SLC Student Loan Trust 2007-2 Sample Contracts

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ELIGIBLE LENDER TRUST AGREEMENT between SLC STUDENT LOAN TRUST 2007-2 as Grantor and CITIBANK, N.A. as Eligible Lender Trustee Dated as of November 27, 2007
Eligible Lender Trust Agreement • November 28th, 2007 • SLC Student Loan Trust 2007-2 • Asset-backed securities • New York

THIS ELIGIBLE LENDER TRUST AGREEMENT is made on November 27, 2007, by and between SLC STUDENT LOAN TRUST 2007-2 (the “Grantor”) and CITIBANK, N.A., as eligible lender trustee (the “Eligible Lender Trustee”).

SERVICING AGREEMENT among THE STUDENT LOAN CORPORATION, as Servicer and Administrator, and SLC STUDENT LOAN TRUST 2007-2, as Issuer Dated as of November 27, 2007
Servicing Agreement • November 28th, 2007 • SLC Student Loan Trust 2007-2 • Asset-backed securities • New York

The Student Loan Corporation (“SLC” and, in its capacity as servicer, the “Servicer”), a Delaware corporation, hereby agrees with (i) SLC Student Loan Trust 2007-2 (the “Issuer”), and (ii) SLC, not in its individual capacity but solely in its capacity as administrator (in such capacity, the “Administrator”) under the Administration Agreement, dated as of November 27, 2007 (the “Administration Agreement”), among the Issuer, the Administrator and the Servicer as follows:

MASTER TERMS PURCHASE AGREEMENT
Master Terms Purchase Agreement • November 28th, 2007 • SLC Student Loan Trust 2007-2 • Asset-backed securities • New York

This Master Terms Purchase Agreement, dated as of November 27, 2007 (“Master Terms Purchase Agreement”), among The Student Loan Corporation (“SLC”), SLC Student Loan Receivables I, Inc. (“SLC Receivables”) and Citibank, N.A., not in its individual capacity but solely as Eligible Lender Trustee (the “Eligible Lender Trustee”) for the benefit of SLC Receivables under the Eligible Lender Trust Agreement, dated as of November 27, 2007, between SLC Receivables and the Eligible Lender Trustee, and as Eligible Lender Trustee for the benefit of SLC under the Trust Agreement, dated as of August 30, 2003, between SLC and the Eligible Lender Trustee, shall be effective upon execution by the parties hereto. References to SLC Receivables herein mean the Eligible Lender Trustee for all purposes involving the holding or transferring of legal title to the Eligible Loans.

SUBSERVICING AGREEMENT
Subservicing Agreement • November 28th, 2007 • SLC Student Loan Trust 2007-2 • Asset-backed securities

This SUBSERVICING AGREEMENT (this “Agreement”) is entered into as of November 27, 2007, by and between Citibank (South Dakota), National Association, a national banking association (the “Subservicer”) and The Student Loan Corporation, a Delaware corporation (the “Servicer”).

UNDERWRITING AGREEMENT
Underwriting Agreement • November 28th, 2007 • SLC Student Loan Trust 2007-2 • Asset-backed securities • New York

This Agreement, the Master Terms Purchase Agreement, to be dated as of November 27, 2007 (along with the related Purchase Agreement, the “SLC Sale Agreement”), among SLC, SLC Student Loan Receivables I, Inc. (“SLC Receivables”) and the Eligible Lender Trustee, the Master Terms Sale Agreement, to be dated as of November 27, 2007 (along with the related Sale Agreement, the “SLC Receivables Sale Agreement” and, collectively with the SLC Sale Agreement, the “Sale Agreements”), among SLC Receivables, the Company and the Eligible Lender Trustee, the Short-Form Trust Agreement between Wilmington Trust Company, as owner trustee (the “Owner Trustee”), and SLC Receivables, as depositor (in such capacity, the “Depositor”), as amended and restated pursuant to the Amended and Restated Trust Agreement, to be dated as of November 27, 2007 (the “Trust Agreement”), between the Owner Trustee and the Depositor, the Administration Agreement, to be dated as of November 27, 2007 (the “Administration Agreeme

CUSTODY AGREEMENT
Custody Agreement • November 28th, 2007 • SLC Student Loan Trust 2007-2 • Asset-backed securities • New York

This CUSTODY AGREEMENT (this “Agreement”), dated as of November 27, 2007 by and among SLC Student Loan Trust 2007-2 (the “Issuer”), Citibank, N.A., as eligible lender trustee on behalf of the Issuer (the “Eligible Lender Trustee”), U.S. Bank National Association, as indenture trustee (the “Indenture Trustee”), The Student Loan Corporation, as servicer (the “Servicer”) and Citibank (South Dakota), National Association, a national banking association (the “Custodian” and, together with the Issuer, the Eligible Lender Trustee, the Indenture Trustee and the Servicer, the “Parties”).

SUB-ADMINISTRATION AGREEMENT
Sub-Administration Agreement • November 28th, 2007 • SLC Student Loan Trust 2007-2 • Asset-backed securities

This Sub-Administration Agreement (the “Agreement”) is made as of the 27th day of November 2007 between CitiMortgage, Inc., having a place of business at 1000 Technology Drive, O’Fallon, Missouri 63368-2240 (the “Sub-Administrator”), and The Student Loan Corporation, a Delaware corporation having a place of business at 99 Garnsey Road, Pittsford, New York 14534 (the “Administrator”).

MASTER TERMS SALE AGREEMENT
Sale Agreement • November 28th, 2007 • SLC Student Loan Trust 2007-2 • Asset-backed securities • New York

This Master Terms Sale Agreement, dated as of November 27, 2007 (“Master Terms Sale Agreement”), among SLC Student Loan Receivables I, Inc. (in such capacity, the “Seller”), SLC Student Loan Trust 2007-2 (in such capacity, the “Purchaser”) and Citibank, N.A., not in its individual capacity but solely as Eligible Lender Trustee (the “Eligible Lender Trustee”) for the benefit of the Seller under the Eligible Lender Trust Agreement, dated as of November 27, 2007, between the Seller and the Eligible Lender Trustee, and as Eligible Lender Trustee for the benefit of the Purchaser under the Eligible Lender Trust Agreement, dated as of November 27, 2007, between the Purchaser and the Eligible Lender Trustee, shall be effective upon execution by the parties hereto. References to the Seller and the Purchaser herein mean the Eligible Lender Trustee for all purposes involving the holding or transferring of legal title to the Trust Student Loans.

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