EX-10.4



 Exhibit 10.4 

EXECUTION COPY 
 FEDERAL
STUDENT LOAN SALE AGREEMENT 
 This Federal Student Loan Sale Agreement (the “Agreement”) is made and entered into as
of April 18, 2017 (the “Effective Date”), by and between NAVIENT CREDIT FINANCE CORPORATION, a Delaware corporation (the “Purchaser”), and JPMORGAN CHASE BANK, N.A., a national banking association (the
“Seller”). 
 RECITALS 

WHEREAS, the Seller desires to sell a portfolio of federal student loans to the Purchaser, and the Purchaser is willing to purchase such
student loan portfolio from the Seller on the terms and conditions set forth in this Agreement; and 
 WHEREAS, the parties desire to
provide for the purchase of such portfolio of federal student loans by the Purchaser on one or more purchase dates, if necessary or advisable to accommodate the orderly transfer of servicing; 

NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, the parties hereto agree as follows: 

ARTICLE I 
 DEFINITIONS

 SECTION 1.01    Certain Definitions. Except as otherwise specified herein or as the context may
otherwise require, for purposes of this Agreement, the following terms have the meaning specified: 
 “ACS” means Conduent
Incorporated (formerly known as Xerox Education Services, LLC) and ACS Education Loan Services, LLC. 
 “Action” has the
meaning assigned to such term in Section 9.03. 
 “Affiliate” means, with respect to any Person, any other Person
that, directly or indirectly through one or more intermediaries, controls, is controlled by or is under common control with such Person, and the term “control” (as well as the terms “controlled by” and “under common control
with”) means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through ownership of voting securities, by Contract or otherwise. 

“Agreement” has the meaning assigned to such term in the preamble hereto. 

“Applicable Law and Regulation” means applicable law, rule, regulation, governmental order or decree, or any legal or
administrative process or proceeding. 
 “Bankruptcy Loan” means any Loan that has been submitted to the Guarantor by the
Seller for a claim solely by reason of a related Borrower being the subject of a bankruptcy 







 
proceeding (and not, for the avoidance of doubt, by reason of a default claim) and which bankruptcy proceeding has subsequently been closed by the applicable court and the principal and accrued
interest on such Loan remains guaranteed by a Guarantor to the extent provided in the Higher Education Act. 
 “Bill of
Sale” means the bill of sale in the form set forth as Exhibit B hereto. 
 “Blanket
Endorsement” means the blanket endorsement in the form set forth as Exhibit B hereto. 

“Borrower” means any Person who is an obligor on a Loan. 

“Borrower Benefits” has the meaning assigned to such term in Section 2.06. 

“Business Day” means any day other than a Saturday or a Sunday on which commercial banking institutions are not required or
authorized to be closed in New York, New York. 
 “CELT 2007-A Residual Sale
Agreement” means the Certificate Purchase Agreement, dated as of April 18, 2017, among JPMorgan Chase Bank, N.A., as seller, Navient Credit Finance Corporation, as buyer and Navient Solutions, LLC, as assignee master servicer and
assignee administrator. 
 “CFPB” means the United States Consumer Financial Protection Bureau. 

“Claim Notice” has the meaning assigned to such term in Section 9.03. 

“Claim Status Loan” means a Loan for which a claim has been submitted to the applicable Guarantor. 

“Collegiate Sale Agreement” means the Member Interest Purchase Agreement, dated as of April 18, 2017, relating to
Collegiate Funding Services, LLC, between JPMorgan Chase Bank, N.A., as seller and Navient Credit Finance Corporation, as buyer. 

“Conduent Corrections File” means the summary document entitled “Post Closing Corrections – Conduent” which
was uploaded to the Data Room on April 17, 2017. 
 “Confidential Information” means (a) all information (whether
oral, electronic and/or written or otherwise) that is furnished by or on behalf of the Seller to the Purchaser or its Representatives, or by or on behalf of the Purchaser to the Seller or its Representatives, in connection with this Agreement or the
transactions contemplated hereby and (b) all notes, analyses, compilations, studies, interpretations, memoranda or other documents (regardless of the form) prepared by or on behalf of the Purchaser or its Representatives containing, in whole or
in part, or generated from and reflecting, any information referenced in the immediately preceding sub-clause (a); provided that, notwithstanding the foregoing, the term “Confidential
Information” does not include information that (i) is or becomes generally available to the public other than as a result of disclosure by the Purchaser or the Seller, as applicable, or its respective Representatives in violation of
this Agreement; (ii) is or becomes available to the Purchaser or the Seller, as applicable, or its respective Representatives on a non-confidential basis from a


  
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source other than the other party or its Representatives in connection with this Agreement or the transactions contemplated hereby; provided, however, that such source is not known
by the Purchaser or the Seller, as applicable, or its respective Representatives to be prohibited from transmitting such information to the Purchaser, its Affiliates or its Representatives by a contractual, legal, fiduciary or other obligation,
(iii) has been independently developed by or on behalf of the Purchaser or its Affiliates without reference to or use of any Confidential Information, (iv) Customer Information relating to any Purchased Loan or (v) any historical
performance data, static pool data, loan pool stratifications or other data of the type customarily disclosed to student loan securitization or whole loan investors, whether by custom, practice of the Purchaser or as required by Applicable Law. 

“Consolidation Loan” means a Loan made pursuant to Section 428C of the Higher Education Act, under which the Borrower
consolidates two or more PLUS/SLS Loans, Stafford Loans and/or direct Loans made by the Department of Education. 

“Contract” means any contract, agreement, indenture, note, bond, mortgage, loan, instrument, lease or license. 

“Cure Period” has the meaning assigned to such term in Section 6.01(a). 

“Customer Information” has the meaning assigned to such term in Section 10.01(d). 

“Data Room” means the JPMorgan Chase [****] 2016 data room [****] maintained for purposes of the transactions contemplated by
this Agreement, and including all documents and files saved in such data room at 9:00 a.m. on the Effective Date as well as any other documents and files saved after Effective Date to the extent agreed to by the Parties. 

“Debtor Relief Laws” means any and all applicable liquidation, conservatorship, bankruptcy, insolvency, rearrangement,
moratorium, reorganization or similar debtor relief laws and usual principles of equity affecting the rights of creditors generally from time to time in effect in any State or under the laws of the United States. 

“Deductible Amount” means $[****] per annum. 

“Department of Education” means the U.S. Department of Education or other department of the federal government that is
responsible for regulating guaranteed student loan programs and student financial assistance programs. 
 “Dispute Notice”
has the meaning assigned to such term in Section 9.03. 
 “Effective Date” has the meaning assigned to such term in
the preamble hereto. 
 “Eligible Borrower” means a borrower who is eligible under the Higher Education Act to 

  

	[****]	Confidential treatment has been requested for portions of this exhibit. The copy filed herewith omits information subject to the confidentiality request. Omissions are designated with brackets containing asterisks. As
part of our confidential treatment request, a complete version of this exhibit has been filed separately with the U.S. Securities and Exchange Commission. 

  

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be the obligor of a loan for financing a program of education at an Eligible Institution, including a borrower who is eligible under the Higher Education Act to be an obligor of a loan made
pursuant to Section 428A, 428B and 428C of the Higher Education Act. 
 “Eligible Institution” means (i) an
institution of higher education, (ii) a vocational school or (iii) any other institution which, in each case, has been approved by the Department of Education and the applicable Guarantor. 

“E-Sign” or “E-Signed” means
the process by which a Loan was electronically signed. 
 “Estimated Purchase Price” means, with respect to any Purchased
Loans, the Purchase Price as determined as of the applicable Purchase Date based upon the applicable Purchase Date Portfolio File, which amount shall be used as an estimate of the Purchase Price for such Purchased Loans for purposes of settlement on
such Purchase Date. 
 “Excess Deconversion Fee” means the amount by which the product of (i) $[****] and (ii) the
number of loan packets relating to the Federal Loans, exceeds $[****]. 
 “FCRA” has the meaning assigned to such term in
Section 10.01(d). 
 “Federal Buyer Losses” means the aggregate amount of all “Losses” as such term is defined in
each Federal Sale Agreement (including Losses under this Agreement) that have been or are the subject of an indemnification claim against the Purchaser or its Affiliates under any Federal Sale Agreement. 

“Federal Sale Agreements” means collectively, this Agreement, the CELT 2007-A
Residual Sale Agreement and the Collegiate Sale Agreement. 
 “Federal Seller Losses” means the aggregate amount of all
“Losses” or “Loan Losses” as such terms are defined in each Federal Sale Agreement (including Losses and Loan Losses under this Agreement) that have been or are the subject of an indemnification claim against the Seller or its
Affiliates under any Federal Sale Agreement. 
 “FFEL Program” means the Federal Family Education Loan Program authorized
under the Higher Education Act. 
 “Final Purchase Price” has the meaning assigned to such term in Section 2.02. 

“Financing Agreements” means the [****], in each case substantially on the terms described in the commitment letter from the
Seller to the Purchaser dated April 18, 2017. 
 “GLBA” has the meaning assigned to such term in Section 10.01(d).

 “Governmental Authority” means the government of the United States of America, any 

  

	[****]	Confidential treatment has been requested for portions of this exhibit. The copy filed herewith omits information subject to the confidentiality request. Omissions are designated with brackets containing asterisks. As
part of our confidential treatment request, a complete version of this exhibit has been filed separately with the U.S. Securities and Exchange Commission. 

  

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other nation or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive,
legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government. 
 “Guarantee
Agreement” means an agreement between (a) a Guarantor and the Seller or (b) a Guarantor and the Purchaser providing for the guarantee by such Guarantor to the extent provided in the Higher Education Act of the principal and
accrued interest on Loans, including the Purchased Loans acquired by the Purchaser hereunder. 
 “Guarantor” means a state
or private non-profit agency that has an agreement with the Secretary to administer a loan guarantee program under the Higher Education Act. 

“Guarantor Repurchase Loan” has the meaning assigned to such term in Section 2.01(b). 

“Higher Education Act” means Title IV, Parts B, F and G of the Higher Education Act of 1965, as amended or supplemented from
time to time, and all regulations and guidelines promulgated thereunder, including any rule, regulation, instruction or procedure issued by the Secretary under the Higher Education Act or by the applicable Guarantor. 

“Indemnified Person” has the meaning assigned to such term in Section 9.03. 

“Indemnifying Person” has the meaning assigned to such term in Section 9.03. 

“Initial Purchase Date” means the first Purchase Date occurring on or after the Effective Date, which date shall be the
earliest practicable date following the date on which the parties mutually agree that the conditions of purchase set forth in Section 3.01 have been satisfied. 

“Interest Subsidy Payments” means interest subsidy payments received from the Secretary pursuant to Section 428 of the
Higher Education Act or similar payments authorized by federal law or regulation. 
 “Loan” means a student loan made under
the Higher Education Act. 
 “Loan Documents” means, with respect to a Loan, the following documents: 

(i)    loan application, and any supplement thereto; 

(ii)    evidence that such Loan is guaranteed by a Guarantor; 

(iii)    any other document and/or record which the Seller or the Servicer or other agent may be required to retain
pursuant to the Higher Education Act; 
 (iv)    if applicable, payment history (or similar documentation) including
(A) an indication of the Principal Balance and the date through which interest has been paid, each as of the related date of determination and (B) an accounting of the allocation of all payments by the Borrower or on the Borrower’s
behalf to principal and interest on the Loan; 

  
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 (v)    if applicable, documentation which supports periods of current or past
deferment or past forbearance; 
 (vi)    if applicable, a collection history, if the Loan was ever in a delinquent
status, including detailed summaries of contacts and including the addresses or telephone numbers used in contacting or attempting to contact the related Borrower and any endorser and, if required by the Guarantor, copies of all letters and other
correspondence relating to due diligence processing; 
 (vii)    if applicable, evidence of all requests for
skip-tracing assistance and current address of the related Borrower, if located; 
 (viii)    if applicable, evidence of
requests for pre-claims assistance, and evidence that the Borrower’s school(s) have been notified; and 

(ix)    if applicable, a record of any event resulting in a change to or confirmation of any data in the Loan file. 

“Loan Loss” has the meaning assigned to such term in Section 6.01. 

“Loan Schedule” means the schedule of Loans attached as Exhibit A to this Agreement. 

“Loss” has the meaning assigned to such term in Section 9.01. 

“Note” means the original promissory note executed by a Borrower (or electronic records evidencing the same) to evidence such
Borrower’s obligation to repay the related Loan. 
 “Notice Period” has the meaning assigned to such term in
Section 9.03. 
 “Person” means any individual, corporation, partnership, limited liability company, firm, joint
venture, association, joint-stock company, trust, unincorporated organization, Governmental Authority or other entity. 

“Pleadings” has the meaning assigned to such term in Section 5.03(a). 

“PLUS/SLS Loan” means a Loan originated under the authority set forth in Section 428A or B (or a predecessor section thereto)
of the Higher Education Act and shall include a Loan designated as a “PLUS Loan” (including a “Grad PLUS Loan”) or “SLS Loan,” as defined under the Higher Education Act. 

“Portfolio File” means, collectively, the electronic files reflecting loan characteristics of applicable student loans and
produced by ACS in a format consistent with the data files labeled “Disburse” and “Packet” uploaded to the Data Room. 

“Post-Purchase Portfolio File” means, with respect to any Purchased Loan, the Portfolio File delivered by or on behalf of the
Seller to the Purchaser reflecting the loan characteristics of such Purchased Loan as of such Purchase Date. 

  
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 “Power of Attorney” means the power of attorney in the form set forth as
Exhibit C hereto. 
 “Pre-Claim Status Loan” means any Loan that is reported
or reflected on ACS’s servicing system as being in a status that would cause such Loan to be eligible for submission of a claim to the applicable Guarantor. 

“Pre-Effective Date Portfolio File” means the Portfolio File delivered by or on
behalf of the Seller to the Purchaser reflecting loan characteristics as of February 28, 2017. 
 “Pre-Purchase Portfolio File” means, with respect to any Purchased Loan, the Portfolio File delivered by or on behalf of the Seller to the Purchaser reflecting the loan characteristics of such Purchased Loan
as of the last day of the calendar month that is the second month preceding the month in which the applicable Purchase Date occurs. 

“Principal Balance” means the original principal amount of a Loan, including capitalized interest and capitalized origination
fees and accrued and unpaid interest to be capitalized, charged to and payable by the Borrower or cosigner, as applicable, less principal payments received. 

“Pro Rata Portion of Consolidation Loan Rebate Amount” means that portion of the Consolidation Loan Rebate Amount which shall
be attributable to the Seller, calculated as follows: 
 (A) multiplied by [****]%, and then divided by (B), where: 

(A) = the aggregate Principal Balance plus accrued interest of the Consolidation Loan in the sale portfolio as of the
applicable Purchase Date; and 
 (B) = the quotient of 360 days divided by the number of calendar days from the beginning of
the calendar month in which the applicable Purchase Date occurs through such Purchase Date. 
 “Purchase Date” means
(i) with respect to a Purchased Loan other than a Guarantor Repurchase Loan, the date of transfer and payment with respect to such Purchased Loan, which date shall be no later than December 31, 2017, or such later date as the parties
hereto may agree and (ii) with respect to a Guarantor Repurchase Loan, the applicable date of transfer and payment. 

“Purchase Price” has the meaning assigned to such term in Section 2.02. 

“Purchased Loans” has the meaning assigned to such term in Section 2.01(a). 

“Purchaser” has the meaning assigned to such term in the preamble hereto. 

  

	[****]	Confidential treatment has been requested for portions of this exhibit. The copy filed herewith omits information subject to the confidentiality request. Omissions are designated with brackets containing asterisks. As
part of our confidential treatment request, a complete version of this exhibit has been filed separately with the U.S. Securities and Exchange Commission. 

  

7 








 “Purchaser Indemnified Person” has the meaning assigned to such term in
Section 9.01. 
 “Purchaser Review Period” shall mean a period commencing on the date on which the Seller has notified
the Purchaser in writing or the Purchaser has otherwise reasonably determined that an event has occurred that would preclude the Seller from satisfying the closing condition required under Section 3.01(b)(i) (other than with respect to Section
4.01(a)(vi)) and ending on the date that is thirty (30) days following such notice or determination. 
 “Regulatory
Proceeding” means any truth-in-lending, fair lending, predatory or abusive lending, unfair collection practices, equal credit opportunity, privacy of
information or other consumer, Higher Education Act or FFEL Program related regulatory action (either formal or informal), suit, proceeding, investigation, claim, allegation, or adverse determination by or before a Governmental Authority. 

“Representatives” means, with respect to any Person, the Affiliates of such Person, and the respective directors, officers,
employees, agents, representatives, advisors (including financial advisors, accountants, attorneys and actuaries) of such Person and its Affiliates. 

“Residual Interests” means the trust certificate, the economic rights of the sponsor (with respect to the trusts named in
clauses (i), (ii) and (iii), below), the master servicing rights and the trust administration rights with respect to the following securitization trusts: (i) Collegiate Funding Services Education Loan Trust
2004-A; (ii) Collegiate Funding Services Education Loan Trust 2005-A; (iii) Collegiate Funding Services Education Loan Trust
2005-B; and (iv) Chase Education Loan Trust 2007-A. 

“Secretary” means the United States Secretary of Education. 

“Seller” has the meaning assigned to such term in the preamble hereto. 

“Seller Breach” has the meaning assigned to such term in Section 6.01. 

“Seller Indemnified Person” has the meaning assigned to such term in Section 9.02. 

“Seller Review Period” shall mean a period commencing on the date on which the Purchaser has notified the Seller in writing
or the Seller has otherwise reasonably determined that an event has occurred that would preclude the Purchaser from satisfying the closing condition required under Section 3.01(d)(i) or (iv) and ending on the date that is thirty (30) days
following such notice or determination. 
 “Seller’s Knowledge” means the actual knowledge of any of the officers of
the Seller listed on Schedule I hereto, it being understood that any representation or warranty made to “Seller’s Knowledge” is made solely to the extent that any such officer has actual knowledge of the matter being
represented and does not imply or suggest that the representation is otherwise in fact correct. 
 “Special Allowance
Payments” means the payments the Secretary pays the holder of a Loan as authorized and calculated under a Section 438 of the Higher Education Act. 

  
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 “Stafford Loan” means a Subsidized Stafford Loan or an Unsubsidized Stafford
Loan. 
 “Subsidized Stafford Loan” means a Loan made under Section 428 of the Higher Education Act. 

“Third Party Claim” means any claim, suit, proceeding, regulatory action, demand or other action asserted by any Person other
than the Seller, the Purchaser and their respective Affiliates. 
 “Third-Party Servicer” means ACS and its Affiliates,
designees and subcontractors. 
 “Transaction Information” has the meaning assigned to such term in Section 10.02.

 “UCC” means the Uniform Commercial Code of the State of New York. 

“Unsubsidized Stafford Loan” means a Loan made under Section 428H of the Higher Education Act. 

SECTION 1.02    Accounting Terms and Determinations. Unless otherwise defined or specified herein, all
accounting terms shall be construed herein and all accounting determinations hereunder shall be made in accordance with GAAP. 
 SECTION
1.03    Computation of Time Periods. Unless otherwise stated in this Agreement, in the computation of a period of time from a specified date to a later specified date, the word “from” means “from and
including” and the words “to” and “until” each mean “to but excluding.” 
 SECTION
1.04    Interpretation. (a) When used in this Agreement, unless a contrary intention appears: (i) a term has the meaning assigned to it; (ii) “or” is not exclusive; (iii) “including” means
“including without limitation”; (iv) words in the singular include the plural and words in the plural include the singular; (v) any agreement, instrument or statute defined or referred to herein or in any instrument or certificate
delivered in connection herewith means such agreement, instrument or statute as from time to time amended, modified or supplemented and includes (in the case of agreements or instruments) references to all attachments thereto and instruments
incorporated therein; (vi) references to a Person are also to its successors and permitted assigns; (vii) the words “hereof,” “herein” and “hereunder” and words of similar import when used in this Agreement
shall refer to this Agreement as a whole and not to any particular provision hereof; (viii) references contained herein to Section, Schedule and Exhibit, as applicable, are references to Sections, Schedules and Exhibits in this Agreement unless
otherwise specified; (ix) references to “writing” include printing, typing, lithography and other means of reproducing words in a visible form; and (x) the term “proceeds” has the meaning set forth in the applicable
UCC. 
 (b)    The parties hereto have participated jointly in the negotiation and drafting of this Agreement and, in
the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as jointly drafted by the parties hereto and no presumption or burden of proof shall arise favoring or disfavoring either party hereto by virtue
of the authorship of any provision of this Agreement. 

  
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 ARTICLE II 

PURCHASE AND SALE OF LOANS 

SECTION 2.01    Purchase and Sale of Loans. 

(a)    Subject to the terms and conditions and in reliance on the representations, warranties and agreements hereinafter
set forth, the Seller agrees to sell to the Purchaser and the Purchaser agrees to purchase from the Seller, from time to time on one or more Purchase Dates occurring after the Effective Date, all of the Seller’s right, title and interest in and
to the Loans identified on the Loan Schedule (together with the Guarantor Repurchase Loans (as defined below), the “Purchased Loans”). 

(b)    Subject to the terms and conditions and in reliance on the representations, warranties and agreements hereinafter
set forth, the Purchaser agrees that after the Effective Date it will purchase on behalf of the Seller, directly from a Guarantor any Bankruptcy Loan that had been previously submitted for claim to such Guarantor by the Seller if a repurchase of
such Loan by the Seller (or its designee) is required by such Guarantor pursuant to the applicable provisions of the Higher Education Act (each such Loan, a “Guarantor Repurchase Loan”). In the event that the Purchaser purchases a
Guarantor Repurchase Loan from a Guarantor pursuant to this Section, the Purchaser shall pay the Guarantor the amount that the Seller would have been required to pay the Guarantor had the Seller itself repurchased the Bankruptcy Loan from the
Guarantor pursuant to the applicable provisions of the Higher Education Act. 
 (c)    The conveyance by the Seller
under this Agreement shall be without recourse (except as is otherwise expressly set forth in this Agreement) and shall constitute the sale, transfer, assignment, setting over and in all other respects the conveyance to the Purchaser of all right,
title and interest of the Seller in and to: 
 (i)    the Purchased Loans, including the underlying Notes and other Loan
Documents; 
 (ii)    all collections, revenues and recoveries of principal and interest from the Purchased Loans,
including all Interest Subsidy Payments, Special Allowance Payments, Borrower payments and reimbursements of principal and accrued interest on default claims from any Guarantor or the Department of Education to the extent due or to become due or to
the extent accruing on the Purchased Loans on and after the applicable Purchase Date; 
 (iii)    the servicing rights
relating to the Purchased Loans; and 
 (iv)    the proceeds of any and all of the foregoing received on and after the
applicable Purchase Date. 

  
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 SECTION 2.02    Consideration. 

(a)    On each Purchase Date, the Purchaser shall purchase the Purchased Loans to be purchased on such date from the Seller
at a purchase price (the “Purchase Price”) equal to the sum of the following: 
 (i) [****]% of the
aggregate Principal Balance of such Purchased Loans as of such Purchase Date, plus 
 (ii) [****]% of the accrued but
unpaid and uncapitalized interest (to the extent not included in the Principal Balance of a Purchased Loan) on such Purchased Loans minus 

(iii) the Pro Rata Portion of Consolidation Loan Rebate Amount minus 

(iv) the Excess Deconversion Fee. 

Notwithstanding the foregoing, if the Initial Purchase Date for the Purchased Loans shall occur on a date after June 9, 2017 and the
Purchaser has notified the Seller, or the Seller has notified the Purchaser, in writing that a change in market conditions has occurred that has caused the market price of the Loans to be materially different than the foregoing Purchase Price, the
parties agree that they shall negotiate in good faith to determine an appropriate Purchase Price for any Loans remaining to be purchased in light of then-current market conditions; provided, however, that (x) the Seller shall not be required to
negotiate as set forth in this sentence during a Seller Review Period and (y) the Purchaser shall not be required to negotiate as set forth in this sentence during a Purchaser Review Period. The Purchaser shall pay the Estimated Purchase Price
for each Purchased Loan not later than 2:00 p.m. (New York City time) by wire transfer of immediately available funds on the applicable Purchase Date to such account as the Seller shall direct in writing to the Purchaser prior to the applicable
Purchase Date. The purchase and sale of the Purchased Loans shall be evidenced by the Bill of Sale duly executed and delivered by the Seller in connection with each Purchase Date. 

(b)    No later than five (5) Business Days after each Purchase Date, the Seller shall deliver to the Purchaser a
calculation of the Purchase Price determined as of such Purchase Date (the “Final Purchase Price”) and a Post-Purchase Portfolio File with respect to the applicable Purchased Loans. The Purchaser shall have five (5) Business
Days to review and comment on the Seller’s calculation of the Final Purchase Price. If during this five (5) Business Day period the Purchaser notifies the Seller that the Purchaser disagrees with these calculations, the Seller and the
Purchaser will meet to attempt to resolve any differences. If they are unable to agree on the adjustments within the next thirty (30) days, then the Seller and the Purchaser will be free to pursue an additional review by jointly selecting an
independent accounting firm to review the calculations and make a determination as to the Final Purchase Price. If the Purchaser and the Seller are unable to agree on an accounting firm, then they will apply to the American Arbitration Association
to make the selection. The independent accounting firm selected pursuant to this Section 2.02(b) is referred to herein as the “Arbitration Firm”. The Arbitration Firm will be instructed to complete its review within twenty
(20) days and to calculate the Final Purchase Price in accordance with this Section 2.02. The decision of the Arbitration Firm will be final and binding on the Seller and the Purchaser. 

  

	[****]	Confidential treatment has been requested for portions of this exhibit. The copy filed herewith omits information subject to the confidentiality request. Omissions are designated with brackets containing asterisks. As
part of our confidential treatment request, a complete version of this exhibit has been filed separately with the U.S. Securities and Exchange Commission. 

  

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 (c)    If the Final Purchase Price is greater than the Estimated Purchase
Price, then the Purchaser shall pay to the Seller the amount of such difference. If the Final Purchase Price is less than the Estimated Purchase Price, then the Seller shall pay to the Purchaser the amount of such difference. The payment of any
amount pursuant to this Section 2.02(c) shall be made, together with interest thereon accrued from the applicable Purchase Date until the date of such payment at a rate per annum equal to the “prime rate” published in the Wall
Street Journal, within thirty (30) days of such Purchase Date (or, if the Purchaser has disputed the Seller’s calculation of the Final Purchase Price, the date on which the Final Purchase Price has been determined pursuant to Section
2.02(b)), by wire transfer of immediately available funds in accordance with the instructions of the payee thereof. 

(d)    Not later than the last day of each month following the Initial Purchase Date, the Seller shall notify the
Purchaser if any of the items described in the Conduent Corrections File have been corrected. If such corrections result in a revised Principal Balance of any Purchased Loans, the parties will arrange for settlement of an adjustment to the Purchase
Price paid for the affected Purchased Loans in a mutually acceptable manner based on such revised Principal Balances. Notwithstanding anything to the contrary herein or in in the Collegiate Sale Agreement or the CELT
2007-A Residual Sale Agreement, the parties agree that such adjusted Purchase Price, if in favor of the Purchaser, shall not be subject to the Deductible Amount or the $[****] limit on indemnities described in
Section 9.01. 
 SECTION 2.03    Retention of Documents and Customer Information.  

Notwithstanding the sale of the Purchased Loans, the Seller shall be entitled to retain copies of all Loan Documents and Customer Information
subject to the requirements and restrictions of this Agreement regarding Customer Information, and the adopted document retention policies of the Seller or its Affiliates. Any copy of a Note retained by the Seller shall be clearly labeled as a copy.
Except to the extent required under Applicable Law and Regulation, nothing in this Agreement shall require the Seller to destroy or delete copies of any Loan Documents, Customer Information or any computer models, databases, electronic files or
other electronic material prepared by the Seller or its Affiliates based in whole or in part on any Loan Documents or Customer Information. 

SECTION 2.04    Servicing. 

(a)    The Purchased Loans are sold and conveyed to the Purchaser on a servicing-released basis. Commencing on the
applicable Purchase Date, immediately upon giving effect to the sale of the Purchased Loans, the servicing of the Purchased Loans by ACS will be conducted on behalf of the Purchaser pursuant to its servicing agreements with ACS. The Seller shall be
responsible for all amounts payable, or to become payable, to ACS or any other Person with respect to servicing of the Purchased Loans incurred or accrued prior to the applicable Purchase Date. The Purchaser shall be responsible for all amounts due,
or to become due, to ACS or any other Person with respect to servicing of the Purchased Loans incurred or accrued on or after the 

  

	[****]	Confidential treatment has been requested for portions of this exhibit. The copy filed herewith omits information subject to the confidentiality request. Omissions are designated with brackets containing asterisks. As
part of our confidential treatment request, a complete version of this exhibit has been filed separately with the U.S. Securities and Exchange Commission. 

  

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 applicable Purchase Date, including servicing compensation for the period from and after such Purchase Date,
deboarding fees, deconversion fees, termination fees, transfer fees or other make-whole payments in connection with the transfer of servicing to the Purchaser or the servicing of the Purchased Loans from and after such Purchase Date. 

(b)    The Seller makes no representation, warranty or covenant and assumes no obligation to the Purchaser (including
pursuant to Section 6.01 or Section 9.01) with respect to the servicing of the Purchased Loans by any Third-Party Servicer whether on, before or after the applicable Purchase Date, and shall have no liability to the Purchaser for any
liabilities, claims, breaches, disputes, indemnities or other costs, expenses, losses or other matters, including any of the foregoing that may at any time be alleged by the Purchaser or any third-party, relating to the servicing of the Purchased
Loans by any Third-Party Servicer, except that the Seller will remain responsible for all amounts due to the applicable Third-Party Servicer or any other Person with respect to servicing of the Purchased Loans incurred prior to the applicable
Purchase Date. 
 (c)    The Seller shall be subrogated to any claims or rights of the Purchaser as against any
Third-Party Servicer with respect to any amounts paid by the Seller under Article VI hereof. The Purchaser shall reasonably cooperate with the Seller, at the Seller’s expense, in the Seller’s assertion of any claim based on the right
of subrogation. 
 SECTION 2.05    Limits on Purchaser’s Recourse; Nature of Purchased Loans. 

(a)    The sale and purchase of the Purchased Loans provided for in this agreement is expressly made without recourse, and
without representations or warranties of any kind or character, expressed or implied other than the representations and warranties expressly set forth herein. 

(b)    The Purchaser acknowledges that it is a sophisticated federal student loan holder, and has specific knowledge and
experience in Loans that enable it to evaluate the merits and risks of the transactions contemplated hereunder. The Purchaser has made such independent investigation, including due diligence and financial and legal analyses, as the Purchaser
determined to be warranted into the nature, validity, enforceability, collectability and value of the Purchased Loans, and all other facts it deems material to its purchase. 

(c)    The Purchaser’s bid and decision to purchase the Purchased Loans is based upon its own comprehensive review
and independent expert evaluation and analysis of the Purchased Loans. The Purchaser is not acting in reliance on any representation or warranty by the Seller or its Affiliates other than the representations and warranties expressly set forth
herein. 
 (d)    The Purchaser acknowledges and agrees that the Purchase Price for the Purchased Loans reflects the
quality of the assets (including any faults, defects or other adverse matters that may be associated with the Purchased Loans) and the “as is” nature of the sale. The Purchaser further acknowledges and agrees that it has been fully
informed as to the nature of the Purchased Loans and has agreed to purchase them as contemplated by this Agreement. 

(e)    The Purchaser acknowledges and agrees that the Seller will not be obligated to participate in any future
securitization or whole loan sale or offering of the Purchased Loans or provide originator disclosure, servicer disclosure or static pool information or any similar disclosures in connection with a securitization or subsequent whole loan sale or
offering. 

  
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 SECTION 2.06    Borrower Benefits. The Purchaser acknowledges
that the Seller currently grants certain interest rate reductions and other benefits to certain Borrowers as set forth in Exhibit E (collectively, the “Borrower Benefits”). The Purchaser agrees to honor all Borrower Benefits
identified in Exhibit E, including those Borrower Benefits currently earned by Borrowers and those for which the Borrowers are eligible but which are not yet earned, with the Purchaser being responsible for the cost of such Borrower Benefits
for periods after the applicable Purchase Date. The Purchaser shall not be obligated to maintain any borrower benefits other than those described in Exhibit E. 

SECTION 2.07    No Assignment of Contract Rights. The Purchaser acknowledges and agrees that, except as
expressly provided in Section 2.01 with respect to certain claims against the Guarantors and Interest Subsidy Payments and Special Allowance Payments owing from the Department of Education, the Seller will not assign to the Purchaser any of the
Seller’s rights in, to or under any agreement, including those pursuant to which the Purchased Loans have been originated, acquired, disbursed, guaranteed, insured or serviced and including any contract or other rights that the Seller may have
against any school attended by a Borrower or any originator or origination agent, disbursement agent, servicer, guarantor, the Department of Education, other third party service provider or prior owner of any Purchased Loan. 

SECTION 2.08    Rights and Risks Transferred; Security Interest. The transfer of the Purchased Loans
pursuant to Section 2.01 shall constitute a sale and assignment to the Purchaser of the Purchased Loans. As purchaser of the Purchased Loans, the Purchaser shall bear the risk of future performance of the Purchased Loans, including risk of
future default, except as set forth in Section 6.01 and Article IX. In the event, however, that it is determined by a court of competent jurisdiction that the transactions evidenced by this Agreement constitute a loan and not a purchase and
sale, the parties hereto intend that this Agreement constitute a security agreement under Applicable Law and Regulation and that the Seller shall be deemed to have granted, and does hereby grant, to the Purchaser a security interest in all of the
Seller’s right, title and interest, whether now owned or hereafter acquired, in, to and under all Purchased Loans and all other items set forth in clauses (i) through (iv) of Section 2.01(c). The grant set forth in the preceding sentence
is solely for additional protection of the Purchaser’s interests in the Purchased Loans and shall not be deemed to contradict the express intent of the Seller and the Purchaser that the transfer of Purchased Loans under this Agreement is an
absolute assignment of such Purchased Loans and is not a transfer of such Purchased Loans as security for a debt. The Seller hereby authorizes the Purchaser to file UCC financing statements, all amendments thereto and continuations thereof deemed
necessary or appropriate by the Purchaser that identify the Seller as seller and/or debtor and the Purchaser as purchaser and/or secured party and describe the Purchased Loans. 

  
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 ARTICLE III 

CONDITIONS PRECEDENT 

SECTION 3.01    Conditions of Purchase. 

(a)    The Purchaser’s obligations on the Effective Date shall be subject to the following conditions precedent: 

(i)    All representations and warranties of the Seller contained in this Agreement shall be true and correct in all
material respects on, and as if made as of, the Effective Date (unless any such representation and warranty is made only as of a specific date, in which event such representation or warranty shall be true in all material respects only as of such
specific date). 
 (ii)    The Seller or its applicable Affiliates, on the one hand, and the Purchaser or its applicable
Affiliates, on the other hand, shall have executed and delivered an agreement pursuant to which the Purchaser or one or more of its Affiliates will purchase the Residual Interests by entering into the Collegiate Sale Agreement and the CELT 2007-A Residual Sale Agreement, together with all agreements, certificates and opinions required to be delivered thereunder on or prior to the Effective Date. 

(iii)    The Purchaser shall have received (A) one or more officer’s certificates of the Seller certifying the
names, signatures and authorization of the officers of the Seller authorized to sign this Agreement, and attaching certified organizational documents and excerpts of resolutions of the Seller’s board of directors or a relevant committee of the
board relating to the transactions contemplated by this Agreement, and (B) opinions of counsel from Sidley Austin LLP (or another nationally recognized law firm), counsel to the Seller, in form and substance satisfactory to the Purchaser
relating to valid existence, due authorization, execution and delivery, enforceability and non-contravention of charter and of New York or Federal law. 

(b)    The Purchaser’s obligation to purchase and pay for the Purchased Loans (other than the Guarantor Repurchase
Loans) hereunder on the applicable Purchase Date shall be subject to the following conditions precedent: 
 (i)    The
Purchaser shall have received a written certification dated as of the applicable Purchase Date from the Seller that all representations and warranties of the Seller contained in this Agreement shall be true and correct in all material respects on,
and as if made as of, such Purchase Date (unless any such representation and warranty is made only as of a specific date, in which event such representation or warranty shall be true in all material respects only as of such specific date). 

(ii)    The Seller shall have delivered to the Purchaser on or before such Purchase Date, the Bill of Sale, the Blanket
Endorsement and the Power of Attorney. 
 (iii)    Any approval by the Secretary or a Guarantor required by the Higher
Education Act or a Guarantee Agreement as a condition to the assignment or sale of the Purchased Loans shall have been made or received and evidence thereof delivered to the Purchaser. 

(iv)    On or prior to such Purchase Date, funding under the Financing Agreements shall have been made available to the
Purchaser (or its applicable Affiliate) in an aggregate amount at least equal to the Purchase Price. 

  
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 (v)    The Purchaser shall have received written acknowledgement from ACS
that the Purchaser shall have the right to proceed against ACS for breaches, errors and omissions in servicing the Purchased Loans occurring prior to the applicable Purchase Date. 

(vi)    The Purchaser shall have received evidence reasonably satisfactory to it that the Seller has directed ACS in
writing to hold physical custody and possession of the Notes evidencing the Purchased Loans on behalf of the Purchaser and not on behalf of the Seller. 

(vii)    The Purchaser shall have received evidence reasonably satisfactory to it that ACS has updated its records to
reflect that it is servicing the Purchased Loans on behalf of the Purchaser. 
 (viii)    On or prior to such Purchase
Date, the Purchaser shall have received an opinion of counsel from Sidley Austin LLP (or another nationally recognized law firm), counsel to the Seller, in form and substance satisfactory to the Purchaser, relating to the creation and perfection of
the security interest granted hereunder. 
 (ix)    The Seller shall have delivered to the Purchaser copies of the E-Sign evidentiary package for each electronic signature process that was used in respect of the Purchased Loans. 

(x)    Such Purchase Date shall be no later than December 31, 2017. 

(c)    The Seller’s obligations on the Effective Date shall be subject to the following conditions precedent: 

(i)    All representations and warranties of the Purchaser contained in this Agreement shall be true and correct in all
material respects on, and as if made as of, the Effective Date (unless any such representation and warranty is made only as of a specific date, in which event such representation or warranty shall be true in all material respects only as of such
specific date). 
 (d)    The Seller’s obligation to sell the Purchased Loans (other than the Guarantor Repurchase
Loans) hereunder on each Purchase Date shall be subject to the following conditions precedent: 
 (i)    The Seller
shall have received a written certification dated as of the applicable Purchase Date from the Purchaser that all representations and warranties of the Purchaser contained in this Agreement shall be true in all material respects on, and as if made as
of, such Purchase Date (unless any such representation and warranty is made only as of a specific date, in which event such representation or warranty shall be true in all material respects only as of such specific date). 

(ii)    The Purchaser shall have received written acknowledgement from ACS that the Purchaser shall have the right to
proceed against ACS for breaches, errors and omissions in servicing the Purchased Loans occurring prior to the applicable Purchase Date. 

  
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 (iii)    The Seller shall have received evidence reasonably satisfactory to
it that ACS has updated its records to reflect that it is servicing the Purchased Loans on behalf of the Purchaser. 

(iv)    The Seller shall have received a written certification dated as of the applicable Purchase Date from the Purchaser
that [****].
 (v)    The Purchaser shall have received evidence reasonably satisfactory to it that the Seller has
directed ACS in writing to hold physical custody and possession of the Notes evidencing the Purchased Loans on behalf of the Purchaser and not on behalf of the Seller. 

(vi)    Such Purchase Date shall be no later than December 31, 2017. 

(vii)    The Seller shall have received the Estimated Purchase Price in accordance with Section 2.02. 

(e)    The Purchaser’s obligation to purchase and pay for any Guarantor Repurchase Loan hereunder on the applicable
Purchase Date for such Loan shall be subject to the following conditions precedent: 
 (i)    The representations and
warranties of the Seller contained in Section 4.01(b) of this Agreement shall be true and correct in all material respects on, and as if made as of, the applicable Purchase Date for such Guarantor Repurchase Loan (unless any such representation and
warranty is made only as of a specific date, in which event such representation or warranty shall be true in all material respects only as of such specific date). 

(ii)    The applicable Guarantor shall have delivered to the Purchaser on or before the applicable Purchase Date such
Guarantor’s usual and customary documentation evidencing such transfer. 
 (iii)    The Seller shall have received
the Estimated Purchase Price in accordance with Section 2.02. 
 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES 

SECTION 4.01    Representations and Warranties of the Seller. 

(a)    The Seller represents and warrants to the Purchaser as of the Effective Date and each Purchase Date as follows: 

(i)    The Seller is a national banking association that is duly organized and validly existing under the laws of the
United States of America. 

  

	[****]	Confidential treatment has been requested for portions of this exhibit. The copy filed herewith omits information subject to the confidentiality request. Omissions are designated with brackets containing asterisks. As
part of our confidential treatment request, a complete version of this exhibit has been filed separately with the U.S. Securities and Exchange Commission. 

  

17 








 (ii)    The Seller has taken all legal and corporate action necessary to
permit it to enter into and perform all of its obligations in this Agreement. 
 (iii)    This Agreement has been duly
and validly authorized, duly executed and delivered by the Seller. 
 (iv)    Neither the consummation of the
transactions contemplated hereby nor the fulfillment of or compliance with the terms and conditions of this Agreement, will conflict with or result in a breach of any of the terms, conditions or provisions of its governing documents or result in a
material breach of any legal restriction by which the Seller is bound, or constitute a material default or result in an acceleration under any of the foregoing, or result in the violation of any material law, rule, regulation, order, judgment or
decree to which the Seller is subject. 
 (v)    There are no actions or proceedings, and to the Seller’s Knowledge
there are no investigations, pending or threatened, against it before any court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over it or its properties: (1) asserting the invalidity of this
Agreement, (2) seeking to prevent the consummation of any transactions contemplated by this Agreement or (3) seeking any determination or ruling that would reasonably be expected to have a material and adverse effect on the execution,
delivery or enforceability of this Agreement or the performance by the Seller of its obligations hereunder. 

(vi)    Each of the representations and warranties set forth in Exhibit D is true and correct as of the Effective
Date and will be true and correct as of the applicable Purchase Date (unless any such representation and warranty is made only as of a specific date, in which event such representation or warranty shall be true in all material respects only as of
such specific date) with respect to each Purchased Loan (other than a Guarantor Repurchase Loan). 
 (vii)    The Seller
(A) is an “eligible lender” under the FFEL Program and (B) has in effect valid agreements with the Guarantors necessary to qualify the Purchased Loans for all benefits available under the Higher Education Act. 

(viii)    The transfer, assignment and conveyance of the Purchased Loans by the Seller pursuant to, and during the term
of, this Agreement are not subject to the bulk transfer or any similar statutory provisions in effect in any applicable jurisdiction. The Seller is not transferring the Purchased Loans with an actual intent to hinder, delay, or defraud any of its
creditors. The Seller is solvent and will not be rendered insolvent by the sale of any of the Purchased Loans. 

(ix)    No broker, investment banker or other person is entitled to any broker’s, finder’s or other similar fee
or commission in connection with the transactions contemplated by this Agreement based upon arrangements made by or on behalf of the Seller that would become an obligation of the Purchaser or any of its Affiliates. 

(b)    The Seller represents and warrants to the Purchaser on the Purchase Date of each Guarantor Repurchase Loan that
(i) each of the representations and warranties set forth in items 3, 4, 8, 9, 10, 12, 14 and 18 on Exhibit D is true and correct as of the Purchase Date of such Guarantor Repurchase Loan and (ii) each of the representations and
warranties set forth in items 15 and 17 on Exhibit D is true and correct as of the date such Guarantor Repurchase Loan was transferred to the applicable Guarantor. 

  
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 (c)    The representations and warranties set forth in Section 4.01(a)
and (b) shall survive the sale of the Purchased Loans to the Purchaser. 
 (d)    Except as expressly provided in
Section 4.01(a) and (b), no representation, warranty or covenant of any kind or nature, whether express or implied, including any warranties of a transferor under the UCC or pursuant to any other statute, law, rule or regulation, is being made
in this Agreement or otherwise by the Seller with respect to the Purchased Loans, the related Loan Documents, the Pre-Effective Date Portfolio File, any Pre-Purchase
Portfolio File, any Post-Purchase Portfolio File or the nature, condition or value of the same, including, without limiting the foregoing, any representation, warranty or covenant regarding the completeness or accuracy of any information provided by
the Seller, the collectability of any Purchased Loan or the creditworthiness of any Borrower or Guarantor. The representations and warranties of the Seller contained in Exhibit D related to or concerning (i) compliance with Applicable
Law and Regulation and the Higher Education Act and (ii) with respect to any Bankruptcy Loan purchased after the Effective Date, any related Borrower being the subject of a bankruptcy proceeding are made as of the applicable Purchase Date based
on judicial and regulatory proceedings, actions or publications in existence on the applicable Purchase Date that interpret such Applicable Law and Regulation and the Higher Education Act, and the Seller assumes no responsibility or liability for
the impact on the foregoing representations and warranties of any changes in Applicable Law and Regulation, including the Higher Education Act, and interpretations thereof that occur after the applicable Purchase Date. 

SECTION 4.02    Representations and Warranties of Purchaser. The Purchaser represents and warrants to, the
Seller as of the Effective Date and each Purchase Date as follows: 
 (a)    The Purchaser is a corporation duly
organized, validly existing and in good standing under the laws of the State of Delaware. 
 (b)    The Purchaser has
taken all legal and corporate action necessary to permit it to enter into and perform all of its obligations in this Agreement. Assuming due authorization, execution and delivery by the Seller, this Agreement constitutes the legal, valid and binding
obligation of the Purchaser, enforceable against the Purchaser in accordance with the terms hereof, except as such enforceability may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally
and except as such enforceability may be limited by general principles of equity (whether considered in a suit at law or in equity). 

(c)    Neither the consummation of the transactions contemplated hereby nor the fulfillment of or compliance with the
terms and conditions of this Agreement, will conflict with or result in a breach of any of the terms, conditions or provisions of its governing documents or result in a material breach of any legal restriction by which the Purchaser is bound, or
constitute a material default or result in an acceleration under any of the foregoing, or result in the violation of any material law, rule, regulation, order, judgment or decree to which the Purchaser is subject. 

  
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 (d)    No Governmental Authority has commenced, enacted, issued, promulgated,
enforced or entered any suit, proceeding, order or law with respect to the Purchaser or its business, operations or properties which is then in effect and has, or could reasonably be expected to have, the effect of making the transactions
contemplated by this Agreement illegal or otherwise prohibiting the consummation of such transactions. 
 (e)    The
Purchaser (i) is an “eligible lender” under the FFEL Program, (ii) is taking title to the Purchased Loans using its own eligible lender identification number separate from that of the Seller, (iii) has entered into a
servicing agreement or servicing agreements with ACS to service the Purchased Loans and accept custody of the Notes evidencing the Purchased Loans from and after the applicable Purchase Date, provided that the Purchaser shall have no obligation to
retain ACS as servicer of any Purchased Loans after the applicable Purchase Date, and (iv) has or will execute in a timely manner Guarantee Agreements with each of the Guarantors that guarantees a Loan included in the Purchased Loans as of the
Purchase Date. 
 (f)    No broker, investment banker or other person is entitled to any broker’s, finder’s or
other similar fee or commission in connection with the transactions contemplated by this Agreement based upon arrangements made by or on behalf of the Purchaser that would become an obligation of the Seller or any of its Affiliates. 

ARTICLE V 
 COVENANTS

 SECTION 5.01    Covenants of the Seller. 

(a)    The Seller shall as soon as reasonably practicable after identification thereof remit or credit, or cause to be
remitted or credited, to the Purchaser all funds whatsoever received by the Seller on or after the applicable Purchase Date (including Interest Subsidy Payments or Special Allowance Payments) in respect of the Purchased Loans acquired by the
Purchaser hereunder. Prior to such remittance, such amounts shall be held by the Seller for the benefit of the Purchaser. 

(b)    The Seller shall as soon as reasonably practicable transmit to the Purchaser any written communication received by
the Seller after the applicable Purchase Date that is identified as pertaining to any Purchased Loan. Such communication shall include letters, notices of death or disability, adjudication of bankruptcy and similar documents and forms requesting
deferment of repayment or loan cancellations. For avoidance of doubt, communications received by ACS or its Affiliates shall not be deemed to have been received by the Seller, and this Section 5.01(b) covers only communications actually received by
the Seller. 
 (c)    From and after the Initial Purchase Date, until May 31, 2020, the Seller agrees to use
commercially reasonable efforts (taking into account that the Seller is no longer conducting a student loan-related business) in responding to reasonable requests by the Purchaser for any records, documents or data related to Purchased Loans that
are in the possession of the Seller and not already in the possession of the Purchaser, ACS or any of their respective Affiliates, designees or subcontractors. 

  
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 SECTION 5.02    Covenants of Purchaser. The Purchaser covenants
and agrees that at all times on and after the applicable Purchase Date for a Purchased Loan: 
 (a)    The Purchaser
shall, and shall cause its successors and assigns to, maintain the Borrower Benefits for each Borrower of a Purchased Loan as may be receiving Borrower Benefits as of such Purchase Date or as may thereafter qualify to receive such Borrower Benefits
in accordance with the terms and conditions established by the Seller under the terms of the applicable Loan Documents prior to such Purchase Date. 

(b)    The Purchaser shall comply with all Applicable Law and Regulation in connection with the deconversion, ownership
and collection of the Purchased Loans. The Purchaser will not violate, and will not permit the violation of, any laws relating to unfair credit collection practices in connection with the Purchased Loans in a manner that would create or expose the
Seller to any claim, demand or assertion that, after the applicable Purchase Date, the Seller, its Affiliates or any of their respective employees, agents, attorneys, representatives or servicers was in any way involved in or had in any way
authorized any unlawful collection practices in connection with the related Purchased Loans. 
 (c)    The Purchaser
will not use or refer to the Seller’s name, trademark, logo or other identifying marks (or the name of any Affiliate of the Seller) (collectively, “Marks”) for any purpose relating to any Purchased Loan, except that the
Purchaser may use the Seller’s Marks in connection with (i) any initial welcome letter that the Purchaser elects to send to Borrowers on Purchased Loans (solely for the purpose of disclosing that the Seller has assigned the applicable
Purchased Loan to the Purchaser); provided that the Purchaser shall not send any such welcome letter to any Borrower unless the Seller has approved the form and substance of such letter (such approval not to be unreasonably withheld,
conditioned or delayed), (ii) matters relating to Debtor Relief Laws or for the purpose of identifying a Purchased Loan to a Borrower in connection with the collection thereof or identifying to a potential purchaser or lender the chain of title of a
Purchased Loan, (iii) communications with Borrowers with respect to Borrower Benefits and similar historical information concerning the Purchased Loans that occurred or is directly related to the period prior to the applicable Purchase Date,
(iv) matters contemplated with respect to the Power of Attorney or (v) the notifications required by Section 5.02(g). Any such use by the Purchaser of the Seller’s Marks shall not in any way disparage the Seller, be injurious to the
reputation of the Seller, or cause the Seller to lose goodwill. Except as provided in the Power of Attorney, neither the Purchaser nor anyone acting for the Purchaser will act or purport to act for or in the name of the Seller (or any Affiliate of
the Seller) with respect to collection of any Purchased Loan or any other matter. 
 (d)    The Purchaser will not
portray or hold itself out as an agent, partner or joint venture of the Seller (or any Affiliate of the Seller) in connection with any Purchased Loans. 

(e)    The Purchaser shall not institute or continue any legal, collection or enforcement proceeding in the name of the
Seller or any of its predecessors or Affiliates or mislead, whether through misrepresentation or nondisclosure or otherwise, a Borrower or any other Person as to the identity of the owner of the Purchased Loans. 

  
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 (f)    Upon the written request of the Seller describing in reasonable detail
the purpose of such request, the Purchaser shall provide within a reasonable time, at the Seller’s sole cost and expense and subject to restrictions under Applicable Law and Regulation, copies of the books and records relating to the Purchased
Loans solely to the extent relating to the period prior to the applicable Purchase Date and to the extent necessary for (i) the preparation of financial statements, regulatory filings or tax returns of the Seller or its Affiliates in respect of
periods ending on or prior to the applicable Purchase Date, (ii) responding to matters referred to in Section 5.03, (iii) evaluating and responding to any actual or threatened litigation or other legal or administrative proceedings or
inquiries involving the Purchased Loans, (iv) satisfying any audit or regulatory review requirement or (v) assessing or determining the amount of or the basis for any indemnification payment or attempting to cure the related Seller Breach.
Notwithstanding anything herein to the contrary, the Purchaser shall not be required to disclose information (a) that is subject to attorney-client or other legal privilege, (b) that is deemed by the Purchaser in its reasonable judgment to
be competitively sensitive or (c) the disclosure of which would conflict with any confidentiality obligations by which the Purchaser is bound. 

(g)    Within thirty (30) days after the applicable Purchase Date, the Purchaser shall notify Borrowers of the
assignment and transfer to the Purchaser of the Seller’s interest in the Purchased Loans, and the Purchaser shall direct each Borrower to make all payments thereon directly to the Purchaser, or as the Purchaser may otherwise designate. The
Seller hereby grants to the Purchaser the authority (i) to make any such notifications on the Seller’s behalf or (ii) to direct ACS or a subservicer or subcontractor to make such notification; provided, that the form and
content of any such notification shall be as mutually agreed upon by the Seller and the Purchaser. 
 (h)    The
Purchaser understands that the Seller will report the Purchased Loans to the appropriate credit reporting agencies as having been sold to the Purchaser. Except as required by Applicable Law and Regulation, after the applicable Purchase Date, all
Borrower inquiries with respect to credit reporting shall be the responsibility of the Purchaser. 
 SECTION
5.03    Notice of Complaints. 
 (a)    The Purchaser shall, or shall cause its servicer
to, transmit to the Seller, to the extent not prohibited from so doing under Applicable Law and Regulation and as soon as is reasonably practicable but in any event within five (5) Business Days after receipt thereof and identification thereof
as relating to the Purchased Loans or the Seller, any written complaint or inquiry or notice of any actual or threatened litigation or administrative proceedings or governmental inquiry, from or on behalf of any Borrower, any school attended by any
Borrower or any Guarantor, the Department of Education or other governmental authority that relates to any (i) action, omission or practice of or by the Seller or any servicer (during the time that the Seller owned the Purchased Loans) with
respect to any one or more of the Purchased Loans, (ii) issue relating to the sale of any one or more of the Purchased Loans to the Purchaser or the transition of servicing of any one or more of the Purchased Loans in connection with such sale
or (iii) claim against the Seller relating to any Purchased Loan. If the Purchaser receives any pleadings, subpoena, investigative demand or inquiry or similar request or process (collectively, “Pleadings”) relating to any
Purchased Loan (A) that name the Seller or one of its Affiliates as a party or (B) that relate to events or circumstances prior to the applicable Purchase Date or this 

  
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Agreement or the transactions contemplated hereby, then, within five (5) Business Days after the Purchaser’s receipt of any such Pleadings, the Purchaser shall notify the Seller thereof
and promptly deliver copies of any such Pleadings to the Seller. 
 (b)    The Seller shall transmit to the Purchaser,
to the extent not prohibited from so doing under Applicable Law and Regulation and as soon as is reasonably practicable but in any event within five (5) Business Days after receipt thereof and identification thereof as relating to the Purchased
Loans or the Purchaser, any written complaint or inquiry or notice of any actual or threatened litigation or administrative proceedings or governmental inquiry, from or on behalf of any Borrower, any school attended by any Borrower or any Guarantor,
the Department of Education or other governmental authority that relates to any (i) action, omission or practice of or by the Purchaser or any servicer (during the time that the Seller owned the Purchased Loans) with respect to any one or more
of the Purchased Loans, or the transition of servicing of any one or more of the Purchased Loans in connection with such sale or (ii) claim against the Purchaser relating to any Purchased Loan. If the Seller receives any Pleadings relating to
any Purchased Loan, including any Pleadings that name the Purchaser or one of its Affiliates as a party, then, within five (5) Business Days after the Seller’s receipt of any such Pleadings, the Seller shall notify the Purchaser thereof
and promptly deliver copies of any such Pleadings to the Purchaser. 
 (c)    In connection with (i) any
complaints, inquiries, litigation or administrative proceedings of the nature referred to in Section 5.03(a) or Section 5.03(b), (ii) any similar complaints or inquiries received by the Seller or (iii) to the extent that the Seller determines
to disclose any such matter, any adverse findings or proposed adverse findings by the Seller’s bank regulators (including the CFPB) that is not required to be disclosed under Section 5.03(a) or Section 5.03(b), the Seller and the Purchaser
agree to cooperate reasonably in evaluating and preparing any response to any such matter, and each shall, to the extent not prohibited from so doing under Applicable Law and Regulation, inform the other party hereto of information within its
control regarding the investigation and disposition of each such matter. So long as any such response does not include any statement reflecting negatively on the Purchaser, involve any non-de minimis expense
on the part of or place any obligation or liability on the Purchaser or contain any agreement that would adversely affect the Purchaser or any of its Affiliates or the enforceability of any Purchased Loans, the Purchaser agrees that the Seller shall
have the right to determine (after consultation with the Purchaser) the content and manner of delivery of any such response. 

(d)    Each party hereto agrees to notify the other party hereto, promptly after obtaining actual knowledge thereof, of
the initiation of any litigation or administrative or judicial proceeding or investigation by or against such party hereto asserting the invalidity of this Agreement, seeking to prevent the consummation of any of the transactions contemplated
hereby, or seeking any determination or ruling that would reasonably be expected to have a material adverse effect on the Purchased Loans (taken as a whole) or the ability of such party hereto to consummate the transactions contemplated by this
Agreement. 

  
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 ARTICLE VI 

LOAN LIABILITY. 

SECTION 6.01    Loan Level Indemnity. 

(a)    In the event that the Purchaser discovers that a breach of the representation and warranty made in
Section 4.01(a)(vi) or (vii) or 4.01(b) has occurred, such breach shall be a “Seller Breach” hereunder if (A) it constitutes a breach of the representation and warranty made in Section 4.01(a)(vi) or 4.01(b) and such
breach (x) materially and adversely affects the validity, enforceability or collectability of one or more of the Purchased Loans, (y) relates to Item 2 of Exhibit D and represents a discrepancy from the balances and the loan terms
as reflected in the Pre-Effective Date Portfolio File or in the applicable Pre-Purchase Portfolio File or Post-Purchase Portfolio File that are represented to in such
Item 2 or (z) relates to Item 1 of Exhibit D and affects the Purchaser’s right, title and interest in and to one or more of the Purchased Loans, or (B) such breach (i) causes the applicable Guarantor or Secretary to reject
a claim for all or part of a guarantee payment, after the Purchaser makes reasonable attempts to respond to requests from the Guarantor or the Secretary for further information or further loan documentation (such reasonable attempts to include
promptly contacting the Seller for assistance in resolving information or document requests that the Purchaser cannot resolve without the Seller’s assistance), or (ii) constitutes the sole and proximate basis, under the requirements of the
Higher Education Act or applicable Guarantee Agreement, that prevents the Purchaser from being able to submit a claim for all or part of a guarantee payment to the Guarantor or the Secretary, after the Purchaser makes reasonable attempts to contact
the Seller for assistance in resolving the relevant facts or circumstances so as to enable the claim submission. In the event of a Seller Breach, the Purchaser shall provide prompt written notice of the claimed Seller Breach to the Seller
accompanied by (1) the identity of the affected Purchased Loan with respect to which the Seller Breach is alleged to have occurred and (2) sufficient documentation to enable the Seller to determine the validity of the Purchaser’s
claim that a Seller Breach has occurred, including reasonably detailed information relating to the circumstances set forth in clauses (i) or (ii), above, as applicable to the Purchased Loan to which such claimed Seller Breach relates. If within
12 months from receipt of written notice to the Seller of a Seller Breach (the “Cure Period”), such Seller Breach shall not have been cured (by the Seller or otherwise) in all material respects, the Seller shall indemnify the
Purchaser for any actual losses, damages, judgments or related costs (including reasonable attorneys’ fees) (“Loan Losses”) to the extent arising from or due to the Seller Breach. In no event shall the Seller (1) have any
obligation to provide any indemnification in respect of a Seller Breach if the Seller does not receive written notice and adequate supporting documentation of such Seller Breach, (2) have an indemnification obligation with respect to any
Purchased Loan in an amount that exceeds (i) the outstanding Principal Balance of such Purchased Loan as of the end of the Cure Period multiplied by the original Purchase Price percentage for such Loan as set forth in Section 2.02 of this
Agreement, plus (ii) the accrued and unpaid interest and Special Allowance Payments with respect to such Purchased Loan as of the end of the Cure Period or (3) have any obligation to the extent that a Seller Breach is caused by the acts or
omissions of, or the servicing of the Purchased Loans by, any Third-Party Servicer. 
 (b)    Notwithstanding any other
provision of this Agreement, the Purchaser will not be entitled to indemnity pursuant to this Section 6.01 unless Federal Seller Losses exceed, on an annual basis, the Deductible Amount, and then only to the extent of such excess. This Section
shall survive any termination of this Agreement. 
 (c)    It is understood that, except for the indemnification in
respect of Third Party Claims as provided in Section 9.01, the obligation of the Seller to indemnify after the related 

  
 24 








 
Cure Period, as provided in and subject to the limitations in this Section 6.01, constitutes the sole remedy of the Purchaser with respect to any breach of the representations and warranties
made in Section 4.01(a)(vi) or (vii) or Section 4.01(b) (whether sounding in contract, fraud or otherwise). 

(d)    Notwithstanding any other provision of this Agreement, the Seller shall not be required to indemnify for any
Purchased Loan in the event that: 
 (i)    the Purchaser or its servicer has released or impaired the applicable
Guarantor’s obligations under the related Guarantee Agreement or the Secretary’s payment or reinsurance obligations with respect to such Purchased Loan; 

(ii)    the Purchaser or its designee has not serviced the Purchased Loan in accordance with all applicable federal, state
and local laws and regulations, including the Higher Education Act, or the guidelines or requirements of the applicable Guarantor or the Secretary from and after the applicable Purchase Date to and including to the date of indemnification; provided,
however, that the exclusion in this clause (d)(ii) shall not apply if the Purchaser or its servicer has cured such servicing failure and such failure (A) is not the cause of the rejection of a claim with respect to such Loan for all or part of
a guarantee payment by the Guarantor or the Secretary, or (B) does not constitute a basis, under the requirements of the Higher Education Act or applicable Guarantee Agreement, for preventing the Purchaser from being able to submit a claim for
all or part of a guarantee payment to the Guarantor or the Secretary; or 
 (iii)    the Purchaser or any of its
employees, officers, agents, representatives, attorneys or Affiliates acted with gross negligence, bad faith or willful misconduct in connection with the events or circumstances which gave rise to such indemnity claim. 

ARTICLE VII 
 ELECTRONIC
SIGNATURES. 
 SECTION 7.01    Electronic Signatures. In addition to other provisions herein and not
by way of limitation, the following will apply to Loans that are E-Signed: 

(a)    Each of the Seller and the Purchaser further represents and agrees that such party will use commercially reasonable
efforts to cooperate with any subsequent holder, including the applicable Guarantor or the Secretary, in all activities reasonably necessary to enforce an E-Signed Note. 

(b)    The Seller shall assume sole responsibility for defending the validity or enforceability of such E-Signed Note (or for requiring such of the provider of the E-Sign process that was used to E-Sign the particular Note) to the extent
that a Borrower claims in a legal proceeding that he or she did not sign the Note or to the extent of any Borrower claim in a legal proceeding or other Third-Party Claim asserting that the electronic signature of the Note is invalid. 

  
 25 








 ARTICLE VIII 

PAYMENT OF EXPENSES 

SECTION 8.01    Payment of Expenses. Unless otherwise expressly set forth in this Agreement, each party to
this Agreement shall pay its own expenses incurred in connection with the preparation, execution, and delivery of this Agreement and the transactions herein contemplated, including, but not limited to, the fees and disbursements of counsel. Except
for the Excess Deconversion Fee credited to the Purchase Price, the Purchaser shall be responsible for all deconversion, servicing transfer and onboarding costs associated with the sale of the Purchased Loans and transfer of servicing to the
Purchaser’s servicing agreement(s). 
 ARTICLE IX 

INDEMNIFICATION 

SECTION 9.01    By the Seller. The Seller shall indemnify, defend, and hold harmless the Purchaser and any
officer, director, employee or agent of the Purchaser (each, a “Purchaser Indemnified Person”) against, any and all liabilities, losses, costs, damages and expenses, including reasonable attorneys’ fees and legal expenses and
sums paid, liabilities incurred or expenses paid or incurred (collectively, “Losses”) as a result of any Third Party Claim to the extent arising from any breach of any representation, warranty or covenant of the Seller contained
herein or any act of gross negligence or willful misconduct of the Seller relating to the Purchased Loans occurring prior to the applicable Purchase Date. Notwithstanding the foregoing, (a) except for the indemnification in respect of Third
Party Claims as provided in this Section 9.01, Section 6.01 shall be the Purchaser’s sole and exclusive remedy with respect to any breach of the representations and warranties made in Section 4.01(a)(vi) or (vii) or Section
4.01(b), (b) the Seller shall have no obligation to indemnify any Purchaser Indemnified Person for any matter that arises, or for which the Claim Notice by the Purchaser Indemnified Person in accordance with Section 9.03 is made, other than
with respect to a Loss arising as described above from a breach of a covenant, more than three (3) years after the applicable Purchase Date of a Purchased Loan, and (c) the Seller’s indemnification obligations shall not arise to the
extent the related Loss relates to the acts or omissions of the Purchaser or its Affiliates, designees or subcontractors occurring after the applicable Purchase Date of a Purchased Loan, or to the acts or omissions of any Third-Party Servicer or to
the servicing of the Purchased Loans by any Third-Party Servicer, or to the breach of any representation or warranty made or given to or for the benefit of the Seller by the Purchaser under this Agreement or to the gross negligence or willful
misconduct of the Purchaser. Notwithstanding the limitation in clause (b) of the immediately preceding sentence, any obligation to indemnify, defend and hold harmless pursuant to this Section 9.01 shall not terminate with respect to any
item as to which any Purchaser Indemnified Person shall have, before the expiration of the applicable survival period, previously made a bona fide claim by delivering notice of such claim to the Seller indemnifying party in accordance with this
Section 9.01 until final resolution of such claim. Further notwithstanding any other provision of this Agreement, the Purchaser will not be entitled to indemnity pursuant to this Section 9.01 (A) unless Federal Seller Losses exceed, on an
annual basis, the Deductible Amount, and then only to the extent of such excess and (B) for any Losses or Loan Losses to the extent that making payment thereon would cause the aggregate amount paid for all Federal Seller Losses to exceed
$[****]; provided that such monetary limitation shall not apply to any Losses 

  

	[****]	Confidential treatment has been requested for portions of this exhibit. The copy filed herewith omits information subject to the confidentiality request. Omissions are designated with brackets containing asterisks. As
part of our confidential treatment request, a complete version of this exhibit has been filed separately with the U.S. Securities and Exchange Commission. 

  

26 








 
the causes of which are (i) the failure of the representation and warranty in item 1 of Exhibit D to be true and correct in all material respects as of the applicable Purchase Date of
a Purchased Loan or (ii) the acts or omissions of the Seller or any Affiliate of the Seller acting as servicer of the Purchased Loans or to the servicing of the Purchased Loans by the Seller or any Affiliate of the Seller acting as servicer of
the Purchased Loans. This Section shall survive any termination of this Agreement. 
 SECTION 9.02    By the
Purchaser. The Purchaser shall indemnify, defend, and hold harmless the Seller and any officer, director, employee or agent of the Seller (each, a “Seller Indemnified Person”) against, any and all Losses as a result of any Third
Party Claim to the extent arising from (x) any breach of any representation, warranty or covenant of the Purchaser contained herein; (y) any act of gross negligence or willful misconduct of the Purchaser relating to the Purchased Loans
occurring after the applicable Purchase Date; and (z) the acts or omissions of any servicer or relating to the servicing of the Purchased Loans, in either case occurring after the applicable Purchase Date. Notwithstanding the foregoing,
(a) the Purchaser shall have no obligation to indemnify any Seller Indemnified Person for any matter that arises, or for which the Claim Notice by the Seller Indemnified Person in accordance with Section 9.03 is made, other than with
respect to a Loss arising as described above from a breach of a covenant, more than three (3) years, after the applicable Purchase Date, and (b) the Purchaser’s indemnification obligations shall not arise to the extent the related
Loss relates to (1) the acts or omissions of the Seller or its Affiliates, designees, or subcontractors occurring prior to the applicable Purchase Date, (2) the acts or omissions of any servicer or to the servicing of the Purchased Loans
prior to the applicable Purchase Date, (3) the breach of any representation or warranty made or given to or for the benefit of the Purchaser by the Seller under this Agreement or (4) the gross negligence or willful misconduct of the
Seller. Notwithstanding the limitation in clause (a) of the immediately preceding sentence, any obligation to indemnify, defend and hold harmless pursuant to this Section 9.02 shall not terminate with respect to any item as to which any
Seller Indemnified Person shall have, before the expiration of the applicable survival period, previously made a bona fide claim by delivering notice of such claim to the Purchaser indemnifying party in accordance with this Section 9.02 until
final resolution of such claim. Further notwithstanding any other provision of this Agreement, the Seller will not be entitled to indemnity pursuant to this Section 9.02 unless Federal Buyer Losses exceed, on an annual basis, the Deductible
Amount, and then only to the extent of such excess. This Section shall survive any termination of this Agreement. 
 SECTION
9.03    Procedures. (a) In the event that any claim or demand for which an indemnifying party would be liable to a Seller Indemnified Person or a Purchaser Indemnified Person (each, an “Indemnified
Person”) hereunder is asserted against or sought to be collected from an Indemnified Person by a third party (each, an “Action”), the Indemnified Person shall promptly notify the indemnifying party of such Action (each, an
“Indemnifying Person”), specifying the nature of such claim or demand in reasonable detail and the amount or the estimated amount thereof to the extent feasible, which estimate the parties hereto agree shall not be conclusive of the
final amount of such claims and demand (the “Claim Notice”). Except as provided in Section 9.01 and Section 9.02, the failure to provide the Claim Notice to the Indemnifying Person promptly will not relieve the
Indemnifying Person of any liability it may have to the Indemnified Person giving the Claim Notice, except to the extent that the Indemnifying Person demonstrates that the defense of such action is actually and materially


  
 27 








 
prejudiced by the Indemnified Person’s failure to give such Claim Notice promptly. The Indemnifying Person shall have ten (10) Business Days from receipt of the Claim Notice (the
“Notice Period”) to notify the Indemnified Person in writing whether or not the Indemnifying Person, acting reasonably and in good faith, disputes liability to the Indemnified Person hereunder with respect to such claim or demand
and such notification shall provide the rationale and factual basis for any such dispute (a “Dispute Notice”). Any Dispute Notice shall be resolved by the mutual agreement of the Indemnified Person and the Indemnifying Person, by a
final consent order or regulatory finding by a regulator, or by a final order, decree or judgment of a court of competent jurisdiction. The Indemnified Person hereby covenants, undertakes and agrees that if it is ultimately determined (either by
mutual agreement of the parties, by a final consent order or regulatory finding by a regulator, or by such final order, decree or judgment referred to in the previous sentence) that Indemnified Person was not entitled to be indemnified by the
Indemnifying Person, the Indemnified Person shall reimburse the Indemnifying Person, within ten (10) Business Days of such agreement, final consent order or regulatory finding, or final order, decree or judgment, for all out-of-pocket costs and expenses (including reasonable attorneys’ fees and legal expenses) incurred by the Indemnifying Person in defending the related claim or demand,
from the date on which the Indemnifying Person began defending such claim or demand. During any period when the Indemnifying Person has retained its own counsel in accordance with this Section 9.03(b), the Indemnified Person shall not pay,
compromise or settle such Action without the Indemnifying Person’s consent, which may be granted or withheld in the Indemnifying Person’s sole discretion; provided that the Indemnified Person may nonetheless pay, compromise or settle such
Action without such consent during such period, in which event it shall, automatically and without any further action on its part, waive any right (whether or not pursuant to this Agreement) to indemnity in respect of all Losses relating to such
Action. 
 (b)    The Indemnifying Person will be entitled to assume and control the defense of the Action for which
indemnity is sought at its expense and through counsel of its choice, reasonably acceptable to the Indemnified Person, if it gives notice of its intention to do so to the Indemnified Person within thirty days of the receipt of such notice from the
Indemnified Person; provided that if (i) there is a material legal conflict of interest between the Indemnifying Person and the Indemnified Person, (ii) there are specific defenses available to the Indemnified Person that are
different from or additional to those available to the Indemnifying Person that could be adverse to the Indemnifying Person or (iii) the Action seeks an injunction or other equitable relief against the Indemnified Person, then the Indemnified
Person shall be entitled to retain its own counsel at the reasonable expense of the Indemnifying Person. If the Indemnifying Person exercises the right to undertake any such defense against any such Action as provided above, then (1) the
Indemnified Person will cooperate reasonably with the Indemnifying Person in such defense and make available to the Indemnifying Person, at the Indemnifying Person’s reasonable expense, all witnesses, pertinent records, materials and
information in the Indemnified Person’s possession or control relating thereto as is reasonably required by the Indemnifying Person and (2) any separate counsel retained by the Indemnified Person (which shall be at the sole expense of the
Indemnified Person) shall cooperate with the counsel retained by the Indemnifying Person in such defense. Similarly, if the Indemnified Person is, directly or indirectly, conducting the defense against any such Action, then the Indemnifying Person
will cooperate with the Indemnified Person in such defense and make available to the Indemnified Person, at the Indemnifying Person’s reasonable expense, all such witnesses, records, materials and information in the Indemnifying Person’s
possession or control relating thereto as is reasonably required by the Indemnified Person. 

  
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 (c)    The Indemnifying Person will not, without the written consent of the
Indemnified Person, settle or compromise any Action or consent to the entry of any judgment or order that imposes any obligation on the Indemnified Person to take or refrain from taking any particular conduct or that does not include as an
unconditional term thereof the delivery by the claimant or plaintiff to the Indemnified Person of a written release from all liability in respect of such Action. If the Indemnifying Person, within thirty days after receipt of notice of any such
Action, fails to assume the defense thereof with counsel reasonably satisfactory to the Indemnified Person, then the Indemnified Person shall have the right to undertake the defense or, with the consent of the Indemnifying Person, to undertake a
compromise or settlement of such Action on behalf of and for the account and at the risk of the Indemnifying Person. During any period when the Indemnifying Person is not contesting any such Action in good faith, the Indemnifying Person shall not be
liable for any compromise or settlement of any such Action effected without its written consent, which will not be unreasonably withheld, conditioned or delayed (taking into account the nature of the claim and the terms of the proposed settlement,
including whether the proposed settlement includes a full and unconditional release of the Indemnifying Person by the claimant and whether the proposed settlement would require the Indemnifying Person to take or refrain from taking any action or
course of conduct). During any period when the Indemnifying Person is contesting any such Action in good faith, the Indemnified Person shall not pay, compromise or settle such Action without the Indemnifying Person’s consent, which may be
granted or withheld in the Indemnifying Person’s sole discretion; provided that the Indemnified Person may nonetheless pay, compromise or settle such Action without such consent during such period, in which event it shall, automatically
and without any further action on its part, waive any right (whether or not pursuant to this Agreement) to indemnity in respect of all Losses relating to such Action. If the Indemnifying Person shall defend any such Action until such Action shall be
adjudicated by order, decree, ruling or other action, then the Indemnifying Person shall have the right, in the exercise of its reasonable discretion, to determine whether or not to appeal such adjudication. 

(d)    The Seller and the Purchaser agree that any payment by the Seller in respect of a Seller Breach pursuant to
Section 6.01 shall be treated as an adjustment to the Purchase Price for all tax purposes, except as otherwise required by Applicable Law and Regulation. 

ARTICLE X 

CONFIDENTIALITY, PRIVACY AND INFORMATION SECURITY 

SECTION 10.01    Confidential Information. 

(a)    The Purchaser and the Seller each agrees that it (i) shall (and shall require its respective Representatives to
whom Confidential Information is provided to) treat and safeguard the Confidential Information (other than the Loan Documents) as private and confidential and hold it in complete confidence and (ii) shall not (and shall require its
Representatives to whom Confidential Information is provided not to), except as hereinafter provided, disclose Confidential Information (other than the Loan Documents) to any person in any manner whatsoever. Without limiting the foregoing, the
Purchaser and the Seller each shall (and require 

  
 29 








 
its respective Representatives to whom Confidential Information is provided to) treat the Confidential Information with at least the same degree of care that the Purchaser or the Seller, as
applicable, uses to protect its own confidential and proprietary information of a similar nature, but no less than a reasonable degree of care. The Purchaser or the Seller, as applicable, shall be liable for any failure by its Representatives to
comply with the applicable terms of this Agreement and shall promptly notify the other party in writing of any actual or suspected misuse or unauthorized access to or disclosure of Confidential Information by the Purchaser or the Seller, as
applicable, or any of its respective Representatives, of which unauthorized access, misuse or disclosure the Purchaser or the Seller, as applicable, or its respective Affiliates become aware. 

(b)    Except to the extent of any right, title or interest expressly transferred to the Purchaser hereunder, the
Purchaser acknowledges and agrees (on behalf of itself and its Affiliates) that the Seller and its Affiliates reserve and retain all of their rights and interests in the Confidential Information disclosed to the Purchaser or its Representatives in
connection with this Agreement, and none of such rights and/or interests shall pass to the Purchaser or any of its Representatives as a result of such disclosure. The Seller acknowledges and agrees (on behalf of itself and its Affiliates) that the
Purchaser and its Affiliates reserve and retain all of their rights and interests in the Confidential Information disclosed to the Seller or its Representatives in connection with this Agreement, and none of such rights and/or interests shall pass
to the Seller or any of its Representatives as a result of such disclosure. 
 (c)    [Reserved]. 

(d)    The Purchaser shall, and shall require its Representatives, to collect, hold, disclose and use, all “Nonpublic
Personal Information”, as defined by the Gramm Leach Bliley Act (together with the regulations promulgated thereunder, “GLBA”), and all other personally identifiable information about Borrowers collected by the Seller or its
Affiliates prior to the applicable Purchase Date (including any such information contained in the Loan Documents) and disclosed to the Purchaser as a result of the consummation of the transactions contemplated by this Agreement (collectively, the
“Customer Information”), in compliance with the GLBA, the Fair Credit Reporting Act (“FCRA”) and all other applicable federal and state data protection and privacy laws. The Purchaser shall, and shall require its
Representatives to, take all reasonable measures to ensure that the Customer Information is not disclosed, published, released, transferred, duplicated or otherwise made available to others in contravention of the provisions of this Agreement or of
the GLBA, the FCRA or other Applicable Law and Regulation, and that Customer Information shall be destroyed as and when required by Applicable Law and Regulation. Moreover, the Purchaser represents and warrants that it has in place appropriate
administrative, technical and physical safeguards for the Customer Information designed to ensure the security and confidentiality of such information, protect against any anticipated threats or hazards to the security or integrity of such
information, and protect against unauthorized access to or use of such information, which could result in substantial harm or inconvenience to any Borrower. 

  
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 SECTION 10.02    Confidentiality of Transaction Information.

 Except as provided in Section 10.03, none of the Seller, the Purchaser and their respective Representatives, without the prior
written consent of the other party hereto, shall disclose to any Person the fact that (i) this Agreement exists or the terms hereof, (ii) discussions or negotiations are taking or have taken place regarding the transactions contemplated
hereby or the content and status of such discussions or negotiations, (iii) Confidential Information has been made available to the Purchaser or any of its Representatives, or (iv) the Purchaser or any of its Representatives have inspected
any portion of the Confidential Information (such information set forth in clauses (i) through (iv), collectively, the “Transaction Information”). 

SECTION 10.03    Disclosure of Confidential Information and Transaction Information. 

(a)    Notwithstanding anything to the contrary herein, the disclosure of Confidential Information (in the case of the
Purchaser) or Transaction Information (in the case of either party hereto) shall not be precluded under this Agreement if such disclosure is, in the reasonable determination of the disclosing party after consultation with counsel, required by
Applicable Law and Regulation, including by any administrative or regulatory authority having jurisdiction over the disclosing party or any of its Affiliates; provided that the disclosing party shall first give prompt written notice to the
other party hereto (unless such notice is legally prohibited) and reasonably cooperate with the other party hereto and its Affiliates so that the other party hereto or its Affiliates, as the case may be, may take legally available steps to resist or
narrow any applicable request, subpoena or order and obtain an appropriate protective order. If, in the absence of a protective order or other remedy obtained by the other party hereto, the disclosing party (or its Affiliate) should nonetheless, in
the reasonable determination of the disclosing party after consultation with counsel, be required to disclose the Confidential Information or Transaction Information, then only that portion of the Confidential Information or Transaction Information
that counsel advises is legally required to be disclosed, may be disclosed; provided that the disclosing party (or such Affiliate) shall request confidential treatment of any Confidential Information or Transaction Information so disclosed.
Notwithstanding the foregoing, the Seller, the Purchaser and their respective Affiliates may disclose any Transaction Information to any regulatory authority having jurisdiction over the Seller, the Purchaser or any of such Affiliates, as
applicable, without notice to the Purchaser or any other person. 
 (b)    Each party hereto acknowledges and agrees
that failure by a disclosing party or its Representatives to comply with this Article X might result in irreparable harm to the other party hereto and that monetary damages might not be an adequate remedy. Therefore, each party hereto agrees that a
disclosing party, in addition to any other remedy to which it may be entitled at law or equity, shall be entitled to seek specific performance and injunctive or other equitable relief to enforce the provisions of this Article X. The terms and
provisions of this Article X shall survive the termination of this Agreement. 
 ARTICLE XI 

MISCELLANEOUS. 
 SECTION
11.01    Further Assurances. Subject to the terms and conditions of this Agreement, each of the Seller and the Purchaser shall (and shall cause its Affiliates to) use its commercially reasonable efforts to take, or
cause to be taken, any and all actions and to do, or 

  
 31 








 
cause to be done, any and all things necessary under Applicable Law and Regulation, so as to: (i) consummate of the purchase of the Purchased Loans in accordance with this Agreement, and
(ii) otherwise enable consummation of the transactions contemplated by this Agreement. 
 SECTION
11.02    Waiver or Modification. The provisions of this Agreement cannot be waived or modified unless such waiver or modification shall be in writing and signed by the parties hereto. 

SECTION 11.03    GOVERNING LAW; JURISDICTION AND VENUE. THIS AGREEMENT AND ALL DISPUTES, CLAIMS,
CONTROVERSIES, DISAGREEMENTS, ACTIONS AND PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AGREEMENT, INCLUDING THE SCOPE OR VALIDITY OF THIS PROVISION, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT
REFERENCE TO ITS CONFLICTS OF LAW PROVISIONS (OTHER THAN §§ 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW). EACH OF THE PARTIES HERETO HEREBY
AGREES TO THE NON-EXCLUSIVE JURISDICTION OF THE SUPREME COURT OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY, BOROUGH OF MANHATTAN, AND OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN
DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY AND
UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF SUCH COURTS AND AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE OR, TO THE EXTENT PERMITTED BY LAW, IN SUCH FEDERAL COURT. EACH
OF THE PARTIES HERETO HEREBY WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS, AND ANY OBJECTION TO VENUE OF ANY ACTION INSTITUTED HEREUNDER IN ANY OF THE AFOREMENTIONED COURTS AND CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS
DEEMED APPROPRIATE BY SUCH COURT. 
 SECTION 11.04    WAIVER OF JURY TRIAL. THE PARTIES HERETO HEREBY
KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY AND ALL RIGHTS THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED ON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, OR ANY
OTHER DOCUMENTS OR INSTRUMENTS EXECUTED IN CONNECTION HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN), OR ACTION OF THE PARTIES HERETO. 

SECTION 11.05    Successors. All representations, warranties, covenants, and agreements herein contained
shall inure to the benefit of and be obligatory upon all successors of the respective parties hereto, whether through merger, acquisition or purchase of assets substantially equivalent to an acquisition, and, subject to Sections 4.01(c), 9.01
and 9.02, shall survive the sale of any Purchased Loans hereunder and any termination of this Agreement. 

  
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 SECTION 11.06    Counterparts. This Agreement may be executed
in one or many counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument. Such counterparts may be delivered by e-mail or other electronic copy.
Facsimile and .pdf signatures shall be deemed valid and binding to the same extent as the original. 
 SECTION
11.07    Notices. All notices and other communications provided for hereunder shall, unless otherwise stated herein, be in writing (including communication by electronic means) and
e-mailed, mailed, delivered by nationally recognized overnight courier service, transmitted or delivered by hand, as to each party hereto, at its address set forth below or at such other address as shall be
designated by such party in a written notice to the other parties hereto. All such notices and communications shall be effective, upon receipt, or in the case of notice by (i) mail, two (2) Business Days after being deposited in the
United States mails, first class postage prepaid or (ii) e-mail or other electronic copy, when verbal communication of receipt is obtained: 

If to the Purchaser: 

Navient Credit Finance Corporation 

11100 USA Parkway 
 Fishers, IN
46038 
 Attn: [****] Senior Vice President 

Email: [****] 
 With a copy to:

 Navient Corporation 
 123
Justison Street 
 Wilmington, DE 19801 

Attn: [****] Chief Legal Officer 

Email: [****] 
 With a further
copy to: 
 Navient Corporation 

2001 Edmund Halley Drive 
 Reston,
Virginia 20191 
 Attn: [****] Senior Vice President & Treasurer 

Email: [****] 
 If to the
Seller: 
 JPMorgan Chase Bank, N.A. 

201 North Walnut Street, Floor 14 

Wilmington, DE 19801 
 Attn:
[****] 
 Email: [****] 

  

	[****]	Confidential treatment has been requested for portions of this exhibit. The copy filed herewith omits information subject to the confidentiality request. Omissions are designated with brackets containing asterisks. As
part of our confidential treatment request, a complete version of this exhibit has been filed separately with the U.S. Securities and Exchange Commission. 

  

33 








 With a copy to: 

JPMorgan Chase Bank, N.A. 
 14800
Frye Road, Floor 01 
 Fort Worth, TX 76155-2732 

Attn: [****] 
 Email: [****] 

Either party hereto may change the address and name of the addressee to which subsequent notices are to be sent to it by notice to the other party hereto
given as aforesaid. 
 SECTION 11.08    Restrictions on Assignment. This Agreement, and all rights
benefits and obligations contained herein, shall not be assignable by either party hereto, in whole or in part, without the express written consent of the other party hereto. The Purchaser may sell and transfer one or more of the Purchased Loans;
provided, that such sale or transfer shall not be effected through any assignment of this Agreement or any of the Purchaser’s rights hereunder and any related transferee will not be deemed to be “Purchaser” hereunder. 

SECTION 11.09    No Third Party Beneficiaries. This Agreement does not and is not intended to confer any
rights or remedies upon any person other than the Seller and the Purchaser and the respective permitted successors of the Seller and the Purchaser. 

SECTION 11.10    Limitation on Liability. No director, member, officer, employee or agent of any party of
this Agreement shall be individually liable to any other party for the taking of any action, or for refraining to take any action, in good faith pursuant to this Agreement. The Agreement is a corporate obligation of each party and any liability
arising hereunder shall be a corporate liability. 
 SECTION 11.11    Limitation on Remedies.
Notwithstanding any other provision of this Agreement to the contrary, except in cases of fraud by such party, neither party hereto shall be responsible for any amounts constituting, or liable to any other party for, any indirect, consequential,
special, exemplary or punitive damages with respect to any matter whatsoever arising out of this Agreement, including lost profits, even if such party has been advised of the possibility of such loss or damage. 

SECTION 11.12    Severability. The invalidity, illegality or unenforceability of any provision or term of
this Agreement in any instance shall not affect the validity or enforceability of such provision in any other instance or the validity or enforceability of any other provision, and each such provision shall be enforced to the fullest extent
possible. 

  

	[****]	Confidential treatment has been requested for portions of this exhibit. The copy filed herewith omits information subject to the confidentiality request. Omissions are designated with brackets containing asterisks. As
part of our confidential treatment request, a complete version of this exhibit has been filed separately with the U.S. Securities and Exchange Commission. 

  

34 








 SECTION 11.13    Survival. This Agreement and any non-disclosure agreements entered into by any of the parties hereto in connection with the Purchased Loans and the transactions contemplated under this Agreement that explicitly survive the consummation of the
transactions contemplated hereunder constitute the entire understanding between the parties hereto with respect to the Purchased Loans and supersede all prior or contemporaneous oral or written communications regarding same. The parties hereto
understand and agree that no employee, agent or other representative of a party has any authority to bind such party with respect to any statement, representation, warranty or other expression unless said statement, representation, warranty or other
expression is specifically included within the express terms of this Agreement. 
 SECTION 11.14    Sale
Treatment. It is the express intention of the parties that the transactions contemplated by this Agreement be, and be construed as, a sale of the Purchased Loans by the Seller and not a pledge of the Purchased Loans by the Seller to the
Purchaser to secure a debt or other obligation of the Seller. Further, the transactions contemplated by this Agreement are not intended in any way to constitute the sale of a “security” or “securities” within the meaning of any
applicable securities laws, and none of the representations, warranties or agreements of the Seller or the Purchaser shall create any inference that the transactions involve any “security” or “securities.” Consequently, the sale
of each Purchased Loan shall be reflected as a sale on the Seller’s and the Purchaser’s business records, tax returns and financial statements. Accordingly, the Seller and the Purchaser shall each treat the transaction for federal income
tax purposes as a sale by the Seller, and a purchase by the Purchaser, of the Purchased Loans. 
 [Remainder of page intentionally left
blank] 

  
 35 








 IN WITNESS WHEREOF, the parties hereto have hereunto set their hands as of the day and year first
above written. 
  

									
	 SELLER:
 JPMORGAN CHASE
BANK, N.A.
	  		  	PURCHASER:
 NAVIENT CREDIT FINANCE CORPORATION

					
	By: 	  	 /s/ Sarah Youngwood
	  		  	By:	  	 /s/ Jerry Maher

	Printed Name: Sarah Youngwood	  		  	Printed Name: Jerry Maher
	Title:	  	Managing Director	  		  	Title:	  	Vice President


  
 Signature page to
Federal Student Loan Sale Agreement 








 EXHIBIT A TO 

LOAN SALE AGREEMENT 
 LOAN
SCHEDULE 
  

	
	 [Consolidation:
                                         
                   ]

	
	 Stafford:
                                         
                               

	
	 PLUS/SLS:
                                         
                          


 [To be provided for each Purchase Date] 

  
 Exh. A-1 








 EXHIBIT B TO 

LOAN SALE AGREEMENT 
  

BILL OF SALE 
 FOR VALUE
RECEIVED, JPMORGAN CHASE BANK, N.A. (the “Seller”), pursuant to the terms and conditions of that certain Federal Student Loan Sale Agreement dated as of April 18, 2017 (the “Agreement”) by and between the
Seller and Navient Credit Finance Corporation, a Delaware corporation (the “Purchaser”), does hereby sell, transfer, assign, and otherwise convey to the Purchaser and its successors and assigns, all right, title, and interest of the
Seller in and to the following: (1) the Loans identified in Annex I attached hereto (the “Purchased Loans”), including the underlying Notes and other Loan Documents related thereto; (2) all revenues and recoveries of
principal and interest from the Purchased Loans, including all Interest Subsidy Payments, Special Allowance Payments, Borrower payments and reimbursements of principal and accrued interest on default claims from any Guarantor or the Department of
Education due or to become due or that accrue on the Purchased Loans as of or after the applicable Purchase Date; (3) the servicing rights relating to the Purchased Loans; and (4) the proceeds of any and all of the foregoing received on
and after the Purchase Date. All capitalized terms used and not otherwise defined herein shall have the meaning ascribed to them in the Agreement. 

The Seller authorize the Purchaser to use a copy of this document (in lieu of OE Form 1074) as official notification to the Guarantor(s) of
assignment to the Purchaser of the Loans. 
 TO HAVE AND TO HOLD the same unto the Purchaser, its successors and assigns, forever. This Bill
of Sale is made pursuant to and is subject to the terms and provisions of the Agreement, and is without recourse, except as provided in the Agreement. 

IN WITNESS WHEREOF, the Seller has caused this Bill of Sale to be executed by one of its officers duly authorized to be effective as of the
     day of             , 2017. 
  

			
	JPMORGAN CHASE BANK, N.A.
		
	By:	 	                                      
                                         
          


			
	Printed Name:	 	  



			
	Title:	 	  



  
 Exh. B-1 









 EXHIBIT B TO 

LOAN SALE AGREEMENT 

(Continued) 
  

 Annex I 

[Identification of Purchased Loans]1 

 
  

	1 	Reference Exhibit A if that is final schedule. May also reference servicing reports or Portfolio File (detailed listing). 


  
 Exh. B-2 









 EXHIBIT B TO 

LOAN SALE AGREEMENT 

(Continued) 
  

 BLANKET ENDORSEMENT OF 

STUDENT LOAN PROMISSORY NOTES 

Pursuant to the Federal Student Loan Sale Agreement dated April 18, 2017 (the “Agreement”), the undersigned (the
“Seller”), by execution of this instrument, hereby endorses the attached promissory note, which is one (1) of the promissory notes (the “Notes”) listed on the Bill of Sale attached as Annex I hereto dated the date
hereof and executed by the Seller in favor of NAVIENT CREDIT FINANCE CORPORATION (the “Purchaser”) as described in the executed Bill of Sale. If the promissory notes include any Master Promissory Notes, the Seller endorses such
Master Promissory Notes only to the extent they evidence particular loans that are described in said Bill of Sale. This endorsement is in blank, unrestricted form. Except as stated in the foregoing sentence, this endorsement is without recourse,
except as provided under the terms of the Agreement. All right, title, and interest of the Seller in and to the promissory notes and related documentation identified in the attached loan ledger are transferred and assigned to the Purchaser. All
capitalized terms used and not otherwise defined herein shall have the meaning ascribed to them in the Agreement. 
 This endorsement may be
further manifested by attaching this instrument or a facsimile hereof to each or any of the promissory notes and related documentation acquired by the Purchaser from the Seller, or by attaching this instrument to the loan ledger schedule, as the
Purchaser may require or deem necessary. 
 Dated this      day of
            , 2017. 
  

			
	JPMORGAN CHASE BANK, N.A.
		
	By:	 	
                     
                                        




			
		
	Printed Name:	 	  



			
		
	Title:	 	  



  
 Exh. B-3 








 EXHIBIT C TO 

LOAN SALE AGREEMENT 

LIMITED POWER OF ATTORNEY 
 THIS POWER
OF ATTORNEY is made on the [    ] day of [            ], 2017, by JPMorgan Chase Bank, N.A. (“JPMorgan”) in favor of Navient Credit Finance
Corporation (the “Purchaser”) (JPMorgan together with the Purchaser, collectively, the “Parties” and each, individually, a “Party”). 

WHEREAS: 
  

	(A)	Pursuant to the Federal Student Loan Sale Agreement dated as of April 18, 2017 (the “Sale Agreement”) between the Parties and subject to the terms and conditions contained therein, on the Initial Purchase
Date and from time to time thereafter on the applicable Purchase Date, JPMorgan shall sell, and the Purchaser shall purchase, the Purchased Loans. 

  

	(B)	Pursuant to the Sale Agreement, JPMorgan is required to execute and deliver this Power of Attorney. 

 NOW
THIS DEED WITNESSETH, in consideration of the closing of the transactions contemplated by the Sale Agreement and for good and other valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Parties agree as follows:

  

	(1)	Capitalized terms used in this Power of Attorney but not otherwise defined herein shall have the meaning assigned to them in the Sale Agreement. 


 

	(2)	In this Power of Attorney words importing the singular number only include the plural and vice versa. 

  

	(3)	Effective as of the applicable Purchase Date of each Purchased Loan, JPMorgan irrevocably appoints the Purchaser to be its true and lawful attorney for the sole purpose of signing and endorsing any: 


 

	 	(a)	checks or other forms of payment in respect of any Purchased Loan that are provided in payment for any receivable in respect of any Purchased Loan, which check or other form of payment has been made out to JPMorgan by
the Borrower under such Purchased Loan; 

  

	 	(b)	Notes and other Loan Documents relating to the Purchased Loans; and 

  

	 	(c)	Other notes, instruments, and other documents necessary to carry out the intent of the Sale Agreement and the transfers provided for therein. 


  
 Exh. C-1 









	(4)	This Power of Attorney will expire, without any further action required to be taken by either Party, on the 365th day following the applicable Purchase Date of each
Purchased Loan. 

  

	(5)	This Power of Attorney shall be binding upon and enforceable by, and shall inure to the benefit of, the Parties hereto and their respective successors and assigns and no others, and shall not be construed as conferring
and is not intended to confer any rights on any other Person. 

  

	(6)	The laws of the State of New York and the federal laws applicable therein shall apply to this Power of Attorney and the interpretation thereof. 


 

	(7)	This Power of Attorney may be executed in counterparts, each of which may be delivered electronically, including by facsimile transmission. 


[The remainder of this page has been left blank intentionally. Signature page follows] 

  
 Exh. C-2 








 JPMorgan has executed and delivered this Power of Attorney as of the date first above written. 

 

			
	JPMORGAN CHASE BANK, N.A.
		
	By:	 	
                     
                                         
                   

		 	Name:
		 	Title:


 Acknowledgment and acceptance: 

The undersigned accepts the above appointment. 
  

			
	NAVIENT CREDIT FINANCE CORPORATION
		
	By:	 	
                     
                                         
                   

		 	Name:
		 	Title:



  
 Exh. C-3 








 EXHIBIT D TO 

LOAN SALE AGREEMENT 

REPRESENTATIONS AND WARRANTIES WITH RESPECT TO LOANS 
  

	1.	The Seller is the sole owner of such Loan, free and clear of any liens, claims or encumbrances of any nature; and the Seller is free to transfer, and has transferred, title to such Loan to the Purchaser.


  

	2.	The information presented with respect to such Loan in each applicable Portfolio File in the data fields identified on Schedule II to this Agreement is true and correct in all material respects, as of the date
specified in such Portfolio File. 

  

	3.	Such Loan is a fully disbursed Consolidation Loan, Stafford Loan or PLUS/SLS Loan. Such Loan is made to an Eligible Borrower for Loans of that type under the Higher Education Act. 


 

	4.	Such loan, if it is (a) a Subsidized Stafford Loan, qualifies the holder thereof to receive Interest Subsidy Payments and Special Allowance Payments from the Department of Education, (b) a Consolidation Loan,
qualifies the holder thereof to receive Interest Subsidy Payments and Special Allowance Payments from the Department of Education to the extent applicable and (c) a PLUS/SLS Loan or an Unsubsidized Stafford Loan, qualifies the holder thereof to
receive Special Allowance Payments from the Department of Education to the maximum extent permitted by the Higher Education Act for such type of loan, except in each case to the extent affected by Borrower Benefits for which the Borrower has
qualified. 

  

	5.	Such Loan is not subject to a final claim denial determination by the applicable Guarantor. 

  

	6.	Such Loan is not a Claim Status Loan or a Pre-Claim Status Loan. 

  

	7.	Such Loan is serviced by ACS immediately prior to sale. 

  

	8.	Such Loan has been originated, including payment of all applicable origination fees and other fees, and serviced in accordance with all Applicable Law and Regulation; provided, that, no representation or warranty is
made with respect to the servicing of such Loan by any Third-Party Servicer. 

  

	9.	Such Loan is the legal, valid and binding obligation of the Borrower thereof and is subject to no defenses (except the defense of infancy), subject to applicable bankruptcy, insolvency, reorganization, moratorium,
fraudulent transfer and similar laws relating to or affecting creditors’ rights generally (including the Servicemembers’ Civil Relief Act), and subject to general principles of equity. Except for the Borrower Benefits, the Seller has
previously paid for all other rebates that were promised to the Borrowers. 

  

	10.	Such Loan is guaranteed by a Guarantor at no less than the maximum allowable percentage under the Higher Education Act of the principal of and accrued interest on such Loan and is reinsured by the Secretary to the
fullest extent permitted under the Higher Education Act. 


  
 Exh. D-1 









	11.	Such Loan is registered with the Guarantor under the ownership number that the Seller has provided to the Purchaser. All fees due and payable to the Guarantor from the Seller prior to the applicable Purchase Date have
been paid. 

  

	12.	The Note for such Loan provides for payments on a periodic basis that will fully amortize the Principal Balance thereof by its maturity, as such maturity may be modified in accordance with applicable deferral and
forbearance periods granted in accordance with Applicable Law and Regulation, including the Higher Education Act and any Guarantee Agreements, as applicable. 

  

	13.	Such Loan is assignable to the Purchaser and for such assignment does not by its terms require the consent of or notice to the related Borrower. 


 

	14.	Such Loan does not have any borrower incentive in effect as of the applicable Purchase Date other than the Borrower Benefits, and the related Borrower is not eligible for any borrower incentives other than the Borrower
Benefits. 

  

	15.	The Seller has applied to such Loan all the Borrower Benefits for which the related Borrower is eligible and which have been earned. 


 

	16.	Immediately prior to the applicable Purchase Date, the Note and the Loan Documents evidencing such Loan are in the possession of ACS as custodian for the Seller. 


 

	17.	The Seller has not waived, altered or modified any of the material terms, covenants or conditions of such Loan (or the related Note) except as permitted by the Higher Education Act or pursuant to Borrower Benefits.


  

	18.	Except for Purchased Loans executed electronically, there is only one original executed copy of the Note evidencing each Purchased Loan. For Purchased Loans that were executed electronically, either (i) the Seller
has possession of the electronic records evidencing the Note or (ii) the Seller has agreements with the previous holders or servicers of such Note under which the relevant holder or servicer agrees to hold and maintain the electronic records
evidencing the Note, in each case as may be necessary to enforce the Note or as may be required by applicable e-sign laws. 


 

	19.	The Borrower of such Loan is not the subject of a current bankruptcy proceeding. 

  

	20.	No payment or portion thereof with respect to such Loan is more than 270 days past due from the original due date thereof. 

  

	21.	The Principal Balance of such Loan is not less than $100.00. 

 The parties acknowledge that since no
representation or warranty is made with respect to the servicing of, or the reporting or record-keeping with respect to, any Loan by any Third-Party Servicer, if any representation or warranty in this Exhibit D is untrue or inaccurate due to an act
or omission by a Third-Party Servicer, then the untruth or inaccuracy of such representation or warranty shall not constitute a basis for a claim of a breach of such representation or warranty. 

  
 Exh. D-2 








 EXHIBIT E TO 

LOAN SALE AGREEMENT 

BORROWER BENEFITS 
 [See attached]









																							
	 Incentive

Plan
	 	 Plan Name
	 	 Ach

Reduction
 (Bill Type =

A)
	 	 On Time Int

Reduction
	 	 When?
	 	 Rebate%
	 	 Rebate Type
	 	 When?
	 	 Constant

INT
 Reduction
	 	 Max Days

Late Before
 DQ

(Constant)
	 	 When?
	 	 
	[****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****
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	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****]	 		 		 		 	


  

	[****]	Confidential treatment has been requested for portions of this exhibit. The copy filed herewith omits information subject to the confidentiality request. Omissions are designated with brackets containing asterisks. As
part of our confidential treatment request, a complete version of this exhibit has been filed separately with the U.S. Securities and Exchange Commission. 










																							
	 Incentive

Plan
	 	 Plan Name
	 	 Ach

Reduction
 (Bill Type =

A)
	 	 On Time Int

Reduction
	 	 When?
	 	 Rebate%
	 	 Rebate Type
	 	 When?
	 	 Constant

INT
 Reduction
	 	 Max Days

Late Before
 DQ

(Constant)
	 	 When?
	 	 
	[****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****]	 		 		 		 	


  

	[****]	Confidential treatment has been requested for portions of this exhibit. The copy filed herewith omits information subject to the confidentiality request. Omissions are designated with brackets containing asterisks. As
part of our confidential treatment request, a complete version of this exhibit has been filed separately with the U.S. Securities and Exchange Commission. 










																							
	 Incentive

Plan
	 	 Plan Name
	 	 Ach

Reduction
 (Bill Type =

A)
	 	 On Time Int

Reduction
	 	 When?
	 	 Rebate%
	 	 Rebate Type
	 	 When?
	 	 Constant

INT
 Reduction
	 	 Max Days

Late Before
 DQ

(Constant)
	 	 When?
	 	 
	[****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****]	 		 		 		 	


  

	[****]	Confidential treatment has been requested for portions of this exhibit. The copy filed herewith omits information subject to the confidentiality request. Omissions are designated with brackets containing asterisks. As
part of our confidential treatment request, a complete version of this exhibit has been filed separately with the U.S. Securities and Exchange Commission. 










																							
	 Incentive

Plan
	 	 Plan Name
	 	 Ach

Reduction
 (Bill Type =

A)
	 	 On Time Int

Reduction
	 	 When?
	 	 Rebate%
	 	 Rebate Type
	 	 When?
	 	 Constant

INT
 Reduction
	 	 Max Days

Late Before
 DQ

(Constant)
	 	 When?
	 	 
	[****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	****
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	****
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****]	 		 		 		 	


  

	[****]	Confidential treatment has been requested for portions of this exhibit. The copy filed herewith omits information subject to the confidentiality request. Omissions are designated with brackets containing asterisks. As
part of our confidential treatment request, a complete version of this exhibit has been filed separately with the U.S. Securities and Exchange Commission. 










																							
	 Incentive

Plan
	 	 Plan Name
	 	 Ach

Reduction
 (Bill Type =

A)
	 	 On Time Int

Reduction
	 	 When?
	 	 Rebate%
	 	 Rebate Type
	 	 When?
	 	 Constant

INT
 Reduction
	 	 Max Days

Late Before
 DQ

(Constant)
	 	 When?
	 	 
	[****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****]	 		 		 		 	


  

	[****]	Confidential treatment has been requested for portions of this exhibit. The copy filed herewith omits information subject to the confidentiality request. Omissions are designated with brackets containing asterisks. As
part of our confidential treatment request, a complete version of this exhibit has been filed separately with the U.S. Securities and Exchange Commission. 










																							
	 Incentive

Plan
	 	 Plan Name
	 	 Ach

Reduction
 (Bill Type =

A)
	 	 On Time Int

Reduction
	 	 When?
	 	 Rebate%
	 	 Rebate Type
	 	 When?
	 	 Constant

INT
 Reduction
	 	 Max Days

Late Before
 DQ

(Constant)
	 	 When?
	 	 
	[****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****]	 		 		 		 	


  

	[****]	Confidential treatment has been requested for portions of this exhibit. The copy filed herewith omits information subject to the confidentiality request. Omissions are designated with brackets containing asterisks. As
part of our confidential treatment request, a complete version of this exhibit has been filed separately with the U.S. Securities and Exchange Commission. 










																							
	 Incentive

Plan
	 	 Plan Name
	 	 Ach

Reduction
 (Bill Type =

A)
	 	 On Time Int

Reduction
	 	 When?
	 	Rebate%	 	Rebate Type	 	 When?
	 	 Constant

INT
 Reduction
	 	 Max Days

Late Before
 DQ

(Constant)
	 	 When?
	 	 
	[****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****]	 		 		 		 	


  

	[****]	Confidential treatment has been requested for portions of this exhibit. The copy filed herewith omits information subject to the confidentiality request. Omissions are designated with brackets containing asterisks. As
part of our confidential treatment request, a complete version of this exhibit has been filed separately with the U.S. Securities and Exchange Commission. 










																							
	 Incentive

Plan
	 	 Plan Name
	 	 Ach

Reduction
 (Bill Type =

A)
	 	 On Time Int

Reduction
	 	 When?
	 	 Rebate%
	 	 Rebate Type
	 	 When?
	 	 Constant

INT
 Reduction
	 	 Max Days

Late Before
 DQ

(Constant)
	 	 When?
	 	 
	[****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****]	 		 		 		 	


  

	[****]	Confidential treatment has been requested for portions of this exhibit. The copy filed herewith omits information subject to the confidentiality request. Omissions are designated with brackets containing asterisks. As
part of our confidential treatment request, a complete version of this exhibit has been filed separately with the U.S. Securities and Exchange Commission. 










																							
	 Incentive

Plan
	 	 Plan Name
	 	 Ach

Reduction
 (Bill Type =

A)
	 	 On Time Int

Reduction
	 	 When?
	 	 Rebate%
	 	 Rebate Type
	 	 When?
	 	 Constant

INT
 Reduction
	 	 Max Days

Late Before
 DQ

(Constant)
	 	 When?
	 	 
	[****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****]	 		 		 		 	


  

	[****]	Confidential treatment has been requested for portions of this exhibit. The copy filed herewith omits information subject to the confidentiality request. Omissions are designated with brackets containing asterisks. As
part of our confidential treatment request, a complete version of this exhibit has been filed separately with the U.S. Securities and Exchange Commission. 










																							
	 Incentive

Plan
	 	 Plan Name
	 	 Ach

Reduction
 (Bill Type =

A)
	 	 On Time Int

Reduction
	 	 When?
	 	 Rebate%
	 	 Rebate Type
	 	 When?
	 	 Constant

INT
 Reduction
	 	 Max Days

Late Before
 DQ

(Constant)
	 	 When?
	 	 
	[****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****]	 		 		 		 	


  

	[****]	Confidential treatment has been requested for portions of this exhibit. The copy filed herewith omits information subject to the confidentiality request. Omissions are designated with brackets containing asterisks. As
part of our confidential treatment request, a complete version of this exhibit has been filed separately with the U.S. Securities and Exchange Commission. 










																							
	 Incentive

Plan
	 	 Plan Name
	 	 Ach

Reduction
 (Bill Type =

A)
	 	 On Time Int

Reduction
	 	 When?
	 	 Rebate%
	 	 Rebate Type
	 	 When?
	 	 Constant

INT
 Reduction
	 	 Max Days

Late Before
 DQ

(Constant)
	 	 When?
	 	 
	[****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****]	 		 		 		 	


  

	[****]	Confidential treatment has been requested for portions of this exhibit. The copy filed herewith omits information subject to the confidentiality request. Omissions are designated with brackets containing asterisks. As
part of our confidential treatment request, a complete version of this exhibit has been filed separately with the U.S. Securities and Exchange Commission. 










																							
	 Incentive

Plan
	 	 Plan Name
	 	 Ach

Reduction
 (Bill Type =

A)
	 	 On Time Int

Reduction
	 	 When?
	 	 Rebate%
	 	 Rebate Type
	 	 When?
	 	 Constant

INT
 Reduction
	 	 Max Days

Late Before
 DQ

(Constant)
	 	 When?
	 	 
	[****	 	****	 	****	 	****	 	****	 	****	 	****	 	****	 		 		 		 	
	****	 	****	 	****	 	****	 	****	 	****	 	****	 	****]	 		 		 		 	

  

	[****]	Confidential treatment has been requested for portions of this exhibit. The copy filed herewith omits information subject to the confidentiality request. Omissions are designated with brackets containing asterisks. As
part of our confidential treatment request, a complete version of this exhibit has been filed separately with the U.S. Securities and Exchange Commission. 








 SCHEDULE I TO 

LOAN SALE AGREEMENT 

Officers of Seller 
 1. [****], Managing
Director (Manager Chase Student Loans) 
 2. [****], Executive Director, Operations Manager (Student Loan Servicing) 

3. [****], Executive Director, Analytics and Reporting 
 4.
[****], Managing Director, Risk Manager 
 5. [****], Executive Director, Accounting Manager 

6. [****], Executive Director, Operations Manager (Student Loan Collections) 

7. [****], Executive Director, Vendor Management and Customer Experience 

[****] Confidential treatment has been requested for portions of this exhibit. The copy filed herewith omits information subject to the confidentiality
request. Omissions are designated with brackets containing asterisks. As part of our confidential treatment request, a complete version of this exhibit has been filed separately with the U.S. Securities and Exchange Commission. 

  
 Sch. I-1 








 SCHEDULE II TO 

LOAN SALE AGREEMENT 
  

			
	 Data Fields
	  	 Portfolio File

	[****	  	****
	****	  	****
	****	  	****
	****	  	****
	****	  	****
	****	  	****
	****	  	****
	****	  	****
	****	  	****
	****	  	****
	****	  	****
	****	  	****
	****	  	****
	****	  	****
	****	  	****
	****	  	****
	****	  	****
	****	  	****
	****	  	****
	****	  	****
	****	  	****
	****	  	****
	****	  	****
	****	  	****
	****	  	****
	****	  	****
	****	  	****
	****	  	****
	****	  	****
	****	  	****
	****	  	****
	****	  	****]

 [****] Confidential treatment has been requested for portions of this exhibit. The copy filed herewith omits information
subject to the confidentiality request. Omissions are designated with brackets containing asterisks. As part of our confidential treatment request, a complete version of this exhibit has been filed separately with the U.S. Securities and Exchange
Commission. 

  
 Sch. II-1