Document:

ex10-1.htm

Exhibit 10.1

 

 

NINTH AMENDMENT OF

AMENDED AND RESTATED PARTICIPATION AGREEMENT

This Ninth Amendment of the Amended and Restated Participation Agreement (the “Amendment”) is made and entered into as of this 23rd day of January, 2009, by and between and Union Bank and Trust Company, a Nebraska banking corporation and trust company, solely in its capacity as trustee of various grantor trusts known as Short Term Federal Investment Trusts or other grantor trusts (“Union Bank”) and National Education Loan Network, Inc., a Nevada corporation (“Nelnet”).

WHEREAS, the parties hereto entered into that certain Amended and Restated Participation Agreement dated as of June 1, 2001, as amended (the “Agreement”), and the parties hereto wish to amend the Agreement under the terms set forth herein.

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

1.           Definitions.  Unless otherwise expressly stated herein, capitalized terms in this Amendment shall have the same meanings given to them in the Agreement.

2.           Clarification of Nelnet’s Fee.  For purposes of Section 1.03 of the Agreement, Nelnet’s Fee has been previously defined to equal the difference between (i) the total of interest received with respect to such Eligible Loans contained in a participation certificate, and (ii) an amount which is above the average of the bond equivalent rates of the quotes of 3-month commercial paper (financial) in effect for each of the days in such quarter as reported by the Federal Reserve in Publication H-15 (or its successor) for the relevant 3-month period (the “H-15 Rate”), multiplied by the average aggregate principal balance of all Eligible Loans participated under the Agreement.  The parties acknowledge that prior to the effective date of this Amendment, there have been a number of days when no H-15 Rate was reported by the Federal Reserve in Publication H-15.  In order to reflect the parties’ original mutual intent and understanding, the parties further acknowledge and agree that for any day on which the H-15 Rate was not reported in the past or is not reported in the future by the Federal Reserve in Publication H-15, the H-15 Rate reported by the Federal Reserve in the most recent Publication H-15 prior thereto shall apply; and any substitute rate announced by the United States Department of Education for days on which the H-15 Rate is not reported shall not be applicable in the calculation of Nelnet’s Fee.

3.           Effect of Amendment.  This Amendment shall be effective as of the 27th day of October, 2008. Unless expressly modified or amended by this Amendment, all terms and provision contained in the Agreement shall remain in full force and effect without modification.

 

	 
Union Bank and Trust Company, as Trustee

	 	 	National Education Loan Network, Inc.	 
	 	 	 	 	 
	
By: /s/ Tom Sullivan

	 	 	
By: /s/ Darrin Jameson 

	 
	
Title: Vice President

	 	 	
Title: Directorex10-2.htm

Exhibit 10.2

 

TENTH AMENDMENT OF

AMENDED AND RESTATED PARTICIPATION AGREEMENT

This Tenth Amendment of the Amended and Restated Participation Agreement (the “Amendment”) is made and entered into as of this 19th day of October, 2009, by and between and Union Bank and Trust Company, a Nebraska banking corporation and trust company, solely in its capacity as trustee of various grantor trusts known as Short Term Federal Investment Trusts or other grantor trusts (“Union Bank”) and National Education Loan Network, Inc., a Nevada corporation (“Nelnet”).

WHEREAS, the parties hereto entered into that certain Amended and Restated Participation Agreement dated as of June 1, 2001, as amended (the “Agreement”), and the parties hereto wish to amend the Agreement under the terms set forth herein.

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

1.           Definitions.  Unless otherwise expressly stated herein, capitalized terms in this Amendment shall have the same meanings given to them in the Agreement.

2.           Change in Definition of Nelnet’s Fee.  For purposes of Section 1.03 of the Agreement, Nelnet’s Fee shall be defined to equal the difference between (i) the total of interest received with respect to such Eligible Loans contained in a participation certificate, and an amount equal to 50 basis points (0.50%) above the average of the bond equivalent rates of the quotes of 3-month commercial paper (financial) in effect for each of the days in such quarter as reported by the Federal Reserve in Publication H-15 (or its successor) for the relevant 3-month period, multiplied by the average aggregate principal balance of all Eligible Loans participated under the Agreement.  Payments shall be distributed on a monthly basis, on the first business day of each month.

3.           Effect of Amendment.  This Amendment shall be effective as of the date first set forth above. Unless expressly modified or amended by this Amendment, all terms and provision contained in the Agreement shall remain in full force and effect without modification.

 

	 
Union Bank and Trust Company  

	 	 	National Education Loan Network, Inc.	 
	 	 	 	 	 
	
By: /s/ Tom Sullivan

	 	 	
By: /s/ Jim Kruger

	 
	
Title: Vice President

	 	 	
Title: Assistant Secretaryex10-3.htm

Exhibit 10.3

 

 

ELEVENTH AMENDMENT OF

AMENDED AND RESTATED PARTICIPATION AGREEMENT

This Eleventh Amendment of the Amended and Restated Participation Agreement (the “Amendment”) is made and entered into as of this 14th day of December, 2009, by and between and Union Bank and Trust Company, a Nebraska banking corporation and trust company, solely in its capacity as trustee of various grantor trusts known as Short Term Federal Investment Trusts or other grantor trusts (“Union Bank”) and National Education Loan Network, Inc., a Nevada corporation (“Nelnet”).

WHEREAS, the parties hereto entered into that certain Amended and Restated Participation Agreement dated as of June 1, 2001, as amended (the “Agreement”), and the parties hereto wish to amend the Agreement under the terms set forth herein.

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

1.           Definitions.  Unless otherwise expressly stated herein, capitalized terms in this Amendment shall have the same meanings given to them in the Agreement.

2.           Applicability to Certain Securities.  All provisions relating to Eligible Loans in the Agreement shall also apply to participations of asset backed securities backed by Eligible Loans, except that (i) distributions with respect to participations of such securities shall be made to Union Bank in the amount of principal reductions and income at the rate equal to fifty basis points (0.50%) above the average of the bond equivalent rates of the quotes of 3 month commercial paper (financial) in effect for each of the days in such quarter as reported by the Federal Reserve in Publication H-15 (or its successor) for the relevant 3-month period, multiplied by the average aggregate outstanding principal balance of such asset backed securities, and (ii) representations and warranties made with respect to Eligible Loans shall apply to the Eligible Loans securing the asset backed securities, rather than to the securities themselves.

3.           Effect of Amendment.  This Amendment shall be effective as of the date first set forth above. Unless expressly modified or amended by this Amendment, all terms and provision contained in the Agreement shall remain in full force and effect without modification.

 

	 
Union Bank and Trust Company     

	 	 	National Education Loan Network, Inc.	 
	 	 	 	 	 
	
By: /s/ Tom Sullivan

	 	 	
By: /s/ Jeffrey R. Noordhoek

	 
	
Title: Vice President

	 	 	
Title: President

	 

_ex10-4.htm

Exhibit 10.4

 

 

TWELFTH AMENDMENT OF

AMENDED AND RESTATED PARTICIPATION AGREEMENT

This Twelfth Amendment of the Amended and Restated Participation Agreement (the “Amendment”) is made and entered into as of this 1st day of January, 2010, by and between and Union Bank and Trust Company, a Nebraska banking corporation and trust company, solely in its capacity as trustee of various grantor trusts known as Short Term Federal Investment Trusts or other grantor trusts (“Union Bank”) and National Education Loan Network, Inc., a Nevada corporation (“Nelnet”).

WHEREAS, the parties hereto entered into that certain Amended and Restated Participation Agreement dated as of June 1, 2001, as amended (the “Agreement”), and the parties hereto wish to amend the Agreement under the terms set forth herein.

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

1.             Definitions.  Unless otherwise expressly stated herein, capitalized terms in this Amendment shall have the same meanings given to them in the Agreement.

2.             Amendments.  Section 1.01(A) is hereby deleted in its entirety, and the following shall be inserted in lieu thereof:

Nelnet shall sell (or cause to be sold), and Union Bank shall purchase, a participation interest in the beneficial ownership interests in the Eligible Loans (or Nelnet’s direct participation interests therein) with an aggregate unpaid principal balance in increments of $100,000.00 (unless otherwise agreed by the parties hereto), up to a maximum aggregate total as the parties may mutually agree from time to time.  Union Bank shall pay to Nelnet or its designee the purchase price of the participation interest to be sold herein, and such purchase price shall be equal to one hundred percent (100%) of the unpaid principal balances and accrued and unpaid interest thereon of the Eligible Loans as described in the participation certificate with respect to such Eligible Loans, or such other price as may be negotiated between the parties based on the mutually agreed upon value of the interests in the Eligible Loans.  The participation interest described herein shall include the promissory notes, related documents, and servicing files in connection with the Eligible Loans held by an eligible lender trustee.  The participation interest purchased by Union Bank shall represent a participation interest in each and every individual Eligible Loan specifically identified in the participation certificate with respect thereto; Union Bank is not purchasing an interest in any fungible pool of Eligible Loans.  The purchase price shall be paid by wire transfer of immediately available funds.  It is acknowledged that Union Bank will not purchase any participation interest in its own right, but rather only in its capacity as trustee on behalf of various grantor trusts.  It is expressly agreed and acknowledged that the transfers of participation interests herein are intended to be an absolute, unconditional sale and conveyance.

3.             Effect of Amendment.  This Amendment shall be effective as of the date first set forth above. Unless expressly modified or amended by this Amendment, all terms and provision contained in the Agreement shall remain in full force and effect without modification.

 

	 
Union Bank and Trust Company, as Trustee 

	 	 	National Education Loan Network, Inc.	 
	 	 	 	 	 
	
By: /s/ Tom Sullivan

	 	 	
By: /s/ Jim Kruger

	 
	
Title: Vice President

	 	 	
Title: Assistant Secretary

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