of any out-of-pocket expenses
(including counsel fees) incurred by the Administrative Agent and the Syndication Agent in
connection with the due diligence, negotiation, preparation, execution, delivery, administration,
modification, amendment or enforcement (whether through negotiations, legal proceedings or
otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement or
any other Transaction Document and in connection with the initial syndication of the Commitments as
described in the Syndication Procedures Letter, in each case to the extent that the Administrative
Agent or the Syndication Agent is not reimbursed for such expenses by the Trust, the Administrator,
SLM Corporation, the Master Servicer, the Sellers, the Master Depositor or the Depositor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;9.10. Notice of Amortization Events, Termination Events, Potential Amortization
Events, Potential Termination Events or Servicer Defaults. </B>Neither the Administrative Agent nor
the Syndication Agent shall be deemed to have knowledge or notice of the occurrence of an
Amortization Event, a Termination Event, a Potential Amortization Event, a Potential Termination
Event or a Servicer Default, unless the Administrative Agent or the Syndication Agent has received
written notice from a Note Purchaser, a Managing Agent or the Trust referring to this Agreement,
describing such Amortization Event, Termination Event, Potential Amortization Event, Potential
Termination Event or Servicer Default and stating that such notice is a <I>&#147;</I>Notice of Termination
Event or Potential Termination Event<I>,&#148; &#147;</I>Notice of Amortization Event or Potential Amortization
Event<I>&#148; </I>or <I>&#147;</I>Notice of Servicer Default<I>,&#148; </I>as applicable. The Administrative Agent or the Syndication
Agent will notify the Managing Agents of its receipt of any such notice.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->117<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>ARTICLE X.</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>MISCELLANEOUS</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;10.01. Amendments, Etc.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Unless otherwise specified herein, no amendment to or waiver of any provision of this
Agreement or the Side Letter nor consent to any departure by the Trust or any other Person
therefrom shall in any event be effective unless the same shall be in writing and signed by the
Trust, the Eligible Lender Trustee and the Required Managing Agents and the Rating Agency Condition
has been satisfied; <U>provided</U>, <U>however</U>, that (u)&nbsp;SLM Education Credit Finance
Corporation agrees that it shall notify the Administrative Agent in writing of any proposed
amendments or other modifications to the organizational documents of any Seller, any Related SPE
Seller, the Master Depositor or the Depositor and will not effect any such amendment or other
modification without the prior written consent of the&nbsp;Required&nbsp;Managing Agents, not to be
unreasonably withheld; (v)&nbsp;any waiver of the Termination Event set forth in <U>Section&nbsp;7.02(r)</U>
shall also require the consent of the applicable Exiting Facility Group; (w)&nbsp;each of the Trust, the
Eligible Lender Trustee, SLM Corporation and SLM Education Credit Finance Corporation agrees that
it will execute any amendment to this Agreement or any other Transaction Document (the form and
substance of which shall be reasonably acceptable to the Eligible Lender Trustee) requested by the
Lead Arrangers to effect changes expressly permitted under the Commitment Fee Letter dated as of
January&nbsp;25, 2008 among certain of the Alternate Lenders and their Affiliates and SLM Corporation;
(x)&nbsp;no such amendment, waiver or consent shall, without the consent of the Administrative Agent or
the Syndication Agent, require the Administrative Agent or the Syndication Agent, as applicable, to
take any action or amend, modify or waive the duties, responsibilities or rights of the
Administrative Agent or the Syndication Agent, as applicable, hereunder or under any other
Transaction Document; (y)&nbsp;the consent of the applicable Alternate Lender, LIBOR Lender or Committed
Conduit Lender, shall be required to increase the amount of its Commitment or extend the Scheduled
Maturity Date; and (z)&nbsp;no such amendment, waiver or consent shall, without the consent of each
affected Managing Agent (unless such amendment, waiver or consent is (A)&nbsp;necessary to correct a
mistake or cure any ambiguity or (B)&nbsp;made solely to satisfy the Rating Agency Condition, in each
case as reasonably determined by the Required Managing Agents):
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) amend <U>Section&nbsp;7.01</U>, <U>Section&nbsp;7.02</U> or <U>Article&nbsp;VIII</U> or the
definitions of Adjusted Pool Balance, Amortization Period, Applicable Percentage (including
as set forth in the Side Letter), Asset Coverage Ratio, Defaulted Student Loan, Eligible
FFELP Loan, Excess Concentration Amount (including as set forth in the Side Letter), Excess
Spread, Excess Spread Test, Maximum Advance Amount, Minimum Asset Coverage Ratio, or
Required Managing Agents or any other provision hereof specifying the percentage of Managing
Agents required to waive, amend or modify any rights hereunder or make any determination or
grant any consent hereunder contained in this Agreement or modify the then existing Excess
Concentration Amount;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) amend, modify or waive any provision of this Agreement in any way which would (A)
reduce the amount of principal or Financing Costs payable on account of any Note or delay
any scheduled date for payment thereof, (B)&nbsp;reduce fees payable by
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->118<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">the Trust to the Administrative Agent, the Managing Agents or the Lenders or delay the
dates on which such fees are payable or (C)&nbsp;modify any provisions relating to the Asset
Coverage Ratio or any required reserves so as to reduce such reserves;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) agree to the payment of a different rate of interest on the Notes pursuant to
this Agreement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) waive the Termination Events set forth in <U>Section&nbsp;7.02(e)</U> (with respect to
the Trust, the Administrator, the Master Servicer or SLM Corporation), <U>Section
7.02(j)</U>, <U>Section&nbsp;7.02(o)</U>, <U>Section&nbsp;7.02(s)</U> and <U>Section&nbsp;7.02(u)</U>;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) amend this <U>Section&nbsp;10.01</U> in any way other than expanding the list of
amendments, waivers or consents that require the consent of each Managing Agent;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) release all or substantially all of the Pledged Collateral except as expressly
permitted by this Agreement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) amend <U>Section&nbsp;2.14</U> in a manner that would alter the pro rata sharing of
payments required thereby;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) amend or waive the provisions of <U>Section&nbsp;6.27</U>; or
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) amend, modify or waive any provision of the Side Letter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Any such amendment, waiver or consent shall be effective only in the specific instance and
for the specific purpose for which given. To the extent the consent of any of the parties hereto
(other than the Trust) is required under any of the Transaction Documents, the determination as to
whether to grant or withhold such consent shall be made by such party in its sole discretion
without any implied duty toward any other Person, except as otherwise expressly provided herein or
therein. The parties acknowledge that, before entering into such an amendment or granting such a
waiver or consent, Lenders may be entitled to receive an amount as may be mutually agreed upon
between the Trust and the Managing Agents and, in addition, may be required to obtain the approval
of some or all of the Program Support Providers. If any Conduit Lender is required pursuant to its
program documents to provide notice of an amendment to the Transaction Documents to any Rating
Agency rating the CP of such Conduit Lender, such Conduit Lender&#146;s related Managing Agent shall
provide such Rating Agency with notice of such amendment to the Transaction Documents.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Administrative Agent covenants and agrees not to consent to any amendment or waiver to
the Administration Agent or the Servicing Agreement without receiving the consent of the Required
Managing Agents (or, in the case of any amendment to <U>Section&nbsp;5.01</U> of the Servicing
Agreement in clause (a)&nbsp;of the definition of Servicing Agreement, all of the Managing Agents).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;10.02. Notices; Non-Public Information, Etc.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <B><I>Notices. </I></B>All notices and other communications provided for hereunder shall, unless
otherwise stated herein, be in writing (including communication by facsimile copy or
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">other electronic means) and mailed, delivered by nationally recognized overnight courier
service, transmitted or delivered by hand, as to each party hereto, at its address set forth on
<U>Exhibit&nbsp;M</U> hereto or at such other address as shall be designated by such party in a written
notice to the other parties hereto. Each such notice, request or other communication shall be
effective (i)&nbsp;if given by facsimile, when such facsimile is transmitted to the specified facsimile
number&nbsp;and an appropriate confirmation is received, (ii)&nbsp;if given by e-mail, when sent to the
specified e-mail address and an appropriate confirmation is received, (iii)&nbsp;if given by mail, five
days after being deposited in the United States mails, first class postage prepaid (except that
notices and communications pursuant to <U>Article&nbsp;II</U> shall not be effective until received),
(iv)&nbsp;if given by nationally recognized courier guaranteeing overnight delivery, the Business Day
following such day after such communication is delivered to such courier or (v)&nbsp;if given by any
other means, when delivered at the address (electronic or otherwise) specified in this Section.
Notwithstanding the foregoing, with respect to any Transaction Document, any recipient may
designate what it deems to be appropriate confirmation and that notification by e-mail to it shall
not be effective without such confirmation.&nbsp;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<B><I>MNPI. </I></B>The Trust hereby acknowledges that (i)&nbsp;the Administrative Agent and/or the
Syndication Agent will make available to the Lenders materials and/or information provided by or on
behalf of the Trust hereunder (collectively, <I>&#147;</I><B><I>Trust Materials</I></B><I>&#148;</I>) by posting the Trust Materials on
IntraLinks or another similar electronic system (the <I>&#147;</I><B><I>Platform</I></B><I>&#148;</I>) and (ii)&nbsp;certain of the Lenders
may be <I>&#147;</I>public-side<I>&#148; </I>Lenders (each, a <I>&#147;</I><B><I>Public Lender</I></B><I>&#148;</I>) which may have personnel who do not wish to
receive material non-public information (within the meaning of the United States federal securities
laws) with respect to the Trust or its Affiliates, or the respective securities of any of the
foregoing (<I>&#147;</I><B><I>MNPI</I></B><I>&#148;</I>), and who may be engaged in investment and other market-related activities with
respect to the Trust&#146;s or its Affiliate&#146;s securities or debt. The Trust hereby agrees that (w)&nbsp;all
Trust Materials that are to be made available to Public Lenders shall be clearly and conspicuously
marked <I>&#147;</I>PUBLIC<I>&#148; </I>which, at a minimum, shall mean that the word <I>&#147;</I>PUBLIC<I>&#148; </I>shall appear prominently on
the first page thereof; (x)&nbsp;by marking Trust Materials <I>&#147;</I>PUBLIC,<I>&#148; </I>the Trust shall be deemed to have
authorized the Administrative Agent, the Syndication Agent and the Lenders to treat such Trust
Materials as not containing any MNPI with respect to the Trust, its Affiliates or their respective
securities for purposes of United States federal and state securities laws (<U>provided</U>,
<U>however</U>, that to the extent such Trust Materials constitute confidential information, they
shall be treated as set forth in <U>Section&nbsp;10.12</U>); (y)&nbsp;all Trust Materials marked <I>&#147;</I>PUBLIC<I>&#148;</I>
are permitted to be made available through a portion of the Platform designated <I>&#147;</I>Public Investor;<I>&#148;</I>
and (z)&nbsp;the Administrative Agent and the Syndication Agent shall be entitled to treat any Trust
Materials that are not marked <I>&#147;</I>PUBLIC<I>&#148; </I>as being suitable only for posting on a portion of the
Platform not designated <I>&#147;</I>Public Investor.<I>&#148;</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;<B><I>The Platform. </I></B>THE PLATFORM IS PROVIDED &#147;AS IS&#148; AND &#147;AS AVAILABLE.&#148; THE AGENT PARTIES (AS
DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE TRUST MATERIALS OR THE ADEQUACY
OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE TRUST
MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF
MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR
FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION WITH THE TRUST
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">MATERIALS OR THE PLATFORM. In no event shall any of the Administrative Agent, the Syndication
Agent or any of its Related Parties (collectively, the <I>&#147;</I><B><I>Agent Parties</I></B><I>&#148;</I>) have any liability to the
Trust, any Lender or any other Person for losses, claims, damages, liabilities or expenses of any
kind (whether in tort, contract or otherwise) arising out of the Trust&#146;s, the Administrative
Agent&#146;s or the Syndication Agent&#146;s transmission of Trust Materials through the Internet, except to
the extent that such losses, claims, damages, liabilities or expenses are determined by a court of
competent jurisdiction by a final and nonappealable judgment to have resulted from the gross
negligence or willful misconduct of such Agent Party.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;<B><I>Private Side Information. </I></B>Each Public Lender agrees to cause at least one individual at
or on behalf of such Public Lender at all times to have selected the <I>&#147;</I>Private Side Information<I>&#148; </I>or
similar designation on the content declaration screen of the Platform in order to enable such
Public Lender or its delegate, in accordance with such Public Lender&#146;s compliance procedures and
applicable law, including United States federal and state securities laws, to make reference to
Trust Materials that are not made available through the <I>&#147;</I>Public Side Information<I>&#148; </I>portion of the
Platform and that may contain MNPI with respect to the Trust or its securities for purposes of
United States federal or state securities laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;10.03. No Waiver; Remedies; Limitation of Liability. </B>No failure or delay by any party
hereto in exercising any right hereunder shall operate as a waiver thereof; nor shall any single or
partial exercise of any right hereunder preclude any other or further exercise thereof or the
exercise of any other right. The remedies herein provided are cumulative and not exclusive of any
remedies provided by law. No claim may be made by any Transaction Party or any other Person
against any Lender, Managing Agent, the Administrative Agent, the Syndication Agent or any of their
Related Parties for any indirect, special, incidental, consequential or punitive damages (as
opposed to direct or actual damages) in respect of any claim for breach of contract or any other
theory of liability arising out of or related to the transactions contemplated by this Agreement or
any act, omission or event occurring in connection therewith; and each party hereto hereby waives,
releases and agrees not to sue upon any claim for any such damages, whether or not accrued and
whether or not known or suspected to exist in its favor. No claim may be made by any Lender,
Managing Agent, the Administrative Agent, the Syndication Agent or any other Person against any
Transaction Party or any of their Related Parties for any indirect, special, incidental,
consequential or punitive damages (as opposed to direct or actual damages) in respect of any claim
for breach of contract or any other theory of liability arising out of or related to the
transactions contemplated by this Agreement or any act, omission or event occurring in connection
therewith; and each party hereto hereby waives, releases and agrees not to sue upon any claim for
any such damages, whether or not accrued and whether or not known or suspected to exist in its
favor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;10.04. Successors and Assigns; Binding Effect.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;This Agreement shall be binding on the parties hereto and their respective successors and
permitted assigns; <U>provided</U>, <U>however</U>, that neither the Trust nor the Administrator
may assign or otherwise transfer any of its rights or obligations or delegate any of its duties
hereunder or under any of the other Transaction Documents to which it is a party without the prior
written consent of the Administrative Agent. Except as provided in clauses (b), (d), (f)&nbsp;and (g)
below and except as provided in <U>Article&nbsp;III</U>, no provision of this Agreement shall in any
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">manner restrict the ability of any Lender to assign, participate, grant security interests in,
or otherwise transfer any portion of its Note.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;<B><I>Committed Lenders</I></B>. Any Alternate Lender, LIBOR Lender or Committed Conduit Lender may
assign all or any portion of its Commitment and its interest in its Facility Group&#146;s Notes, the
Pledged Collateral and its other rights and obligations hereunder to any Person with the prior
written approval of the Administrator and the Administrative Agent (which approvals shall not be
unreasonably withheld or delayed and shall not be required after the occurrence and during the
continuation of a Termination Event) and the approval of the Managing Agent of such Lender&#146;s
Facility Group; <U>provided</U>, <U>however</U>, such consent of the Administrator or the
Administrative Agent shall not be required in the case of an assignment to a Lender, an Affiliate
of an existing Lender or any Approved Fund or in the case of a Committed Conduit Lender, to a
commercial paper conduit managed by an Affiliate of an existing Lender or Managing Agent;
<U>provided</U> <U>further</U>, that (x)&nbsp;in the case of an assignment of the entire remaining
amount of the assigning Lender&#146;s Commitment and interest in its Facility Group&#146;s Notes at the time
owing to it or in the case of any assignment to a Lender, an Affiliate of a Lender or an Approved
Fund, no minimum amount need be assigned; and (y)&nbsp;in any case not described in clause (x)&nbsp;of this
proviso, the aggregate minimum amount of the Commitment or interest in a Facility Group&#146;s Notes to
be assigned determined as of the date of the assignment and assumption agreement shall not be less
than $10,000,000, unless each of the Administrative Agent and, so long as no Amortization Event or
Termination Event has occurred and is continuing, the Administrator otherwise consents (each such
consent not to be unreasonably withheld or delayed); <U>provided</U>, <U>however</U>, that
concurrent assignments to members of an Assignee Group and concurrent assignment from members of an
Assignee Group to a single assignee (or to an assignee and members of its Assignee Group) will be
treated as a single assignment for purposes of determining whether such minimum amount has been
met.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with any such assignment, the assignor shall deliver to the assignee(s) an
assignment and assumption agreement, duly executed, assigning to such assignee a pro rata interest
in such assignor&#146;s Commitment and other obligations hereunder and in its interest in its Facility
Group&#146;s Notes and the Pledged Collateral and other rights hereunder, and such assignor shall
promptly execute and deliver all further instruments and documents, and take all further action,
that the assignee may reasonably request, in order to protect, or more fully evidence the
assignee&#146;s right, title and interest in and to such interest and to enable the Administrative
Agent, on behalf of such assignee, to exercise or enforce any rights hereunder and under the other
Transaction Documents to which such assignor is or, immediately prior to such assignment, was a
party. Upon any such assignment, (i)&nbsp;the assignee shall have all of the rights and obligations of
the assignor hereunder and under the other Transaction Documents to which such assignor is or,
immediately prior to such assignment, was a party with respect to such assignor&#146;s Commitment and
interest in its Facility Group&#146;s Notes and the Pledged Collateral for all purposes of this
Agreement and under the other Transaction Documents to which such assignor is or, immediately prior
to such assignment, was a party and (ii)&nbsp;except as otherwise contemplated in <U>Section
2.03(c)</U> for assignments during the Syndication Period, the assignor shall have no further
obligations with respect to the portion of its Commitment which has been assigned and shall
relinquish its rights with respect to the portion of its interest in its Facility Group&#146;s Notes and
Pledged Collateral which has been assigned for all purposes of this Agreement and under the other
Transaction Documents to which such assignor is or, immediately prior to such
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">assignment, was a party. No such assignment shall be effective until a fully executed copy of
the related assignment and assumption agreement has been delivered to the Administrative Agent, the
applicable Managing Agent and the Administrator, together with an assignment processing and
recordation fee in the amount of $3,500.00 (which fee includes all costs and expenses of the
Administrative Agent, assignor and assignee for which the Trust is responsible in connection with
such assignment); <U>provided</U>, <U>however</U>, that the Administrative Agent may, in its sole
discretion elect to waive such processing recordation fee in the case of any assignment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The assignee, if it is not a Lender, shall deliver to the Administrative Agent an
Administrative Questionnaire. No such assignment shall be made to the Trust or any of the Trust&#146;s
Affiliates, except as otherwise explicitly permitted by this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;<B><I>Conduit Lenders</I></B>. Without limiting the foregoing, each Conduit Lender may, from time to
time, with prior or concurrent notice to the Trust, the Administrator, the Managing Agent for such
Conduit Lender&#146;s Facility Group, and the Administrative Agent, in one transaction or a series of
transactions, assign all or a portion of its interest in its Facility Group&#146;s Notes and its rights
and obligations under this Agreement and any other Transaction Documents to which it is a party to
a Conduit Assignee. Upon and to the extent of such assignment by a Conduit Lender to a Conduit
Assignee:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) such Conduit Assignee shall be the owner of the assigned portion of the related
Facility Group&#146;s Notes and the right to make Advances;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) unless otherwise provided for in an agreement among the Conduit Assignee, the
Administrative Agent and the Trust, the Managing Agent for the Conduit Lender assignor will
act as the Managing Agent for such Conduit Assignee, with all corresponding rights and
powers, express or implied, granted to the Managing Agent hereunder or under the other
Transaction Documents;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) such Conduit Assignee (and any related commercial paper issuer, if such Conduit
Assignee does not itself issue commercial paper) and their respective Program Support
Providers and other Related Parties shall have the benefit of all the rights and protections
provided to the Conduit Lender and its Program Support Provider(s) herein and in the other
Transaction Documents (including any limitation on recourse against such Conduit Assignee or
Related Parties, any agreement not to file or join in the filing of a petition to commence
an insolvency proceeding against such Conduit Assignee, and the right to assign to another
Conduit Assignee as provided in this paragraph);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) such Conduit Assignee shall assume all (or the assigned or assumed portion) of the
Conduit Lender&#146;s obligations, if any, hereunder or any other Transaction Document, and the
Conduit Lender shall be released from such obligations, in each case to the extent of such
assignment, and the obligations of the Conduit Lender and such Conduit Assignee shall be
several and not joint;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) all distributions in respect of the Notes shall be made to the applicable agent or
Managing Agent, as applicable, on behalf of the Conduit Lender and such Conduit Assignee on
a pro rata basis according to their respective interests;
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the defined terms and other terms and provisions of this Agreement and the other
Transaction Documents shall be interpreted in accordance with the foregoing; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) if requested by the Administrative Agent or the Managing Agent with respect to
the Conduit Assignee, the parties will execute and deliver such further agreements and
documents and take such other actions as the Administrative Agent or such Managing Agent may
reasonably request to evidence and give effect to the foregoing.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No assignment by a Conduit Lender to a Conduit Assignee of all or any portion of its interest in
its Facility Group&#146;s Notes shall in any way diminish its related Alternate Lenders&#146; obligation
under this Agreement to fund any Advances not previously funded by the Conduit Lender or such
Conduit Assignee.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;In the event that a Conduit Lender makes an assignment to a Conduit Assignee in accordance
with clause (d)&nbsp;above, the Alternate Lenders in such Conduit Lender&#146;s Facility Group:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) if requested by the related Managing Agent, shall terminate their participation in
the applicable Program Support Agreement related to the assigning Conduit Lender to the
extent of such assignment;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if requested by the related Managing Agent, shall execute (either directly or
through a participation agreement, as determined by such Managing Agent) the program support
agreement related to such Conduit Assignee, to the extent of such assignment, the terms of
which shall be substantially similar to those of the participation or other agreement
entered into by such Alternate Lender with respect to the applicable Program Support
Agreement (or which shall be otherwise reasonably satisfactory to the related Managing Agent
and the Alternate Lenders);
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) if requested by the Conduit Assignee, shall enter into such agreements as
requested by the Conduit Assignee pursuant to which they shall be obligated to provide
funding to the Conduit Assignee on substantially the same terms and conditions as is
provided for in this Agreement in respect of the Conduit Lender (or which agreements shall
be otherwise reasonably satisfactory to the Conduit Assignee and the Alternate Lenders); and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) shall take such actions as the Administrative Agent shall reasonably request in
connection therewith.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;Notwithstanding the foregoing, each of the Administrator and the Trust hereby agrees and
consents to the assignment by any Conduit Lender from time to time of all or any part of its rights
under, interest in and title to the Advances, the Pledged Collateral, this Agreement, and the other
Transaction Documents to any Program Support Provider.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;If its related Managing Agent so elects, a Conduit Lender shall assign (and each of the
Administrator and the Trust consents to such assignment), effective on the Assignment
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Date referred to below, all or such portions as may be elected by the Conduit Lender of its
interest in its Facility Group&#146;s Note, at such time to its related Alternate Lender(s);
<U>provided</U>, <U>however</U>, that no such assignment shall take place pursuant to this
paragraph at a time when an Event of Bankruptcy with respect to such Conduit Lender exists. No
further documentation or action on the part of the Conduit Lender shall be required to exercise the
rights set forth in the immediately preceding sentence, other than the giving of notice by its
related Managing Agent on behalf of the Conduit Lender referred to above and the delivery by such
related Managing Agent of a copy of such notice to each related Alternate Lender (the date of the
receipt by the applicable Managing Agent of any such notice being the <I>&#147;</I><B><I>Assignment Date</I></B><I>&#148;</I>). Each
related Alternate Lender hereby agrees, unconditionally and irrevocably and under all
circumstances, without setoff, counterclaim or defense of any kind, to pay the full amount of its
Assignment Amount on such Assignment Date to its related Conduit Lender or Conduit Lenders in
immediately available funds to an account designated by the related Managing Agent. Upon payment
of its Assignment Amount, each such Alternate Lender shall acquire an interest in such Facility
Group&#146;s Notes equal to that transferred by the Conduit Lender. In the event that the aggregate of
the Assignment Amounts paid by any Facility Group&#146;s Alternate Lenders pursuant to this paragraph on
any Assignment Date occurring is less than the principal balance of the Notes of the applicable
Conduit Lender on such Assignment Date, then to the extent payments are therefore received by the
applicable Managing Agent hereunder in respect of such Notes in excess of the aggregate of the
unrecovered Assignment Amounts funded by the related Alternate Lenders, such excess shall be
remitted by the applicable Managing Agent to the applicable Conduit Lenders.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;By executing and delivering an assignment and assumption agreement, the assignor and
assignee thereunder confirm to and agree with each other and the other parties hereto as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) other than as provided in such assignment and assumption agreement, the assignor
makes no representation or warranty and assumes no responsibility with respect to any
statements, warranties or representations made in or in connection with this Agreement, the
other Transaction Documents or any other instrument or document furnished pursuant hereto or
thereto or the execution, legality, validity, enforceability, genuineness, sufficiency or
value or this Agreement, the other Transaction Documents or any such other instrument or
document;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the assignor makes no representation or warranty and assumes no responsibility
with respect to the financial condition of the Administrator, SLM Corporation, the Trust or
any Affiliate thereof or the performance or observance by the Administrator, SLM
Corporation, the Trust or any Affiliate thereof of any of their respective obligations under
this Agreement or the other Transaction Documents or any other instrument or document
furnished pursuant hereto;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) such assignee confirms that it has received a copy of this Agreement and each
other Transaction Document and such other instruments, documents and information as it has
deemed appropriate to make its own credit analysis and decision to enter into such
assignment and assumption agreement and to purchase such interest;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->125<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) such assignee will, independently and without reliance upon the Administrative
Agent, any Managing Agent, any other Lender, or any of their respective Affiliates, or the
assignor and based on such agreements, documents and information as it shall deem
appropriate at the time, continue to make its own credit decisions in taking or not taking
action under this Agreement and the other Transaction Documents;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) such assignee appoints and authorizes the Administrative Agent and its applicable
Managing Agent to take such action as agent on its behalf and to exercise such powers under
this Agreement, the other Transaction Documents and any other instrument or document
furnished pursuant hereto or thereto as are delegated to the Administrative Agent or its
applicable Managing Agent by the terms hereof or thereof, together with such powers as are
reasonably incidental thereto and to enforce its respective rights and interests in and
under this Agreement, the other Transaction Documents and the Pledged Collateral;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) such assignee agrees that it will perform in accordance with their terms all of
the obligations which by the terms of this Agreement and the other Transaction Documents are
required to be performed by it as the assignee of the assignor; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) such assignee agrees that it will not institute against the Conduit Lenders any
proceeding of the type referred to in <U>Section&nbsp;10.15</U> prior to the date which is one
year and one day (or, if longer, any applicable preference period plus one day) after the
payment in full of all CP issued by the Conduit Lender (or any related commercial paper
issuer, if the Conduit Lender does not itself issue CP).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;From and after the effective date specified in each assignment and acceptance, (i)&nbsp;the
assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such
assignment and acceptance, have the rights and obligations of the assigning Lender under this
Agreement, (ii)&nbsp;the assigning Lender shall, to the extent of the interest so assigned, be relieved
from its obligations hereunder and (iii)&nbsp;in the case of an assignment of all of a Lender&#146;s rights
and obligations hereunder, such Lender shall cease to be a party hereto; <U>provided</U>, that
such Lender shall continue to be entitled to the benefits of <U>Sections&nbsp;2.02(c)</U>,
<U>2.15</U>, <U>2.20</U> and <U>10.08</U> and <U>Article&nbsp;VIII</U>, in each case solely with
respect to facts and circumstances occurring prior to the effective date of such assignment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;The Administrative Agent shall, acting solely for this purpose as an agent of the Trust,
maintain a register (the <I>&#147;</I><B><I>Register</I></B><I>&#148;</I>) on which it will record the Lenders&#146; rights hereunder, and
each assignment and acceptance and participation. The Register shall include the names and
addresses of the Lenders (including all assignees, successors and participants). Failure to make
any such recordation, or any error in such recordation, shall not affect the Lenders&#146; obligations
in respect of such rights. If a Lender assigns or sells a participation in its rights hereunder,
it shall provide the Trust and the Administrative Agent with the information described in this
paragraph and permit the Trust to review such information as reasonably needed for the Trust and
the Administrative Agent to comply with its obligations under this Agreement or to maintain the
Obligations at all times in <I>&#147;</I>registered form<I>&#148; </I>within the meaning of Sections&nbsp;163(f), 871(h)(2) and
881(c)(2) of the Code and any related regulations. The entries in the Register shall be
conclusive, and the Trust, the Administrative Agent and the Lenders may treat each Person
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->126<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for
all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be
available for inspection by the Trust and any Lender, at any reasonable time and from time to time
upon reasonable prior notice.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;Each Lender may at any time pledge or Grant a security interest in all or any portion of
its rights under this Agreement (including, without limitation, rights to payment of principal and
Yield) to secure its obligations, including without limitation any pledge, grant, or assignment to
secure obligations to a Federal Reserve Bank, without notice to or consent of SLM Corporation, the
Administrator, the Trust or the Administrative Agent; <U>provided</U>, that no such pledge or
Grant of a security interest shall release a Lender from any of its obligations under this
Agreement, or substitute any such pledgee or grantee for such Lender as a party to this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;Each initial Alternate Lender, LIBOR Lender and Committed Conduit Lender hereto agrees
that notwithstanding anything to the contrary set forth herein, each such party may, in accordance
with the terms of that certain side letter dated the date hereof (the <I>&#147;</I><B><I>Syndication Procedures
Letter</I></B><I>&#148;</I>), assign a portion of its Commitment hereunder in accordance with the provisions of the
Syndication Procedures Letter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)&nbsp;Any Lender may, at any time after the termination of the Syndication Period and subject to
any restrictions set forth therein, without the consent of, or notice to, the Trust or the
Administrative Agent, sell participations to any Person (other than a natural person or the Trust
or any of the Trust&#146;s Affiliates) (each, a <I>&#147;</I><B><I>Participant</I></B><I>&#148;</I>) in all or a portion of such Lender&#146;s
rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or
its interest in its Facility Group&#146;s Notes owing to it); <U>provided</U>, that (i)&nbsp;such Lender&#146;s
obligations under this Agreement shall remain unchanged, (ii)&nbsp;such Lender shall remain solely
responsible to the other parties hereto for the performance of such obligations; (iii)&nbsp;the Trust
and the Administrative Agent shall continue to deal solely and directly with such Lender in
connection with such Lender&#146;s rights and obligations under this Agreement; and (iv)&nbsp;such Lender
shall obtain from the Participant, on behalf of the Administrator, a confidentiality agreement
consistent with the restrictions set forth in <U>Section&nbsp;10.12</U> or a written agreement to
comply with the provisions of <U>Section&nbsp;10.12</U>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;10.05. Survival. </B>The rights and remedies with respect to any breach of a
representation and warranty made by or on behalf of the Trust pursuant to <U>Article&nbsp;V</U> and the
indemnification and payment provisions of <U>Articles VIII</U> and <U>IX</U> and <U>Sections
2.14</U>, <U>2.15</U>, <U>2.20</U>, <U>10.06</U>, <U>10.07</U>, <U>10.08</U>, <U>10.09</U>,
<U>10.10</U>, <U>10.12</U>,<U> 10.14</U>,<U> 10.15</U>,<U> 10.16</U> and <U>10.17</U> shall
be continuing and shall survive the termination of this Agreement and, with respect to the
Administrative Agent&#146;s, the Syndication Agent&#146;s, each Managing Agent&#146;s and the Eligible Lender
Trustee&#146;s rights under <U>Articles VIII</U>, <U>IX</U> and <U>X</U>, the removal or resignation
of the Administrative Agent, the Syndication Agent, such Managing Agent or the Eligible Lender
Trustee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;10.06. Governing Law. </B>THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAWS OF THE STATE OF NEW
YORK WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES THEREOF
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->127<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;10.07. Submission to Jurisdiction; Waiver of Jury Trial; Appointment of Service Agent.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;EACH OF THE PARTIES HERETO HEREBY SUBMITS TO THE NONEXCLUSIVE JURISDICTION OF THE UNITED
STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND OF ANY NEW YORK STATE COURT SITTING
IN THE CITY OF NEW YORK FOR PURPOSES OF ALL LEGAL PROCEEDINGS ARISING OUT OF OR RELATING TO THIS
AGREEMENT, ANY OTHER TRANSACTION DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH
OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO,
ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH PROCEEDING
BROUGHT IN SUCH A COURT AND ANY CLAIM THAT ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN
BROUGHT IN AN INCONVENIENT FORUM. NOTHING IN THIS <U>SECTION 10.07</U> SHALL AFFECT THE RIGHT OF
THE ADMINISTRATIVE AGENT, THE SYNDICATION AGENT, THE MANAGING AGENTS OR THE NOTE PURCHASERS TO
BRING ANY ACTION OR PROCEEDING AGAINST THE TRUST OR THE ADMINISTRATOR OR ANY OF THEIR RESPECTIVE
PROPERTY IN THE COURTS OF OTHER JURISDICTIONS.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;EACH OF THE PARTIES HERETO HEREBY WAIVES ANY RIGHT TO HAVE A JURY PARTICIPATE IN RESOLVING
ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT OR OTHERWISE, AMONG ANY OF THEM ARISING OUT OF,
CONNECTED WITH, RELATING TO OR INCIDENTAL TO THE RELATIONSHIP BETWEEN THEM IN CONNECTION WITH THIS
AGREEMENT OR THE OTHER TRANSACTION DOCUMENTS.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;The Trust and the Administrator each hereby appoint CT Corporation located at 111 Eighth
Avenue, New York, New York 10011 as the authorized agent upon whom process may be served in any
action arising out of or based upon this Agreement, the other Transaction Documents to which such
Person is a party or the transactions contemplated hereby or thereby that may be instituted in the
United States District Court for the Southern District of New York and of any New York State court
sitting in The City of New York by the Administrative Agent or the Note Purchasers or any successor
or assignee of any of them.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;10.08. Costs and Expenses. </B>The Trust agrees to pay, on or before the 30<SUP style="font-size: 85%; vertical-align: text-top">th</SUP>
day following the date of demand, all reasonable and customary costs, fees and expenses of the
Eligible Lender Trustee, the Administrative Agent, the Syndication Agent, the Lead Arrangers, the
Managing Agents, the Lenders or the Program Support Providers incurred in connection with the due
diligence, negotiation, preparation, execution, delivery, renewal or any amendment or modification
of, or any waiver or consent issued in connection with, this Agreement, any Program Support
Agreement or any other Transaction Document, including, without limitation, the reasonable fees and
out-of-pocket expenses of counsel for the Eligible Lender Trustee, the Administrative Agent, the
Syndication Agent, the Lead Arrangers, the Managing Agents, the
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Lenders or the Program Support Providers with respect thereto and all costs, fees and
expenses, if any (including the applicable Rating Agency fees and reasonable auditors&#146; and counsel
fees and expenses), incurred by the Eligible Lender Trustee, the Administrative Agent, the
Syndication Agent, the Lead Arrangers, the Managing Agents, the Lenders or the Program Support
Providers in connection with the enforcement of this Agreement and the other Transaction Documents.
Notwithstanding the foregoing, each of the Managing Agents, the Lenders and the Program Support
Providers agrees that the Trust shall only be required to pay amounts for legal fees and expenses
of not more than two law firms engaged by the Administrative Agent or the Syndication Agent, as
applicable, on behalf of the Secured Creditors, unless otherwise agreed to by the Trust in its sole
discretion. Each of SLM Education Credit Finance Corporation and the Administrator agrees to pay
such required payments on behalf of the Trust on the Closing Date to the extent such expenses are
properly invoiced prior to the Closing Date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;10.09. Bankruptcy Non-Petition and Limited Recourse</B>. Notwithstanding any other
provision of this Agreement, each party hereto (other than the Trust) covenants and agrees that it
shall not, prior to the date which is one year and one day (or, if longer, any applicable
preference period plus one day) after payment in full of the Notes, institute against, or join any
other Person in instituting against, the Trust, any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceeding, or any similar proceeding under any federal or state
bankruptcy or similar law; <U>provided</U>, that nothing in this provision shall preclude or be
deemed to stop any party hereto (a)&nbsp;from taking any action prior to the expiration of the
aforementioned one year and one day period in (i)&nbsp;any case or proceeding voluntarily filed or
commenced by the Trust or (ii)&nbsp;any involuntary insolvency proceeding filed or commenced against the
Trust by any Person other than a party hereto or (b)&nbsp;from commencing against the Trust or the
Pledged Collateral any legal action which is not a bankruptcy, reorganization, arrangement,
insolvency or a liquidation proceeding. The obligations of the Trust under this Agreement are
limited recourse obligations payable solely from the Pledged Collateral and, following realization
of the Pledged Collateral and its application in accordance with the terms hereof, any outstanding
obligations of the Trust hereunder shall be extinguished and shall not thereafter revive. In
addition, no recourse shall be had for any amounts payable or any other obligations arising under
this Agreement against any officer, member, director, employee, partner or security holder of the
Trust or any of its successors or assigns. The provisions of this Section shall survive the
termination of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;10.10. Recourse Against Certain Parties. </B>No recourse under or with respect to any
obligation, covenant or agreement (including, without limitation, the payment of any fees or any
other obligations) of the Eligible Lender Trustee, the Administrative Agent, the Syndication Agent,
the Managing Agents, the Lenders or the Program Support Providers as contained in this Agreement or
any other agreement, instrument or document entered into by it pursuant hereto or in connection
herewith shall be had against any administrator of the Eligible Lender Trustee, the Administrative
Agent, the Syndication Agent, the Managing Agents, the Lenders or the Program Support Providers or
any incorporator, Affiliate, stockholder, officer, employee or director of the Eligible Lender
Trustee, the Administrative Agent, the Syndication Agent, the Managing Agents, the Lenders or the
Program Support Providers or of any such administrator, as such, by the enforcement of any
assessment or by any legal or equitable proceeding, by virtue of any statute or otherwise; it being
expressly agreed and understood that the agreements of the Eligible Lender
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Trustee, the Administrative Agent, the Syndication Agent, the Managing Agents, the Lenders and
the Program Support Providers contained in this Agreement and all of the other agreements,
instruments and documents entered into by the Eligible Lender Trustee, the Administrative Agent,
the Syndication Agent, the Managing Agents, the Lenders or the Program Support Providers pursuant
hereto or in connection herewith are, in each case, solely the corporate obligations of the
Eligible Lender Trustee, the Administrative Agent, the Syndication Agent, the Managing Agents, the
Lenders or the Program Support Providers, as applicable. No personal liability whatsoever shall
attach to or be incurred by any administrator of the Eligible Lender Trustee, the Administrative
Agent, the Syndication Agent, the Managing Agents, the Lenders or the Program Support Providers or
any incorporator, stockholder, Affiliate, officer, employee or director thereof or any such
administrator, as such, or any of them, under or by reason of any of the obligations, covenants or
agreements of the Eligible Lender Trustee, the Administrative Agent, the Syndication Agent, the
Managing Agents, the Lenders or the Program Support Providers contained in this Agreement or in any
other such instruments, documents or agreements, or which are implied therefrom, and any and all
personal liability of every such administrator and each incorporator, stockholder, Affiliate,
officer, employee or director of the Eligible Lender Trustee, the Administrative Agent, the
Syndication Agent, the Managing Agents, the Lenders or the Program Support Providers or of any such
administrator, or any of them, for breaches by the Eligible Lender Trustee, the Administrative
Agent, the Syndication Agent, the Managing Agents, the Lenders or the Program Support Providers of
any such obligations, covenants or agreements, which liability may arise either at common law or at
equity, by statute or constitution, or otherwise, is hereby expressly waived as a condition of and
in consideration for the execution of this Agreement. The provisions of this Section shall survive
the termination of this Agreement and, with respect to the rights of the Eligible Lender Trustee,
the Administrative Agent, the Syndication Agent or the Managing Agents, the resignation or removal
of the Eligible Lender Trustee, the Administrative Agent, the Syndication Agent or the Managing
Agents.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;10.11. Execution in Counterparts; Severability. </B>This Agreement may be executed in any
number of counterparts and by different parties hereto in separate counterparts, each of which when
so executed shall be deemed to be an original and all of which when taken together shall constitute
one and the same agreement. Delivery by facsimile or electronic mail of an executed signature page
of this Agreement or any other Transaction Document shall be effective as delivery of an executed
counterpart hereof. In case any provision in or obligation under this Agreement shall be invalid,
illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the
remaining provisions or obligations, or of such provision or obligation in any other jurisdiction,
shall not in any way be affected or impaired thereby.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;10.12. Confidentiality.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;Each of the Administrative Agent, the Syndication Agent, the Managing Agents and the
Lenders agrees to keep confidential and not disclose any non-public information or documents
related to the Trust or any Affiliate of the Trust delivered or provided to such Person in
connection with this Agreement, any other Transaction Document or the transactions contemplated
hereby or thereby and which are clearly identified in writing by the Trust or such Affiliate as
being confidential; <U>provided</U>, <U>however</U>, that each of the foregoing may disclose such
information:
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the extent required or deemed necessary and/or advisable by such Person&#146;s
counsel in any judicial, regulatory, arbitration or governmental proceeding or under any
law, regulation, order, subpoena or decree;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) to its officers, directors, employees, accountants, auditors and outside counsel,
in each case, provided they are informed of the confidentiality thereof and agree to
maintain such confidentiality;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) to any Program Support Provider, any potential Program Support Provider, or any
assignee or participant or potential assignee or participant of any Program Support
Provider, provided they are informed of the confidentiality thereof and agree to maintain
such confidentiality;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) to any assignee, participant or potential assignee or participant of or with any
of the foregoing;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) in connection with the enforcement hereof or of any of the other Transaction
Documents or any Program Support Agreement;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) to any Rating Agency rating the Notes, the CP of the Conduit Lenders or rating SLM
Corporation; and
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) to such other Persons as may be approved by the Trust.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Notwithstanding the foregoing, the foregoing obligations shall not apply to any such information,
documents or portions thereof that (x)&nbsp;were of public knowledge or literature generally available
to the public at the time of such disclosure; or (y)&nbsp;have become part of the public domain by
publication or otherwise, other than as a result of the failure of such party or any of its
respective employees, directors, officers, advisors, accountants, auditors, or legal counsel to
preserve the confidentiality thereof.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Each of the Trust and the Administrator hereby agrees that it will not disclose the
contents of this Agreement or any other Transaction Document or any other proprietary or
confidential information of or with respect to any Note Purchaser, any Managing Agent, the
Administrative Agent, the Syndication Agent or any Program Support Provider to any other Person
except (i)&nbsp;its auditors and attorneys, employees or financial advisors (other than any commercial
bank) and any nationally recognized statistical rating organization, provided such auditors,
attorneys, employees, financial advisors or rating agencies are informed of the highly confidential
nature of such information or (ii)&nbsp;as otherwise required by applicable law or order of a court of
competent jurisdiction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Notwithstanding any other provision herein to the contrary, each of the parties hereto
(and each employee, representative or other agent of each such party) may disclose to any and all
persons, without limitation of any kind, any information with respect to the United States federal,
state and local <I>&#147;</I>tax treatment<I>&#148; </I>and <I>&#147;</I>tax structure<I>&#148; </I>(in each case, within the meaning of Treasury
Regulation&nbsp;Section&nbsp;1.6011-4) of the transactions contemplated by the Transaction Documents and all
materials of any kind (including opinions or other tax analyses) that are provided to such party or
its representatives relating to such tax treatment and tax structure;
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>provided</U>, that no person may disclose the name of or identifying information with
respect to any party identified in the Transaction Documents or any pricing terms or other
nonpublic business or financial information that is unrelated to the United States federal, state
and local tax treatment of the transaction and is not relevant to understanding the United States
federal, state and local tax treatment of the transaction, without complying with the provisions of
<U>Section&nbsp;10.12(a)</U>; <U>provided</U> <U>further</U>, that with respect to any document or
similar item that in either case contains information concerning the tax treatment or tax structure
of the transaction as well as other information, this sentence shall only apply to such portions of
the document or similar item that relate to the United States federal, state and local tax
treatment or tax structure of the transactions contemplated hereby.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;10.13. Section&nbsp;Titles. </B>The section titles contained in this Agreement shall be
without substantive meaning or content of any kind whatsoever and are not a part of the agreement
between the parties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;10.14. Entire Agreement. </B>This Agreement, including all Exhibits, Schedules and
Appendices and other documents attached hereto or incorporated by reference herein, together with
the other Transaction Documents constitutes the entire agreement of the parties with respect to the
subject matter hereof and supersedes all other negotiations, understandings and representations,
oral or written, with respect to the subject matter hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;10.15. No Petition. </B>Each of the Trust, the Administrator, the Eligible Lender
Trustee, the Administrative Agent, the Syndication Agent and the Managing Agents hereby covenants
and agrees with respect to each Conduit Lender that, prior to the date which is one year and one
day (or, if longer, any applicable preference period plus one day) after the payment in full of all
outstanding indebtedness of such Conduit Lender (or its related commercial paper issuer), it will
not institute against or join any other person or entity in instituting against such Conduit Lender
any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings or other similar
proceeding under the laws of the United States or any state of the United States. The foregoing
shall not limit the rights of the Trust, the Administrator, the Eligible Lender Trustee, the
Administrative Agent, the Syndication Agent or the Managing Agents to file any claim in, or
otherwise take any action with respect to, any insolvency proceeding instituted against any Conduit
Lender by a Person other than the Trust, the Administrator, the Eligible Lender Trustee, the
Administrative Agent, the Syndication Agent or the Managing Agents, as applicable. The provisions
of this Section shall survive the termination of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;10.16. Excess Funds. </B>Notwithstanding any provisions contained in this Agreement to
the contrary, no Conduit Lender shall, nor shall be obligated to, pay any amount pursuant to this
Agreement unless (i)&nbsp;such Conduit Lender has received funds which may be used to make such payment
and which funds are not required to repay its CP when due and (ii)&nbsp;after giving effect to such
payment, either (x)&nbsp;such Conduit Lender could issue CP to refinance all of its outstanding CP
(assuming such outstanding CP matured at such time) in accordance with the program documents
governing such Conduit Lender&#146;s securitization program or (y)&nbsp;all of such Conduit Lender&#146;s CP are
paid in full. Any amount which a Conduit Lender does not pay pursuant to the operation of the
preceding sentence shall not constitute a claim (as defined in &#167;101 of the Bankruptcy Code) against
or corporate obligation of such Conduit Lender for any
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->132<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">&#091;SLM Bluemont Note Purchase Agreement&#093;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">such insufficiency unless and until such Conduit Lender satisfies the provisions of clauses
(i)&nbsp;and (ii)&nbsp;above.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;10.17. Eligible Lender Trustee.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The parties hereto agree that the Eligible Lender Trustee shall be afforded all of the
rights, immunities and privileges afforded to the Eligible Lender Trustee under the Trust Agreement
in connection with its execution of this Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;Notwithstanding the foregoing, none of the Secured Parties shall have recourse to the
assets of the Eligible Lender Trustee in its individual capacity in respect of the obligations of
the Trust. The parties hereto acknowledge and agree that The Bank of New York Trust Company N.A.
and any successor eligible lender trustee is entering into this Agreement solely in its capacity as
Eligible Lender Trustee, and not in its individual capacity, and in no case shall The Bank of New
York Trust Company N.A. (or any person acting as successor eligible lender trustee) be personally
liable for or on account of any of the statements, representations, warranties, covenants or
obligations stated to be those of the Trust, all such liability, if any, being expressly waived by
the parties hereto, any person claiming by, through, or under any such party.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Section&nbsp;10.18. USA PATRIOT Act Notice</B>. Each Lender that is subject to the Patriot Act (as
hereinafter defined) and the Administrative Agent (for itself and not on behalf of any Lender)
hereby notifies the Trust that pursuant to the requirements of the USA PATRIOT Act (Title III of
Pub. L. 107-56 (signed into law October&nbsp;26, 2001)) (the <I>&#147;</I><B><I>Patriot Act</I></B><I>&#148;</I>), it is required to obtain,
verify and record information that identifies the Trust, which information includes the name and
address of the Trust and other information that will allow such Lender or the Administrative Agent,
as applicable, to identify the Trust in accordance with the Patriot
Act.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->133<!-- /Folio -->
</DIV>




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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their respective
officers thereunto duly authorized, as of the date first above written.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="37%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="29%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">THE TRUST:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>BLUEMONT FUNDING I</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">THE BANK OF NEW YORK TRUST COMPANY,
N.A., not in its individual capacity but
solely in its capacity as Eligible Lender
Trustee under the Amended and Restated
Trust Agreement dated as of the Closing
Date by and among the Depositor, the
Delaware Trustee and the Eligible Lender
Trustee</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Michael G. Ruppel</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name: Michael G. Ruppel
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: Vice President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">THE ELIGIBLE LENDER TRUSTEE:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD colspan="3" valign="top" align="left"><DIV style="margin-left:15px; text-indent:-15px"><B>THE BANK OF NEW YORK TRUST COMPANY, N.A.</B>,
not in its individual capacity but solely
in its capacity as Eligible Lender Trustee
under the Amended and Restated Trust
Agreement dated as of the Closing Date by
and among the Depositor, the Delaware
Trustee and the Eligible Lender Trustee</div></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Michael G. Ruppel</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name: Michael G. Ruppel
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: Vice President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->134<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">THE ADMINISTRATOR:<BR>
<BR>
<B>SALLIE MAE, INC.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Mark W. Daly
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Mark W. Daly&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Senior Vice President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->135<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">THE ADMINISTRATIVE AGENT:<BR>
<BR>
<B>BANK OF AMERICA, N.A.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Maureen L. Macan
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Maureen L. Macan&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Managing Director&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>BANK OF AMERICA, N.A.</B>, as securities<BR>
intermediary and depositary bank with respect to<BR>
the Trust Accounts<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Maureen L. Macan
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Maureen L. Macan&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Managing Director&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">LEAD ARRANGER:<BR>
<BR>
<B>BANC OF AMERICA SECURITIES LLC</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Maureen L. Macan
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Maureen L. Macan&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Managing Director&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->136<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>BANK OF AMERICA FACILITY GROUP:</B><BR>
<BR>
CONDUIT LENDERS:<BR>
<BR>
<B>RANGER FUNDING COMPANY LLC</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Dorris J. Hearn
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Doris J. Hearn&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Vice President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>YC SUSI TRUST</B><BR>
<BR>
By:&nbsp;BANK OF AMERICA, NATIONAL ASSOCIATION, as
Administrative Trustee<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Maureen L. Macan
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Maureen L. Macan&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Managing Director&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">MANAGING AGENT:<BR>
<BR>
<B>BANK OF AMERICA, N.A.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Maureen L. Macan
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Maureen L. Macan&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Managing Director&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">ALTERNATE LENDER:<BR>
<BR>
<B>BANK OF AMERICA, N.A.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Maureen L. Macan
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Maureen L. Macan&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Managing Director&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">LIBOR LENDER:<BR>
<BR>
<B>BANK OF AMERICA, N.A.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Maureen L. Macan
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Maureen L. Macan&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Managing Director&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">THE SYNDICATION AGENT:<BR>
<BR>
<B>JPMORGAN CHASE BANK, N.A.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ George S. Wilkins
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">George S. Wilkins&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Executive Director&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">LEAD ARRANGER:<BR>
<BR>
<B>J.P. MORGAN SECURITIES INC.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ George S. Wilkins
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">George S. Wilkins&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Executive Director&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>JPMORGAN FACILITY GROUP:</B><BR>
<BR>
CONDUIT LENDERS:<BR>
<BR>
<B>CHARIOT FUNDING LLC</B><BR>
<BR>
By: JPMORGAN CHASE BANK, N.A., its<BR>
attorney-in-fact<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ George S. Wilkins
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">George S. Wilkins&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Executive Director&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>FALCON ASSET SECURITIZATION COMPANY LLC</B><BR>
<BR>
By: JPMORGAN CHASE BANK, N.A., its<BR>
attorney-in-fact<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ George S. Wilkins
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">George S. Wilkins&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Executive Director&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>JS SILOED TRUST</B><BR>
<BR>
By: JPMORGAN CHASE BANK, N.A., as Administrative<BR>
Trustee<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ George S. Wilkins
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">George S. Wilkins&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Executive Director&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>PARK AVENUE RECEIVABLES COMPANY, LLC</B><BR>
<BR>
By: JPMORGAN CHASE BANK, N.A., its<BR>
attorney-in-fact<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ George S. Wilkins
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">George S. Wilkins&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Executive Director&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">MANAGING AGENT:<BR>
<BR>
<B>JPMORGAN CHASE BANK, N.A.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ George S. Wilkins
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">George S. Wilkins&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Executive Director&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">ALTERNATE LENDER:<BR>
<BR>
<B>JPMORGAN CHASE BANK, N.A.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ George S. Wilkins
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">George S. Wilkins&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Executive Director&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">CO-LEAD ARRANGER:<BR>
<BR>
<B>BARCLAYS BANK PLC</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Jeffrey Goldberg
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Jeffrey Goldberg&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Associate Director&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>BARCLAYS FACILITY GROUP:</B><BR>
<BR>
COMMITTED CONDUIT LENDER:<BR>
<BR>
<B>SHEFFIELD RECEIVABLES CORPORATION</B><BR>
<BR>
By: BARCLAYS BANK PLC, as attorney-in-fact<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Janette Lieu
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Janette Lieu&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Director&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">MANAGING AGENT:<BR>
<BR>
<B>BARCLAYS BANK PLC</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Jeffrey Goldberg
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Jeffrey Goldberg&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Associate Director&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">CO-LEAD ARRANGER:<BR>
<BR>
<B>THE ROYAL BANK OF SCOTLAND PLC</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ David Viney
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">David Viney&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Managing Director&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>RBS GREENWICH FACILITY GROUP:</B><BR>
<BR>
CONDUIT LENDER:<BR>
<BR>
<B>THAMES ASSET GLOBAL SECURITIZATION NO. 1, INC.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ R. Douglas Donaldson
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">R. Douglas Donaldson&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Treasurer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">MANAGING AGENT:<BR>
<BR>
<B>THE ROYAL BANK OF SCOTLAND PLC</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ David Viney
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">David Viney&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Managing Director&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">ALTERNATE LENDER:<BR>
<BR>
<B>THE ROYAL BANK OF SCOTLAND PLC,<BR>
NEW YORK BRANCH</B><BR>
<BR>
By: GREENWICH CAPITAL MARKETS, INC.,<BR>
as agent<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Fergus Small
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Fergus Small&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Senior Vice President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">CO-LEAD ARRANGER:<BR>
<BR>
<B>DEUTSCHE BANK SECURITIES INC.</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Sumeet Wadhera
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Sumeet Wadhera&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Director&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Peter Kim
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Peter Kim&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Vice President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>DEUTSCHE BANK FACILITY GROUP:</B><BR>
<BR>
CONDUIT LENDER:<BR>
<BR>
<B>GEMINI SECURITIZATION CORP., LLC</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ R. Douglas Donaldson
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">R. Douglas Donaldson&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Treasurer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">MANAGING AGENT:<BR>
<BR>
<BR>
<BR>
<BR>
<B>DEUTSCHE BANK AG, NEW YORK BRANCH</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Sumeet Wadhera
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Sumeet Wadhera&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Director&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Peter Kim
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Peter Kim&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Vice President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">ALTERNATE LENDER:<BR>
<BR>
<B>DEUTSCHE BANK AG, NEW YORK BRANCH</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Sumeet Wadhera
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Sumeet Wadhera&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Director&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Peter Kim
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Peter Kim&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Vice President&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">ARRANGER:<BR>
<BR>
<B>CREDIT SUISSE, NEW YORK BRANCH</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Josh Borg
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Josh Borg&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Director&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Mark Golombeck
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Mark Golombeck&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Director&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>CREDIT SUISSE FACILITY GROUP:</B><BR>
<BR>
CONDUIT LENDER:<BR>
<BR>
<B>ALPINE SECURITIZATION CORPORATION</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Mark Lengel
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Mark Lengel&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Attorney-In-Fact&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Alex Smith
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Alex Smith&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Attorney-In-Fact&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">MANAGING AGENT:<BR>
<BR>
<B>CREDIT SUISSE, NEW YORK BRANCH</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Josh Borg
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Josh Borg&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Director&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Mark Golombeck
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Mark Golombeck&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Director&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">ALTERNATE LENDER:<BR>
<BR>
<B>CREDIT SUISSE, NEW YORK BRANCH</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Josh Borg
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Josh Borg&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Director&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Mark Golombeck
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Mark Golombeck&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Director&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Agreed and acknowledged<BR>
with respect to <U>Section&nbsp;3.09</U>, the first sentence of <U>Section&nbsp;6.28</U>, <U>Section
8.02</U> and <U>Section&nbsp;10.01(a)</U>:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="64%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">SLM CORPORATION</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ J. Lance Franke
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name: J. Lance Franke
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: Executive Vice President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Agreed and acknowledged<BR>
with respect to <U>Section&nbsp;10.01(a)</U> and the last sentence of <U>Section&nbsp;10.08</U>:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">SLM EDUCATION CREDIT FINANCE CORPORATION
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="64%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Mark L. Heleen
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Name: Mark L. Heleen
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title: Senior Vice President</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
