1. July 22, 2008 Loan Participation Purchase Program 1 MASTER PARTICIPATION AGREEMENT JULY 22, 2008 FFEL Loan Participation Purchase Program

2. July 22, 2008 Loan Participation Purchase Program 2 Presenters Jeff Baker Federal Student Aid U.S. Department of Education Dennis Cariello Office of the General Counsel U.S. Department of Education

3. July 22, 2008 Loan Participation Purchase Program 3 Loan Participation Purchase Program Introduction Jeff Baker Federal Student Aid U.S. Department of Education

4. July 22, 2008 Loan Participation Purchase Program 4 Logistics Title: Loan Participation Purchase Program Master Participation Agreement Date: July 22, 2008 To Participate You Must – Logon at URL provided in registration confirmation email; and Dial in to 1-888-324-6476 Confirmation number: MGERHARD Additional information on the Loan Purchase Programs at: www.federalstudentaid.ed.gov/ffelp

5. July 22, 2008 Loan Participation Purchase Program 5 Webinar Objectives Target Audience : FFEL lenders/holders, secondary markets, servicers, and guaranty agencies. Purpose: To provide an overview of the terms and conditions of the Master Participation Agreement for the Loan Participation Purchase Program. Limitations: Will not cover the Loan Purchase Commitment Program and will not include details on process flows, data elements, cash flows, reconciliations, and compliance. This information will be provided in subsequent webinars.

6. July 22, 2008 Loan Participation Purchase Program 6 Problem & Goals Problem: Lack of liquidity in financial markets impacting ability of FFEL Program lenders and secondary markets to find cost effective financing. Goals: Ensure that eligible students and parents receive federal student loans for the 2008-2009 academic year. Support the FFEL Program as a successful private/public partnership. Ensure no net cost to the government.

7. July 22, 2008 Loan Participation Purchase Program 7 Legal Authorities Ensuring Continuing Access to Student Loans Act of 2008 (P.L. 110-227) H.R. 5715 Signed by the President on May 7, 2008 Federal Register Notices Required by statute Draft Posted to IFAP on June 24, 2008 Official Publication July 1, 2008 Corrections Notice Published July 17, 2008

8. July 22, 2008 Loan Participation Purchase Program 8 Response Two Loan Purchase Programs – Loan Purchase Commitment Program (the Put Program); and Loan Participation Purchase Program. The law does not authorize the Department to make advances or to otherwise lend money to FFEL lenders.

9. July 22, 2008 Loan Participation Purchase Program 9 Loan Participation Purchase Program ED provides liquidity to lenders by purchasing participation interests in eligible FFEL loans that the lender has placed in a participation facility controlled by a Custodian. Lender redeems loans from the facility by repaying ED plus yield (CP + 50bp) with cash or by completing sale of loans to ED, using the Put Program.

10. July 22, 2008 Loan Participation Purchase Program 10 Loan Participation Purchase Program Players: Sponsor: Eligible FFEL lender or holder of eligible FFEL loans – may be secondary market or beneficial holder under an ELT agreement. Custodian: Is granted legal title to the eligible loans, sells participation interest on behalf of Sponsor. Must be an eligible lender Must be a National or State-chartered bank. Must not be affiliated with the Sponsor Participant: U.S. Department of Education (ED)

11. July 22, 2008 Loan Participation Purchase Program 11 Loan Participation Purchase Program Master Participation Agreement (Posted July 10, 2008) Dennis Cariello Office of the General Counsel U.S. Department of Education

12. July 22, 2008 Loan Participation Purchase Program 12 Section 1: Terms Notice of Intent to Participate Lender may not sell a participation interest in a loan that was first disbursed before the date ED received the lenders notice of intent to participate (NOI), except – If ED receives the NOI by July 31, 2008, interests in loans first disbursed on or after May 1, 2008 may be included.

13. July 22, 2008 Loan Participation Purchase Program 13 Section 1: Terms Notice of Intent to Participate Originating lenders NOI ED receipt date determines a loans eligibility, not a subsequent holders NOI ED receipt date. Submission of NOI does not commit lender/holder to participate. It only establishes the option to participate and the eligibility of loans.

14. July 22, 2008 Loan Participation Purchase Program 14 Section 1: Terms Notice of Intent to Participate Lender intends to sell Participation Interests to ED of at least $50 million over the course of the program; A not-for-profit lender/holder that arranges aggregation of its loans with another holder must ensure that its loans are included only with other loans that qualify for SAP at the eligible not-for- profit holder rate.

15. July 22, 2008 Loan Participation Purchase Program 15 Section 1: Terms ED will buy Participation Interests in Eligible Loans if – By July 1, 2009, ED receives the lenders Notice of Intent to Participate, By July 1, 2009, the Sponsor, Custodian, and ED execute the Agreement through the Adoption Agreement, and By August 1, 2009, the Sponsor exercises its option to sell Participation Interests through the Participation Purchase Request; except –

16. July 22, 2008 Loan Participation Purchase Program 16 Section 1: Terms Sponsor may, for a loan in which ED has previously purchased a participation interest, sell additional interests after August 1, 2009 only if – Sponsor made the first disbursement on the loan by July 1, 2009; The final disbursement on the loan is made by September 30, 2009; Sponsor notifies ED that it intends to redeem the Participation Interest in the fully disbursed loan by selling the loan to ED Participation Interest sale within 30 days of the final disbursement.

17. July 22, 2008 Loan Participation Purchase Program 17 Section 2: Commitment to Lend Lender must intend to continue to participate in the FFEL Program and intend to make or acquire FFEL loans with funds from private sources when they become reasonably available (statutory requirement).

18. July 22, 2008 Loan Participation Purchase Program 18 Section 3: Definitions Eligible Borrower Benefits – An unconditional upfront borrower fee reduction(s) that is accrued and paid or made prior to the date on which a Participation Interest is sold to ED; and Reductions in interest rates of not more than 0.25 percent, contingent on the borrowers use of automatic payment process. Eligible Lender – an entity that meets requirements of HEA §435(d), including an ELT.

19. July 22, 2008 Loan Participation Purchase Program 19 Section 3: Definitions Eligible Loan – Only FFEL subsidized and unsubsidized Stafford Loans and Federal PLUS Loans (parent and grad/student). Sub and unsub must be included together. For payment period that includes or begins on or after July 1, 2008. First disbursement on or after May 1, 2008 and no later than July 1, 2009. Will be fully disbursed no later than September 30, 2009.

20. July 22, 2008 Loan Participation Purchase Program 20 Section 3: Definitions Eligible Loan – Servicing agreement must be able to be terminated with no more than 30 days notice. Not eligible if previously included in participation. Not eligible if Lender of Last Resort Loan

21. July 22, 2008 Loan Participation Purchase Program 21 Purchase Date – Date Custodian receives EDs payment for the Class A Participation Interest. Redemption Payment – EDs purchase price of its loans participation interest in the loan, plus Participants Yield of - Section 3: Definitions Commercial Paper Rate, plus Fifty basis points, less Any amount previously paid amount on the loan.

22. July 22, 2008 Loan Participation Purchase Program 22 Section 4: Delivery, Purchase, Sale To sell ED Participation Interests, the Sponsor delivers to ED – A participation purchase request executed by the Sponsor and the Custodian; A schedule that lists the loans in which Sponsor offers a Participation Interest. ED signs and returns a copy to the Sponsor. Any request delivered to ED is irrevocable and binds the Sponsor to transfer the listed loans to the Custodian.

23. July 22, 2008 Loan Participation Purchase Program 23 Section 4: Delivery, Purchase, Sale Sponsor transfers title & beneficial interest in the loans to the Custodian in exchange for Participation Interests in the loans. Sponsor transfers all loan documents to the Custodian (or its delegee) which will hold the documents in secure place in trust for ED. Delegee could be the Sponsor, a servicer, or another eligible lender. The Sponsor may sell Participation Interests to ED no more frequently than weekly.

24. July 22, 2008 Loan Participation Purchase Program 24 Section 4: Delivery, Purchase, Sale On Purchase Date – ED purchases Participation Interests from the Sponsor by remitting to the Custodian, which in turn remits to the Sponsor, funds equal to the principal balance of the loans in which ED acquires Participation Interests. Upon receipt of the funds the Sponsor causes the Custodian to give ED Participation Interests in the loans. A loan is then subject to EDs Participation Interest until the Sponsor redeems the loan from EDs Interest.

25. July 22, 2008 Loan Participation Purchase Program 25 Section 4: Delivery, Purchase, Sale On Purchase Date, upon transfer of a loans title from Sponsor to Custodian – Obligations and responsibilities for payment or receipt of SAP, interest subsidies, and fee remission moves from the Sponsor to the Custodian. Two Form 799 submissions for the quarter will need to be submitted, one for Sponsor and one for Custodian.

26. July 22, 2008 Loan Participation Purchase Program 26 Section 4: Delivery, Purchase, Sale If a purchased loan is the only loan evidenced by a promissory note, that note is held in the name of the Custodian. If the purchased loan is one of several under a single MPN, Custodian records that -- The Custodian is the legal owner of the purchased loan, and The Sponsor owns those other loans in which Participation Interests have not been sold.

27. July 22, 2008 Loan Participation Purchase Program 27 Section 5: Certificates and Schedules Custodian delivers, by the purchase date – To ED, a Class A Participation Certificate (Exhibit C); To the Sponsor, a Class B Participation Certificate (Exhibit D).

28. July 22, 2008 Loan Participation Purchase Program 28 Section 5: Certificates and Schedules Custodian provides with each Participation Certificate – A schedule that lists each loan for which a Participation Interest is evidenced by the Certificate, including the current principal balance and accrued interest on each loan. A Custodial Certification that the loans have been received by the Custodian and meet all of the requirements.

29. July 22, 2008 Loan Participation Purchase Program 29 Section 5: Certificates and Schedules EDs Participation Interests equals – The amount of the aggregate purchase price ED paid for its Participation Interests, Less the amount of any redemption payments or other payments that ED received and credited against EDs Participation Interests amount.

30. July 22, 2008 Loan Participation Purchase Program 30 Section 5: Certificates and Schedules All funds received on purchased loans are remitted to and held by the Custodian. These payments include – Subsidy/SAP Payments Borrower Payments Cancellations, and Redemption Payments

31. July 22, 2008 Loan Participation Purchase Program 31 Section 5: Certificates and Schedules Custodian uses such funds on a monthly basis, as follows – First to ED and then to the Sponsor. Payments to ED are credited first to the Participants Yield then owed on EDs aggregate Participation Interests. If full amount of Participants Yield due is zero, remainder is allocated to reduce EDs aggregate Participation Interests. Any remainder (unlikely until final distribution at the end of Participation) is paid to the Sponsor.

32. July 22, 2008 Loan Participation Purchase Program 32 Section 6: Security Interest Sponsor grants the Custodian, and the Custodian assigns to ED a first priority security interest in – Purchased Loans, Collections on Purchased Loans, Monies in accounts established under the Agreement; Proceeds thereon, and All tangible and intangible rights and security with respect.

33. July 22, 2008 Loan Participation Purchase Program 33 Sponsor can sell ED a Participation Interest in a partially-disbursed loan. Section 7: Subsequent Disbursements Custodian, as owner of the loan, then arranges subsequent disbursements on the loan. Sponsor provides the funds needed to make subsequent disbursements. ED increases its Participation Interest in the loan by paying the Custodian, which remits to Sponsor, the amount of the subsequent disbursement(s). No subsequent disbursement if Sponsor defaults to financing source with claim on loan.

34. July 22, 2008 Loan Participation Purchase Program 34 Section 8: Reporting; Due Diligence Each month the Sponsor provides ED: A twelve month rolling good-faith forecast that – Estimates the number and principal amount of loans in which the Sponsor believes it will sell Participation Interests, and The amount the Sponsor expects to redeem in each month.

35. July 22, 2008 Loan Participation Purchase Program 35 Section 8: Reporting; Due Diligence Each month the Sponsor provides ED: A listing of all principal and interest payments received on loans subject to EDs Participation Interest; Information on such loans by school, delinquency, and other features as requested by ED; For each servicer, any audit or other annual compliance/operational audits related to the servicing of such loans; Other information requested by ED.

36. July 22, 2008 Loan Participation Purchase Program 36 Section 8: Reporting; Due Diligence Within 60 days of the execution of the agreement, and on any subsequent dates that ED specifies, the Sponsor or its servicer must provide ED with – A statement of compliance with the Agreement, and An agreed-upon procedures letter reporting the results of the review of a sample of purchased loans, conducted by an independent public accountant.

37. July 22, 2008 Loan Participation Purchase Program 37 Section 8: Reporting; Due Diligence On each monthly reporting date, Custodian provides ED a settlement report listing -- Activity for purchased loans and The amount paid to ED on its Participation Interest and Participants Yield. Within 90 days of termination of EDs Interest, the Custodian provides an audit conducted by an independent auditor.

38. July 22, 2008 Loan Participation Purchase Program 38 Section 9: Conditions Precedent On or prior to initial purchase, Sponsor delivers to ED -- The Adoption Agreement; Its Officers Certificate (Exhibit E); Its Opinion of Counsel (Exhibit F); Certified copies of all agreements to aggregate, transfer or cause to transfer legal title to loans.

39. July 22, 2008 Loan Participation Purchase Program 39 Section 9: Conditions Precedent On or prior to initial purchase, the Sponsor delivers to ED -- Reports of searches for tax & UCC liens & judgments; Certified copies of related servicing agreements; Participation Certificates; Other documents as requested.

40. July 22, 2008 Loan Participation Purchase Program 40 Section 9: Conditions Precedent On or prior to each purchase date -- The Sponsor delivers to ED -- A participation purchase request and any assistance needed to determine whether all required documentation is present and is correct, If applicable, a security release certification (Exhibit G); A list of lockboxes and copies of servicing instructions;

41. July 22, 2008 Loan Participation Purchase Program 41 Section 9: Conditions Precedent On or prior to each purchase date -- The Sponsor delivers to ED -- Other documents and information requested by ED. If the Sponsor is an ELT, addl documents of authority to transfer loans. The Sponsor delivers loan documents to the Custodian. The Custodian delivers to ED -- Loan schedule & custodial certification; Exception report.

42. July 22, 2008 Loan Participation Purchase Program 42 Section 10: Reps & Warranties Sponsor & ELT, as applicable warrant that -- Sponsor has internal controls in place to verify the existence and accuracy of legal documents, credit documents, and underwriting decisions. Further Loan Level Representations by Sponsor and ELT -- If E-signed, note executed in compliance with applicable law; Including EDs Standards (Applicability Provision) Any security interest to be released upon EDs purchase of Participation Interest in the Loan.

43. July 22, 2008 Loan Participation Purchase Program 43 Section 10: Reps and Warranties Custodian warrants that it -- Is a National or State-chartered bank, duly organized and in good standing under laws of its State. Is an eligible lender under HEA §435(d)(1)(A); Has a long-term senior unsecured debt rating of at least investment grade by S&P, Moodys or Fitch; Has a combined capital and surplus of at least $50 million; Is administratively capable of performing the functions of a Custodian; Is not affiliated with the Sponsor or ELT.

44. July 22, 2008 Loan Participation Purchase Program 44 Section 11: Collections; Distributions Custodian will set up Collection Account in which all payments & proceeds received on purchased loans will be deposited. Sponsor will cause servicers to deposit into the Custodians Collection Account any collections on purchased loans within two business days of receipt. Custodian grants ED a first priority security interest in the Collection Account.

45. July 22, 2008 Loan Participation Purchase Program 45 Section 11: Collections; Distributions At least once a month, and at the termination of the Agreement, the Custodian will distribute funds on deposit in the Collection Account as follows: First, to ED to pay aggregate outstanding Participants Yield then due, Then, to ED to reduce the aggregate outstanding principal balance of EDs Participation Interest until such balance is zero; Last, to the Sponsor, any remaining amounts.

46. July 22, 2008 Loan Participation Purchase Program 46 Section 12: Servicing Each purchased loan must be serviced by an eligible servicer at the direction of Custodian. Sponsor is responsible for servicing costs. Servicing agreement must -- Acknowledge that ED is an intended third-party beneficiary of the Servicing Agreement; Provide that all collections are to be deposited within two business days; Provide that if Sponsor Puts loans to ED, ED may, on 30 days notice, terminate servicing agreement and have loans transferred without payment of a deconversion charge.

47. July 22, 2008 Loan Participation Purchase Program 47 Section 13: Servicing Agreements Custodian must ensure that the Sponsor takes steps to enforce the terms and conditions of Servicing Agreements including making prompt payment of all amounts due. Custodian must notify ED if it becomes aware of any failure of the Servicer to perform its obligations and may not waive any Servicer default without written approval from ED. Custodian must not consent or agree to any modification to the Servicing Agreement that materially adversely impacts EDs rights or security.

48. July 22, 2008 Loan Participation Purchase Program 48 Section 13: Servicing Agreements By March 30, 2009 and again on September 30, 2009, the Custodian must obtain a certification from the Servicer that: A review was conducted of the Servicers activities during the preceding calendar year and its performance under the Servicing Agreement; To the best of the officials knowledge, the review showed that the Servicer -- Had fulfilled its obligations under the Servicing Agreement; or Had defaulted in specific obligations, describing the nature & stature of each default.

49. July 22, 2008 Loan Participation Purchase Program 49 Section 14: Liabilities and Indemnities Sponsor is liable only to the extent of its obligations under Agreement and those delegated to it by the Custodian. Sponsor will indemnify ED against liability for claims from -- Willful misfeasance, bad faith or negligence by Sponsor, ELT, or Servicer in performance of their respective duties; or Sponsors breach of representations or obligations under the Agreement or the Servicing Agreement. Any other claim arising from the Agreement.

50. July 22, 2008 Loan Participation Purchase Program 50 Section 14: Liabilities and Indemnities Sponsor will indemnify the Custodian, its personnel and agents against liabilities arising from Agreement or ownership of legal title to loans.

51. July 22, 2008 Loan Participation Purchase Program 51 Section 14: Liabilities and Indemnities Custodian is liable only to the extent of its duties under the Agreement, including those duties delegated to others. Custodian liability is capped to the amount of fees received for its duties as a Custodian, except Custodian must indemnify ED for all claims or losses arising from its willful misfeasance, bad faith or negligence in its performance under the Agreement. Custodian is not liable for special, consequential, punitive, or indirect damages.

52. July 22, 2008 Loan Participation Purchase Program 52 Section 15:Redemption; Put; Termination Simple Redemption – Upon receipt of the Redemption Payment for a loan, the Custodian will -- Remit the redemption payment to ED, Transfer legal title and release its interest in the loan to the Sponsor (and ELT, if applicable), Deliver related loan documents to Sponsor, and Cancel the Participation Interest in the redeemed loan.

53. July 22, 2008 Loan Participation Purchase Program 53 Section 15:Redemption; Put; Termination Redemption Using PUT – To exercise the Put Option, the Sponsor must enter into a Master Loan Sale Agreement with ED. Upon the Custodians receipt of a request by the Sponsor to put a loan to ED, the Custodian will – Transfer legal title & release its interest in the loan to ED, Deliver all related loan documents to ED, & Cancel the Participation Interests in the loan.

54. July 22, 2008 Loan Participation Purchase Program 54 Section 15:Redemption; Put; Termination At EDs discretion, ED and the Sponsor may net settle all amounts due to either party. ED will remit to the Custodian any net amount due the Sponsor.

55. July 22, 2008 Loan Participation Purchase Program 55 An entity that provided interim financing to a Sponsor may, with an enforceable power of attorney, PUT a financed loan to ED. The Sponsor must redeem any loan not later than the 255 th day of delinquency. If 45-day notice provided, may Put loan to ED. Section 15:Redemption; Put; Termination

56. July 22, 2008 Loan Participation Purchase Program 56 Section 15:Redemption; Put; Termination Any redemption of a Stafford Loan must include all of the borrowers Stafford (sub and unsub) that are part of the Participation. On the termination date of the Agreement – ED acquires full ownership, without compensation, of any loans then subject to EDs Participation Interest that the Sponsor has not yet redeemed, and The Custodian will remit to the Sponsor any excess redemption payments net of any obligations due and owed to ED by the Sponsor.

57. July 22, 2008 Loan Participation Purchase Program 57 16: Sponsor Events of Default: Remedies Upon occurrence of a Sponsor Event of Default, ED may take one or more of the following remedies: Deem EDs Participation Interest to be immediately terminated; Increase the spread for the Participants Yield from fifty basis points to three hundred basis points; Limit, suspend, or terminate the FFEL Program eligibility of the Sponsor or ELT, as applicable; and/or Suspend or debar the Sponsor.

58. July 22, 2008 Loan Participation Purchase Program 58 Section 17: Custodian Events of Default Upon occurrence of a Custodian Event of Default – ED or, with ED consent, the Sponsor, may, upon 30 days notice, remove the Custodian. ED can limit, suspend or terminate the Custodians participation as a FFEL lender. If a Custodian is removed, the Sponsor shall appoint a successor Custodian, to which title to purchased loans will be transferred, and all related loan documents will be delivered. Removal not effective until successor Custodian has accepted appointment.

59. July 22, 2008 Loan Participation Purchase Program 59 Custodian can delegate its duties to another eligible lender, including the Sponsor, or to the related Servicer, except as provided on next slide. Custodian can change the entity it has delegated to. Sec.18: Delegation of Duties - Custodian

60. July 22, 2008 Loan Participation Purchase Program 60 Sec.18: Delegation of Duties - Custodian Custodian cannot delegate its obligations to -- Hold title to purchased loans; Issue and authenticate Participation Certificates; Issue Participation Interests; Create and deliver each loan schedule & custodial certification; or Hold and disburse all collections, collect any redemption payments, or net settle amounts due upon any exercise of the Put Option.

61. July 22, 2008 Loan Participation Purchase Program 61 Sections 19 – 21 Section 19 - Custodian Not to Resign Custodian may not resign without approval of the Sponsor (ELT) and the Department. Section 20: Merger of the Custodian Any corporation into which the Custodian merges that meets qualifications as Custodian will become the successor Custodian. Section 21: No Transfer of Participation Certificates or Interests Participation certificates and interests cannot be assigned, transferred or pledged without prior written consent of all parties to the Agreement.

62. July 22, 2008 Loan Participation Purchase Program 62 Section 22: Fees and Expenses Sponsor will pay all costs & expenses incurred for -- Its execution of the Agreement, Servicing purchased loans, Providing audits & reports required under the Agreement, Transfer & deliver of loans to the Custodian, & Fees charged by the Custodian. Custodian and ED will pay all costs and expenses it, respectively incurs in executing the Agreement.

63. July 22, 2008 Loan Participation Purchase Program 63 Sections 23 - 25 Section 23: Tax Matters Parties agree that the arrangement will be a partnership for tax purposes. Section 24: Set-Off ED has the right to set-off, appropriate, and apply funds, including those in the Collection Account, to satisfy amounts due to ED by the Sponsor. Section 25: Survival of Covenants All agreements, representations & warranties made by parties survive consummation of EDs acquisition of Participation Interests.

64. July 22, 2008 Loan Participation Purchase Program 64 Section 26: Communications and Notice Requirement Section 27: Form of Instruments Sections 26 and 27 All communications, notices and approvals must be in writing and mailed or delivered to the designated address. All instruments shall be in the form set forth in the attachments to the Agreement.

65. July 22, 2008 Loan Participation Purchase Program 65 Section 28: Amendments; Waivers Any documents may be amended with written consent of all parties. Any waiver or modification to the Agreement must be – Consistent with the requirements of the HEA; Made in a writing signed by the party against whom the waiver or modification is sought.

66. July 22, 2008 Loan Participation Purchase Program 66 Sections 29 -31 Section 29: Severability Clause A determination that a provision of the Agreement is invalid does not invalidate other provisions of the Agreement. Section 30: Governing Law Construed in accordance with Federal law, or if no applicable Federal law, the internal laws of New York. Section 31: Exhibits Integral part of the agreement.

67. July 22, 2008 Loan Participation Purchase Program 67 Section 32: Interpretive Principles Terms defined in the Agreement have the meaning assigned in the Agreement. Accounting terms not defined in the Agreement have the meaning assigned under generally accepted accounting principles.

68. July 22, 2008 Loan Participation Purchase Program 68 Sections 33 – 36 Section 33: Reproduction of Documents Reproductions shall be admissible as evidence. Section 34: Further Agreements Sponsor & ELT agree to execute & deliver additional documents needed to effectuate the purposes of the Agreement. Section 35: Other Department Programs Refers to Loan Purchase Commitment Program Section 36: Adoption Effective as of the date on which ED, the Custodian, & the Sponsor & ELT, if applicable, enter into the Adoption Agreement.

69. July 22, 2008 Loan Participation Purchase Program 69 Exhibits A – Adoption Agreement B – Participation Purchase Request C – Class A Participation Certificate, including Loan Schedule & Custodial Certification D – Class B Participation Certificate E – Officers Certificate F – Form of Opinion of Counsel of the Sponsor G – Security Release Certification H – Form of Notice of Intent to Participate

70. July 22, 2008 Loan Participation Purchase Program 70