NAVIENT FUNDING, LLC

FORM
8-K
(Current report filing)

Filed 04/18/16 for the Period Ending 04/18/16

Address
Telephone
CIK
SIC Code
Fiscal Year

2001 EDMUND HALLEY DRIVE

RESTON, VA 20191
703-810-3000
0000949114
6189 - Asset-Backed Securities
12/31

http://access.edgar-online.com
Copyright 2016, EDGAR Online, Inc. All Rights Reserved.
Distribution and use of this document restricted under EDGAR Online, Inc. Terms of Use.

UNITEDSTATES
SECURITIESANDEXCHANGECOMMISSION
WASHINGTON,D.C.20549

FORM 8-K
CURRENTREPORT
PursuanttoSection13or15(d)oftheSecuritiesExchangeActof1934

DateofReport(DateofEarliestEventReported):

April18,2016

SLM Student Loan Trust 2014-2

________________________________________
(Exact name of issuer as specified in its charter)

Navient Funding, LLC

(Exact name of Depositor as specified in its charter)

Navient Solutions, Inc.

(Exact name of Sponsor as specified in its charter)

Delaware

333-190926-03
333-190926

_____________________
(Stateorotherjurisdiction
ofincorporation)

04-3480392
04-3480392
54-1843973

_____________
(Commission
FileNumber)

c/oDeutscheBankTrustCompanyDelaware
60WallStreet,27thFloor
MailstopNYC602720
NewYork,NewYork
10005
_________________________________
(Addressofprincipalexecutiveoffices)

______________
(I.R.S.Employer
IdentificationNumber)

Issuerstelephonenumber,includingareacode:

703-984-5858

NotApplicable
______________________________________________
Formernameorformeraddress,ifchangedsincelastreport
ChecktheappropriateboxbelowiftheForm8-Kfilingisintendedtosimultaneouslysatisfythefilingobligationoftheregistrantunderanyofthefollowing
provisions:
[]WrittencommunicationspursuanttoRule425undertheSecuritiesAct(17CFR230.425)
[]SolicitingmaterialpursuanttoRule14a-12undertheExchangeAct(17CFR240.14a-12)
[]Pre-commencementcommunicationspursuanttoRule14d-2(b)undertheExchangeAct(17CFR240.14d-2(b))
[]Pre-commencementcommunicationspursuanttoRule13e-4(c)undertheExchangeAct(17CFR240.13e-4(c))

Item 1.01

Entry into a Material Definitive Agreement.

ThetransactiondocumentsfortheSLMStudentLoanTrust2014-2(the2014-2Trust)wereamendedonApril18,2016toextendtheClassA-3Maturity
DatetotheMarch2055DistributionDateandtoextendtheClassBMaturityDatetotheJanuary2072DistributionDate.Inconnectionwiththeforegoing,the
partiestheretoexecutedanddeliveredSupplementalIndentureNo.1,datedasofApril18,2016,amongthe2014-2Trust,DeutscheBankNationalTrustCompany
Americas,notinitsindividualcapacitybutsolelyasEligibleLenderTrustee,andDeutscheBankNationalTrustCompany,notinitsindividualcapacitybutsolely
asIndentureTrustee.
Item 5.07

Submission of Matters to a Vote of Security Holders.

100%oftheholdersofClassA-3Notesand100%oftheholdersofClassBNotesofthe2014-2TrustasofApril18,2016eachconsentedinwritingtothe
foregoingSupplementalIndentureeffectiveasofthatdate.

Item 9.01 Financial Statements and Exhibits

99.1

Exhibits

SupplementalIndentureNo.1,datedasofApril18,2016,amongthe2014-2Trust,DeutscheBankNationalTrustCompanyAmericas,notinitsindividual
capacitybutsolelyasEligibleLenderTrustee,andDeutscheBankNationalTrustCompany,notinitsindividualcapacitybutsolelyasIndentureTrustee.

SIGNATURES
PursuanttotherequirementsoftheSecuritiesExchangeActof1934,theissuingentityhasdulycausedthisreporttobesignedonitsbehalfbythe
undersignedhereuntodulyauthorized.

Dated:April18,2016

NAVIENTSTUDENTLOANTRUST2014-2

By:NAVIENTFUNDING,LLC

By:/s/MarkD.Rein

Name:MarkD.Rein
Title:VicePresident

INDEX TO EXHIBITS
Exhibit
Number

99.1

Description

SupplementalIndentureNo.1,datedasofApril18,2016,amongthe2014-2Trust,DeutscheBankNationalTrustCompanyAmericas,notinits
individualcapacitybutsolelyasEligibleLenderTrustee,andDeutscheBankNationalTrustCompany,notinitsindividualcapacitybutsolelyas

IndentureTrustee.

SLM STUDENT LOAN TRUST 2014-2,

SUPPLEMENTAL INDENTURE NO. 1 OF 2016 ,
datedasofApril18,2016,
to

INDENTURE
datedasofMarch27,2014
among

SLMSTUDENTLOANTRUST2014-2,
asIssuer,

DEUTSCHEBANKTRUSTCOMPANYAMERICAS,
notinitsindividualcapacitybutsolelyastheEligibleLenderTrustee
and
DEUTSCHEBANKNATIONALTRUSTCOMPANY,
notinitsindividualcapacitybutsolelyastheIndentureTrustee

ThisSUPPLEMENTALINDENTURENO.1OF2016,datedasofApril18,2016(thisAmendment
),isto:
(1)

theINDENTURE,datedasofMarch27,2014(theIndenture
),amongSLMStudentLoanTrust2014-2,asIssuer(theIssuer

),DeutscheBankTrustCompanyAmericas(DBTCA
),aseligiblelendertrustee(theEligible
Lender
Trustee
),andDeutscheBankNationalTrust
Company(DBNTC
),asindenturetrustee(theIndenture
Trustee
).
WITNESSETH
WHEREAS,theIssuerdesirestoamendtheIndenturetoamendtwoofthedefinitionscontainedtherein;
WHEREAS,Section9.2oftheIndenturepermitssupplementalindenturestotheIndenturewiththeconsentoftheNoteholdersofatleastamajorityofthe
OutstandingAmountofalloftheNotesforthepurposeofaddinganyprovisionsto,orchanginginanymanneroreliminatinganyoftheprovisionsof,the
IndentureorofmodifyinginanymannertherightsoftheNoteholdersundertheIndenture;providedthattheconsentofeachaffectedNoteholderisrequiredto,
amongotherthings,extendthematuritydateofaclassofnotes;
WHEREAS,Section4.1oftheAmendedAndRestatedTrustAgreement,datedasofMarch27,2014,amongNavientFunding,LLC(formerlyknownas
SLMFundingLLC),astheDepositor(theDepositor
),theEligibleLenderTrustee,DBNTC,notinitsindividualcapacitybutsolelyastheIndentureTrustee,
ExcessDistributionCertificatePayingAgentandExcessDistributionCertificateRegistrarandDeutscheBankTrustCompanyDelaware,notinitsindividual
capacitybutsolelyasDelawareTrustee,permitstheamendmentoftheIndenturebyasupplementalindenturewiththepriorconsentoftheExcessDistribution
CertificateholdersincircumstanceswheretheconsentofanyNoteholderisrequired;
WHEREAS,theconsentsofoutstandingNoteholdersandExcessDistributionCertificateholdersidentifiedontheexecutedconsentattachedheretoas
ExhibitAhavebeenobtained;and
WHEREAS,theOpinionsofCounselreferredtoinSections9.3and11.1oftheIndenturearebeingdeliveredsimultaneouslyherewith.
NOW,THEREFORE,thepartiesheretoagreeasfollows:
SECTION1.DefinedTerms.
ForpurposesofthisAmendment,unlessthecontextclearlyrequiresotherwise,allcapitalizedtermswhichareusedbutnototherwisedefinedhereinshall
havetherespectivemeaningsassignedtosuchtermsinAppendixAtotheIndenture,asherebyamended.
1

SECTION2.AmendmentandModificationstotheIndenture.
(a)AppendixAtotheIndentureisherebyamendedbydeletingthedefinitionsofClassA-3MaturityDateandClassBMaturityDateintheir
entiretyandreplacingthemwiththefollowing:
ClassA-3MaturityDatemeanstheMarch2055DistributionDate.
ClassBMaturityDatemeanstheJanuary2072DistributionDate.
SECTION3.AdditionalAmendmentsandModificationstotheIndenture.PursuanttoSection9.6oftheIndenture,theIssuerhasdeterminedthatanew
amendedandrestatednoteforeachoftheClassA-3NotesandClassBNotes,intheformattachedheretoasExhibitB,isrequiredtoconformtotheamendment
setforthherein,andtheIndentureTrusteeisauthorizedanddirectedtocanceltheoriginalOutstandingClassA-3NoteandtheoriginalOutstandingClassBNote
andauthenticateanddeliverthereplacementnotesinexchangeforOutstandingClassA-3NotesandOutstandingClassBNotes,asapplicable.
SECTION4.EffectofAmendment.OnApril18,2016(theEffective
Date
),theamendmentandmodificationstotheIndenturesetforthhereinshall
be,andshallbedeemedtobe,effectiveinaccordanceherewithand,ineachcase,therespectiverights,limitations,obligations,duties,liabilitiesandimmunitiesof
therespectivepartiestheretoandheretoshallhereafterbedetermined,exercisedandenforcedsubjectinallrespectstosuchmodificationsandamendment,andall
thetermsandconditionsofthisAmendmentshallbedeemedtobepartoftherespectivetermsandconditionsoftheIndentureforanyandallpurposes;provided,
however,thatpriortoexecutionofthisAmendmentontheEffectiveDate,noneofthetermsandprovisionsofthisAmendmentshallbeapplicabletothe
Indenture.ExceptasmodifiedandexpresslyamendedbythisAmendment,theIndentureisinallrespectsratifiedandconfirmed,andalltheterms,provisionsand
conditionsthereofshallbeandremaininfullforceandeffect.
SECTION5.GoverningLaw.THETERMSOFTHISAMENDMENTSHALLBECONSTRUEDINACCORDANCEWITHTHELAWSOFTHE
STATEOFNEWYORK,WITHOUTREFERENCETOITSCONFLICTOFLAWPROVISIONS(OTHERTHAN5-1401OFTHENEWYORKGENERAL
OBLIGATIONSLAW),ANDTHEOBLIGATIONS,RIGHTSANDREMEDIESOFTHEPARTIESHEREUNDERSHALLBEDETERMINEDIN
ACCORDANCEWITHSUCHLAWS.
SECTION6.WaiverofJuryTrial.EACHOFTHEPARTIESHERETOHEREBYIRREVOCABLYWAIVES,TOTHEFULLESTEXTENT
PERMITTEDBYAPPLICABLELAW,ANYANDALLRIGHTTOTRIALBYJURYINANYLEGALPROCEEDINGARISINGOUTOFORRELATING
TOTHISAMENDMENTORTHETRANSACTIONSCONTEMPLATEDHEREBY.
SECTION7.SectionHeadings.Thesectionheadingshereinareforconvenienceofreferenceonly,andshallnotlimitorotherwiseaffectthemeaning
hereof.
SECTION8.SeparateCounterparts.ThisAmendmentmaybeexecutedbythepartiesheretoinseparatecounterparts,eachofwhichwhensoexecuted
anddeliveredshallbeanoriginal,butallsuchcounterpartsshalltogetherconstitutebutoneandthesameinstrument.
2

SECTION9.ContinuingEffect.ExceptasexpresslyamendedbythisAmendment,theIndentureshallremaininfullforceandeffectinaccordancewith
itsterms.
SECTION10.ReferencestoIndenture.Fromandafterthedatesetforthabove,allreferencestotheIndentureineachapplicableUnderwriting
Agreement,TrustAgreement,ServicingAgreement,SubservicingAgreement,AdministrationAgreement,Sub-AdministrationAgreement,SaleAgreement,
PurchaseAgreement,GuaranteeAgreements,DepositoryAgreement,CustodyAgreement,anyapplicableNoteoranyotherapplicabledocumentexecutedor
deliveredinconnectiontherewithshallbedeemedareferencetotheIndenture,asamendedhereby,unlessthecontextexpresslyrequiresotherwise.
SECTION11.SeverabilityofProvisions.Ifanyoneormoreofthecovenants,agreements,provisionsortermsofthisAmendmentshallbeforany
reasonwhatsoeverheldinvalid,thensuchcovenants,agreements,provisionsortermsshallbedeemedseverablefromtheremainingcovenants,agreements,
provisionsortermsofthisAmendment,andshallinnowayaffectthevalidityorenforceabilityoftheotherprovisionsofthisAmendmentoroftheapplicable
NotesortherightsoftheapplicableNoteholdersthereof.
SECTION12.BindingNatureofAmendment;Assignment.ThisAmendmentshallbebindinguponandinuretothebenefitofthepartiesheretoand
theirrespectivesuccessorsandpermittedassignsandallcurrentandfutureNoteholders.
SECTION13.TheIndentureTrusteeandtheEligibleLenderTrustee.
(a)

InexecutingthisAmendment,eachoftheIssuer,theEligibleLenderTrusteeandtheIndentureTrusteeshallhavetherespectiverights,

protections,privileges,immunitiesandindemnitiesgiventoitundertheIndenture.NeithertheEligibleLenderTrusteenortheIndentureTrusteemakes
anyrepresentationorwarrantyastothevalidityorsufficiencyofthisAmendment,nortotherecitalscontainedherein.
(b)

Notwithstandinganythingcontainedhereinorinanyotherrelateddocumenttothecontrary,thisAmendmenthasbeensignedbyDeutsche

BankTrustCompanyAmericas,notinitsindividualcapacitybutsolelyasEligibleLenderTrusteeundertheAmendedAndRestatedTrustAgreement
relatingtotheIssuerandinnoeventshallDeutscheBankTrustCompanyAmericasinitsindividualcapacityorasEligibleLenderTrusteehaveany
liabilityfortherepresentations,warranties,covenants,agreementsorotherobligationsoftheIssuerhereunderorinanyofthecertificates,noticesor
agreementsdeliveredpursuantheretoastoallofwhichrecourseshallbehadsolelytotheassetsoftheIssuer.
(c)

Notwithstandinganythingcontainedhereinorinanyotherrelateddocumenttothecontrary,thisAmendmenthasbeensignedbyDeutsche

BankNationalTrustCompany,notinitsindividualcapacitybutsolelyasIndentureTrusteeundertheIndenturerelatingtotheIssuerandinnoeventshall
DeutscheBankNationalTrustCompanyinitsindividualcapacityorasIndentureTrusteehaveanyliabilityfortherepresentations,warranties,covenants,
agreementsorotherobligationsoftheIssuerhereunderorinanyofthecertificates,noticesoragreementsdeliveredpursuantheretoastoallofwhich
recourseshallbehadsolelytotheassetsoftheIssuer.
3

SECTION14.ExcessDistributionCertificateholderConsentandDirection.NavientFunding,LLChereby:(i)certifiesthatitowns100%oftheExcess
DistributionCertificateissuedbytheIssuer;(ii)certifiesthatitconsentstothisAmendmentinallrespects;and(iii)instructsanddirectsDeutscheBankTrust
CompanyAmericas,asEligibleLenderTrustee,toexecuteanddeliverthisAmendmentinthenameoftheIssuer.Inaddition,NavientFunding,LLC,asthesole
ExcessDistributionCertificateholderoftheIssuer,herebyirrevocablywaivesanyrightsitmayhaveunderanyBasicDocument(asdefinedintheIndenture)to
receivepriornoticeofthesubstanceofthisAmendment.
SECTION15.IssuerOrder.PursuanttoSection9.2oftheIndenture,NavientSolutions,Inc.asAdministratoroftheIssuerandonbehalfofsuchIssuer,
herebydirectsandinstructsDeutscheBankNationalTrustCompany,asIndentureTrustee,toexecuteanddeliverthisAmendment,anddirectsandinstructs
DeutscheBankTrustCompanyAmericas,asEligibleLenderTrustee,toexecuteanddeliverthisAmendmentinthenameoftheIssuer.TheAdministratorhereby
confirmsthatithasprovidedpriorwrittennoticeofthisAmendmenttotheapplicableRatingAgenciesandanyotherrequiredPersonswithinthetimeframes
requiredundertheIndentureandtheAmendedandRestatedTrustAgreement.Thepartiesheretoagreethatsuchnoticeshallbedeemedtosatisfyanyprovision
requiringnoticeofthisAmendmenttobesentbytheEligibleLenderTrustee.

[SIGNATUREPAGESFOLLOW]
4

INWITNESSWHEREOF,thepartiesheretohavecausedthisSupplementalIndentureNo.1of2016tobedulyexecutedanddeliveredbytheir
respectivedulyauthorizedofficersasofthedayandyearfirstwrittenabove.

SLMSTUDENTLOANTRUST2014-2,asIssuer

By:DeutscheBankTrustCompanyAmericas,notinitsindividualcapacity
butsolelyasEligibleLenderTrustee

By: /s/MicheleH.Y.Voon

Name:MicheleH.Y.Voon

Title:VicePresident

By: /s/SusanBarstock

Name:SusanBarstock

Title:VicePresident

DEUTSCHEBANKNATIONALTRUSTCOMPANY,notinitsindividual
capacitybutsolelyasIndentureTrustee

By: /s/MicheleH.Y.Voon

Name:MicheleH.Y.Voon

Title:VicePresident

By: /s/SusanBarstock

Name:SusanBarstock

Title:VicePresident

EXHIBIT A
Consent
Eachoftheundersignedpartiesherebyconsents,asofApril18,2016,totheamendmentoftheINDENTURE,datedasofMarch27,2014(the
Indenture
),amongSLMStudentLoanTrust2014-2,asIssuer(theIssuer
),DeutscheBankTrustCompanyAmericas(DBTCA
),aseligiblelendertrustee
(theEligible
Lender
Trustee
),andDeutscheBankNationalTrustCompany(DBNTC
),asindenturetrustee(theIndenture
Trustee
),asamendedfrom
timetotime,insubstantiallytheformattachedheretoasAnnexA.
TheIndentureisbeingamendedtoamendtwoofthedefinitionscontainedtherein.
Ratings
Considerations
:Eachoftheundersignedpartiesunderstandsthatnoassurancecanbeprovidedregardingtheimpactthattheadoptionofthe
amendmentwillhaveontheratingsoftheNotes.AsrequiredbytheIndenture,theIssuerhasprovidedpriorwrittennoticeofthetermsoftheamendmenttoeach
RatingAgencycurrentlyratingtheNotes.However,noRatingAgencyconfirmationoraffirmationoftheratingsoftheNoteshasbeensoughtorgiven.Asa
result,itisnotcertainwhatimpacttheadoptionoftheamendmentwillhaveonaRatingAgencysdecisiontoaddtheNotestoorremovetheNotesfromits
negativewatchlistforpossibledowngradeortodowngradethecurrentratingsoftheNotes.
Further,wehavebeenadvisedthatitispossiblethataRatingAgencymayviewtheadoptionofthisamendmentasarestructuringofadistresseddebt
instrument.OnepotentialresultofthisdesignationwouldbetocausearatingsdowngradeoftheNotes(toreflectthedistresseddebtelementoftheiranalysis)
followedbyanupgradeoftheratingoftheNotes(toaddresstherestructuringoftheNotes).
U.S.
Federal
Income
Tax
Considerations
.EachoftheundersignedpartiesunderstandsthattheadoptionoftheamendmentmayhaveadverseU.S.federal
incometaxconsequencestotheNoteholders,andtheundersignedpartieswillrelyonadvicefromtheirowntaxadvisorsonthismatter.Thediscussionbelowis
generalinnatureanddoesnotaddressallofthetaxconsequencesoftheadoptionoftheamendmentthatmayberelevanttoNoteholders.
AlthoughwebelievethattheadoptionoftheamendmentwillnotadverselyaffectthetaxcharacterizationoftheNotesasindebtednessforU.S.federal
incometaxpurposes,certainadversetaxconsequencescouldapplytoholdersiftheadoptionoftheamendmentresultedintheNotesbeingtreatedasequityfor
U.S.federalincometaxpurposes.ForafurtherdiscussionoftheadversetaxconsequencestoNoteholdersiftheNotesweretreatedasequityforU.S.federal
incometaxpurposes,seeU.S.
Federal
Income
Tax
ConsequencesTax
Consequences
to
Holders
of
Notes
In
GeneralTreatment
of
the
Notes
as
Indebtedness

intheBaseProspectusdatedMarch17,2014(theBase
Prospectus
).
ThedeferralofthestatedmaturitydatepursuanttotheamendmentmaybetreatedasasignificantmodificationoftheNotesforU.S.federalincometax
purposesresultinginadeemedexchange.IftheamendmentresultsinasignificantmodificationandadeemedexchangeofOldNotesforNewNotes,U.S.
Noteholderswillrecognizegainorlossuponthedeemedexchangeunlesstheexchangequalifiesasatax-freerecapitalization.Althoughthematterisnotfreefrom
doubt,weintendtotreatthedeemedexchangeassucharecapitalization.Ifthedeemedexchangeisa
1

tax-freerecapitalization,aNoteholderstaxbasisintheNewNotesreceivedpursuanttoadeemedexchangegenerallywillequaltheholderstaxbasisintheOld
Notes.
Iftheamendmentresultsinasignificantmodification,theissuepriceoftheNewNoteswilldependonwhethertheNewNotesandtheOldNotesare
properlycharacterizedastradedonanestablishedmarket(hereinafterpublicly-traded)withinthemeaningofTreas.Reg.1.1273-2(f)(1).WeexpecttheNew
ClassA-3NotesshouldbecharacterizedaspubliclytradedandtheNewClassBNotesshouldnotbecharacterizedaspubliclytraded,andweexpect,andthe
remainderofthisdiscussionassumes,thatthestatedinterestontheNewNoteswillmeettherequirementsforadequatestatedinterestundertheTreasury
Regulations.Consequently,theissuepriceoftheNewClassA-3NotesshouldbethefairmarketvalueoftheNewClassA-3Notesonthedateofthedeemed
exchange(i.e.
,onthedatetheamendmentbecomeseffective),andtheissuepriceoftheNewClassBNotesshouldbethestatedprincipalamountoftheNew
ClassBNotes.
ANewNotereceivedinthedeemedexchangewillbetreatedashavingbeenissuedwithoriginalissuediscount(OID)forU.S.federalincometax
purposesiftheNewNotesstatedprincipalamountexceedstheissuepriceoftheNewNotesbymorethanthestatutorilydefinedde
minimis
amount.Inlightof
thecurrenttradingpricesfortheNotes,thereisasignificantlikelihoodthattheNewClassA-3Noteswillbetreatedasre-issuedwithOID.Forafurther
discussionofthetreatmentofOID,seeU.S.
Federal
Income
Tax
ConsequencesTax
Consequences
to
Holders
of
Notes
In
GeneralOriginal
Issue
Discount

intheBaseProspectus.
IfthedeemedexchangequalifiesasarecapitalizationandaNoteholdersinitialtaxbasisintheNewNotesexceedstheirstatedprincipalamount,the
holderwillbeconsideredtohaveacquiredtheNewNoteswithamortizablebondpremium.Inaddition,foranyNoteholderthatacquiredOldNoteswithmarket
discount,anygainrecognizedonthedeemedexchangewillbetreatedasordinaryincometotheextentofthemarketdiscountaccruedduringitsperiodof
ownership,unlesssuchholderpreviouslyelectedtoincludemarketdiscountinincomeasitaccruedforU.S.federalincometaxpurposes.Assumingthedeemed
exchangequalifiesasarecapitalization,inadeemedexchangeofOldNoteswithmarketdiscountforNewNotes,theNewNoteswillbetreatedasacquiredwith
marketdiscountiftheissuepriceoftheNewNotesexceedstheholdersinitialtaxbasisforsuchNewNotesbymorethanade
minimis
amount,andanyaccrued
marketdiscountwithrespecttotheOldNotesgenerallyshouldcarryovertosuchNewNotes.Forafurtherdiscussionofamortizablebondpremiumandmarket
discount,seeU.S.
Federal
Income
Tax
ConsequencesTax
Consequences
to
Holders
of
Notes
In
GeneralMarket
Discount
andU.S.
Federal
Income
Tax
ConsequencesTax
Consequences
to
Holders
of
Notes
In
GeneralAmortizable
Bond
Premium
intheBaseProspectus.
Noteholders are urged to consult with their own tax advisors regarding the U.S. federal income tax consequences of the adoption of the
amendment.
NOTEHOLDERS ARE HEREBY NOTIFIED THAT EXECUTED AND DELIVERED CONSENTS ARE IRREVOCABLE PRIOR TO THE
EXPIRATION OF THE CONSENT PERIOD (INCLUDING ANY ONE-TIME EXTENSION THEREOF MADE AT THE SOLE DISCRETION OF
THE ADMINISTRATOR).

[SIGNATUREPAGESFOLLOW]

CONSENTEDTOBY:

NAVIENTFUNDING,LLC,asExcessDistributionCertificateholder

By: __________________________________

Name:

Title:

CLASSA-3NOTEHOLDERS

CONSENTEDTOBY:

,
asbeneficialownerof$
OriginalPrincipalBalanceofSLMStudentLoanTrust2014-2,StudentLoan
Asset-Backed
Notes,ClassA-3bearing:

CUSIPNumber:78448GAC4
ISIN:US78448GAC42
EuropeanCommonCode:104962173

By:
Name:
Title:

DTCParticipantNumber:

Dated:April18,2016
TheClassA-3Noteswereissuedinminimumdenominationsof$100,000andincrementsof$1,000inexcessthereof.Executedconsents,byPDF,emailorother
electronicmethodshouldbesentpriortoExpirationDateoftheconsentperiod(withanoriginalsignedpagetofollow)totheattentionoftheIndentureTrusteeat:
DeutscheBankNationalTrustCompany,
100PlazaOne,6thFloor,MS:JCY03-0699
JerseyCity,NewJersey07311-3901
Attention:InstitutionalCash&SecuritiesServices(ICSS)
Email:michele.hy.voon@db.com
NOTEHOLDERSAREHEREBYNOTIFIEDTHATEXECUTEDANDDELIVEREDCONSENTSAREIRREVOCABLEPRIORTOTHEEXPIRATIONOF
THECONSENTPERIOD(INCLUDINGANYONE-TIMEEXTENSIONTHEREOFMADEATTHESOLEDISCRETIONOFTHEADMINISTRATOR).
4

CLASSBNOTEHOLDERS

CONSENTEDTOBY:

,
asbeneficialownerof$
OriginalPrincipalBalanceofSLMStudentLoanTrust2014-2,StudentLoan
Asset-Backed
Notes,ClassBbearing:

CUSIPNumber:78448GAD2
ISIN:US78448GAD25
EuropeanCommonCode:104962211

By:
Name:
Title:

DTCParticipantNumber:

Dated:April18,2016
TheClassBNoteswereissuedinminimumdenominationsof$100,000andincrementsof$1,000inexcessthereof.Executedconsents,byPDF,emailorother
electronicmethodshouldbesentpriortoExpirationDateoftheconsentperiod(withanoriginalsignedpagetofollow)totheattentionoftheIndentureTrusteeat:
DeutscheBankNationalTrustCompany,
100PlazaOne,6thFloor,MS:JCY03-0699
JerseyCity,NewJersey07311-3901
Attention:InstitutionalCash&SecuritiesServices(ICSS)
Email:michele.hy.voon@db.com
NOTEHOLDERSAREHEREBYNOTIFIEDTHATEXECUTEDANDDELIVEREDCONSENTSAREIRREVOCABLEPRIORTOTHEEXPIRATIONOF
THECONSENTPERIOD(INCLUDINGANYONE-TIMEEXTENSIONTHEREOFMADEATTHESOLEDISCRETIONOFTHEADMINISTRATOR).
5

Annex A
[Form of Supplemental Indenture No. 1 of 2016]

EXHIBIT B
FORM OF AMENDED & RESTATED CLASS A-3 NOTE
SEEREVERSEFORCERTAINDEFINITIONS
UnlessthisNoteispresentedbyanauthorizedrepresentativeofTheDepositoryTrustCompany,aNewYorkcorporation(DTC),totheIssuer
(asdefinedbelow)oritsagentforregistrationoftransfer,exchangeorpayment,andanyNoteissuedisregisteredinthenameofCede&Co.orinsuchothername
as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized
representativeofDTC),ANYTRANSFER,PLEDGEOROTHERUSEHEREOFFORVALUEOROTHERWISEBYORTOANYPERSONISWRONGFUL
inasmuchastheregisteredownerhereof,Cede&Co.,hasaninterestherein.
THEPRINCIPALOFTHISNOTEISPAYABLEININSTALLMENTSASSETFORTHHEREIN.ACCORDINGLY,THEOUTSTANDING
PRINCIPALAMOUNTOFTHISNOTEATANYTIMEMAYBELESSTHANTHEAMOUNTSHOWNONTHEFACEHEREOF.THISNOTEISNOT
GUARANTEEDORINSUREDBYANYGOVERNMENTALAGENCY.
NUMBER
R-[1][2]*

PRINCIPALAMOUNT:[$500,000,000][$6,100,000]*
CUSIPNO.:78448GAC4
ISIN:US78448GAC42
EUROPEANCOMMONCODE:104962173

*AnyNotewithaPrincipalAmountinexcessofanymultipleof$500,000,000mustberegisteredthroughDTCatmultiplesthereof.
1

SLMSTUDENTLOANTRUST2014-2
AMENDEDANDRESTATED
FLOATINGRATECLASSA-3STUDENTLOAN-BACKEDNOTES
SLM Student Loan Trust 2014-2, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the
Issuer), for valuereceived, hereby promisestopaytoCEDE&CO.,orregistered assigns,theprincipal sumof[FIVEHUNDREDMILLIONANDNO/100
DOLLARS][SIXMILLION,ONEHUNDREDTHOUSANDANDNO/100DOLLARS]([$500,000,000][$6,100,000]) payable oneachDistribution Dateinan
amount equal to the result obtained by multiplying (i) a fraction, the numerator of which is [$500,000,000][$6,100,000] and the denominator of which is
$506,100,000,by(ii)theaggregateamount,ifany,payabletotheClassA-3NoteholdersonsuchDistributionDateinrespectofprincipaloftheNotespursuantto
Section 3.1 of the Indenture dated as of March 27, 2014 (the Indenture), among the Issuer, Deutsche Bank Trust Company Americas, a New York banking
corporation,asEligibleLenderTrusteeonbehalfoftheIssuer,andDeutscheBankNationalTrustCompany,anationalbankingassociation,asIndentureTrustee
(capitalizedtermsusedbutnotdefinedhereinbeingdefinedinAppendixAtotheIndenture,whichalsocontainsrulesastousagethatshallbeapplicableherein);
provided,however,thattheentireunpaidprincipalamountofthisNoteshallbedueandpayableontheMarch2055DistributionDate(theClassA-3Maturity
Date).
The Issuer shall pay interest on this Note at the rate per annum equal to the Class A-3 Rate (as defined on the reverse hereof), on each
Distribution Date until the principal of this Note is paid or made available for payment, on the principal amount of this Note outstanding on the preceding
DistributionDate(aftergivingeffecttoallpaymentsofprincipalmadeontheprecedingDistributionDate),subjecttocertainlimitationscontainedinSection3.1
oftheIndenture.InterestonthisNoteshallaccruefromandincludingtheimmediatelyprecedingDistributionDate(or,inthecaseofthefirstAccrualPeriod,the
ClosingDate)tobutexcludingthefollowingDistributionDate(eachanAccrualPeriod).Interestshallbecalculatedonthebasisoftheactualnumberofdays
elapsedineachAccrualPerioddividedby360.SuchprincipalofandinterestonthisNoteshallbepaidinthemannerspecifiedonthereversehereof.
TheprincipalofandinterestonthisNotearepayableinsuchcoinorcurrencyoftheUnitedStatesofAmericaasatthetimeofpaymentislegal
tenderforpaymentofpublicandprivatedebts.AllpaymentsmadebytheIssuerwithrespecttothisNoteshallbeappliedfirsttointerestdueandpayableonthis
NoteasprovidedaboveandthentotheunpaidprincipalofthisNote.
ReferenceismadetothefurtherprovisionsofthisNotesetforthonthereversehereof,whichshallhavethesameeffectasthoughfullysetforth
onthefaceofthisNote.
UnlessthecertificateofauthenticationhereonhasbeenexecutedbytheIndentureTrusteewhosenameappearsbelowbymanualsignature,this
NoteshallnotbeentitledtoanybenefitundertheIndenturereferredtoonthereversehereof,orbevalidorobligatoryforanypurpose.
2

INWITNESSWHEREOF,theIssuerhascausedthisinstrumenttobedulyexecuted,manuallyorinfacsimile,asofthedatesetforthbelow.

SLMSTUDENTLOANTRUST2014-2

By: DEUTSCHEBANKTRUSTCOMPANYAMERICAS,notinitsindividual
capacitybutsolelyasEligibleLenderTrusteeundertheTrustAgreement

By:

AuthorizedSignatory

Date:April18,2016

TRUSTEESCERTIFICATEOFAUTHENTICATION
ThisisoneoftheNotesdesignatedaboveandreferredtointhewithin-mentionedIndenture.

DEUTSCHEBANKNATIONALTRUSTCOMPANY,
notinitsindividualcapacitybutsolelyasIndentureTrustee

By:

AuthorizedSignatory

Date:April18,2016

[REVERSEOFNOTE]
ThisNoteisoneofadulyauthorizedissueofNotesoftheIssuer,designatedasitsFloatingRateClassA-3StudentLoan-BackedNotes(the
ClassA-3Notes),togetherwiththeFloatingRateClassA-1StudentLoan-BackedNotes(theClassA-1Notes)andtheFloatingRateClassA-2StudentLoanBacked Notes (the ClassA-2 Notes and, together with the Class A-1 Notes and the Class A-3Notes, the Class ANotes) which,together with the Issuers
FloatingRateClassBStudentLoan-BackedNotes(theClassBNotesand,togetherwiththeClassANotes,theNotes),areissuedunderandsecuredbythe
Indenture,towhichIndentureandallindenturessupplementaltheretoreferenceisherebymadeforastatementoftherespectiverightsandobligationsthereunder
oftheIssuer,theIndentureTrustee,theEligibleLenderTrusteeandtheNoteholders.TheNotesaresubjecttoalltermsoftheIndenture.
ThisNoteissecuredequallyandratablywiththeCollateralpledgedassecuritythereforeasprovidedintheIndenture.OnanyDistributionDate,
interestoneachClassANotewillbepaidparipassuwithallotherClassANotes,and,thereafter,interestontheClassBNoteswillbepaid.OnanyDistribution
Date,theprincipalontheClassANoteswillbepaid,first,totheClassA-1Notes;second,totheClassA-2Notes;andthird,totheClassA-3Notes,uptothe
applicableClassANoteholdersPrincipalDistributionAmount.Thereafter,onanyDistributionDate,principalontheClassBNoteswillbepaidtotheClassB
NotesuptotheapplicableClassBNoteholdersPrincipalDistribution Amount.Paymentprioritiesfollowingtheoccurrence andduringthecontinuation ofan
EventofDefaultwillchangeasdescribedintheIndenture.
Principal of the Class A-3 Notes shall be payable on each Distribution Date in an amount described on the face hereof. Distribution Date
meansthe25thdayofeachcalendarmonthor,ifanysuchdateisnotaBusinessDay,thenextsucceedingBusinessDay,commencingMay26,2014.
As described on the face hereof, the entire unpaid principal amount of this Note shall be due and payable on the Class A-3 Maturity Date.
Notwithstandingtheforegoing,theentireunpaidprincipalamountoftheNotesshallbedueandpayableonthedateonwhich(i)anEventofDefaultshallhave
occurredandbecontinuingand(ii)theIndentureTrusteeortheNoteholdersrepresentingnotlessthanamajorityoftheOutstandingAmountoftheNotesshall
havedeclaredtheNotestobeimmediatelydueandpayableinthemannerprovidedinSection5.2oftheIndenture.AllprincipalpaymentsontheClassA-3Notes
shallbemadeproratatotheNoteholdersentitledthereto.
InterestontheClassA-3NotesshallbepayableoneachDistributionDateontheprincipalamountoutstandingoftheClassA-3Notesuntilthe
principal amount thereof ispaid in full, at arate per annumequal tothe Class A-3Rate. The Class A-3Rate foreach Accrual Period,other than the initial
Accrual Period,shall beequal toOne-Month LIBORasdetermined onthesecondBusinessDaybefore thebeginning ofthat Accrual Period plus0.59%.The
interestfortheinitialAccrualPeriodshallbeassetforthinthedefinitionofClassA-3RatecontainedinAppendixAtotheIndenture.
IfDefinitiveNoteshavebeenissuedasoftheapplicableRecordDate,thenpaymentsofinterestonthisNoteoneachDistributionDate,together
withtheinstallmentofprincipal,ifany,totheextentnotinfullpaymentofthisNote,shallbemadebycheckmailedto
4

thePersonwhosenameappearsastheRegisteredHolderofthisNote(oroneormorePredecessorNotes)ontheNoteRegisterontheRecordDate.Suchchecks
shallbemailedtothePersonentitledtheretoattheaddressofsuchPersonasitappearsontheNoteRegisterasoftheapplicableRecordDatewithoutrequiringthat
thisNotebesubmittedfornotationofpayment,andthemailingofsuchcheckshallconstitutepaymentoftheamountthereofregardlessofwhethersuchcheckis
returnedundelivered.WithrespecttoNotesregisteredontheapplicableRecordDateinthenameofthenomineeoftheClearingAgency(initially,suchnominee
tobeCede&Co.),unlessDefinitiveNoteshavebeenissued,paymentsshallbemadebywiretransferinimmediatelyavailablefundstotheaccountdesignatedby
suchnominee.AnyreductionintheprincipalamountofthisNote(oranyoneormorePredecessorNotes)effectedbyanypaymentsmadeonanyDistribution
Date shall be binding upon all future Noteholders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu
hereof,whetherornotnotedhereon.Iffundsareexpectedtobeavailable,asprovidedintheIndenture,forpaymentinfullofthethenremainingunpaidprincipal
amountofthisNoteonaDistributionDate,thentheIndentureTrustee,inthenameofandonbehalfoftheIssuer,shallnotifythePersonwhowastheNoteholder
hereof as of the preceding Record Date by notice mailed no later than five days prior to such Distribution Date and the amount then due and payable shall be
payable only upon presentation and surrender of this Note at the Indenture Trustees Corporate Trust Office or at the office of the Indenture Trustees agent
appointedforsuchpurposeslocatedintheBoroughofManhattan,TheCityofNewYork.
TheIssuershallpayinterestonoverdueinstallmentsofinterestonthisNoteattheClassA-3Ratetotheextentlawful.
AsprovidedintheIndentureandsubjecttocertainlimitationssetforththerein,thetransferofthisNoteshallberegisteredontheNoteRegister
uponsurrenderofthisNoteforregistrationoftransferattheofficeoragencydesignatedbytheIssuerpursuanttotheIndenture,dulyendorsedby,oraccompanied
byawritteninstrumentoftransferinformsatisfactorytotheIndentureTrusteedulyexecutedby,theNoteholderhereoforhisattorneydulyauthorizedinwriting,
withsuchsignatureguaranteedbyaneligibleguarantorinstitutionmeetingtherequirementsoftheNoteRegistrar,whichrequirementsincludemembershipor
participation in Securities Transfer Agents Medallion Program (STAMP) or such other signature guarantee program as may be determined by the Note
Registrarinadditionto,orinsubstitutionfor,STAMP(allinaccordancewiththeExchangeAct),andsuchotherdocumentsastheIndentureTrusteemayrequire,
and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount shall be issued to the designated transferee or
transferees.NoservicechargewillbechargedforanyregistrationoftransferorexchangeofthisNote,butthetransferormayberequiredtopayasumsufficientto
coveranytaxorothergovernmentalchargethatmaybeimposedinconnectionwithanysuchregistrationoftransferorexchange.
EachNoteholderorNoteOwner,byacceptanceofthisNoteor,inthecaseofaNoteOwner,abeneficialinterestinthisNote,covenantsand
agreesthatnorecoursemaybetaken,directlyorindirectly,withrespecttotheobligationsoftheIssuerortheIndentureTrusteeontheNotesorundertheIndenture
oranycertificateorotherwritingdeliveredinconnectiontherewith,against(i)theIndentureTrusteeortheEligibleLenderTrusteeinitsindividualcapacity,(ii)
anyownerofabeneficialinterestintheIssueror(iii)anypartner,owner,beneficiary,agent,officer,directororemployeeoftheIndentureTrusteeortheEligible
LenderTrusteeinitsindividualcapacity,anyholderorownerofabeneficialinterestintheIssuer,the
5

EligibleLenderTrusteeortheIndentureTrusteeorofanysuccessororassignthereofinitsindividualcapacity,exceptasanysuchPersonmayhaveexpressly
agreed(itbeingunderstoodthattheIndentureTrusteeandtheEligibleLenderTrusteehavenosuchobligationsintheirindividualcapacity)andexceptthatany
suchpartner,ownerorbeneficiaryshallbefullyliable,totheextentprovidedbyapplicablelaw,foranyunpaidconsiderationforstock,unpaidcapitalcontribution
orfailuretopayanyinstallmentorcallowingtosuchentity.
EachNoteholderorNoteOwner,byacceptanceofaNoteor,inthecaseofaNoteOwner,abeneficialinterestinaNote,covenantsandagrees
that by accepting the benefits of the Indenture that for federal, state and local income and franchise tax, and financial accounting, purposes, (a) the Notes will
constitute indebtedness of the Issuer and (b) the Excess Distribution Certificateholder will be treated as owning all of the assets, and assuming (but without
assumingpersonalrecoursetosuchCertificateholder)alloftheliabilities(includingtheNotes),oftheIssuerandshallinalleventstakepositionsconsistentwith,
andinnoeventtakeapositioninconsistentwith,theprovisionsdescribedinclauses(a)and(b)inthepreparationofanyreturnsandreports,andwithrespectto
anyauditorcontroversy,astowhicheitherofthepositionsdescribedinclauses(a)or(b)abovewouldberelevant.
UponacquisitionortransferofthisNoteorabeneficialinterestinthisNote,asthecasemaybe,by,fororwiththeassetsof,aBenefitPlan,such
NoteOwnershallbedeemedtohaverepresentedthatsuchacquisitionorpurchasewillnotconstituteorotherwiseresultin:(i)inthecaseofaBenefitPlansubject
toTitleIofERISAorSection4975oftheCode,anon-exemptprohibitedtransactioninviolationofSection406ofERISAorSection4975oftheCodewhichis
notcoveredbyaclassorotherapplicableexemptionand(ii)inthecaseofaBenefitPlansubjecttoasubstantiallysimilarfederal,state,localorforeignlaw,anonexemptviolationofsuchsubstantiallysimilarlaw.Anytransferfoundtohavebeenmadeinviolationofsuchdeemedrepresentationshallbenullandvoidandof
noeffect.
EachNoteholderorNoteOwner,byacceptanceofthisNoteor,inthecaseofaNoteOwner,abeneficialinterestinthisNote,covenantsand
agreesthatbyacceptingthebenefitsoftheIndenturesuchNoteholderorNoteOwnerwillnotatanytimeinstituteagainsttheDepositorortheIssuer,orjoininany
institution against the Depositor or the Issuer of, any bankruptcy, reorganization, arrangement, insolvency, receivership or liquidation proceedings or other
proceedingsunderanyUnitedStatesFederalorstatebankruptcyorsimilarlawinconnectionwithanyobligationsrelatingtotheNotes,theIndentureortheother
BasicDocuments.
PriortotheduepresentmentforregistrationoftransferofthisNote,theIssuer,theIndentureTrusteeandanyagentoftheIssuerortheIndenture
TrusteemaytreatthePersoninwhosenamethisNote(asofthedayofdeterminationorasofsuchotherdateasmaybespecifiedintheIndenture)isregisteredas
theownerhereofforallpurposeswhetherornotthisNotebeoverdue,andneithertheIssuer,theIndentureTrusteenoranysuchagentshallbeaffectedbynoticeto
thecontrary.
TheIndenturepermits,withcertainexceptionsasthereinprovided,theamendmentthereofandthemodificationoftherightsandobligationsof
the Issuer and the rights of the Noteholders under the Indenture at any time by the Issuer with the consent of the Noteholders representing a majority of the
OutstandingAmountofallNotesatthetime
6

outstanding.TheIndenturealsocontainsprovisionspermittingtheNoteholdersrepresentingspecifiedpercentagesoftheOutstandingAmountoftheNotes,on
behalfofalltheNoteholders,towaivecompliancebytheIssuerwithcertainprovisionsoftheIndentureandcertainpastdefaultsundertheIndentureandtheir
consequences.AnysuchconsentorwaiverbytheholderofthisNote(oranyoneormorePredecessorNotes)shallbeconclusiveandbindinguponsuchholder
anduponallfutureholdersofthisNoteandofanyNoteissueduponregistrationoftransferhereoforinexchangehereoforinlieuhereofwhetherornotnotation
ofsuchconsentorwaiverismadeuponthisNote.TheIndenturealsopermitstheIndentureTrusteetoamendorwaivecertaintermsandconditionssetforthinthe
IndenturewithouttheconsentofholdersoftheNotesissuedthereunder.
ThetermIssuerasusedinthisNoteincludesanysuccessortotheIssuerundertheIndenture.
TheIssuerispermittedbytheIndenture,undercertaincircumstances,tomergeorconsolidate,subjecttotherightsoftheIndentureTrusteeand
theNoteholdersundertheIndenture.
TheNotesareissuableonlyinregisteredformindenominationsasprovidedintheIndenture,subjecttocertainlimitationsthereinsetforth.
ThisNoteshallbeconstruedinaccordancewiththelawsoftheStateofNewYork,withoutreferencetoitsconflictoflawprovisions,andthe
obligations,rightsandremediesofthepartieshereunderandthereundershallbedeterminedinaccordancewithsuchlaws.
NoreferencehereintotheIndentureandnoprovisionofthisNoteoroftheIndentureshallalterorimpairtheobligationoftheIssuer,whichis
absoluteandunconditional,topaytheprincipalofandinterestonthisNoteatthetimes,place,andrate,andinthecoinorcurrency,hereinprescribed.
Anythinghereintothecontrarynotwithstanding,exceptasexpresslyprovidedintheBasicDocuments,neitherDeutscheBankNationalTrust
Company,initsindividualcapacity,DeutscheBankTrustCompanyAmericas,initsindividualcapacity,anyownerofabeneficialinterestintheIssuer,noranyof
theirrespectivepartners,beneficiaries,agents,officers,directors,employeesorsuccessorsorassignsshallbepersonallyliablefor,norshallrecoursebehadtoany
ofthemfor,thepaymentofprincipaloforintereston,orperformanceof,oromissiontoperform,anyofthecovenants,obligationsorindemnificationscontained
inthisNoteortheIndenture;itbeingexpresslyunderstoodthatsaidcovenants,obligationsandindemnificationshavebeenmadebytheEligibleLenderTrusteefor
thesolepurposeofbindingtheinterestsoftheEligibleLenderTrusteeintheassetsoftheIssuer.TheNoteholderofthisNotebytheacceptancehereofagreesthat,
exceptasexpresslyprovidedintheBasicDocuments,inthecaseofanEventofDefaultundertheIndenture,theNoteholdershallhavenoclaimagainstanyofthe
foregoingforanydeficiency,lossorclaimtherefrom;provided,however,thatnothingcontainedhereinshallbetakentopreventrecourseto,andenforcement
against,theassetsoftheIssuerforanyandallliabilities,obligationsandundertakingscontainedintheIndentureorinthisNote.
7

ASSIGNMENT
SocialSecurityortaxpayerI.D.orotheridentifyingnumberofassignee

FORVALUERECEIVED,theundersignedherebysells,assignsandtransfersunto

(nameandaddressofassignee)
thewithinNoteandallrightsthereunder,andherebyirrevocablyconstitutesandappoints

attorney,totransfersaidNoteonthebookskeptforregistrationthereof,withfullpowerofsubstitutioninthepremises.
Dated:________________
_______________________*/
SignatureGuaranteed:

_______________________*/

___________________
*/
NOTICE:ThesignaturetothisassignmentmustcorrespondwiththenameoftheregisteredownerasitappearsonthefaceofthewithinNoteinevery

particular,withoutalteration,enlargementoranychangewhatever.Suchsignaturemustbeguaranteedbyaneligibleguarantorinstitutionmeetingthe
requirementsoftheNoteRegistrar,whichrequirementsincludemembershiporparticipationinSTAMPorsuchothersignatureguaranteeprogramasmaybe
determinedbytheNoteRegistrarinadditionto,orinsubstitutionfor,STAMP,allinaccordancewiththeSecuritiesExchangeActof1934.asamended.

FORM OF AMENDED & RESTATED CLASS B NOTE

SEEREVERSEFORCERTAINDEFINITIONS
UnlessthisNoteispresentedbyanauthorizedrepresentativeofTheDepositoryTrustCompany,aNewYorkcorporation(DTC),totheIssuer
(asdefinedbelow)oritsagentforregistrationoftransfer,exchangeorpayment,andanyNoteissuedisregisteredinthenameofCede&Co.orinsuchothername
as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized
representativeofDTC),ANYTRANSFER,PLEDGEOROTHERUSEHEREOFFORVALUEOROTHERWISEBYORTOANYPERSONISWRONGFUL
inasmuchastheregisteredownerhereof,Cede&Co.,hasaninterestherein.
THEPRINCIPALOFTHISNOTEISPAYABLEININSTALLMENTSASSETFORTHHEREIN.ACCORDINGLY,THEOUTSTANDING
PRINCIPALAMOUNTOFTHISNOTEATANYTIMEMAYBELESSTHANTHEAMOUNTSHOWNONTHEFACEHEREOF.THISNOTEISNOT
GUARANTEEDORINSUREDBYANYGOVERNMENTALAGENCY.
NUMBER
R-1

PRINCIPALAMOUNT:$27,200,000
CUSIPNO.:78448GAD2
ISIN:US78448GAD25
EUROPEANCOMMONCODE:104962211

SLMSTUDENTLOANTRUST2014-2
FLOATINGRATECLASSBSTUDENTLOAN-BACKEDNOTES
SLM Student Loan Trust 2014-2, a statutory trust organized and existing under the laws of the State of Delaware (herein referred to as the
Issuer),forvaluereceived,herebypromisestopaytoCEDE&CO.,orregisteredassigns,theprincipalsumofTWENTY-SEVENMILLION,TWOHUNDRED
THOUSANDANDNO/100DOLLARS($27,200,000)payableoneachDistributionDateinanamountequaltotheaggregateamount,ifany,payabletoClassB
NoteholdersonsuchDistributionDateinrespectofprincipaloftheNotespursuanttoSection3.1oftheIndenturedatedasofMarch27,2014(theIndenture),
amongtheIssuer,DeutscheBankTrustCompanyAmericas,aNewYorkbankingcorporation,asEligibleLenderTrusteeonbehalfoftheIssuer,andDeutsche
BankNationalTrustCompany,anationalbankingassociation,asIndentureTrustee(theIndentureTrustee)(capitalizedtermsusedbutnotdefinedhereinbeing
definedinAppendixAtotheIndenture,whichalsocontainrulesastousagethatshallbeapplicableherein);provided,however,thattheentireunpaidprincipal
amountofthisNoteshallbedueandpayableontheJanuary2072DistributionDate(theClassBMaturityDate).
TheIssuershallpayinterestonthisNoteattherateperannumequaltotheClassBRate(asdefinedonthereversehereof),oneachDistribution
DateuntiltheprincipalofthisNoteispaidormadeavailableforpayment,ontheprincipalamountofthisNoteoutstandingontheprecedingDistributionDate
(aftergivingeffecttoallpaymentsofprincipalmadeontheprecedingDistributionDate),subjecttocertainlimitationscontainedinSection3.1oftheIndenture.
InterestonthisNoteshallaccruefromandincludingtheimmediatelyprecedingDistributionDate(or,inthecaseofthefirstAccrualPeriod,theClosingDate)to
butexcludingthefollowingDistributionDate(eachanAccrualPeriod).Interestshallbecalculatedonthebasisoftheactualnumberofdayselapsedineach
AccrualPerioddividedby360.SuchprincipalofandinterestonthisNoteshallbepaidinthemannerspecifiedonthereversehereof.
TheprincipalofandinterestonthisNotearepayableinsuchcoinorcurrencyoftheUnitedStatesofAmericaasatthetimeofpaymentislegal
tenderforpaymentofpublicandprivatedebts.AllpaymentsmadebytheIssuerwithrespecttothisNoteshallbeappliedfirsttointerestdueandpayableonthis
NoteasprovidedaboveandthentotheunpaidprincipalofthisNote.
ReferenceismadetothefurtherprovisionsofthisNotesetforthonthereversehereof,whichshallhavethesameeffectasthoughfullysetforth
onthefaceofthisNote.
UnlessthecertificateofauthenticationhereonhasbeenexecutedbytheIndentureTrusteewhosenameappearsbelowbymanualsignature,this
NoteshallnotbeentitledtoanybenefitundertheIndenturereferredtoonthereversehereof,orbevalidorobligatoryforanypurpose.
2

INWITNESSWHEREOF,theIssuerhascausedthisinstrumenttobedulyexecuted,manuallyorinfacsimile,asofthedatesetforthbelow.

SLMSTUDENTLOANTRUST2014-2

By: DEUTSCHEBANKTRUSTCOMPANYAMERICAS,notinitsindividual
capacitybutsolelyasEligibleLenderTrusteeundertheTrustAgreement

By:

AuthorizedSignatory

Date:April18,2016

TRUSTEESCERTIFICATEOFAUTHENTICATION
ThisisoneoftheNotesdesignatedaboveandreferredtointhewithin-mentionedIndenture.

DEUTSCHEBANKNATIONALTRUSTCOMPANY,
notinitsindividualcapacitybutsolelyasIndentureTrustee

By:

AuthorizedSignatory

Date:April18,2016

ThisNoteisoneofadulyauthorizedissueofNotesoftheIssuer,designatedasitsFloatingRateClassBStudentLoan-BackedNotes(theClass
BNotes)which,togetherwiththeIssuersFloatingRateClassA-1StudentLoan-BackedNotes(theClassA-1Notes),FloatingRateClassA-2StudentLoanBackedNotes(theClassA-2Notes)andFloatingRateClassA-3StudentLoan-BackedNotes(theClassA-3Notes,andtogetherwiththeClassA-1Notesand
theClassA-2Notes,theClassANotes,and,togetherwiththeClassBNotes,theNotes),areissuedunderandsecuredbytheIndenture,towhichIndenture
andallindenturessupplemental theretoreference isherebymadeforastatementoftherespectiverightsandobligationsthereunderoftheIssuer,theIndenture
Trustee,theEligibleLenderTrusteeandtheNoteholders.TheNotesaresubjecttoalltermsoftheIndenture.
ThisNoteissecuredequallyandratablywiththeCollateralpledgedassecuritythereforeasprovidedintheIndenture.OnanyDistributionDate,
interestoneachClassANotewillbepaidparipassuwithallotherClassANotes,and,thereafter,interestontheClassBNoteswillbepaid.OnanyDistribution
Date,theprincipalontheClassANoteswillbepaid,first,totheClassA-1Notes;second,totheClassA-2Notes;andthird,totheClassA-3Notes,uptothe
applicableClassANoteholdersPrincipalDistributionAmount.Thereafter,onanyDistributionDate,principalontheClassBNoteswillbepaidtotheClassB
NotesuptotheapplicableClassBNoteholdersPrincipalDistribution Amount.Paymentprioritiesfollowingtheoccurrence andduringthecontinuation ofan
EventofDefaultwillchangeasdescribedintheIndenture.
PrincipaloftheClassBNotesshallbepayableoneachDistributionDateinanamountdescribedonthefacehereof.DistributionDatemeans
the25thdayofeachcalendarmonthor,ifanysuchdateisnotaBusinessDay,thenextsucceedingBusinessDay,commencingMay26,2014.
As described on the face hereof, the entire unpaid principal amount of this Note shall be due and payable on the Class B Maturity Date.
Notwithstandingtheforegoing,theentireunpaidprincipalamountoftheNotesshallbedueandpayableonthedateonwhich(i)anEventofDefaultshallhave
occurredandbecontinuingand(ii)theIndentureTrusteeortheNoteholdersrepresentingnotlessthanamajorityoftheOutstandingAmountoftheNotesshall
havedeclaredtheNotestobeimmediatelydueandpayableinthemannerprovidedinSection5.2oftheIndenture.AllprincipalpaymentsontheClassBNotes
shallbemadeproratatotheNoteholdersentitledthereto.
Interest on the Class B Notes shall be payable on each Distribution Date on the principal amount outstanding of the Class B Notes until the
principalamountthereofispaidinfull,atarateperannumequaltotheClassBRate.TheClassBRateforeachAccrualPeriod,otherthantheinitialAccrual
Period,shallbeequaltoOne-MonthLIBORasdeterminedonthesecondBusinessDaybeforethebeginningofthatAccrualPeriodplus1.50%.Theinterestfor
theinitialAccrualPeriodshallbeassetforthinthedefinitionofClassBRatecontainedinAppendixAtotheIndenture.
IfDefinitiveNoteshavebeenissuedasoftheapplicableRecordDate,thenpaymentsofinterestonthisNoteoneachDistributionDate,together
withtheinstallmentofprincipal,ifany,totheextentnotinfullpaymentofthisNote,shallbemadebycheckmailedto
4

thePersonwhosenameappearsastheRegisteredHolderofthisNote(oroneormorePredecessorNotes)ontheNoteRegisterontheRecordDate.Suchchecks
shallbemailedtothePersonentitledtheretoattheaddressofsuchPersonasitappearsontheNoteRegisterasoftheapplicableRecordDatewithoutrequiringthat
thisNotebesubmittedfornotationofpayment,andthemailingofsuchcheckshallconstitutepaymentoftheamountthereofregardlessofwhethersuchcheckis
returnedundelivered.WithrespecttoNotesregisteredontheapplicableRecordDateinthenameofthenomineeoftheClearingAgency(initially,suchnominee
tobeCede&Co.),unlessDefinitiveNoteshavebeenissued,paymentsshallbemadebywiretransferinimmediatelyavailablefundstotheaccountdesignatedby
suchnominee.AnyreductionintheprincipalamountofthisNote(oranyoneormorePredecessorNotes)effectedbyanypaymentsmadeonanyDistribution
Date shall be binding upon all future Noteholders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu
hereof,whetherornotnotedhereon.Iffundsareexpectedtobeavailable,asprovidedintheIndenture,forpaymentinfullofthethenremainingunpaidprincipal
amountofthisNoteonaDistributionDate,thentheIndentureTrustee,inthenameofandonbehalfoftheIssuer,shallnotifythePersonwhowastheNoteholder
hereof as of the preceding Record Date by notice mailed no later than five days prior to such Distribution Date and the amount then due and payable shall be
payable only upon presentation and surrender of this Note at the Indenture Trustees Corporate Trust Office or at the office of the Indenture Trustees agent
appointedforsuchpurposeslocatedintheBoroughofManhattan,TheCityofNewYork.
TheIssuershallpayinterestonoverdueinstallmentsofinterestonthisNoteattheClassBRatetotheextentlawful.
AsprovidedintheIndentureandsubjecttocertainlimitationssetforththerein,thetransferofthisNoteshallberegisteredontheNoteRegister
uponsurrenderofthisNoteforregistrationoftransferattheofficeoragencydesignatedbytheIssuerpursuanttotheIndenture,dulyendorsedby,oraccompanied
byawritteninstrumentoftransferinformsatisfactorytotheIndentureTrusteedulyexecutedby,theNoteholderhereoforhisattorneydulyauthorizedinwriting,
withsuchsignatureguaranteedbyaneligibleguarantorinstitutionmeetingtherequirementsoftheNoteRegistrar,whichrequirementsincludemembershipor
participation in Securities Transfer Agents Medallion Program (STAMP) or such other signature guarantee program as may be determined by the Note
Registrarinadditionto,orinsubstitutionfor,STAMP(allinaccordancewiththeExchangeAct),andsuchotherdocumentsastheIndentureTrusteemayrequire,
and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount shall be issued to the designated transferee or
transferees.NoservicechargewillbechargedforanyregistrationoftransferorexchangeofthisNote,butthetransferormayberequiredtopayasumsufficientto
coveranytaxorothergovernmentalchargethatmaybeimposedinconnectionwithanysuchregistrationoftransferorexchange.
EachNoteholderorNoteOwner,byacceptanceofthisNoteor,inthecaseofaNoteOwner,abeneficialinterestinthisNote,covenantsand
agreesthatnorecoursemaybetaken,directlyorindirectly,withrespecttotheobligationsoftheIssuerortheIndentureTrusteeontheNotesorundertheIndenture
oranycertificateorotherwritingdeliveredinconnectiontherewith,against(i)theIndentureTrusteeortheEligibleLenderTrusteeinitsindividualcapacity,(ii)
anyownerofabeneficialinterestintheIssueror(iii)anypartner,owner,beneficiary,agent,officer,directororemployeeoftheIndentureTrusteeortheEligible
LenderTrusteeinitsindividualcapacity,anyholderorownerofabeneficialinterestintheIssuer,the
5

EligibleLenderTrusteeortheIndentureTrusteeorofanysuccessororassignthereofinitsindividualcapacity,exceptasanysuchPersonmayhaveexpressly
agreed(itbeingunderstoodthattheIndentureTrusteeandtheEligibleLenderTrusteehavenosuchobligationsintheirindividualcapacity)andexceptthatany
suchpartner,ownerorbeneficiaryshallbefullyliable,totheextentprovidedbyapplicablelaw,foranyunpaidconsiderationforstock,unpaidcapitalcontribution
orfailuretopayanyinstallmentorcallowingtosuchentity.
EachNoteholderorNoteOwner,byacceptanceofaNoteor,inthecaseofaNoteOwner,abeneficialinterestinaNote,covenantsandagrees
that by accepting the benefits of the Indenture that for federal, state and local income and franchise tax, and financial accounting, purposes, (a) the Notes will
constitute indebtedness of the Issuer and (b) the Excess Distribution Certificateholder will be treated as owning all of the assets, and assuming (but without
assumingpersonalrecoursetosuchCertificateholder)alloftheliabilities(includingtheNotes),oftheIssuerandshallinalleventstakepositionsconsistentwith,
andinnoeventtakeapositioninconsistentwith,theprovisionsdescribedinclauses(a)and(b)inthepreparationofanyreturnsandreports,andwithrespectto
anyauditorcontroversy,astowhicheitherofthepositionsdescribedinclauses(a)or(b)abovewouldberelevant.
UponacquisitionortransferofthisNoteorabeneficialinterestinthisNote,asthecasemaybe,by,fororwiththeassetsof,aBenefitPlan,such
NoteOwnershallbedeemedtohaverepresentedthatsuchacquisitionorpurchasewillnotconstituteorotherwiseresultin:(i)inthecaseofaBenefitPlansubject
toTitleIofERISAorSection4975oftheCode,anon-exemptprohibitedtransactioninviolationofSection406ofERISAorSection4975oftheCodewhichis
notcoveredbyaclassorotherapplicableexemptionand(ii)inthecaseofaBenefitPlansubjecttoasubstantiallysimilarfederal,state,localorforeignlaw,anonexemptviolationofsuchsubstantiallysimilarlaw.Anytransferfoundtohavebeenmadeinviolationofsuchdeemedrepresentationshallbenullandvoidandof
noeffect.
EachNoteholderorNoteOwner,byacceptanceofthisNoteor,inthecaseofaNoteOwner,abeneficialinterestinthisNote,covenantsand
agreesthatbyacceptingthebenefitsoftheIndenturesuchNoteholderorNoteOwnerwillnotatanytimeinstituteagainsttheDepositorortheIssuer,orjoininany
institution against the Depositor or the Issuer of, any bankruptcy, reorganization, arrangement, insolvency, receivership or liquidation proceedings or other
proceedingsunderanyUnitedStatesFederalorstatebankruptcyorsimilarlawinconnectionwithanyobligationsrelatingtotheNotes,theIndentureortheother
BasicDocuments.
PriortotheduepresentmentforregistrationoftransferofthisNote,theIssuer,theIndentureTrusteeandanyagentoftheIssuerortheIndenture
TrusteemaytreatthePersoninwhosenamethisNote(asofthedayofdeterminationorasofsuchotherdateasmaybespecifiedintheIndenture)isregisteredas
theownerhereofforallpurposeswhetherornotthisNotebeoverdue,andneithertheIssuer,theIndentureTrusteenoranysuchagentshallbeaffectedbynoticeto
thecontrary.
TheIndenturepermits,withcertainexceptionsasthereinprovided,theamendmentthereofandthemodificationoftherightsandobligationsof
the Issuer and the rights of the Noteholders under the Indenture at any time by the Issuer with the consent of the Noteholders representing a majority of the
OutstandingAmountofallNotesatthetime
6

outstanding.TheIndenturealsocontainsprovisionspermittingtheNoteholdersrepresentingspecifiedpercentagesoftheOutstandingAmountoftheNotes,on
behalfofalltheNoteholders,towaivecompliancebytheIssuerwithcertainprovisionsoftheIndentureandcertainpastdefaultsundertheIndentureandtheir
consequences.AnysuchconsentorwaiverbytheholderofthisNote(oranyoneormorePredecessorNotes)shallbeconclusiveandbindinguponsuchholder
anduponallfutureholdersofthisNoteandofanyNoteissueduponregistrationoftransferhereoforinexchangehereoforinlieuhereofwhetherornotnotation
ofsuchconsentorwaiverismadeuponthisNote.TheIndenturealsopermitstheIndentureTrusteetoamendorwaivecertaintermsandconditionssetforthinthe
IndenturewithouttheconsentofholdersoftheNotesissuedthereunder.
ThetermIssuerasusedinthisNoteincludesanysuccessortotheIssuerundertheIndenture.
TheIssuerispermittedbytheIndenture,undercertaincircumstances,tomergeorconsolidate,subjecttotherightsoftheIndentureTrusteeand
theNoteholdersundertheIndenture.
TheNotesareissuableonlyinregisteredformindenominationsasprovidedintheIndenture,subjecttocertainlimitationsthereinsetforth.
ThisNoteshallbeconstruedinaccordancewiththelawsoftheStateofNewYork,withoutreferencetoitsconflictoflawprovisions,andthe
obligations,rightsandremediesofthepartieshereunderandthereundershallbedeterminedinaccordancewithsuchlaws.
NoreferencehereintotheIndentureandnoprovisionofthisNoteoroftheIndentureshallalterorimpairtheobligationoftheIssuer,whichis
absoluteandunconditional,topaytheprincipalofandinterestonthisNoteatthetimes,place,andrate,andinthecoinorcurrency,hereinprescribed.
Anythinghereintothecontrarynotwithstanding,exceptasexpresslyprovidedintheBasicDocuments,neitherDeutscheBankNationalTrust
Company,initsindividualcapacity,DeutscheBankTrustCompanyAmericas,initsindividualcapacity,anyownerofabeneficialinterestintheIssuer,noranyof
theirrespectivepartners,beneficiaries,agents,officers,directors,employeesorsuccessorsorassignsshallbepersonallyliablefor,norshallrecoursebehadtoany
ofthemfor,thepaymentofprincipaloforintereston,orperformanceof,oromissiontoperform,anyofthecovenants,obligationsorindemnificationscontained
inthisNoteortheIndenture;itbeingexpresslyunderstoodthatsaidcovenants,obligationsandindemnificationshavebeenmadebytheEligibleLenderTrusteefor
thesolepurposeofbindingtheinterestsoftheEligibleLenderTrusteeintheassetsoftheIssuer.TheNoteholderofthisNotebytheacceptancehereofagreesthat,
exceptasexpresslyprovidedintheBasicDocuments,inthecaseofanEventofDefaultundertheIndenture,theNoteholdershallhavenoclaimagainstanyofthe
foregoingforanydeficiency,lossorclaimtherefrom;provided,however,thatnothingcontainedhereinshallbetakentopreventrecourseto,andenforcement
against,theassetsoftheIssuerforanyandallliabilities,obligationsandundertakingscontainedintheIndentureorinthisNote.
7

ASSIGNMENT
SocialSecurityortaxpayerI.D.orotheridentifyingnumberofassignee

FORVALUERECEIVED,theundersignedherebysells,assignsandtransfersunto

(nameandaddressofassignee)
thewithinNoteandallrightsthereunder,andherebyirrevocablyconstitutesandappoints

attorney,totransfersaidNoteonthebookskeptforregistrationthereof,withfullpowerofsubstitutioninthepremises.
Dated:________________
_______________________*/
SignatureGuaranteed:

_______________________*/

___________________
*/
NOTICE:ThesignaturetothisassignmentmustcorrespondwiththenameoftheregisteredownerasitappearsonthefaceofthewithinNoteinevery

particular,withoutalteration,enlargementoranychangewhatever.Suchsignaturemustbeguaranteedbyaneligibleguarantorinstitutionmeetingthe
requirementsoftheNoteRegistrar,whichrequirementsincludemembershiporparticipationinSTAMPorsuchothersignatureguaranteeprogramasmaybe
determinedbytheNoteRegistrarinadditionto,orinsubstitutionfor,STAMP,allinaccordancewiththeSecuritiesExchangeActof1934,asamended.