Exhibit 99.3
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SLM STUDENT LOAN TRUST 1998-1
ADMINISTRATION AGREEMENT SUPPLEMENT
Dated as of March 19, 1998
to
MASTER ADMINISTRATION AGREEMENT
Dated as of May 1, 1997
Between
SLM FUNDING CORPORATION
and
STUDENT LOAN MARKETING ASSOCIATION
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SLM Student Loan Trust 1998-1 Administration Agreement Supplement dated as
of March 19, 1998 (the "Supplement") to the Master Administration Agreement
dated as of May 1, 1997 (the "Agreement") between SLM Funding Corporation (the
"Seller") and Student Loan Marketing Association (the "Administrator").
This Supplement is being delivered to the Administrator pursuant to and in
satisfaction of the conditions set forth in Section 1.2(a) of the Agreement with
respect to SLM Student Loan Trust 1998-1 (the "Trust"). The provisions of this
Supplement shall be applicable only to SLM Student Loan Trust 1998-1.
1. The following entities are hereby designated in accordance with clause 1 of
Section 1.2(a) of the Agreement:
The Trust: SLM Student Loan Trust 1998-1
The Eligible Lender Trustee: Chase Manhattan Bank USA, National
Association
The Interim Eligible Lender Trustee: Chase Manhattan Bank
USA, National Association
The Indenture Trustee: Bankers Trust Company
The initial deposit into the Collection Account on the Closing Date in
accordance with Section 2.6.C of the Agreement shall be: $25,000.
2. Attached hereto are (i) Appendix A (SLM Student Loan Trust 1998-1)
containing those definitions which shall be applicable to this Supplement and to
the Agreement in connection with the Trust and this Supplement in place of the
definitions contained in Appendix A (Master) attached to the Agreement; and (ii)
a cross-reference table indicating modifications to the articles and sections of
the Basic Documents referred to in the Agreement.
3. Each of the Basic Documents (other than the Agreement) has been executed
and delivered by each of the parties thereto, are being delivered to the
Administrator together with this Supplement and are in substantially the
respective forms attached to the Agreement as Exhibits B through I;
4. Notwithstanding anything to the contrary set forth in Section 2.3.C.2 of
the Master Administration Agreement, the Indenture Trustee shall have no
liability or obligation in respect of any failed Delivery, as contemplated
therein, other than with respect to a Delivery which fails as a result of any
action or inaction on behalf of the Indenture Trustee.
5. Each of the parties named on the signature pages to this
Supplement by execution of this Supplement agrees, for the benefit of the
Administrator and the other signatories hereto, to be bound by the terms of the
Agreement in connection with the Trust, this Supplement and the other Basic
Documents to the
extent reference is made in the Agreement to such party. The rights and
obligations of such parties under the Agreement resulting from the execution of
this Supplement (other than the Seller) shall be applicable only with respect to
the Trust, this Supplement and the other Basic Documents.
This Supplement shall be construed in accordance with the laws of the State
of New York, without reference to the conflict of law provisions thereof, and
the obligations, rights and remedies of the parties hereunder shall be
determined in accordance with such laws.
This Supplement may be executed in counterparts, each of which when so
executed shall together constitute but one and the same instrument.
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IN WITNESS WHEREOF, the parties hereto have caused this Supplement to be
duly executed and delivered as of the date first above written.
SLM FUNDING CORPORATION
By: /s/ ▇▇▇▇▇▇▇ M.E. ▇▇▇▇▇▇, JR.
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Name: ▇▇▇▇▇▇▇ M.E. ▇▇▇▇▇▇, Jr.
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Title: Treasurer and Controller
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▇▇▇▇▇▇ MAE SERVICING CORPORATION
By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
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Name: ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇
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Title: Vice President
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SLM STUDENT LOAN TRUST 1998-1
By Chase Manhattan Bank USA, National
Association, not in its individual capacity
but solely as Eligible Lender Trustee
By: /s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇
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Name:______________________________________
Title:_____________________________________
CHASE MANHATTAN BANK USA, NATIONAL
ASSOCIATION, not in its individual capacity
but solely as Eligible Lender Trustee
By: /s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇
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Name:______________________________________
Title:_____________________________________
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BANKERS TRUST COMPANY
not in its individual capacity but solely as
Indenture Trustee
By: /s/ ▇▇▇▇▇▇▇▇ ▇.▇. ▇▇▇▇▇
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Name: ▇▇▇▇▇▇▇▇ ▇.▇. ▇▇▇▇▇
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Title: Vice President
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The Administrator hereby acknowledges receipt of the foregoing Supplement and
hereby confirms to the Seller and the other signatories to the foregoing
Supplement that the representations of the Administrator contained in Article V
of the Agreement are true and correct as of the date of such Supplement.
STUDENT LOAN MARKETING ASSOCIATION
By ▇▇▇▇▇▇ Mae, Inc., Authorized
Agent for the Student Loan
Marketing Association
By: /s/ J. ▇▇▇▇▇ ▇▇▇▇▇▇
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Name: J. ▇▇▇▇▇ ▇▇▇▇▇▇
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Title: Vice President
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