Document:

EX-10.54

 EXHIBIT 10.54 

FINANCING PROGRAM AGREEMENT 

This FINANCING PROGRAM AGREEMENT (as amended, modified, restated or replaced from time to time, this “Agreement”) is
entered into as of February 20, 2009 (“Effective Date”) by ITT EDUCATIONAL SERVICES, INC., a Delaware corporation, on behalf of itself and its Affiliates and subsidiaries (“ITT ESI”) and STUDENT
CU CONNECT CUSO, LLC, a Delaware limited liability company operating as a credit union service organization (the “CUSO”). 

RECITALS 
 The following
recitals are a material part of this Agreement: 
 Pursuant to this Agreement, the CUSO intends to conduct the Program utilizing the
Originating Entity to provide access for Students across the country to non-governmentally guaranteed student loans. Pursuant to the Purchase Agreement, the Originating Entity will originate Loans to Students and the CUSO will purchase the Loans,
creating discrete Loan Pools based on dates of disbursement of Loan proceeds. The Originating Entity will fund and disburse the Loans to ITT ESI. The CUSO will sell Participation Interests in the Loans to the Originating Entity and other
Participants pursuant to the Subscription Agreements and Participation Agreement. To induce the CUSO to both induce the Originating Entity to originate, fund and disburse the Loans and itself to purchase such Loans, and to induce the Originating
Entity and other Participants to participate in the Loans, ITT ESI has agreed to provide a guarantee for the Loans upon and subject to the terms of the Risk Sharing Agreement. 

In consideration of the foregoing and the mutual promises and covenants contained herein, the parties agree as follows: 

ARTICLE I 
 DEFINITIONS

 1.1 Definitions. Capitalized terms used in this Agreement and not otherwise defined herein shall have the meanings provided in
Schedule A hereto. 
 1.2 Other Definitional Terms and Interpretive Principles. 

(a) As used in this Agreement (i) accounting terms not defined herein, and (ii) accounting terms partly defined herein to the extent
not defined, will have the respective meanings given to them under GAAP. 
 (b) The words “herein,” “hereof” and words
of similar import, when used in this Agreement, refer to this Agreement as a whole and not to any particular provision of this Agreement. Section and subsection references are to this Agreement, unless otherwise specified. 

 (c) When used in this Agreement, words of the masculine gender include the feminine and neuter
genders and vice versa, where applicable. Words of the singular number shall include the plural number and vice versa, where applicable. 

(d) The terms “include” and “including” mean “including without limitation by reason of enumeration.” 

ARTICLE II 
 THE PROGRAM

 2.1 Origination and Sale of Loans. 

(a) Pursuant to the Purchase Agreement and subject to the terms and conditions contained herein and therein, (i) the
Originating Entity will originate Loans to Borrowers for the purpose of assisting Students with the cost of tuition, fees, books, tools, computers and other expenses associated with their ITT Technical Institute education, (ii) the CUSO will
purchase such Loans, and (iii) the Originating Entity will disburse the Loans to ITT ESI. 
 (b) The CUSO shall ensure that each
Borrower is a Student or a co-signer of a Student. 
 (c) The CUSO shall pay the Purchase Price for each Loan by depositing the Purchase
Price (or lesser required amount to the extent there are available funds in the Loan Funding Account) into the Loan Funding Account. The sale and purchase of each Loan shall occur contemporaneously with the disbursement of the Loan proceeds by the
Originating Entity to ITT ESI from the Loan Funding Account on the applicable disbursement date. All Loans disbursed in a given Funding Year will constitute a discrete Loan Pool. The parties acknowledge that an individual Loan may provide for
additional or a series of disbursements subsequent to the initial funding, in which case any disbursement subsequent to the initial Funding Year will be treated as a new Loan that is included in the Loan Pool for the Funding Year of the subsequent
disbursement. 
 (d) It is the intention of the parties that the purchase and sale of Loans under the Program as provided for in this
Agreement and the Purchase Agreement will constitute the purchase and sale of whole loans in accordance with GAAP and not a participation or secured financing. 

2.2 Conversion of Open Account Credit into Loans. The parties acknowledge that ITT ESI has heretofore extended open account credit to
certain Students in the absence of adequate non-governmentally guaranteed unsecured student loan sources, and may continue to do so. The CUSO shall cause the Originating Entity to originate Loans to Borrowers for the purpose of paying off any open
account credit so extended by ITT ESI, so long as those Loans comply with the conditions in Section 2.1(b) of the Purchase Agreement. For this purpose, the CUSO acknowledges that at the time a Loan is originated to some recipients of such open
account credit, they may no longer be active Students, so long as they were Students at the time such credit was extended. Prior to the Effective Date, ITT ESI will provide a schedule to the CUSO of the open account credit extended prior to that
date, along with the credit criteria utilized by ITT ESI in connection therewith. 
  

  
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 2.3 Field of Membership. The CUSO shall ensure that the Originating Entity has the
requisite field of membership to originate Loans under the Program. 
 2.4 Estimated Aggregate Funding Commitment. Notwithstanding
anything to the contrary in this Agreement or any other Program Document, except as otherwise provided in Section 2.9, the aggregate disbursements to ITT ESI, net of all refunds by ITT ESI, on all Loans originated in all of Funding Years 2009,
2010 and 2011 is not required to exceed the Estimated Aggregate Funding Commitment. 
 2.5 Opinions of Counsel. The CUSO has obtained
the following opinions directed to the Participants, as required by Section 712.4(b) of the NCUA Rules, and upon which ITT ESI may rely: (a) the opinion of the CUSO’s counsel, Messick & Weber P.C., that the Program
constitutes a permissible activity for a credit union service organization and that the CUSO is established in a manner that will limit the potential exposure of its member Credit Unions to no more than the loss of funds invested in, or loaned to,
the CUSO, as required by Section 712.4(b) of the NCUA Rules, and (b) an opinion of Delaware counsel with respect to Delaware limited liability company law that the CUSO is established in a manner that will limit the potential exposure of
its member Credit Unions to no more than the loss of funds invested in, or loaned to, the CUSO. 
 2.6 Compliance With Purchase
Agreement. 
 (a) The CUSO shall not be obligated to purchase any Loan which does not comply with the conditions precedent in
Section 2.11 of the Purchase Agreement. 
 (b) If the CUSO acquires any Loan which it subsequently determines was not in compliance
with the conditions precedent in Section 2.11 of the Purchase Agreement, absent fraud, willful misconduct, gross negligence or breach of the Purchase Agreement by the Originating Entity, (i) the CUSO’s sole recourse will be to
exercise all rights of the Originating Entity under the Origination Agreement, and (ii) the Originating Entity will have no liability to ITT ESI, the CUSO or the Participants for any such noncompliance. 

(c) ITT ESI shall be exempt from liability under the Risk Sharing Agreement with respect to any Loan which fails to comply with the conditions
precedent in Section 2.11 of the Purchase Agreement, to the extent provided in Section 3.7 of the Risk Sharing Agreement. 
 2.7
Non-Liability of ITT ESI. ITT ESI shall have sole control over all decisions with regard to the admission, advancement, discipline, suspension, withdrawal, termination and graduation of Students. For the avoidance of doubt, except as
otherwise provided in the Risk Sharing Agreement, ITT ESI shall have no liability to the Originating Entity, the CUSO or the Participants with respect to any aspect of the Program in the absence of the fraud, willful misconduct or gross negligence
of any ITT ESI employee, including but not limited to (a) any acts, errors or omissions of ITT ESI’s financial aid personnel, (b) any information supplied by any Borrower or other Person in connection with any Loan, or (c) any
default by any Borrower under a Loan. If a Loan is originated in whole or in part through the fraud, willful misconduct or gross negligence of any ITT ESI employee, the sole remedy of the CUSO will be under Section 3.11 of the Risk Sharing
Agreement, and the sole remedy of the Originating Entity and the Participants will be through the CUSO’s exercise of its rights under Section 3.11 of the Risk Sharing Agreement. 

 

  
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 2.8 Exclusivity. During the Term of this Agreement: 

(a) ITT ESI shall not enter into a non-governmentally guaranteed student loan financing program which includes any credit enhancement or
similar contractual arrangement with any credit union service organization other than the CUSO, except as permitted by Section 2.9(j) or (m). 

(b) The CUSO shall not enter into a similar student loan financing program with any proprietary institution of higher education, as defined
under 20 USC 1002, other than with ITT ESI (or an Affiliate thereof). 
 (c) The CUSO shall procure the agreement of each Participant
(and ITT ESI shall be named as an express third party beneficiary of all such agreements) that it will not, prior to January 1, 2012, through a credit union service organization, enter into a similar student loan financing program that includes
an institution-provided enhancement or guarantee with any proprietary institution of higher education, as defined under 20 USC 1002, other than with ITT ESI (or an Affiliate thereof), but that such limitation shall not apply to (i) a program
whereby the institution pays to the Participant the equivalent of an insurance premium and/or a portion of the interest on behalf of the student borrower, (ii) any participation by the Participant in the Credit Union Student Choice Program as
long as the Participant does not control the direction or actions of such Credit Union Student Choice Program, or (iii) loans by the Participant to individual student borrowers who satisfy the Participant’s usual and established loan
underwriting standards and not under a program as described in this sentence. 
 2.9 Loan Funding. 

(a) The CUSO shall enter into a Subscription Agreement and Participation Agreement with each Participant, pursuant to which each Participant
will commit to both make a capital contribution to the CUSO and to purchase a Participation Interest in Loans originated in Funding Years 2009, 2010 and 2011. The CUSO will cause Participants to deposit their Participation Commitments into the
Commitment Account. To the extent the amount of Loans purchased by the CUSO in any Loan Pool exceeds the amounts funded by the Participants for such Loan Pool, the excess will be retained by the CUSO as a Retained CUSO Interest. 

(b) The CUSO shall pay the Purchase Price for Loans by transferring funds (including funds representing any CUSO Retained Interest) into the
Loan Funding Account and will cause the Originating Entity to disburse Loans to ITT ESI in accordance with the Purchase Agreement. 

  
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 (c) The portion of the Estimated Aggregate Funding Commitment payable in Funding Year 2009 is not
required to exceed the Base Funding Year Target. The portion of the Estimated Aggregate Funding Commitment payable in Funding Year 2010 is not required to exceed the 2010 Funding Year Target. The portion of the Estimated Aggregate Funding Commitment
payable in Funding Year 2011 is not required to exceed the 2011 Funding Year Target. The Purchase Price for any Loans funded by advances under a Credit Facility provided by ITT ESI shall not be subject to the foregoing limitations. 

(d) Not later than twelve (12) Business Days prior to the First Disbursement Date of each Funding Period, ITT ESI will provide the CUSO
with an estimate of the aggregate amount to be disbursed on all Loans during such Funding Period. 
 (e) Not later than three
(3) Business Days prior to each disbursement date in each Funding Period, the CUSO shall cause the Originating Entity to provide the CUSO with the actual volume of Loans to be funded on that disbursement date. The CUSO shall deposit the
Purchase Price for such Loans into the Loan Funding Account not later than one (1) Business Day prior to such disbursement date; provided, however, that (i) in no event will the CUSO be required to purchase Loans in any Funding Period in
an amount greater than twenty-five percent (25%) of the maximum portion of the Estimated Aggregate Funding Commitment for the applicable Funding Year (plus any additional amounts not deposited in previous Funding Periods due to the estimated
amounts being less than twenty-five percent (25%) of the maximum portion of the Estimated Aggregate Funding Commitment for the applicable Funding Year), and (ii) the CUSO may deposit more than such twenty-five percent (25%) into the
Loan Funding Account in any Funding Period as provided in Section 2.9(f). The CUSO shall cause the Originating Entity to disburse Loans to ITT ESI from the Loan Funding Account on each disbursement date during each Funding Period.
Notwithstanding the foregoing, if ITT ESI fails to comply with its collateralization requirement under the Risk Sharing Agreement during any Funding Period, the Originating Entity’s obligation to originate Loans and the CUSO’s obligation
to purchase Loans shall be suspended until ITT ESI provides the required Collateral. 
 (f) If the estimated demand for Loans during any
Funding Period exceeds twenty-five percent (25%) of the maximum portion of the Estimated Aggregate Funding Commitment for the applicable Funding Year, not later than five (5) Business Days prior to the First Disbursement Date of such
Funding Period, the CUSO shall do one of the following: (i) notify ITT ESI that the entire Loan demand for that Funding Period will be purchased by the CUSO, (ii) notify ITT ESI that an amount greater than twenty-five percent (25%) of
the maximum portion of the Estimated Aggregate Funding Commitment for the applicable Funding Year but less than the entire Loan demand will be purchased by the CUSO, or (iii) notify ITT ESI that only the portion of the Estimated Aggregate
Funding Commitment for that Funding Period will be purchased by the CUSO. Any amount referred to in clause (i), (ii) or (iii) above shall exclude the amount of any refunds or previously unused amounts in the Commitment Account, which
will be dealt with in accordance with Section 2.9(k). If the CUSO fails to provide any such notice on a timely basis, it shall be deemed to have made the election described in clause (iii) above. The portion of the Purchase Price for any
Loans financed under any Credit Facility provided by ITT ESI shall not be included in the amount referred to in clause (ii) or (iii) above. 
  

  
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 (g) The CUSO may finance the purchase of Loans in any manner it deems advisable, including but
not limited to (i) selling Participation Interests in such Loans to Participants, (ii) selling Participation Interests in such Loans to additional credit unions, (iii) selling Participation Interests in such Loans to other investors,
to the extent permitted under the Federal Credit Union Act and NCUA Rules, (iv) borrowing under a Credit Facility with ITT ESI or a third party Credit Lender, (v) selling additional classes of Membership Interest, whether or not coupled
with a Participation Interest, and/or (vi) any other financing method, subject (in the event of any transaction referred to in clauses (i) through (iii) or (v) above) to the rights of existing Participants under the Participation
Agreement and any applicable Participants’ right of first refusal provided in the Subscription Agreements. The CUSO shall not enter into any financing transaction with a third party which adversely affects the ability of the CUSO or the
Participants to perform their obligations under the Program Documents. 
 (h) ITT ESI shall have the right (but not the obligation) to
finance the purchase of Loans and the CUSO’s operating expenses by making a discretionary revolving Credit Facility available to the CUSO in accordance with mutually acceptable Credit Facility Documents. Any such Credit Facility may be secured
by a pledge of the collateral described in the Credit Facility Documents, but in no event will the CUSO pledge any of the Participation Interests in the Loans. If ITT ESI elects to provide such Credit Facility to the CUSO, the CUSO shall use its
commercially reasonable best efforts to refinance such Credit Facility with other lender(s) at such time as such financing becomes available to the CUSO on commercially reasonable terms. Any Loan refunds received by the CUSO shall be dealt with in
accordance with Section 2.9(k). 
 (i) Subject to (i) the rights of existing Participants under the Participation Agreement, and
(ii) any Participants’ right of first refusal in the Subscription Agreements, the CUSO shall be free at all times to deal in Loans as it sees fit, including without limitation, securitizing Loans and selling whole Loans to ITT ESI or (to
the extent permitted under the terms of any Credit Facility) any other Person. From time to time, the CUSO may also sell Participation Interests corresponding to all or a portion of the Retained CUSO Interest to the extent permitted by the
Participation Agreement, with the proceeds to the CUSO from any such transaction used to pay down any Credit Facility provided by ITT ESI. No such transaction shall result in, or be deemed to constitute, an assignment of the CUSO’s rights or
obligations under the Risk Sharing Agreement without ITT ESI’s written consent. 
 (j) If for any Funding Period, Funding Year or the
Program, the sum of (i) the Participation Commitments of the Participants for such Funding Period, Funding Year or the Program, plus (ii) any advances ITT ESI or another Credit Lender explicitly commits to make under any Credit Facility,
plus (iii) other committed funds available to the CUSO, will not be sufficient to allow the CUSO to purchase the estimated demand for Loans during such Funding Period, Funding Year or the Program, then ITT ESI shall be relieved from its
obligations under Section 2.8(a) during the applicable Funding Period, Funding Year or the Program, to the extent of the excess of such estimated Loan demand over the sum of (i), (ii) and (iii) above. ITT ESI’s remedy in this
Section 2.9(j) shall not be affected by any election by ITT ESI not to provide or advance funds under any Credit Facility. 
  

  
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 (k) Any amounts in the Commitment Account not utilized in a Funding Period or Funding Year will
be carried forward to the following Funding Period or Funding Year and be available for disbursements on Loans occurring in such subsequent Funding Period or Funding Year; provided, however, that no such carry-forward shall reduce the amount of the
Estimated Aggregate Funding Commitment for any Funding Period or Funding Year. If any Obligations with respect to Student Loan Purchase Advances (as such terms are defined in the Credit Facility Documents) are outstanding under the Credit Facility
Documents, then all amounts paid to the CUSO as Loan refunds, if any, without regard to the Loan Pool related to any such refunded Loan, will be allocated first to the CUSO (and not Monthly Collections) and applied by ITT ESI in payment of such
outstanding Obligations. Any such refunded amounts not so allocated to the CUSO will be deposited in the Commitment Account to be used by the CUSO to purchase Loans, subject to Section 7(c) of the Participation Agreement. 

(l) The CUSO’s Estimated Aggregate Funding Commitment for any Renewal Term shall equal the sum of the Estimated Aggregate Funding
Commitment amounts in effect during the four (4) Funding Periods immediately preceding the Renewal Term, unless ITT ESI and the CUSO have mutually agreed on a new Estimated Aggregate Funding Commitment for such Renewal Term. ITT ESI and the
CUSO may, by mutual written agreement, revise the Estimated Aggregate Funding Commitment for any Renewal Term based on the estimated Loan volume and the amount of Participation Commitments obtained by the CUSO for such Renewal Term. Either party may
also request (subject to the other party’s approval) a new Estimated Aggregate Funding Commitment for a Renewal Term in accordance with Section 5.3(b)(ii). The procedures described in Sections 2.9(c) – (f) for Funding Year 2011
shall be in effect during any Renewal Term unless otherwise agreed by ITT ESI and the CUSO. 
 (m) The CUSO shall cause the Participants to
fund all Participation Commitments called for under their Subscription Agreements in accordance with their terms and in such manner and on such dates as the CUSO deems necessary to permit the CUSO to comply with the Loan funding provisions of this
Section 2.9. If a Participant fails to fully fund its Participation Commitment on a timely basis and does not cure such failure within the time period provided in its Subscription Agreement, the CUSO shall use its commercially reasonable best
efforts to obtain such funding from other Participants and/or other sources as described in Section 2.9(g). If the CUSO fails to obtain such funds within sixty (60) days after the due date therefor, then (i) if the CUSO has not fully
enforced its rights against any Participant under the Participant’s respective Subscription Agreement and the Participation Agreement, ITT ESI may enforce all of the CUSO’s rights against such Participant under the Participant’s
respective Subscription Agreement and the Participation Agreement, and (ii) ITT ESI shall be relieved of its obligations under Section 2.8(a) to the extent of such failure, notwithstanding any election by ITT ESI not to provide or advance
funds under any Credit Facility. Unless otherwise agreed by ITT ESI in its sole discretion, no termination by a Participant of its respective Subscription Agreement because of any change in existing law or regulation as provided therein shall
relieve the CUSO from its Loan purchase and funding obligations under this Agreement. 
  

  
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 (n) The amount to be disbursed to ITT ESI in connection with any Loan shall be the principal
amount of such Loan, which shall not include origination fees and expenses. 
 (o) ITT ESI will obtain account agreements from Borrowers who
are not already members of the Originating Entity and will pay the Originating Entity’s per Borrower membership fee for each new member to the Originating Entity at the time of each Loan disbursement. Such membership fee will be non-refundable
if a Loan is subsequently cancelled or refunded, but will be refunded if erroneously paid by ITT ESI. 
 2.10 Loan Information. At or
prior to the time any Loan is purchased by the CUSO, the CUSO shall obtain from the Originating Entity the following information with respect to such Loan: 

(a) The name, address, e-mail address, telephone number and social security number of each Borrower under such Loan. 

(b) The original principal amount and interest rate on and the terms of such Loan. 

(c) The deferment provisions applicable to such Loan. 

(d) A copy of the Borrower’s Loan File, including a set of fully executed Loan Documents. 

(e) Confirmation that a Borrower who is a Student is a member of the Originating Entity. 

(f) Confirmation that the Loan complies with the Loan Criteria. 

(g) Such further instruments and information as ITT ESI or the CUSO may reasonably request. 

After any Loan is purchased by the CUSO, the CUSO shall be responsible for obtaining, and shall, upon request, provide ITT ESI with copies of,
all of the above referenced information about each such Loan. 
 2.11 Origination and Servicing Arrangements. 

(a) The Originating Entity will be the named lender on the Loan Documents. 

  
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 (b) Each Loan will be purchased under the Purchase Agreement on a servicing-released basis. The
CUSO will cause the Originating Entity to transfer to the CUSO with each Loan purchased the right to service such Loan. Except as otherwise provided in this Agreement, the Servicing Agreement or the Risk Sharing Agreement, all decisions with respect
to the administration, collection, enforcement, servicing and charge off of any Loan shall be made by the CUSO in accordance with the Collection and Charge Off Standards and in consultation with and under the direction of ITT ESI. 

(c) The CUSO will cause the origination and documentation of Loans to be serviced by the Origination Vendor pursuant to the Origination
Agreement. The Origination Vendor and the terms of the Origination Agreement shall be subject to the approval of ITT ESI. The CUSO shall regularly consult with ITT ESI regarding the selection, supervision, financial condition and performance of the
Origination Vendor. ITT ESI shall have the right at any time to direct the origination of Loans and the supervision and performance of the Origination Vendor. Errors and omissions of the Origination Vendor shall not affect the obligations of either
party under this Agreement. 
 (d) The CUSO, through the Servicer, will service the Loans in accordance with the terms of the Servicing
Agreement and the Collection and Charge Off Standards. Each Servicer and the terms of its respective Servicing Agreement shall be subject to the approval of ITT ESI. The CUSO shall regularly consult with ITT ESI regarding the selection, supervision,
financial condition and performance of the Servicer. ITT ESI shall have the right at any time to direct the servicing and collection of Loans and the supervision and performance of the Servicer. Errors or omissions of the Servicer shall not affect
the obligations of either party under this Agreement. 
 (e) The CUSO shall cause the Originating Entity to assign to the CUSO all rights of
the Originating Entity under the Origination Agreement, which rights may be exercised by the CUSO upon any Originating Entity Default, any uncured default by the Origination Vendor under the Origination Agreement, or any breach of the
representations and warranties in this Agreement or the Purchase Agreement, as fully as if the CUSO were an original party thereto. 
 (f)
Each Origination Agreement and Servicing Agreement shall name ITT ESI as an express third-party beneficiary of such agreement, with full power and authority to enforce the same as if it were an original party thereto, and shall further provide that
such agreement may not be amended, modified, terminated or assigned without ITT ESI’s prior express written consent. 
 (g) Fees and
expenses in connection with the origination and servicing of each Loan shall be paid by the CUSO in accordance with the applicable Origination Agreement and Servicing Agreement. 

(h) ITT ESI shall have the right to require the CUSO to replace any Origination Vendor or Servicer with a substitute Origination Vendor or
Servicer acceptable to ITT ESI upon not less than ninety (90) days notice, so long as no such replacement would cause the CUSO to violate the Origination Agreement or Servicing Agreement. 

 

  
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 2.12 Retained Originator Interest; Marketing of Member Services. 

(a) The CUSO shall ensure that the Originating Entity acquires and maintains not less than a ten percent (10%) Retained Originator
Interest in each Loan in each Loan Pool. For purposes of computing such percentage, the Retained CUSO Interest shall be taken into account. 

(b) Nothing in this Agreement or the Participation Agreement shall prohibit the Originating Entity or any Participant from marketing its
credit union membership services to Students, faculty or staff of ITT ESI’s ITT Technical Institutes in compliance with NCUA Rules. 

2.13 Originating Entity Default. Upon any Originating Entity Default or any other Event of Default by the Originating Entity under the
Purchase Agreement, then: 
 (a) The CUSO shall terminate the Purchase Agreement and, not later than sixty (60) days after the date of
the Originating Entity Default or Event of Default, enter into a Substitute Purchase Agreement with a Substitute Originating Entity acceptable to ITT ESI. 

(b) If ITT ESI extends open account credit to Students as a result of any Originating Entity Default or Event of Default, then the CUSO shall
cause any Substitute Originating Entity to convert such credit into Loans under the Program that comply with Section 2.1(b) of the Purchase Agreement (including Loans to Persons who are no longer Students but who were Students at the time such
open account credit was extended by ITT ESI) and to sell such Loans to the CUSO in accordance with the Substitute Purchase Agreement, with the proceeds of such sales used to pay off such credit. 

2.14 Collateral. The CUSO acknowledges and agrees that none of the Collateral pledged by ITT ESI under the Security Agreement shall
secure any of ITT ESI’s obligations under this Agreement. 
 2.15 Program Documents. ITT ESI is an express third-party
beneficiary of each Program Document, with full right, power and authority to enforce the same as if it were an original party thereto. No Program Document or any term or provision thereof shall be amended, modified, terminated or waived without the
express written consent of ITT ESI. Each Program Document shall expressly provide for the third-party beneficiary rights of ITT ESI described in this Section 2.15, but no failure of any such Program Document to provide for such third-party
beneficiary rights shall affect the enforceability of this Section 2.15. 
 2.16 Representations and Warranties. In addition to
and not in limitation of the representations and warranties of the Originating Entity in the Purchase Agreement, each of the following representations and warranties with respect to each Loan shall be accurate in all material respects on the date
the Loan is originated and the date the Loan is purchased by the CUSO. 

  
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 (a) The Loan, the Loan Documents and the Borrower comply with the Loan Criteria. 

(b) The CUSO has, and at all times will have, full right, power and authority to acquire, hold and enforce such Loan. The purchase, holding
and enforcement of such Loan by the CUSO do not require the CUSO to obtain any federal, state or local governmental or regulatory approval, permit, license or consent that has not been obtained. 

(c) The Borrower has not committed any default or event of default under any other Loan in a Loan Pool under the Program, nor does any event
or condition exist which, with the giving of notice or the passage of time, or both, would constitute such a default or event of default. 

(d) The Loan Documents executed by or on behalf of the Borrower with respect to such Loan are the legal, valid and binding obligation of the
Borrower, enforceable in accordance with their terms, except as such enforcement may be limited by (i) fraudulent transfer, bankruptcy, insolvency, moratorium or other similar laws affecting the enforcement of creditors’ rights generally
(except to the extent the Loans are non-dischargeable under the Bankruptcy Code), and (ii) general principles of equity (regardless of whether such enforcement is considered in a proceeding in equity or at law), and except that certain
provisions in such Loan Documents may be further limited or rendered unenforceable by applicable law, but (subject to the limitations set forth in the foregoing clauses (i) and (ii)) such limitations and/or unenforceability will not render such
Loan Documents invalid as a whole or substantially interfere with the CUSO’s realization of the principal benefits provided thereby. Except as set forth in the immediately preceding sentence, there was no valid offset, defense, counterclaim or
right of rescission available to the Borrower with respect to any of the Loan Documents, including any such valid offset, defense, counterclaim or right based on fraud, predatory lending or lender liability in connection with the origination of such
Loan, that would deny the principal benefits intended to be provided by the Loan Documents for such Loan. 
 (e) The Borrower under such
Loan is not a debtor in any state or federal bankruptcy, insolvency or similar proceeding. 
 (f) The Loan, including the terms thereof, and
the Loan Documents comply with all applicable federal and state laws and regulations and do not satisfy any of the conditions for predatory lending or lender liability under applicable law. 

(g) Other than in connection with any Credit Facility, the CUSO has not advanced funds to, or induced, solicited or knowingly received any
advance of funds from, any Person other than the Borrower. 
 (h) Such Loan complies with applicable NCUA Rules. 

(i) There exists no default, breach, violation or event of acceleration under the Loan Documents for such Loan and no event has occurred
which, with the passing of time or the giving of notice and the expiration of any grace or cure period, would constitute such a default or breach. 
  

  
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 (j) Such Loan is a whole loan and not a participation interest in a Loan. 

(k) The Loan Documents contain the standard provisions providing for recourse against the Borrower for damages sustained in connection with
the Borrower’s fraud or material misrepresentation. 
 (l) There is no collateral securing such Loan. 

(m) Except as provided in the Origination Agreement and the Servicing Agreement, no Person has been granted or conveyed the right to service
such Loan or receive any consideration in connection therewith. 
 (n) The transfer of the Loan to the CUSO does not affect the accuracy of
any of the representations or warranties contained herein or in the Purchase Agreement. 
 (o) The transfer of the Loan to the CUSO complied
with all applicable laws, and all required actions and disclosures in connection with such transfer have been taken and made. 
 (p) The
Loan Documents contain required disclosures to permit the CUSO to provide Loan information to ITT ESI and its service providers. 
 (q) Such
Loan is a “qualified education loan” within the meaning of 26 USC 221(d)(1). 
 (r) The Originating Entity has full right, power
and authority to originate and sell such Loan under its charter and applicable laws and regulations, the Originating Entity is authorized by its Board of Directors to originate and sell Loans pursuant to the Program Documents, and the origination
and sale of such Loan have been duly approved by the Originating Entity’s officers and directors and do not conflict with any note, mortgage or other agreement to which the Originating Entity is a party or by which the Originating Entity or its
assets may be bound. 
 (s) Such Loan is eligible for federal preemption of any state law that purports to limit or affect any of the
matters described in NCUA Rule 701.21(b). 
 As the sole remedy for any breach of the representations and warranties in this
Section 2.16 with respect to any Loan (i) ITT ESI shall have no liability under the Risk Sharing Agreement or Security Agreement with respect to such Loan (unless any such breach (A) is due to the fraud, willful misconduct or gross
negligence of any ITT ESI employee, or (B) is of Section 2.16(a) and is the direct result of either an error by the Origination Vendor or the failure of the Origination Vendor to comply with any instructions of the Originating Entity, in
each case in connection with the origination of such Loan) and (ii) the CUSO shall have no obligation to purchase such Loan. Without limiting the foregoing, in the event of any breach of the representations and warranties in
Section 2.16(b), the CUSO shall use its commercially reasonable best efforts to obtain the required right, power and authority as quickly as possible and will purchase any Loan(s) so affected promptly after obtaining the same. 

 

  
 12 

 ARTICLE III 

PROGRAM ADMINISTRATION 
 3.1
Program Administrator. TRG shall serve as Program Administrator during the term of the Management Agreement. The Program Administrator will have authority to administer the Program in accordance with the terms of this Agreement, the
Management Agreement and the other Program Documents, including the following: 
 (a) Assist the parties in performing Loan analysis and
projections. 
 (b) Assist the parties in marketing the Program and credit union membership to the Students, faculty and staff of ITT
Technical Institutes. 
 (c) Perform Pool projections and analyses. 

(d) Prepare quarterly and annual reports for the CUSO containing the financial statements referred to in Section 4.1 and deliver such
reports to the parties to the Program Documents by the dates described in Section 4.1. 
 (e) Provide quarterly reports of Loan Pool
performance to ITT ESI, the Originating Entity and the CUSO, including such information as required by ITT ESI and the Originating Entity to meet their reporting obligations under the Securities Exchange Act of 1934 and NCUA Rules, respectively.

 (f) Supervise and monitor the activities of the Origination Vendor and the Servicer and promptly report to the parties any default by the
Origination Vendor under the Origination Agreement and any default by the Servicer under the Servicing Agreement. 
 (g) Represent the
Program in discussions with the NCUA and state credit union administrators. 
 (h) Provide the reports required under the Risk Sharing
Agreement. 
 (i) Perform the other functions described in the Management Agreement. 

3.2 Compensation. 
 (a)
The Program Administrator shall receive such compensation as provided in the Management Agreement. All expenses of Program administration shall be paid by the CUSO. 

(b) The CUSO shall reimburse ITT ESI for (i) all costs and expenses incurred by ITT ESI related to Phase II (as defined in that certain
Engagement Proposal related to Phase II of the Program executed by ITT ESI and TRG on June 19, 2008 and June 20, 2008, respectively, and in that certain Engagement Proposal related to the Phase II Extension executed by ITT ESI and TRG on
October 1, 2008), and (ii) fifty percent (50%) of all costs and expenses incurred by ITT ESI related to Phase I (as defined in that certain Engagement Proposal related to Phase I of the Program executed by ITT ESI and TRG on
April 4, 2008). The CUSO will make such reimbursement to ITT ESI over a three-year period, in equal quarterly payments due on or before the fifteenth (15th) day after the end of each
quarter, beginning with the first quarter that the Program is effective. 
  

  
 13 

 3.3 Limitation of Liability. The Program Administrator is not a fiduciary to ITT ESI, the
Originating Entity, the CUSO or the Participants, and shall have no liability to ITT ESI, the Originating Entity, the CUSO or the Participants for any Losses resulting from any errors in judgment or any act or omission in connection with the
promotion, implementation, documentation or administration of the Program, unless due to the Program Administrator’s fraud, willful misconduct, gross negligence or breach of the Management Agreement. In all events, the Program Administrator
shall be protected in acting upon any authorization or instruction by any party to the Program Documents. The CUSO shall defend, indemnify and hold the Program Administrator harmless from any Losses to which the Program Administrator may be subject
or exposed as a result of its service as Program Administrator, unless due to the Program Administrator’s fraud, willful misconduct, gross negligence or breach of the Management Agreement. 

3.4 Resignation or Removal of the Program Administrator. TRG may resign or be removed as Program Administrator as provided in the
Management Agreement. Upon any resignation or removal of TRG as Program Administrator, the CUSO shall appoint a substitute program administrator acceptable to ITT ESI which agrees to perform the functions described in the Management Agreement. 

ARTICLE IV 
 FINANCIAL
STATEMENTS AND ACCESS TO INFORMATION 
 4.1 Financial Statements. During the Term of this Agreement, the CUSO shall, as soon as
the same are available (and in any event within ninety (90) days after the end of each fiscal year), provide ITT ESI with a copy of its audited financial statements for such fiscal year, and as soon as the same are available (and in any event
within forty-five (45) days after the end of each fiscal quarter) provide ITT ESI with a copy of its unaudited financial statements for such fiscal quarter. 

4.2 Access to Information. 

(a) The CUSO shall cause the Originating Entity to provide ITT ESI and the CUSO with reasonable access to the Originating Entity’s
knowledgeable financial, accounting, origination and servicing officers for the purpose of allowing ITT ESI and the CUSO to evaluate prospective or existing Loans, the Originating Entity’s Loan origination practices, any developments affecting
the Originating Entity, and the Originating Entity’s financial condition and performance of the Purchase Agreement. 

  
 14 

 (b) The CUSO shall grant ITT ESI reasonable access to the CUSO’s officers for the purpose of
answering questions regarding the sale of Participation Interests and the administration of the Program. 
 (c) The CUSO shall provide ITT
ESI with all Loan level information and documentation within its possession or control. 
 4.3 Inspection and Audit. ITT ESI and its
representatives shall have the right to inspect, audit and test the books, records, procedures and internal controls of the CUSO and/or the Program Administrator for any corporate purpose. The CUSO and Program Administrator shall cooperate with any
such inspection, audit or testing. Any such inspection, audit or testing shall be at ITT ESI’s expense, unless (a) such inspection, audit or testing was caused by the fraud, willful misconduct or negligence of the CUSO or the Program
Administrator, the CUSO’s breach of any of the Program Documents, or the Program Administrator’s breach of the Management Agreement, or (b) such inspection, audit or testing reveals that the records or reporting with respect to any
Loan Pool reflect material inaccuracies with respect to Loans, the Net Disbursements on which aggregate in excess of ten percent (10%) of the aggregate Net Disbursements on all Loans in such Loan Pool, in which cases the CUSO or the Program
Administrator, as applicable, shall reimburse ITT ESI for its out-of-pocket costs of such inspection, audit or testing, including without limitation the fees and
expenses of any third party auditor. The Program Administrator shall execute a joinder to this Agreement obligating it to comply with this Section 4.3. 

ARTICLE V 
 TERM AND
TERMINATION 
 5.1 Term. This Agreement shall be for an Initial Term commencing on the Effective Date and ending December 31,
2011 and shall automatically renew for successive Renewal Terms of one (1) year each, unless either party provides written notice of non-renewal to the other not less than one (1) year prior to the expiration of the Initial Term or any
such Renewal Term. The CUSO’s Estimated Aggregate Funding Commitment during any Renewal Term shall be determined in accordance with Section 2.9(l). 

5.2 Events of Default and Remedies. If an Event of Default occurs, then, and in every such event, the non-defaulting party may do one
or both of the following (without presentment, protest or notice of protest, all of which are expressly waived by the defaulting party): 

(a) Terminate this Agreement immediately upon written notice to the defaulting party; provided, however, that termination by the non-defaulting
party will not affect the validity of any Loans originated prior to such termination, and the existing obligations, representations and warranties of the terminating party and the defaulting party regarding such Loans shall remain in effect. 

(b) Exercise all other rights legally available to it (other than recovery of incidental, consequential or punitive damages). 

  
 15 

 As used herein, “Event of Default” shall mean any of the
following: 
 (1) If a party materially fails to perform any of its covenants in this Agreement or any other Program Document (other than
the Management Agreement) and such failure is not cured within thirty (30) days after receipt of written notice from the non-defaulting party specifying the nature of such failure; provided, however, that no failure of ITT ESI to provide or
advance funds under a Credit Facility shall be deemed a breach of this Agreement; 
 (2) The filing by a party of a petition in bankruptcy
or a proposed or actual assignment for the benefit of creditors or similar proceeding by such party; 
 (3) The filing against a party of a
petition in bankruptcy or the appointment for such party or any of its assets of a trustee, receiver, executor, liquidator or conservator or other judicial or administrative representative, or any similar proceeding, which is not vacated, dismissed
or stayed on appeal within sixty (60) days; or 
 (4) With respect to the CUSO, in ITT ESI’s sole discretion, (A) any Event
of Default by the CUSO under any Credit Facility provided by ITT ESI, (B) any failure by the CUSO to cause the Originating Entity to originate at least seventy-five percent (75%) of the Estimated Aggregate Funding Commitment in any Funding
Year, or (C) any material failure by the CUSO to purchase Loans due to any termination by a Participant of its respective Subscription Agreement because of a change in existing law or regulation as provided therein. ITT ESI’s rights under
clauses (B) and (C) above shall not be affected by any election by ITT ESI to advance or not advance funds under any Credit Facility. 

5.3 Termination. 
 (a) In
addition to and not in limitation of the provisions of Section 5.2, this Agreement shall immediately terminate upon the occurrence of any of the following: 

(i) Upon the mutual written agreement of ITT ESI and the CUSO. 

(ii) If the Program or any material aspect thereof is determined by ITT ESI or the CUSO, based upon an opinion of counsel, to be in violation
of the Federal Credit Union Act, any NCUA Rule or any other federal law or regulation, or if the Loans do not qualify for the federal preemption provided in NCUA Rule 701.21(b). 

(iii) If ITT ESI sells or discontinues its educational business. 

(b) Without limitation of the provisions of Section 5.3(a), if either party provides a written request not later than one (1) year
prior to the beginning of any Renewal Term that a new Estimated Aggregate Funding Commitment be adopted for such Renewal Term and the parties are unable to agree on a new Estimated Aggregate Funding Commitment for such Renewal Term within two
hundred seventy (270) days prior to the beginning of such Renewal Term, the party making such request may terminate this Agreement effective at the end of the then current Term by giving written notice to the other party not later than two
hundred sixty (260) days prior to the beginning of such Renewal Term. 
  

  
 16 

 (c) The termination or non-renewal of this Agreement in accordance with its terms shall
automatically terminate all other Program Documents. 
 (d) A termination or non-renewal of this Agreement shall not affect the validity of
any Loans originated or any obligations of the CUSO arising prior to such termination or non-renewal, and the existing obligations, representations and warranties of the parties regarding such Loans and any such obligations of the CUSO shall remain
in effect. 
 ARTICLE VI 

MISCELLANEOUS 
 6.1
Assignment of Rights; Delegation of Duties. This Agreement may not be assigned or delegated by either party without the written consent of the other party. Likewise, no Program Document may be assigned, nor may any obligation thereunder be
delegated, without ITT ESI’s prior written consent. Any other attempt to delegate or assign any obligations arising under this Agreement shall be null and void. All obligations hereunder are binding on any successors-in-interest of a party.
Notwithstanding the foregoing, (a) this Agreement and all rights and obligations hereunder may be assigned by either party to any Person acquiring all or substantially all of such party’s assets and business, whether by sale, merger,
consolidation or similar transaction, and (b) ITT ESI may assign or delegate any of its rights under this Agreement to any direct or indirect subsidiary or Affiliate of ITT ESI. The party making any assignment permitted by clause (a) or
(b) above shall provide prior written notice of such assignment to the other party. 
 6.2 Notices. Notices, requests, demands
or other instruments that may be or are required or permitted to be given to either party hereto must be in writing and shall be deemed to have been properly given and effective when: 

(a) Delivered personally to an officer of the party to which such notice is to be given; or 

(b) Actually received or refused by a party when mailed by registered or certified mail or delivered by an overnight delivery service that
requires a signature upon receipt; or 
 (c) Sent by electronic mail or facsimile if delivery is confirmed and a copy is mailed to the
recipient as set forth above. 
 All such notices will be addressed as set forth on the signature page hereto. Either party may change the
address to which notices to such party are to be sent by notice to the other party given as aforesaid. 

  
 17 

 6.3 Severability Clause. Any part, provision, representation, warranty or covenant of this
Agreement that is prohibited or is held to be void or unenforceable shall be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof. Any part, provision, representation, warranty or
covenant of this Agreement that is prohibited or is held to be void or unenforceable in any particular jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof, and any such prohibition or unenforceability in any particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

6.4 Counterparts. This Agreement may be executed in counterparts, each of which shall for all purposes be deemed to be an original and
both of which shall together constitute but one and the same instrument. 
 6.5 GOVERNING LAW; CONSENT TO JURISDICTION. THIS
AGREEMENT WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF INDIANA, APPLICABLE TO AGREEMENTS NEGOTIATED, MADE AND TO BE PERFORMED ENTIRELY IN SAID STATE. TO THE FULLEST EXTENT PERMITTED UNDER APPLICABLE LAW, THE CUSO
HEREBY IRREVOCABLY (A) SUBMITS TO THE JURISDICTION OF ANY INDIANA STATE AND FEDERAL COURTS SITTING IN INDIANAPOLIS, INDIANA WITH RESPECT TO MATTERS ARISING OUT OF OR RELATING TO THIS AGREEMENT; (B) AGREES THAT ALL CLAIMS WITH RESPECT TO
SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH INDIANA STATE OR FEDERAL COURTS; (C) WAIVES THE DEFENSE OF AN INCONVENIENT FORUM; AND (D) AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND
MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. 
 6.6 Successors and Assigns.
This Agreement shall bind and inure to the benefit of and be enforceable by the parties and their respective successors and permitted assigns. 

6.7 Changes, Waivers, Modifications, Discharges and Terminations. Neither this Agreement nor any term or provision hereof may be
changed, waived, modified, discharged or terminated except by a writing signed by a duly authorized officer of the party against which enforcement of such change, waiver, modification, discharge or termination is sought to be enforced. 

6.8 Schedules and Exhibits. The Schedules and Exhibits to this Agreement are hereby incorporated into and made a part hereof and are an
integral part of this Agreement. 
 6.9 Further Assurances. Each party agrees to execute and deliver to the other such reasonable and
appropriate additional documents, instruments or agreements as may be necessary or appropriate to effectuate the purposes and to carry out the terms of this Agreement. 

6.10 No Partnership, Joint Venture or Agency. This Agreement does not create any sort of partnership or joint venture between the
parties. Neither party shall have the authority to act as agent for the other party or to bind the other party to any obligation (except as expressly provided in this Agreement or the other Program Documents) without such party’s written
consent. 
  

  
 18 

 6.11 Entire Agreement. Together with the other Program Documents, this constitutes the
entire agreement of the parties with respect to the subject matter hereof, and may not be modified or amended without the written consent of ITT ESI and the CUSO. 

6.12 Construction of Agreement. The captions and headings of the sections and paragraphs of this Agreement are for convenience only and
are not to be used to interpret or define the provisions of this Agreement. This Agreement has been drafted by arm’s length negotiation of the parties hereto and should not be interpreted against either party as the primary drafter of this
Agreement. 
 6.13 Attorneys’ Fees and Costs. If any lawsuit or proceeding is brought by either party to enforce the terms of
this Agreement, the unsuccessful party shall pay the prevailing party’s costs and reasonable attorneys’ fees incurred in bringing or defending such action. 

6.14 Specific Performance. The parties recognize that irreparable injury will result from a breach of any provision of this Agreement
and that money damages will be inadequate to fully remedy the injury. Accordingly, in the event of a breach or threatened breach of one or more of the provisions of this Agreement, the party who may be injured (in addition to any other remedies
which may be available to that party) shall be entitled to one or more preliminary or permanent orders (a) restraining and enjoining any act which would constitute a breach, or (b) compelling the performance of any obligation which, if not
performed, would constitute a breach. 
 6.15 No Incidental or Consequential Damages. Neither party shall be responsible for any
special, indirect, incidental or consequential damages arising from any breach of this Agreement or any Program Document. 
 6.16
Confidential Information. Each of the parties agrees that it will keep all Confidential Information as confidential and will not, without each other party’s prior written consent, disclose any portion of the Confidential Information to
anyone other than to its representatives. Neither party will (and will cause its representatives not to) use any of the Confidential Information for any purpose other than in connection with its responsibilities under this Agreement and the Program.
Each party will inform its representatives of the confidential nature of the Confidential Information and direct each representatives to treat the Confidential Information as confidential. 

Nothing in this Agreement will be deemed to prevent either party from disclosing any Confidential Information to the extent required by any
applicable law, regulation or court order (including applicable securities or credit union laws), but, other than any information disclosed by ITT ESI under applicable securities laws and regulations (a) the receiving party must (unless
prohibited by law, regulation or court order) notify the disclosing party of the imminent disclosure as soon as is practicable and in all events with sufficient prior notice to allow the disclosing party to seek a protective order or otherwise to
object, and (b) the receiving party will use commercially reasonable best efforts to minimize or prevent such disclosure to the maximum extent allowed under applicable law, regulation or court order. Confidential Information does not include
any such information that: (i) was or becomes generally available to the public other than as a result of a disclosure by the receiving party or its representatives; (ii) was within the receiving party’s possession prior to being
furnished by or on behalf of the disclosing party; (iii) is furnished to the receiving party by a third party who has represented to the receiving party that it is not under an obligation of confidentiality to the disclosing party; or
(iv) is independently developed by the receiving party without the use of any Confidential Information. 
  

  
 19 

 Neither party may use or disclose to any third party (other than its employees and/or
representatives) any Customer Information except solely to carry out the purposes under this Agreement for which such Customer Information was disclosed. 

Promptly after either party gains knowledge of any unauthorized use or disclosure of any Confidential Information or Customer Information,
such party shall promptly notify the other party hereto in writing of such use or disclosure so that, to the extent then possible, mitigating actions can be taken. 

Each party expressly consents and agrees that, notwithstanding anything to the contrary in this Section 6.16, the other party may, in
addition to any other remedies available to such other party, obtain injunctive relief in appropriate cases (including a temporary restraining order, preliminary injunction or specific performance) to terminate or prevent the continuation of any (or
prevent any threatened) default or breach under this Section 6.16 without having to show any actual damage and without having to post any bond. It is specifically agreed that each party may incur incalculable and irreparable damage from any
violation by the other party of any of this Section 6.16 and that such party will not have an adequate remedy at law for such a violation and the parties are entitled to injunctive relief for any such actual or threatened violation. 

  
 20 

 IN WITNESS WHEREOF, the parties have caused their names to be signed hereto by their respective
officers thereunto duly authorized on the date first above written. 
  

					
	ITT EDUCATIONAL SERVICES, INC.
		
	By:	 	 /s/ Kevin M. Modany

	 Name:
 Title:

 
 Address:
	 	 Kevin M. Modany
 Chairman, CEO
and President
  
 13000 North Meridian Street

Carmel, Indiana 46032
 Attn: Chief Financial Officer

Email: dfitzpatrick@ittesi.com
 Fax:
(317) 706-9254

  

					
	STUDENT CU CONNECT CUSO, LLC
		
	By:	 	 /s/ Tony Ferris

	 Name:
 Title:

 
 Address:
	 	 Tony Ferris
 Partner,
Rochdale
  
 8700 Indian Creek Parkway

Suite 120
 Overland Park, Kansas 66210

Email: tferris@rochdalegroup.com
 Fax:
(913) 322-3770

  
 21 

 JOINDER 

The undersigned hereby joins this Agreement for the purpose of accepting and agreeing to be bound by the provisions of Section 4.3
hereof. 
  

					
	THE ROCHDALE GROUP, INC.
		
	By:	 	 /s/ Tony Ferris

	 Name:
 Title:

 
 Address:
	 	 Tony Ferris
 Partner,
Rochdale
  
 8700 Indian Creek Parkway

Suite 120

Overland Park, KS 55216

Email: tferris@rochdalegroup.com

Fax: (913) 322-3770

  
 22 

 SCHEDULE A 

DEFINITIONS 
  

 
  
  

 

  
 23 

 SCHEDULE A 

DEFINITIONS 
 A.
Definitions. The following terms shall have the following respective meanings: 
 “2010 Funding Year
Target” means the sum of (i) the Base Funding Year Target plus (ii) the amount (if any) by which the Base Funding Year Target exceeded the aggregate dollar amount of funds deposited in the Loan Funding Account by
the CUSO (excluding any amounts deposited in respect of refunds of Loans) in Funding Year 2009. 
 “2011 Funding Year
Target” means the sum of (i) the Base Funding Year Target plus (ii) the amount (if any) by which the 2010 Funding Year Target exceeded the actual dollar amount of funds deposited in the Loan Funding Account by
the CUSO (excluding any amounts deposited in respect of refunds of Loans) in Funding Year 2010. 
 “Actual Funding
Commitment” means the amount deposited by the CUSO into the Loan Funding Account with respect to any Funding Period in order to meet actual Loan demand. 

“Actual Participation Commitment” means, with respect to each Subscriber, the amount obtained by
multiplying such Subscriber’s Participation Commitment Percentage by the estimated Loan volume for a given Funding Period, less the Subscriber’s share (based on Participation Commitment Percentage) of any previously unutilized amounts and
any amounts permitted to be retained from refunds. 
 “Actual Renewal Participation Commitment” means,
with respect to a Subscriber, a revised Estimated Aggregate Participation Commitment (as defined in the applicable Subscription Agreement) for a Renewal Term based on estimated Loan volume. 

“Administrative Fee” has the meaning set forth in the Participation Agreement. 

“Affiliate” means, with respect to any Person, any other Person controlling or controlled by or under common control
with such Person. For purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of
voting securities, by contract or otherwise, and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

“Annual Commitment” means, with respect to each Participant, the portion of the Estimated Aggregate
Participation Commitment (as defined in the applicable Subscription Agreement) payable in a Funding Year covered by the Participation Agreement. 

“Automatic Renewal” means the automatic renewal of a Subscriber’s obligations under the applicable
Subscription Agreement for one or more successive Renewal Terms. 
 “Available Funded Commitment” has
the meaning set forth in the Participation Agreement. 

 “Available Participation Interest” has the meaning set
forth in the Participation Agreement. 
 “Base Funding Year Target” means one-third of the Estimated
Aggregate Funding Commitment for Funding Years 2009, 2010 and 2011. 
 “Borrower” means a Student, or
any guarantor or co-signer of a Student, obligated under each Loan. 
 “Business Day” means a day
other than Saturday, Sunday, a United States national holiday or other day on which banks in the State of Indiana are permitted or required by law to close. 

“Charged Off” means a Loan on which there have not been any payments made for at least 180 days, if any
payments had been due during such period. 
 “Claim Package” means, with respect to each ITT ESI Risk
Loan (if any) in a Loan Pool: (a) Loan-level information, including, without limitation, both a servicing and a payment transaction history, for that ITT ESI Risk Loan; and (b) an invoice summarizing the Loan-level remittance data for such
ITT ESI Risk Loan, including loan number, name, social security number, disbursement date, outstanding loan amount, outstanding accrued interest, interest rate, aggregate monthly payment(s) amount past due, and, if requested by ITT ESI, the ten
(10) day pay-off amount for such ITT ESI Risk Loan. 
 “Collateral” has the meaning set forth in
the Security Agreement. 
 “Collateralization Percentage” means, with respect to the Loan Pool for
Funding Year 2009, fifteen percent (15%), and, with respect to each Loan Pool other than that for Funding Year 2009, ten percent (10%), in each case, unless adjusted as provided in Section 6.3 of the Risk Sharing Agreement. 

“Collection and Charge Off Standards” mean the Loan servicing criteria mutually approved by the parties
to the Program Agreement. 
 “Commitment Account” means the account maintained by the CUSO into which
Participants will deposit funds in respect of Participation Commitments and from which the CUSO will withdraw funds to deposit into the Loan Funding Account for the purchase of Loans. The funds in the Commitment Account shall not be commingled with
any other funds of the CUSO. 
 “Commitment Share” means, with respect to each Participant in relation
to each Loan Pool and for any date of determination, a fraction (expressed as a percentage), (i) the numerator of which equals the amount of the Available Funded Commitment then funded by such Participant for such Loan Pool, and (ii) the
denominator of which equals the aggregate Available Funded Commitment. 
 “Commitments” has the
meaning set forth in the Participation Agreement. 

  
 2 

 “Confidential Information” means (a) information
disclosed to a party with respect to any Program Document; (b) all information related to the structure of and the terms of any Program Document, including items set forth in the Exhibits thereto; and (c) all information related to the
other parties’ operations, finances, Borrowers, customers, and Students, and any analyses, concepts, ideas, compilations, studies, materials, memoranda, notes and data pertaining thereto and/or derived from the any Program Document or the
Program. 
 “Credit Facility” means any debt financing obtained by the CUSO from ITT ESI
or other lender(s) to fund the CUSO’s operation of the Program and the Retained CUSO Interest, if any, in the Loans in each Loan Pool.  

“Credit Facility Documents” means any loan agreement, security agreement, promissory note, borrowing
base certificate, and other documents entered into by the CUSO in connection with a Credit Facility, as amended, modified, restated or replaced from time to time.  

“Credit Lender” means the financial institution(s) or other Person(s) providing the Credit Facility to
the CUSO. 
 “Credit Unions” means, collectively, the network of participating credit
unions in the Program, which includes the Originating Entity. 
 “CUSO” means Student CU Connect CUSO,
LLC, a Delaware limited liability company operating as a credit union service organization. 
 “Customer
Information” means non-public consumer information that is disclosed to a party by another party or any Credit Union. 

“Cut-off Date” means the date that is five (5) Business Days prior to any Payment Date. 

“Default” means, with respect to any Loan, any event that constitutes or, with the giving of notice or
passage of time or both, would constitute a default or an event of default under the related Loan Documents.  

“Deposit Account Control Agreement” means a Deposit Account Control Agreement among ITT ESI, the CUSO
and a Designated Financial Institution substantially in the form of Exhibit 1.1(b) to the Security Agreement. 

“Designated Financial Institution” means a financial institution selected by ITT ESI and meeting the
criteria set forth in Exhibit A-1 hereto. 
 “Disassociated
Participant” has the meaning set forth in the Participation Agreement. 
 “Distribution
Account” means the segregated account maintained by the CUSO in which Monthly Collections will be deposited and from which the CUSO will withdraw funds to make distributions to itself and the Participants as set forth in Sections
7(a)-(b) of the Participation Agreement. 
 “Effective Date” means
February 20, 2009. 

  
 3 

 “Estimated Aggregate Funding Commitment”
means an amount equal to the sum of all Estimated Aggregate Participation Commitments. When words such as “for that Funding Year” and “for that Funding Period” are used after the term “Estimated Aggregate Funding
Commitment” in any Program Document, it means the maximum portion of the Estimated Aggregate Funding Commitment that is payable in the applicable Funding Year or Funding Period, respectively, as determined in accordance with
Section 2.9(c) and Section 2.9(d), respectively, of the Program Agreement. 

“Exit Transaction” has the meaning set forth in the Participation Agreement. 

“First Disbursement Date” means, with respect to each Funding Period, the date of the first Loan
disbursement by the Originating Entity to ITT ESI in such Funding Period, as mutually determined by ITT ESI and the CUSO. 

“First Loss Percentage” means thirty-five percent (35%) or such other percentage as ITT ESI and the
CUSO shall mutually agree upon as provided in Section 5.1 of the Risk Sharing Agreement. 
 “First Loss
Risk” means, with respect to any Loan Pool, the product produced by multiplying (x) the applicable First Loss Percentage times (y) the aggregate Net Disbursements on all Loans in such Loan Pool. 

“Funding Periods” means periods during a Funding Year determined from time to time by ITT ESI. 

“Funding Year” means the calendar year in which a Loan is disbursed. For clarification, Funding Year
2009 is the period commencing on the Effective Date and terminating on December 31, 2009, and Funding Years 2010 and 2011 are the related calendar years. 

“GAAP” means generally accepted accounting principles in the United States, or such other accounting
principles as prescribed for public companies from time to time. 
 “Initial Capital Contribution”
means a Credit Union’s initial Capital Contribution (as defined in the Operating Agreement) in exchange for its Membership Interest. 

“Initial Term” means the period from the Effective Date until December 31, 2011. 

“ITT ESI” means ITT Educational Services, Inc., a Delaware corporation. 

“ITT ESI Risk Loans” means, collectively, all Loans (representing all unpaid (i) Net Disbursements
and (ii) accrued interest) in a Loan Pool in excess of the First Loss Risk for such Loan Pool. 
 “ITT ESI Risk
Payment” means, as to a Loan Pool, once the First Loss Risk for such Loan Pool has been exceeded, payments due and unpaid as of the end of the applicable month on all Charged Off ITT ESI Risk Loans in such Loan Pool that
are not Charged Off First Loss Risk Loans. 

  
 4 

 “Letter of Credit” means an irrevocable standby letter of
credit, securing payment of all or a portion of the Obligations (as defined in the Security Agreement) with respect to a Loan Pool, issued by a Designated Financial Institution. 

“Lien” means any statutory or common law consensual or
non-consensual mortgage, pledge, security interest, participation interest, encumbrance, lien, right of setoff, claim or charge of any kind, including, without limitation, any conditional sale or other title
retention transaction, and any secured transaction under the Uniform Commercial Code of any applicable jurisdiction. 
 “Loan
Criteria” means the criteria of the Originating Entity, of which Exhibit A-2 hereto is a copy, which may not be amended or supplemented without the prior written approval of ITT ESI and the CUSO. 

“Loan Documents” means, with respect to each Loan, the loan application, loan agreement, promissory
note, co-signer documentation (if applicable), and other documents executed and delivered by a Borrower, as amended, modified, restated or replaced from time to time. 

“Loan File” means the credit report, underwriting analysis, loan approval, confirmation of credit union
membership, Loan Documents, payment history, and all other documentation of the Originating Entity or the CUSO with respect to any Loan. 

“Loan Funding Account” means the account designated by the Originating Entity into which the CUSO will deposit the
Purchase Price for Loans to be disbursed in each Funding Period and from which the Originating Entity will disburse the Loan proceeds to ITT ESI. 

“Loan Pool” means all Loans disbursed during a Funding Year. 

“Loan Pool Collateral” means as to each Loan Pool, the Collateral therefor to be determined, established
and adjusted pursuant to Article VI of the Risk Sharing Agreement. 
 “Loan Proceeds”
means, with respect to each Loan, all payments of principal, interest, loan fees, late fees, and other amounts received by the CUSO or the Servicer(s) in connection with such Loan. 

“Loans” means loans to Students originated by the Originating Entity in accordance with the Loan
Criteria pursuant to the Purchase Agreement. 
 “Losses” means, with respect to any indemnity or limitation of
liability in any Program Document, losses, costs, claims, damages, demands, expenses, liabilities, causes of action, investigation expenses, attorneys’ fees and expenses and amounts paid in settlement; provided, however, that no settlement
shall be made without the written consent of the party suffering the Loss, unless such settlement provides a full release of such party without the payment of any funds by such party. “Losses” excludes, however, incidental, consequential,
indirect, punitive or special damages. 

  
 5 

 “Management Agreement” means the Management Services
Agreement, dated as of the Effective Date, between the Program Administrator and the CUSO, as amended, modified, restated or replaced from time to time. 

“Mature Loans” means Charged Off Loans on which an amount equal to at least ten (10) monthly
payments have been made, whether by the Borrower, ITT ESI under Section 3.4 of the Risk Sharing Agreement, or otherwise. 

“Membership Interest” means a Credit Union’s membership interest in the CUSO under the Operating
Agreement and such Credit Union’s Subscription Agreement. 
 “Monthly Collections” has the
meaning set forth in the Participation Agreement. 
 “Monthly Report” means a written report
concerning a Loan Pool, as of the end of the month that is the subject of such Monthly Report, containing the following information: (i) the aggregate Net Disbursements on all Loans originally in the applicable Loan Pool; (ii) the amount
of the First Loss Risk for such Loan Pool; (iii) the aggregate current principal balances of all Loans in such Loan Pool; (iv) the aggregate amount that has been Charged Off on all Loans in such Loan Pool; (v) the aggregate current
principal balances of all Loans in such Loan Pool, if any, that are the subject of the First Loss Risk for such Loan Pool and have not yet been subjected to Charge Off; (vi) the aggregate amount of the current principal balances of all ITT ESI
Risk Loans in such Loan Pool; (vii) if the First Loss Risk has been exceeded, the aggregate ITT ESI Risk Payment; (viii) the aggregate current outstanding balance plus accrued unpaid interest of each Mature Loan reported pursuant to clause
(vii) hereof; and (ix) the aggregate amount of all payments received during such month in respect of all Charged Off Loans. 

“NCUA” means the National Credit Union Administration or any successor federal credit union regulatory
agency. 
 “NCUA Rules” means the rules and regulations of the NCUA. 

“Net Disbursement” means, as to any Loan, the total original sum disbursed to ITT ESI as payment of
tuition and other charges, plus all origination and other loan fees, net of any refund or return thereof paid by ITT ESI within sixty (60) days after the disbursement date thereof. The amount of the Net Disbursement on a Loan shall not be
reduced for any principal payments made on such Loan, whether by the Borrower, ITT ESI or otherwise (excepting only refunds as aforesaid), or increased for any capitalized interest charges. 

“Offer Price” has the meaning set forth in the Participation Agreement. 

“Operating Agreement” means the Operating Agreement of the CUSO, as amended, modified, restated or
replaced from time to time. 
 “Originating Entity” means the federal credit union that will originate
Loans, sell such Loans to the CUSO, and maintain a Retained Originator Interest in the Loans in each Loan Pool not less than that percentage from time to time required by NCUA Rules or other applicable law. 

  
 6 

 “Originating Entity Default” shall be deemed to exist if
(i) the Originating Entity withdraws from the Program or is expelled from the CUSO; (ii) the Originating Entity fails for any reason to originate any Loan which complies with the Loan Criteria and does not cure such failure within fifteen
(15) days after receipt of written notice from the CUSO; (iii) an Event of Default by the Originating Entity exists under the Purchase Agreement; (iv) the Originating Entity ceases doing business or becomes insolvent, or the NCUA
becomes liquidator of the assets of the Originating Entity in the event of insolvency; (v) the Originating Entity is no longer able to serve as Originating Entity or originate Loans under the Program; (vi) the Originating Entity becomes a
Disassociated Participant; or (vii) the Originating Entity fails at any time to fund or maintain the Retained Originator Interest. 

“Origination Agreement” means any agreement entered into between the Originating Entity and the
Origination Vendor, with the prior approval of ITT ESI, in connection with which the Originating Entity will engage the Origination Vendor to perform origination and documentation servicing for the Loans. 

“Origination Vendor” means any Person performing Loan origination and documentation servicing under the
Origination Agreement. 
 “Participant Schedule” has the meaning set forth in the Participation
Agreement. 
 “Participants” mean the Credit Unions that acquire Participation Interests in the Loans
in any Loan Pool, including without limitation the Originating Entity. 
 “Participation Agreement”
means the Participation Agreement entered into between the CUSO and the Participants, as amended, modified, restated or replaced from time to time. 

“Participation Commitment Percentage” means, with respect to a Participant, the percentage such
Participant’s Estimated Aggregate Participation Commitment bears to the total of all Participants’ Estimated Aggregate Participation Commitments. 

“Participation Commitments” means collectively, a Subscriber’s Estimated Aggregate Participation
Commitment (as defined in the applicable Subscription Agreement) and Actual Participation Commitments. 
 “Participation
Interest” means, with respect to each Participant, its beneficial ownership interest in each Loan and the related Loan Documents, including such Participant’s right to receive its share of Loan Proceeds on each
Payment Date. 
 “Participation Pledgee” has the meaning set forth in the Participation Agreement.

 “Participation Purchase Notice” has the meaning set forth in the Participation Agreement. 

“Payment Date” means the 25th day of each month or, if such day is not a Business Day, the following
Business Day. 

  
 7 

 “Percentage Interest” means, with respect to a Member (as
defined in the Operating Agreement), the percentage such Member’s Membership Interest bears to the total outstanding Membership Interests. 

“Permitted Liens” means (a) Liens of the CUSO, (b) Liens for taxes not delinquent or for taxes
being diligently contested in good faith by ITT ESI by appropriate proceedings, (c) Liens arising in the ordinary course of business with respect to obligations which are not due or which are being diligently contested in good faith by ITT ESI
by appropriate proceedings, provided such Liens do not, in the aggregate, materially detract from the value of the Collateral, and (d) Liens specifically consented to in writing by the CUSO. 

“Person” shall mean any natural person, corporation, association, limited liability company, syndicate,
partnership, joint venture, trust, government or agency and department thereof, or any other entity of every kind. 

“Pledge” has the meaning set forth in the Participation Agreement. 

“Pledging Participant” has the meaning set forth in the Participation Agreement. 

“Pro Rata Share” means, with respect to each Participant and the CUSO in relation to each Loan Pool and for any date
of determination, a fraction (expressed as a percentage), (i) the numerator of which equals the aggregate principal balance of its Participation Interests or Retained CUSO Interest, as the case may be, in the Loans in such Loan Pool, and
(ii) the denominator of which equals the aggregate principal balance of all Participation Interests and the Retained CUSO Interest in the Loans in such Loan Pool. 

“Program” means the national financing program established by the CUSO to provide private student loans
to Students in accordance with the Program Agreement. 
 “Program Administrator” means the Person
designated from time to time as the “Program Administrator” under the Program Agreement. The initial Program Administrator is TRG. 

“Program Agreement” means the Financing Program Agreement, dated as of the Effective Date, between ITT
ESI and the CUSO, as amended, modified, restated or replaced from time to time. 
 “Program Documents”
means the Program Agreement, the Participation Agreement, the Subscription Agreements, the Purchase Agreement, the Servicing Agreement(s), the Origination Agreement, the Risk Sharing Agreement, the Security Agreement, the Operating Agreement, the
Management Agreement, the Credit Facility Documents (if ITT ESI is Credit Lender), and any other documents or instruments entered into in connection with the Program, and any amendment, modification, restatement or replacement thereof. 

“Projected Renewal Participation Commitment” means, with respect to a Subscriber, the sum of the
Participation Commitments paid by or credited to such Subscriber for the four (4) Funding Periods immediately preceding a Renewal Term. 

  
 8 

 “Purchase Agreement” means the Loan Purchase and Sale
Agreement, dated as of the Effective Date, entered into by the Originating Entity and the CUSO, as amended, supplemented, modified, restated or replaced from time to time. 

“Purchase Option Price” has the meaning set forth in the Participation Agreement. 

“Purchase Price” means the principal amount of a Loan purchased by the CUSO, excluding origination fees and expenses.

 “Quarterly Report” has the meaning set forth in the Participation Agreement. 

“Redirection Notice” has the meaning set forth in the Participation Agreement. 

“Renewal Term” means any one (1) year period after the Initial Term in which a Program Document is renewed. 

“representatives” means, with respect to a party to the applicable Program Document, employees of such party and such
party’s agents, representatives and advisors, including without limitation, attorneys, accountants, and financial advisors. 

“Required Information” means each Claim Package and related Monthly Report. 

“Retained CUSO Interest” means, with respect to each Loan in a Loan Pool, at any time, the portion
thereof that is not then subject to either the Retained Originator Interest or Participation Interests held by Participants. 

“Retained Originator Interest” means, with respect to each Loan in a Loan Pool, the Originating
Entity’s 10% Participation Interest in such Loan. Any interest of the Participants (including the Originating Entity) in any such Loan exceeding the 10% Retained Originator Interest is a regular Participation Interest therein. 

“Risk Sharing Agreement” means the Risk Sharing Agreement, dated as of the Effective Date, between ITT
ESI and the CUSO, as amended, supplemented, modified, restated or replaced from time to time. 
 “SEC”
means the United States Securities and Exchange Commission. 
 “Securities Account Control Agreement”
means an agreement among ITT ESI, the CUSO and a securities intermediary substantially in the form of Exhibit 1.1(f) of the Security Agreement. 

“Security Agreement” means the Security Agreement, dated as of the Effective Date, by ITT ESI in favor
of the CUSO. 
 “Security Documents” means the Security Agreement and any and all other security
agreements, assignments, subordination agreements, pledge or hypothecation agreements, instruments, letters of credit, letter-of-credit agreements and documents that are
(i) now and/or hereafter existing between the CUSO and ITT ESI, and (ii) that secure any of the Obligations (as defined in the Security Agreement). 
  

  
 9 

 “Servicer” means the Person obligated pursuant to the
Servicing Agreement to, among other things, collect, monitor and report Loan payments, handle late payments and other delinquencies, and remit payments. 

“Servicing Agreement” means the Servicing Agreement dated as of the Effective Date between the CUSO and
the Servicer, as amended, supplemented, modified, or replaced from time to time. 
 “Servicing Fee” means all fees
payable to Servicer or Origination Vendor for performing their respective obligations under the Servicing Agreement or the Origination Agreement. 

“Student” means a student enrolled at one of ITT ESI’s ITT Technical Institutes. 

“Subscriber” means each Credit Union that is a party to a Subscription Agreement. 

“Subscriber 2010 Funding Year Target” means, with respect to each Subscriber, the sum of the Subscriber Base Funding
Year Target plus the amount (if any) by which the Subscriber Base Funding Year Target exceeded the actual amount that was paid by such Subscriber in Funding Year 2009. 

“Subscriber Base Funding Year Target” means, with respect to each Subscriber, one-third of such Subscriber’s
Estimated Aggregate Participation Commitment (as defined in the applicable Subscription Agreement) for Funding Years 2009, 2010 and 2011. 

“Subscriber Contact” means, with respect to each Subscriber, such Subscriber’s authorized representative
designated in such Subscriber’s Subscription Agreement. 
 “Subscriber Shortfall” means, with respect to a
Subscriber, that the payment of the entire Actual Participation Commitment by such Subscriber for any Funding Period would exceed twenty-five percent (25%) of the maximum portion of the Estimated Aggregate Participation Commitment for the
applicable Funding Year. 
 “Subscriber Shortfall Period” means a Funding Period in which a Subscriber Shortfall
occurs or is to occur. 
 “Subscription Agreement” means each Subscription and Commitment Agreement
between the CUSO and a Participant with respect to the Program, as amended, modified, restated or replaced from time to time. 

“Substitute Member” has the meaning set forth in the Operating Agreement. 

“Substitute Originating Entity” means a substitute federal credit union or group of federal credit unions, in either
case acceptable to ITT ESI, designated by the CUSO to serve as the Originating Entity. 

  
 10 

 “Substitute Purchase Agreement” means a purchase agreement
with a Substitute Originating Entity on the same or substantially similar terms as the Purchase Agreement or otherwise approved by the Substitute Originating Entity, the CUSO, and ITT ESI. 

“Term” means the Initial Term and any Renewal Term(s). 

“TRG” means The Rochdale Group, Inc., a Kansas corporation. 

B. Certain Definitions to be Disregarded. Terms defined in this Schedule and not used or capitalized in the Agreement to which this Schedule is
attached shall be disregarded for all purposes in connection with such Agreement (except and to the extent such terms are used in another Program Document referred to in the Agreement to which this Schedule is attached). 

  
 11 

 EXHIBIT A-1 

Designated Financial Institutions 

A Designated Financial Institution shall at all times be a banking corporation or national banking association organized and doing business
under the laws of the United States of America or any state thereof or of the District of Columbia and authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least Ten Billion U.S. dollars
($10,000,000,000) and subject to supervision or examination by federal, state, or District of Columbia authority. If such corporation or national banking association publishes reports of condition at least annually, pursuant to law or to the
requirements of the aforesaid supervising or examining authority, then for the purposes hereof, the combined capital and surplus of such corporation or national banking association shall be deemed to be its combined capital and surplus as set forth
in its most recent records of condition so published. 
 ITT ESI may not, nor may any entity directly or indirectly controlling, controlled
by, or under common control with ITT ESI, be a Designated Financial Institution, notwithstanding that such corporation or national banking association shall be otherwise eligible and qualified hereunder. 

  

 EXHIBIT A-2 

Loan Criteria 

  

 Student CU Connect Private Student Loan Program Criteria 

Program Borrowing Limits 
 The minimum and maximum amounts
that may be borrowed under this Loan Program on a per borrower basis are as follows: 
  

	 Minimum Loan Amount: 
	$1,000 (or any other higher minimum loan amount as applicable by state law) 

  

	 Annual Maximum Loan Limit: 
	Cost of Education less other financial aid 

 Aggregate Private Student Loan Program Limits: 

Minimum Loan Amount: 

Annual Maximum Loan Limit: 

Aggregate Private Student Loan Program Limits: 

 

					
	 Associate degree programs:
	  	$	35,000	  
	 Bachelors degree programs:
	  	$	60,000	  
	 *Resulting in maximum undergraduate (Associate and Bachelors combined):
	  	$	60,000	  
	 Graduate degree programs:
	  	$	25,000	  
	 *Resulting in maximum total of all combined:
	  	$	85,000	  

 Repayment Terms 

The minimum monthly principal and interest payment amount will be $50.00 per account per month. 

 

	1)	Repayment Plans 

 While a student is enrolled at an ITT Technical Institute, repayment of
principal and interest will be deferred until the circumstances described in the “Repayment Begins” section below occur. During the deferral period the borrower will be sent quarterly statements providing him or her the opportunity to make
interest payments. During the deferral period, the borrower can also make principal payments at any time without penalty. 
  

	2)	Repayment Begins 

 Repayment of principal and interest on each loan will begin six
(6) months after the student graduates, unless the student enrolls in another program at ITT Technical Institute and begins taking courses. For students who do not maintain at least four (4) credit hours in a given quarter for any reason
other than graduation, repayment of principal and interest will begin three (3) months after their last clay of attendance unless the student re-enrolls in an ITT Technical Institute and begins to take at
least four (4) credit hours. 
 Repayment of principal and interest on each loan will begin, if not already begun pursuant to the terms
of the preceding paragraph, on the first day following the seventh (7th) year anniversary of the date of the first disbursement on the loan. 
  

	3)	Repayment Duration 

 The term of each loan will be ten (10) years from the date the
repayment period begins. 
  

	4)	Prepayment 

 The borrower may prepay all or a portion of the loan at any time without
penalty. 
  

 Student CU Connect Private Student Loan Program Criteria 

 

	5)	Late Charges 

 Borrowers will be assessed a late charge if they fail to make any part of
an installment payment within 15 days after it becomes due. The late charge fee will be the lesser of $10.00 or 5% of the installment. 
 Program
Eligibility and Credit Requirements 
  

	1)	Eligible Borrower 

 The borrower must satisfy all of (a)-( d) below: 

 

	 	a)	Be admitted to, or have graduated from, an ITT Technical Institute undergraduate or graduate program of study. 

  

	 	b)	Be a U.S. Citizen or National, or a Permanent Resident. 

 AND 

If there is a Co-signer, the Co-signer must be a U.S. Citizen or National, or a Permanent Resident. c) Meet all credit requirements specified
below in Section 3. 
 OR 

Have a credit-worthy co-signer who meets all credit requirements specified below in Section 3. 

 

	 	d)	Be the age of majority, as determined by individual state requirements for the primary borrower’s permanent residence, at the time of the loan application. 

 

	2)	Eligible Loan Periods 

 Current and Future 

Borrowers can apply for a loan relating to an academic year that begins within twelve (12) months after the loan application date. The
first disbursement for a subsequent academic year must also occur within twelve (12) months after the loan application date. 
 Past
Enrollment 
 Borrowers may borrow funds for previous academic periods during which they were enrolled as long as such borrower has
either graduated or is enrolled in an ITT Technical Institute on the loan application date. 
  

	3)	Credit Requirements 

 To qualify for a loan, an eligible borrower must satisfy all of the
following credit requirements: 
  

	 	a)	No filed bankruptcy, discharged bankruptcy or foreclosure within the twenty-four (24) months immediately preceding the loan application date. 

 

	 	b)	No judgments, charge offs, collections, liens, or repossessions in an aggregate amount of more than five hundred dollars ($500) within the twenty-four (24) months immediately preceding the loan application date.

  

	 	c)	No mortgage, student loans, or other installment loans that are currently 90 days or more past due. d) No record of a student loan default, unless the default has been paid in full. 

 

	 	e)	Less than three (3) derogatory credit indications on the borrower’s credit report. A derogatory credit indication is defined as a balance of at least five hundred dollars ($500) that is past due at least
ninety (90) days. 

  

	 	f)	A borrower who fails to qualify on his or her own for a loan may be eligible with an eligible co-signer who satisfies all of the credit requirements and who has a credit score of at least 680. 

 

 Student CU Connect Private Student Loan Program Criteria 

At such time, if any, that the origination vendor of the loans can support it in an automated format, the foregoing (a) and
(d) credit requirements will be modified to read instead as follows: 
  

	 	a)	No filed bankruptcy, discharged bankruptcy or foreclosure within the twenty-four (24) months immediately preceding the loan application date unless the borrower has agreed to
payment arrangements and made prompt payments for at least the last consecutive 18 months. 

  

	 	d)	No record of a student loan default, unless the default has been paid in full, or the borrower is making satisfactory progress in repaying the loan. Satisfactory progress is defined as: at least twelve
(12) consecutive payments made: account is current: repayment history has no gaps: and the IRS Tax Offset Program was not used to pay default. 

Notwithstanding the foregoing, a borrower who is otherwise eligible under all of the other provisions of these loan criteria does not need to
satisfy all of the foregoing (a) through (f) credit requirements to qualify for a loan if .such borrower: (i) received the open account credit provided by ITT Technical Institute (known as its “Temporary Credit” program);
(ii) has graduated or is enrolled in any academic quarter other than the first academic quarter of such borrower’s first academic year on the loan application date; and (iii) has not declared bankruptcy within the twenty-four
(24) months immediately preceding the loan application elate. 
  

	4)	Credit Score 

 The eligible borrower’s FICO Score will determine the interest rate
and fee charged on the loan as follows: 
  

							
	 Tier
	  	 FICO Score
	  	 Interest Rate Range
	  	 Origination

Fee*

	 1
	  	790+	  	Prime +0.5%	  	N/A
	 2
	  	720-789	  	Prime +1.5%	  	2%
	 3
	  	680-719	  	Prime +4.0%	  	3%
	 4
	  	650-679	  	Prime +6.0%	  	5%
	 5
	  	600-649	  	Prime +7.0%	  	7%
	 6
	  	No credit score	  	Prime +8.0%	  	8%
	 7
	  	599 and below	  	Prime +10.5%	  	10%

	 	*	Origination fee calculated as a percent of loan amount 

 Eligible borrowers with an Experian-Fair Isaac Score Code of 9002 or 9003 will be priced as if part of Tier 6 (“No Credit Score”). 

The origination fee will be credited in full to the borrower if an entire disbursement is refunded within 60 days of the disbursement
date. 
 Notwithstanding the rates and fees set forth in the table above, the annual percentage rate, including the capitalized origination
fee, on any loan will not exceed eighteen percent (18%) over the term of the loan, or such other limit under applicable law that may be in effect from time to time. 
  

	5)	Deferment 

 a) In School 

Principal and interest payments on a Joan may be deferred by the borrower during the period that the student is enrolled in an undergraduate or
graduate program at an ITT Technical Institute and is taking at least four (4) credit hours. Upon graduation, the student may defer payment of the Joan principal and interest for an additional six (6) months (“grace period”). If
the student enrolls in another program at an ITT Technical Institute and begins taking courses before or after the end of such six (6) months, the deferral will continue or begin again, as applicable, until such time as repayment is to begin
under the terms of these loan criteria. Students whose enrollment terminates prior to graduation, or who are taking less than four (4) credit hours, will have a three (3) month grace period before principal and interest payments begin.

 Student CU Connect Private Student Loan Program Criteria 

If the student re-enrolls in an ITT Technical Institute and begins to take at least four (4) credit hours before or after the end of such
three (3) month period, the deferral will continue or begin again, as applicable, until such time as repayment is to begin under the terms of these loan criteria. Borrowers will receive quarterly statements while enrolled. 

b) Military 
 A military
deferment will be available for a period during which a borrower is serving on active duty during a war or other military operation or national emergency, or performing qualifying National Guard duty during a war or other military operation or
national emergency (“Qualifying Duty’’). A borrower who is a member of the National Guard or other reserve component of the U. S. Armed Forces (current or retired) and who begins serving Qualifying Duty while enrolled at ITT Technical
Institute, or within six (6) months after having been enrolled, is eligible to defer paying any principal or interest on a loan during the Qualifying Duty service and during the 13 months following the conclusion of the Qualifying Duty service,
or until the date that the borrower returns to an enrolled student status at ITT Technical Institute, whichever is earlier. 
  

	6)	Forbearance 

 A borrower may request a forbearance of the payment of principal and
interest on a loan, which Student CU Connect CUSO will grant in its sole discretion. Any single forbearance in the payment of a loan may not exceed three (3) months, and all forbearances granted with respect to a loan may not, in aggregate,
exceed twelve (12) months over the life of the loan. If the borrower is delinquent at the time a forbearance is granted, all past due interest on the loan will be capitalized. 

 

	7)	Interest Rate 

 Interest will accrue at a variable rate, beginning on the date that any
portion of the loan is disbursed, on the outstanding principal balance, including any capitalized interest and origination fees. The variable rate may change monthly on the first day of each month based on the Prime Rate as of the third to last
business day of the immediately preceding month. The Prime Rate is defined as the highest U.S. Prime Rate published in The Wall Street Journal “Money Rates’’ section. 

The applicable interest rate will be rounded to the nearest one-eighth of one percent (0.125%). In the event of a change in the Prime
Rate, monthly payments will be calculated based on the then current principal balance, the remaining term of the loan, and the then current interest rate, based on a 365.25-day calendar year and will not vary in leap years. 

Notwithstanding any other provisions herein, at no time will the applicable interest rate, inclusive of the capitalized origination fee, be
such that the annual percentage rate on any loan exceeds eighteen percent (18%) or such other limit under applicable law as in effect from time to time. 
  

	8)	Co-Signer Eligibility 

 To be eligible to co-sign a loan, a co-signer must have a FICO
score of at least 680 and satisfy other criteria specified above in Sections 1 (other than 1(a)) and 3. Loans with an eligible co-signer will be charged interest and fees at the Tier 4 level in Section 4 above. 

 

	9)	Default & Charge-Off 

 A loan will be in reportable default if any principal or
interest payment under the loan is sixty (60) days past due. 
 A loan will be charged off if payments under the loan are due and not
received for a period of one hundred and eighty (180) days. 

 FIRST AMENDMENT TO 

FINANCING PROGRAM AGREEMENT 

This FIRST AMENDMENT TO FINANCING PROGRAM AGREEMENT (this “Amendment”) is made and entered into effective as of
December 30, 2009, by and between ITT EDUCATIONAL SERVICES, INC. a Delaware corporation, on behalf of itself and its Affiliates and subsidiaries (“ITT ESI”), and STUDENT CU CONNECT CUSO, LLC, a Delaware limited liability
company operating as a credit union service organization (the “CUSO”). 
 RECITALS 

The following recitals are a material part of this Amendment: 

A. ITT ESI and the CUSO are parties to that certain Financing Program Agreement entered into as of February 20, 2009 (the
“Program Agreement”). 
 B. Capitalized terms used in this Amendment and not otherwise defined herein shall have the
meanings provided in the Program Agreement and Schedule A thereto. 
 C. Section 3.2(b) of the Program Agreement currently provides
that the CUSO shall reimburse ITT ESI for certain costs and expenses in connection with the design and implementation of the Program payable in equal quarterly installments over a three-year period. 

D. In consideration of the CUSO’s entry into, with ITT ESI, the First Amendment to Loan and Security Agreement and First Amendment
Allonge to Revolving Note, each dated contemporaneously herewith, ITT ESI has agreed to forgo the reimbursement contemplated by Section 3.2(b) of the Program Agreement. 

E. In connection with the foregoing, the parties hereto desire to amend the Program Agreement as set forth in this Amendment. 

AGREEMENT 
 NOW THEREFORE,
in consideration of foregoing and the mutual promises and covenants contained herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 

1. The Program Agreement is hereby amended by deleting Section 3.2(b) in its entirety. 

2. Except as amended by this Amendment, the remainder of Section 3.2 and the Program Agreement remain unchanged and in full force and
effect. 
 3. This Amendment may be executed in multiple counterparts, each of which shall for all purposes be deemed to be an original and
both of which shall together constitute but one and the same instrument. 

 IN WITNESS WHEREOF, the parties have caused their names to be signed hereto by their respective
duly authorized officers effective as of the date first above written. 
  

					
	ITT EDUCATIONAL SERVICES, INC.
		
	By:	 	 /s/ Kevin M. Modany

	Name:	 		 	Kevin M. Modany
	Title:	 		 	Chairman and CEO

  

					
	STUDENT CU CONNECT CUSO, LLC
		
	By:	 	 /s/ Daniel R. Kampen

	Name:	 		 	Daniel R. Kampen
	Title:	 		 	CUSO Administrator

  
 2 

 SECOND AMENDMENT TO 

FINANCING PROGRAM AGREEMENT 

This SECOND AMENDMENT TO FINANCING PROGRAM AGREEMENT (this “Amendment”) is made and entered into effective as of
August __27_, 2010, by and between ITT EDUCATIONAL SERVICES, INC., a Delaware corporation, on behalf of itself and its Affiliates and subsidiaries (“ITT ESI”), and STUDENT CU CONNECT CUSO, LLC, a Delaware limited
liability company operating as a credit union service organization (the “CUSO”). 
 RECITALS 

The following recitals are a material part of this Amendment: 

A. ITT ESI and the CUSO are parties to that certain Financing Program Agreement entered into as of February 20, 2009 and amended by that
First Amendment to Financing Program Agreement entered into effective as of December 30, 2009 (as amended, the “Program Agreement”). 

B. Capitalized terms used in this Amendment and not otherwise defined herein shall have the meanings provided in the Program Agreement and
Schedule A thereto. 
 C. Section 2.11 of the Program Agreement currently contains provisions regarding origination and servicing
activities related to the Loans that do not accurately reflect the intentions of the parties. 
 D. In connection with the foregoing, the
parties hereto desire to amend the Program Agreement as set forth in this Amendment in order to clarify the parties’ intentions that the CUSO has the power to direct the origination and servicing activities related to the Loans. 

AGREEMENT 
 NOW THEREFORE,
in consideration of foregoing and the mutual promises and covenants contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

1. Section 2.11 of the Program Agreement is hereby amended to read in its entirety as follows: 

“2.11 Origination and Servicing Arrangements. 

(a) The Originating Entity will be the named lender on the Loan Documents. 

(b) Each Loan will be purchased under the Purchase Agreement on a servicing-released basis. The CUSO will cause the Originating Entity to
transfer to the CUSO with each Loan purchased the right to service such Loan. Except as otherwise provided in this Agreement, the Servicing Agreement or the Risk Sharing Agreement, all decisions with respect to the administration, collection,
enforcement, servicing and charge off of any Loan shall be made by the CUSO in accordance with the Collection and Charge Off Standards and in consultation with ITT ESI. 

 (c) The CUSO will cause the origination and documentation of Loans to be serviced by the
Origination Vendor pursuant to the Origination Agreement. The Origination Vendor and the terms of the Origination Agreement shall be subject to the approval of ITT ESI. The CUSO shall regularly consult with ITT ESI regarding the selection,
supervision, financial condition and performance of the Origination Vendor. Errors and omissions of the Origination Vendor shall not affect the obligations of either party under this Agreement. 

(d) The CUSO, through the Servicer, will service the Loans in accordance with the terms of the Servicing Agreement and the Collection and
Charge Off Standards. Each Servicer and the terms of its respective Servicing Agreement shall be subject to the approval of ITT ESI. The CUSO shall regularly consult with ITT ESI regarding the selection, supervision, financial condition and
performance of the Servicer. Errors or omissions of the Servicer shall not affect the obligations of either party under this Agreement. 

(e) The CUSO shall cause the Originating Entity to assign to the CUSO all rights of the Originating Entity under the Origination Agreement,
which rights may be exercised by the CUSO upon any Originating Entity Default, any uncured default by the Origination Vendor under the Origination Agreement, or any breach of the representations and warranties in this Agreement or the Purchase
Agreement, as fully as if the CUSO were an original party thereto. 
 (f) Each Origination Agreement and Servicing Agreement shall name ITT
ESI as an express third-party beneficiary of such agreement, with full power and authority to enforce the same as if it were an original party thereto, and shall further provide that such agreement may not be amended, modified, terminated or
assigned without ITT ESI’s prior express written consent. 
 (g) Fees and expenses in connection with the origination and servicing of
each Loan shall be paid by the CUSO in accordance with the applicable Origination Agreement and Servicing Agreement.” 
 2. Except as
amended by this Amendment, the remainder of the Program Agreement remains unchanged and in full force and effect. 
 3. This Amendment may
be executed in multiple counterparts, each of which shall for all purposes be deemed to be an original and both of which shall together constitute but one and the same instrument. 

  
 2 

 IN WITNESS WHEREOF, the parties have caused their names to be signed hereto by their respective
duly authorized officers effective as of the date first above written. 
  

					
	ITT EDUCATIONAL SERVICES, INC.
		
	By:	 	 /s/ Kevin M. Modany

	Name:	 		 	Kevin M. Modany
	Title:	 		 	Chairman & CEO

  

					
	STUDENT CU CONNECT CUSO, LLC
		
	By:	 	 /s/ Dan Kampen

	Name:	 		 	Dan Kampen
	Title:	 		 	Program Administrator

  
 3 

 THIRD AMENDMENT TO 

FINANCING PROGRAM AGREEMENT 

This THIRD AMENDMENT TO FINANCING PROGRAM AGREEMENT (this “Amendment”) is made and entered into effective as of
January 3, 2011, by and between ITT EDUCATIONAL SERVICES, INC., a Delaware corporation, on behalf of itself and its Affiliates and subsidiaries (“ITT ESI”), and STUDENT CU CONNECT CUSO, LLC, a Delaware limited liability
company operating as a credit union service organization (the “CUSO”). 
 RECITALS 

The following recitals are a material part of this Amendment: 

A. ITT ESI and the CUSO are parties to that certain Financing Program Agreement entered into as of February 20, 2009, as amended by that
First Amendment to Financing Program Agreement entered into as of December 30, 2009, and further amended by that Second Amendment to Financing Program Agreement entered into as of August 27, 2010 (as amended, the
“Agreement”). 
 B. Capitalized terms used in this Amendment and not otherwise defined herein shall have the
meanings provided in the Agreement and Schedule A thereto. 
 C. ITT ESI and the CUSO have agreed, among other things, to amend the
Agreement to provide that the CUSO may obtain enhanced servicing with respect to the Loans. 
 D. In connection with the foregoing, the
parties hereto desire to amend the Agreement as set forth in this Amendment. 
 AGREEMENT 

NOW THEREFORE, in consideration of foregoing and the mutual promises and covenants contained herein, and other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 
 1. The following
definitions of Servicer, Servicing Agreement, and Servicing Fee, as set forth on Schedule A to the Agreement, are hereby amended to read in their entirety as follows: 

“Servicer” means the Person or Persons obligated pursuant to one or more Servicing Agreements to, among
other things, collect, monitor and report Loan payments, handle late payments and other delinquencies, and remit payments. 

“Servicing Agreement” means any Servicing Agreement entered into from time to time between the CUSO and
any Servicer, as amended, supplemented, modified, or replaced from time to time. 

 “Servicing Fee” means all fees payable to any Servicers
and/or the Origination Vendor for performing their respective obligations under the applicable Servicing Agreements or the Origination Agreement, as the case may be. 

2. Schedule A to the Agreement is hereby further amended to add the following definition of Enhanced Servicing: 

“Enhanced Servicing” means such services and activities of a Servicer provided with respect to Loans
that are in addition to those services and activities set forth in that certain Business Requirements Document dated January 21, 2009. 

3. Subsection 2.9(k) of the Agreement is hereby amended by adding the following at the end of such Subsection: “Notwithstanding anything
contained herein to the contrary, during (and only during) Funding Year 2011, at the CUSO’s option exercised from time to time during such Funding Year with prior written notice to ITT ESI, any amounts payable to the CUSO as refunds of Loans
and otherwise required to be paid to ITT ESI under the Credit Facility Documents as set forth above shall be deposited in the Commitment Account to be utilized to purchase Loans from time to time, as provided in Section 7(c) of the
Participation Agreement. 
 4. Subsection 2.11(d) of the Agreement is hereby amended in its entirety to read as follows: 

(d) The CUSO, through the Servicer, will service the Loans in accordance with the terms of the Servicing Agreement and the
Collection and Charge Off Standards. The CUSO may also from time to time engage one or more Servicers to provide Enhanced Servicing with respect to Loans. Each Servicer and the terms of its respective Servicing Agreement shall be subject to approval
of ITT ESI. The CUSO shall regularly consult with ITT ESI regarding the selection, supervision, financial condition and performance of Servicers. Errors or omissions of a Servicer shall not affect the obligations of either party under this
Agreement. 
 5. Except as amended by this Amendment, the remainder of each of Schedule A, Section 2.9, Section 2.11, and the
Agreement are unchanged and remain in full force and effect. 
 6. This Amendment may be executed in multiple counterparts, each of which
shall for all purposes be deemed to be an original and both of which shall together constitute but one and the same instrument. 

[Remainder of Page Intentionally Blank; Signature Page Follows.] 

  
 2 

 IN WITNESS WHEREOF, the parties have caused their names to be signed hereto by their respective
duly authorized officers effective as of the date first above written. 
  

					
	ITT EDUCATIONAL SERVICES, INC.
		
	By:	 	 /s/ Kevin M. Modany

	Name:	 		 	Kevin M. Modany
	Title:	 		 	Chairman and CEO

  

					
	STUDENT CU CONNECT CUSO, LLC
		
	By:	 	 /s/ Joe Karlin

	Name:	 		 	Joe Karlin
	Title:	 		 	Program Administrator

 [Signature Page to Third Amendment to Financing Program Agreement.] 

  
 3EX-10.55

 EXHIBIT 10.55 

LOAN AND SECURITY AGREEMENT 

This LOAN AND SECURITY AGREEMENT (this “Agreement”) is made effective as of May 18, 2009 (the
“Effective Date”) between STUDENT CU CONNECT CUSO, LLC, a Delaware limited liability company (“Borrower”), and ITT EDUCATIONAL SERVICES, INC., a Delaware corporation
(“Lender”). 
 In consideration of the consideration and mutual agreements set forth in this Agreement, Borrower and
Lender agree as follows: 
 1. DEFINITIONS. 

1.1 Defined Terms. The following words and phrases have the following meanings. 

“Administrative Fee”: The monthly amount paid to Borrower under, and as defined in, the Participation Agreement. 

“Advance Termination Date”: December 31, 2011. 

“Bailment Agreement”: The Bailment Agreement among the Servicer, Borrower and Lender, as amended, modified, restated
or replaced from time to time. 
 “Bankruptcy Code”: The United States Bankruptcy Code, as now existing or hereafter
amended. 
 “Business Day”: Any day other than Saturday, Sunday, a United States national holiday or other day on
which banks in the State of Indiana are permitted or required by law to close. 
 “Collateral”: As defined in
Section 6.1. 
 “Controlled Group”: All members of a controlled group of corporations and all trades or
businesses (whether or not incorporated) under common control which, together with Borrower, are treated as a single employer under Section 414 of the Internal Revenue Code. 

“Default Rate”: The per annum rate of interest equal to the Interest Rate plus two percent (2.00%) per annum.

 “Depository Bank”: The federal credit union at which Borrower maintains the Distribution Account and the
Operating Account. The initial Depository Bank is Eli Lilly Federal Credit Union. 
 “Distribution Account”: The
segregated account maintained by Borrower with the Depository Bank in which collections on the Student Loans will be deposited and from which Borrower will withdraw funds to make distributions to itself and the Participants as set forth in Sections
7(a)-(b) of the Participation Agreement. 
 “Employee Plan”: Any pension, stock bonus, employee stock ownership
plan, retirement, disability, medical, dental or other health plan, life insurance or other death benefit plan, profit sharing, deferred compensation, stock option, bonus or other incentive plan, vacation benefit plan, severance plan or other
employee benefit plan or arrangement, including any pension, profit-sharing or retirement plans, welfare plan, Defined Benefit Pension Plans (as defined in ERISA) or any multi-employer plan, maintained or administered for employees of Borrower or
any member of the Controlled Group, or any such plan or arrangement to which Borrower or any member of the Controlled Group is required to contribute on behalf of any of its employees. 

 “ERISA”: The Employee Retirement Income Security Act of 1974, as amended
from time to time. 
 “Event of Default”: As defined in Section 10. 

“Funding Year”: The calendar year corresponding to each Student Loan Pool and in which a Student Loan is disbursed.

 “Indebtedness”: At any time (a) all Liabilities of Borrower, (b) all lease obligations of Borrower,
(c) all other debt, secured or unsecured, created, issued, incurred or assumed by Borrower for money borrowed or for the deferred purchase price of any fixed or capital asset, (d) indebtedness secured by any Lien existing on property owned
by Borrower (whether or not the Indebtedness secured thereby has been assumed), and (e) all contingent liabilities of Borrower whether or not reflected on its balance sheet. 

“Indemnified Party”: Lender, its successors and assigns and their respective affiliates, directors, officers, members,
managers, partners, employees and agents. 
 “Interest Rate”: The per annum rate equal to the Prime Rate plus 55/100
percent (0.55%) per annum. 
 “Internal Revenue Code”: The Internal Revenue Code of 1986, as amended from time to
time and the regulations promulgated thereunder. 
 “Liabilities”: All liabilities of Borrower that would be shown
as such on a balance sheet of Borrower. 
 “Lien”: any mortgage, pledge, hypothecation, judgment lien or similar
legal process, title retention lien, or other lien or security interest, including the interest of a vendor under any conditional sale or other title retention agreement and the interest of a lessor under a lease of any interest in any kind of
property or asset, whether real, personal or mixed, or tangible or intangible. 
 “Loans”: The direct advances made
from time to time by Lender to Borrower in the form of a loan under and pursuant to this Agreement, as set forth in Section 2.1. 

“Loan Documents”: As defined in Section 3.1. 

“Loan Maturity Date”: The earlier to occur of (i) December 31, 2026 or (ii) the date that is fifteen
(15) years after the final disbursement of a Loan under this Agreement. 
 “Management Agreement”: The
Management Services Agreement dated as of February 20, 2009 between the Program Administrator and Borrower, as amended, modified, restated or replaced from time to time. 

“Material Adverse Effect”: A material adverse change in the financial condition, properties, business or operations of
Borrower (in each case as determined by Lender pursuant to its Decision Power), including (i) any default by Borrower in the performance of its obligations under the Program Documents, (ii) any termination of the Management Agreement
(unless a replacement management agreement acceptable to Lender is effected) and (iii) any termination of the Program Agreement or the Program (except for a termination in the normal course and contemplated term of, and without a default under,
the Program). 
 “Maximum Loan Amount”: The maximum aggregate amount in Loans advanced by Lender that may be
outstanding on any date of determination up to but not including the Advance Termination Date, which amount is (i) One Hundred Million and 00/100 Dollars ($100,000,000.00) during the 2009 calendar year, (ii) Two Hundred Million and 00/100
Dollars ($200,000,000.00) during the 2010 calendar year, and (iii) Three Hundred Million and 00/100 Dollars ($300,000,000.00) during the 2011 calendar year until but not including the Advance Termination Date. To avoid doubt, after the Advance
Termination Date, Lender will not advance any Loans and the aggregate amount of outstanding Loans will be repaid by Borrower as provided in this Agreement. 

  
 2 

 “Note”: As defined in Section 4. 

“Obligations”: The Loans (as evidenced by the Note), all interest accrued thereon, any fees due Lender under this
Agreement, any expenses incurred by Lender under or in connection with this Agreement and any and all other liabilities and obligations of Borrower (and of any partnership in which Borrower is or may be a partner) to Lender under or in connection
with this Agreement and the other Loan Documents, however created, arising or evidenced, and however owned, held or acquired, whether now or hereafter existing, whether now due or to become due, direct or indirect, absolute or contingent, and
whether several, joint or joint and several. 
 “Obligor”: Borrower, any other guarantor, accommodation endorser,
third party pledgor, or any other party liable with respect to the Obligations. 
 “Operating Account”: The
segregated account maintained by Borrower with the Depository Bank in which Borrower will maintain funds for day-to-day operations. 

“Operating Expense Advance”: As defined in Section 2.1(b)(ii). 

“Origination Agreement”: The agreement between the Student Loan Originating Entity and the Origination Vendor, as
amended, supplemented, modified, or replaced from time to time, pursuant to which the Origination Vendor will perform certain obligations with respect to the origination and documentation of the Student Loans. 

“Origination Vendor”: The Person performing Student Loan origination and documentation services under the Origination
Agreement. 
 “Participants”: The credit unions that acquire Participation Interests in the Student Loans in any
Loan Pool. 
 “Participation Agreement”: The Participation Agreement entered into between Borrower and the
Participants, as amended, modified, restated or replaced from time to time. 
 “Participation Interest”: With
respect to each Participant, its beneficial ownership interest in each Student Loan in the Program, including such Participant’s right to receive its share of Student Loan proceeds on each Program Payment Date. 

“Permitted Liens”: As defined in Section 8.2. 

“Person”: Any individual, partnership, limited liability company, corporation, trust, joint venture, joint stock
company, association, unincorporated organization, government or agency or political subdivision thereof, or other entity. 

“Prime Rate”: The floating per annum rate of interest that, at any time and from time to time, is most recently
published in the Money Rate Section of The Wall Street Journal as the Prime Rate, which rate is not intended to be Lender’s lowest or most favorable rate of interest at any one time. For purposes of this Agreement, the Prime Rate will be
determined on the first day of each month and will remain in effect for such month regardless of any published changes in the Prime Rate during such month. If more than one Prime Rate appears, then the highest rate will be used. The effective date
of any change in the Prime Rate shall for purposes of this Agreement be the date such change in the Prime Rate is so published in the Money Rate Section of The Wall Street Journal. Lender shall not be obligated to give notice of any change in
the Prime Rate. 

  
 3 

 “Program”: The national financing program established by Borrower to
provide private student loans to Students in accordance with the Program Agreement. 
 “Program Administrator”: The
Person designated from time to time as the “Program Administrator” under the Program Agreement. The initial Program Administrator is TRG. 

“Program Agreement”: The Financing Program Agreement dated as of February 20, 2009 between Lender and Borrower,
as amended, modified, restated or replaced from time to time. 
 “Program Documents”: The Program Agreement, the
Participation Agreement, the Servicing Agreement(s), the Risk Sharing Agreement, and any other documents or instruments entered into in connection with the Program, and any amendment, modification, restatement or replacement thereof. 

“Program Payment Date”: The 25th day of each month or, if such
day is not a Business Day, the following Business Day. 
 “Retained CUSO Interest”: With respect to each Student
Loan in a Student Loan Pool, on any date of determination, the portion thereof that is not then subject to Participation Interests held by Participants. 

“Risk Sharing Agreement”: The Risk Sharing Agreement dated as of February 20, 2009 between Lender and Borrower in
connection with the Program, as amended, supplemented, modified, restated or replaced from time to time. 

“Servicer”: The Person obligated pursuant to the Servicing Agreement to, among other things, collect, monitor and
report Student Loan payments, handle late payments and other delinquencies, and remit payments. 
 “Servicing
Agreement”: The Servicing Agreement dated as of February 20, 2009 between Borrower and the Servicer, as amended, supplemented, modified, or replaced from time to time. 

“Servicing Fee”: The “servicing fee” payable to Servicer for performing its obligations under the Servicing
Agreement. 
 “Student”: A student enrolled at one of Lender’s ITT Technical Institutes. 

“Student Loan”: A loan made to Students and originated in connection with the Program. 

“Student Loan Documents”: With respect to each Student Loan, the Student Loan Note and all other documents and
instruments evidencing, securing or otherwise relating to such Student Loan. 
 “Student Loan Funding Account”: The
account designated by the Student Loan Originating Entity into which Borrower will deposit the purchase price for Student Loans in connection with the Program. 

“Student Loan Note”: The promissory note evidencing each Student Loan. 

“Student Loan Originating Entity”: The federal credit union that will originate Student Loans and sell such Student
Loans to Borrower in connection with the Program. 

  
 4 

 “Student Loan Pool”: A discrete pool of Student Loans disbursed during a
Funding Year in connection with the Program. 
 “Student Loan Purchase Advance”: As defined in
Section 2.1(b)(i). 
 “Subsidiary”: Any corporation, partnership, limited partnership, limited liability
company, limited liability partnership or other entity of which or in which Borrower owns directly or indirectly fifty percent (50.00%) or more of (a) the combined voting power of all classes of stock having general voting power under
ordinary circumstances to elect a majority of the board of directors of such entity if a corporation, (b) the management authority and capital interest or profits interest of such entity, if a partnership, limited partnership, limited liability
company, limited liability partnership, joint venture or similar entity, or (c) the beneficial interest of such entity, if a trust, association or other unincorporated organization. 

“TRG”: The Rochdale Group, Inc., a Kansas corporation. 

“UCC”: The Uniform Commercial Code in effect in the State of Delaware from time to time. 

1.2 Accounting Terms. Any accounting terms used in this Agreement that are not specifically defined in this Agreement have the meanings
customarily given them. 
 1.3 Other Terms Defined in UCC. All other capitalized words and phrases used in this Agreement and not
otherwise specifically defined have the respective meanings assigned to such terms in the UCC, as amended from time to time. 
 1.4 Other
Definitional Provisions; Construction. Whenever the context so requires, the neuter gender includes the masculine and feminine, the single number includes the plural, and vice versa, and in particular the word “Borrower” shall be so
construed. 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 of this Agreement, and
references to Article, Section, Subsection, Annex, Schedule, Exhibit and like references are references to this Agreement unless otherwise specified. The term “include” or “including” means without limitation by reason of
enumeration. The term “or” has, except where otherwise indicated, the inclusive meaning represented by the phrase “and/or.” An Event of Default shall “continue” or be “continuing” until such Event of Default
has been waived in accordance with Section 12.3 of this Agreement. References in this Agreement to any party include such party’s successors and permitted assigns. To the extent any of the provisions of the other Loan Documents are
inconsistent with the terms of this Agreement, the provisions of this Agreement shall govern. 
 2. LOANS; PAYMENTS; INTEREST. 

2.1 Loans; Payments. 
 (a)
Loans. Subject to the terms and conditions of this Agreement and the other Loan Documents, and in reliance upon the representations and warranties of Borrower set forth in this Agreement and in the other Loan Documents, Lender may make Loans
to Borrower at such times and in such amount as Lender deems appropriate in its sole and absolute discretion. Borrower acknowledges and agrees that (i) Lender may decline to make a Loan under this Agreement in its sole and absolute discretion
and regardless of Borrower’s satisfaction any precedent conditions to a Loan described in this Agreement and (ii) Lender will not and has no intention to (x) make any Loans on or after the Advance Termination Date or (y) make any
Loan that would cause the aggregate outstanding principal balance of all Loans to exceed the Maximum Loan Amount. Loans made by Lender may be repaid and, subject to the terms and conditions hereof, advanced again by Lender up to (but not including)
the Advance Termination Date. 

  
 5 

 (b) Use of Loan Advances. The Loans shall be used by Borrower only to: 

(i) fund the purchase of all or portions of Student Loans in connection with the Program (in such case, a “Student Loan Purchase
Advance”); and 
 (ii) pay the following operating expenses of Borrower incurred in connection with the Program:
(A) Servicing Fees payable to the Servicer under the Servicing Agreement; (B) loan origination or underwriting fees payable to the Origination Vendor under the Origination Agreement; (C) interest payable to Lender under this Agreement
in connection with Student Loan Purchase Advances; (D) fees payable to the Student Loan Originating Entity; (E) other Borrower operating expenses, including third-party audits and reviews, legal expenses, travel expenses, administrative
expenses and expenses for static pool and rate shock analyses; (F) reimbursement of certain Lender expenses relating to the development of the Program as described in Section 3.2(b) of the Program Agreement; (G) payments to the
Program Administrator pursuant to the Management Agreement; (H) reimbursements to the Student Loan Originating Entity of data processing expenses related to membership; and (I) interest payable to Lender under this Agreement in connection
with advances for any of the foregoing expenses (in any such case, an “Operating Expense Advance”). 
 (c)
Payments. 
 (i) Interest Payments. Without limiting the required payments described in Section 2.1(c)(iii) below,
accrued and unpaid interest on the principal balance of the Loans shall be due and payable on the first (1st) day of each quarter, in arrears, commencing on January 1, 2011 and
continuing on the first (1st) day of each calendar quarter thereafter (i.e. April 1, July 1, October 1 and January 1 in each year), and on the Loan Maturity
Date. 
 (ii) Maturity Repayment. The outstanding principal balance of the Obligations (including the Loans and all accrued interest
thereon) shall be repaid by Borrower on the Loan Maturity Date, unless payable sooner pursuant to the provisions of this Agreement. 
 (iii)
Interim Payments. 
 (A) Allocations under the Program. If any Obligations are outstanding under this Agreement on any
Program Payment Date, then all amounts payable to Borrower pursuant to Section 7(b) of the Participation Agreement in connection with its Retained CUSO Interest, if any (and not any amounts paid to Borrower as the Administrative
Fee under the Participation Agreement), without regard to the Student Loan Pool related to such Retained CUSO Interest, shall be paid to Lender on such Program Payment Date. 

(B) Student Loan Refunds. If any Obligations with respect to Student Loan Purchase Advances are outstanding under this Agreement, then
all amounts payable to Borrower as refunds of Student Loans pursuant to Section 7(c) of the Participation Agreement, if any, without regard to the Student Loan Pool related to such Student Loan refund, shall be paid to Lender within two
(2) Business Days after Borrower’s receipt thereof. Any such refunded amounts that exceed the amount of outstanding Obligations with respect to Student Loan Purchase Advances shall be utilized by Borrower as required by the Participation
Agreement and the other Program Documents. If Lender is effecting any such refund of a Student Loan and such refund is payable to Borrower, then Lender may offset and retain such amount as a payment under this Section 2.1(c)(iii)(B).

  
 6 

 (C) Sales and Other Transactions of Student Loans and the Retained CUSO Interest.
Pursuant to the Participation Agreement and the Program Agreement, Borrower has the right under the Program to effect certain sales and transactions of its interests therein, including (i) securitizations and whole-loan sales of Student Loans
in a Student Loan Pool following the related Funding Year and (ii) sales of participation interests corresponding to its related Retained CUSO Interest with respect to a Student Loan Pool. Borrower agrees that the proceeds of any such sale or
other transaction received by it shall, if any Obligations are then outstanding under this Agreement and without regard to the Student Loan Pool affected by such sale or transaction, be paid to Lender on the Business Day following Borrower’s
receipt thereof. 
 (D) Loss Sharing Offsets. If any Obligations are outstanding under this Agreement and Lender has an obligation
under the Risk Sharing Agreement to make a payment to or for the benefit of Borrower in connection with its Retained CUSO Interest, then such amount may be offset by Lender and retained as a payment by Borrower under this Agreement. 

(iv) Optional Payments. In addition to the mandatory payments described in this Section 2.1(c), Borrower may from time to
time pay down or pay off the Obligations, in whole or in part, without any prepayment penalty whatsoever. 
 (v) Remittance Account.
All payments made under this Agreement shall be made by electronic transfer to the account designated in writing by Lender to Borrower from time to time. 

(vi) Application of Payments and Collections. Borrower irrevocably waives the right to direct the application of any and all payments
and collections of the Obligations at any time or times after the Effective Date received by Lender from or on behalf of Borrower or any other Obligor, and Borrower hereby agrees that Lender shall have the continuing exclusive right to apply and
reapply any and all such payments and collections received at any time or times after the Effective Date by Lender against the Obligations, in such manner as Lender may deem advisable, notwithstanding any entry by Lender upon any of its books and
records. 
 2.2 Interest Rates and Computation; Collection of Funds. Except as otherwise provided in this Section 2.2,
the principal amount of the Loans outstanding from time to time shall bear interest at the Interest Rate. Any amount of principal or interest on the Loans that is not paid when due, whether at stated maturity, by acceleration or otherwise, and any
other amounts under the Note and other Loan Documents not paid when due, shall accrue interest at the Default Rate. Borrower and Lender agree that the Default Rate is a reasonable and fair estimate of the losses that would be suffered by Lender in
the event of a default although such losses are difficult to predict in amount. All interest and fees shall be calculated on the basis of a year consisting of 360 days and shall be paid for the actual number of days elapsed. Principal payments
submitted in funds not immediately available shall continue to bear interest until collected. If any payment to be made by Borrower under this Agreement or the Note shall become due on a day other than a Business Day, such payment shall be made on
the next succeeding Business Day and such extension of time shall be included in computing any interest in respect of such payment. 
 2.3
Take-out Financing. Borrower agrees that it will use its commercially reasonable best efforts to obtain a line of credit or other credit facility to replace the credit line contemplated by this Agreement as soon as possible after the
Effective Date when such credit facility becomes available to Borrower on commercially reasonable terms, in which case the proceeds of such replacement credit facility shall be used to pay all Obligations outstanding under this Agreement as of the
closing of such credit facility and this Agreement shall terminate. Borrower further agrees that it will report to Lender in writing the status of such credit facility search on a monthly basis and as otherwise requested by Lender from time to time.

  
 7 

 3. CONDITIONS OF BORROWING. 

3.1 Initial Advance. Prior to advancing the first Loan under this Agreement, Borrower must satisfy the following conditions to
Lender’s satisfaction in its sole and absolute discretion: 
 (a) Loan Documents. Borrower must execute and deliver to Lender
the following instruments and other documents (collectively, the “Loan Documents”): 
 (i) this Agreement; 

(ii) the Note; 
 (iii) a deposit
account control agreement with respect to each of the Distribution Account and the Operating Account; 
 (iv) the Bailment Agreement; 

(v) a Collateral Assignment of Management Agreement (with TRG); 

(vi) resolutions of the board of directors, managers or members of Borrower authorizing the execution of this Agreement and the other Loan
Documents; and 
 (vii) such other certificates, financial statements, schedules, resolutions, notes and other documents that are provided
for under this Agreement or that Lender shall reasonably require. 
 (b) Event of Default. No Event of Default, and no any event
that, with notice or lapse of time or both, would constitute an Event of Default, exists or has occurred. 
 (c) Adverse Changes. No
Material Adverse Effect has occurred, as determined in Lender’s sole and absolute discretion. 
 (d) Litigation. No litigation
or governmental proceeding is instituted against Borrower or any of its members, managers, directors or officers, which in Lender’s sole and absolute discretion, materially adversely affects Borrower’s financial condition or continued
operation. 
 (e) Representations and Warranties. Each representation or warranty of Borrower contained in this Agreement or in any
other Loan Document must be true and correct. 
 3.2 Future Advances. Notwithstanding any other provision of this Agreement, Borrower
acknowledges and agrees that this line of credit evidenced by this Agreement and the other Loan Documents is a specialty line of credit made available only as an accommodation in connection with the Program and that, accordingly, Lender retains the
sole and absolute decision regarding whether any Loan advance is necessary, appropriate or advisable under any circumstances. Without limiting the foregoing, Borrower acknowledges and agrees that (i) Lender may decline to make a Loan under this
Agreement in its sole and absolute discretion and regardless of Borrower’s satisfaction of any conditions described in this Section 3 and regardless of whether any adverse event or circumstance (e.g. an Event of Default), whether or
not material, has occurred or exists, and (ii) Lender will not and has no intention to (x) make any Loans on or after the Advance Termination Date or (y) make any Loan that would cause the aggregate outstanding principal balance of
all Loans to exceed the Maximum Loan Amount. 
 4. NOTE EVIDENCING LOAN. 

The Loans shall be evidenced by a single Revolving Note (together with any and all renewal, extension, modification or replacement notes
executed by Borrower and given in substitution therefor, the “Note”) in the form acceptable to Lender, duly executed by Borrower and payable to the order of Lender. At the time of the disbursement of any Loan, or a repayment
made in whole or in part thereon, an appropriate notation thereof shall be made on the books and records of Lender. All amounts recorded shall be, absent demonstrable error, conclusive and binding evidence of (a) the principal amount of the
Loans advanced under this Agreement, (b) any unpaid interest owing on the Loans and (c) all amounts repaid on the Loans. The failure to record any such amount or any error in recording such amounts shall not, however, limit or otherwise
affect the obligations of Borrower under the Note to repay the principal amount of the Loans, together with all interest accruing thereon. 
  

  
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 5. MANNER OF BORROWING. 

Borrower shall deliver to Lender a written borrowing request at least two (2) Business Days prior to the proposed advance date of a Loan,
in each case specifying the proposed date and amount of and specific uses for such Loan. Each such request delivered by Borrower shall be deemed to constitute a confirmation of Borrower’s representations and warranties in this Agreement and a
confirmation that the conditions in Section 3.1 are satisfied, in each case as of the date of such request. Lender may request from Borrower, and Borrower will provide to Lender, supporting documentation and information in connection
with any such borrowing request, including invoices for paid or payable expenses and budgets specifying future expenses. 
 Lender is
authorized to rely on any written, verbal, electronic, telephonic or telecopy loan requests by a Person designated in writing by Borrower as authorized to make such request. The initial group of such Persons is designated on Schedule 5, which
group may be modified by Borrower by delivering to Lender a revised Schedule 5 from time to time. Borrower irrevocably confirms, ratifies and approves all such advances by Lender and indemnifies Lender against losses and expenses (including
attorneys’ fees and expenses) with respect thereto. 
 Any portion of a Loan constituting a Student Loan Purchase Advance will be paid
directly to the Student Loan Funding Account. Any portion of a Loan constituting an Operating Expense Advance will be paid into the Operating Account. 
 6.
SECURITY FOR THE OBLIGATIONS. 
 6.1 Security for Obligations. As security for the payment of the Obligations, Borrower
pledges, assigns, transfers and delivers to Lender, and grants to Lender a continuing and unconditional security interest in and to, Borrower’s rights, title and interest in and to the following property, whether tangible or intangible,
wherever located and whether now existing or hereafter arising or acquired (all of such property, individually and collectively, the “Collateral”): 

(a) the Retained CUSO Interest (including any interest of Borrower in the Student Loans and the Student Loan Documents (whether tangible or
electronic) evidencing or securing the Student Loans) and all accounts, general intangibles and payment intangibles related thereto; 
 (b)
the Distribution Account, the Operating Account, all amounts deposited in such accounts and all contract rights and privileges in respect of such accounts, and all cash, checks, money orders and other items of value of Borrower now or hereafter
paid, deposited, credited, held (whether for collection, provisionally or otherwise) or otherwise in the possession or under the control of, or in transit to, Lender or any agent, bailee or custodian thereof, credited or held to be credited to
either such account; 
 (c) all personal property of, or for the account of, Borrower now or hereafter coming into the possession, control or
custody of, or in transit to, Lender or any agent or bailee for Lender or any participant with Lender in the Loan (whether for safekeeping, deposit, collection, custody, pledge, transmission or otherwise), including all earnings, dividends,
interest, or other rights in connection therewith and the products and proceeds therefrom; 
 (d) all additions and accessions to,
replacements and substitutions for, products and proceeds of, rents, offspring, revenues and profits from, and all right, title, security, guaranties and supporting obligations with respect to, the property and the use or operation of the property
described in Sections 6.1(a)-(c) above, whether tangible or intangible, and, to the extent not otherwise included, all payments under any insurance policy (whether or not Lender is the loss payee thereof) and under any indemnity,
warranty or guaranty, payable by reason of loss or damage to, or otherwise with respect to, any of the foregoing Collateral. 

  
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 To the extent that the UCC does not apply to any item of the Collateral, it is the intention of
Borrower and Lender and this Agreement that Lender have a common law pledge or collateral assignment of such item of Collateral. 
 To avoid
doubt, Lender acknowledges that (i) the Participants own Participation Interests in the Student Loans and have interests in amounts corresponding to such Participation Interests that are deposited in the Distribution Account and,
(ii) accordingly, the Collateral does not include any Participation Interest in any Student Loan or any amount deposited in the Distribution Account that is payable to a Participant in connection with its Participation Interests in the Student
Loans. 
 6.2 Possession and Transfer of Collateral. 

(a) Subject to the payments required under Section 2.1(c)(iii) of this Agreement, until an Event of Default has occurred under
this Agreement, Borrower shall be entitled to possession or use of the Collateral. The cancellation or surrender of the Note, upon payment or otherwise, shall not affect the right of Lender to retain the Collateral for any other of the Obligations.

 (b) If any Obligations are outstanding under this Agreement, then Borrower shall not sell, assign (by operation of law or otherwise),
license, lease or otherwise dispose of, or grant any option with respect to any of the Collateral, except that Borrower may, with Lender’s prior written consent (which consent may be granted or denied in Lender’s sole and absolute
discretion), (i) effect a securitization including or a whole-loan sale of Student Loans in a Student Loan Pool following the related Funding Year, or (ii) sell one or more participation interests corresponding to all or a portion of
Borrower’s Retained CUSO Interest with respect to a Student Loan Pool. Borrower must deliver to Lender notice of any such transaction at least ten (10) Business Days prior to the closing thereof and, pursuant to
Section 2.1(c)(iii)(C), Borrower shall pay to Lender any proceeds resulting from any such sale or other transaction (without regard to the Student Loan Pool affected by such sale or transaction) on the Business Day following
Borrower’s receipt thereof. Lender consent with respect to any such sale or transaction may include a condition that the proceeds thereof be paid directly to Lender without receipt by Borrower. 

6.3 Financing Statements. Borrower shall, at Lender’s request, at any time and from time to time, authorize, execute or deliver to
Lender such financing statements, amendments and other documents and do such acts as Lender deems necessary in order to establish and maintain valid, attached and perfected first security interests in the Collateral in favor of Lender, free and
clear of all Liens and claims and rights of third parties whatsoever (except as otherwise specifically set forth in Section 8 of this Agreement). Borrower irrevocably authorizes Lender at any time, and from time to time, to file in any
jurisdiction any initial financing statements and amendments thereto that (a) cover the Collateral (regardless of whether any particular asset comprised in the Collateral falls within the scope of Article 9 of the Uniform Commercial Code of the
jurisdiction wherein such financing statement or amendment is filed) or describe the Collateral as being of an equal, lesser or greater scope or in lesser or greater detail, (b) indicate an agent or affiliate of Lender (whether or not
indicating of the representative capacity of such agent or affiliate) as the secured party of record with respect to such financing statement (it being acknowledged and agreed that such agent or affiliate has no obligation or liability to Borrower
under this Agreement or any other Loan Document), and (c) contain any other information required by Section 5 of Article 9 of the Uniform Commercial Code of the jurisdiction wherein such financing statement or amendment is filed, including
(i) whether Borrower is an organization, the type of organization and any organization identification number issued to Borrower, and (ii) in the case of a financing statement filed as a fixture filing or indicating Collateral as
as-extracted collateral or timber to be cut, a sufficient description of real property to which the Collateral relates. Borrower agrees to furnish any such information to Lender promptly upon request. Borrower further ratifies and affirms its
authorization for any financing statements or amendments thereto filed by Lender in any jurisdiction prior to the Effective Date. 

  
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 6.4 Preservation of the Collateral. Lender may, but is not required to, take such action
from time to time as Lender deems appropriate to maintain or protect the Collateral. Lender shall exercise such reasonable care in the custody and preservation of the Collateral (if Lender takes such action) as Borrower reasonably requests in
writing, but such request shall not be inconsistent with Lender’s status as a secured party, and the failure of Lender to comply with any such request shall not be deemed a failure to exercise reasonable care. In addition, any failure of Lender
to preserve or protect any rights with respect to the Collateral against prior or third parties, or to do any act with respect to preservation of the Collateral requested by Borrower, shall not be deemed a failure to exercise reasonable care in the
custody or preservation of the Collateral. Borrower shall have the sole responsibility for taking such action as may be necessary, from time to time, to preserve all rights of Borrower and Lender in the Collateral against prior or third parties.
Without limiting the generality of the foregoing, where Collateral consists in whole or in part of securities, Borrower represents to, and covenants with, Lender that Borrower has made arrangements for keeping informed of changes or potential
changes affecting the securities (including rights to convert or subscribe, payment of dividends, reorganization or other exchanges, tender offers and voting rights), and Borrower agrees that Lender shall have no responsibility or liability for
informing Borrower of any such or other changes or potential changes or for taking any action or omitting to take any action with respect thereto. 

6.5 Electronic Chattel Paper and Transferable Records; Student Loan Notes. If Borrower at any time holds or acquires an interest in any
electronic chattel paper or any “transferable record”, as that term is defined in Section 201 of the federal Electronic Signatures in Global and National Commerce Act, or in Section 16 of the Uniform Electronic Transactions Act
as in effect in any relevant jurisdiction, Borrower shall promptly notify Lender thereof and, at the request of Lender, shall take such action as Lender may reasonably request to vest in Lender control under Section 9-105 of the UCC of such
electronic chattel paper or control under Section 201 of the federal Electronic Signatures in Global and National Commerce Act or, as the case may be, Section 16 of the Uniform Electronic Transactions Act (as in effect in such
jurisdiction) of such transferable record. Lender agrees with Borrower that Lender will arrange, pursuant to procedures satisfactory to Lender and so long as such procedures will not result in Lender’s loss of control, for Borrower to make
alterations to the electronic chattel paper or transferable record permitted under Section 9-105 of the UCC or, as the case may be, Section 201 of the federal Electronic Signatures in Global and National Commerce Act or Section 16 of
the Uniform Electronic Transactions Act for a party in control to make without loss of control, unless an Event of Default has occurred and is continuing or would occur after taking into account any action by Borrower with respect to such electronic
chattel paper or transferable record. 
 Except for Student Loans executed electronically, there is only one original executed Student Loan
Note evidencing each Student Loan. For Student Loans that were or will be executed electronically, the Servicer has or will have possession of the electronic records evidencing the Student Loan Note. Borrower has or will have in its possession, or
Borrower will cause the Servicer to deliver to Lender, a copy of the Student Loan Note that constitutes or evidences each Student Loan. The Student Loan Notes do not have any marks or notations indicating that they have been pledged, assigned or
otherwise conveyed to any Person other than Lender. All financing statements filed or to be filed against Borrower in favor of Lender in connection with this Agreement describing the Retained CUSO Interest or any other interest in the Student Loans
may contain a statement to the following effect: “A purchase of or security interest in any collateral described in this financing statement will violate the rights of Lender.” 

  
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 Borrower shall cause the Servicer to hold the Student Loan Documents, including any electronic
records evidencing the Student Loan Notes, for the benefit of Lender and to maintain such accurate and complete accounts, records and computer systems pertaining to the Student Loan Documents, including any electronic records evidencing the Student
Loan Notes, as shall enable Borrower to comply with this Agreement. Borrower shall cause the Servicer to enter into the Bailment Agreement pursuant to which the Servicer shall agree to (i) act with reasonable care, using that degree of skill
and attention that the Servicer exercises with respect to the student loan files relating to similar student loans that the Servicer services on behalf of other Persons, (ii) ensure that it fully complies with all applicable federal and state
laws, including the Higher Education Act and any applicable e-sign laws, with respect thereto, (iii) take all actions necessary with respect to the Student Loan Documents held by it and of the related accounts, records and computer systems, in
order to enable Lender to verify the accuracy of the Servicer’s record keeping with respect to the Servicer’s obligations as custodian, and (iv) promptly report to Borrower and Lender any material failure on its part to hold the
Student Loan Documents and maintain its accounts, records and computer systems as herein provided and promptly take appropriate action to remedy any such failure. Nothing herein shall be deemed to require an initial review or any periodic review by
Lender of the Student Loan Documents. The Bailment Agreement shall also require that if, in Lender’s reasonable judgment, it is necessary to preserve the interests of Lender in the Student Loans, the Servicer shall transfer physical possession
of the Student Loan Notes to Lender or any other custodian designated by Lender. 
 6.6 Other Actions as to any and all Collateral.
Borrower further agrees to take any other action reasonably requested by Lender to insure the attachment, perfection and priority of, and the ability of Lender to enforce, Lender’s security interest in any and all of the Collateral, including
(a) authorizing, executing, delivering or, where appropriate, filing financing statements and amendments thereto under the Uniform Commercial Code, (b) causing Lender’s name to be noted as secured party on any certificate of title for
a titled good if such notation is a condition to attachment, perfection or priority of, or ability of Lender to enforce, Lender’s security interest in such Collateral, (c) complying with any provision of any statute, regulation or treaty
of the United States as to any Collateral if compliance with such provision is a condition to attachment, perfection or priority of, or ability of Lender to enforce, Lender’s security interest in such Collateral, (d) obtaining governmental
and other third party consents and approvals (including any consent of any licensor, lessor or other Person obligated on Collateral), (e) obtaining waivers from mortgagees and landlords in form and substance satisfactory to Lender, and
(f) taking all actions required by the UCC in effect from time to time or by other law, as applicable in any relevant UCC jurisdiction, or by other law as applicable in any foreign jurisdiction. 

7. REPRESENTATIONS AND WARRANTIES. 
 To
induce Lender to make the Loan, Borrower makes the following representations and warranties to Lender, each of which shall be true and correct in all material respects as of the Effective Date, and which shall survive the execution and delivery of
this Agreement: 
 7.1 Borrower Organization and Name. Borrower is a limited liability company duly organized, validly existing and
in good standing under the laws of the State of Delaware, with full power and authority to carry on and conduct its business as presently conducted. Borrower’s state issued organizational identification number is 4614327. Borrower is duly
licensed or qualified in all foreign jurisdictions wherein the nature of its activities require such qualification or licensing. The exact legal name of Borrower is as set forth in the first paragraph of this Agreement, and Borrower currently does
not conduct, nor has it during the last five (5) years conducted, business under any other name or trade name. 

  
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 7.2 Authorization; Validity. Borrower has full right, power and authority to enter into
this Agreement, to borrow and incur the Loans and other Obligations and execute and deliver the Loan Documents as provided in this Agreement and to perform all of its duties and obligations under this Agreement and the other Loan Documents. The
execution and delivery of this Agreement and the other Loan Documents will not, nor will the observance or performance of any of the matters and things herein or therein violate or contravene any provision of law or of the articles of organization,
operating agreement or other organizational documents of Borrower. All necessary and appropriate action has been taken on the part of Borrower to authorize the execution and delivery of this Agreement and the other Loan Documents. This Agreement and
the other Loan Documents are valid and binding agreements and contracts of Borrower in accordance with their respective terms. 
 7.3
Compliance With Laws. The nature and transaction of Borrower’s business and operations and the use of its properties and assets (including the Collateral and any real estate owned or occupied by Borrower) do not and during the term of
this Agreement shall not, violate or conflict with, in any material respect, any applicable law, statute, ordinance, rule, regulation or order of any kind or nature, including the provisions of the Fair Labor Standards Act, any zoning, land use,
building, noise abatement, occupational health and safety or other laws, any building permit, any condition, grant, easement, covenant, condition or restriction, whether recorded or not, and any state or federal laws, rules or regulations in any way
affecting Borrower’s right or ability to purchase, hold or collect on the Student Loans. 
 7.4 Absence of Breach. The
execution, delivery and performance of this Agreement, the Loan Documents and any other documents or instruments to be executed and delivered by Borrower in connection with the Loan shall not (a) violate any provisions of law or any applicable
regulation, order, writ, injunction or decree of any court or governmental authority, or (b) conflict with, be inconsistent with, or result in any breach or default of any of the terms, covenants, conditions, or provisions of any indenture,
mortgage, deed of trust, instrument, document, agreement or contract of any kind to which Borrower is a party or by which Borrower or any of its property or assets may be bound. 

7.5 Collateral Representations. Borrower is the sole owner of the Collateral, free from any Lien of any kind, other than Permitted
Liens. 
 7.6 Financial Statements. All financial statements submitted to Lender have been prepared on a basis, except as otherwise
noted therein, consistent with the previous fiscal year and truly and accurately reflect the financial condition of Borrower and the results of the operations for Borrower as of such date and for the periods indicated. 

7.7 Litigation and Taxes. There is no litigation, demand, charge, claim, petition or governmental investigation or proceeding pending
or, to the best knowledge of Borrower, threatened against Borrower, which, if adversely determined, would result in a Material Adverse Effect. Borrower has duly filed all applicable income or other tax returns and has paid all income or other taxes
when due. There is no controversy or objection pending or, to the best knowledge of Borrower, threatened in respect of any tax returns of Borrower. 

7.8 Event of Default. No Event of Default has occurred, and no event has occurred that, with the lapse of time, the giving of notice or
both, would constitute an Event of Default under this Agreement or any of the other Loan Documents. Borrower is not in default (without regard to grace or cure periods) under any contract or agreement to which it is a party. 

7.9 ERISA. Neither Borrower nor any member of the Controlled Group maintains or contributes to any Employee Plan. 

  
 13 

 7.10 Adverse Circumstances. No condition, circumstance, event, agreement, document,
instrument, restriction, litigation or proceeding (or threatened litigation or proceeding or basis therefor) exists that (a) could reasonably be expected to adversely affect the validity or priority of the Liens granted to Lender under this
Agreement or the other Loan Documents, (b) could reasonably be expected to materially adversely affect the ability of Borrower to perform its obligations under the Loan Documents, (c) would constitute an Event of Default under any of the
Loan Documents, or (d) creates or may result in a circumstance or event that, with the lapse of time, the giving of notice or both, would constitute an Event of Default under any of the Loan Documents. 

7.11 Lending Relationship. Borrower acknowledges and agrees that the relationship created by this Agreement with Lender is and has been
conducted on an open and arm’s length basis in which no fiduciary relationship exists and that Borrower has not relied and is not relying on any such fiduciary relationship in executing this Agreement and in consummating the Loans. 

7.12 Business Loan. The Loans, including the interest rate, fees and charges as contemplated by this Agreement, (a) are business
loans under New York law, (b) are exempted transactions under the Truth In Lending Act, 12 U.S.C. 1601 et seq., as amended from time to time, and (c) do not, and when disbursed shall not, violate the provisions of any New York usury laws,
any consumer credit laws or the usury laws of any state which may have jurisdiction over the transactions described in this Agreement, Borrower or any property securing the Obligations. 

7.13 Regulation U. No portion of the proceeds of any Loan shall be used by Borrower or any affiliate of Borrower, either directly or
indirectly, for the purpose of purchasing or carrying any margin stock, within the meaning of Regulation U as adopted by the Board of Governors of the Federal Reserve System. 

7.14 Governmental Regulation. Borrower and its Subsidiaries are not, or after giving effect to any Loan will not be, subject to
regulation under the Public Utility Holding Company Act of 1935, the Federal Power Act or the Investment Company Act of 1940 or to any federal or state statute or regulation limiting its ability to incur indebtedness for borrowed money. 

7.15 Bank Accounts. The account numbers and locations of the Distribution Account, the Operating Account and all other deposit accounts
and bank accounts of Borrower and its Subsidiaries are attached to this Agreement as Schedule 7.15. 
 7.16 Place of Business.
The principal place of business of Borrower is 8700 Indian Creek Parkway, Suite 120, Overland Park, Kansas 66210 and Borrower shall promptly notify Lender of any change in such location. Borrower will not remove or permit the Collateral to be
removed from such location without the prior written consent of Lender. 
 7.17 Complete Information. This Agreement and all
financial statements, schedules, certificates, confirmations, agreements, contracts, and other materials submitted to Lender in connection with or in furtherance of this Agreement by or on behalf of Borrower fully and fairly state the matters with
which they purport to deal, and neither misstate any material fact nor, separately or in the aggregate, fail to state any material fact necessary to make the statements made not misleading. 

7.18 Books and Records. The books and records of Borrower are in good order, complete, accurate, and up to date. 

8. NEGATIVE COVENANTS. 
 8.1
Indebtedness. Borrower shall not, either directly or indirectly, create, assume, incur or have outstanding any Indebtedness (including purchase money indebtedness), or become liable, whether as endorser, guarantor, surety or otherwise, for
any debt or obligation of any other Person, except: 

  
 14 

 (a) the Obligations; 

(b) endorsement for collection or deposit of any commercial paper secured in the ordinary course of business; 

(c) obligations of Borrower for taxes, assessments, municipal or other governmental charges; and 

(d) obligations of Borrower for accrued expenses as accounts payable and incurred in the ordinary course of business. 

8.2 Encumbrances. Borrower shall not, either directly or indirectly, create, assume, incur or suffer or permit to exist any Lien or
charge of any kind or character upon any asset of Borrower, whether owned on the Effective Date or hereafter acquired except: 
 (a) Liens
for taxes, assessments or other governmental charges not yet due or that are being contested in good faith by appropriate proceedings in such a manner as not to make the property forfeitable; 

(b) Liens or charges incidental to the conduct of its business or the ownership of its property and assets that were not incurred in connection
with the borrowing of money or the obtaining of an advance or credit, and that do not in the aggregate materially detract from the value of its property or assets or materially impair the use thereof in the operation of its business; 

(c) pledges or deposits to secure obligations under worker’s compensation laws or similar legislation; 

(d) good faith deposits in connection with leases to which Borrower is a party; 

(e) deposits to secure public or statutory obligations of Borrower; and 

(f) Liens granted to Lender under this Agreement. 

Items (a) through (f) are referred to as “Permitted Liens”. 

8.3 Investments. Borrower shall not, either directly or indirectly, make or have outstanding any new investments (whether through
purchase of stocks, obligations or otherwise) in, or loans or advances to, any other Person (to avoid doubt, not including Student Loans purchased in the normal course of the Program), or acquire all or any substantial part of the assets, business,
stock or other evidence of beneficial ownership of any other Person. 
 8.4 Transfer; Merger. Borrower shall not either:
(i) directly or indirectly, merge, consolidate, sell, transfer, license, lease, encumber or otherwise dispose of all or any part of its property or business or all or any substantial part of its assets; or (ii) except as otherwise
permitted under Section 6.2(b) of this Agreement, sell or discount (with or without recourse) any of its interest in the Student Loans or its Retained CUSO Interest; unless, in the case of either clause (i) or clause
(ii), (x) Borrower has obtained Lender’s prior written consent or, (y) if no Obligations are then outstanding under this Agreement, Borrower has delivered prior written notice to Lender. 

8.5 Issuance of Stock. Other than as expressly permitted under the Program, Borrower shall not, either directly or indirectly, issue or
distribute any additional capital stock, membership interests or other securities of Borrower. 
 8.6 Distributions. So long as any
Obligations are outstanding, Borrower shall not, either directly or indirectly, purchase or redeem any membership interests, or declare or pay any dividends or distributions, whether in cash or otherwise, or set aside any funds for any such purpose.

  
 15 

 8.7 Bank Accounts. Borrower shall not move or change any information with respect to the
Distribution Account or the Operating Account or any other account described on Schedule 7.15, and shall not establish any new deposit accounts or other bank accounts, in any such case without the prior written consent of Lender.
Notwithstanding the foregoing, Borrower may move any such account to or establish any new account with a Designated Financial Institution (as defined in the Program Agreement) provided that, prior to such account move or establishment, Borrower
causes such Designated Financial Institution to enter into an account control agreement with Lender that is acceptable in form and substance to Lender. 

8.8 Change of Legal Status. Borrower shall not change its name, its organizational identification number (if it has one), its type of
organization, its jurisdiction of organization or other legal structure. 
 9. AFFIRMATIVE COVENANTS. 

9.1 Company Existence. Borrower shall at all times preserve and maintain its existence, rights, franchises and privileges, and shall at
all times continue as a going concern in the business that Borrower is presently conducting. If Borrower does not have a state issued identification number and later obtains one, Borrower shall promptly notify Lender of such organizational
identification number. 
 9.2 Maintain Property. Borrower shall at all times maintain and preserve the Collateral in good condition
and shall from time to time make all needful and proper renewals, replacements and additions thereto so that at all times the condition thereof shall be fully preserved and maintained. Borrower shall permit Lender to examine and inspect its place of
business and properties at all reasonable times. 
 9.3 Maintain Insurance. Borrower shall at all times maintain insurance with
insurance companies acceptable to Lender (i) for all insurable property owned by it that is of a character usually insured by companies similarly situated, insuring against any loss or damage from fire and such other hazards or risks as are
customarily insured against by companies similarly situated, and (ii) for employers’, public and professional liability risks. Borrower shall deliver to Lender a certificate setting forth in summary form the nature and extent of the
insurance maintained by Borrower pursuant to this Section 9.3. All such policies of insurance must be satisfactory to Lender in relation to the amount and term of the Obligations and type and value of the Collateral and assets of
Borrower, and shall identify Lender as loss payee or as an additional insured. If Borrower either fails to provide Lender with evidence of the insurance coverage required by this Section 9.3 or at any time hereafter fails to obtain or
maintain any of the policies of insurance required above, or if Borrower fails to pay any premium in whole or in part relating thereto, then Lender, without waiving or releasing any obligation or default by Borrower under this Agreement, may at any
time (but has no obligation to) obtain and maintain such policies of insurance and pay such premium and take any other action with respect thereto that Lender deems advisable. Such insurance coverage obtained by Lender (a) may but need not
protect Borrower’s interest in such property and (b) may not pay any claim made by or against Borrower in connection with such property. Borrower may later cancel any such insurance purchased by Lender, but only after providing Lender with
evidence that Borrower has obtained the insurance coverage required by this Section 9.3. The costs of such insurance obtained by Lender through and including the effective date such insurance coverage is canceled or expires (which may be
greater than the cost of insurance that Borrower may be able to obtain on its own), together with any other charges incurred by Lender in connection with the placement of such insurance, and together with interest thereon at the Default Rate on such
amounts until repaid, shall be part of the Obligations payable under this Agreement and shall be payable on demand by Borrower to Lender. 

  
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 9.4 Tax Liabilities. Borrower shall at all times pay and discharge all property and other
taxes, assessments and governmental charges upon, and all claims (including claims for labor, materials and supplies) against Borrower or any of its properties, in each case before any such amount becomes delinquent and before penalties accrue
thereon. 
 9.5 ERISA Liabilities; Employee Plans. Borrower shall not maintain, or permit any member of the Controlled Group to
maintain, or become obligated to contribute, or permit any member of the Controlled Group to become obligated to contribute, to any Employee Plan. 

9.6 Financial Statements. Borrower shall at all times maintain a standard system of accounting, on the accrual basis of accounting, and
shall furnish to Lender or his authorized representatives such information regarding the business affairs, operations and financial condition of Borrower, including: 

(a) as soon as available, and in any event, within ninety (90) days after the close of each of its fiscal years, a copy of the annual
reviewed financial statements of Borrower, including balance sheet, statement of income and retained earnings, statement of cash flows for the fiscal year then ended and such other information (including nonfinancial information) as Lender may
request, in reasonable detail, prepared and certified by an independent certified public accountant acceptable to Lender; 
 (b) as soon as
available, and in any event, within forty-five (45) days following the end of each quarter, a copy of the financial statements of Borrower regarding such quarter, including balance sheet, statement of income and retained earnings, and statement
of cash flows for such quarter; and 
 (c) as soon as available, and in any event, within forty-five (45) days following the end of each
quarter, a detailed and itemized report of all income received and expenses paid or incurred by Borrower during such quarter (including a detailed description of the use of all Operating Expense Advances), a detailed and itemized report of all
assets and liabilities of Borrower as of the end of such quarter, and such other information (including non-financial information) as Lender may request, in each case prepared in detail and certified as accurate by Borrower. 

No change with respect to such accounting principles shall be made by Borrower without giving prior notification to Lender. Borrower
represents and warrants to Lender that the financial statements delivered to Lender at or prior to the execution and delivery of this Agreement and to be delivered at all times after the Effective Date accurately reflect and will accurately reflect
the financial condition of Borrower. Lender shall have the right at all times during business hours to inspect the books and records of Borrower and make extracts therefrom. Borrower agrees to advise Lender immediately of any adverse change in the
financial condition, the operations or any other status of Borrower. 
 9.7 Supplemental Financial Statements. Borrower shall
promptly upon receipt thereof, provide to Lender copies of interim and supplemental reports if any, submitted to Borrower by independent accountants in connection with any interim audit or review of the books of Borrower. 

9.8 Field Audits. Borrower shall allow Lender, at Borrower’s sole expense, to conduct a quarterly field examination of
Borrower’s business operations, the results of which must be satisfactory to Lender in Lender’s sole and absolute discretion. 

9.9 Other Reports. Borrower shall, within such period of time as Lender may specify, deliver to Lender such other schedules and reports
as Lender may reasonably require. 
 9.10 Collateral Records. Borrower shall keep full and accurate books and records relating to the
Collateral and shall mark such books and records to indicate Lender’s Lien in the Collateral. 

  
 17 

 9.11 Notice of Proceedings. Borrower shall, promptly after knowledge thereof comes to its
attention, give written notice to Lender of all threatened or pending actions, suits, and proceedings before any court or governmental department, commission, board or other administrative agency which may have a Material Adverse Effect. 

9.12 Notice of Default. Borrower shall, promptly after the occurrence or commencement thereof, give notice to Lender in writing of the
occurrence of an Event of Default or of any event that, with the lapse of time, the giving of notice or both, would constitute an Event of Default under this Agreement. 

10. EVENTS OF DEFAULT. 
 Borrower, without
notice or demand of any kind, shall be in default under this Agreement upon the occurrence of any of the following events (each an “Event of Default”): 

(a) any amount due and owing on the Note or any of the Obligations, whether by its terms or as otherwise provided in this Agreement, is not
paid when due; 
 (b) any written warranty, representation, certificate or statement in this Agreement, the Loan Documents or any other
agreement with Lender is or becomes false in any material respect and, if capable of being cured, continues unremedied for a period of thirty (30) days; 

(c) any failure to perform or default in the performance of any covenant, condition or agreement contained: (i) in this Agreement (other
than as described in Section 10(a) above) and, if capable of being cured, such failure to perform or default in performance continues for a period of thirty (30) days after the required date of performance; or (ii) in the other
Loan Documents (all of the covenants, conditions and agreements contained therein being incorporated in this Agreement by reference) or any other agreement with Lender and such failure to perform or default in performance continues beyond any
applicable grace or cure period; 
 (d) any default occurs in the payment of principal, interest or any other sum greater than $10,000.00 in
connection with any other obligation of Borrower or in the performance of any other term, condition or covenant contained in any agreement to which Borrower or its property is subject (which default continues beyond any grace or cure period provided
with respect thereto), the effect of which default is to cause or permit the holder of such obligation or the other party to such other agreement to cause such obligation to become due prior to its stated maturity or to terminate such other
agreement; 
 (e) Borrower or any other Obligor makes an assignment for the benefit of creditors, fails to pay, or admits in writing its
inability to pay its debts as they mature; or a trustee of any substantial part of the assets of Borrower or any other Obligor is applied for or appointed; 

(f) any proceeding involving Borrower or any other Obligor is commenced by or against such Person under any bankruptcy, reorganization,
arrangement, insolvency, readjustment of debt, dissolution or liquidation law or statute of the federal government or any state government; 

(g) the entry of any one or more judgments, decrees, levies, attachments, garnishments or other process involving more than $10,000.00 in the
aggregate in any calendar year, or the filing of any Lien against Borrower or any other Obligor that is not fully covered by insurance or not removed within thirty (30) days after first becoming a Lien; 

(h) the entry of any judgment, decree, levy, attachment, garnishment or other process, or the filing of any Lien, against any of the Collateral
or any collateral under a separate security agreement securing any of the Obligations, the loss, theft, destruction, seizure or forfeiture, or the occurrence of any deterioration or impairment of any of the Collateral or any of the collateral under
any security agreement securing any of the Obligations, or any decline or depreciation in the value or market price thereof (whether actual or reasonably anticipated), which in any such case causes the Collateral, in the reasonable opinion of Lender
acting in good faith, to become unsatisfactory as to value or character or causes Lender to reasonably believe that it is insecure and that the likelihood for repayment of the Obligations is or will soon be impaired, time being of the essence; the
cause of any such deterioration, impairment, decline or depreciation includes the failure by Borrower to do any act deemed necessary by Lender to preserve and maintain the value and collectability of the Collateral; or 

(i) the occurrence of any Material Adverse Effect. 

  
 18 

 11. REMEDIES. 

Upon the occurrence of an Event of Default, Lender shall have all rights, powers and remedies set forth in this Agreement and the other Loan
Documents, in any written agreement or instrument (in addition to this Agreement and the other Loan Documents) relating to any of the Obligations or any security therefor, or as otherwise provided at law or in equity. Without limiting the generality
of the foregoing, (i) Lender may, at its option upon the occurrence of an Event of Default, declare all Obligations to be immediately due and payable, and (ii) upon the occurrence of an Event of Default under either
Section 10(e) or Section 10(f), all Obligations shall be automatically due and payable (and to avoid doubt, any alleged commitment of Lender to Borrower shall immediately terminate), all without demand, notice or further
action of any kind required on the part of Lender. Borrower waives any and all presentment, demand, notice of dishonor, protest, and all other notices and demands in connection with the enforcement of Lender’s rights under this Agreement and
the other Loan Documents, and consents to, and waives notice of release, with or without consideration, of any Collateral, notwithstanding anything contained in this Agreement or in the other Loan Documents to the contrary. In addition to the
foregoing: 
 11.1 Possession and Assembly of Collateral. Lender may, without notice, demand or legal process of any kind, take
possession of any or all of the Collateral (in addition to Collateral of which Lender already has possession), wherever it may be found, and for that purpose may pursue the Collateral wherever it may be found, and may enter into any of
Borrower’s premises where any of the Collateral may be or is supposed to be, and search for, take possession of, remove, keep and store any of the Collateral until it is sold or otherwise disposed of. At Lender’s request, Borrower will (at
Borrower’s sole expense) assemble the Collateral and make it available to Lender at a place or places to be designated by Lender that is reasonably convenient to Lender and Borrower. 

11.2 Sale of Collateral. Lender may sell any or all of the Collateral at public or private sale, upon such terms and conditions as
Lender may deem proper, and Lender may purchase any or all of the Collateral at any such sale. Lender may apply the net proceeds, after deducting all costs and expenses (including all attorneys’ fees and expenses) incurred or paid at any time
in the collection, protection and sale of the Collateral and the Obligations, to the payment of the Note or any of the other Obligations, returning the excess proceeds (if any) to Borrower. Borrower shall remain liable for any amount remaining
unpaid after such application, together with interest accruing thereon as provided in this Agreement. Any notification of intended disposition of the Collateral required by law shall be conclusively deemed reasonably and properly given if given by
Lender at least ten (10) calendar days before the date of such disposition. Borrower confirms, approves and ratifies all acts and deeds of Lender relating to the foregoing, and each part thereof. 

11.3 Standards for Exercising Remedies. To the extent that applicable law imposes duties on Lender to exercise remedies in a
commercially reasonable manner, Borrower acknowledges and agrees that it is not commercially unreasonable for Lender (a) to fail to incur expenses reasonably deemed significant by Lender to prepare Collateral for disposition or otherwise to
complete raw material or work-in-process into finished goods or other finished products for disposition, (b) to fail to obtain third party consents for access to Collateral to be disposed of, or to obtain or, if not required by other law, to
fail to obtain governmental or third party consents for the collection or disposition of Collateral to be collected or disposed of, (c) to fail to exercise collection remedies against account debtors or other Persons obligated on Collateral or
to remove liens or encumbrances on or any adverse claims against Collateral, (d) to exercise collection remedies against account debtors and other Persons obligated on Collateral directly or through the use of collection agencies and other
collection specialists, (e) to advertise dispositions of Collateral through publications or media of general circulation, whether or not the Collateral is of a specialized nature, (f) to contact other Persons, whether or not in the same
business as Borrower, for expressions of interest in acquiring all or any portion of the Collateral, (g) to hire one or more professional auctioneers to assist in the disposition of Collateral, whether or not the collateral is of a specialized
nature, (h) to dispose of Collateral by utilizing Internet sites that provide for the auction of assets of the types included in the Collateral or that have the reasonable capability of doing so, or that match buyers and sellers of assets,
(i) to dispose of assets in wholesale rather than retail markets, (j) to disclaim disposition warranties, including any warranties of title, (k) to purchase insurance or credit enhancements to protect Lender against risks of loss,
collection or disposition of Collateral or to provide to Lender a guaranteed return from the collection or disposition of Collateral, or (1) to obtain the services of brokers, investment bankers, consultants and other professionals to assist
Lender in the collection or disposition of any of the Collateral. Borrower acknowledges that the purpose of this Section 11.3 is to provide non-exhaustive indications of what actions or omissions by Lender would not be commercially
unreasonable in Lender’s exercise of remedies against the Collateral and that other actions or omissions by Lender shall not be deemed commercially unreasonable solely on account of not being indicated in this Section 11.3. Without
limiting the foregoing, nothing contained in this Section 11.3 shall be construed to grant any rights to Borrower or to impose any duties on Lender that would not have been granted or imposed by this Agreement or by applicable law in the
absence of this Section 11.3. 
  

  
 19 

 11.4 UCC and Offset Rights. Lender may exercise, from time to time, any and all rights and
remedies available to Lender under the UCC or under any other applicable law in addition to, and not in lieu of, any rights and remedies expressly granted in this Agreement or in any other agreements between any Obligor and Lender. Without limiting
Section 2.1(c)(iii)(E), Lender may, without demand or notice of any kind, appropriate and apply toward the payment of the Obligations, whether matured or unmatured, and in such order of application as Lender may from time to time elect,
any indebtedness of Lender to Borrower or any other Obligor, however created or arising, including balances, credits, deposits, accounts or moneys in the possession, control or custody of, or in transit to, Lender. Borrower, on behalf of itself and
each Obligor, waives the benefit of any law that would otherwise restrict or limit Lender in the exercise of its acknowledged right to appropriate at any time hereafter any such indebtedness owing from Lender. 

11.5 Additional Remedies. Without limiting the foregoing, Lender may and has the right to: 

(a) instruct Borrower, at Borrower’s expense, to notify any parties obligated on any of the Collateral to make payment directly to Lender
of any amounts due or to become due thereunder, or Lender may directly notify such obligors of the security interest of Lender or of the assignment to Lender of the Collateral and direct such obligors to make payment to Lender of any amounts due or
to become due with respect thereto, and thereafter, collect any such amounts due on the Collateral directly from such Persons obligated thereon; 

(b) enforce collection of any of the Collateral by suit or otherwise, or make any compromise or settlement with respect to any of the
Collateral, or surrender, release or exchange all or any part thereof, or compromise, extend or renew for any period (whether or not longer than the original period) any indebtedness thereunder; 

(c) take possession or control of any proceeds and products of any of the Collateral, including the proceeds of insurance thereon; 

  
 20 

 (d) extend, renew or modify for one or more periods (whether or not longer than the original
period) the Note, any of the other Obligations, any obligation of any nature of any other Obligor with respect to the Note or any of the Obligations; 

(e) grant releases, compromises or indulgences with respect to the Note, any of the Obligations, any extension or renewal of any of the
Obligations, any security therefor, or to any other Obligor with respect to the Note or any of the Obligations; 
 (f) transfer the whole or
any part of any securities constituting Collateral into the name of Lender or Lender’s nominee without disclosing, if Lender so desires, that such securities so transferred are subject to the security interest of Lender, and any corporation,
association, or any of the managers or trustees of any trust issuing any of such securities, or any transfer agent, shall not be bound to inquire, if Lender or such nominee makes any further transfer of all or portion of such securities, as to
whether Lender or such nominee has the right to make such further transfer, and shall not be liable for transferring such securities; 
 (g)
vote the Collateral; 
 (h) make an election with respect to the Collateral under Section 1111 of the Bankruptcy Code or take action
under Section 364 or any other section of the Bankruptcy Code; except that any such action of Lender shall not, in any manner whatsoever, impair or affect the liability of Borrower under this Agreement or prejudice, waive or be construed to
impair, affect, prejudice or waive, Lender’s rights and remedies at law, in equity or by statute, or release, discharge or be construed to release or discharge, Borrower or any Obligor liable to Lender for the Obligations; and 

(i) at any time, and from time to time, accept additions to, releases, reductions, exchanges or substitution of the Collateral, without in any
way altering, impairing, diminishing or affecting the provisions of this Agreement, the other Loan Documents, any of the Obligations, or Lender’s rights under this Agreement, the Note or any of the Obligations. 

Borrower ratifies and confirms whatever Lender may do with respect to the Collateral and agrees that Lender shall not be liable for any error
of judgment or mistakes of fact or law with respect to actions taken in connection with the Collateral. 
 11.6 No Marshaling. Lender
shall not be required to marshal any present or future collateral security (including this Agreement and the Collateral) for, or other assurances of payment of, the Obligations or any of them or to resort to such collateral security or other
assurances of payment in any particular order. To the extent that it lawfully may, Borrower agrees that it will not invoke any law relating to the marshaling of collateral which might cause delay in or impede the enforcement of Lender’s rights
under this Agreement or under any other instrument creating or evidencing any of the Obligations or under which any of the Obligations is outstanding or by which any of the Obligations is secured or payment thereof is otherwise assured, and, to the
extent that it lawfully may, Borrower irrevocably waives the benefits of all such laws. 
 11.7 Application of Proceeds. Lender will,
within three (3) Business Days after receipt of cash or solvent credits from collection of items of payment, proceeds of Collateral or any other source, apply the whole or any part thereof against the Obligations. Lender shall further have the
exclusive right to determine how, when and what application of such payments and such credits shall be made on the Obligations, and such determination shall be conclusive upon Borrower. Any proceeds of any disposition by Lender of all or any part of
the Collateral may be first applied by Lender to the payment of expenses incurred by Lender in connection with the Collateral, including attorneys’ fees and legal expenses as provided for in Section 12 of this Agreement. 

  
 21 

 11.8 No Waiver. No Event of Default shall be waived by Lender except in writing. No
failure or delay on the part of Lender in exercising any right, power or remedy under this Agreement shall operate as a waiver of the exercise of the same or any other right at any other time; nor shall any single or partial exercise of any such
right, power or remedy preclude any other or further exercise thereof or the exercise of any other right, power or remedy under this Agreement. There shall be no obligation on the part of Lender to exercise any remedy available to Lender in any
order. The remedies provided for in this Agreement are cumulative and not exclusive of any remedies provided at law or in equity. Borrower agrees that in the event that Borrower fails to perform, observe or discharge any of its Obligations or
liabilities under this Agreement or any other agreements with Lender, no remedy of law will provide adequate relief to Lender, and further agrees that Lender shall be entitled to temporary and permanent injunctive relief in any such case without the
necessity of proving actual damages. 
 12. MISCELLANEOUS. 

12.1 Obligations Absolute. None of the following shall affect the Obligations of Borrower to Lender under this Agreement or
Lender’s rights with respect to the Collateral: 
 (a) acceptance or retention by Lender of other property or any interest in property
as security for the Obligations; 
 (b) release by Lender of Borrower or of all or any part of the Collateral or of any party liable with
respect to the Obligations; 
 (c) release, extension, renewal, modification or substitution by Lender of the Note, or any note evidencing
any of the Obligations, or the compromise of the liability of any other Obligor of the Obligations; 
 (d) failure of Lender to resort to any
other security or to pursue Borrower or any other Obligor before resorting to remedies against the Collateral, or to pursue any of the Collateral or any other property before pursuing Borrower; or 

(e) failure of Lender to perform any of its obligations under any of the Program Documents. 

12.2 Entire Agreement. This Agreement and the other Loan Documents (a) are valid, binding and enforceable against Borrower and
Lender in accordance with its provisions and no conditions exist as to their legal effectiveness, (b) constitute the entire agreement between the parties and (c) are the final expression of the intentions of Borrower and Lender. No
promises, either expressed or implied, exist between Borrower and Lender, unless contained in this Agreement or the other Loan Documents. This Agreement and the other Loan Documents supersede all negotiations, representations, warranties,
commitments, offers and contracts (of any kind or nature, whether oral or written) with respect to the subject matter hereof prior to or contemporaneous with the execution of this Agreement and the other Loan Documents. 

12.3 Amendments; Waivers. No amendment, modification, termination, discharge or waiver of any provision of this Agreement or of the
other Loan Documents, or consent to any departure by Borrower therefrom, shall in any event be effective unless delivered in writing and signed by Lender, and then such waiver or consent shall be effective only for the specific purpose for which
given. 
 Lender’s failure, at any time or times on or after the Effective Date, to require strict performance by Borrower of any
provision of this Agreement or any other Loan Document shall not waive, affect or diminish any right of Lender thereafter to demand strict compliance and performance therewith. Any suspension or waiver by Lender of a default or an Event of Default
under this Agreement or any other Loan Document shall not suspend, waive or affect any other default or Event of Default under this Agreement or any of the other Loan Documents, whether such suspension or waiver is prior or subsequent thereto and
whether of the same or of a different type. Without limiting the foregoing, none of the undertakings, agreements, warranties, covenants and representations of Borrower contained in this Agreement or any of the other Loan Documents and no default or
Event of Default shall be deemed to have been suspended or waived by Lender unless such suspension or waiver is by an instrument in writing specifying such suspension or waiver and is signed by a duly authorized representative of Lender and directed
to Borrower. 

  
 22 

 12.4 Waiver of Jury Trial. LENDER AND BORROWER, AFTER CONSULTING WITH COUNSEL, EACH
KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE THE RIGHT TO TRIAL BY JURY WITH RESPECT TO ANY LEGAL PROCEEDING BASED ON THIS AGREEMENT, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT, THE NOTE OR ANY OF THE OBLIGATIONS, THE
COLLATERAL, OR ANY OTHER AGREEMENT EXECUTED OR CONTEMPLATED TO BE EXECUTED IN CONJUNCTION WITH THIS AGREEMENT, OR ANY COURSE OF CONDUCT OR COURSE OF DEALING IN WHICH LENDER AND BORROWER ARE ADVERSE PARTIES. THIS PROVISION IS A MATERIAL INDUCEMENT
FOR LENDER GRANTING ANY FINANCIAL ACCOMMODATION TO BORROWER. 
 12.5 Litigation. TO INDUCE LENDER TO MAKE THE LOANS, BORROWER AGREES
THAT ALL ACTIONS ARISING, DIRECTLY OR INDIRECTLY, AS A RESULT OR CONSEQUENCE OF THIS AGREEMENT, THE NOTE, ANY OTHER AGREEMENT WITH LENDER OR THE COLLATERAL, MAY BE INSTITUTED AND LITIGATED IN COURTS HAVING THEIR SITUS IN HAMILTON COUNTY, INDIANA.
BORROWER CONSENTS TO THE NON-EXCLUSIVE JURISDICTION AND VENUE OF ANY STATE COURT HAVING ITS SITUS IN SUCH COUNTY OR ANY FEDERAL COURT THAT HAS JURISDICTION OVER SUCH COUNTY, AND WAIVES ANY OBJECTION BASED ON FORUM NON CONVENIENS. BORROWER
WAIVES PERSONAL SERVICE OF ANY AND ALL PROCESS AND CONSENTS THAT ALL SUCH SERVICE OF PROCESS MAY BE MADE BY CERTIFIED MAIL, RETURN RECEIPT REQUESTED, DIRECTED TO BORROWER, AS SET FORTH IN THIS AGREEMENT IN THE MANNER PROVIDED BY APPLICABLE STATUTE,
LAW, RULE OF COURT OR OTHERWISE. BORROWER AGREES NOT TO INSTITUTE ANY LEGAL ACTION OR PROCEEDING AGAINST LENDER OR THE AGENTS OR PROPERTY THEREOF, IN ANY COURT OTHER THAN THE ONE SPECIFIED ABOVE IN THIS SECTION 12.5. NOTHING IN THIS
SECTION 12.5 SHALL AFFECT THE RIGHT OF LENDER TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR AFFECT THE RIGHT OF LENDER TO BRING ANY ACTION OR PROCEEDING AGAINST BORROWER OR ITS PROPERTY IN THE COURTS OF ANY OTHER
JURISDICTIONS. 
 12.6 Assignability. Lender may at any time assign Lender’s rights in this Agreement, the Note, the
Obligations, or any part thereof and transfer Lender’s rights in any or all of the Collateral, and Lender thereafter shall be relieved from all liability with respect to such Collateral. In addition, Lender may at any time sell one or more
participations in the Loan. Borrower may not sell or assign this Agreement, or any other agreement with Lender or any portion thereof, either voluntarily or by operation of law, without the prior written consent of Lender. This Agreement shall be
binding upon Lender and Borrower and their respective legal representatives and successors. All references in this Agreement to Borrower shall be deemed to include any successors, whether immediate or remote. 

12.7 Binding Effect. This Agreement shall become effective as of the Effective Date upon execution by Borrower and Lender. If this
Agreement is not dated or contains any blanks when executed by Borrower, Lender is authorized, without notice to Borrower, to complete any such date or blanks according to the terms upon which this Agreement is executed. 

12.8 Governing Law. This Agreement, the Loan Documents and the Note shall be delivered and accepted in and shall be deemed to be
contracts made under and governed by the internal laws of the State of New York and for all purposes shall be construed in accordance with the laws of such State, without giving effect to the choice of law provisions of such State (other than
Sections 5-1401 and 5-1402 of the New York General Obligations Law). 

  
 23 

 12.9 Enforceability. Wherever possible, each provision of this Agreement shall be
interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be prohibited by or unenforceable or invalid under any such law, such provision shall be severable and be ineffective to the
extent of such prohibition or invalidity, without invalidating the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction. 

12.10 Survival of Borrower Representations. All covenants, agreements, representations and warranties made by Borrower in this
Agreement shall, notwithstanding any investigation by Lender, be deemed material and relied upon by Lender and shall survive the making and execution of this Agreement and the other Loan Documents and the issuance of the Note, and shall be deemed to
be continuing representations and warranties until such time as Borrower has fulfilled all of its Obligations to Lender. Lender, in extending financial accommodations to Borrower, is expressly acting and relying on such covenants, agreements,
representations and warranties. 
 12.11 Time of Essence. Time is of the essence in making payments of all amounts due Lender under
this Agreement and in the performance and observance by Borrower of each covenant, agreement, provision and term of this Agreement. 
 12.12
Counterparts. This Agreement may be executed in any number of counterparts and by different parties to this Agreement 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 one and the same instrument. 
 12.13 Signatures. Lender is authorized to rely upon and accept as an
original this Agreement, any other Loan Documents or any other communication sent to Lender by facsimile, telegraphic or other electronic transmission (each, a “Communication”) that Lender in good faith believes has been
signed by Borrower and has been delivered to Lender by a properly authorized representative of Borrower, whether or not that is in fact the case. Notwithstanding the foregoing, Lender shall not be obligated to accept any such Communication as an
original and may in any instance require that an original document be submitted to Lender in lieu of, or in addition to, any such Communication. 

12.14 Notices. All notices, requests, demands and other communications provided for under this Agreement shall be in writing, sent by
nationally recognized overnight courier or by facsimile or electronic mail (with a follow-up copy sent by nationally recognized overnight courier) or delivered in person, and addressed as follows: 

 

					
		 	 If to Borrower:
	 	Student CU Connect CUSO, LLC
		 		 	 8700 Indian Creek Parkway, Suite 120

Overland Park, KS 66210
 Attn: Board of Managers

Fax: 913-322-3770
 Email:
tferris@rochdalegroup.com

			
		 	 If to Lender:
	 	ITT Educational Services, Inc.
		 		 	 13000 North Meridian Street
 Carmel, IN
46032-1404
 Attn: Chief Financial Officer
 Fax:
317-706-9254
 Email: dfitzpatrick@ittesi.com

  
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 or, as to each party, at such other address as shall be designated by such party in a written notice to each
other party complying as to delivery with the terms of this Section 12.14. No notice to or demand on Borrower in any case shall entitle Borrower to any other or further notice or demand in similar or other circumstances. 

12.15 Indemnification; Documentation Costs; Reimbursement of Expenses. Borrower agrees to defend (with counsel satisfactory to Lender),
protect and indemnify each Indemnified Party from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, claims, costs, expenses and distributions of any kind or nature (including disbursements to
and the reasonable fees of counsel for each Indemnified Party, which shall also include attorneys’ fees) imposed on, incurred by or asserted against any Indemnified Party (whether direct, indirect or consequential and whether based on any
federal, state or local laws or regulations (including securities, environmental laws and commercial laws and regulations), under common law or in equity, or based on contract or otherwise) in any manner relating to or arising out of this Agreement
or any of the other Loan Documents, or any act, event or transaction related or attendant thereto, the preparation, execution and delivery of this Agreement and the other Loan Documents (including the making or issuance and management of the Loans,
the use or intended use of the proceeds of the Loans), or the enforcement of Lender’s rights and remedies under this Agreement, the Note, the other Loan Documents, any other instruments and documents delivered under this Agreement, or any other
agreement between Borrower and Lender; provided, however, that Borrower shall not have any obligations under this Agreement to any Indemnified Party with respect to matters caused by or resulting from the willful
misconduct or gross negligence of such Indemnified Party. To the extent that the undertaking to indemnify set forth in the preceding sentence may be unenforceable because it violates any law or public policy, Borrower shall satisfy such undertaking
to the maximum extent permitted by applicable law. Any liability, obligation, loss, damage, penalty, cost or expense covered by this indemnity shall be paid to each Indemnified Party on demand and, failing prompt payment, shall, together with
interest thereon at the Default Rate from the date incurred by each Indemnified Party until paid by Borrower, be added to the Obligations of Borrower and be secured by the Collateral. 

Without limiting the foregoing: 

(i) Borrower further agrees that all of Lender’s expenses incurred in connection with the negotiation and documentation of this Agreement
and the other Loan Documents, shall be added to and become part of the initial Obligations under the Note, this Agreement and the other Loan Documents (without any actual disbursement to Borrower) and shall accrue interest as provided in this
Agreement and be secured by the Collateral. 
 (ii) If, at any time or times prior or subsequent to the Effective Date, regardless of whether
or not an Event of Default then exists or any of the transactions contemplated hereunder are concluded, Lender employs counsel for advice or other representation, or incurs legal or accountants’, auditors’, appraisers’,
liquidators’, engineers’, or other consultant or expert expenses or other costs or out-of-pocket expenses (including support staff costs, amounts expended in litigation preparation, computerized research costs, telephone and facsimile
expenses, mileage costs, deposition related expenses, postage costs, photocopy costs, process service fees, and costs of videotapes) in connection with: (a) the negotiation, preparation, execution or delivery any amendment of or modification of
this Agreement or any of the other Loan Documents, or any sale or attempted sale of any interest in this Agreement to a participating lender or other Person; (b) the administration or enforcement of the Loans, (c) any litigation, contest,
dispute, suit, proceeding or action (whether instituted by Lender, Borrower or any other Person) in any way relating to the Collateral, this Agreement, any of the other Loan Documents or Borrower’s affairs, including in connection with any
bankruptcy, reorganization, insolvency, or receivership proceeding; (d) any attempt to enforce any rights of Lender against Borrower or any other Person that may be obligated to Lender by virtue of this Agreement or any of the other Loan
Documents, irrespective of whether litigation is commenced in pursuit of such rights; or (e) any attempt to inspect, verify, protect, preserve, restore, collect, sell, manufacture, liquidate or otherwise dispose of or realize upon the
Collateral or any of Borrower’s assets that do not constitute Collateral (all of which are, collectively, “Expenses”); then, in any such event, such Expenses (whether incurred before or after judgment) shall be payable,
on demand, by Borrower to Lender and shall be additional Obligations under this Agreement secured by the Collateral. Additionally, if any taxes (excluding taxes imposed upon or measured by the income of Lender) shall be payable on account of the
execution or delivery of this Agreement or the other Loan Documents, or the execution, delivery, issuance or recording of any of the Loan Documents, or the creation of any of the Obligations hereunder, by reason of any federal, state or local
statute or other law existing on or after the Effective Date, then Borrower shall pay all such taxes (including any interest and penalties thereon) and shall indemnify Lender from and against liability in connection therewith. 

  
 25 

 The provisions of this Section 12.15 shall survive the satisfaction and payment of
the other Obligations and the termination of this Agreement. 
 12.16 USA Patriot Act. Borrower represents and warrants to Lender
that neither Borrower nor any affiliate is identified in any list of known or suspected terrorists published by any United States government agency (collectively, as such lists may be amended or supplemented from time to time, the
“Blocked Persons Lists”), including: (a) the annex to Executive Order 13224 issued on September 23, 2001, and (b) the Specially Designated Nationals List published by the Office of Foreign Assets Control. 

If Borrower becomes aware that it or any of its affiliates is identified on any Blocked Persons List, Borrower shall immediately notify Lender
in writing of such information. Borrower further agrees that in the event it or any of its affiliates is at any time identified on any Blocked Persons List, such event shall be an immediate Event of Default (without notice or demand or any other
action by Lender) and shall entitle Lender to exercise any and all remedies provided in this Agreement or any other Loan Document or otherwise permitted by law. In addition, Lender may immediately contact the Office of Foreign Assets Control and any
other government agency Lender deems appropriate in order to comply with its obligations under any law, regulation, order or decree regulating or relating to terrorism or money laundering. 

12.17 Lender’s Decision Power. Wherever Lender’s judgment, consent, or approval is required, under this Agreement or any
other Loan Document for any matter or thing, or Lender has an option, election, or right of determination hereunder or thereunder, including any right to determine that something is acceptable or satisfactory or not (“Decision
Power”), such Decision Power shall be exercised in the sole and absolute discretion of Lender unless otherwise expressly stated to be reasonably exercised. Such Decision Power and each other power granted to Lender in this Agreement or
any other Loan Document may be exercised by Lender or by any authorized agent of Lender (including any servicer or attorney-in-fact), and Borrower hereby expressly agrees to recognize the exercise of such Decision Power by such authorized agent.

 12.18 Members not Liable. Lender acknowledges and agrees that all Obligations under this Agreement are debts of the Borrower and
that the credit union members of Borrower are not individually liable for the Obligations under this Agreement. 
 [Remainder of page
left intentionally blank; signature page follows.] 

  
 26 

 IN WITNESS WHEREOF, Borrower and Lender have executed this Agreement as of the Effective Date.

  

			
	BORROWER:
	
	 STUDENT CU CONNECT CUSO, LLC,

a Delaware limited liability company

		
	 By:
	 	 /s/ Dan Kampen

		 	 Name: Dan Kampen

		 	 Title: Program Administrator

  

			
	LENDER:
	
	 ITT EDUCATIONAL SERVICES, INC.,

a Delaware corporation

		
	 By:
	 	 /s/ Kevin M. Modany

		 	 Name: Kevin M. Modany

		 	Title: Chairman & CEO

  
 27 

 SCHEDULE 5 

to 
 Loan and Security Agreement

 DESIGNATED BORROWER REPRESENTATIVES 

Tony Ferris, Partner 
 Joe Karlin,
Principal 
 Jeff Owen, Senior Associate 
  

 
 SCHEDULE 7.15 

to 
 Loan and Security Agreement

 BANK ACCOUNTS 
  

					
	 Institution:
	  	 Account #:
	  	 Account Name:

	Eli Lilly Federal Credit Union	  	1217851	  	Student CU Connect CUSO, LLC, Operating Account
	Eli Lilly Federal Credit Union	  	1223003	  	Student CU Connect CUSO, LLC, Distribution Account

 No other accounts. 

 FIRST AMENDMENT TO LOAN AND SECURITY AGREEMENT 

This FIRST AMENDMENT TO LOAN AND SECURITY AGREEMENT (this “Amendment”) is made effective as of December 30, 2009
(the “Effective Date”) between STUDENT CU CONNECT CUSO, LLC, a Delaware limited liability company (“Borrower”), and ITT EDUCATIONAL SERVICES, INC., a Delaware corporation
(“Lender”). 
 RECITALS 

The following recitals are a material part of this Amendment: 

A. Borrower and Lender entered into a revolving credit facility as evidenced by that certain Loan and Security Agreement dated as of
May 18, 2009 (as amended, modified, supplemented, restated, or renewed, from time to time, the “Loan Agreement”) between Borrower and Lender, and additional instruments and agreements between Borrower and Lender,
including that certain Revolving Note dated as of May 18, 2009 made by Borrower in favor of Lender in the maximum principal amount of $300,000,000.00 (as amended, modified, supplemented, restated, or renewed, from time to time, the
“Note”). 
 B. Borrower and Lender have agreed to, among other things, modify the interest rate under the credit
facility by amending the Loan Agreement and the Note pursuant to this Amendment and that certain First Amendment Allonge to Revolving Note dated as of the Effective Date (the “Allonge”) and executed contemporaneously with
this Amendment. 
 C. Lender is willing to amend the Loan Agreement and the Note upon and subject to the terms, provisions and conditions
set forth in this Amendment and the Allonge. 
 AGREEMENT 

In consideration of the mutual promises contained in this Amendment and for other good and valuable consideration, the receipt and sufficiency
of which are acknowledged, the parties to this Amendment mutually agree as follows: 
 SECTION 1. DEFINED TERMS. All capitalized
terms used but not otherwise defined in this Amendment have the meaning set forth in the Loan Agreement. 
 SECTION 2. ACKNOWLEDGMENT OF
INDEBTEDNESS. Borrower and Lender hereby acknowledge and agree that, as of the Effective Date, the outstanding balance(including accrued interest) of $13,287,661.11 is due and owing under the Note. Borrower unconditionally and irrevocably
acknowledges that the obligations evidenced by the Loan Documents are enforceable against it in accordance with the terms thereof, and unconditionally and irrevocably waives any and all defenses, claims or setoffs affecting any of the obligations
which may have existed or arisen (or which are based on facts or circumstances actually or allegedly existing) prior to the Effective Date (except for mathematical or clerical errors proven to the reasonable satisfaction of Lender, for which any
remedies in favor of Borrower shall be limited to the correction of such mathematical or clerical error). 
 SECTION 3. AMENDMENTS TO
LOAN AGREEMENT. The Loan Agreement is amended so that all of the terms and provisions of this Amendment, including all terms defined in this Amendment, are incorporated and integrated into, and made a material part of, the Loan Agreement as if
fully set forth therein. In addition, the definition of “Interest Rate” in Section 1.1 of the Loan Agreement is deleted entirely and replaced with the following: 

“Interest Rate”: The per annum rate equal to the Prime Rate plus 225/100 percent (2.25%) per annum. 

 SECTION 4. RATIFICATION AND REAFFIRMATION OF THE LOAN DOCUMENTS; FURTHER ASSURANCES. 

4.1 Except as expressly modified in this Amendment and the Allonge, Borrower ratifies, affirms and confirms the terms, covenants and
provisions of the Loan Documents, including the Loan Agreement and any other rights and obligations in favor of Lender thereunder, and acknowledges that the same are and shall continue in full force and effect to secure the Obligations. 

4.2 Borrower further agrees, at its own cost, and without expense to Lender, to do, execute, acknowledge and deliver all and every such
further agreements, instruments, acts, deeds, conveyances, financing statements, assignments, notices of assignments, transfers and assurances as Lender shall from time to time require, for carrying out the intention of facilitating the performance
of the terms of the Loan Documents, including the Loan Agreement, the Note and this Amendment and the Allonge. 
 SECTION 5. CONDITIONS
TO EFFECTIVENESS. The provisions of Section 3 of this Amendment shall become effective as of the date of, and only upon the satisfaction of, all of the following conditions precedent: 

5.1 Lender shall have received an original of this Amendment and the Allonge, fully executed and duly authorized and delivered to Lender by
Borrower. 
 5.2 All corporate and other proceedings taken or to be taken in connection with the transactions contemplated by this Amendment
and the Allonge, and all documents incidental thereto shall be satisfactory in form and substance to Lender and its counsel, and Lender and such counsel shall have received all such counterpart originals or certified copies of such documents as
Lender may request in its sole and absolute discretion. 
 5.3 Borrower shall have paid to Lender all closing costs and other expenses that
Borrower is obligated to pay under this Amendment, the Loan Agreement and the Loan Documents. 
 SECTION 6. REPRESENTATIONS AND
WARRANTIES. In order to induce Lender to enter into this Amendment and to amend the Loan Documents in the manner provided in this Amendment, Borrower represents and warrants to Lender that the following statements are true, correct and complete:

 6.1 Borrower has all requisite corporate power and authority to enter into this Amendment and the Allonge and to carry out the
transactions contemplated by, and perform its obligations under, this Amendment, the Allonge, and the Loan Documents. 
 6.2 The execution
and delivery of this Amendment, the Allonge and the performance of the Loan Documents have been duly authorized by all necessary corporate action on the part of Borrower. 

6.3 The execution and delivery by Borrower of this Amendment, the Allonge and the performance of the Loan Documents do not and will not
(i) violate any provision of any law or any governmental rule or regulation applicable to Borrower, the articles of organization, operating agreement or other organizational documents of Borrower or any order, judgment or decree of any court or
other agency of government binding on Borrower, (ii) conflict with, result in a breach of, or constitute (with due notice or lapse of time or both) a default under any contractual provision or restriction binding on or affecting Borrower,
(iii) result in or require the creation or imposition of any lien upon any of the properties or assets of Borrower, or (iv) require any approval of members or any approval or consent of any Person under any contract or agreement to which
Borrower is a party that has not already been obtained. 
 6.4 The execution and delivery by Borrower of this Amendment, the Allonge, and
the performance of the Loan Documents do not and will not require any registration with, consent or approval of, or notice to, or other action to, with or by, any federal, state or other governmental authority or regulatory body. 

 6.5 This Amendment, the Allonge, and the Loan Documents have been duly executed and delivered by
Borrower and are its legally valid and binding obligations, enforceable against it in accordance with their respective terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting
creditors’ rights generally or by equitable principles relating to enforceability. 
 6.6 No event has occurred and is continuing or
will result from the consummation of the transactions contemplated by this Amendment or the Allonge that would constitute a default under the Loan Documents. 

6.7 After giving effect to this Amendment and the Allonge, the representations and warranties contained in the Loan Agreement are and will be
true, correct and complete with respect to Borrower in all material respects on and as of the Effective Date to the same extent as though made on and as of the Effective Date. 

SECTION 7. RELEASE OF LIABILITY. Borrower releases, remises, acquits and forever discharges Lender and its respective employees,
agents, representatives, consultants, attorneys, fiduciaries, servants, officers, directors, partners, predecessors, successors and assigns, subsidiaries, parents and related divisions (all of the foregoing, the “Released
Parties”), from any and all actions and causes of action, judgments, executions, suits, debts, claims, demands, liabilities, obligations, damages and expenses of any and every character, known or unknown, direct or indirect, at law or
in equity, of whatsoever kind or nature, whether heretofore or hereafter arising, for or because of any matter or things done, omitted or suffered to be done by any of the Released Parties prior to and including the Effective Date, and in any way
directly or indirectly arising out of or in any way connected to this Amendment, the Loan Agreement and the Loan Documents on account of any matters or things done, omitted or suffered to be done prior to and including the “Effective
Date” (all of the foregoing, the “Released Matters”). Borrower acknowledges that the agreements in this Section 7 are intended to be in full satisfaction of all or any alleged injuries or damages
arising in connection with the Released Matters. Borrower represents and warrants to Lender that it has not purported to transfer, assign or otherwise convey any right, title or interest of Borrower in any Released Matter to any other Person and
that the foregoing constitutes a full and complete release of all Released Matters. 
 SECTION 8. MISCELLANEOUS. 

8.1 Borrower agrees with Lender that all of the terms of the Loan Agreement, the Note, the other Loan Documents and any other agreement,
document, or instrument executed and delivered by Borrower to Lender in connection with Borrower’s obligations under the Loan Agreement and the Loan Documents, are incorporated in and made a part of this Amendment by this reference. 

8.2 This Amendment shall be binding upon the parties to this Amendment and their respective heirs, executors, personal and legal
representatives, successors and assigns. 
 8.3 If any term, covenant or condition of this Amendment shall be held to be invalid, illegal or
unenforceable in any respect, the validity or enforceability of the remaining provisions shall not in any way be affected. 
 8.4 This
Amendment, the Allonge and the other Loan Documents constitute the entire agreement between the parties and are the final expression of the intentions of Borrower and Lender. No promises, either expressed or implied, exist between Borrower and
Lender, unless contained in this Amendment, the Allonge or the other Loan Documents. This Amendment, the Allonge and the other Loan Documents supersede all negotiations, representations, warranties, commitments, offers and contracts (of any kind or
nature, whether oral or written) with respect to the subject matter hereof prior to or contemporaneous with the Effective Date. 

 8.5 This Amendment, and any provisions of this Amendment, may not be modified, amended, waived,
extended, changed, discharged or terminated orally or by any act or failure to act on the part of any party to this Amendment, but only by an agreement in writing signed by the party against whom enforcement of any modification, amendment, waiver,
extension, change, discharge or termination is sought. 
 8.6 Borrower agrees that the Loans, including the Interest Rate, fees and charges
as contemplated by this Amendment, the Allonge, the Loan Agreement and the other Loan Documents, (a) are business loans under New York law, (b) are exempted transactions under the Truth In Lending Act, 12 U.S.C. 1601 et seq., as amended
from time to time, and (c) do not violate the provisions of any New York usury laws, any consumer credit laws or the usury laws of any state that may have jurisdiction over the transactions described in the Loan Documents or any property
securing the Obligations. Borrower represents and warrants to Lender that it is entering into this Amendment and the Allonge on its own behalf, and not as nominee, designee, or agent for another nor is Borrower acting for another in so borrowing the
amounts under the Loan Documents. 
 8.7 This Amendment and the Allonge shall be delivered and accepted in and shall be deemed to be
contracts made under and governed by the laws of New York and for all purposes shall be construed in accordance with the laws of New York, without giving effect to the choice of law provisions thereof (other than Sections 5-1401 and 5-1402 of the
New York General Obligations Law). 
 8.8 This Amendment may be executed in any number of counterparts and by different parties to this
Amendment in separate counterparts, each of which when so executed and delivered shall be deemed an original, and all such counterparts together shall constitute but one and the same instrument. Signature pages may be detached from multiple separate
counterparts and attached to a single counterpart so that all signature pages are physically attached to the same document. A signature of a party to this Amendment sent by facsimile, e-mail or other electronic transmission shall have the same force
and effect as an original signature of such party. 
 8.9 Lender acknowledges and agrees that all Obligations under this Agreement are debts
of the Borrower and that the credit union members of Borrower are not individually liable for the Obligations under this Agreement. 

[Remainder of Page Intentionally Blank; Signature Page Follows] 

 IN WITNESS WHEREOF, Borrower and Lender have executed this Amendment as of the Effective Date.

  

			
	BORROWER:
	
	 STUDENT CU CONNECT CUSO, LLC,

a Delaware limited liability company

		
	 By:
	 	 /s/ Daniel R. Kampen

		 	 Name: Daniel R. Kampen

		 	 Title: CUSO Administrator

  

			
	LENDER:
	
	 ITT EDUCATIONAL SERVICES, INC.,

a Delaware corporation

		
	 By:
	 	 /s/ Kevin M. Modany

		 	 Name: Kevin M. Modany

		 	Title: Chairman & CEO

 SECOND AMENDMENT TO LOAN AND SECURITY AGREEMENT 

This SECOND AMENDMENT TO LOAN AND SECURITY AGREEMENT (this “Amendment”) is made effective as of January 13, 2011
(the “Effective Date”) between STUDENT CU CONNECT CUSO, LLC, a Delaware limited liability company (“Borrower”), and ITT EDUCATIONAL SERVICES, INC., a Delaware corporation
(“Lender”). 
 RECITALS 

The following recitals are a material part of this Amendment: 

A. Borrower and Lender entered into a revolving credit facility as evidenced by that certain Loan and Security Agreement dated as of
May 18, 2009, as amended by that certain First Amendment to Loan and Security Agreement dated as of December 30, 2009 (as amended, modified, supplemented, restated, or renewed, from time to time, the “Loan
Agreement”) between Borrower and Lender, and additional instruments and agreements between Borrower and Lender, including that certain Revolving Note dated as of May 18, 2009 made by Borrower in favor of Lender in the maximum
principal amount of $300,000,000.00 (as amended, modified, supplemented, restated, or renewed, from time to time, the “Note”). 

B. Borrower and Lender have agreed to, among other things, provide that the due date of the initial quarterly interest payment under the
credit facility shall be extended by one year to January 1, 2012, and to further provide for an interest rate reduction under the credit facility during those periods in which Borrower obtains certain enhanced servicing, by amending the Loan
Agreement and the Note pursuant to this Amendment and that certain Second Amendment Allonge to Revolving Note (the “Allonge”), each dated as of the Effective Date and executed contemporaneously with this Amendment. 

C. Lender is willing to amend the Loan Agreement and the Note upon and subject to the terms, provisions and conditions set forth in this
Amendment and the Allonge. 
 AGREEMENT 

In consideration of the mutual promises contained in this Amendment and for other good and valuable consideration, the receipt and sufficiency
of which are acknowledged, the parties to this Amendment mutually agree as follows: 
 SECTION 1. DEFINED TERMS. All capitalized
terms used but not otherwise defined in this Amendment have the meaning set forth in the Loan Agreement. 
 SECTION 2. ACKNOWLEDGMENT OF
INDEBTEDNESS. Borrower and Lender hereby acknowledge and agree that, as of the Effective Date, the outstanding balance due and owing under the Note (which includes both principal and accrued unpaid interest) is $10,779,009.04. Borrower
unconditionally and irrevocably acknowledges that all obligations evidenced by the Loan Documents are enforceable against it in accordance with the terms thereof, and unconditionally and irrevocably waives any and all defenses, claims or setoffs
affecting any of the obligations which may have existed or arisen (or which are based on facts or circumstances actually or allegedly existing) prior to the Effective Date (except for mathematical or clerical errors proven to the reasonable
satisfaction of Lender, for which any remedies in favor of Borrower shall be limited to the correction of such mathematical or clerical error). 

SECTION 3. AMENDMENTS TO LOAN AGREEMENT. The Loan Agreement is amended so that all of the terms and provisions of this Amendment,
including all terms defined in this Amendment, are incorporated and integrated into, and made a material part of, the Loan Agreement as if fully set forth therein. In addition, the following specific amendments are hereby adopted: 

3.1 Section 1.1 of the Loan Agreement is hereby amended by adding the following defined terms: 

 “Enhanced Servicing”: Such services and activities of a
Servicer provided with respect to Student Loans that are in addition to those services and activities set forth in that certain Business Requirements Document dated January 21, 2009. 

“Enhanced Servicing Threshold”: Enhanced Servicing for at least 75% of the dollar value (based on
outstanding principal balances) of those Student Loans held by Borrower for which the applicable Students are no longer enrolled in an ITT Technical Institute for at least four quarter credit hours, regardless of the reason, which Student Loans have
not been either (i) Charged Off (as defined in Schedule A to the Risk Sharing Agreement) or (ii) paid in full. 
 Except as amended by
Section 3.2 of this Amendment and this Section 3.1, the remainder of Section 1.1 of the Loan Agreement is unchanged. 

3.2 Section 1.1 of the Loan Agreement is hereby further amended so that the definitions of Bailment Agreement, Servicer, Servicing
Agreement, and Servicing Fee read in their entirety as follows: 
 “Bailment Agreement”: Any
Bailment Agreement entered into from time to time among Lender, Borrower and any Servicer, as amended, supplemented, modified, or replaced from time to time. 

“Servicer”: The Person or Persons obligated pursuant to one or more Servicing Agreements to, among
other things, collect, monitor and report Student Loan payments, handle late payments and other delinquencies, and remit payments. 

“Servicing Agreement”: Any Servicing Agreement entered into from time to time between Borrower and any
Servicer, as amended, supplemented, modified, or replaced from time to time. 
 “Servicing Fee”: All
servicing fees payable to Servicers for performing their respective servicing obligations under the applicable Servicing Agreements. 
 Except as amended by
Section 3.1 of this Amendment and this Section 3.2, the remainder of Section 1.1 of the Loan Agreement is unchanged. 

3.3 Subsection 2.1(c)(i) of the Loan Agreement is hereby amended to provide that the commencement date for quarterly payments of
accrued and unpaid interest on the principal balance of the Loans shall be January 1, 2012. The remainder of Subsection 2.1(c)(i) of the Loan Agreement is unchanged. 

3.4 Subsection 2.1(c)(iii)(B) of the Loan Agreement is hereby amended by adding the following at the end of such Subsection:
“Notwithstanding anything contained herein to the contrary, during (and only during) Funding Year 2011, at Borrower’s option exercised from time to time during such Funding Year with prior written notice to Lender, any amounts payable to
Borrower as refunds of Student Loans and otherwise required to be paid to Lender as set forth above shall be deposited in the Commitment Account (as defined in the Participation Agreement) to be utilized to purchase Student Loans from time to time,
as provided in the Participation Agreement and the other Program Documents.” The remainder of Subsection 2.1(c)(iii)(B) of the Loan Agreement is unchanged. 

3.5 Section 2.2 of the Loan Agreement is hereby amended by adding the following at the end of such Section: “Notwithstanding
anything contained herein to the contrary, during (and only during) any period in which the Enhanced Servicing Threshold is met, provided that Borrower shall have timely provided both the notifications and the certifications required by
Section 9.13 hereof, the Interest Rate shall be the Prime Rate plus one percent (1.00%) per annum.” The remainder of Section 2.2 of the Loan Agreement is unchanged. 

 3.6 The third paragraph of Section 6.5 of the Loan Agreement is hereby amended by
adding the following at the end of such paragraph: “Notwithstanding anything contained herein to the contrary, Borrower shall be required to cause Bailment Agreements to be entered into with only those Servicers that will have access to Student
Loan Documents, and each such Bailment Agreement must be in form and substance satisfactory to Lender.” The remainder of Section 6.5 of the Loan Agreement is unchanged. 

3.7 The Loan Agreement is hereby amended by adding a new Section 9.13 as follows: 

9.13 Enhanced Servicing Notifications and Certifications. 

(a) Borrower shall provide written notice to Lender, in form and content reasonably satisfactory to Lender, of each period of
time during which the Enhanced Servicing Threshold is being met, by providing such notice within five (5) Business Days following both (i) any date on which the Enhanced Servicing Threshold is met, and (ii) the last date thereafter on
which the Enhanced Servicing Threshold was met. 
 (b) Within ten (10) Business Days following the end of each quarter
during which Borrower reasonably believes the Enhanced Servicing Threshold was met for at least one day, Borrower shall certify in writing to Lender, in form and content reasonably satisfactory to Lender, as to the dates on which such Enhanced
Servicing Threshold was met during such quarter. 
 3.8 Section 10 of the Loan Agreement is hereby amended by adding a new
Subsection 10(j) as follows: 
 (j) the delivery of any Student Loan Document to any Servicer or other Person who has
not executed a Bailment Agreement pursuant to Section 6.5. 
 SECTION 4. RATIFICATION AND REAFFIRMATION OF THE LOAN
DOCUMENTS; FURTHER ASSURANCES. 
 4.1 Except and as expressly modified by this Amendment and the Allonge, Borrower ratifies, affirms and
confirms the terms, covenants and provisions of the Loan Documents, including the Loan Agreement and any other rights and obligations in favor of Lender thereunder, and acknowledges that the same are and shall continue in full force and effect to
evidence and secure the Obligations. 
 4.2 Borrower further agrees, at its own cost, and without expense to Lender, to do, execute,
acknowledge and deliver all and every such further agreements, instruments, acts, deeds, conveyances, financing statements, assignments, notices of assignments, transfers and assurances as Lender shall from time to time require, for carrying out the
intention of facilitating the performance of the terms of the Loan Documents, including the Loan Agreement, the Note and this Amendment and the Allonge. 

SECTION 5. CONDITIONS TO EFFECTIVENESS. The provisions of Section 3 of this Amendment shall become effective as of the date
of, and only upon the satisfaction of, all of the following conditions precedent: 

 5.1 Lender shall have received an original of this Amendment and the Allonge, fully executed and
duly authorized and delivered to Lender by Borrower. 
 5.2 All corporate and other proceedings taken or to be taken in connection with the
transactions contemplated by this Amendment and the Allonge, and all documents incidental thereto shall be satisfactory in form and substance to Lender and its counsel, and Lender and such counsel shall have received all such counterpart originals
or certified copies of such documents as Lender may request in its sole and absolute discretion. 
 5.3 Borrower shall have paid to Lender
all closing costs and other expenses that Borrower is obligated to pay under this Amendment, the Loan Agreement and the Loan Documents. 

SECTION 6. REPRESENTATIONS AND WARRANTIES. In order to induce Lender to enter into this Amendment and to amend the Loan Documents in
the manner provided in this Amendment, Borrower represents and warrants to Lender that the following statements are true, correct and complete: 

6.1 Borrower has all requisite corporate power and authority to enter into this Amendment and the Allonge and to carry out the transactions
contemplated by, and perform its obligations under, this Amendment, the Allonge, and the Loan Documents. 
 6.2 The execution and delivery
of this Amendment, the Allonge and the performance of the Loan Documents have been duly authorized by all necessary corporate action on the part of Borrower. 

6.3 The execution and delivery by Borrower of this Amendment, the Allonge and the performance of the Loan Documents do not and will not
(i) violate any provision of any law or any governmental rule or regulation applicable to Borrower, the articles of organization, operating agreement or other organizational documents of Borrower or any order, judgment or decree of any court or
other agency of government binding on Borrower, (ii) conflict with, result in a breach of, or constitute (with due notice or lapse of time or both) a default under any contractual provision or restriction binding on or affecting Borrower,
(iii) result in or require the creation or imposition of any lien upon any of the properties or assets of Borrower, or (iv) require any approval of members or any approval or consent of any Person under any contract or agreement to which
Borrower is a party that has not already been obtained. 
 6.4 The execution and delivery by Borrower of this Amendment, the Allonge, and
the performance of the Loan Documents do not and will not require any registration with, consent or approval of, or notice to, or other action to, with or by, any federal, state or other governmental authority or regulatory body. 

6.5 This Amendment, the Allonge, and the Loan Documents have been duly executed and delivered by Borrower and are its legally valid and
binding obligations, enforceable against it in accordance with their respective terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally or by
equitable principles relating to enforceability. 
 6.6 No event has occurred and is continuing or will result from the consummation of the
transactions contemplated by this Amendment or the Allonge that would constitute a default under the Loan Documents. 
 6.7 After giving
effect to this Amendment and the Allonge, the representations and warranties contained in the Loan Agreement are and will be true, correct and complete with respect to Borrower in all material respects on and as of the Effective Date to the same
extent as though made on and as of the Effective Date. 
  

 SECTION 7. RELEASE OF LIABILITY. Borrower releases, remises, acquits and forever
discharges Lender and its respective employees, agents, representatives, consultants, attorneys, fiduciaries, servants, officers, directors, partners, predecessors, successors and assigns, subsidiaries, parents and related divisions (all of the
foregoing, the “Released Parties”), from any and all actions and causes of action, judgments, executions, suits, debts, claims, demands, liabilities, obligations, damages and expenses of any and every character, known or
unknown, direct or indirect, at law or in equity, of whatsoever kind or nature, whether heretofore or hereafter arising, for or because of any matter or things done, omitted or suffered to be done by any of the Released Parties prior to and
including the Effective Date, and in any way directly or indirectly arising out of or in any way connected to this Amendment, the Loan Agreement and the Loan Documents on account of any matters or things done, omitted or suffered to be done prior to
and including the “Effective Date” (all of the foregoing, the “Released Matters”). Borrower acknowledges that the agreements in this Section 7 are intended to be in full satisfaction of all
or any alleged injuries or damages arising in connection with the Released Matters. Borrower represents and warrants to Lender that it has not purported to transfer, assign or otherwise convey any right, title or interest of Borrower in any Released
Matter to any other Person and that the foregoing constitutes a full and complete release of all Released Matters. 
 SECTION 8.
MISCELLANEOUS. 
 8.1 Borrower agrees with Lender that all of the terms of the Loan Agreement, the Note, the other Loan Documents and
any other agreement, document, or instrument executed and delivered by Borrower to Lender in connection with Borrower’s obligations under the Loan Agreement and the Loan Documents, are incorporated in and made a part of this Amendment by this
reference. 
 8.2 This Amendment shall be binding upon the parties to this Amendment and their respective heirs, executors, personal and
legal representatives, successors and assigns. 
 8.3 If any term, covenant or condition of this Amendment shall be held to be invalid,
illegal or unenforceable in any respect, the validity or enforceability of the remaining provisions shall not in any way be affected. 
 8.4
This Amendment, the Allonge and the other Loan Documents constitute the entire agreement between the parties and are the final expression of the intentions of Borrower and Lender. No promises, either expressed or implied, exist between Borrower and
Lender, unless contained in this Amendment, the Allonge or the other Loan Documents. This Amendment, the Allonge and the other Loan Documents supersede all negotiations, representations, warranties, commitments, offers and contracts (of any kind or
nature, whether oral or written) with respect to the subject matter hereof prior to or contemporaneous with the Effective Date. 
 8.5 This
Amendment, and any provisions of this Amendment, may not be modified, amended, waived, extended, changed, discharged or terminated orally or by any act or failure to act on the part of any party to this Amendment, but only by an agreement in writing
signed by the party against whom enforcement of any modification, amendment, waiver, extension, change, discharge or termination is sought. 

8.6 Borrower agrees that the Loans, including the Interest Rate, fees and charges as contemplated by this Amendment, the Allonge, the Loan
Agreement and the other Loan Documents, (a) are business loans under New York law, (b) are exempted transactions under the Truth In Lending Act, 12 U.S.C. 1601 et seq., as amended from time to time, and (c) do not violate the
provisions of any New York usury laws, any consumer credit laws or the usury laws of any state that may have jurisdiction over the transactions described in the Loan Documents or any property securing the Obligations. Borrower represents and
warrants to Lender that it is entering into this Amendment and the Allonge on its own behalf, and not as nominee, designee, or agent for another nor is Borrower acting for another in so borrowing the amounts under the Loan Documents. 

 8.7 This Amendment and the Allonge shall be delivered and accepted in and shall be deemed to be
contracts made under and governed by the laws of New York and for all purposes shall be construed in accordance with the laws of New York, without giving effect to the choice of law provisions thereof (other than Sections 5-1401 and 5-1402 of the
New York General Obligations Law). 
 8.8 This Amendment may be executed in any number of counterparts and by different parties to this
Amendment in separate counterparts, each of which when so executed and delivered shall be deemed an original, and all such counterparts together shall constitute but one and the same instrument. Signature pages may be detached from multiple separate
counterparts and attached to a single counterpart so that all signature pages are physically attached to the same document. A signature of a party to this Amendment sent by facsimile, e-mail or other electronic transmission shall have the same force
and effect as an original signature of such party. 
 8.9 Lender acknowledges and agrees that all Obligations under this Agreement are debts
of the Borrower and that the credit union members of Borrower are not individually liable for the Obligations under this Agreement. 

[Remainder of Page Intentionally Blank; Signature Page Follows] 

 IN WITNESS WHEREOF, Borrower and Lender have executed this Amendment as of the Effective Date.

  

			
	BORROWER:
	
	 STUDENT CU CONNECT CUSO, LLC,

a Delaware limited liability company

		
	 By:
	 	 /s/ Joe Karlin

		 	 Name: Joe Karlin

		 	 Title: Program Administrator

  

			
	LENDER:
	
	 ITT EDUCATIONAL SERVICES, INC.,

a Delaware corporation

		
	 By:
	 	 /s/ Kevin M. Modany

		 	 Name: Kevin M. Modany

		 	Title: Chairman and CEO

 THIRD AMENDMENT TO LOAN AND SECURITY AGREEMENT 

This THIRD AMENDMENT TO LOAN AND SECURITY AGREEMENT (this “Amendment”) is made and entered into effective as of
May 18, 2012 (the “Effective Date”) between STUDENT CU CONNECT CUSO, LLC, a Delaware limited liability company (“Borrower”), and ITT EDUCATIONAL SERVICES, INC., a Delaware
corporation (“Lender”). 
 RECITALS 

The following recitals are a material part of this Amendment: 

A. Borrower and Lender entered into a revolving credit facility as evidenced by that certain Loan and Security Agreement dated as of
May 18, 2009, as amended by that certain First Amendment to Loan and Security Agreement dated as of December 30, 2009, and that certain Second Amendment to Loan and Security Agreement dated as of January 3, 2011 (as amended, modified,
supplemented, restated, or renewed, from time to time, the “Loan Agreement”), between Borrower and Lender, and additional instruments and agreements between Borrower and Lender, including that certain Revolving Note dated as
of May 18, 2009, made by Borrower in favor of Lender in the maximum principal amount of $300,000,000.00 (as amended, modified, supplemented, restated, or renewed, from time to time, the “Note”). 

B. Borrower has requested certain changes to be effected by amending the Loan Agreement and the Note pursuant to this Amendment. 

C. Borrower is entering into a new servicing agreement that provides for enhanced servicing activities, and therefore references in the Loan
Agreement to certifications of enhanced servicing are no longer necessary. 
 D. Lender is willing to amend the Loan Agreement and the Note
upon and subject to the terms, provisions and conditions set forth in this Amendment and in that certain Third Amendment Allonge to Revolving Note, a copy of which is attached as Exhibit A (the “Allonge”), executed
contemporaneously with this Amendment. 
 AGREEMENT 

In consideration of the mutual promises contained in this Amendment and for other good and valuable consideration, the receipt and sufficiency
of which are acknowledged, the parties to this Amendment mutually agree as follows: 
 SECTION 1. DEFINED TERMS. All capitalized terms
used but not otherwise defined in this Amendment have the meaning set forth in the Loan Agreement. 
 SECTION 2. ACKNOWLEDGMENT OF
INDEBTEDNESS. Borrower and Lender hereby acknowledge and agree that, as of the Effective Date, the outstanding balance due and owing under the Note (which includes both principal and accrued unpaid interest) is $9,485,011.48. Borrower
unconditionally and irrevocably acknowledges that all obligations evidenced by the Loan Documents are enforceable against it in accordance with the terms thereof, and unconditionally and irrevocably waives any and all defenses, claims or setoffs
affecting any of the obligations which may have existed or arisen (or which are based on facts or circumstances actually or allegedly existing) prior to the Effective Date (except for mathematical or clerical errors proven to the reasonable
satisfaction of Lender, for which any remedies in favor of Borrower shall be limited to the correction of such mathematical or clerical error). 
  

 SECTION 3. AMENDMENTS TO LOAN AGREEMENT. Effective as of the Effective Date, the Loan
Agreement is amended so that all of the terms and provisions of this Amendment, including all terms defined in this Amendment, are incorporated and integrated into, and made a material part of, the Loan Agreement as if fully set forth therein. In
addition, the following specific amendments are hereby adopted: 
 3.1 Section 1.1 of the Loan Agreement is hereby amended in
the following respects: 
 (a) The definitions of “Advance Termination Date” and “Interest Rate” are deleted in their
entirety and the following is substituted in their stead: 
 “Advance Termination Date”: January 1, 2014. 

“Interest Rate”: The per annum rate equal to the Prime Rate plus one percent (1.00%) per annum. 

(b) The following definitions are deleted in their entirety: “Enhanced Servicing” and “Enhanced Servicing
Threshold.” 
 (c) For the avoidance of any confusion, other than the changes specified in (a) and (b) above, of
Section 1.1 of the Loan Agreement remains unchanged. 
 3.2 Subsection 2.1(c)(i) of the Loan Agreement is hereby amended to
provide that the commencement date for quarterly payments of accrued and unpaid interest on the principal balance of the Loans shall be January 1, 2014. For the avoidance of any confusion, the remainder of Subsection 2.1(c)(i) of the
Loan Agreement is unchanged. 
 3.3 Section 2.2 of the Loan Agreement is hereby amended to delete the last sentence of such
Section. For the avoidance of any confusion, the remainder of Section 2.2 of the Loan Agreement is unchanged. 
 3.4
Section 9.13 of the Loan Agreement is hereby deleted in its entirety. 
 As hereby amended, that the Loan Agreement remains in full force and
effect. 
 SECTION 4. RATIFICATION AND REAFFIRMATION OF THE LOAN DOCUMENTS; FURTHER ASSURANCES. 

4.1 Except and as expressly modified by this Amendment and the Allonge, Borrower ratifies, affirms and confirms the terms, covenants and
provisions of the Loan Documents, including the Loan Agreement and any other rights and obligations in favor of Lender thereunder, and acknowledges that the same are and shall continue in full force and effect to evidence and secure the Obligations.

 4.2 Borrower further agrees, at its own cost, and without expense to Lender, to do, execute, acknowledge and deliver all and every such
further agreements, instruments, acts, deeds, conveyances, financing statements, assignments, notices of assignments, transfers and assurances as Lender shall from time to time require, for carrying out the intention of facilitating the performance
of the terms of the Loan Documents, including the Loan Agreement, the Note and this Amendment and the Allonge. 
 SECTION 5. CONDITIONS
TO EFFECTIVENESS. The provisions of Section 3 of this Amendment shall become effective as of the date of, and only upon the satisfaction of, all of the following conditions precedent: 

5.1 Lender shall have received an original of this Amendment and the Allonge, fully executed and duly authorized and delivered to Lender by
Borrower. 

 5.2 All corporate and other proceedings taken or to be taken in connection with the transactions
contemplated by this Amendment and the Allonge, and all documents incidental thereto shall be satisfactory in form and substance to Lender and its counsel, and Lender and such counsel shall have received all such counterpart originals or certified
copies of such documents as Lender may request in its sole and absolute discretion. 
 5.3 Borrower shall have paid to Lender all closing
costs and other expenses that Borrower is obligated to pay under this Amendment, the Loan Agreement and the Loan Documents. 
 SECTION 6.
REPRESENTATIONS AND WARRANTIES. In order to induce Lender to enter into this Amendment and to amend the Loan Documents in the manner provided in this Amendment, Borrower represents and warrants to Lender that the following statements are
true, correct and complete: 
 6.1 Borrower has all requisite corporate power and authority to enter into this Amendment and the Allonge and
to carry out the transactions contemplated by, and perform its obligations under, this Amendment, the Allonge, and the Loan Documents. 

6.2 The execution and delivery of this Amendment, the Allonge and the performance of the Loan Documents have been duly authorized by all
necessary corporate action on the part of Borrower. 
 6.3 The execution and delivery by Borrower of this Amendment, the Allonge and the
performance of the Loan Documents do not and will not (i) violate any provision of any law or any governmental rule or regulation applicable to Borrower, the articles of organization, operating agreement or other organizational documents of
Borrower or any order, judgment or decree of any court or other agency of government binding on Borrower, (ii) conflict with, result in a breach of, or constitute (with due notice or lapse of time or both) a default under any contractual
provision or restriction binding on or affecting Borrower, (iii) result in or require the creation or imposition of any lien upon any of the properties or assets of Borrower, or (iv) require any approval of members or any approval or
consent of any Person under any contract or agreement to which Borrower is a party that has not already been obtained. 
 6.4 The execution
and delivery by Borrower of this Amendment, the Allonge, and the performance of the Loan Documents do not and will not require any registration with, consent or approval of, or notice to, or other action to, with or by, any federal, state or other
governmental authority or regulatory body. 
 6.5 This Amendment, the Allonge, and the Loan Documents have been duly executed and delivered
by Borrower and are its legally valid and binding obligations, enforceable against it in accordance with their respective terms, except as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting
creditors’ rights generally or by equitable principles relating to enforceability. 
 6.6 No event has occurred and is continuing or
will result from the consummation of the transactions contemplated by this Amendment or the Allonge that would constitute a default under the Loan Documents. 

6.7 After giving effect to this Amendment and the Allonge, the representations and warranties contained in the Loan Agreement are and will be
true, correct and complete with respect to Borrower in all material respects on and as of the Effective Date to the same extent as though made on and as of the Effective Date. 

 SECTION 7. RELEASE OF LIABILITY. Borrower releases, remises, acquits and forever
discharges Lender and its respective employees, agents, representatives, consultants, attorneys, fiduciaries, servants, officers, directors, partners, predecessors, successors and assigns, subsidiaries, parents and related divisions (all of the
foregoing, the “Released Parties”), from any and all actions and causes of action, judgments, executions, suits, debts, claims, demands, liabilities, obligations, damages and expenses of any and every character, known or
unknown, direct or indirect, at law or in equity, of whatsoever kind or nature, whether heretofore or hereafter arising, for or because of any matter or things done, omitted or suffered to be done by any of the Released Parties prior to and
including the Effective Date, and in any way directly or indirectly arising out of or in any way connected to this Amendment, the Loan Agreement and the Loan Documents on account of any matters or things done, omitted or suffered to be done prior to
and including the “Effective Date” (all of the foregoing, the “Released Matters”). Borrower acknowledges that the agreements in this Section 7 are intended to be in full satisfaction of all
or any alleged injuries or damages arising in connection with the Released Matters. Borrower represents and warrants to Lender that it has not purported to transfer, assign or otherwise convey any right, title or interest of Borrower in any Released
Matter to any other Person and that the foregoing constitutes a full and complete release of all Released Matters. 
 SECTION 8.
MISCELLANEOUS. 
 8.1 Borrower agrees with Lender that all of the terms of the Loan Agreement, the Note, the other Loan Documents and
any other agreement, document, or instrument executed and delivered by Borrower to Lender in connection with Borrower’s obligations under the Loan Agreement and the Loan Documents, are incorporated in and made a part of this Amendment by this
reference. 
 8.2 This Amendment shall be binding upon the parties to this Amendment and their respective heirs, executors, personal and
legal representatives, successors and assigns. 
 8.3 If any term, covenant or condition of this Amendment shall be held to be invalid,
illegal or unenforceable in any respect, the validity or enforceability of the remaining provisions shall not in any way be affected. 
 8.4
This Amendment, the Allonge and the other Loan Documents constitute the entire agreement between the parties and are the final expression of the intentions of Borrower and Lender. No promises, either expressed or implied, exist between Borrower and
Lender, unless contained in this Amendment, the Allonge or the other Loan Documents. This Amendment, the Allonge and the other Loan Documents supersede all negotiations, representations, warranties, commitments, offers and contracts (of any kind or
nature, whether oral or written) with respect to the subject matter hereof prior to or contemporaneous with the Effective Date. 
 8.5 This
Amendment, and any provisions of this Amendment, may not be modified, amended, waived, extended, changed, discharged or terminated orally or by any act or failure to act on the part of any party to this Amendment, but only by an agreement in writing
signed by the party against whom enforcement of any modification, amendment, waiver, extension, change, discharge or termination is sought. 

8.6 Borrower agrees that the Loans, including the Interest Rate, fees and charges as contemplated by this Amendment, the Allonge, the Loan
Agreement and the other Loan Documents, (a) are business loans under New York law, (b) are exempted transactions under the Truth In Lending Act, 12 U.S.C. 1601 et seq., as amended from time to time, and (c) do not violate the
provisions of any New York usury laws, any consumer credit laws or the usury laws of any state that may have jurisdiction over the transactions described in the Loan Documents or any property securing the Obligations. Borrower represents and
warrants to Lender that it is entering into this Amendment and the Allonge on its own behalf, and not as nominee, designee, or agent for another nor is Borrower acting for another in so borrowing the amounts under the Loan Documents. 

8.7 This Amendment and the Allonge shall be delivered and accepted in and shall be deemed to be contracts made under and governed by the laws
of New York and for all purposes shall be construed in accordance with the laws of New York, without giving effect to the choice of law provisions thereof (other than Sections 5-1401 and 5-1402 of the New York General Obligations Law). 

 8.8 This Amendment may be executed in any number of counterparts and by different parties to this
Amendment in separate counterparts, each of which when so executed and delivered shall be deemed an original, and all such counterparts together shall constitute but one and the same instrument. Signature pages may be detached from multiple separate
counterparts and attached to a single counterpart so that all signature pages are physically attached to the same document. A signature of a party to this Amendment sent by facsimile, e-mail or other electronic transmission shall have the same force
and effect as an original signature of such party. 
 8.9 Lender acknowledges and agrees that all Obligations under this Agreement are debts
of the Borrower and that the credit union members of Borrower are not individually liable for the Obligations under this Agreement. 

[Remainder of Page Intentionally Blank; Signature Page Follows] 

 

 IN WITNESS WHEREOF, Borrower and Lender have executed this Amendment as of the Effective Date.

  

			
	BORROWER:
	
	 STUDENT CU CONNECT CUSO, LLC,

a Delaware limited liability company

		
	 By:
	 	 /s/ Lisa A. Schlehuber

		 	 Name: Lisa A. Schlehuber

		 	 Title: Board Chair/Manager

  

			
	LENDER:
	
	 ITT EDUCATIONAL SERVICES, INC.,

a Delaware corporation

		
	 By:
	 	 /s/ Kevin M. Modany

		 	 Name: Kevin M. Modany

		 	Title: Chairman and CEO

 EXHIBIT A 

to 
 Third Amendment to
Loan and Security Agreement 
 (Allonge) 

  

 THIRD AMENDMENT ALLONGE TO REVOLVING NOTE 

This THIRD AMENDMENT ALLONGE TO REVOLVING NOTE (this “Allonge”) is made effective as of May
    , 2012 (the “Effective Date”), and is attached to and forms part of that certain Revolving Note dated May 18, 2009 (the “Note”), made by STUDENT CU CONNECT CUSO,
LLC, a Delaware limited liability company (“Borrower”), in favor of ITT EDUCATIONAL SERVICES, INC., a Delaware corporation (together with its successors and assigns, the “Lender”), in the
original principal amount of $300,000,000. Capitalized words and phrases not otherwise defined in this Allonge have the meanings set forth in the Note. 

Borrower and Lender hereby agree that the Note is hereby amended by acknowledging that the Loan Agreement has been amended by that certain
Third Amendment to Loan and Security Agreement dated as of the Effective Date. 
 Except as modified by the preceding paragraph, all other
terms and provisions of the Note shall remain in full force and effect without modification. Borrower and Lender hereby agree and acknowledge that any and all acts taken or performed by either party hereto prior to the Effective Date that were in
accordance with the terms of the Note as modified by this Allonge are hereby approved and ratified. This Allonge is attached to and is hereby made an integral part of the Note. This Allonge shall be binding upon the parties hereto and their
successors and assigns. This Allonge shall be construed and enforced in accordance with, and the rights of the parties to this Allonge shall be governed by, the laws of New York, without giving effect to the choice of law provisions thereof (other
than Sections 5-1401 and 5-1402 of the New York General Obligations Law). 

IN WITNESS WHEREOF, Borrower has executed this Allonge effective as of the Effective Date. 

 
  

			
	BORROWER:
	
	 STUDENT CU CONNECT CUSO, LLC,

a Delaware limited liability company

		
	 By:
	 	 
	
Name:                  
                                         
                      

	
Title:                        
                                         
                  

  

			
	ACKNOWLEDGED AND AGREED BY LENDER:
	
	 ITT EDUCATIONAL SERVICES, INC.,

a Delaware corporation

		
	 By:
	 	 
	
Name:                  
                                         
                  

	
Title:

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