Common use of Eligibility to Hold Posted Collateral; Custodian Clause in Contracts

Eligibility to Hold Posted Collateral; Custodian. The Trust and its Custodian will be entitled to hold Posted Collateral pursuant to Paragraph 6(b); provided that the following conditions applicable to it are satisfied: (1) Posted Collateral other than Eligible Euro-Area Agency Paper or Eligible Euro-Area Government Paper may be held only in the following jurisdictions: the United States of America; (2) Posted Collateral other than Eligible Euro-Area Agency Paper or Eligible Euro-Area Government Paper shall at all times be held (A) in a segregated trust account at an entity then serving as Indenture Trustee or (B) any entity other than the entity then serving as the Indenture Trustee if such other entity (or, to the extent applicable, its parent company or credit support provider) shall then have a short-term unsecured and unsubordinated debt rating from S&P of at least “A-1.”; and (3) Posted Collateral consisting of Eligible Euro-Area Agency Paper or Eligible Euro-Area Government Paper may be held only in the following jurisdictions and subject to Rating Agency Condition: Brussels, Belgium. Initially, the Custodian for the Trust is The Bank of New York, for the benefit of Chase Bank USA, National Association, as Eligible Lender Trustee for the SLM Student Loan Trust 2007-4.

Eligibility to Hold Posted Collateral; Custodian. The Trust and its Custodian will be entitled to hold Posted Collateral pursuant to Paragraph 6(b); provided that the following conditions applicable to it are satisfied: (1) Posted Collateral other than Eligible Euro-Area Agency Paper or Eligible Euro-Area Government Paper may be held only in the following jurisdictions: the United States of America; (2) Posted Collateral other than Eligible Euro-Area Agency Paper or Eligible Euro-Area Government Paper shall at all times be held (A) in a segregated trust account at an entity then serving with the corporate trust department of a depository institution organized under the laws of the United States of America or any one of the States or the District of Columbia (or any domestic branch of a foreign bank), having corporate trust powers and acting as Indenture Trustee or (B) trustee for funds deposited in such account, so long as any entity other than of the entity then serving as the Indenture Trustee securities of such depository institution have a credit rating from Xxxxx’x, S&P, and, if such other entity (orinstitution is rated by Fitch, to the extent applicableFitch, its parent company or credit support provider) shall then have a short-term unsecured and unsubordinated debt in one of their generic rating from S&P of at least “A-1.”categories which signifies investment grade; and (3) Posted Collateral consisting of Eligible Euro-Area Agency Paper or Eligible Euro-Area Government Paper may be held only in the following jurisdictions and subject to Rating Agency Conditionjurisdictions: Brussels, Belgium. Initially, the Custodian for the Trust is The Bank of New York, for the benefit of Chase Bank USA, National Association, as Eligible Lender Trustee for the SLM Student Loan Trust 20072006-410.

Eligibility to Hold Posted Collateral; Custodian. The Trust and its Custodian will be entitled to hold Posted Collateral pursuant to Paragraph 6(b); provided that the following conditions applicable to it are satisfied: (1) Posted Collateral other than Eligible Euro-Area Agency Paper or Eligible Euro-Area Government Paper may be held only in the following jurisdictions: the United States of America; (2) Posted Collateral other than Eligible Euro-Area Agency Paper or Eligible Euro-Area Government Paper shall at all times be held (A) in a segregated trust account at an entity then serving with the corporate trust department of a depository institution organized under the laws of the United States of America or any one of the States or the District of Columbia (or any domestic branch of a foreign bank), having corporate trust powers and acting as Indenture Trustee or (B) trustee for funds deposited in such account, so long as any entity other than of the entity then serving as the Indenture Trustee securities of such depository institution have a credit rating from Xxxxx’x, S&P, and, if such other entity (orinstitution is rated by Fitch, to the extent applicableFitch, its parent company or credit support provider) shall then have a short-term unsecured and unsubordinated debt in one of their generic rating from S&P of at least “A-1.”categories which signifies investment grade; and (3) Posted Collateral consisting of Eligible Euro-Area Agency Paper or Eligible Euro-Area Government Paper may be held only in the following jurisdictions and subject to Rating Agency Conditionjurisdictions: Brussels, Belgium. Initially, the Custodian for the Trust is The Bank of New York, for the benefit of Chase Bank USA, National Association, as Eligible Lender Trustee for the SLM Student Loan Trust 20072006-4.

Eligibility to Hold Posted Collateral; Custodian. The Trust and its Custodian will be entitled to hold Posted Collateral pursuant to Paragraph 6(b); provided that the following conditions applicable to it are satisfied: (1) Posted Collateral other than Eligible Euro-Area Agency Paper or Eligible Euro-Area Government Paper may be held only in the following jurisdictions: the United States of America; (2) Posted Collateral other than Eligible Euro-Area Agency Paper or Eligible Euro-Area Government Paper shall at all times be held (A) in a segregated trust account at an entity then serving with the corporate trust department of a depository institution organized under the laws of the United States of America or any one of the States or the District of Columbia (or any domestic branch of a foreign bank), having corporate trust powers and acting as Indenture Trustee or (B) trustee for funds deposited in such account, so long as any entity other than of the entity then serving as the Indenture Trustee securities of such depository institution have a credit rating from Mxxxx’x, S&P, and, if such other entity (orinstitution is rated by Fitch, to the extent applicableFitch, its parent company or credit support provider) shall then have a short-term unsecured and unsubordinated debt in one of their generic rating from S&P of at least “A-1.”categories which signifies investment grade; and (3) Posted Collateral consisting of Eligible Euro-Area Agency Paper or Eligible Euro-Area Government Paper may be held only in the following jurisdictions and subject to Rating Agency Conditionjurisdictions: Brussels, Belgium. Initially, the Custodian for the Trust is The Bank of New York, for the benefit of Chase Bank USA, National Association, as Eligible Lender Trustee for the SLM Student Loan Trust 20072006-46.