As filed with the Securities and Exchange Commission
on July 31, 2024.
Registration
No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-3
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
SLM CORPORATION
(Exact Name of Registrant as Specified in Its Charter)
| Delaware |
|
52-2013874 |
(State or Other Jurisdiction of
Incorporation or Organization) |
|
(I.R.S. Employer
Identification Number) |
| |
300 Continental Drive
Newark, Delaware 19713
(302) 451-0200 |
|
| (Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant’s Principal Executive Offices) |
|
Nicolas Jafarieh
Executive Vice President and Chief Legal, Government Affairs, and Communications Officer
300 Continental Drive
Newark, Delaware 19713
(302) 451-0200 |
| (Name, Address, Including Zip Code, and Telephone Number, Including Area Code, of Agent For Service) |
| |
Copy to: |
|
| |
John B. Meade
Davis Polk & Wardwell LLP
450 Lexington Avenue
New York, NY 10017
(212) 450-4000 |
|
Approximate date of commencement of proposed sale
to the public: From time to time after this Registration Statement becomes effective.
If the only securities being registered on this Form
are being offered pursuant to dividend or interest reinvestment plans, please check the following box. ☐
If any of the securities being registered on this
Form are to be offered on a delayed or continuous basis pursuant to Rule 415 under the Securities Act of 1933, other than securities offered
only in connection with dividend or interest reinvestment plans, check the following box. ☒
If this Form is filed to register additional securities
for an offering pursuant to Rule 462(b) under the Securities Act, please check the following box and list the Securities Act registration
statement number of the earlier effective registration statement for the same offering. ☐
If this Form is a post-effective amendment filed
pursuant to Rule 462(c) under the Securities Act, check the following box and list the Securities Act registration statement number of
the earlier effective registration statement for the same offering. ☐
If this Form is a registration statement pursuant
to General Instruction I.D. or a post-effective amendment thereto that shall become effective upon filing with the Commission pursuant
to Rule 462(e) under the Securities Act, check the following box. ☒
If this Form is a post-effective amendment to a registration
statement filed pursuant to General Instruction I.D. filed to register additional securities or additional classes of securities pursuant
to Rule 413(b) under the Securities Act, check the following box. ☐
Indicate by check mark whether the registrant is
a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See
the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and
“emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer ☒ |
Accelerated filer ☐ |
| Non-accelerated filer ☐ |
Smaller reporting company ☐ |
| |
Emerging growth company ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐
PROSPECTUS
SLM CORPORATION
Debt Securities
Common Stock
Preferred Stock
Warrants
Units
This prospectus provides you with a general description
of the securities we may offer. We may offer and sell, from time to time, in one or more offerings, debt securities, common stock, preferred
stock, warrants or units. We will offer these securities in amounts, at prices and on terms to be determined at the time we offer the
securities. We will provide the specific terms of these securities in supplements to this prospectus when we offer the securities.
The securities may be offered on a delayed or
continuous basis directly by us through agents, underwriters or dealers as designated from time to time, through a combination of these
methods or any other method as provided in any applicable prospectus supplement. You should read this prospectus and the applicable prospectus
supplement, as well as the documents incorporated by reference in this prospectus and in any applicable prospectus supplement, carefully
before you invest.
We may issue common stock upon conversion, exercise
or exchange of any debt securities, preferred stock or warrants. Our common stock is listed on the Nasdaq Global Select Market under the
symbol “SLM.”
Investing in our securities involves certain
risks. See “Risk Factors” beginning on page 21 of our annual report on Form 10-K for the year ended December 31, 2023, which
is incorporated by reference herein.
Obligations of SLM Corporation and its subsidiaries
are not guaranteed by the full faith and credit of the United States of America. Neither SLM Corporation nor any of its subsidiaries is
a government-sponsored enterprise or an instrumentality of the United States of America.
Neither the Securities and Exchange Commission
nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete.
Any representation to the contrary is a criminal offense.
The date of this
prospectus is July 31, 2024.
table
of contents
Page
ABOUT THIS PROSPECTUS
This prospectus is part of a registration statement
that we filed with the Securities and Exchange Commission (“SEC”) utilizing a “shelf” registration process. Under
this shelf process, we may sell any combination of the securities described in this prospectus in one or more offerings. We may also issue
common stock upon conversion, exchange or exercise of any of the securities described in this prospectus. This prospectus provides you
with a general description of the securities we may offer. Each time we sell securities, we will provide a prospectus supplement that
will contain specific information about the terms of that offering. The prospectus supplement may also add, update or change information
contained in this prospectus.
You should read and carefully consider the information
in this prospectus, any prospectus supplement and any free writing prospectus together with the documents we have referred you to in “Where
You Can Find More Information” below. Information incorporated by reference after the date of this prospectus is considered a part
of this prospectus and may add, update or change information contained in this prospectus. Any information in such subsequent filings
that is inconsistent with this prospectus will supersede the information in this prospectus or any earlier prospectus supplement.
We have not authorized anyone to provide any information
other than that contained or incorporated by reference in this prospectus or in any free writing prospectus prepared by or on behalf of
us or to which we have referred you. We take no responsibility for, and can provide no assurance as to the reliability of, any other information
that others may give you. This prospectus and the applicable prospectus supplement do not constitute an offer to sell or the solicitation
of an offer to buy any securities other than the registered securities to which they relate, nor do this prospectus and the applicable
prospectus supplement constitute an offer to buy securities in any jurisdiction to any person to whom it is unlawful to make such offer
or solicitation in such jurisdiction.
You should not assume that the information contained
in or incorporated by reference in this prospectus or any prospectus supplement or in any such free writing prospectus is accurate as
of any date other than their respective dates. Our business, financial condition, results of operations and prospects may have changed
since any such date.
The terms “we,” “us,”
“our,” “Sallie Mae” and the “Company” refer to SLM Corporation and its subsidiaries, except as otherwise
indicated or unless the context otherwise requires.
FORWARD-LOOKING
STATEMENTS
This prospectus contains “forward-looking
statements” and information based on management’s current expectations as of the date of this prospectus. Statements that
are not historical facts, including statements about the Company’s beliefs, opinions, or expectations and statements that assume
or are dependent upon future events, are forward-looking statements. These include, but are not limited to: strategies; goals and assumptions
of the Company; the Company’s expectation and ability to execute loan sales and share repurchases; statements regarding future developments
surrounding COVID-19 or any other pandemic, including, without limitation, statements regarding the potential impact of any such pandemic
on the Company’s business, results of operations, financial condition, and/or cash flows; the Company’s expectation and ability
to pay a quarterly cash dividend on our common stock in the future, subject to the approval of our Board of Directors; guidance issued
by the Company; the Company’s three-year horizon outlook; the impact of acquisitions we have made or may make in the future; the
Company’s projections regarding originations, net charge-offs, non-interest expenses, earnings, balance sheet position, and other
metrics; any estimates related to accounting standard changes; and any estimates related to the impact of credit administration practices
changes, including the results of simulations or other behavioral observations.
Forward-looking statements are subject to risks,
uncertainties, assumptions, and other factors, many of which are difficult to predict and generally beyond the control of the Company,
which may cause actual results to be materially different from those reflected in such forward-looking statements. There can be no assurance
that future developments affecting the Company will be the same as those anticipated by management. The Company cautions readers that
a number of important factors could cause actual results to differ materially from those expressed in, or implied or projected by, such
forward-looking statements. These factors include, among others, the risks and uncertainties set forth in Item 1A. “Risk Factors”
and elsewhere in the Company’s most recently filed Annual Report on Form 10-K and subsequent filings with the SEC; the societal,
business, and legislative/regulatory impact of pandemics and other public heath crises; increases in financing costs; limits on liquidity;
increases in costs associated with compliance with laws and regulations; failure to comply with consumer protection, banking, and other
laws or regulations; our ability to timely develop new products and services and the acceptance of those products and services by potential
and existing customers; changes in accounting standards and the impact of related changes in significant accounting estimates, including
any regarding the measurement of our allowance for credit losses and the related provision expense; any adverse outcomes in any significant
litigation to which the Company is a party; credit risk associated with the Company’s exposure to third parties, including counterparties
to the Company’s derivative transactions; the effectiveness of our risk management framework and quantitative models; and changes
in the terms of education loans and the educational credit marketplace (including changes resulting from new laws and the implementation
of existing
laws). We could also be affected by, among other things: changes in
our funding costs and availability; reductions to our credit ratings; cybersecurity incidents, cyberattacks, and other failures or breaches
of our operating systems or infrastructure, including those of third-party vendors; damage to our reputation; risks associated with restructuring
initiatives, including failures to successfully implement cost-cutting programs and the adverse effects of such initiatives on our business;
changes in the demand for educational financing or in financing preferences of lenders, educational institutions, students, and their
families; changes in law and regulations with respect to the student lending business and financial institutions generally; changes in
banking rules and regulations, including increased capital requirements; increased competition from banks and other consumer lenders;
the creditworthiness of our customers, or any change related thereto; changes in the general interest rate environment, including the
rate relationships among relevant money-market instruments and those of our earning assets versus our funding arrangements; rates of prepayments
on the loans owned by us; changes in general economic conditions and our ability to successfully effectuate any acquisitions; and other
strategic initiatives. The preparation of our consolidated financial statements also requires management to make certain estimates and
assumptions, including estimates and assumptions about future events. These estimates or assumptions may prove to be incorrect.
All oral and written forward-looking statements
attributed to the Company are expressly qualified in their entirety by the factors, risks, and uncertainties set forth in the foregoing
cautionary statements, and are made only as of the date of this prospectus or, where the statement is oral, as of the date stated. We
do not undertake any obligation to update or revise any forward-looking statements to conform to actual results or changes in our expectations,
nor to reflect events or circumstances that occur after the date on which such statements were made. In light of these risks, uncertainties,
and assumptions, you should not put undue reliance on any forward-looking statements discussed.
For more information regarding these risks and
uncertainties as well as certain additional risks that we face, investors should review the risks described in this prospectus and in
the applicable prospectus supplement and those incorporated by reference into this prospectus, including those risks discussed under the
caption entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023, our Quarterly Reports
on Form 10-Q for the quarters ended March 31, 2024 and June 30, 2024, and subsequent reports and registration statements filed from time
to time with the SEC.
WHERE YOU CAN FIND
MORE INFORMATION
We have filed with the SEC a registration statement
on Form S-3 under the Securities Act of 1933, as amended (the “Securities Act”), with respect to the securities being offered
by this prospectus. This prospectus, and any document incorporated by reference into this prospectus, filed as part of the registration
statement, does not contain all of the information set forth in the registration statement and its exhibits and schedules, portions of
which have been omitted as permitted by the rules and regulations of the SEC. For further information about us and our securities, we
refer you to the registration statement and to its exhibits. Statements in this prospectus about the contents of any contract, agreement
or other document are not necessarily complete, and in each instance, we refer you to the copy of such contract, agreement or document
filed as an exhibit to the registration statement, with each such statement being qualified in all respects by reference to the document
to which it refers. Anyone may access the registration statement and its exhibits and schedules without charge at a website maintained
by the SEC. The address of this site is www.sec.gov.
We are subject to the informational requirements
of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and we are required to file annual, quarterly and
current reports, proxy statements and other information with the SEC. You may access these reports, proxy statements and other information
without charge at the SEC’s website at www.sec.gov.
Our website address is www.salliemae.com.
The information contained on, or accessible through, our website does not constitute a part of, and is not incorporated by reference in,
this prospectus.
INCORPORATION OF
CERTAIN INFORMATION BY REFERENCE
The SEC allows us to “incorporate by reference”
the information we file with them, which means that we can disclose important information to you by referring you to those documents.
The information incorporated by reference is an important part of this prospectus, and information that we file later with the SEC will
automatically update and supersede this information. We incorporate by reference the documents listed below and all documents we file
pursuant to Section 13(a), 13(c), 14, or 15(d) of the Exchange Act on or after the date of this prospectus and prior to the termination
of the offering under this prospectus and any prospectus supplement (other than, in each case, documents or information deemed to have
been furnished and not filed in accordance with SEC rules):
| · | our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 22, 2024; |
| · | our
Quarterly Report on Form 10-Q for the quarter ended March
31, 2024, filed with the SEC on April 24, 2024, and our Quarterly Report on Form 10-Q for the quarter ended June
30, 2024 , filed with the SEC on July 24, 2024, as amended by Amendment No. 1, filed with
the SEC on July 26, 2024; |
| · | our Definitive Proxy Statement on Schedule 14A, filed with the SEC on April 26, 2024; |
| · | the description of our common stock in our Form 8-A, filed with the SEC on August 7, 1997 and any amendment or reports filed for the purpose of updating such description; |
| · | the description of our Floating Rate Non-Cumulative Preferred Stock, Series B in our Form 8-A, filed with the SEC on June 9, 2005; and |
| · | future filings we make with the SEC under Sections 13(a), 13(c), 14, or 15(d) of the Exchange Act after the date of this prospectus
but prior to the termination of the offering of the securities covered by this prospectus. |
We will provide, without charge, to each person,
including any beneficial owner, to whom a copy of this prospectus is delivered, upon written or oral request of such person, a copy of
any or all of the reports and documents referred to above which have been or may be incorporated by reference into this prospectus. You
should direct requests for those documents to the office of Corporate Secretary, SLM Corporation, 300 Continental Drive, Newark, Delaware
19713, (302) 451-0200.
SLM CORPORATION
Our Company Mission
SLM Corporation, more commonly known as Sallie
Mae, is the premier financial brand in higher education. As an education solutions company, our mission is to power confidence as students
begin their unique journeys. We support students and families navigating to, through, and immediately after higher education. We simplify
the college planning process and advance higher education access and completion by providing free tools, resources, scholarships, and
responsible financing options.
We believe education, in all forms, is the foundation
for success, an equalizer of opportunities, and a proven pathway to economic mobility. Higher education increases lifetime wages and enables
economic mobility. For example, data from the U.S. Bureau of Labor and Statistics confirms those with bachelor’s degrees earn 68
percent more than those with a high school diploma.1
Those with advanced degrees earn an even greater percentage than those with a high school diploma.1 This effect is multigenerational,
as children of parents who are college educated are more likely to earn a bachelor’s degree than students whose parents did not
go to college. Most would agree our society prospers and becomes more economically inclusive when each of its members is provided access
to post-secondary education.2 Education represents
a transformative investment in one’s future that yields our country’s next nurses, teachers, engineers, business leaders,
and more.
Our History
While the Sallie Mae name has existed for more
than 50 years, the company that operates as Sallie Mae today, SLM Corporation, was formed in late 2013 and includes its wholly-owned subsidiary,
Sallie Mae Bank, an industrial bank established in 2005 (the “Bank”). On April 30, 2014, we legally separated (the “Spin-Off”)
from another public company that is now named Navient Corporation (“Navient”), which is in the education loan management,
servicing, asset recovery, and consolidation loan business. Navient retained all assets and liabilities generated prior to the Spin-Off
other than those explicitly retained by us pursuant to the Separation and Distribution Agreement executed in connection with the Spin-Off
(the “Separation and Distribution Agreement”). We are a consumer banking business and did not retain any assets or liabilities
generated prior to the Spin-Off other than those explicitly retained by us pursuant to the Separation and Distribution Agreement. We sometimes
refer to the company that existed prior to the Spin-Off as “pre-Spin-Off SLM.”
Our principal executive offices are located at
300 Continental Drive, Newark, Delaware 19713. Our telephone number is (302) 451-0200.
1
“Education pays, 2022,” Career Outlook, U.S. Bureau of Labor Statistics, May 2023
2
https://research.collegeboard.org/trends/education-pays
RISK FACTORS
Investing in our securities involves risks. Before
deciding to purchase any of our securities, you should carefully consider the discussion of risks and uncertainties under the heading
“Risk Factors” in our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, as well as the
other risks and uncertainties described in any other documents incorporated by reference in this prospectus or in any applicable prospectus
supplement or free writing prospectus. See the section entitled “Where You Can Find More Information” in this prospectus.
The prospectus supplement applicable to each sale of securities we offer pursuant to this prospectus may contain a discussion of additional
risks applicable to an investment in us and the securities we are offering under that prospectus supplement. Our business, financial condition,
liquidity, results of operations or prospects could be materially adversely affected by any of these risks and could result in a partial
or complete loss of your investment.
USE OF PROCEEDS
Unless otherwise stated in the prospectus supplement
accompanying this prospectus or any applicable free writing prospectus, we intend to use the net proceeds from the sale of the securities
under this prospectus for general corporate purposes, which may include working capital, loan originations, acquisitions, retirement of
debt, repurchases of capital stock, and other business opportunities. Further details relating to the use of net proceeds we receive from
the offering of securities under this prospectus will be set forth in any applicable prospectus supplement.
SECURITIES WE MAY
OFFER
This section describes the general terms and provisions
of the securities to which this prospectus and any prospectus supplement relates.
Types of Securities
| · | debt securities, which we may issue in one or more series; |
| · | preferred stock, which we may issue in one or more series; |
| · | warrants entitling the holders to purchase common stock, preferred stock or debt securities; |
| · | warrants or other rights relating to foreign currency exchange rates; |
| · | warrants for the purchase or sale of debt securities of, or guaranteed by, the United States government or its agencies, units of
a stock index or a stock basket or a commodity or a unit of a commodity index; or |
| · | units, each representing a combination of two or more of the foregoing securities. |
We will determine when we sell securities, the
amounts of securities we will sell and the prices and other terms on which we will sell them.
ADDITIONAL INFORMATION
We will describe in a prospectus supplement, which
we will deliver with this prospectus, the terms of particular securities that we may offer in the future. Each prospectus supplement will
include the following information:
| · | the type and amount of securities that we propose to sell; |
| · | the initial public offering price of the securities; |
| · | the names of the underwriters or agents, if any, through or to which we will sell the securities; |
| · | the compensation, if any, of those underwriters or agents; |
| · | information about securities exchanges or automated quotation systems on which the securities will be listed or traded; |
| · | any material United States federal income tax considerations that apply to the securities; and |
| · | any other material information about the offering and sale of the securities. |
DESCRIPTION OF
CAPITAL STOCK
The following description of our capital stock
is based upon our Restated Certificate of Incorporation, dated February 25, 2015 (the “Certificate of Incorporation”), our
Amended and Restated By-Laws, effective November 18, 2021 (the “Bylaws”) and applicable provisions of law. We have summarized
certain portions of the Certificate of Incorporation and Bylaws below. The summary is not complete. The Certificate of Incorporation and
Bylaws are incorporated by reference as exhibits to the registration statement of which this prospectus forms a part. You should read
the Certificate of Incorporation and Bylaws for the provisions that are important to you.
General
The total number of shares of stock which the
Company shall have authority to issue is 1,145,000,000 shares of capital stock, consisting of (i) 1,125,000,000 shares of common stock,
par value $.20 per share (the “common stock”), and (ii) 20,000,000 shares of preferred stock, par value $.20 per share (the
“preferred stock”). As of June 30, 2024, 217,461,360 shares of our common stock, and 2,510,696 shares of our Floating Rate
Non-Cumulative Preferred Stock, Series B (the “Series B preferred stock”) were outstanding.
Common Stock
Voting rights. Except as otherwise expressly
required by law or provided in the Certificate of Incorporation, and subject to any voting rights provided to holders of preferred stock
at any time outstanding, at each annual or special meeting of stockholders, each holder of record of shares of common stock on the relevant
record date shall be entitled to cast one vote in person or by proxy for each share of the common stock standing in such holder’s
name on the stock transfer records of the Company.
Proxy access. Our Bylaws contain “proxy
access” provisions which give an eligible stockholder (or a group of up to 20 stockholders aggregating their shares) that has owned
3% or more of the outstanding voting securities entitled to vote for the election of directors at the applicable annual general meeting
for at least three years the right to nominate 25% of the number of directors to be elected at the applicable annual general meeting,
and to have those nominees included in our proxy materials, subject to the other terms and conditions of our Bylaws.
Dividend rights. Subject to the rights
of the holders of preferred stock, and subject to any other provisions of the Certificate of Incorporation, as it may be amended from
time to time, holders of shares of common stock shall be entitled to receive such dividends and other distributions in cash, stock or
property of the Company when, as and if declared thereon by the board of directors from time to time out of assets or funds of the Company
legally available therefor.
Rights upon liquidation, dissolution, etc.
In the event of any liquidation, dissolution or winding up (either voluntary or involuntary) of the Company, the holders of shares of
common stock shall be entitled to receive the assets and funds of the Company available for distribution after payments to creditors and
to the holders of any preferred stock of the Company that may at the time be outstanding, in proportion to the number of shares held by
them.
Other rights. No holder of shares of common
stock shall be entitled to preemptive or subscription rights.
We will distribute a prospectus supplement with
regard to each issue of common stock. Each prospectus supplement will describe the specific terms of the common stock offered through
that prospectus supplement and any general terms outlined in the Certificate of Incorporation and Bylaws, each as may be amended from
time to time, that will not apply to that common stock.
Preferred Stock
We may issue preferred stock in one or more series
with any rights and preferences that may be authorized by our board of directors. Our currently outstanding Series B preferred stock is
described in our registration statement on Form 8-A, which we filed with the SEC on June 9, 2005. This registration statement is incorporated
by reference into this prospectus.
We will distribute a prospectus supplement with
regard to each particular series of preferred stock we may offer. Each prospectus supplement will describe, as to the series of preferred
stock to which it relates:
| · | the title of the series of preferred stock; |
| · | any limit upon the number of shares of the series of preferred stock that may be issued; |
| · | the preference, if any, to which holders of the series of preferred stock will be entitled upon our liquidation; |
| · | the date or dates, if any, on which we will be required or permitted to redeem the preferred stock; |
| · | the terms, if any, on which we or holders of the preferred stock will have the option to cause the preferred stock to be redeemed
or purchased; |
| · | the voting rights, if any, of the holders of the preferred stock; |
| · | the dividends, if any, that will be payable with regard to the series of preferred stock, which may be fixed or variable dividends
or participating dividends, and may be cumulative or non-cumulative; |
| · | the right, if any, of holders of the preferred stock to convert it into another class of our stock or securities, including provisions
intended to prevent dilution of those conversion rights; |
| · | any provisions by which we will be required or permitted to make payments to a sinking fund to be used to redeem preferred stock,
or a purchase fund to be used to purchase preferred stock; and |
| · | any other material terms of the preferred stock. |
Any or all of these rights may be greater than
the rights of the holders of common stock.
Our board of directors, without stockholder approval,
may issue preferred stock with voting, conversion or other rights that could adversely affect the voting power and other rights of the
holders of our common stock. The terms of the preferred stock that might be issued could conceivably prohibit us from:
| · | selling substantially all of our assets; |
| · | engaging in other extraordinary corporate transactions without stockholder approval. |
Preferred stock could, therefore, be issued with
terms calculated to delay, defer or prevent a change in our control or to make it more difficult to remove our management. Our issuance
of preferred stock may have the effect of decreasing the market price of the common stock.
Election and Removal of Directors
Our Certificate of Incorporation provides that
the number of directors of the Company shall be not less than eleven (11) nor more than sixteen (16). Subject to the provisions of the
Certificate of Incorporation, the number of directors of the Company shall be fixed from time to time by a majority vote of the directors
then in office. The board of directors shall consist of a majority of independent directors, as determined under the Company’s corporate
governance guidelines or any applicable exchange listing rules.
Directors may be removed with or without cause
by a vote of the holders of a majority of the shares entitled to vote at an election of directors at a duly called meeting of such holders.
The foregoing is subject to the rights of the holders of any series of preferred stock.
Any vacancy on the board of directors may be filled
by the affirmative vote of a majority of directors then in office, but any vacancy filled in such manner shall be filled only until the
next annual meeting of stockholders.
Written Consents
Our Certificate of Incorporation provides that
any action required to be, or which may be, taken at any annual or special meeting of stockholders may be taken without a meeting, without
prior notice, and without a vote, if a consent or consents in writing, setting forth the action so taken, shall be signed and delivered
by holders of outstanding stock having not less than the minimum number of votes that would be necessary to authorize or take such action
at a meeting at which all shares entitled to vote thereon were present and voted.
Stockholder Meetings
Our Certificate of Incorporation and our Bylaws
provide that special stockholder meetings may be called at the request in writing of the holders of at least one-third of our capital
stock issued and outstanding and entitled to vote at an election of directors.
Amendment of Certificate of Incorporation
Our Certificate of Incorporation provides that
any action by the board of directors to amend our Certificate of Incorporation shall be approved by the affirmative vote of not less than
a majority of the voting power of the shares of capital stock of the Company then entitled to vote at an election of directors. The Company
reserves the right to amend, alter, change or repeal any provision contained in the Certificate of Incorporation, in the manner now or
hereafter prescribed by statute, and all rights conferred upon stockholders in the Certificate of Incorporation are granted subject to
this reservation.
Amendment of Bylaws
Our Bylaws may generally be amended by the stockholders
or the board of directors. All such amendments must be approved by either the holders of a majority of our outstanding capital stock entitled
to vote thereon or a majority of the entire board of directors.
Other Limitations on Stockholder Actions
Our Bylaws also impose some procedural requirements
on stockholders who wish to:
| · | make nominations in the election of directors; |
| · | propose any repeal or change in our Bylaws; or |
| · | propose any other business to be brought before an annual or special meeting of stockholders. |
Under the procedural requirements of our Bylaws,
to be properly brought before an annual meeting, director nominations and other business must be:
| · | specified in the notice of meeting (or any supplement thereto) given by or at the direction of the board of directors (or any duly
authorized committee thereof); |
| · | properly brought before the annual meeting by or at the direction of the board of directors (or any duly authorized committee thereof);
or |
| · | brought before the annual meeting by any stockholder who is a stockholder of record on the date of the giving of the notice provided
for in the Bylaws and on the record date for the determination of stockholders entitled to vote at such annual meeting and who complies
with the procedures set forth in the Bylaws. |
To be properly brought before an annual meeting,
any such other business also must be a proper subject for action by stockholders, provided that the law of Delaware shall govern whether
such business is a proper subject for action by stockholders.
To be timely, a stockholder’s notice must
be delivered to or mailed and received at our principal executive offices not earlier than the close of business on the one hundred twentieth
(120th) day nor later than the close of business on the ninetieth (90th) day prior to the anniversary date of the immediately preceding
annual meeting; provided, however, that in the event the annual meeting is called for a date that is not within thirty (30) days before
or after such anniversary date, notice by the stockholder in order to be timely must be so received no earlier than the close of business
on the one hundred twentieth (120th) day prior to such special meeting and no later than the close of business on the later of (i) the
ninetieth (90th) day prior to such special meeting or (ii) the tenth (10th) day following the day on which the date of such annual meeting
was publicly announced. Stockholders utilizing “proxy access” must meet the same deadlines.
Limitation of Liability of Directors and Officers
Our Certificate of Incorporation provides that
no director will be personally liable to us or our stockholders for monetary damages for breach of fiduciary duty as a director, except
for liability for the following:
| · | any breach of the director’s duty of loyalty to us or our stockholders; |
| · | any act or omission not in good faith or which involved intentional misconduct or a knowing violation of law; |
| · | unlawful payments of dividends or unlawful stock repurchases or redemptions as provided in Section 174 of the Delaware General Corporation
Law; and |
| · | any transaction from which the director derived an improper personal benefit. |
Any repeal or modification of the indemnification
provision by our stockholders shall not adversely affect any right or protection of a director of the Company existing at the time of
such repeal or modification with respect to acts or omissions occurring prior to such repeal or modification.
As a result, neither we nor our stockholders have
the right, through stockholders’ derivative suits on our behalf, to recover monetary damages against a director for breach of fiduciary
duty as a director, including breaches resulting from grossly negligent behavior, except in the situations described above.
We will indemnify any officer or director of the
Company, subject to the applicable provisions of our Certificate of Incorporation and Bylaws, against all damages, claims and liabilities
arising out of the fact that the person is or was our director or officer, or served any other enterprise at our request as a director,
officer, employee, agent or fiduciary. We will reimburse the expenses, including attorneys’ fees, incurred by a person indemnified
as described in this provision when we receive an undertaking to repay such amounts if it is ultimately determined that the person is
not entitled to be indemnified by us. Amending the indemnification provision will not reduce our indemnification obligations relating
to actions taken before an amendment.
Forum Selection
Our Bylaws provide that unless we consent in writing
to the selection of an alternative forum, the sole and exclusive forum for (i) any derivative action or proceeding brought on behalf of
the Company, (ii) any action asserting a claim of breach of a fiduciary duty owed by any director, officer or other employee of the Company
to the Company or the Company’s stockholders, (iii) any action asserting a claim arising pursuant to any provision of the Delaware
General Corporation Law, the Certificate of Incorporation or the Bylaws (as either may be amended or restated) or as to which the Delaware
General Corporation Law confers jurisdiction on the Court of Chancery of the State of Delaware, or (iv) any action asserting a claim governed
by the internal affairs doctrine shall, to the fullest extent permitted by law, be exclusively brought in the Court of Chancery of the
State of Delaware, or if such court does not have subject matter jurisdiction thereof, the federal district court of the State of Delaware.
Unless the Company consents in writing to the selection of an alternative forum, the federal district courts of the United States shall
be the exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act.
Any person or entity purchasing or otherwise acquiring
any interest in shares of capital stock of the Company shall be deemed to have notice of and consented to the applicable provisions of
the Bylaws.
Delaware Business Combination Statute
We have opted out of Section 203 of the Delaware
General Corporation Law.
Listing
Our common stock is listed on the Nasdaq Global
Select Market under the symbol “SLM.”
Transfer Agent and Registrar
The transfer agent and registrar for the common
stock is Computershare Trust Company, N.A.
DESCRIPTION OF
DEBT SECURITIES
General
The following description of the terms of the
debt securities sets forth the material terms and provisions of the debt securities to which any prospectus supplement may relate. The
particular terms of the debt securities offered by any prospectus supplement and the extent, if any, to which such general provisions
may apply to the debt securities so offered will be described in the prospectus supplement relating to such debt securities.
The debt securities will be issued in one or more
series under the indenture (as amended and supplemented from time to time, the “indenture”), dated as of June 17, 2015, between
us and Deutsche Bank National Trust Company, as trustee (the “trustee”). The indenture is subject to any amendments or supplements
we may enter into from time to time which are permitted under the indenture. We will file any amendments or supplements to the indenture
as exhibits to a Current Report on Form 8-K or a post-effective amendment to the registration statement of which this prospectus is a
part. The statements herein relating to the debt securities and the indenture are summaries and are subject to the detailed provisions
of the indenture. The descriptions below do not restate the indenture and do not contain all the information you may find useful. We urge
you to read the indenture because it, and not the summary below, defines your rights as a holder of our debt securities. If you would
like to read the indenture, it is on file with the SEC, as described under “Where You Can Find More Information.” Whenever
we refer to particular sections or defined terms in an indenture, those sections and definitions are incorporated by reference. The indenture
is subject to and governed by the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”).
As used in this description of debt securities,
“we,” “our,” “us,” “Sallie Mae” and the “Company” refer to SLM Corporation
and not to any of our subsidiaries.
We will describe in the applicable prospectus
supplement the terms of the series of debt securities that we may offer and the supplemental indenture relating to such series of debt
securities. These terms will include the following:
| · | the designation and the aggregate principal amount of the debt securities of the series; |
| · | any limit upon the aggregate principal amount of the debt securities of the series which may be issued; |
| · | the date or dates on which the principal and premium, if any, of the debt securities of the series is payable; |
| · | the rate or rates, or the method of determination thereof, at which the debt securities of the series shall bear interest, the date
or dates from which such interest shall accrue, the interest payment dates on which such interest shall be payable, and the record dates
for the determination of holders to whom interest is payable; |
| · | the currency of the debt securities of the series and the currency in which payments on the debt securities of the series are payable; |
| · | the price or prices at which, the period or periods within which, and the terms and conditions upon which, debt securities of the
series may be redeemed, in whole or in part, at our option, pursuant to any sinking fund or otherwise; |
| · | our obligation, if any, to redeem, purchase or repay debt securities of the series pursuant to any sinking fund or analogous provisions
or at the option of a holder thereof and the price at which or process by which and the period or periods within which and the terms and
conditions upon which debt securities of the series would be redeemed, purchased or repaid, in whole or in part, pursuant to such obligation; |
| · | the denominations in which debt securities of the series shall be issuable; |
| · | any events of default, if different from the existing events of default under the indenture, and whether such additional or modified
events of default are subject to covenant defeasance; |
| · | the trustee, if different from the existing trustee under the indenture; |
| · | any addition to, or modification of, any covenants with respect to the debt securities of any series, and whether any such additional
or modified covenant is subject to covenant defeasance; and |
| · | any other terms of the series, which terms shall not be inconsistent with the provisions of the indenture. |
Unless otherwise specified in the prospectus supplement,
we will compute interest payments on the basis of a 360-day year consisting of twelve 30-day months.
When we use the term “business day,”
we mean any calendar day that is not a Saturday, Sunday or a day on which commercial banking institutions are not required to be open
for business in the City of New York, New York.
Unless otherwise specified in the applicable prospectus
supplement, each series of the debt securities will be issued in the form of one or more fully registered debt securities registered in
the name of the nominee of The Depository Trust Company (“DTC”) and in minimum denominations of $2,000 and integral multiples
of $1,000 in excess thereof. See “Forms of Securities” below.
The indenture does not limit the aggregate amount
of debt securities that we may issue. We may issue debt securities under the indenture up to the aggregate principal amount authorized
by our board of directors from time to time. The indenture does not limit our ability to incur senior debt, subordinated or secured debt,
or our ability, or that of any of our existing or future subsidiaries, to incur other indebtedness and other liabilities or issue preferred
stock.
We may, from time to time, without the consent
of the holders of debt securities of a particular series, reopen such series of debt securities and issue additional debt securities of
such series having the same ranking and the same interest rate, maturity and other terms as the debt securities of such series, except
for the public offering price, the issue date and, if applicable, the initial interest payment date and initial interest accrual date.
Any such additional debt securities, together with the debt securities of such series initially offered by this prospectus and the applicable
prospectus supplement, will constitute a single series of debt securities under the indenture; provided that if the additional
debt securities are not fungible for U.S. federal income tax purposes with the debt securities of such series initially offered by this
prospectus and the applicable prospectus supplement, the additional debt securities will be issued under a separate CUSIP number. No such
additional debt securities may be issued if an event of default has occurred and is continuing with respect to the series of debt securities
of which such additional debt securities would be a part.
The trustee will initially be the registrar and
paying agent for the debt securities. We will maintain an office in the Borough of Manhattan, the City of New York where we will pay the
principal and premium, if any, on the debt securities and within or outside the Borough of Manhattan, the City of New York where you may
present the debt securities for registration of transfer and exchange. We have designated (a) for debt securities transfer purposes and
for purposes of presentment and surrender of any debt securities for final distribution, the office of the trustee located at Deutsche
Bank National Trust Company c/o DB Services Americas, Inc. MS JCK01-0218, 5022 Gate Parkway, Jacksonville, FL 32256, Attention: Shareholder
Services, and (b) for all other purposes, the office of the trustee located at Deutsche Bank National Trust Company, 1761 East St. Andrew
Place, Santa Ana, CA 92705.
Ranking
Unless otherwise specified in the applicable prospectus
supplement, each series of debt securities will be our direct, unsecured obligations and will rank without preference or priority among
themselves and equally in right of payment with all of our existing and future unsecured and unsubordinated obligations, and senior in
right of payment to all of our existing and future indebtedness that is expressly subordinated to such series of debt securities.
We are a holding company and conduct substantially
all of our operations through subsidiaries. However, the debt securities will be obligations exclusively of SLM Corporation and will not
be guaranteed by any of our subsidiaries. As a result, the debt securities will be structurally subordinated to all indebtedness and other
liabilities of our subsidiaries, as well as the indebtedness and other liabilities of our securitization entities, which means that creditors
of our subsidiaries and our securitization entities will be paid from their assets before holders of the debt securities would have any
claims to those assets.
As a holding company, we depend on the ability
of our subsidiaries to transfer funds to us to meet our obligations, including our obligations to pay interest on the debt securities.
Our subsidiaries have no obligation to pay any amounts due on the debt securities.
Certain Covenants
Set forth below are summaries of certain covenants
in the indenture that apply to us, unless otherwise provided in any prospectus supplement. However, the indenture does not significantly
limit our operations. In particular, the indenture does not:
| · | limit the amount of dividends that we can pay; |
| · | limit the amount of debt securities that we can issue from time to time; |
| · | limit the number of series of debt securities that we can issue from time to time; |
| · | limit or otherwise restrict the total amount of debt that we or our subsidiaries may incur or the amount of other securities that
we may issue; or |
| · | contain any covenant or other provision that is specifically intended to afford any holder of debt securities any protection in the
event of highly leveraged transactions or similar transactions involving us or our subsidiaries. |
Reports
We will be required to file with the trustee,
within 15 days after we are required to file the same with the SEC, copies of the annual reports and the information, documents and other
reports that we are required to file with the SEC pursuant to Section 13 or Section 15(d) of the Exchange Act or pursuant to Section 314
of the Trust Indenture Act. Annual reports, information, documents and reports that are filed by us with the SEC via the EDGAR system
or any successor electronic delivery procedure will be deemed to be filed with the trustee at the time such documents are filed via the
EDGAR system or such successor procedure. Delivery of such reports, information and documents to the trustee is for informational purposes
only, and the trustee’s receipt of such will not constitute constructive notice of any information contained therein or determinable
from information contained therein, including our compliance with any of our covenants under the indenture.
Consolidation, Merger and Sale of Assets
We have agreed in the indenture that we will not,
in a single transaction or through a series of related transactions, (i) merge or consolidate with any other person, or (ii) sell, convey,
transfer or otherwise dispose of all or substantially all of our assets to any person (other than a subsidiary), in each case unless:
| · | either (a) we are the continuing person or (b) if we are not the continuing person, then the successor person formed by such consolidation
or into which we are merged, or the person to which substantially all of our assets are so transferred or otherwise disposed, shall be
a corporation or limited liability company organized and existing under the laws of the United States of America or any state thereof
or the District of Columbia and this successor person expressly assumes all of our obligations under the indenture and the debt securities;
provided that in the event that such successor person is not a corporation, another person that is a corporation shall expressly
assume, as co-obligor with such successor person, all of our obligations under the indenture and the debt securities; |
| · | immediately after giving effect to such merger or consolidation, or such sale, conveyance, transfer or other disposition, no default
or event of default has occurred and is continuing under the indenture; and |
| · | we have delivered to the trustee an officer’s certificate and an opinion of counsel, each stating that such merger, consolidation,
sale, conveyance, transfer or other disposition and supplemental indenture (if any) comply with the indenture. |
In the event of any such merger, consolidation,
sale, conveyance (other than by way of lease), transfer or other disposition, and upon any such assumption by the successor person, such
successor person shall succeed to and be substituted for us, with the same effect as if it had been named in the indenture as us, and
we shall be relieved of any further obligations under the indenture and under the debt securities and the predecessor company may be dissolved,
wound up and liquidated at any time thereafter.
For the avoidance of doubt, without limiting the
foregoing, the limitations described in this section will not apply to any transfer of loan receivables, on customary terms and in the
ordinary course of business, directly or indirectly, to our securitization entities in connection with our securitization facilities.
Events of Default
Unless otherwise provided in any related prospectus
supplement, any of the following events will constitute an event of default under the indenture with respect to any debt securities:
| · | default in the payment of any installment of interest on such series of debt securities when due and payable, and the continuance
of such default for 30 days; |
| · | default in the payment of the principal of, or premium, if any, on such series of debt securities when due and payable (whether at
maturity or upon acceleration, redemption, required repurchase or otherwise); |
| · | failure to observe or perform any other covenants or agreements in the indenture in respect of the debt securities of such series,
which failure continues for 60 days after written notice, requiring us to remedy the same, from the trustee or holders of at least 25%
of the outstanding principal amount of such series of debt securities as provided in the indenture; |
| · | specified events relating to our bankruptcy, insolvency, reorganization or receivership; and |
| · | any other events of default set forth in the related prospectus supplement. |
Remedies
If an event of default arising from specified
events of our bankruptcy, insolvency, reorganization or receivership occurs, the principal amount of all outstanding debt securities will
become due and payable immediately, without further action or notice on the
part of the holders of the debt securities or the trustee. If any other
event of default with respect to a series of debt securities occurs, the trustee or the holders of not less than 25% in principal amount
of outstanding debt securities of such series may declare the principal amount of the debt securities of such series to be due and payable
immediately, by a notice in writing to us, and to the trustee if given by holders. Upon that declaration, the principal amount of such
series of debt securities will become immediately due and payable. However, at any time after a declaration has been made or such series
of debt securities have otherwise become due and payable, but before a judgment or decree for payment of the money due has been obtained,
the holders of a majority in principal amount of outstanding debt securities of such series may, subject to conditions specified in the
indenture, rescind and annul that declaration or acceleration and its consequences.
Subject to the provisions of the indenture relating
to the duties of the trustee, if an event of default then exists, the trustee will be under no obligation to exercise any of its rights
or powers under the indenture at your request, order or direction, unless you have offered to the trustee reasonable security or indemnity.
Subject to the provisions for the security or indemnification of the trustee and otherwise in accordance with the conditions specified
in the indenture, the holders of a majority in principal amount of outstanding debt securities of any series have the right to direct
the time, method and place of conducting any proceeding for and remedy available to the trustee, or exercising any trust or power conferred
on the trustee in connection with the debt securities of such series.
Notice of Default
The trustee will, within 90 days after the occurrence
of a default with respect to a series of debt securities, mail to the holders of such debt securities notice of such default relating
to such series of debt securities, unless such default has been cured or waived. However, the Trust Indenture Act and the indenture currently
permit the trustee to withhold notices of defaults (except for certain payment defaults) if the trustee in good faith determines the withholding
of such notices to be in the interests of the holders.
We will furnish the trustee with an annual statement
as to our compliance with the conditions and covenants in the indenture.
Legal Proceedings and Enforcement of Right of Payment
You will not have any right to institute any proceeding
under or with respect to the indenture or for any remedy under the indenture, unless you have previously given to the trustee written
notice of a continuing event of default with respect to the debt securities. In addition, the holders of at least 25% in principal amount
of the outstanding debt securities of a series must have made written request, and offered reasonable indemnity, to the trustee to institute
that proceeding as trustee, and, within 60 days following the receipt of that notice, the trustee must not have received from the holders
of a majority in principal amount of the outstanding debt securities of such series a direction inconsistent with that request, and must
have failed to institute the proceeding. However, you will have an absolute right to receive payment of the principal of, premium, if
any, and interest on that debt security at the place, time, rates and in the currency expressed in the indenture and the debt security
and to institute a suit for the enforcement of that payment.
Modification of Indenture
We may enter into supplemental indentures for
the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the indenture with respect to
one or more series of debt securities with the consent of holders of not less than a majority in aggregate principal amount of the debt
securities of all such series affected by such modification or amendment, voting as a single class. However, the consent of each holder
affected is required for any amendment:
| · | to change the stated maturity of principal of, or any installment of principal of or interest on, any debt security; |
| · | to reduce the rate of or extend the time for payment of interest, if any, on any debt security or to alter the manner of calculation
of interest payable on any debt security; |
| · | to reduce the principal amount or premium, if any, on any debt security; |
| · | to make the principal of, premium, if any, or interest on any debt security payable in a different currency; |
| · | to reduce the percentage in principal amount of any series of debt securities, the holders of which are required to consent to any
supplemental indenture or to any waiver of any past default or event of default; |
| · | to change any place of payment where the debt securities or interest thereon is payable; |
| · | to modify the interest rate reset provision of any debt security; |
| · | to impair the right of any holder of the debt securities to (i) receive payment of the principal of, or premium, if any, or interest
on, any debt securities on or after the respective due dates for such principal or interest, or (ii) institute suit for the enforcement
of any such payment; |
| · | to reduce the amount of the principal of an original issue discount security that would be due and payable upon an acceleration of
the maturity thereof, or adversely affect the right of repayment, if any, at the option of the holder, or to extend the time for, or reduce
the amount of, any payment to any sinking fund or analogous obligation relating to any debt security; or |
| · | to modify provisions of the indenture relating to waiver of defaults or amendment of the indenture, except to increase the percentage
in principal amount of debt securities whose holders must consent to an amendment or to provide that certain other provisions of the indenture
cannot be modified or waived without the consent of the holder of each outstanding debt security affected by the modification or waiver. |
Notwithstanding the foregoing, holders of the
debt securities of any series shall vote as a separate class with respect to modifications or amendments that affect only the debt securities
of such series, and the holders of other series of debt securities shall not have any voting rights with respect to such matters as they
relate to the debt securities of such series.
In addition, we and the trustee with respect to
the indenture may enter into supplemental indentures without the consent of the holders of the debt securities of any series for one or
more of the following purposes:
| · | to evidence that another corporation or limited liability company has become our successor and/or to add a co-obligor under the provisions
of the indenture relating to mergers, consolidations, sales, conveyances, transfers or other dispositions of assets described under “Certain
Covenants—Consolidation, Merger and Sale of Assets” above, and that the successor assumes our covenants, agreements and obligations
in the indenture and in the debt securities; |
| · | to add to our covenants further covenants, restrictions, conditions or provisions for the protection of the holders of all or any
series of the debt securities as our board of directors and the trustee shall consider to be for the protection of the holders of such
debt securities, and to make a default in any of these additional covenants, restrictions, conditions or provisions a default or an event
of default under the indenture; |
| · | to establish the forms or terms of debt securities of any series; |
| · | to cure any ambiguity, to correct or supplement any provisions that may be defective or inconsistent with any other provision or to
create such other provisions in regard to matters or questions arising under the indenture or any supplemental indenture thereto that
do not, or otherwise amend or supplement the indenture or any supplemental indenture thereto in a manner that does not, adversely affect
the interests of the holders of such series of debt securities in any material respect; provided that any amendment made solely
to conform the provisions of the indenture to the description of the debt securities contained in this prospectus, any related prospectus
supplements or other offering document pursuant to which the debt securities were sold will not be deemed to adversely affect the interests
of the holders of the debt securities; |
| · | to modify or amend the indenture to permit the qualification of the indenture or any supplemental indenture under the Trust Indenture
Act as then in effect; |
| · | to conform the text of the indenture, any supplemental indenture, or the terms of any series of debt securities to this “Description
of Debt Securities” or the “Description of Notes” in any related prospectus supplement; |
| · | to provide for the issuance of additional debt securities of any series; |
| · | to provide for the exchange of any debt securities in global form represented by one or more global certificates for debt securities
of the same series issued under the indenture in definitive certificated form in the circumstances permitted by the terms of the indenture
and such debt securities, and to make all appropriate changes to the indenture for such purpose; |
| · | to add to, change or eliminate any of the provisions of the indenture in respect of one or more series of debt securities; provided
that any such addition, change or elimination (i) shall not apply to, or modify the rights of any holder of, any debt security of any
series created prior to the execution of such supplemental indenture or (ii) shall become effective only when no debt securities of any
series created prior to the execution of such supplemental indenture are outstanding; |
| · | to add guarantees with respect to any series of debt securities or to secure any series of debt securities; and |
| · | to evidence and provide for the acceptance of appointment by a successor or separate trustee with respect to the debt securities. |
Defeasance of Indenture
We have the right to (i) terminate all of our
obligations with respect to a series of debt securities under the covenants described above under “—Certain Covenants”
and under such other covenants for such series as may be established in the future in accordance with the terms of the indenture and (ii)
provide that the events described in the third bullet under “—Events of Default” (as it relates to any covenants referred
to in the preceding part of this sentence) and any other event of default expressed to be subject to covenant defeasance under the indenture
shall no longer constitute events of default under the indenture with respect to such series of debt securities, once we:
| · | irrevocably deposit in trust with the trustee, as trust funds solely for the benefit of holders of debt securities of such series,
money in an amount sufficient, U.S. government obligations (including both direct obligations of the United States backed by the full
faith and credit of the United States or any obligation of a person controlled or supervised by and acting as an agency or instrumentality
of the United States if the payment of the obligation is unconditionally guaranteed as a full faith and credit obligation by the United
States) the scheduled payments of principal and interest on which shall be sufficient, or a combination thereof sufficient, in the opinion
of a nationally recognized firm of independent public accountants expressed in a written certification delivered to the trustee, without
consideration of any reinvestment of interest, to pay principal of, premium, if any, and interest, if any, on the debt securities of such
series to their maturity or redemption, as the case may be; and |
| · | comply with certain other conditions, including delivery to the trustee of an opinion of counsel to the effect that you will not recognize
income, gain or loss for federal income tax purposes as a result of our exercise of such right and will be subject to federal income tax
on the same amount and in the same manner and at the same times as would have been the case otherwise. |
In the event of covenant defeasance, our obligations
under the indenture and the debt securities, other than with respect to the covenants specifically referred to above, will remain in effect.
In addition, we have the right at any time to
terminate all of our obligations under the indenture with respect to any series of debt securities, other than (i) your right to receive,
solely from the trust fund described below, payments of principal of, and interest on, such series of debt securities when due and (ii)
certain obligations relating to the defeasance trust and obligations to register the transfer or exchange of the debt securities, to replace
mutilated, lost or stolen debt securities, to maintain a registrar and paying agent in respect of the debt securities, and to pay compensation
to, and expenses of, the trustee, and with respect to the resignation or removal of the trustee, once we:
| · | irrevocably deposit in trust with the trustee, as trust funds solely for the benefit of holders of debt securities of such series,
money in an amount sufficient, U.S. government obligations (including both direct obligations of the United States backed by the full
faith and credit of the United States or any obligation of a person controlled or supervised by and acting as an agency or instrumentality
of the United States if the payment of the obligation is unconditionally guaranteed as a full faith and credit obligation by the United
States) the scheduled payments of principal and interest on which shall be sufficient, or a combination thereof sufficient, in the opinion
of a nationally recognized firm of independent public accountants expressed in a written certification delivered to the trustee, without
consideration of any reinvestment of interest, to pay principal of, premium, if any, and interest, if any, on the debt securities of such
series to their maturity or redemption, as the case may be; and |
| · | comply with certain other conditions, including delivery to the trustee of either (i) a ruling received from the Internal Revenue
Service to the effect that you will not recognize income, gain or loss for federal income tax purposes as a result of our exercise of
such right and will be subject to federal income tax on the same amount and in the same manner and at the same times as would otherwise
have been the case or (ii) an opinion of counsel, based upon a change in law after the date of the indenture, to the same effect as the
ruling described in clause (i). |
Original Issue Discount Securities
Debt securities may be sold at a substantial discount
below their stated principal amount and may bear no interest or interest at a rate which at the time of issuance is below market rates.
Important federal income tax consequences and special considerations applicable to any such debt securities will be described in the applicable
prospectus supplement.
Indexed Securities
If the amount of payments of principal of, and
premium, if any, or any interest on, debt securities of any series is determined with reference to any type of index or formula or changes
in prices of particular securities or commodities, the federal income tax consequences, specific terms and other information with respect
to such debt securities and such index or formula and securities or commodities will be described in the applicable prospectus supplement.
Foreign Currencies
If the principal of, and premium, if any, or any
interest on, debt securities of any series are payable in a foreign or composite currency, the restrictions, elections, federal income
tax consequences, specific terms and other information with respect to such debt securities and such currency will be described in the
applicable prospectus supplement.
Satisfaction and Discharge
The indenture will generally cease to be of any
further effect with respect to any series of debt securities, if:
| · | either (i) we have delivered to the trustee for cancellation all outstanding debt securities of such series (with certain limited
exceptions), or (ii) all such debt securities of such series not previously delivered to the trustee for cancellation have become due
and payable, or are by their terms to become due and payable within one year, or are to be called for redemption within one year under
arrangements satisfactory to the trustee, and we have deposited with the trustee in trust, funds sufficient to pay at maturity or upon
redemption all of the outstanding debt securities of such series; and |
| · | in either case, we also pay or cause to be paid all other sums then payable under the indenture by us with respect to such series
of debt securities. |
Any monies and U.S. government obligations deposited
with the trustee for payment of principal of, premium, if any, or interest, if any, on the debt securities of any series and not applied
but remaining unclaimed by the holders of the debt securities of such series for two years after the date upon which the principal of,
and interest and premium, if any, on, the debt securities of such series, as the case may be, shall have become due and payable, shall
be repaid to us by the trustee on written demand. Thereafter, the holder of the debt securities of such series may look only to us for
payment thereof.
Miscellaneous Provisions
The indenture provides that certain series of
debt securities, including those for which payment has been deposited or set aside in trust as described under “—Satisfaction
and Discharge” above, will not be deemed to be “outstanding” in determining whether the holders of the requisite principal
amount of the outstanding debt securities have given or taken any demand, direction, consent or other action under the indenture as of
any date, or are present at a meeting of holders for quorum purposes.
We will be entitled to set any day as a record
date for the purpose of determining the identity of holders of debt securities of any series issued under the indenture entitled to vote
or consent (or to revoke any vote or consent) to any action under the indenture, in the manner and subject to the limitations provided
in the indenture.
Resignation and Removal of the Trustee
The trustee may resign at any time by giving written
notice thereof to us.
Under certain circumstances, we may remove the
trustee and appoint a successor trustee. The trustee may also be removed by act of the holders of a majority in principal amount of the
then outstanding debt securities of one or more series.
No resignation or removal of the trustee and no
appointment of a successor trustee will become effective until the acceptance of appointment by a successor trustee in accordance with
the requirements of the indenture.
Governing Law
The indenture and the debt securities, and any
claim, controversy or dispute arising under or related to the indenture and the debt securities, will be governed by and construed in
accordance with the laws of the State of New York.
DESCRIPTION OF
WARRANTS
We may issue:
| · | warrants for the purchase of debt securities, preferred stock, common stock or units of two or more of these types of securities; |
| · | currency warrants, which are warrants or other rights relating to foreign currency exchange rates; or |
| · | index warrants, which are warrants for the purchase or sale of debt securities of, or guaranteed by, the United States government
or its agencies, units of a stock index or a stock basket or a commodity or a unit of a commodity index. |
Warrants may be issued independently or together
with debt securities, preferred stock or common stock, and may be attached to or separate from any offered securities. Each series of
warrants will be issued under a separate warrant agreement to be entered into between us and a bank or trust company, as warrant agent.
The warrant agent will act solely as our agent in connection with the warrants and will not assume any obligation or relationship of agency
or trust for or with any registered holders of warrants or beneficial owners of warrants.
We will distribute a prospectus supplement with
regard to each issue of warrants. Each prospectus supplement will describe:
| · | in the case of warrants to purchase debt securities, the designation, aggregate principal amount, currencies, denominations and terms
of the series of debt securities purchasable upon exercise of the warrants, and the price at which you may purchase the debt securities
upon exercise; |
| · | in the case of warrants to purchase preferred stock, the designation, number of shares, stated value and terms, such as liquidation,
dividend, conversion and voting rights, of the series of preferred stock purchasable upon exercise of the warrants, and the price at which
you may purchase shares of preferred stock of that series upon exercise; |
| · | in the case of warrants to purchase common stock, the number of shares of common stock purchasable upon the exercise of the warrants
and the price at which you may purchase shares of common stock upon exercise; |
| · | in the case of currency warrants, the designation, aggregate principal amount, whether the currency warrants are put or call currency
warrants or both, the formula for determining any cash settlement value, exercise procedures and conditions, the date on which your right
to exercise the currency warrants commences and the date on which your right expires, and any other terms of the currency warrants; |
| · | in the case of index warrants, the designation, aggregate principal amount, the procedures and conditions relating to the exercise
of the index warrants, the date on which your right to exercise the index warrants commences and the date on which your right expires,
the national securities exchange on which the index warrants will be listed, if any, and any other material terms of the index warrants; |
| · | in the case of warrants to purchase units of two or more securities, the type, number and terms of the units purchasable upon exercise
of the warrants and the price at which you may purchase units upon exercise; |
| · | the period during which you may exercise the warrants; |
| · | any provision adjusting the securities that may be purchased on exercise of the warrants, and the exercise price of the warrants,
to prevent dilution or otherwise; |
| · | the place or places where warrants can be presented for exercise or for registration of transfer or exchange; and |
| · | any other material terms of the warrants. |
Unless we provide otherwise in a prospectus supplement,
warrants for the purchase of preferred stock and common stock will be offered and exercisable for U.S. dollars only, and will be issued
in registered form only. The exercise price for warrants will be subject to adjustment as described in the prospectus supplement for those
warrants.
Prior to the exercise of any warrants to purchase
debt securities, preferred stock or common stock, holders of the warrants will not have any of the rights of holders of the securities
purchasable upon exercise, including:
| · | in the case of warrants for the purchase of debt securities, the right to receive payments of principal of or any premium or interest
on the debt securities purchasable upon exercise, or to enforce covenants in the applicable indenture; or |
| · | in the case of warrants for the purchase of preferred stock or common stock, the right to vote or to receive any payments of dividends
on the preferred stock or common stock purchasable upon exercise. |
DESCRIPTION OF
UNITS
We may issue units consisting of common stock,
preferred stock, debt securities and warrants, or any combination of those securities. The prospectus supplement relating to the offering
of such units will describe their terms, including the following:
| · | the terms of each of the securities included in the units, including whether and under what circumstances the securities included
in the units may or may not be traded separately; |
| · | the terms of any unit agreement governing the units; |
| · | if applicable, a discussion of certain U.S. federal income tax considerations; and |
| · | the provision for the payment, settlement, transfer or exchange of the units. |
FORMS OF SECURITIES
Each debt security, warrant and unit will be represented
either by a certificate issued in definitive form to a particular investor or by one or more global securities representing the entire
issuance of securities. Certificated securities in definitive form and global securities will be issued in registered form. Definitive
securities name you or your nominee as the owner of the security, and in order to transfer or exchange these securities or to receive
payments other than interest or other interim payments, you or your nominee must physically deliver the securities to the trustee, registrar,
paying agent or other agent, as applicable. Global securities name a depositary or its nominee as the owner of the debt securities, warrants
or units represented by these global securities. Each investor’s beneficial ownership of the securities is reflected on the books
of the depositary or such investor’s broker/dealer, bank, trust company or other representative, as we explain more fully below.
Global Securities
Registered Global Securities. We may issue
the registered debt securities, warrants and units in the form of one or more fully registered global securities that will be deposited
with a depositary or its nominee identified in the applicable prospectus supplement and registered in the name of that depositary or nominee.
In those cases, one or more registered global securities will be issued in a denomination or aggregate denominations equal to the portion
of the aggregate principal or face amount of the securities to be represented by registered global securities. Unless and until it is
exchanged in whole for securities in definitive registered form, a registered global security may not be transferred except as a whole
by and among the depositary for the registered global security, the nominees of the depositary or any successors of the depositary or
those nominees.
If not described below, any specific terms of
the depositary arrangement with respect to any securities to be represented by a registered global security will be described in the prospectus
supplement relating to those securities. We anticipate that the following provisions will apply to all depositary arrangements.
Ownership of beneficial interests in a registered
global security will be limited to persons, called participants, that have accounts with the depositary or persons that may hold interests
through participants. Upon the issuance of a registered global security, the depositary will credit, on its book-entry registration and
transfer system, the participants’ accounts with the respective principal or face amounts of the securities beneficially owned by
the participants. Any dealers, underwriters or agents participating in the distribution of the securities will designate the accounts
to be credited. Ownership of beneficial interests in a registered global security will be shown on, and the transfer of ownership interests
will be effected only through, records maintained by the depositary, with respect to interests of participants, and on the records of
participants, with respect to interests of persons holding through participants. The laws of some states may require that some purchasers
of securities take physical delivery of these securities in definitive form. These laws may impair your ability to own, transfer or pledge
beneficial interests in registered global securities.
So long as the depositary, or its nominee, is
the registered owner of a registered global security, that depositary or its nominee, as the case may be, will be considered the sole
owner or holder of the securities represented by the registered global security for all purposes under the applicable indenture, warrant
agreement or unit agreement. Except as described below, owners of beneficial interests in a registered global security will not be entitled
to have the securities represented by the registered global security registered in their names, will not receive or be entitled to receive
physical delivery of the securities in definitive form and will not be considered the owners or holders of the securities under the applicable
indenture, warrant agreement or unit agreement. Accordingly, each person owning a beneficial interest in a registered global security
must rely on the procedures of the depositary for that registered global security and, if that person is not a participant, on the procedures
of the participant through which the person owns its interest, to exercise any rights of a holder under the applicable indenture, warrant
agreement or unit agreement. We understand that under existing industry practices, if we request any action of holders or if an owner
of a beneficial interest in a registered global security desires to give or take any action that a holder is entitled to give or take
under the applicable indenture, warrant agreement or unit agreement, the depositary for the registered global security would authorize
the participants holding the relevant beneficial interests to give or take that action, and the participants would authorize beneficial
owners owning through them to give or take that action or would otherwise act upon the instructions of beneficial owners holding through
them.
Principal, premium, if any, and interest payments
on debt securities, and any payments to holders with respect to warrants or units, represented by a registered global security registered
in the name of a depositary or its nominee will be made to the depositary or its nominee, as the case may be, as the registered owner
of the registered global security. None of SLM Corporation, the trustees, the warrant agents, the unit agents or any other agent of SLM
Corporation, agent of the trustees or agent of the warrant agents or unit agents will have any responsibility or liability for any aspect
of the records relating to payments made on account of beneficial ownership interests in the registered global security or for maintaining,
supervising or reviewing any records relating to those beneficial ownership interests.
We expect that the depositary for any of the securities
represented by a registered global security, upon receipt of any payment of principal, premium, interest or other distribution of underlying
securities or other property to holders on that registered global security, will immediately credit participants’ accounts in amounts
proportionate to their respective beneficial interests in that registered global security as shown on the records of the depositary. We
also expect that payments by participants to owners of beneficial interests in a
registered global security held through participants will be governed
by standing customer instructions and customary practices, as is now the case with the securities held for the accounts of customers in
bearer form or registered in “street name,” and will be the responsibility of those participants.
If the depositary for any of these securities
represented by a registered global security is at any time unwilling or unable to continue as depositary or ceases to be a clearing agency
registered under the Exchange Act, and a successor depositary registered as a clearing agency under the Exchange Act is not appointed
by us within 90 days, we will issue securities in definitive form in exchange for the registered global security that had been held by
the depositary. Any securities issued in definitive form in exchange for a registered global security will be registered in the name or
names that the depositary gives to the relevant trustee, warrant agent, unit agent or other relevant agent of ours or theirs. It is expected
that the depositary’s instructions will be based upon directions received by the depositary from participants with respect to ownership
of beneficial interests in the registered global security that had been held by the depositary.
PLAN OF DISTRIBUTION
We may sell any of the securities being offered
by this prospectus separately or together:
| · | to or through underwriters who may act directly or through a syndicate represented by one or more managing underwriters; |
| · | through a block trade in which the broker or dealer engaged to handle the block trade will attempt to sell the securities as agent,
but may position and resell a portion of the block as principal to facilitate the transaction; |
| · | in exchange for our outstanding indebtedness; |
| · | directly to purchasers, through a specific bidding, auction or other process; or |
| · | through a combination of any of these methods of sale. |
If the securities offered under this prospectus
are issued in exchange for our outstanding securities, the applicable prospectus supplement will describe the terms of the exchange, and
the identity and the terms of sale of the securities offered under this prospectus by the selling security holders.
The distribution of securities may be effected
from time to time in one or more transactions at a fixed price or prices that may be changed, at market prices prevailing at the time
of sale or prices related to prevailing market prices or at negotiated prices.
Agents designated by us from time to time may
solicit offers to purchase the securities. We will name any agent involved in the offer or sale of the securities and set forth any commissions
payable by us to an agent in the prospectus supplement. Unless otherwise indicated in the prospectus supplement, any agent will be acting
on a best efforts basis for the period of its appointment. Any agent may be deemed to be an “underwriter” of the securities
as that term is defined in the Securities Act.
If we utilize an underwriter or underwriters in
the sale of securities, we will execute an underwriting agreement with the underwriter or underwriters at the time we reach an agreement
for sale. We will set forth in the prospectus supplement the names of the specific managing underwriter or underwriters, as well as any
other underwriters, and the terms of the transactions, including compensation of the underwriters and dealers. This compensation may be
in the form of discounts, concessions or commissions. Underwriters and others participating in any offering of securities may engage in
transactions that stabilize, maintain or otherwise affect the price of securities. We will describe any of these activities in the prospectus
supplement.
If a dealer is utilized in the sale of the securities,
we or an underwriter will sell securities to the dealer, as principal. The dealer may then resell the securities to the public at varying
prices to be determined by the dealer at the time of resale. The prospectus supplement will set forth the name of the dealer and the terms
of the transactions.
We may directly solicit offers to purchase the
securities, and we may sell directly to institutional investors or others. These persons may be deemed to be underwriters within the meaning
of the Securities Act with respect to any resale of the securities. The prospectus supplement will describe the terms of any direct sales,
including the terms of any bidding or auction process, if utilized.
Agreements we enter into with agents, underwriters
and dealers may entitle them to indemnification by us against specified liabilities, including liabilities under the Securities Act, or
to contribution by us to payments they may be required to make in respect of these liabilities. The prospectus supplement will describe
the terms and conditions of indemnification or contribution. Some of the agents, underwriters or dealers, or their affiliates, may be
our customers, or engage in transactions with or perform services for us and our subsidiaries in the ordinary course of business.
Certain of the agents, underwriters and dealers
that we sell the securities offered under this prospectus to or through, and certain of their affiliates, engage in transactions with
and perform services for us in the ordinary course of business. We may enter into hedging transactions in connection with any particular
issue of the securities offered under this prospectus, including forwards, futures, options, interest rate or exchange rate swaps and
repurchase or reverse repurchase transactions with, or arranged by, the applicable agent, underwriter or dealer, an affiliate of that
agent, underwriter or dealer or an unrelated entity. We, the applicable agent, underwriter or dealer or other parties may receive compensation,
trading gain or other benefits in connection with these transactions. We are not required to engage in any of these transactions. If we
commence these transactions, we may discontinue them at any time. Counterparties to these hedging activities also may engage in market
transactions involving the securities offered under this prospectus.
No securities may be sold under this prospectus
without delivery (in paper format, in electronic format, in electronic format on the Internet, or by other means) of the applicable prospectus
supplement describing the method and terms of the offering.
VALIDITY OF SECURITIES
In connection with particular offerings of the
securities in the future, and if stated in the applicable prospectus supplement, the validity of those securities and certain U.S. federal
income tax matters may be passed upon for us by Davis Polk & Wardwell LLP, New York, New York, and the underwriters or agents may
be represented by counsel named in the applicable prospectus supplement.
EXPERTS
The consolidated financial statements of SLM Corporation
as of December 31, 2023 and 2022 and for each of the years in the three-year period ended December 31, 2023, and management’s assessment
of the effectiveness of internal control over financial reporting as of December 31, 2023, have been incorporated by reference herein
in reliance upon the reports of KPMG LLP, an independent registered public accounting firm, incorporated by reference herein, and upon
the authority of said firm as experts in accounting and auditing.
PART II
INFORMATION NOT REQUIRED IN PROSPECTUS
Item 14. Other Expenses of Issuance and Distribution
The following table sets forth the costs and expenses
payable by the Registrant in connection with the sale of the securities being registered hereby, other than discounts and commissions.
| | |
Amount to Be Paid |
| Registration fee | |
$ | * |
| Printing expenses | |
$ | ** |
| Legal fees and expenses | |
$ | ** |
| Accounting fees and expenses | |
$ | ** |
| Blue Sky fees and expenses | |
$ | ** |
| Trustee, Transfer Agent and Registrar fees and expenses | |
$ | ** |
| Rating Agency fees and expenses | |
$ | ** |
| Miscellaneous | |
$ | ** |
| TOTAL | |
| |
* Registration fee is being deferred pursuant
to Rule 456(b).
** Estimated expenses are not presently known.
Item 15. Indemnification of Directors and Officers
Section 145 of the Delaware General Corporation
Law provides that a corporation may, subject to certain limitations, indemnify directors and officers as well as other employees and individuals
against expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by
such person in connection with any threatened, pending or completed actions, suits or proceedings in which such person is made a party
by reason of such person being or having been a director, officer, employee or agent of the Registrant. The Delaware General Corporation
Law provides that Section 145 is not exclusive of other rights to which those seeking indemnification may be entitled under any bylaw,
agreement, vote of stockholders or disinterested directors or otherwise. Article VIII of the Registrant’s Bylaws provides for indemnification
by the Registrant of its directors and officers to the fullest extent permitted by the Delaware General Corporation Law, and any modification
or repeal of Article VIII, with respect to such provisions, will be prospective only and will not in any way adversely affect any right
of a director or officer in effect at the time with respect to any act or omission occurring prior to such repeal or modification.
Section 102(b)(7) of the Delaware General Corporation
Law permits a corporation to provide in its certificate of incorporation that a director of the corporation shall not be personally liable
to the corporation or its stockholders for monetary damages for breaches of fiduciary duty as a director, except for liability (i) for
any breach of the director’s duty of loyalty to the corporation or its stockholders, (ii) for acts or omissions not in good faith
or which involve intentional misconduct or a knowing violation of law, (iii) for unlawful payments of dividends or unlawful stock repurchases,
redemptions or other distributions, or (iv) for any transaction from which the director derived an improper personal benefit. The Registrant’s
Certificate of Incorporation provides for such limitation of liability, and any repeal or modification of such provision in the Registrant’s
Certificate of Incorporation by the Registrant’s stockholders will not adversely affect any right of a director existing at the
time of such repeal or modification with respect to any act or omission occurring prior to such repeal or modification.
The Registrant has also entered into indemnification
agreements (the “Indemnification Agreements”) with its independent directors (individually, the “Indemnitee”).
The Indemnification Agreements, among other things, provide for the maximum indemnity permitted for directors under Section 145 of the
Delaware General Corporation Law and the Registrant’s Bylaws, as well as additional procedural protections. The Indemnification
Agreements require the Registrant to indemnify the relevant Indemnitee against liability that may arise by reason of his or her status
or service as director of the Registrant if the Indemnitee acted in good faith, for a purpose which he or she reasonably believed to be
in or not opposed to the best interests of the Registrant, and in the case of a criminal proceeding, in addition, had no reasonable cause
to believe that his or her conduct was unlawful.
The Indemnification Agreements require the Registrant
to advance any expenses incurred by the relevant Indemnitee as a result of any proceeding against him or her, so long as the Indemnitee
provides an undertaking that the Indemnitee will repay the advances to the extent that it ultimately is determined that the Indemnitee
is not entitled to be indemnified by the Registrant, the expenses have not been paid for under any insurance policy, the underlying claim
giving rise to the expenses is not for violation of Section 16(b) of the Exchange Act (“short swing profits”), and the claim
was not initiated by the Indemnitee.
The Registrant maintains standard policies of
insurance under which coverage is provided (a) to its directors and officers against loss rising from claims made by reason of breach
of duty or other wrongful act, and (b) to the Registrant with respect to payments
which may be made by the Registrant to such officers and directors
pursuant to the above indemnification provisions or otherwise as a matter of law.
The proposed forms of Underwriting Agreement filed
as Exhibit 1.1 to this registration statement provide for indemnification of directors and officers of the Registrant by the underwriters
against certain liabilities.
Item 16. Exhibits and Financial Statement Schedules
The exhibit index attached hereto is incorporated
herein by reference.
Item 17. Undertakings
(a) The
undersigned Registrant hereby undertakes:
| (1) | To file, during any period in which offers or sales are being made of securities registered hereby, a post-effective amendment to
this registration statement: |
| (i) | To include any prospectus required by Section 10(a)(3) of the Securities Act of 1933; |
| (ii) | To reflect in the prospectus any facts or events arising after the effective date of the registration statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth
in the registration statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar
value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum
offering range may be reflected in the form of prospectus filed with the Securities and Exchange Commission pursuant to Rule 424(b) if,
in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth
in “Calculation of Filing Fee Tables” in the effective registration statement; and |
| (iii) | To include any material information with respect to the plan
of distribution not previously disclosed in the registration statement or any material change to such information in the registration
statement; |
provided, however, that paragraphs (i), (ii)
and (iii) above do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained
in periodic reports filed with or furnished to the Securities and Exchange Commission by the Registrant pursuant to Section 13 or Section
15(d) of the Securities Exchange Act of 1934 that are incorporated by reference in this registration statement, or is contained in a form
of prospectus filed pursuant to Rule 424(b) that is part of the registration statement.
| (2) | That, for the purpose of determining any liability under the Securities Act of 1933, each such post-effective amendment shall be deemed
to be a new registration statement relating to the securities offered herein, and the offering of such securities at that time shall be
deemed to be the initial bona fide offering thereof. |
| (3) | To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the
termination of the offering. |
| (4) | That, for the purpose of determining liability under the Securities Act of 1933 to any purchaser: |
| (i) | Each prospectus filed by the Registrant pursuant to Rule 424(b)(3) shall be deemed to be part of the registration statement as of
the date the filed prospectus was deemed part of and included in the registration statement; and |
| (ii) | Each prospectus required to be filed pursuant to Rule 424(b)(2), (b)(5), or (b)(7) as part of a registration statement in reliance
on Rule 430B relating to an offering made pursuant to Rule 415(a)(1)(i), (vii), or (x) for the purpose of providing the information required
by Section 10(a) of the Securities Act of 1933 shall be deemed to be part of and included in the registration statement as of the earlier
of the date such form of prospectus is first used after effectiveness or the date of the first contract of sale of securities in the offering
described in the prospectus. As provided in Rule 430B, for liability purposes of the issuer and any person that is at that date an underwriter,
such date shall be deemed to be a new effective date of the registration statement relating to the securities in the registration statement
to which that prospectus relates, and the offering of such securities at that time shall be deemed to be the initial bona fide offering
thereof; provided, however, that no statement made in a registration statement or prospectus that is part of the registration
statement or made in a document incorporated or deemed incorporated by reference into the registration statement or prospectus that is
part of the registration statement will, as to a purchaser with a time of contract of sale prior to such effective date, supersede or
modify any statement that was made in the registration statement or prospectus that was part of the registration statement or made in
any such document immediately prior to such effective date. |
| (5) | That, for the purpose of determining liability of the Registrant under the Securities Act of 1933 to any purchaser in the initial
distribution of the securities: |
The undersigned Registrant undertakes that in a primary
offering of securities of the undersigned Registrant pursuant to this registration statement, regardless of the underwriting method used
to sell the securities to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications,
the undersigned Registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:
| (i) | Any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required to be filed pursuant to Rule
424; |
| (ii) | Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned Registrant or used or referred to
by the undersigned Registrant; |
| (iii) | The portion of any other free writing prospectus relating to the offering containing material information about the undersigned Registrant
or its securities provided by or on behalf of the undersigned Registrant; and |
| (iv) | Any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser. |
(b) The
undersigned Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act of 1933, each filing
of the Registrant’s annual report pursuant to Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (and, where
applicable, each filing of an employee benefit plan’s annual report pursuant to Section 15(d) of the Securities Exchange Act of
1934) that is incorporated by reference in the registration statement shall be deemed to be a new registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.
(c) Insofar
as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons
of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities
and Exchange Commission such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable.
In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred
or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is
asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless
in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public policy as expressed in the Securities Act of 1933 and will be governed by
the final adjudication of such issue.
SIGNATURES
Pursuant to the requirements of the Securities
Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form
S-3 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City
of Newark, State of Delaware, on July 31, 2024.
| |
SLM CORPORATION
|
| |
|
| |
|
| |
|
| |
By: |
/s/ Jonathan W. Witter |
| |
|
Name: |
Jonathan W. Witter |
| |
|
Title: |
Chief Executive Officer and Director |
POWER OF ATTORNEY
KNOW ALL PERSONS BY THESE PRESENTS, that each
of the undersigned, in his or her capacity as a director or officer, or both, as the case may be, of SLM Corporation, does hereby appoint
Jonathan W. Witter, Peter M. Graham, Nicolas Jafarieh and Richard M. Nelson, and each of them severally, his or her true and lawful attorney-in-fact
and agent, with full power of substitution and resubstitution, to execute in his or her name, place and stead, in his or her capacity
as a director or officer, or both, as the case may be, of SLM Corporation, any and all amendments to this Registration Statement and post-effective
amendments thereto, and to sign any subsequent registration statement filed pursuant to Rule 462(b) under the Securities Act of 1933,
as amended, and all instruments necessary or incidental in connection therewith, and to file the same, with all exhibits thereto, with
the Securities and Exchange Commission. Each of said attorneys-in-fact and agents shall have full power and authority to do and perform
in the name and on behalf of each of the undersigned every act whatsoever requisite or necessary to be done in the premises as fully,
and for all intents and purposes, as each of the undersigned might or could do in person, the undersigned hereby ratifying and confirming
all that said attorneys-in-fact and agents or either of them or his or her or their substitute or substitutes may lawfully do or cause
to be done by virtue hereof.
Pursuant to the requirements of the Securities
Act of 1933, as amended, this registration statement has been signed by the following persons in the capacities and on the dates indicated.
| Signature |
Title |
Date |
| |
|
|
| /s/ Jonathan W. Witter |
Chief Executive Officer and Director
(Principal Executive Officer) |
July 31, 2024 |
| Jonathan W. Witter |
| |
|
|
| /s/ Peter M. Graham |
Executive Vice President, Chief Financial Officer & Treasurer
(Principal Financial and Accounting Officer) |
July 31, 2024 |
| Peter M. Graham |
| |
|
|
| /s/ Mary Carter Warren Franke |
Chair of the Board of Directors |
July 31, 2024 |
| Mary Carter Warren Franke |
| |
|
|
| /s/ Janaki Akella |
Director |
July 31, 2024 |
| Janaki Akella |
| |
|
|
| /s/ R. Scott Blackley |
Director |
July 31, 2024 |
| R. Scott Blackley |
| |
|
|
| /s/ Mark L. Lavelle |
Director |
July 31, 2024 |
| Mark L. Lavelle |
| |
|
|
| /s/ Christopher T. Leech |
Director |
July 31, 2024 |
| Christopher T. Leech |
| |
|
|
| /s/ Ted Manvitz |
Director |
July 31, 2024 |
| Ted Manvitz |
| |
|
|
| /s/ Jim Matheson |
Director |
July 31, 2024 |
| Jim Matheson |
| |
|
|
| /s/ Samuel T. Ramsey |
Director |
July 31, 2024 |
| Samuel T. Ramsey |
| |
|
|
| /s/ Vivian C. Schneck-Last |
Director |
July 31, 2024 |
| Vivian C. Schneck-Last |
| |
|
|
| /s/ Robert S. Strong |
Director |
July 31, 2024 |
| Robert S. Strong |
| |
|
|
| /s/ Kirsten O. Wolberg |
Director |
July 31, 2024 |
| Kirsten O. Wolberg |
EXHIBIT LIST
| Exhibit No |
Document |
| 1.1 |
Form of Underwriting Agreement* |
| 4.1 |
Restated Certificate of Incorporation of the Company, dated February 25, 2015 (incorporated by reference to Exhibit 3.1 to the Company’s Annual Report on Form 10-K filed on February 26, 2015 (File No. 001-13251)) |
| 4.2 |
Amended and Restated Bylaws of the Company effective November 18, 2021 (incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K filed on November 23, 2021 (File No. 001-13251)) |
| 4.3 |
Indenture, dated as of June 17, 2015, between SLM Corporation and Deutsche Bank National Trust Company, as Trustee (incorporated by reference to Exhibit 4.3 of the Company’s Registration Statement on Form S-3 filed on June 17, 2015) |
| 4.4 |
Form of Note* |
| 4.5 |
Form of Warrant Agreement* |
| 4.6 |
Form of Unit Agreement* |
| 5.1 |
Opinion of Davis Polk & Wardwell LLP |
| 23.1 |
Consent of KPMG LLP |
| 23.2 |
Consent of Davis Polk & Wardwell LLP (included in Exhibit 5.1) |
| 24.1 |
Power of Attorney (included on the signature page of the Registration Statement) |
| 25.1 |
Statement of Eligibility on Form T-1 of Deutsche Bank National Trust Company |
| 107 |
Filing Fee Tables |
* To be filed by an amendment
or an exhibit to a document to be incorporated or deemed to be incorporated by reference to this registration statement, including a Current
Report on Form 8-K.
Exhibit 5.1 and 23.2
| |
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draft |
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Davis Polk & Wardwell llp
450 Lexington Avenue
New York, NY 10017
davispolk.com
|
|
|
OPINION
OF DAVIS POLK & WARDWELL LLP
July 31, 2024
SLM Corporation
300 Continental Drive
Newark, Delaware 19713
Ladies and Gentlemen:
SLM Corporation, a Delaware corporation (the “Company”)
is filing with the Securities and Exchange Commission a Registration Statement on Form S-3 (the “Registration Statement”)
for the purpose of registering under the Securities Act of 1933, as amended (the “Securities Act”), (a) shares
of common stock, par value $0.20 per share (the “Common Stock”), of the Company; (b) shares of preferred stock, par
value $0.20 per share (the “Preferred Stock”), of the Company; (c) the Company’s debt securities (the “Debt
Securities”), which may be issued pursuant to an indenture (the “Indenture”) between the Company and Deutsche
Bank National Trust Company, as trustee (the “Trustee”); (d) warrants of the Company (the “Warrants”),
which may be issued under one or more warrant agreements (each, a “Warrant Agreement”) to be entered into between the
Company and the warrant agent to be named therein; and (e) units (the “Units”) to be issued under one or more unit
agreements to be entered into among the Company, a bank or trust company, as unit agent (the “Unit Agent”), and the
holders from time to time of the Units (each such unit agreement, a “Unit Agreement”).
We, as your counsel, have examined originals or copies of such documents,
corporate records, certificates of public officials and other instruments as we have deemed necessary or advisable for the purpose of
rendering this opinion.
In rendering the opinions expressed herein, we have, without independent
inquiry or investigation, assumed that (i) all documents submitted to us as originals are authentic and complete, (ii) all documents submitted
to us as copies conform to authentic, complete originals, (iii) all documents filed as exhibits to the Registration Statement that have
not been executed will conform to the forms thereof, (iv) all signatures on all documents that we reviewed are genuine, (v) all natural
persons executing documents had and have the legal capacity to do so, (vi) all statements in certificates of public officials and officers
of the Company that we reviewed were and are accurate and (vii) all representations made by the Company as to matters of fact in the documents
that we reviewed were and are accurate.
Based upon the foregoing, and subject to the additional assumptions
and qualifications set forth below, we advise you that, in our opinion:
| 1. | When the necessary corporate action on the part of the Company has been taken to authorize the issuance and sale of such shares of
Common Stock proposed to be sold by the Company, and when such shares of Common Stock are issued and delivered in accordance with the
applicable underwriting or other agreement against payment therefor (in excess of par value thereof) or upon conversion or exercise of
any security offered under the Registration Statement (the “Offered Security”), in accordance with the terms of such Offered
Security or the instrument governing such |
Offered Security providing for such conversion or exercise as
approved by the Board of Directors of the Company, for the consideration approved by such Board of Directors (which consideration is not
less than the par value of the Common Stock), such shares of Common Stock will be validly issued, fully-paid and non-assessable.
| 2. | Upon designation of the relative rights, preferences and limitations of any series of Preferred Stock by the Board of Directors of
the Company and the proper filing with the Secretary of State of the State of Delaware of a Certificate of Designation relating to such
series of Preferred Stock, all necessary corporate action on the part of the Company will have been taken to authorize the issuance and
sale of such series of Preferred Stock proposed to be sold by the Company, and when such shares of Preferred Stock are issued and delivered
in accordance with the applicable underwriting or other agreement against payment therefor (in excess of par value thereof), such shares
of Preferred Stock will be validly issued, fully paid and non-assessable. |
| 3. | When the Indenture and any supplemental indenture to be entered into in connection with the issuance of any Debt Securities have been
duly authorized, executed and delivered by the Trustee and the Company; the specific terms of a particular series of Debt Securities have
been duly authorized and established in accordance with the Indenture; and such Debt Securities have been duly authorized, executed, authenticated,
issued and delivered in accordance with the Indenture and the applicable underwriting or other agreement against payment therefor, such
Debt Securities will constitute valid and binding obligations of the Company, enforceable in accordance with their terms, subject to applicable
bankruptcy, insolvency and similar laws affecting creditors’ rights generally, concepts of reasonableness and equitable principles
of general applicability, provided that we express no opinion as to (y) the effect of fraudulent conveyance, fraudulent transfer or similar
provision of applicable law on the conclusions expressed above or (z) the validity, legally binding effect or enforceability of any provision
that permits holders to collect any portion of stated principal amount upon acceleration of the Debt Securities to the extent determined
to constitute unearned interest. |
| 4. | When the Warrant Agreement to be entered into in connection with the issuance of any Warrants has been duly authorized, executed and
delivered by the Warrant Agent and the Company; the specific terms of the Warrants have been duly authorized and established in accordance
with the Warrant Agreement; and such Warrants have been duly authorized, executed, issued and delivered in accordance with the Warrant
Agreement and the applicable underwriting or other agreement against payment therefor, such Warrants will constitute valid and binding
obligations of the Company, enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws
affecting creditors’ rights generally, concepts of reasonableness and equitable principles of general applicability. |
| 5. | When the Unit Agreement to be entered into in connection with the issuance of any Units has been duly authorized, executed and delivered
by the Unit Agent and the Company; the specific terms of the Units have been duly authorized and established in accordance with the Unit
Agreement; and such Units have been duly authorized, executed, issued and delivered in accordance with the Unit Agreement and the applicable
underwriting or other agreement against payment therefor, such Units will constitute valid and binding obligations of the Company, enforceable
in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally,
concepts of reasonableness and equitable principles of general applicability. |
In connection with the opinions expressed above, we have assumed that,
at or prior to the time of the delivery of any such security, (i) the Board of Directors of the Company shall have duly established the
terms of such security and duly authorized the issuance and sale of such security and such
authorization shall not have been modified or rescinded; (ii) the Company
shall remain, validly existing as a corporation in good standing under the laws of the State of Delaware; (iii) the Registration Statement
shall have become effective and such effectiveness shall not have been terminated or rescinded; (iv) the Indenture, the Debt Securities,
the Warrant Agreement and the Unit Agreement are each valid, binding and enforceable agreements of each party thereto (other than as expressly
covered above in respect of the Company); and (v) there shall not have occurred any change in law affecting the validity or enforceability
of such security. We have also assumed that (i) the terms of any security whose terms are established subsequent to the date hereof and
the issuance, execution, delivery and performance by the Company of any such security (a) require no action by or in respect of, or filing
with, any governmental body, agency or official and (b) do not contravene, or constitute a default under, any provision of applicable
law or public policy or regulation or any judgment, injunction, order or decree or any agreement or other instrument binding upon the
Company and (ii) any Warrant Agreement and Unit Agreement will be governed by the laws of the State of New York.
We are members of the Bar of the State of New York and the foregoing
opinion is limited to the laws of the State of New York and the General Corporation Law of the State of Delaware.
We hereby consent to the filing of this opinion as an exhibit to the
Registration Statement referred to above and further consent to the reference to our name under the caption “Legal Matters”
in the prospectus, which is a part of the Registration Statement. In giving this consent, we do not admit that we are in the category
of persons whose consent is required under Section 7 of the Securities Act.
Very truly yours,
/s/ Davis Polk & Wardwell LLP
Exhibit 23.1
KPMG LLP
Suite 900
8350 Broad
Street
McLean, VA
22102
Consent of Independent Registered
Public Accounting Firm
We consent to the use of our reports dated February 22, 2024,
with respect to the consolidated financial statements of SLM Corporation, and the effectiveness of internal control over financial reporting,
incorporated herein by reference, and to the reference to our firm under the heading "Experts" in the prospectus.
/s/ KPMG LLP
McLean, Virginia
July 31, 2024
KPMG LLP, a Delaware limited liability partnership
and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private
English company limited by guarantee.
Exhibit 25.1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
____________________
FORM T-1
STATEMENT OF ELIGIBILITY UNDER THE TRUST INDENTURE ACT OF 1939
OF A CORPORATION DESIGNATED TO ACT AS TRUSTEE
CHECK IF AN APPLICATION TO DETERMINE ELIGIBILITY OF A TRUSTEE PURSUANT
TO SECTION 305(b)(2)
____________________
DEUTSCHE BANK NATIONAL TRUST COMPANY
(Exact name of trustee as specified in its
charter)
| |
1999 Avenue of the Stars |
13-3347003 |
|
| |
Los Angeles, CA |
(I.R.S. Employer |
|
| |
(Address of principal executive offices |
Identification No.) |
|
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|
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|
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90067 |
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(Zip Code) |
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____________________
SLM CORPORATION
(Exact name of obligor as specified in its charter)
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Delaware |
52-2013874 |
|
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(State or other jurisdiction of Incorporation or Organization) |
(I.R.S. Employer Identification Number) |
|
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300 Continental Drive |
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Newark, Delaware |
19713 |
|
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(Address of Principal Executive offices) |
(Zip Code) |
|
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____________________
Debt Securities
(Title of the Indenture securities)
| Item 1. | General Information. |
Furnish the following information as to the trustee.
| |
(a) |
Name and address of each examining or supervising authority to which it is subject. |
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Name |
Address |
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Office of the Comptroller |
1114 Avenue of the Americas |
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of the Currency |
Suite 3900 |
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|
New York, New York 10036 |
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(b) |
Whether it is authorized to exercise corporate trust powers. |
Yes.
| Item 2. | Affiliations with Obligor. |
If the obligor is an affiliate of the Trustee, describe each
such affiliation.
None.
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Item 3. -15. |
Not Applicable |
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Item 16. |
List of Exhibits. |
Exhibit 1 - Articles of Association as amended
on April 15, 2002.
Exhibit 2 - Certificate of the Comptroller
of the Currency dated July 5, 2024.
Exhibit 3 - Certification of Fiduciary Powers
dated January 20, 2012.
Exhibit 4 - Existing By-Laws of
Deutsche Bank National Trust Company, as amended, dated September 12, 2012.
Exhibit 5 - Not applicable.
Exhibit 6 - Consent of Deutsche Bank National
Trust Company required by Section 321(b) of the Act.
Exhibit 7 - Report of Condition
of Deutsche Bank National Trust Company dated as of March 31, 2024. Copy attached.
Exhibit 8 - Not Applicable.
Exhibit 9 - Not Applicable.
SIGNATURE
Pursuant to the requirements of the Trust Indenture Act of 1939, as amended, the trustee, Deutsche Bank National Trust Company, a national banking association organized and existing under the laws of the United States of America, has duly caused this statement of eligibility to be signed on its behalf by the undersigned, thereunto duly authorized, all in Santa Ana, California, on this 31st day of July, 2024.
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DEUTSCHE BANK NATIONAL TRUST COMPANY |
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By: |
/s/ Ronaldo Reyes |
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|
Name: |
Ronaldo Reyes |
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|
Title: |
Vice President |
Exhibit 1
Comptroller
of the Currency
Administrator of National Banks
Attn: Licensing Unit
50 Fremont Street, Suite 3900
San Francisco, CA 94105
(415) 545-5930, FAX (415) 442-5315
April 4, 2002
Sandra L. West
Assistant Secretary
C/o Deutsche Bank
31 West 52nd Street-MIS NYC09-0810
New York, NY 10019
| |
Re: |
Title Change
Bankers Trust Company of California, N.A.
Los Angeles, California
Charter No. 18608 |
Dear Ms. West:
The Office of the Comptroller of the Currency (OCC)
has received your letter concerning the title change, appropriate amendment to the First Article of Association of Bankers Trust Company
of California, National Association. The OCC will update their records to reflect that as of April 15, 2002, the title of Bankers Trust
Company of California, National Association, Charter Number 18608 will change to Deutsche Bank National Trust Company.
The original of the bank’s respective Article
has been forwarded to the bank’s official file with our Office and an original is hereby returned for your records.
As a result of the Garn-St Germain Depository Institutions
Act of 1982, the OCC is no longer responsible for the approval of national bank name changes nor does it maintain official records on
the use of alternate titles. The use of other titles or the retention of the rights to any previously used title is the responsibility
of the bank’s board of directors. Legal counsel should be consulted to determine whether or not the new title, or any previously
used title, could be challenged by competing institutions under the provisions of federal or state law.
Very truly yours,
/s/ James A. Bundy
James A. Bundy
Licensing Manager Enclosure
BANKERS TRUST COMPANY OF CALIFORNIA,
NATIONAL ASSOCIATION
I, DAVID ABRAMSON, certify that:
1. I
am the duly elected and acting Secretary of Bankers Trust Company of California, National Association (formerly, BT Trust Company of California),
and as such officer, I am the official custodian of its records; that the following is a true and correct copy of resolutions adopted
by the Association’s shareholders; and that such resolutions are now lawfully in force and effect:
RESOLVED, that the Association is hereby authorized
to amend the First Article of Association to read as follows:
F IRST: The title of this Association shall be “Deutsche
Bank National Trust Company.”
FURTHER RESOLVED, that the effective date of the
amendment of the First Article of Association shall be April 15, 2002.
2. The
following is a true and correct copy of a resolution of the Association’s Board of Directors, and such resolution is now lawfully
in force and effect:
RESOLVED, that the amendment of the First Article
of Association to change the title of the Association to “Deutsche Bank National Trust Company” is hereby approved, effective
April 15, 2002.
3. The
foregoing amendment to the Articles of Association has been duly approved by the Board of Directors of Bankers Trust Company of California,
National Association on March 21, 2002.
4. The
Resolution and Amendment set forth above has not been modified or rescinded and is in full force and effect.
IN WITNESS WHEREOF, I have set my hand and
the seal of this Association this 27th day of March 2002.
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/s/ David Abramson |
|
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David Abramson
Secretary |
|
(SEAL)
| State of New York |
) |
| |
) ss.: |
| County of New York |
) |
On the 27th day of March in the year 2002 before me, the undersigned, a Notary Public in and for said state, personally appeared David Abramson, personally known to me or proved to me on the basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he executed the same in his capacity, and that by his signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument.
| /s/ Sandra L. West |
|
| Notary Public |
|
[notary stamp]
Office of the Comptroller of the Currency
| Accepted by: |
/s/ James A. Bundy |
|
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James A. Bundy, Licensing Manager |
|
Date: 4/4/02
Comptroller of the Currency
Administrator of National Banks
Washington. D.C. 20219
CERTIFICATE
I, John D. Hawke, Jr., Comptroller of the Currency, do hereby certify that the document hereto attached is a true copy, as recorded in this Office, of the currently effective Articles of Association for “Bankers Trust Company of California, National Association,” Los Angeles, California, (Charter No. 18608).
IN TESTIMONY WHEREOF, I have hereunto subscribed my name and caused
my seal of office to be affixed to these presents at the Treasury Department in the City of Washington and District of Columbia, this
Monday, February 04, 2002
[stamp]
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/s/ John D. Hawke, Jr. |
|
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Comptroller of the currency |
|
CERTIFICATE OF AMENDMENT
OF
ARTICLES OF ASSOCIATION
OF
BANKERS TRUST COMPANY OF CALIFORNIA, N.A.
I, David Abramson, certify that:
1. I am the duly elected Secretary of Bankers Trust
Company of California, N.A.
2. On January 17, 1992, at a special meeting of
the Shareholders of Bankers Trust Company of California, N.A., the following resolution and amendment to Article FIFTH, of the Articles
of Association of Bankers Trust Company of California, N.A. was adopted:
RESOLVED, that Bankers Trust Holdings, Inc., the sole
shareholder of Bankers Trust Company of California, N.A. (“BTCal”), hereby approves of the amendment to the first paragraph
of Article FIFTH of the Articles of Association of BTCal, to read as follows:
The authorized amount of capital stock of this Association
shall be 500,000 shares of common stock of the par value of One Hundred Dollars and no cents ($100.00) each; but said capital stock may
be increased or decreased from time to time, in accordance with the provisions of the laws of the United States.
Article FIFTH of the Articles of Association of Bankers Trust Company
of California, N.A. is restated in entirety, as follows:
The authorized amount of capital stock
of this Association shall be 500,000 shares of common stock of the par value of One Hundred Dollars and no cents ($100.00) each; but said
capital stock may be increased or decreased from time to time, in accordance with the provisions of the laws of the United States.
No holder of shares of the capital stock
of any class of the Association shall have any pre-emptive or preferential right of subscription to any shares of any class of stock of
the Association, whether now or hereafter authorized, or to any obligations convertible into stock of the Association, issued, or sold,
nor any right of subscription thereto other than such, if any, as the Board of Directors, in its discretion may from time to time deter
mine and at such price as the Board of Directors may from time to time fix.
If the capital stock is increased by
a stock dividend, each shareholder shall be entitled to his/her proportionate amount. of such increase in accordance with the number of
shares of capital stock owned by him/her at the time the increase is authorized by the shareholders, unless another time subsequent to
the date of the shareholders’ meeting is specified in a resolution adopted by the shareholders at the time the increase is authorized.
The Association, at any time and from time to time, may authorize and
issue debt obligations, whether or not subordinated, without the approval of the shareholders.
3. The foregoing amendment of the Articles of Association
has been duly approved by the Board of Directors of Bankers Trust Company of California, N.A. on January 7, 1992.
4. The Resolution and Amendment set forth above
has--not been modified or rescinded and is in full force and effect.
IN WITNESS WHEREOF, I have set my hand and
the seal of this Association this 22nd day of January, 1992.
| |
/s/ David Abramson |
|
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|
David Abramson |
|
| |
|
Secretary |
|
| |
|
|
|
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DATE ACCEPTED: |
FEBRUARY 10, 1992 |
|
| |
BY: |
/s/ John C. Beers |
|
| |
|
JOHN C. BEERS
Acting Director for Analysis
Western District |
|
BT TRUST COMPANY OF CALIFORNIA,
NATIONAL ASSOCIATION
I, DAVID ABRAMSON, certify that:
I am the. duly constituted Secretary of BT Trust
Company of California, National Association, and as such officer I am the official custodian of its records; and that the following is
a true and correct copy of a resolution of the Association’s Shareholders, and such resolution is now lawfully in force and effect:
RESOLVED, that the amendment of the First Article of Association
is hereby approved, shall be effective immediately, and shall read as follows;
FIRST: The title of this Association shall be “Bankers
Trust Company of California, National Association”.
And that the following is a true and correct copy of a resolution of
the Association’s Board of Directors, and such resolution is now lawfully in force and effect:
RESOLVED, that the amendment of the title of the Association’s
By-Laws to read “Bankers Trust Company of California, National Association”, is hereby approved.·
Dated: March 20, 1987
| |
/s/ David Abramson |
|
| |
Secretary |
|
BT TRUST COMPANY OF CALIFORNIA, NATIONAL ASSOCIATION
ARTICLES OF ASSOCIATION
For the purpose of organizing an association
to carry on the business of a limited purpose trust company under the laws of the united States, the undersigned do enter into the following
articles of association:
FIRST: The title of this Association shall
be “BT Trust Company of California, National Association”,
SECOND: The main office of the Association
shall be in the City of Los Angeles, County of Los Angeles, State of California. The general business of the Association shall be conducted
at its main office and its branches,
THIRD: The Board of Directors of this Association shall consist of not less
than five nor more than twenty-five shareholders, the exact number of Directors within such minimum and maximum limits to be fixed and
determined from time to time by resolution of a majority of the full Board of Directors or by resolution of the shareholders at any annual
or special meeting thereof. Each director, during the full term of his or her directorship, shall own a minimum of $1,000 aggregate par
value of stock of this association or a minimum par market value or equity interest of $11000 of stock in the bank holding company controlling
this association. Unless otherwise provided by the laws of the United States, any vacancy in the Board of Directors for any reason, including
an increase in the number thereof, may be filled by action of the Board of Directors.
FOURTH: The annual meeting of the shareholders-
for the election of Directors and the transaction of whatever other business may be brought before· said meeting shall be held
at the main office or such other place as the Board of Directors may designate, on the day of each year specified therefor in the By
laws, but if no election is held on that day, it may be held on any subsequent day according to the provisions of law; and all elections
shall be held according to such lawful regulations as may be prescribed by the Board of Directors.
Nominations for election to the
Board of Directors may be made by the Board of Directors or by any shareholder of any outstanding class of capital stock of the Association
entitled to vote for election of directors. Nominations other than those made by or on behalf of the existing management of the Association,
shall be made in writing and shall be delivered or mailed to the President of the Association and to the Comptroller of the Currency,
Washington, D.C., not less than 14 days nor more than 50 days prior to any meeting of shareholders called for the election of directors;,
provided, however, that if less than 21 days’ notice of the meeting is given to shareholders, such nomination shall be mailed or
delivered to the President of the Association and to the Comptroller of the Currency not later than . the close of business. On the seventh
day following the day on which the notice of meeting was mailed. Such notification shall contain the following information to the extent
known to the notifying shareholder: (a) the name and address of each proposed nominee; (b) the principal occupation of each proposed nominee;
(c) the total number of shares of capital stock of the Association that will be voted for each proposed nominee; (d) the name and residence
address of the notifying shareholder; and (e) the number of shares of capital stock of the Association owned by the notifying shareholder.
Nominations not made in accordance herewith may, in his/her discretion, be disregarded by the chairperson of the meeting, and upon his/her
instructions, the vote tellers may disregard all votes cast for each such nominee.
FIFTH: The authorized amount of capital
stock of this Association shall be 5,000 shares of common stock of the par value of One Hundred Dollars and no cents ($100,00) each; but
said capital stock may be increased or decreased from time to time, in accordance with the provisions of the laws of the United States.
No holder of shares of the capital
stock of any class of the Association shall have any pre-emptive or preferential right of subscription to any shares of any class of stock
of the Association, whether now or hereafter authorized, or to any obligations convertible into stock of the Association, issued, or sold,
nor any right of subscription thereto other than such, if any, as the Board of Directors, in its discretion may from time to time determine
and at such price as the Board of Directors may from time to time fix.
If the capital stock is increased by a stock dividend,
each shareholder shall be entitled to his/her proportionate amount of such increase in accordance with the number of shares of capital
stock owned by him/her at the time the increase is authorized by the shareholders, unless another time subsequent to the date of the shareholders’
meeting is specified in a resolution adopted by the shareholders at the time the increase is authorized.
The Association, at any time and from time to time,
may authorize and issue debt obligations, whether of not subordinated, without the approval of the shareholders.
SIXTH: The Board of Directors (a majority of whom shall be a quorum to do
business) shall appoint one of its members to be President of the Association who shall hold office (unless he shall become disqualified
or be sooner removed by a two-thirds vote of the members of the Board) for the term for which he was elected a Directors. The Board of
Directors may appoint one of its members to be Chairperson of the Board, who shall perform such duties as may be designated by it. The
Board of Directors shall have power to appoint one or more Vice-Presidents; and to appoint a Cashier and such other officers and employees
as may be required to transact the business of the Association.
The Board of Directors shall have
the power to define the duties of the officers and employees of the Association; to fix the salaries to be paid to them; to dismiss them;
to-require bonds from them and to fix the penalty thereof; to regulate the manner in which any increase of the capital of the Association
shall be made; to manage and administer the business and affairs of the Association; to make all by-laws that it may be lawful for them
to make and generally do and perform all acts that ..it may be legal for a board of directors to do and perform,
SEVENTH: The Board of Directors shall have the power to change the location
of the main office of the Association to any other place within the limit of the City of Los Angeles, without the approval of the shareholders
but subject to the approval of the Comptroller of the Currency; and shall have the power to establish or change the location of any branch
or branches of the Association to any other location, without the approval of the shareholders but subject to the approval of the Comptroller
of the currency.
EIGHTH: The corporate existence of this
Association shall continue until terminated in accordance with the laws of the United States.
NINTH: The Board of Directors of this Association,
or any three or more shareholders owning, in the aggregate, not less than 25 percent of the stock of this Association, may call a special
meeting of shareholders at any time, Unless otherwise provided by the laws of the United States, a notice of the time, place, and purpose
of every annual and special meeting of the shareholders shall be given by first-class mail, postage prepaid, mailed at least ten days
prior to the date of such meeting to each shareholder of record at his/her address as shown upon the books of this Association.
TENTH: Any person, his/her heirs, executors or administrators, may be indemnified
or reimbursed by the Association for liability and reasonable expenses (including amounts paid in settlement or in satisfaction of judgments’
or as fines or penalties) actually incurred in connection with any claim, action, suit, or proceeding, civil or criminal, whether or not
by or in the right of the Association, in which he/she or they shall be involved or threatened to be involved by reason of his/her being
or having been a director, officer, or employee of the Association or of any firm, corporation, or organization which he/she serves or
has served in any such capacity at the request of the Association (provided he/she so served at the specific request of the Association
in writing signed by the Chairperson of the Board or the President and specifically referring to this Article Tenth): provided, however,
that_ no person shall be so indemnified or reimbursed (1) in relation to any matter in an action, suit or proceeding as to which he/she
shall finally be adjudged to have been guilty of, or liable for, willful misconduct, gross neglect of duty or criminal acts in the performance
of his/her duties to the Association or such firm, corporation or organization; or (2) in relation to any matter in a claim, action, suit
or proceeding which has been made the subject of a settlement except with the approval of (a) a court of competent jurisdiction, (b) the
Board of Directors, acting by vote of Directors not parties to the same or substantially the same action, suit or proceeding, constituting
a majority of the whole number of the Directors, or (c) the shareholders, acting by vote of a majority of the outstanding shares of capital
stock; and provided further that, in the case of persons serving another firm, corporation or organization at the request of the Association,
the indemnity provided in this Article Tenth shall apply only if and to the extent that, after making such efforts as the Board of Directors
or shareholders shall deem adequate under the circumstances, such person shall be unable to obtain indemnification from such firm, corporation
or organization. The foregoing provisions for indemnification or reimbursement shall not be exclusive of other rights to which such person,
his/her heirs, executors or administrators, may be entitled by contract or otherwise. Unless the context clearly requires otherwise, the
term “the Association” as used in this Article shall include any predecessor corporation,
The Association may, upon the
affirmative vote of a majority of its Board of Directors, purchase insurance for the purpose of indemnifying its directors, officers and
other employees to the extent that such indemnification is allowed in the preceding paragraph. Such insurance may, but need not, be for
the benefit of all directors, officers, or employees.
ELEVENTH: The powers of the Association
shall be limited to conducting the business of a trust company under a national bank charter, and no amendment to such powers may be made
without the prior approval of the Comptroller of the· Currency.
TWELFTH: These Articles of Association may be amended at any regular or special
meeting of the shareholders by the affirmative vote of the holders of a majority of the stock of this Association, voting in person or
by proxy, unless the vote of the holders of a greater amount of stock is required by law, and in that case by the vote of the holders
of such greater amount,
IN WITNESS WHEREOF, we have hereunto set our hands
his on the date appearing opposite our names.
| /s/ Peter E. Lengyel |
|
10/7/85 |
| Peter E. Lengyel |
|
date |
| |
|
|
| /s/ Harold K. Atkins |
|
10/7/85 |
| Harold K. Atkins |
|
date |
| |
|
|
| /s/ John L. Murphy |
|
10/7/85 |
| John L. Murphy |
|
date |
| |
|
|
| /s/ Allan C. Martin |
|
10/7/85 |
| Allan C. Martin |
|
date |
| |
|
|
| /s/ Rein Lumi |
|
10/7/85 |
| Rein Lumi |
|
date |
| |
|
|
| /s/ Gerard P. Hourian |
|
10/7/85 |
| Gerard P. Hourian |
|
date |
| |
|
|
State of New York
County of New York
Before the undersigned, a Notary Public of the
State of New York personally appeared Peter E. Lengyel, to me known, who acknowledged that he executed the foregoing certificate for the
purposes therein mentioned.
Witness my hand and
seal of office this 7th day of October, 1985.
| |
/s/ David Abramson |
|
| |
Notary Public |
|
[notary stamp]
State of New York
County of New York
Before the undersigned, a Notary Public of the
State of New York personally appeared John L. Murphy, to me known, who acknowledged that he executed the foregoing certificate for the
purposes therein mentioned.
Witness my hand and
seal of office this 7th day of October, 1985.
| |
/s/ David Abramson |
|
| |
Notary Public |
|
[notary stamp]
State of New York
County of New York
Before the undersigned, a Notary Public of the
State of New York personally appeared Harold K. Atkins, to me known, who acknowledged that he executed the foregoing certificate for the
purposes therein mentioned.
Witness my hand and
seal of office this 7th day of October, 1985.
| |
/s/ David Abramson |
|
| |
Notary Public |
|
[notary stamp]
Exhibit 2
CERTIFICATE OF CORPORATE EXISTENCE
I, Michael J. Hsu, Acting Comptroller of the Currency, do hereby certify that:
l. The Comptroller of the Currency, pursuant to Revised Statutes 324, et seq, as amended, and 12 USC 1, et seq, as amended, has possession, custody, and control of all records pertaining to the chartering, regulation, and supervision of all national banking associations.
2. “Deutsche Bank National Trust Company,” Los Angeles, California (Charter No. 18608), is a national banking association formed under the laws of the United States and is authorized thereunder to transact the business of banking on the date of this certificate.
IN TESTIMONY WHEREOF, today, July 5, 2024, I have hereunto subscribed my name and caused my seal of office to be affixed to these presents at the U.S. Department of the Treasury, in the City of Washington, District of Columbia
| |
/s/ Michael J. Hsu |
|
| |
Acting Comptroller of the Currency |
|
[Seal]
2024-01098-C
Exhibit 3
Comptroller
of the Currency
Administrator of National Banks
Washington, DC 20219
CERTIFICATION OF FIDUCIARY POWERS
I, John Walsh, Acting Comptroller of the Currency, do hereby certify
that:
1. The Office of the Comptroller of the Currency, pursuant to Revised
Statutes 324, et seq, as amended, and 12 USC 1, et seq, as amended, has possession, custody, and control of all records pertaining to
the chartering, regulation, and supervision of all national banking associations.
2. “Deutsche Bank National Trust Company,” Los Angeles,
California (Charter No. 18608), was granted, under the hand and seal of the Comptroller, the right to act in all fiduciary capacities
authorized under the provisions of the Act of Congress approved September 28, 1962, 76 Stat. 668, 12 USC 92a, and that the authority so
granted remains in full force and effect on the date of this certificate.
IN TESTIMONY WHEREOF, today, January 20, 2012, I have hereunto
subscribed my name and caused my seal of office to be affixed to these presents at the U.S. Department of the Treasury, in the City of
Washington, District of Columbia.
| |
/s/ John Walsh |
|
| |
Acting Comptroller of the Currency |
|
[Seal]
Exhibit 4
DEUTSCHE BANK NATIONAL TRUST COMPANY
BY-LAWS
(AMENDED AS OF SEPTEMBER 12, 2012)
DEUTSCHE BANK NATIONAL TRUST COMPANY
BY-LAWS
Article
I
Meetings of Shareholders
Section 1.1. Annual Meeting. The regular
annual meeting of the shareholders for the election of directors and the transaction of whatever other business may properly come before
the meeting, shall be held at the Main Office of the Association, 400 South Hope Street, Los Angeles, California or such other places
as the Board of Directors may designate, at 11 a.m. on the third Wednesday of March of each year. Notice of such meeting shall be mailed,
postage prepaid, at least ten days prior to the date thereof, addressed to each shareholder at his address appearing on the books of the
Association. If, for any cause, an election of directors is not made on the said day, the Board of Directors shall order the election
to be held on some subsequent day, as soon thereafter as practicable, according to the provisions of law; and notice thereof shall be
given in the manner herein provided for the annual meeting.
Section 1.2. Special Meetings. Except as
otherwise specifically provided by statue, special meetings of the shareholders may be called for any purpose at any time by the Board
of Directors or by any one or more shareholders owning, in the aggregate, not less than twenty five percent (25%) of the stock of the
Association. Every such special meeting, unless otherwise provided by law, shall be called by mailing, postage prepaid, not less than
ten days prior to the date fixed for such meeting, to each shareholder at his address appearing on the books of the Association a notice
stating the purpose of the meeting.
Section 1.3. Nominations for Director. Nominations
for election to the Board of Directors may be made by the Board of Directors or by any stockholder of any outstanding class of capital
stock of the Association entitled to vote for the election of directors. Nominations, other than those made by or on behalf of the existing
management of the Association, shall be made in writing and shall be delivered or mailed to the President of the Bank and to the Comptroller
of the Currency, Washington, D.C., not less than 14 days nor more than 50 days prior to any meeting of shareholders called for the election
of directors, provided however, that if less than 21 days’ notice of the meeting is given to shareholders, such nomination shall
be mailed or delivered to the President of the Bank and to the Comptroller of the Currency not later than the close of business on the
seventh day following the day on which the notice of meeting was mailed. Such notification shall contain the following information to
the extent known to the notifying shareholder: (a) the name and address of each proposed nominee; (b) the principal occupation of each
proposed nominee; (c) the total number of shares of capital stock of the Bank that will be voted for each proposed nominee; (d) the name
and residence address of the notifying shareholder; and (e) the number of shares of capital stock of the Bank owned by the notifying shareholder.
Nominations not made in accordance herewith may, in his/her discretion, be disregarded by the Chairperson of the meeting, and upon his/
her instructions, the vote tellers may disregard all votes cast for each such nominee.
Section 1.4. Proxies. Shareholders may vote
at any meeting of the shareholders by proxies duly authorized in writing, but no officer or employee of this Association shall act as
proxy. Proxies shall be valid only for one meeting, to be specified therein, and any adjournments of such meeting. Proxies shall be dated
and shall be filed with the records of the meeting.
Section 1.5. Quorum. A majority of the outstanding
capital stock, represented in person or by proxy, shall constitute a quorum at any meeting of shareholders, unless otherwise provided
by law; and less than a quorum may adjourn any meeting, from time to time, and the meeting may be held, as adjourned, without further
notice. A majority of the votes cast shall decide every question or matter submitted to the shareholders at any meeting, unless otherwise
provided by law or by the Articles of Association.
Article
II
Directors
Section 2.1. Board of Directors. The board
of directors (hereinafter referred to as the “Board”), shall have power to manage and administer the business and affairs
of the Association. Except as expressly limited by law, all corporate powers of the Association shall be vested in and may be exercised
by said Board.
Section 2.2. Number. The Board shall consist
of not less than five nor more than twenty-five shareholders, the exact number within such minimum and maximum limits to be fixed and
determined from time to time by resolution of the shareholders at any meeting thereof; provided, however, that a majority of the full
Board of Directors may not increase the number of directors to a number which; (i) exceeds by more than two the number of directors last
elected by shareholders where such number was fifteen or less; and (ii) to a number which exceeds by more than four the number of directors
last elected by shareholders where such number was sixteen or more, but in no event shall the number of directors exceed twenty-five.
Section 2.3. Organization Meeting. The Secretary,
upon receiving the certificate of the judges, of the result of any election, shall notify the directors-elect of their election and of
the time at which they are required to meet at the Main Office of the Association for the purpose of organizing the new Board and electing
and appointing officers of the Association for the succeeding year. Such meeting shall be held on the day of the election or as soon thereafter
as practicable, and, in any event, within thirty days thereof. If, at any time fixed for such meeting, there shall not be a quorum present,
the directors present may adjourn the meeting, from time to time, until a quorum is obtained.
Section 2.4. Regular Meetings. Regular Meetings
of the Board of Directors shall be held from time to time, at such time as may be designated from time to time by the Board of Directors
and communicated to all directors. Such meetings shall be held in the Main Office of the Association, subject to the provisions of Section
2.6 below, and at least one such meeting shall be held during any two consecutive calendar months.
Section 2.5. Special Meetings. Special meetings
of the Board of Directors may be called by the Chairperson or President of the Association, or at the request of two or more directors.
Each member of the Board of Directors shall be given notice stating the time and place, by telegram, letter, or in person, of each such
special meeting.
Section 2.6. Action By Written Consent.
Any action required or permitted to be taken at any meeting of the Board may be taken without a meeting, without prior notice and without
a vote, if a consent in writing, setting forth the action so taken, shall be signed by all the directors then in office and such consent
is filed with the minutes of the proceedings of the Board.
Section 2.7. Quorum. A majority of the directors
shall constitute a quorum at any meeting, except when otherwise provided by law; but a lesser number may adjourn any meeting, from time
to time, and the meeting may be held, as adjourned, without further notice. Any one or more directors may participate in a meeting of
the Board by means of a conference telephone or similar communications equipment which allows all persons participating in the meeting
to hear each other at the same time. Participation by such means shall constitute presence in person at such a meeting. The vote of a
majority of the directors present at the time of the vote, if a quorum is present at such time, shall be the act of the Board except as
may be otherwise provided by statute or the By-Laws.
Section 2.8. Vacancies. When any vacancy
occurs among the directors, the remaining members of the Board, in accordance with the laws of the United States, may appoint a director
to fill such vacancy at any regular meeting of the Board, or at a special meeting called for the purpose.
Article
III
Committees of the Board
Section 3.1. Examining Committee. There
shall be an Examining Committee appointed annually by the Board which shall consist of two directors, who are not also officers of the
Association, one of whom shall be designated by the Board as the Chairperson thereof. Such Committee shall conduct the annual directors’
examination of the Association as required by the Comptroller of the Currency; shall review the reports of all examinations made of the
Association by public authorities and report thereon to the Board; and shall report to the Board such other matters as it deems advisable
with respect to the Association, its various departments and the conduct of its operations.
In the performance of its duties, the Examining
Committee may employ or retain, from time to time, expert assistants, independent of the officers or personnel of the Association, to
make such studies of the Association’s assets and liabilities as the Committee may request and to make an examination of the accounting
and auditing methods of the Association and its system of internal protective controls to the extent considered necessary or advisable
in order to determine that the operations of the Association, including its fiduciary department, are being audited by the Auditor in
such a manner as to provide prudent and adequate protection. The Committee also may direct the Auditor to make such investigation as it
deems necessary or advisable with respect to the Association, its various departments and the conduct of its operations. The Committee
shall hold regular quarterly meetings and during the intervals thereof shall meet at other times on call of the Chairperson.
Section 3.2. Investment Committee. There
shall be an investment committee composed of two directors, appointed by the board annually or more often. The investment committee shall
have the power to insure adherence to the investment policy, to recommend amendments thereto, to purchase and sell securities, to exercise
authority regarding investment and to exercise, when the board is not In session, all other powers of the Board regarding investment securities
that may be lawfully delegated. The investment committee shall keep minutes of its meetings, and such minutes shall be submitted at the
next regular meeting of the Board of Directors at which a quorum is present, and any action taken by the board with respect thereto shall
be entered in the minutes of the Board.
Section 3.3. Other Committees. The Board
of Directors may appoint, from time to time, from its own members, other committees of one or more persons, for such purposes and with
such powers as the Board may determine.
Article
IV
Officers and Employees
Section 4.1. Chairperson of the Board. The
Board of Directors shall appoint one of its members to be Chairperson of the Board to serve at the pleasure of the Board. Such person
shall preside at all meetings of the Board of Directors. The Chairperson of the Board shall supervise the carrying out of the policies
adopted or approved by the Board; shall have general executive powers, as well as the specific powers conferred by these By-Laws; shall
also have and may exercise such further powers and duties as from time to time may be conferred upon, or assigned by the Board of Directors.
Section 4.2. President. The Board of Directors
shall appoint one of its members to be President of the Association. In the absence of the Chairperson, the President shall preside at
any meeting of the Board. The President shall have general executive powers, and shall have and may exercise any and all other powers
and duties pertaining by law, regulation, or practice, to the Office of the President, or imposed by these By-Laws. The President shall
also have and may exercise such further powers and duties as from time to time may be conferred, or assigned by the Board of Directors.
Section 4.3. Managing Director, Principal and
Vice President. The Board of Directors shall appoint one or more Managing Directors, one or more Principals and one or more Vice Presidents,
each of whom shall have such powers and duties as may be assigned by the Board of Directors. In the absence of the President, the Board
of Directors shall designate one of such officers to perform all the duties of the President.
Section 4.4. Secretary. The Board of Directors
shall appoint a Secretary or other designated officer who shall be Secretary of the Board and of the Association, and shall keep accurate
minutes of all meetings. The Secretary shall attend to the giving of all notices required by these By-Laws to be given; shall be custodian
of the corporate seal, records, documents and papers of the Association; shall provide for the keeping of proper records of all transactions
of the Association; shall have and may exercise any and all other powers and duties pertaining by law, regulation or practice, to the
office of the Secretary, or imposed by these By-Laws; and shall also perform such other duties as may be assigned from time to time, by
the Board of Directors.
Section 4.5. Other Officers. The Board of
Directors may appoint one or more assistant vice presidents, one or more trust officers, one or more assistant trust officers, one or
more assistant secretaries, one or more assistant treasurers, and such other officers and attorneys-in-fact as from time to time may appear
to the Board of Directors to be required or desirable to transact the business of the Association. Such officers shall respectively exercise
such powers and perform such duties as pertain to their several offices, or as may be conferred upon, or assigned to, them by the Board
of Directors, the Chairperson of the Board, or the President.
Section 4.6. Tenure of Office. The President
and all other officers shall hold office for the current year for which the Board was elected, unless they shall resign, become disqualified,
or be removed; and any vacancy occurring in the office of President shall be filled promptly by the Board of Directors.
Article
V
Trust Department
Section 5.1. Trust Department. There shall
be a department of the Association known as the trust department which shall perform the fiduciary responsibilities of the Association.
Section 5.2. Trust Officer. There shall
be a trust officer of this Association whose duties shall be to manage, supervise and direct all the activities of the trust department.
Such person shall do or cause to be done all things necessary or proper in carrying on the business of the trust department according
to provisions of law and applicable regulations; and shall act pursuant to opinion of counsel where such opinion is deemed necessary.
Opinions of counsel shall be retained on file in connection with all important matters pertaining to fiduciary activities. The trust officer
shall be responsible for all assets and documents held by the Association in connection with fiduciary matters. The Board of Directors
may appoint other officers of the trust department as it may deem necessary, with such duties as may be assigned.
Section 5.3. Trust Investment Committee.
There shall be a trust investment committee of this Association composed of two members, who shall be capable and experienced officers
and directors of the Association. All investments of funds held in a fiduciary capacity shall be made, retained or disposed of only with
the approval of the trust investment committee; and the committee shall keep minutes of all its meetings, showing the disposition of all
matters considered and passed upon by it. The committee shall, promptly after the acceptance of an account for which the bank has investment
responsibilities, review the assets thereof, to determine the advisability of retaining or disposing of such assets. The committee shall
conduct a similar review at least once during each calendar year thereafter and within 15 months of the last review. A report of all such
reviews, together with the action taken as a result thereof, shall be noted in the minutes of the committee.
Section 5.4. Trust Audit Committee. The
Board of Directors shall appoint a committee of two Directors, exclusive of any active officer of the Association, which shall, at least
once during each calendar year within fifteen months of the last such audit make suitable audits of the Trust Department or cause suitable
audits to be made by auditors responsible only to the Board of Directors, and at such time shall ascertain whether the department has
been administered in accordance with law, 12 Code of Federal Regulations, Section 9, and sound fiduciary principles.
Section 5.5. Trust Department Files. There
shall be maintained in the Trust Department files containing all fiduciary records necessary to assure that its fiduciary responsibilities
have been properly undertaken and discharged.
Section 5.6. Trust Investments. Funds held
in a fiduciary capacity shall be invested in accordance with the instrument establishing the fiduciary relationship and appropriate local
law. Where such instrument does not specify the character and class of investments to be made and does not vest in the bank a discretion
In the matter, funds held pursuant to such instrument shall be invested in investments in which corporate fiduciaries may invest under
appropriate local law.
Article
VI
Stock and Stock Certificate
Section 6.1. Transfers. Shares of stock
shall be transferable on the books of the Association, and a transfer book shall be kept in which all transfers of stock shall be recorded.
Every person becoming a shareholder by such transfer shall, in proportion to his shares, succeed to all rights of the prior holder of
such shares.
Section 6.2. Stock Certificates. Certificates
of stock shall bear the signature of the President (which may be engraved, printed or impressed), and shall be signed manually or by facsimile
process by the Secretary, Assistant Secretary, Cashier, Assistant Cashier, or any other officer appointed by the Board of Directors for
that purpose, to be known as an Authorized Officer, and the seal of the Association shall be engraved thereon. Each certificate shall
recite on its face that the stock represented thereby is transferable only upon the books of the Association properly endorsed.
Article
VII
Corporate Seal
The President, the Cashier, the Secretary or any
Assistant Cashier or Assistant Secretary, or other officer thereunto designated by the Board of Directors, shall have authority to affix
the corporate seal to any document requiring such seal, and to attest the same. Such seal shall be substantially in the following form:
(Impression)
( of )
( Seal )
Article
VIII
Miscellaneous Provisions
Section 8.1. Fiscal Year. The Fiscal Year
of the Association shall be the calendar year.
Section 8.2. Execution of Instruments. All
agreements, indentures, mortgages, deeds, conveyances, transfers, certificates, declarations, receipts, discharges, releases, satisfactions,
settlements, petitions, schedules, accounts, affidavits, bonds, undertakings, proxies and other instruments or documents may be signed,
executed, acknowledged, verified, delivered or accepted in behalf of the Association by the Chairperson of the Board, or the President,
or any Managing Director, or any Principal, or any Vice President, or the Secretary, or the Cashier, or, if in connection with exercise
of fiduciary powers of the Association, by any of said officers or by any Trust Officer. Any such instruments may also be executed, acknowledged,
verified, delivered or accepted in behalf of the Association in such other manner and by such other officers as the Board of Directors
may from time to time direct. The provisions of this Section 8.2. are supplementary to any other provision of these By-Laws.
Section 8.3. Records. The Articles of Association,
the By-Laws and the proceedings of all meetings of the shareholders, the Board of Directors, and standing committees of the Board, shall
be recorded in appropriate minute books provided for the purpose. The minutes of each meeting shall be signed by the Secretary, or other
officer appointed to act as Secretary of the meeting.
Section 8.4. Corporate Governance Procedures.
To the extent not inconsistent with applicable federal banking statutes or regulations or bank safety and soundness, the corporate governance
procedures of the Delaware General Corporation Law, Del. Code Ann. Tit. 8 (1991, as amended 1994, and as amended thereafter) will be followed.
Article
IX
By-Laws
Section 9.1. Inspection. A copy of the By-Laws,
with all amendments thereto, shall at all times be kept in a convenient place at the Main Office of the Association, and shall be open
for inspection to all shareholders, during banking hours.
Section 9.2. Amendments. The By-Laws may
be amended, altered or repealed, at any regular meeting of the Board of Directors, by a vote of a majority of the total number of the
Directors.
Exhibit 6
CONSENT OF TRUSTEE
Pursuant to the requirements of Section 321(b) of the
Trust Indenture Act of 1939 in connection with the proposed issue of SLM Corporation’s debt securities we hereby consent that reports
of examination by Federal, State, Territorial or District authorities may be furnished by such authorities to the Securities and Exchange
Commission upon request therefor.
July 31, 2024
| |
DEUTSCHE BANK NATIONAL TRUST COMPANY |
| |
|
| |
|
| |
By: |
/s/ Ronaldo Reyes |
| |
|
Name: |
Ronaldo Reyes |
| |
|
Title: |
Vice President |
| DEUTSCHE BANK NATIONAL TRUST COMPANY |
FFIEC 041 |
| RSSD-ID 670560 |
Report Date 3/31/2024 |
| Last Updated on 5/7/2024 |
|
Exhibit 7
Schedule RC - Balance Sheet (Form Type - 041)
All schedules are to be reported in thousands of dollars. Unless
otherwise indicated, report the amount outstanding as of the last business day of the quarter.
| Dollar amounts in thousands |
|
|
|
| 1.
Cash and balances due from depository institutions (from Schedule RC-A): |
|
|
1. |
| a.
Noninterest-bearing balances and currency and coin1 |
RCON0081 |
0 |
1.a. |
| b.
Interest-bearing balances2 |
RCON0071 |
246,853 |
1.b. |
| 2.
Securities: |
|
|
2. |
| a.
Held-to-maturity securities (from Schedule RC-B, column A)3 |
RCONJJ34 |
0 |
2.a. |
| b.
Available-for-sale debt securities (from Schedule RC-B, column 13) |
RCON 1773 |
71,898 |
2.b. |
| c.
Equity securities with readily determinable fair values not held for trading4 |
RCONJA22 |
0 |
2.c. |
| 3.
Federal funds sold and securities purchased under agreements to resell: |
|
|
3. |
| a. Federal
funds sold |
RCONB987 |
0 |
3.a. |
| b.
Securities purchased under agreements to resell5 |
RCONB989 |
0 |
3.b. |
| 4.
Loans and lease financing receivables (from Schedule RC-C): |
|
|
4. |
| a. Loans
and leases held for sale |
RCON5369 |
0 |
4.a. |
| b.
Loans and leases held for investment |
RCONB528 |
0 |
4.b. |
| c.
LESS: Allowance for credit losses on loans and leases |
RCON3123 |
0 |
4.c. |
| d.
Loans and leases held for investment, net of allowance (item 4.b minus 4.c)7 |
RCONB529 |
0 |
4.d. |
| 5.
Trading assets (from Schedule RC-D) |
RCON3545 |
0 |
5. |
| 6.
Premises and fixed assets (including right-of-use assets) |
RCON2145 |
34,127 |
6. |
| 7.
Other real estate owned (from Schedule RC-M) |
RCON2150 |
0 |
7. |
| 8.
Investments in unconsolidated subsidiaries and associated companies |
RCON2130 |
0 |
8. |
| 9.
Direct and indirect investments in real estate ventures |
RCON3656 |
0 |
9. |
| 10.
Intangible assets (from Schedule RC-M) |
RCON2143 |
0 |
10. |
| 11.
Other assets (from Schedule RC-F)6 |
RCON2160 |
68,597 |
11. |
| 12.
Total assets (sum of items 1 through 11) |
RCON2170 |
421,475 |
12. |
| 13.
Deposits: |
|
|
13. |
| a.
In domestic offices (sum of totals of columns A and C from Schedule RC-E) |
RCON2200 |
0 |
13.a. |
| 1.
Noninterest-bearing7 |
RCON6631 |
0 |
13.a.1. |
| 2.
Interest-bearing |
RCON6636 |
0 |
13.a.2. |
| b.
Not applicable |
|
|
13.b. |
| 14.
Federal funds purchased and securities sold under agreements to repurchase: |
|
|
14. |
| a.
Federal funds purchased8 |
RCONB993 |
0 |
14.a. |
| b.
Securities sold under agreements to repurchase9 |
RCONB995 |
0 |
14.b. |
| 15.
Trading liabilities (from Schedule RC-D) |
RCON3548 |
0 |
15. |
| 16.
Other borrowed money (includes mortgage indebtedness and obligations under capitalized leases) (from Schedule RC-M) |
RCON3190 |
0 |
16. |
| 17.
Not applicable |
|
|
17. |
| 18.
Not applicable |
|
|
18. |
| 19.
Subordinated notes and debentures10 |
RCON3200 |
0 |
19. |
| 20.
Other liabilities (from Schedule RC-G) |
RCON2930 |
172,381 |
20. |
| 21.
Total liabilities (sum of items 13 through 20) |
RCON2948 |
172,381 |
21. |
| 1. | Includes cash items in process of collection
and unposted debits. |
| 2. | Includes time certificates of deposit
not held for trading. |
| 3. | Institutions
should report in item 2.a, amounts net of any applicable allowance for credit losses, and
should equal to Schedule RC-B, item 8, column A less Schedule RI-B, Part II, item 7, column
B. |
| 4. | Item 2.c is to be completed by all institutions.
See the instructions for this item and the Glossary entry for "Securities Activities"
for further detail on accounting for investments in equity securities. |
| 5. | Includes all securities resale agreements,
regardless of maturity. |
| 6. | Institutions should report in items 3.b
and 11 amounts net of any applicable allowance for credit losses. |
| 7. | Includes noninterest-bearing demand, time,
and savings deposits. |
| 8. | Report overnight Federal Home Loan Bank
advances in Schedule RC, item 16, "Other borrowed money." |
| 9. | Includes all securities repurchase agreements,
regardless of maturity. |
| 10. | Includes limited-life preferred stock
and related surplus. |
| DEUTSCHE BANK NATIONAL TRUST COMPANY |
FFIEC 041 |
| RSSD-ID 670560 |
Report Date 3/31/2024 |
| Last Updated on 5/7/2024 |
|
| Dollar amounts in thousands |
|
|
|
| 22. Not applicable |
|
|
22. |
| 23. Perpetual preferred stock and related surplus |
RCON3838 |
0 |
23. |
| 24.
Common stock |
RCON3230 |
50,000 |
24. |
| 25.
Surplus (exclude all surplus related to preferred stock) |
RCON3839 |
58,255 |
25. |
| 26.
Not available |
|
|
26. |
| a.
Retained earnings |
RCON3632 |
141,895 |
26.a. |
| b.
Accumulated other comprehensive income1 |
RCONB530 |
-1,056 |
26.b. |
| c.
Other equity capital components2 |
RCONA130 |
0 |
26.c. |
| 27.
Not available |
|
|
27. |
| a.
Total bank equity capital (sum of items 23 through 26.c) |
RCON3210 |
249,094 |
27.a. |
| b.
Noncontrolling (minority) interests in consolidated subsidiaries |
RCON3000 |
0 |
27.b. |
| 28.
Total equity capital (sum of items 27.a and 27.b) |
RCONG105 |
249,094 |
28. |
| 29,
Total liabilities and equity capital (sum of items 21 and 28) |
RCON3300 |
421,475 |
29. |
| 1.
Indicate in the box at the right the number of the statement below that best describes the most comprehensive level of auditing work
performed for the bank by independent external auditors as of any date during 2023 |
RCON6724 |
2a |
M.1. |
| 2.
Bank’s fiscal year-end date (report the date in MMDD format) |
RCON8678 |
1231 |
M.2. |
| 1. | Includes,
but is not limited to, net unrealized holding gains (losses) on available-for-sale securities,
accumulated net gains (losses) on cash flow hedges, and accumulated defined benefit pension
and other postretirement plan adjustments. |
| 2. | Includes treasury stock and unearned Employee
Stock Ownership Plan shares. |
S-3ASR
EX-FILING FEES
0001032033
0001032033
1
2024-07-31
2024-07-31
0001032033
2
2024-07-31
2024-07-31
0001032033
3
2024-07-31
2024-07-31
0001032033
4
2024-07-31
2024-07-31
0001032033
5
2024-07-31
2024-07-31
0001032033
2024-07-31
2024-07-31
iso4217:USD
xbrli:pure
xbrli:shares
Ex-Filing Fees
CALCULATION OF FILING FEE TABLES
S-3
SLM Corp
Table 1: Newly Registered and Carry Forward Securities
| |
|
|
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|
|
| Line Item Type |
|
Security Type |
|
Security Class Title |
|
Notes |
|
Fee Calculation
Rule |
|
Amount Registered |
|
Proposed Maximum Offering
Price Per Unit |
|
Maximum Aggregate Offering Price |
|
Fee Rate |
|
Amount of Registration Fee |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Newly Registered Securities |
| Fees to be Paid |
|
Equity |
|
Common Stock |
|
(1) |
|
457(r) |
|
|
|
$ |
|
|
$ |
|
|
0.00014760 |
|
$ |
|
| Fees to be Paid |
|
Equity |
|
Preferred Stock |
|
(2) |
|
457(r) |
|
|
|
|
|
|
|
|
|
0.00014760 |
|
|
|
| Fees to be Paid |
|
Debt |
|
Debt Securities |
|
(3) |
|
457(r) |
|
|
|
|
|
|
|
|
|
0.00014760 |
|
|
|
| Fees to be Paid |
|
Other |
|
Warrants |
|
(4) |
|
457(r) |
|
|
|
|
|
|
|
|
|
0.00014760 |
|
|
|
| Fees to be Paid |
|
Other |
|
Units |
|
(5) |
|
457(r) |
|
|
|
$ |
|
|
$ |
|
|
0.00014760 |
|
$ |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Offering Amounts: |
|
$ |
0.00 |
|
|
|
|
0.00 |
| Total Fees Previously Paid: |
|
|
|
|
|
|
|
0.00 |
| Total Fee Offsets: |
|
|
|
|
|
|
|
0.00 |
| Net Fee Due: |
|
|
|
|
|
|
$ |
0.00 |
__________________________________________
Offering Note(s)
| (1) | |
The registrant is
relying on Rule 456(b) and Rule 457(r) under the Securities Act of 1933, as amended, to defer payment of all registration fees. In
connection with the securities offered hereby, the registrant will pay “pay-as-you-go registration fees” in accordance
with Rule 456(b). The registrant will calculate the registration fee applicable to an offer of securities pursuant to this
registration statement based on the fee payment rate in effect on the date of such fee payment.
An indeterminate
amount of securities to be offered at indeterminate prices is being registered pursuantto this registration
statement. |
| (2) | |
Please see Offering Note (1) |
| (3) | |
Please see Offering Note (1) |
| (4) | |
Please see Offering Note (1) |
| (5) | |
Please see Offering Note (1) |
v3.24.2
| X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Section 12
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v3.24.2
| X |
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| X |
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-Name Securities Act
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SLM (NASDAQ:SLMBP)
過去 株価チャート
から 10 2024 まで 11 2024
SLM (NASDAQ:SLMBP)
過去 株価チャート
から 11 2023 まで 11 2024
