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EXECUTION VERSION

AMENDMENT NO. 3
TO
SECOND AMENDED AND RESTATED CREDIT AGREEMENT

This AMENDMENT NO. 3 TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”) is entered into as of March 31, 2021, by and among NELNET, INC. (the “Borrower”), the Lenders (as defined in the Credit Agreement defined below) signatory hereto and U.S. BANK NATIONAL ASSOCIATION, as administrative agent for the Lenders (in such capacity, the “Agent”).  Capitalized terms used herein but not now defined herein shall have the meaning given such terms in the Credit Agreement (as defined below).
W I T N E S S E T H
        WHEREAS, the Borrower, the Lenders and the Agent are party to that certain Second Amended and Restated Credit Agreement, dated as of December 16, 2019 (as amended, restated, supplemented, or otherwise modified prior to the date hereof, the “Credit Agreement”); and
        WHEREAS, the Borrower has previously notified the Administrative Agent that it intends to enter into a series of transactions, both directly and indirectly via certain Subsidiaries or joint ventures, involving (i) the purchase of portfolios of Non-FFELP Student Loans from Wells Fargo Bank, National Association, and (ii) the entry into certain warehouse, securitization and other related transactions with respect to such purchased Non-FFELP Student Loans (such transactions, all as more fully described and defined below, the “Proposed Transactions”); and
WHEREAS, in connection with the Proposed Transactions, the Borrower, the Administrative Agent and certain of the Lenders entered into that certain Amendment No. 2 to Second Amended and Restated Credit Agreement, dated as of March 5, 2021 (the “Second Amendment”); and
WHEREAS, the Borrower has requested that certain additional modifications be made to the Credit Agreement to clarify certain changes effected pursuant to the Second Amendment; and
        WHEREAS, the Lenders party hereto have agreed to further amend the Credit Agreement on the terms and conditions set forth herein.
        NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
SECTION 1.Amendments to Credit Agreement. Subject to the satisfaction of the conditions precedent set forth in Section 2 below, the Credit Agreement is hereby amended as follows:

(a)Section 1.01 of the Credit Agreement is amended to add or amend and restate the following definitions thereto in their appropriate alphabetical order therein:
“Guarantor” means each of the Material Subsidiaries that is a Domestic Subsidiary, and its successors and assigns; provided, that (x) in no event shall the Chartered Bank Subsidiary constitute a Guarantor for purposes of this Agreement or any other Loan Document, (y) following the date that ALLO Communications LLC is released from its obligations as a Guarantor pursuant to the terms of the First Amendment, in no event shall such entity constitute a Guarantor thereafter for purposes of this Agreement or any other Loan Document and (z) no Portfolio Transaction Subsidiary or Portfolio Trust shall constitute a Guarantor for purposes of this Agreement or any other Loan Document to the extent, and only for so long as, any applicable Portfolio Transaction Document to which such Portfolio Transaction Subsidiary or Portfolio Trust is a party, or applicable law to which such Portfolio Transaction Subsidiary or Portfolio Trust is subject, restricts or otherwise prohibits such Portfolio Transaction Subsidiary or Portfolio Trust, as applicable, from acting as a Guarantor.  Schedule 1.01B lists the Guarantors as of the Effective Date. 
“Portfolio Investments” means (i) any investment by the Borrower or any Subsidiary constituting Equity Interests in the Portfolio JV or any Portfolio Transaction Subsidiary, (ii) any investment (including by way of holding beneficial interests or participation interests in underlying whole loans) in the Portfolio Loans or any asset backed securities (including notes evidencing the same) or residual interests in such Portfolio Loans to the extent securitized by the Portfolio JV or any Portfolio Trust and (iii) the Borrower’s or any Portfolio Transaction Subsidiary’s investment in the Portfolio Risk Retention Interest.
“Portfolio Purchase” means the purchase of certain Non-FFELP Student Loans from time to time pursuant to that certain Purchase Agreement, dated as of December 14, 2020 (as amended, restated, supplemented or otherwise modified from time to time), between the Portfolio JV, as purchaser and Wells Fargo Bank, National Association, as seller (with certain specified Non-FFELP Student Loans being initially purchased thereunder by a trustee on behalf of National Education Loan Network, Inc., prior to the ultimate transfer to the Portfolio JV or to a designee or assignee thereof). 
“Portfolio Risk Retention Interest” means an up to 5% “vertical interest” or combined “vertical interest” and “horizontal interest” (which combination would be substantially vertical in nature), or whole loan participation interest (as applicable and to the extent permitted under applicable risk retention rules) in (i) the asset backed securities issued by any Portfolio Trust, and (ii) the Equity Interests of any such Portfolio Trust; provided, that the aggregate value of the interests set forth in clauses (i) and (ii) shall at no time exceed $500,000,000.
“Portfolio Transaction Indebtedness” means up to $425,000,000 in aggregate Indebtedness outstanding at any one time incurred by the Borrower or any Portfolio Transaction Subsidiary pursuant to secured repurchase agreements or other secured credit 
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facilities in order to finance the purchase of the Portfolio Risk Retention Interest, and all Guarantees thereof by the Borrower or any other Subsidiary.
“Portfolio Transaction Subsidiary” means any existing Subsidiary, or any newly formed special purpose entity or other Subsidiary, in each case, of the Borrower, that is formed or designated to participate in the Portfolio Transactions in certain respects, including (i) to facilitate the direct or indirect sale of the Portfolio Loans from the Portfolio JV to a Portfolio Trust (which may include holding beneficial interests in such Portfolio Loans for no more than one (1) day), (ii) to act as a “sponsor” in respect of any such securitization transactions for risk-retention purposes, (iii) to invest in the Portfolio Risk Retention Interest, (iv) to finance a portion of the investment in the Portfolio Risk Retention Interest with the proceeds of the Portfolio Transaction Indebtedness, and (v) to engage in such other transactions as may become necessary or appropriate with respect to the Portfolio Transactions and related securitizations (it being acknowledged, for the avoidance of doubt, that such actions set forth in clauses (i) through (v) may be taken by the Borrower, a single Subsidiary or multiple Subsidiaries acting as Portfolio Transaction Subsidiaries, or any combination thereof, each engaging in individual components of the Portfolio Transactions). The transactions described in clauses (ii) through (iv) of the preceding sentence, irrespective of whether such transactions are consummated by the Borrower or a Portfolio Transaction Subsidiary, are otherwise referred to as the “Portfolio Sponsor Transactions”.
“Portfolio Trust” means any Delaware statutory trust created by, or which is a subsidiary of, any of the Portfolio JV, the Borrower, or any Portfolio Transaction Subsidiary, in each case which trust is created or designated solely to be party to and to effect the securitization of interests in the Portfolio Loans (including by issuing asset backed securities or residual interests therein) in connection with the Portfolio Sponsor Transactions.
“Subsidiary” means, with respect to any Person (the “Parent”) at any date, any corporation, limited liability company, partnership, trust, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements were prepared in accordance with GAAP as of such date, as well as any other corporation, limited liability company, partnership, association or other entity of which securities or other ownership interests representing more than 50% of the Equity Interests or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, Controlled or held.  Notwithstanding the foregoing, (x) the Chartered Bank Subsidiary shall be a direct or indirect Subsidiary of the Borrower and (y) no Portfolio Trust shall be deemed to be a Subsidiary of the Borrower so long as such Portfolio Trust has no business activities (including, but not limited to, the incurrence of Indebtedness, the acquisition or disposition of any assets other than nominal assets, or the granting of any Liens on its assets) other than customary administrative activities in preparation for entering into the securitization of the Portfolio Loans.
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(b)Section 6.02 of the Credit Agreement is amended to amend and restate clause (h) thereof as follows:
 (h)    Liens granted by (i) the Borrower or any Portfolio Transaction Subsidiary solely in the Portfolio Risk Retention Interest or (ii) the Borrower solely in up to 7.8% of the residual interests in the Portfolio Loans, in each case of clauses (i) and (ii), solely to secure the Portfolio Transaction Indebtedness.
SECTION 2.Conditions of Effectiveness.  This Amendment shall become effective as of the date hereof (the “Amendment Effective Date”) when, and only when, the Agent shall have received:
(a)an executed counterpart of this Amendment from the Borrower, the Required Lenders and the Agent; 
(b)a fully executed copy of the Consent and Reaffirmation, dated as of the date hereof, by each Guarantor in the form of Exhibit A attached hereto; 
(c)payment by the Borrower of all fees and other amounts due and payable on or prior to the Amendment Effective Date. 
SECTION 3.Representations and Warranties.  The Borrower hereby represents and warrants as follows:
    (a)    This Amendment and the Credit Agreement, as amended by this Amendment, constitute legal, valid and binding obligations of such party enforceable against such party in accordance with their terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law; and
    (b)    As of the date hereof, and giving effect to the terms of this Amendment, there exists no Default or Event of Default and no Event of Fraud, and the representations and warranties contained in Article III of the Credit Agreement, as amended hereby, are (x) with respect to any representations or warranties that contain a materiality qualifier, true and correct in all respects, except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty shall have been true and correct in all respects on and as of such earlier date and (y) with respect to any representations or warranties that do not contain a materiality qualifier, true and correct in all material respects, except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty shall have been true and correct in all material respects on and as of such earlier date.
SECTION 4.Reference to and the Effect on the Credit Agreement.
(a)On and after the Amendment Effective Date, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or words of like import referring to the Credit Agreement and each reference to the Credit Agreement in any certificate 
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delivered in connection therewith, shall mean and be a reference to the Credit Agreement as amended hereby.
(b)Each of the parties hereto hereby agrees that, except as specifically amended above, the Credit Agreement is hereby ratified and confirmed and shall continue to be in full force and effect and enforceable, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws relating to or limiting creditors’ rights generally and general equitable principles.
(c)The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Agent or the Lenders, nor constitute a waiver of any provision of the Credit Agreement or any other documents, instruments or agreements executed and/or delivered in connection therewith.
(d)This Amendment shall constitute a Loan Document under the terms of the Credit Agreement. 
SECTION 5.Headings.  Section headings in this Amendment are included herein for convenience only and shall not constitute a part of this Amendment for any other purpose.
SECTION 6.Execution in Counterparts; Electronic Signatures.  This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same agreement.  Delivery of an executed counterpart to this Amendment by facsimile, electronic mail, portable document format (PDF) or similar means shall be effective as delivery of an original executed counterpart of this Amendment. If the Agent agrees, in its sole discretion, to accept any electronic signatures of this Amendment or any other document required to be delivered under the Loan Documents, the words “execution,” “signed,” and “signature,” and words of like import, in or referring to any document so signed will be deemed to include electronic signatures and/or the keeping of records in electronic form, which will be of the same legal effect, validity and enforceability as a manually executed signature and/or the use of a paper-based recordkeeping system, to the extent and as provided for in any applicable law, including the Uniform Electronic Transactions Act, the Federal Electronic Signatures in Global and National Commerce Act, or any other state laws based on, or similar in effect to, such acts. The Agent and each Lender may rely on any such electronic signatures without further inquiry.
SECTION 7.Expenses.  The Borrower shall pay all reasonable out-of-pocket expenses incurred by the Agent (including, without limitation, the reasonable fees, charges and disbursements of counsel to the Agent) incurred in connection with the preparation, negotiation and execution of this Amendment and any other document required to be furnished herewith.
SECTION 8.Severability.    Any provision of this Amendment held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.
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SECTION 9.Successors.  The provisions of this Amendment shall be binding upon and inure to the benefit of the Borrower, the Agent and the Lenders and their respective successors and assigns.
SECTION 10.Governing Law; Jurisdiction; Consent to Service of Process; Waiver of Jury Trial.    The provisions set forth in Sections 9.09 and 9.10 of the Credit Agreement are hereby incorporated, mutatis mutandis.
[BALANCE OF PAGE INTENTIONALLY LEFT BLANK]
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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their respective authorized signatories as of the date and year first above written.
						
		
		NELNET, INC.

By: /s/ JAMES D. KRUGER
Name:  James D. Kruger
Title:    CFO

		
		
	

	

Signature Page to
Amendment No. 3 to
Nelnet, Inc.
Second Amended and Restated Credit Agreement

									
			U.S. BANK NATIONAL ASSOCIATION,
		as Agent and a Lender
		

By:  /s/ ROBERT BALFANY

Name:  Robert Balfany
Title:    Market President

    
    

Signature Page to
Amendment No. 3 to
Nelnet, Inc.
Second Amended and Restated Credit Agreement

			
	

WELLS FARGO BANK, NATIONAL 
                            ASSOCIATION, as a Lender

                            By: /s/ BILL WEBER
Name:    Bill Weber                                                Title:   Senior Vice President

Signature Page to
Amendment No. 3 to
Nelnet, Inc.
Second Amended and Restated Credit Agreement

ROYAL BANK OF CANADA, 
                            as a Lender

                            By: /s/ TIM STEPHENS
Name:  Tim Stephens                            Title:    Authorized Signatory 

Signature Page to
Amendment No. 3 to
Nelnet, Inc.
Second Amended and Restated Credit Agreement

BANK OF MONTREAL, 
                            as a Lender

                            By: /s/ ANN KOZAK
Name:  Ann Kozak                                              Title:    Director

Signature Page to
Amendment No. 3 to
Nelnet, Inc.
Second Amended and Restated Credit Agreement

CITIBANK, N.A. 
                            as a Lender

                            By: /s/ MARINA DONSKAYA
Name:  Marina Donskaya                                            Title:    Vice President

Signature Page to
Amendment No. 3 to
Nelnet, Inc.
Second Amended and Restated Credit Agreement

FIRST NATIONAL BANK OF OMAHA, 
                            as a Lender

                            By: /s/ JOSH TRESEMER
Name:  Josh Tresemer                                                    Title:    Sr. Director

Signature Page to
Amendment No. 3 to
Nelnet, Inc.
Second Amended and Restated Credit Agreement

CIT BANK, N.A., successor by merger to Mutual of Omaha Bank, 
                            as a Lender

                            By: /s/ BRIAN ELSASSER
Name:  Brian Elsasser                                Title:    VP
Signature Page to
Amendment No. 3 to
Nelnet, Inc.
Second Amended and Restated Credit Agreement

Exhibit A

CONSENT AND REAFFIRMATION
    Each of the undersigned hereby acknowledges receipt of a copy of that certain Amendment No. 3 to Second Amended and Restated Credit Agreement, dated as of March 31, 2021 (the “Amendment”) by and among Nelnet, Inc. (the “Borrower”), the Lenders party thereto and U.S. Bank National Association, in its individual capacity as a Lender and in its capacity as the Administrative Agent (the “Agent”), which amends that certain Second Amended and Restated Credit Agreement, dated as of December 16, 2019 (as amended, restated, supplemented, or otherwise modified prior to the date hereof, the “Credit Agreement”) by and among the Borrower, the Lenders and the Agent.  Capitalized terms used in this Consent and Reaffirmation and not defined herein shall have the meanings given to them in the Amendment or, if not defined therein, in the Credit Agreement.  Without in any way establishing a course of dealing by the Agent or any Lender, each of the undersigned consents to the Amendment and reaffirms the terms and conditions of the Guaranty executed by it and acknowledges and agrees that such agreement remains in full force and effect and is hereby reaffirmed, ratified and confirmed.
    All references to the Credit Agreement contained in the above-referenced documents shall be a reference to the Credit Agreement as so modified by the Amendment and as each of the same may from time to time hereafter be amended, modified or restated. 

Dated:  March 31, 2021

[BALANCE OF PAGE INTENTIONALLY LEFT BLANK] 

GUARANTORS:

NATIONAL EDUCATION LOAN NETWORK, INC.

By: /s/ JAMES D. KRUGER
Name:  James D. Kruger
Title:    Treasurer

NELNET BUSINESS SOLUTIONS, INC.

By: /s/ JAMES D. KRUGER
Name:  James D. Kruger
Title:    Treasurer

NELNET DIVERSIFIED SOLUTIONS, LLC

By: /s/ JAMES D. KRUGER
Name:  James D. Kruger
Title:    Treasurer

GREAT LAKES EDUCATIONAL LOAN SERVICES, INC.

By: /s/ PHILIP MORGAN
Name:  Philip Morgan
Title:    Treasurer

Signature Page to
Consent and Reaffirmation 
Amendment No. 3 to
Nelnet, Inc. Second Amended and Restated Credit AgreementDocument

Exhibit 10.1

Execution Version

						
	TRUIST BANK
214 N Tryon Street
Charlotte, NC 28202
	TRUIST SECURITIES, INC.
3333 Peachtree Road
Atlanta, GA 30326

CONFIDENTIAL 
January 26, 2021
American Public Education, Inc.
111 W. Congress Street
Charles Town, WV 25414
Attention: Rick Sunderland, EVP & Chief Financial Officer 

Project Hometown
Commitment Letter Joinder
Ladies and Gentlemen:
Reference is made to (a) that certain Commitment Letter, dated as of October 28, 2020 (together with the annexes and exhibits attached thereto, as amended, amended and restated, supplemented or otherwise modified from time to time, the “Commitment Letter”), among Macquarie Capital (USA) Inc. (“Macquarie Capital”) and Macquarie Capital Funding LLC (“Macquarie Lender” and, together with Macquarie Capital, collectively, “Macquarie”; each an “Initial Commitment Party,” and, collectively, the “Initial Commitment Parties,” “us” or “we”) and American Public Education, Inc., a Delaware corporation (“you” or the “Borrower”), and (b) the Fee Letter referred to therein. Copies of the Commitment Letter and the Fee Letter are attached hereto as Annexes A and B.
This joinder agreement (this “Joinder Agreement”) sets forth the agreement of the Borrower and the Initial Commitment Parties regarding the joinder of Truist Bank and Truist Securities, Inc. (“Truist Securities”; together with Truist Bank, “Truist” or the “Additional Commitment Party”), to the Commitment Letter and the Fee Letter to provide a portion of the commitments under the Commitment Letter and be entitled to a portion of the fees under the Fee Letter. Capitalized terms used but not defined herein are used with the meanings assigned to them in the Commitment Letter.
1.Commitment.
The Initial Commitment Parties and you agree that, pursuant to Section A of the Commitment Letter, you hereby appoint Truist Securities as a joint lead arranger and joint bookrunner, for the Facilities, and Truist Securities hereby accepts such appointment and agrees to act in such capacity; provided that, for the avoidance of doubt, Truist Securities shall have a “passive” role in such capacities.  Truist Bank hereby commits to provide on a several, but not joint, basis (a) a portion of the Term Loan B Facility in an aggregate principal amount of $30,000,000 and (b) a portion of the Revolving Credit Facility in an aggregate principal amount of $7,500,000, in each case, subject only to and on the terms and conditions expressly set forth in the Commitment Letter.
Effective as of the date hereof, the commitments and economics of Macquarie under the Commitment Letter and Fee Letter in respect of the Facilities are automatically ratably reduced by the Additional Commitment Party’s commitments hereunder as set forth on Schedule I hereto. 
 

2.Agreement of Additional Commitment Party to Be Bound; Titles; Etc. The Additional Commitment Party agrees to be, and hereby becomes, bound by the terms and conditions and subject to all commitments and obligations, as applicable, under the Commitment Letter and the Fee Letter applicable to a “Commitment Party”, a “Lead Arranger”, and an “Initial Lender”, thereunder, and the Additional Commitment Party shall also be entitled to all of the rights and benefits applicable to a “Commitment Party”, a “Lead Arranger”, and an “Initial Lender” thereunder and shall be included in the terms “we” and “us” (in each case, in the appropriate context), in each case, as if the Additional Commitment Party was originally a party thereto as a “Commitment Party”, a “Lead Arranger”, and an “Initial Lender”. It is understood that in any offering and/or marketing materials and presentations, including the Information Memorandum to be used in connection with the syndication of the Facilities Macquarie shall have “left side” designation and shall hold the roles and responsibility customarily associated with such placement, and each Lead Arranger shall be listed after Macquarie in the manner determined by the Borrower in any such marketing materials and presentations.  
The Additional Commitment Party acknowledges and agrees that the Borrower may enter into one or more joinder agreements similar to this letter agreement appointing Additional Arrangers (as defined in the Commitment Letter) without the requirement that the Additional Commitment Party appointed hereunder become a party or consent thereto.  Upon the effectiveness of any such joinder agreements, the commitments of Macquarie with respect to each Facility, as applicable, will be reduced by the amount of the commitments provided in respect of each Facility.
3.Independent Investigation. The Additional Commitment Party acknowledges that it has, independently and without any reliance upon any Initial Commitment Party or any of their respective affiliates, or any of their respective officers, directors, employees, agents, advisors or representatives, and based on the financial statements of the Borrower and its affiliates and such other documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into the commitment evidenced by this Joinder Agreement.
4.Miscellaneous. This Joinder Agreement, together with the Commitment Letter, the Fee Letter and any other commitment letter joinders, sets forth the entire understanding of the parties with respect to the Facilities, and supersedes all prior agreements and understandings related to the subject matter hereof. The parties hereto agree that this Joinder Agreement is subject to the assignment provisions of the Commitment Letter, is intended to be solely for the benefit of the parties hereto and, to the extent expressly provided in the Commitment Letter, the Indemnified Persons, and is not intended to and does not confer any benefits upon, or create any rights in favor of, any person other than the parties hereto and, to the extent expressly provided in Section D.2 of the Commitment Letter, the Indemnified Persons. This Joinder Agreement constitutes an amendment to the Commitment Letter and the Fee Letter, each of which shall remain in full force and effect as amended hereby. Except as expressly set forth herein, nothing contained in this Joinder Agreement shall constitute a modification, acceptance or waiver of any other provision of the Commitment Letter or the Fee Letter. This Joinder Agreement may not be amended or waived or modified except by an instrument in writing signed by each Commitment Party (including the Additional Commitment Party) and you. This Joinder Agreement may be executed in any number of counterparts, each of which shall be an original, and all of which, when taken together, shall constitute one agreement. Delivery of an executed signature page to this Joinder Agreement by facsimile transmission or other electronic transmission (including “.pdf”, “.tif” or similar format) shall be effective as delivery of a manually executed counterpart hereof. The words “execute,” “execution,” “signed,” “signature,” and words of like import in or related to any document to be signed in connection with this Joinder Agreement and the transactions contemplated hereby (including without limitation amendments or other modifications, waivers and consents) shall be deemed to include electronic signatures, the 
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electronic matching of assignment terms and contract formations on electronic platforms approved by the Administrative Agent, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable Law, including the Federal Electronic Signatures in Global and National Commerce Act, or any other similar and applicable state laws based on the Uniform Electronic Transactions Act. In the event of a conflict between the terms of the Commitment Letter or the Fee Letter, on the one hand, and this Joinder Agreement, on the other hand, the terms of this Joinder Agreement shall control. This Joinder Agreement and any claim, controversy or dispute arising under or relating to this Joinder Agreement (whether in contract, tort or otherwise) shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York. This Joinder Agreement and its contents are subject to the jurisdiction, venue, service of process, waiver of jury trial, expenses, reimbursement, indemnification, absence of fiduciary duty and confidentiality provisions of the Commitment Letter, which shall be incorporated herein, mutatis mutandis; provided that (a) all references therein to “this Commitment Letter” shall be deemed to refer to the Commitment Letter (as amended by this Joinder Agreement) and (b) such other modifications thereof shall be deemed made as necessary to effectuate the intent of the parties hereunder.  
5.Acceptance and Termination. This Joinder Agreement and the commitments and agreements of the Additional Commitment Party hereunder shall automatically terminate as set forth in Section F of the Commitment Letter; provided that the termination of any commitment pursuant to this sentence does not prejudice our or your rights and remedies in respect of any breach of this Joinder Agreement.

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We are pleased to have been given the opportunity to assist you in connection with this important financing.
Very truly yours,
TRUIST BANK

By: /s/ Thomas Parrott    
Name: Thomas Parrott
Title:   Managing Director
TRUIST SECURITIES, INC.

By: /s/ Keith Roberts    
Name: Keith Roberts
Title:   Managing Director

Signature Page to Project Hometown Joinder Agreement
 

Accepted and agreed to as of 
the date first above written:
AMERICAN PUBLIC EDUCATION, INC.
By: /s/ Richard W. Sunderland, Jr.
Name: Richard W. Sunderland, Jr.
Title: CFO

Signature Page to Hometown Joinder Agreement
 

AGREED TO AND ACCEPTED as of 
the date first above written:
MACQUARIE CAPITAL (USA) INC.

By: /s/ Michael Barrish            
Name: Michael Barrish
Title:   Managing Director

By: /s/ Jeff Abt                
Name: Jeff Abt
Title:   Managing Director

MACQUARIE CAPITAL FUNDING LLC

By: /s/ Michael Barrish            
Name: Michael Barrish
Title:   Authorized Signatory

By: /s/ Jeff Abt                
Name: Jeff Abt
Title:   Authorized Signatory

Signature Page to Project Hometown Joinder Agreement
 

SCHEDULE I

									
	Additional Commitment Parties	Commitment Amount: 
Term Loan B Facility	Commitment Amount: 
Revolving Credit Facility
	Truist Bank	$30,000,000	$7,500,000
	TOTAL	$30,000,000	$7,500,000

 

ANNEX A
Project Hometown – Commitment Letter 
[Attached]

 

ANNEX B
Project Hometown – Fee Letter 
[Attached]

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