Document:

EX-4.2

Table of Contents

 Exhibit 4.2 

NAVIENT CORPORATION, 

as Company, 
 and

 THE BANK OF NEW YORK MELLON, 

as Trustee 
  

 
 TENTH
SUPPLEMENTAL INDENTURE 
 Dated as of June 11, 2018 

to 
 INDENTURE 

Dated as of July 18, 2014 
  

 
 6.750% Senior
Notes due 2026 

Table of Contents

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	ARTICLE 1.	  			
		
	DEFINITIONS	  			
			
	Section 1.1.	 	Definition of Terms	  	 	2	 
		
	ARTICLE 2.	  			
		
	GENERAL TERMS AND CONDITIONS OF THE SENIOR NOTES	  			
			
	Section 2.1.	 	Designation and Principal Amount	  	 	5	 
	Section 2.2.	 	Maturity	  	 	5	 
	Section 2.3.	 	Further Issues	  	 	5	 
	Section 2.4.	 	Form of Payment	  	 	5	 
	Section 2.5.	 	Global Securities	  	 	5	 
	Section 2.6.	 	Interest	  	 	6	 
	Section 2.7.	 	Authorized Denominations	  	 	6	 
	Section 2.8.	 	Redemption	  	 	6	 
	Section 2.9.	 	Repurchase Upon Change of Control	  	 	6	 
	Section 2.10.	 	Appointment of Agents	  	 	8	 
		
	ARTICLE 3.	  			
		
	FORM OF NOTES	  			
			
	Section 3.1.	 	Form of Senior Notes	  	 	8	 
		
	ARTICLE 4.	  			
		
	ORIGINAL ISSUE OF NOTES	  			
			
	Section 4.1.	 	Original Issue of Senior Notes	  	 	8	 
		
	ARTICLE 5.	  			
		
	MISCELLANEOUS	  			
			
	Section 5.1.	 	Ratification of Indenture	  	 	9	 
	Section 5.2.	 	Trustee Not Responsible for Recitals	  	 	9	 
	Section 5.3.	 	Governing Law	  	 	9	 
	Section 5.4.	 	Separability	  	 	9	 
	Section 5.5.	 	Counterparts	  	 	9	 
		
	EXHIBIT A – Form of 2026 Senior Notes	  	 	A-1	 

  
 i 

Table of Contents

 TENTH SUPPLEMENTAL INDENTURE, dated as of June 11, 2018 (this “Supplemental
Indenture”), between Navient Corporation, a Delaware corporation (the “Company”), and The Bank of New York Mellon, a New York banking corporation, as trustee (the “Trustee”). 

WHEREAS, the Company and the Trustee executed and delivered the base indenture, dated as of July 18, 2014 (the “Base
Indenture”, as supplemented by this Supplemental Indenture, the “Indenture”), to provide for the issuance of the Company’s debt securities (the “Securities”), to be issued in one or more series;

 WHEREAS, the Company and the Trustee executed and delivered the first supplemental indenture, dated as of November 6,
2014, to provide for the establishment of two series of its notes under the Base Indenture known as its “5.000% Senior Notes due 2020” and its “5.875% Senior Notes due 2024”; 

WHEREAS, the Company and the Trustee executed and delivered the second supplemental indenture, dated as of March 27, 2015 (the
“Second Supplemental Indenture”), to provide for the establishment of a series of its notes under the Base Indenture known as its “5.875% Senior Notes due 2021”; 

WHEREAS, the Company and the Trustee executed and delivered the third supplemental indenture, dated as of July 29, 2016, to
provide for the establishment of a series of its notes under the Base Indenture known as its “6.625% Senior Notes due 2021”; 

WHEREAS, the Company and the Trustee executed and delivered the fourth supplemental indenture, dated as of September 16, 2016, to
provide for the establishment of a series of its notes under the Base Indenture known as its “7.250% Senior Notes due 2023”; 

WHEREAS, the Company and the Trustee executed and delivered the fifth supplemental indenture (the “Fifth Supplemental
Indenture”), dated as of March 7, 2017, to provide for the establishment of a series of its notes under the Base Indenture known as its “6.500% Senior Notes due 2022”; 

WHEREAS, the Company and the Trustee executed and delivered the sixth supplemental indenture, dated as of March 17, 2017, to issue
additional 5.875% Senior Notes due 2021 under the Base Indenture and the Second Supplemental Indenture; 
 WHEREAS, the
Company and the Trustee executed and delivered the seventh supplemental indenture, dated as of May 26, 2017, to provide for the establishment of a series of its notes under the Base Indenture known as its “6.750% Senior Notes due
2025”; 
 WHEREAS, the Company and the Trustee executed and delivered the eighth supplemental indenture, dated as of
June 9, 2017, to issue additional 5.865% Senior Notes due 2021 under the Base Indenture and the Second Supplemental Indenture; 

WHEREAS, the Company and the Trustee executed and delivered the ninth supplemental indenture, dated as of December 4, 2017, to
issue additional 6.500% Senior Notes due 2022 under the Base Indenture and the Fifth Supplemental Indenture; 

  
 1 

Table of Contents

 WHEREAS, pursuant to the terms of the Base Indenture, the Company desires to provide for
the establishment of a new series of its notes under the Base Indenture to be known as its “6.750% Senior Notes due 2026” (the “Senior Notes”), the form and substance and the terms, provisions and conditions thereof to be
set forth as provided in the Base Indenture and this Supplemental Indenture; 
 WHEREAS, the Board of Directors of the Company
pursuant to the 2018 Business Plan, adopted February 5, 2018, and certified by the Secretary’s Certificate, executed February 20, 2018, have duly authorized the issuance of the Senior Notes and has authorized the proper officers of
the Company to execute any and all appropriate documents necessary or appropriate to effect each such issuance; 
 WHEREAS,
the Company and Navient, LLC, entered into an Agreement and Plan of Merger on October 16, 2014, pursuant to which Navient, LLC merged with and into the Company, with the Company as the surviving corporation (the “Merger”);

 WHEREAS, as a result of the Merger, the Company assumed Navient, LLC’s obligations under an indenture, dated
October 1, 2000 and an amended and restated indenture, dated April 25, 2006; 
 WHEREAS, this Supplemental Indenture
is being entered into pursuant to the provisions of Section 14.01 of the Base Indenture; 
 WHEREAS, the Company has
requested and hereby requests that the Trustee execute and deliver this Supplemental Indenture; and 
 WHEREAS, all things
necessary to make this Supplemental Indenture a valid and legally binding agreement of the Company, in accordance with its terms, and to make the Senior Notes, when executed by the Company and authenticated and delivered by the Trustee, the valid
and legally binding obligations of the Company, have been performed, and the execution and delivery of this Supplemental Indenture has been duly authorized in all respects. 

NOW THEREFORE, in consideration of the premises and the purchase and acceptance of the Senior Notes by the Holders thereof, and for the
purpose of setting forth, as provided in the Base Indenture, the forms and terms of the Senior Notes, the Company covenants and agrees, with the Trustee, as follows: 

ARTICLE 1. 

DEFINITIONS 
 
Section 1.1. Definition of Terms. Unless the context otherwise requires: 
 (a) each term defined in the Base Indenture has the
same meaning when used in this Supplemental Indenture; 
 (b) the singular includes the plural and vice versa; 

  
 2 

Table of Contents

 (c) headings are for convenience of reference only and do not affect interpretation; and 

(d) a reference to a Section or Article is to a Section or Article of this Supplemental Indenture unless otherwise indicated. 

(e) The following terms have the meanings given to them in this Section 1.1(e): 

(i) “Board of Directors” means the board of directors or comparable governing body of the Company; provided
that if the Company is a wholly-owned subsidiary of another person, the Board of Directors means the board of directors or comparable governing body of such person. 

(ii) “Change of Control” means the occurrence of any of the following: (1) direct or indirect sale,
transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of the Company and its subsidiaries taken as a whole to any
“person” (as that term is used in Section 13(d)(3) of the Exchange Act) other than to the Company or one of its subsidiaries; (2) the consummation of any transaction (including, without limitation, any merger or consolidation)
the result of which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) other than the Company or one of its subsidiaries becomes the beneficial owner, directly or indirectly, of more than 50% of the
then-outstanding number of shares of the Company’s voting stock; (3) the Company consolidates with, or merges with or into, any “person” (as that term is used in Section 13(d)(3) of the Exchange Act), or any
“person” (as that term is used in Section 13(d)(3) of the Exchange Act) consolidates with, or merges with or into, the Company, in any such event pursuant to a transaction in which any of the outstanding voting stock of the Company or
such other “person” (as that term is used in Section 13(d)(3) of the Exchange Act) is converted into or exchanged for cash, securities or other property, other than any such transaction where the shares of the voting stock of the
Company outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority of the voting stock of the surviving “person” (as that term is used in Section 13(d)(3) of the Exchange Act)
immediately after giving effect to such transaction; (4) the first day on which a majority of the members of the Company’s Board of Directors are not Continuing Directors; or (5) the adoption of a plan relating to the liquidation or
dissolution of the Company; provided, however, that a transaction will not be deemed to involve a Change of Control if (A) the Company becomes a wholly owned subsidiary of a holding company and (B) the holders of the voting stock of such
holding company immediately following that transaction are substantially the same as the holders of the Company’s voting stock immediately prior to that transaction. For purposes of this definition, “voting stock” means capital stock
or other equity interests of any class or kind the holders of which are ordinarily, in the absence of contingencies, entitled to vote for the election of directors (or persons performing similar functions) of the Company, even if the right to vote
has been suspended by the happening of such a contingency. 

  
 3 

Table of Contents

 (iii) “Change of Control Triggering Event” means the occurrence
of both (i) a Change of Control and (ii) a Ratings Downgrade Event. 
 (iv) “Continuing Directors”
means, as of any date of determination, any member of the Board of Directors of the Company who (1) was a member of the Board of Directors of the Company on the date of the issuance of the Senior Notes; or (2) was nominated for election or
elected to the Board of Directors of the Company with the approval of a majority of the Continuing Directors who were members of such Board of Directors of the Company at the time of such nomination or election (either by specific vote or by
approval of the Company’s proxy statement in which such member was named as a nominee for election as a director). 

(v) “DTC” shall have the meaning assigned to it in Section 2.5. 

(vi) “Fitch” means Fitch, Inc., also known as Fitch Ratings, or any successor rating agency. 

(vii) “Investment Grade Rating” means a rating by Moody’s equal to or higher than Baa3 (or the equivalent
under a successor rating category of Moody’s), a rating by S&P equal to or higher than BBB- (or the equivalent under any successor rating category of S&P), a rating by Fitch equal to or higher than BBB- (or the equivalent under any
successor rating category of Fitch), and the equivalent investment grade credit rating from any replacement rating agency or rating agencies selected by the Company under the circumstances permitting the Company to select a replacement agency and in
the manner for selecting a replacement agency, in each case as set forth in the definition of “Rating Agencies”. 

(viii) “Moody’s” means Moody’s Investors Service, Inc. or any successor rating agency 

(ix) “Navient Corporation” means Navient Corporation, or any successor. 

(x) “Rating Agencies” means (1) Moody’s, S&P and Fitch; and (2) if any or all of
Moody’s, S&P or Fitch ceases to rate the Senior Notes or fails to make a rating of the Senior Notes publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating organization”
within the meaning of Section 3(a)(62) under the Exchange Act, that the Company selects (pursuant to a resolution of the Company’s Board of Directors) as a replacement agency for any of Moody’s, S&P or Fitch, or all of them, as
the case may be. 
 (xi) “Ratings Downgrade Event” means, on any date during the Trigger Period, the Senior
Notes being downgraded by at least one modifier (a modifier being plus, neutral or minus for S&P or Fitch, 1, 2 or 3 for Moody’s and a similar modifier by any other Rating Agency) by any two of the three Rating Agencies from the rating on
the Senior Notes by each such Rating Agency on the date prior to the first day of the Trigger Period; provided that no Ratings Downgrade Event shall be deemed to occur, if either (i) the rating on the Senior Notes by each Rating Agency that
downgraded 

  
 4 

Table of Contents

 
its rating is an Investment Grade Rating after the downgrade or (ii) in respect of a particular Change of Control, the Rating Agency or Agencies (as applicable) that downgraded the Senior
Notes announce or confirm or inform the Trustee in writing that the reduction was not the result, in whole or in part, of any event or circumstance comprised of, or arising as a result of, or in respect of, the applicable Change of Control. 

(xii) “S&P” means S&P Global Ratings or any successor rating agency. 

(xiii) “Trigger Period” means the period commencing one day prior to the first public announcement by the
Company of a Change of Control or an arrangement that could result in a Change of Control and ending 60 days following consummation of the Change of Control (which period will be extended following consummation of a Change of Control for so long as
the rating of the Senior Notes is under announced consideration for possible downgrade by any of the Rating Agencies as the result, in whole or in part, of any event or circumstance comprised of, or arising as a result of, or in respect of, the
applicable Change of Control). 
 ARTICLE 2. 

GENERAL TERMS AND CONDITIONS OF THE SENIOR NOTES 

Section 2.1. Designation and Principal Amount. There is hereby authorized and established a new series
of Securities under the Base Indenture, designated as the “6.750% Senior Notes due 2026”, which is not limited in aggregate principal amount. The initial aggregate principal amount of the Senior Notes to be issued under this Supplemental
Indenture shall be limited to $500,000,000. Any additional amounts of the series to be issued shall be set forth in a Company Order. 
 
Section 2.2. Maturity. The stated maturity of principal for the Senior Notes will be June 
15, 2026. 
 Section 2.3. Further Issues. The Company may from time to time, without the consent of the
Holders of the series of Senior Notes, issue additional notes of such series. Any such additional notes will have the same ranking, interest rate, maturity date and other terms as the series of Senior Notes. Any such additional notes, together with
the series of Senior Notes herein provided for, will constitute a single series of Securities under the Indenture. 
 
Section 2.4. Form of Payment. Principal of, premium, if any, and interest on the Senior Notes shall be payable in U.S. dollars. 

Section 2.5. Global Securities. Upon the original issuance, the Senior Notes will be represented by one
or more Global Securities. The Company will issue the Senior Notes in denominations of $2,000 and in integral multiples of $1,000 in excess thereof and will deposit the Global Securities with the Trustee as custodian for The Depository Trust Company
(“DTC”), in New York, New York, and register the Global Securities in the name of DTC or its nominee. 

  
 5 

Table of Contents

 Section 2.6. Interest. The Senior Notes will bear interest
(computed on the basis of a 360-day year consisting of twelve 30-day months) from June 11, 2018 at the rate of 6.750% per annum, payable semiannually in arrears; interest payable on each Interest Payment Date will include interest accrued
from June 11, 2018, or from the most recent Interest Payment Date to which interest has been paid or duly provided for; the Interest Payment Dates on which such interest shall be payable are June 15 and December 15, commencing on
December 15, 2018; and the record date for the interest payable on any Interest Payment Date is the close of business on the Business Day immediately preceding the relevant Interest Payment Date. 

Section 2.7. Authorized Denominations. The Senior Notes shall be issuable in denominations of $2,000 and
in integral multiples of $1,000 in excess thereof. 
 Section 2.8. Redemption. The Senior Notes are
subject to redemption at the option of the Company as set forth in the forms of Senior Notes attached hereto as Exhibit A. 
 
Section 2.9. Repurchase Upon Change of Control. 
 (a) If a Change of Control Triggering Event occurs, unless the Company has
exercised its right, if any, to redeem the Senior Notes in full, the Company shall offer (the “Change of Control Offer”) to repurchase any and all of each Holder’s Senior Notes (equal to $2,000 or an integral multiple of $1,000
above that amount) at a repurchase price in cash equal to 101% of the aggregate principal amount of the Senior Notes repurchased plus accrued and unpaid interest, if any, to, but not including, the date of repurchase (the “Change of Control
Payment”). Within 30 days following any Change of Control Triggering Event, the Company shall be required to mail a notice to each Holder of the Senior Notes to the address of such Holder appearing in the Registrar, with a copy to the
Trustee or otherwise in accordance with the procedures of DTC, describing the transaction or transactions that constitute the Change of Control Triggering Event and offering to repurchase such Senior Notes on the date specified in the notice, which
date will be no less than 30 days and no more than 60 days from the date such notice is mailed (the “Change of Control Payment Date”), with the following information: 

(i) a Change of Control Offer is being made pursuant to this Section 2.9 and that all Senior Notes properly tendered
pursuant to such Change of Control Offer will be accepted for payment; 
 (ii) the repurchase price and the Change of Control
Payment Date; 
 (iii) any Senior Note not properly tendered will remain outstanding and continue to accrue interest; 

(iv) unless the Company defaults in the payment of the Change of Control Payment, all Senior Notes accepted for payment
pursuant to the Change of Control Offer will cease to accrue interest on, but not including, the Change of Control Payment Date; 

(v) Holders electing to have any Senior Notes repurchased pursuant to a Change of Control Offer will be required to surrender
such Senior Notes, in the form set forth in Exhibit A entitled “Option of Holder to Elect Purchase”, on the reverse of such Senior Notes completed, to the Paying Agent specified in the notice at the address specified in the notice prior to
the close of business on the third business day preceding the Change of Control Payment Date; 

  
 6 

Table of Contents

 (vi) Holders will be entitled to withdraw their tendered Senior Notes and their
election to require the Company to repurchase such Senior Notes, provided that the Paying Agent receives, not later than the close of business on the last day of the Change of Control Offer period, a facsimile transmission, an email or a letter
setting forth the name of the Holder of Senior Notes, the principal amount of Senior Notes tendered for repurchase, and a statement that such Holder is withdrawing his tendered Senior Notes and his election to have such Senior Notes repurchased;

 (vii) if such notice is mailed prior to the occurrence of a Change of Control, stating that the Change of Control Offer is
conditional on the occurrence of such Change of Control; and 
 (viii) that Holders whose Senior Notes are being repurchased
only in part will be issued new Senior Notes equal in principal amount to the unpurchased portion of the Senior Notes surrendered, which unpurchased portion must be equal to $2,000 in principal amount or an integral multiple of $1,000 in excess
thereof. 
 (b) While the Senior Notes are in global form and the Company makes an offer to repurchase all of the Senior Notes pursuant to
the Change of Control Offer, a Holder may exercise its option to elect for the repurchase of the Senior Notes through the facilities of DTC, Euroclear and Clearstream, subject to their rules and regulations. 

(c) The Company shall not be required to make a Change of Control Offer upon the occurrence of a Change of Control Triggering Event if
(1) a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Supplemental Indenture applicable to a Change of Control Offer made by the Company and the third
party repurchases on the applicable date all Senior Notes properly tendered and not withdrawn under such Change of Control Offer, provided that a failure by such third party to comply with the requirements of such Change of Control Offer and to
complete such Change of Control Offer shall be treated as a failure by the Company to comply with its obligations to offer to repurchase the Senior Notes unless the Company promptly makes an offer to repurchase the Senior Notes at 101% of the
principal amount thereof plus accrued and unpaid interest, if any, to, but not including the date of repurchase, which shall be no later than 30 days after the third party’s scheduled Change of Control Payment Date, or (2) a notice of
redemption has been given pursuant to the Indenture as described under Section 4.03 of the Base Indenture, unless and until there is a default in payment of the applicable redemption price. Notwithstanding anything to the contrary herein, a
Change of Control Offer may be made in advance of a Change of Control, conditional upon such Change of Control. 
 (d) The Company shall
comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent such laws and regulations are applicable in connection with the repurchase of Senior Notes as a result of a
Change of Control Triggering Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control repurchase provisions of this Supplemental Indenture, the Company shall comply with the applicable
securities laws and regulations and shall not be deemed to have breached its obligations under Section 2.9 of this Supplemental Indenture by virtue thereof. 

  
 7 

Table of Contents

 (e) On the Change of Control Payment Date, the Company shall, to the extent permitted by law,

 (i) accept or cause a third party to accept for payment all Senior Notes properly tendered pursuant to the Change of
Control Offer; 
 (ii) deposit or cause a third party to deposit with the Paying Agent an amount equal to the Change of
Control Payment in respect of all Senior Notes properly tendered; and 
 (iii) deliver or cause to be delivered to the
Trustee the Senior Notes properly accepted, together with an Officers’ Certificate stating the principal amount of Senior Notes being repurchased. 

(f) The Paying Agent shall promptly deliver to each Holder of Senior Notes the Change of Control Payment for such Senior Notes. The Company
shall publicly announce the results of the Change of Control Offer on or as soon as practicable after the Change of Control Payment Date. 

Section 2.10. Appointment of Agents. The Trustee will initially be the Security Registrar and Paying
Agent for the Senior Notes. 
 ARTICLE 3. 

FORM OF NOTES 
 
Section 3.1. Form of Senior Notes. The Senior Notes and the Trustee’s Certificate of Authentication to be endorsed thereon, are to be substantially in the form set forth in Exhibit A hereto. 

ARTICLE 4. 
 ORIGINAL
ISSUE OF NOTES 
 Section 4.1. Original Issue of Senior Notes. The Senior Notes may, upon
execution of this Supplemental Indenture, be executed by the Company and delivered to the Trustee for authentication, and the Trustee shall, upon Company order, authenticate and deliver such Senior Notes as in such Company order provided. 

  
 8 

Table of Contents

 ARTICLE 5. 

MISCELLANEOUS 
 
Section 5.1. Ratification of Indenture. The Base Indenture, as supplemented by this Supplemental Indenture, is in all respects ratified and confirmed, and this Supplemental Indenture shall be deemed part of the Base Indenture in the
manner and to the extent herein and therein provided; provided that the provisions of this Supplemental Indenture apply solely with respect to the Senior Notes. 

Section 5.2. Trustee Not Responsible for Recitals. The recitals and statements herein contained are
made by the Company and not by the Trustee, and the Trustee assumes no responsibility for the correctness thereof. The Trustee makes no representation as to the validity or sufficiency of this Supplemental Indenture. 

Section 5.3. Governing Law. This Supplemental Indenture and each Senior Note shall be deemed to be
contracts made under the law of the State of New York, and for all purposes shall be governed by and construed in accordance with the law of said State. 

Section 5.4. Separability. In case any provision in the Indenture or in the Senior Notes shall be
invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 5.5. Counterparts. This Supplemental Indenture may be executed in any number of counterparts
each of which shall be an original; but such counterparts shall together constitute but one and the same instrument. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute
effective execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture and signature pages for all purposes. 

  
 9 

Table of Contents

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed, all as of the day and year first above written. 
  

					
	NAVIENT CORPORATION, as Company
		
	By:	 	/s/ Stephen J. O’Connell
		 	Name:	 	Stephen J. O’Connell
		 	Title:	 	Senior Vice President and Treasurer
	
	THE BANK OF NEW YORK MELLON, as Trustee
		
	By:	 	/s/ Laurence J. O’Brien
		 	Name:	 	Laurence J. O’Brien
		 	Title:	 	Vice President

 [Navient - Signature Page to the Tenth Supplemental Indenture] 

Table of Contents

 EXHIBIT A 

[FORM OF FACE OF SECURITY] 

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE
DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

  
 Exhibit A-1 

Table of Contents

 CUSIP No. 63938C AJ7 

NAVIENT CORPORATION 

6.750% SENIOR NOTES DUE 2026 
  

			
	 No.
	  	 $
 As revised by the

Schedule of Increases
 or Decreases in

Global Security
 attached hereto

 Interest. Navient Corporation, a Delaware corporation (herein called the
“Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co. or registered assigns, the principal sum of
             million dollars ($             ), as revised by the Schedule of Increases or Decreases in Global Security attached
hereto, on June 15, 2026 and to pay interest thereon from June 11, 2018 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually in arrears on June 15 and December 15 in
each year, commencing December 15, 2018, at the rate of 6.750% per annum, until the principal hereof is paid or made available for payment. 

Method of Payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in
such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on the Record Date for such interest, which shall be the Business Day immediately preceding the relevant
Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person in whose name this Security (or one or more
Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice thereof having been given to Holders of Securities of this series not less than 10
days prior to such Special Record Date, all as more fully provided in said Indenture. Payment of the principal of (and premium, if any) and any such interest on this Security will be made at the Corporate Trust Office in U.S. Dollars. 

Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 Authentication. Unless the certificate of authentication hereon has
been executed by the Trustee referred to on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.  

  
 Exhibit A-2 

Table of Contents

 IN WITNESS WHEREOF, the Company has caused this instrument to be executed by its duly authorized
officer. 
  

			
	June 11, 2018
	
	NAVIENT CORPORATION
		
	By:	 	 
		 	Name:
		 	Title:

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

Dated: June 11, 2018 
 THE BANK OF NEW YORK MELLON 

as Trustee, certifies 

that this is one of 

the Securities referred 

to in the Indenture. 
  

			
		
	By:	 	 
		 	Authorized Signatory

  
 Exhibit A-3 

Table of Contents

 [FORM OF REVERSE OF SECURITY] 

Indenture. This Security is one of a duly authorized issue of securities of the Company (herein called the
“Securities”), issued and to be issued in one or more series under an Indenture, dated as of July 18, 2014, among Navient Corporation (the “Company”) and The Bank of New York Mellon, as trustee (herein called
the “Trustee”, which term includes any successor trustee under the Indenture), as supplemented and amended by the Tenth Supplemental Indenture, dated June 11, 2018 (as so supplemented, herein called the
“Indenture”), between the Company and the Trustee, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder
of the Company, the Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof, initially limited in
aggregate principal amount to $500,000,000. 
 Optional Redemption. The Securities of this series are subject to redemption at
the Company’s option, at any time and from time to time, in whole or in part, at a Redemption Price equal to the greater of (i) 100% of the principal amount to be redeemed plus accrued and unpaid interest thereon to the Redemption Date,
and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on the Securities to be redeemed (exclusive of interest accrued to the Redemption Date) discounted to the Redemption Date on a semiannual basis
(assuming a 360-day year consisting of twelve 30 day months) at the applicable Treasury Rate (as defined below) plus 50 basis points plus accrued and unpaid interest on the principal amount being redeemed to the Redemption Date. 

For purposes of determining the optional redemption price, the following definitions are applicable: 

“Treasury Rate” means, with respect to any Redemption Date for the Securities, the rate per annum equal to the
semi-annual equivalent yield to maturity or interpolated (on a day count basis) of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable
Treasury Price for such Redemption Date.  
 The Treasury Rate will be calculated on the third business day preceding the Redemption
Date. 
 “Comparable Treasury Issue” means the U.S. Treasury security or securities selected by an Independent
Investment Banker as having an actual or interpolated maturity comparable to the remaining term of the Securities that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of
corporate debt securities of comparable maturity to the remaining terms of the Securities.  

  
 Exhibit A-4 

Table of Contents

 “Comparable Treasury Price” means, with respect to any Redemption Date: 

(a) the average, as determined by the Independent Investment Banker, of the Reference Treasury Dealer Quotations for such Redemption Date,
after excluding the highest and lowest Reference Treasury Dealer Quotations, or 
 (b) if the Independent Investment Banker is unable to
obtain at least four such Reference Treasury Dealer Quotations, the average of all Reference Treasury Dealer Quotations obtained by the Independent Investment Banker. 

“Independent Investment Banker” means Barclays Capital Inc., Merrill Lynch, Pierce, Fenner & Smith
Incorporated and RBC Capital Markets, LLC, as specified by the Company, or if these firms are unwilling or unable to select the applicable Comparable Treasury Issue or average of the Reference Treasury Dealer Quotations, an independent investment
banking institution of national standing appointed by the Company. 
 “Reference Treasury Dealer” means Barclays
Capital Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and RBC Capital Markets, LLC (and their respective successors) plus one other or their affiliates which are primary U.S. government securities dealers (each a “Primary
Treasury Dealer”), provided however, that if any of the foregoing shall cease to be a Primary Treasury Dealer, the Company will substitute therefor another Primary Treasury Dealer. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date for the
Securities, an average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue for the Securities (expressed in each case as a percentage of its principal amount) quoted in writing to the
Independent Investment Banker at 5:00 p.m., New York City time, on the third business day preceding such redemption date. 
 Notice of any
redemption will be sent at least 30 days but not more than 60 days before the redemption date to each registered holder of Securities to be redeemed. Unless the Company defaults in payment of the redemption price, on and after the redemption date,
interest will cease to accrue on the Securities or portions of the Securities called for redemption. If fewer than all of the Securities are to be redeemed, the Trustee will select, not more than 60 days prior to the redemption date, the particular
Securities or portions thereof for redemption from the outstanding Securities not previously called by such method as the Trustee deems fair and appropriate. 

Defaults and Remedies. If an Event of Default with respect to Securities of this series shall occur and be continuing, the principal of
the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. 

Repurchase Upon a Change of Control. Upon the occurrence of a Change of Control Triggering Event, the Holders of the Securities will
have the right to require that the Company purchase such Holder’s outstanding Securities, in whole or in part, at a purchase price of 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to, but not including, the
date of purchase. 

  
 Exhibit A-5 

Table of Contents

 Amendment, Modification and Waiver. The Indenture permits, with certain exceptions as
therein provided, the amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Securities of each series to be affected under the Indenture at any time by the Company and the Trustee
with the consent of the Holders of a majority in aggregate principal amount of the Securities at the time Outstanding of each series to be affected. The Indenture also contains provisions permitting the Holders of a majority in aggregate principal
amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and
their consequences. Any such consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security and of any Security issued upon the registration of transfer hereof or in
exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Security.  
 Restrictive
Covenants. The Indenture does not limit the issuance of debt of the Company or any of its Subsidiaries. 
 Denominations, Transfer
and Exchange. The Securities of this series are issuable only in registered form without coupons in denominations of $2,000 and in integral multiples of $1,000 in excess thereof. As provided in the Indenture and subject to certain limitations
therein set forth, Securities of this series are exchangeable for a like aggregate principal amount of Securities of like tenor of a different authorized denomination, as requested by the Holder surrendering the same. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is registrable in the
Security Register, upon surrender of this Security for registration of transfer at the Registrar accompanied by a written request for transfer in form satisfactory to the Company and the Registrar duly executed by, the Holder hereof or his attorney
duly authorized in writing, and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

No service charge shall be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith. 
 Persons Deemed Owners. Prior to due presentment of
this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or not this Security be
overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

Miscellaneous. The Indenture and this Security shall be governed by and construed in accordance with the laws of the State of New York,
without regard to the conflicts of law rules of said State. 
 All terms used in this Security and not defined herein shall have the
meanings assigned to them in the Indenture. 

  
 Exhibit A-6 

Table of Contents

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Security repurchased by the Company pursuant to Section 2.9 of the Supplemental Indenture, check the
box below: 
 ☐  Section 2.9 

If you want to elect to have only part of the Security purchased by the Company pursuant to Section 2.9 of the Supplemental Indenture,
state the amount you elect to have repurchased: 

$                       
      
  

			
	Date:	 	 

  

			
	Your Signature:	 	 
		 	(Sign exactly as your name appears on the face of this Note)

  

			
	Tax Identification No.:	 	 

  

			
	Signature Guarantee*:	 	 

  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 Exhibit A-7 

Table of Contents

 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY 

The following increases or decreases in this Global Security have been made: 

 

									
	 Date of

Exchange
	 	 Amount of increase in

Principal Amount of
 this Global Security
	 	 Amount of decrease

in Principal Amount
 of this Global

Security
	 	 Principal Amount of

this Global Security
 following each

decrease or increase
	 	 Signature of

authorized signatory
 of Trustee

  
 Exhibit A-8Exhibit 10.1

 

Execution Version

FOURTH AMENDMENT TO CREDIT AGREEMENT

This FOURTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), is made and entered into as of June 8, 2018, by and among INTERSECTIONS INC., a Delaware corporation (“Intersections” or the “Borrower Representative”), INTERSECTIONS ENTERPRISES INC., a Delaware corporation (“Enterprises”), INTERSECTIONS HOLDINGS INC., a Delaware corporation (“Holdings”), and IISI INSURANCE SERVICES INC., an Illinois corporation formerly known as IISI Inc. and Intersections Insurance Services Inc. (“IISI” and together with Intersections, Enterprises, and Holdings, each individually, a “Borrower” and collectively, the “Borrowers”), PEAK6 INVESTMENTS, L.P. (“Peak6 Investments”), a Delaware limited partnership (as “Administrative Agent”), and PEAK6 STRATEGIC CAPITAL LLC (f/k/a, PEAK6 Ventures LLC), a Delaware limited liability company (as the “Term Lender”).

W I T N E S S E T H:

WHEREAS, the Borrowers and the other Credit Parties party thereto from time to time, the Term Lender and the Administrative Agent are parties to that certain Credit Agreement dated as of April 20, 2017 (as amended by that certain First Amendment to Credit Agreement dated as of July 31, 2017, that certain Second Amendment to Credit Agreement dated as of November 30, 2017 and that certain Third Amendment to Credit Agreement dated as of April 3, 2018 and as may be further amended, amended and restated, refinanced, replaced, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”; capitalized terms used herein without definition shall have the meanings assigned to such terms in the Credit Agreement), pursuant to which the Term Lender has made the Term Loans and certain other financial accommodations available to the Borrowers upon the terms and conditions set forth therein;

WHEREAS, the Borrower Representative has advised the Administrative Agent that the Borrowers will make certain voluntary monthly amortization payments of the Term Loans as set forth herein in consideration for the agreement of the Administrative Agent and the Term Lender to accept a reduced prepayment fee in lieu of the Early Termination Fee, and the Administrative Agent and the Term Lender have agreed to accept such voluntary monthly amortization payments;

WHEREAS, the Borrower Representative has requested that the Administrative Agent and the Term Lender agree to amend certain provisions of the Credit Agreement as set forth herein; and

WHEREAS, the Administrative Agent and the Term Lender are willing to amend certain provisions of the Credit Agreement, subject to the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the premises, covenants and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Credit Parties, the Administrative Agent, and the Term Lender party hereto do hereby agree as follows:

 

1.             Amendments to the Credit Agreement. On the Fourth Amendment Effective Date (as defined below), and as of the Fourth Amendment Effective Date, the Credit Agreement (including the schedules and exhibits thereto) is hereby amended is hereby amended as follows:

(a)           Amendments to Section 1.01.

(i)          Early Termination Fee.  The definition of Early Termination Fee set forth in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows:

“Early Termination Fee” means an early termination fee that the Borrowers shall pay to the Term Lenders, as applicable, concurrently with the payment of Term Loans, as applicable, whether as a result of acceleration, whether voluntary or mandatory or otherwise, in an amount equal to (i) 5.00% of the principal amount of the Term Loans paid to the extent such payment or reduction occurs on or before the one-year anniversary of the Closing Date, (ii) 3.00% of the principal amount of the Term Loans paid to the extent such payment or reduction occurs after the one-year anniversary of the Closing Date but on or before the two-year anniversary of the Closing Date and (iii) 0.00% of the principal amount of the Term Loans paid or reduced to the extent such payment or reduction occurs after the two-year anniversary of the Closing Date; provided that, for the avoidance of doubt, so long as no Event of Default exists at the time of such payment or prepayment, the Early Termination Fee shall not apply to (a) any regularly scheduled amortization payment (including, without limitation, the payment due on the Maturity Date), (b) any Monthly Prepayment, (c) any mandatory prepayment made pursuant to Section 2.02(b)(i) or 2.02(b)(ii) solely to the extent the proceeds of such mandatory prepayment are applied to Monthly Prepayments and Monthly Prepayment Fees pursuant to Section 2.02(b)(vii), (d) any mandatory prepayment made pursuant to Section 2.02(b)(iii), 2.02(b)(iv) or 2.02(b)(v), or (e) the prepayment in full of the outstanding Term Loans and all other outstanding Obligations.

(ii)         Maturity Date.  The definition of Maturity Date set forth in Section 1.01 of the Credit Agreement is hereby amended and restated in its entirety as follows:

“Maturity Date” means December 31, 2018, or any earlier date on which the Term Loans are accelerated pursuant to the terms hereof.

(iii)        Monthly Prepayment.  The following definitions of the terms Monthly Prepayment and Monthly Prepayment Fee are hereby inserted in the proper alphabetical location in Section 1.01 of the Credit Agreement:

“Monthly Prepayment” means, with respect to any month, a prepayment of the Term Loans in the amount of $1,500,000 for such month pursuant to Section 2.02(b)(vi).

“Monthly Prepayment Fee” has the meaning assigned to such term in Section 2.02(b)(vi).

 

2

(iv)        Subordination Agreement.  The definition of the term Subordination Agreement is hereby amended and restated in its entirety as follows:

“Subordination Agreement” means a subordination and intercreditor agreement or such other written instrument containing customary subordination provisions for such types of indebtedness at such time, each in form and substance acceptable to the Administrative Agent in its reasonable discretion.

(b)           Amendments to Section 2.02(b).  Section 2.02(b) of the Credit Agreement is hereby amended to (i) delete each reference to “Section 2.02(b)(vi)” appearing therein and to replace each such reference with “Section 2.02(b)(vii)”, (ii) delete the words “in excess of $5,000,000” from the eighth line of Section 2.02(b)(iii), and (iii) restate clause (b)(vi) thereof and add a new clause (b)(vii) thereof to read as follows, respectively:

(vi)          Monthly Prepayments.  The Borrowers shall make Monthly Prepayments on the last Business Day of each of the months of June through and including November 2018.  No Early Termination Fee shall be due in respect of any Monthly Prepayment.  Each Monthly Prepayment shall be accompanied by a prepayment fee equal to 1.5% of such Monthly Prepayment (with respect to any Monthly Prepayment, the “Monthly Prepayment Fee”).  Each Monthly Prepayment shall be applied (i) prior to an Event of Default, (x) to prepay the principal amount of the Term Loans as set forth in Section 2.02(b)(vii) below and any accrued interest thereon and (y) pay the applicable Monthly Prepayment Fee and (ii) following the occurrence and during the continuance of an Event of Default, in accordance with the application of payments specified in Section 8.03.

(vii)         Application of Mandatory Prepayments.  Prior to an Event of Default, all such amounts paid or prepaid pursuant to Sections 2.02(b)(i) through and including (vi) shall be applied to prepay the principal amount of any unpaid installments of the Term Loans (including, for the avoidance of doubt, Monthly Prepayments, scheduled amortization payments and the payment owing on the Maturity Date) in the direct order of maturity thereof, together with any accrued interest and fees (including, without limitation, any Monthly Prepayment Fee and any Early Termination Fee, as applicable) owing in respect of such repaid or prepaid principal.

(c)            Amendment to Section 2.05. Section 2.05 of the Credit Agreement is hereby amended and restated in its entirety as follows:

 

3

In the event that (i) the Term Loans are prepaid, repaid, reduced, refinanced, or replaced in  part before the Maturity Date for any reason (other than as a result of regularly schedule amortization payments (including, without limitation, the payment due on the Maturity Date), any mandatory prepayment made pursuant to Section 2.02(b)(iii), 2.02(b)(iv) or 2.02(b)(v), or Monthly Prepayments), (ii) the Obligations are accelerated (whether pursuant to the terms of this Agreement, by operation of law, or otherwise), (iii) the Term Loans are satisfied as a result of a foreclosure sale or by any other enforcement means (including, without limitation, in connection with the sale during any Event of Default or foreclosure upon the Collateral or pursuant to, or as the consequence of, any regulatory or judicial enforcement or other actions from any Governmental Authority), or (iv) an Event of Default occurs under Section 8.01(e) (whether or not a claim for the Early Termination Fee is allowed in such proceeding), then, on the effective date of such event described in any of the foregoing clauses (i), (ii), (iii) or (iv), the outstanding balance of the Term Loans shall include, in addition to all other Obligations, the Early Termination Fee; provided that, for the avoidance of doubt, so long as no Event of Default exists at the time of such payment or prepayment, the Early Termination Fee shall not apply to the prepayment in full of the outstanding Term Loans and all other outstanding Obligations.  The Early Termination Fee shall be for the pro rata benefit of the Term Lenders, as liquidated damages and compensation for the costs of being prepared to make funds available hereunder.  The Credit Parties agree that the Early Termination Fee is a reasonable calculation of the Term Lenders’ lost profits in view of the difficulties and impracticality of determining actual damages resulting from a repayment, prepayment and/or an early repayment of the Term Loans.

(d)           Amendment to Section 7.02(e). Section 7.02(e) of the Credit Agreement is hereby amended and restated in its entirety as follows:

(e)           unsecured Subordinated Debt incurred after the Closing Date on terms and conditions acceptable to the Administrative Agent in its reasonable discretion, provided that (i) the maturity date of such Subordinated Debt shall be at least one hundred and eighty (180) days following the Maturity Date (after taking in account any extension thereof) and (ii) the aggregate principal amount of such Subordinated Debt shall not exceed $15 million;

(e)           Amendment to Section 7.08. Section 7.08 of the Credit Agreement is hereby amended and restated in its entirety as follows:

7.08        Transactions with Affiliates.

No Credit Party nor any Subsidiary will engage in any transaction with any Affiliate or its or any of its Affiliate’s employees, officers or directors, whether or not in the ordinary course of business, including any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for rental of real or personal property to or from, or otherwise requiring payments to or from any such Affiliate, on terms less favorable to such Credit Party or Subsidiary or Affiliate than would have been obtainable on an arm’s-length basis in the ordinary course of business; provided that the foregoing restriction shall not apply to (i) transactions solely among the Credit Parties otherwise permitted hereunder and (ii) any Restricted Payment permitted under Section 7.04.  For the avoidance of doubt, Michael Stanfield’s involvement in the Specified i4c Disposition on the terms disclosed in writing to the Term Lender prior to June 4, 2018 and the terms of any Capital Stock not prohibited to be issued under Section 7.04 or Subordinated Debt permitted to be incurred under Section 7.02(e), in each case, issued to Affiliates of a Credit Party the proceeds of which are used to pay the Term Loans shall each be deemed to be permitted pursuant to this Section 7.08.

 

4

2.             Conditions Precedent to Effectiveness of this Amendment.  This Amendment shall become effective as of the date upon which each of the following conditions has been satisfied in full in the Administrative Agent’s sole discretion (such date, the “Fourth Amendment Effective Date”):

(a)           the Administrative Agent shall have received one or more counterparts of this Amendment duly executed and delivered by the Borrowers, the Administrative Agent, and the Term Lender; and

(b)           the Administrative Agent and the Term Lender shall have received such other assurances, certificates, documents, consents or opinions as the Administrative Agent or Term Lender reasonably may require, each in form and substance reasonably satisfactory to the Administrative Agent and Term Lender.

3.             Representations and Warranties.  Each Borrower and each other Credit Party hereby represent and warrant to the Administrative Agent and the Term Lender as follows:

(a)         The execution, delivery and performance by each Credit Party of this Amendment and the performance by such Credit Party of its obligations and agreements under this Amendment and the Credit Agreement, as amended hereby, have been duly authorized by all necessary corporate or other organizational action, and do not and will not (i) contravene the terms of any of such Credit Party’s certificate or articles of incorporation (or equivalent thereof), (ii) conflict with or result in any breach or contravention of, or the creation of any Lien (other than Liens created pursuant to the Loan Documents) under, or require any payment to be made under (A) any Contractual Obligation to which such Credit Party is a party or affecting such Credit Party or the properties of such Credit Party or any of its Subsidiaries, (B) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Credit Party or its property is subject or (C) any Material Contract to which such Credit Party is a party or affecting such Credit Party or the properties of such Credit Party or any of its Subsidiaries; or (iii) violate any Law, except in each case referred to in clause (ii)(A), (ii)(C) or (iii) of this Section 3(a) to the extent that any such conflict, breach, contravention, creation payment or violation, either individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect;

(b)         This Amendment has been duly executed and delivered by such Credit Party.  Each of this Amendment and the Credit Agreement, as amended hereby, constitutes a legal, valid and binding obligation of such Credit Party, enforceable against such Credit Party in accordance with their respective terms, subject to applicable Debtor Relief Laws and by general equitable principles relating to enforceability, whether enforcement is sought by a proceeding in equity or at law;

(c)         No approval, consent, exemption, authorization, or other action by, or notice to, or filing with, any Governmental Authority or any other Person is necessary or required in connection with the execution, delivery or performance by any Credit Party of this Amendment or the Credit Agreement as amended hereby;

 

5

(d)         Each of the representations and warranties of the Borrowers and each other Credit Party contained in the Loan Documents, or which is contained in any document furnished at any time under or in connection herewith and therewith, is true and correct on and as of the Fourth Amendment Effective Date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct as of such earlier date; and

(e)         No Default or Event of Default exists, and after giving effect to this Amendment, no Default or Event of Default shall exist or arise therefrom.

4.             Release.

(a)         As a material inducement to the Administrative Agent and the Term Lender entering into this Amendment, which is to the direct advantage and benefit of the Borrowers and the other Credit Parties, each Credit Party, for itself and its respective Affiliates, does hereby release, waive, relinquish, acquit, satisfy and forever discharge the Administrative Agent and the Term Lender, and each other Secured Party and all of the respective past, present and future officers, directors, employees, agents, attorneys, representatives, participants, heirs, Affiliates, successors and assigns of each such Person (collectively the “Discharged Parties” and each a “Discharged Party”), from any and all manner of debts, warranties, representations, covenants, promises, contracts, controversies, agreements, liabilities, costs, losses, deficiencies, diminution in value, disbursements, obligations, expenses, damages, judgments, executions, actions, suits, claims, counterclaims, demands, defenses, setoffs, objections, adverse consequences, amounts paid in settlement,  and causes of action of any nature whatsoever, whether at law or in equity or otherwise, either now accrued or hereafter maturing and whether known or unknown, fixed or contingent, direct or indirect, or derivative, asserted or unasserted, foreseen or unforeseen, suspected or unsuspected, which such Credit Party or such Affiliate now has or hereafter can, shall or may have by reason of any matter, cause, thing or event occurring on or prior to the Fourth Amendment Effective Date arising out of, in connection with or relating to (i) the Obligations, including, but not limited to, the administration or funding thereof, (ii) any of the Loan Documents or the indebtedness evidenced and secured thereby, and (iii) any other agreement or transaction between any Credit Party or Affiliate and any Discharged Party relating to or in connection with the Loan Documents or the transactions contemplated therein, except that this Section 4(a) shall not waive or release any of the Term Lender’s, the Administrative Agent’s, or any other Discharged Party’s contractual obligations (if any) under the Credit Agreement or any of the other Loan Documents.

 

6

(b)         As a material inducement to the Credit Parties entering into this Amendment, which is to the direct advantage and benefit of the Administrative Agent and the Term Lender, each of Administrative Agent and the Term Lender, for itself and its respective Affiliates, does hereby release, waive, relinquish, acquit, satisfy and forever discharge the Credit Parties, and all of the respective past, present and future officers, directors, employees, agents, attorneys, representatives, participants, heirs, Affiliates, successors and assigns of each such Person (collectively the “Discharged Credit Parties” and each a “Discharged Credit Party”), from any and all manner of debts, warranties, representations, covenants, promises, contracts, controversies, agreements, liabilities, costs, losses, deficiencies, diminution in value, disbursements, obligations, expenses, damages, judgments, executions, actions, suits, claims, counterclaims, demands, defenses, setoffs, objections, adverse consequences, amounts paid in settlement,  and causes of action of any nature whatsoever, whether at law or in equity or otherwise, either now accrued or hereafter maturing and whether known or unknown, fixed or contingent, direct or indirect, or derivative, asserted or unasserted, foreseen or unforeseen, suspected or unsuspected, which such Administrative Agent, the Term Lender or such Affiliate now has or hereafter can, shall or may have, in each case, by reason of any matter, cause, thing or event occurring on or prior to the Fourth Amendment Effective Date arising out of, in connection with or relating to (i) any facts or circumstances occurring prior to the Fourth Amendment Effective Date that any of Administrative Agent, Term Lender or Affiliate thereof has alleged results in a Default or Event of Default or (ii) any cause of action that any of Administrative Agent, Term Lender or Affiliate may have with respect to the conduct of any Credit Party occurring prior to the Fourth Amendment Effective Date, except that, notwithstanding the foregoing, (x) this Section 4(b) shall not waive or release any Credit Party’s or any other Discharged Credit Party’s contractual obligations under the Credit Agreement or any of the other Loan Documents and (y) each Credit Party reaffirms and confirms its obligations under the Loan Documents as set forth in Section 5 below.

5.             Reaffirmation and Confirmation.  The Credit Parties hereby (a) acknowledge and reaffirm their respective obligations as set forth in each Loan Document (as amended or otherwise modified by this Amendment), (b) agree to continue to comply with, and be subject to, all of the terms, provisions, conditions, covenants, agreements and obligations applicable to them set forth in each Loan Document (as amended or otherwise modified by this Amendment), which remain in full force and effect, and (c) confirm, ratify and reaffirm that (i) the guarantees and indemnities given by them or any other Credit Party pursuant to the Credit Agreement and/or any other Loan Documents continue in full force and effect, following and notwithstanding, the amendments thereto pursuant to this Amendment; and (ii) the security interest granted to the Administrative Agent, for the benefit of each Secured Party, pursuant to the Loan Documents in all of their right, title, and interest in all then existing and thereafter acquired or arising Collateral in order to secure prompt payment and performance of the Obligations, is continuing and is and shall remain unimpaired and continue to constitute a first priority security interest (subject to Permitted Liens) in favor of the Administrative Agent, for the benefit of each Secured Party, with the same force, effect and priority in effect immediately prior to entering into this Amendment.

6.             Estoppel. To induce the Administrative Agent and the Term Lender to enter into this Amendment, each Credit Party hereby acknowledges and agrees that, after giving effect to this Amendment, as of the date hereof, to the knowledge of each Credit Party, there exists no right of offset, defense, counterclaim or objection in favor of such Credit Party as against the Administrative Agent the Term Lender with respect to the Obligations.  To induce the Credit Parties to enter into this Amendment, each of Administrative Agent and the Term Lender hereby acknowledges and agrees that, after giving effect to this Amendment, as of the date hereof, to the knowledge of Administrative Agent and the Term Lender, there exists no Default or Event of Default.

 

7

7.             Provisions of General Application.

(a)         Effect of this Amendment.  Except as set forth in Section 1 and Section 2 of this Amendment, no other changes, modifications, waivers or forbearances to the Loan Documents are intended or implied and in all other respects the Loan Documents are hereby specifically ratified, restated and confirmed by all parties hereto as of the Fourth Amendment Effective Date.  To the extent of conflict between the terms of this Amendment and the other Loan Documents, the terms of this Amendment shall govern and control.  The Credit Agreement and this Amendment shall be read and construed as one agreement.

(b)         Binding Effect.  This Amendment shall be binding upon and inure to the benefit of each of the parties hereto and their respective successors and assigns.

(c)         Survival of Representations and Warranties.  All representations and warranties made in this Amendment or any other document furnished in connection with this Amendment shall survive the execution and delivery of this Amendment and the other documents, and no investigation by the Administrative Agent or the Term Lender or any closing shall affect the representations and warranties or the right of the Administrative Agent and the Term Lender to rely upon them.

(d)         Severability.  Any provision of this Amendment held by a court of competent jurisdiction to be invalid or unenforceable shall not impair or invalidate the remainder of this Amendment.

(e)         Reviewed by Attorneys.  Each Credit Party represents and warrants to the Administrative Agent and the Term Lender that it (i) understands fully the terms of this Amendment and the consequences of the execution and delivery of this Amendment, (ii) has been afforded an opportunity to have this Amendment reviewed by, and to discuss this Amendment and each other document executed in connection herewith with, such attorneys and other persons as such Credit Party may wish, and (iii) has entered into this Amendment and executed and delivered all documents in connection herewith of its own free will and accord and without threat, duress or other coercion of any kind by any Person.  The parties hereto acknowledge and agree that neither this Amendment nor the other documents executed pursuant hereto shall be construed more favorably in favor of one than the other based upon which party drafted the same, it being acknowledged that all parties hereto contributed substantially to the negotiation and preparation of this Amendment and the other documents executed pursuant hereto or in connection herewith.

(f)          Governing Law.  THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK (EXCLUDING THE LAWS APPLICABLE TO CONFLICTS OR CHOICE OF LAW (OTHER THAN THE NEW YORK GENERAL OBLIGATIONS LAW §5-1401 and §5-1402)).

 

8

(g)         Counterparts.  This Amendment may be executed in any number of counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract.  Delivery of an executed counterpart of a signature page of this Amendment by facsimile transmission or electronic imaging means shall be as effective as delivery of a manually executed counterpart hereof.

(h)         Entire Agreement.  The Credit Agreement as modified by this Amendment embodies the entire agreement between the parties hereto relating to the subject matter hereof and supersedes all prior agreements, representations and understandings, if any, relating to the subject matter hereof.

(i)          No Novation.  This Amendment shall not extinguish the Term Loans or other obligations outstanding under the Credit Agreement.

[Signature Pages Follow]

 

9

IN WITNESS WHEREOF, the Borrowers have caused this Amendment to be duly executed by their respective officers thereunto duly authorized, as of the date first above written.

 

	 	
BORROWERS:

	 	 
	 	
INTERSECTIONS INC., a Delaware corporation,

	 	
as a Borrower and the Borrower Representative

	 	 
	 	
By:

	
/s/ Ronald L. Barden

	 	
Name:

	
Ronald L. Barden

	 	
Title:

	
Chief Financial Officer

	 	
INTERSECTIONS ENTERPRISES INC., a

	 	
Delaware corporation, as a Borrower

	 	 	 
	 	
By:

	
/s/ Ronald L. Barden

	 	
Name:

	
Ronald L. Barden

	 	
Title:

	
Chief Financial Officer

	 	
INTERSECTIONS HOLDINGS INC., a

	 	
Delaware corporation, as a Borrower

	 	 	 
	 	
By:

	
/s/ Ronald L. Barden

	 	
Name:

	
Ronald L. Barden

	 	
Title:

	
Chief Financial Officer

	 	
IISI INSURANCE SERVICES INC., an Illinois

	 	
corporation, as a Borrower

	 	 	 
	 	
By:

	
/s/ Ronald L. Barden

	 	
Name:

	
Ronald L. Barden

	 	
Title:

	
Chief Financial Officer

 

[PEAK6/INTX – Signature Page to Fourth Amendment to Credit Agreement]

 

	 	
ADMINISTRATIVE AGENT:

	 	 
	 	
PEAK6 INVESTMENTS, L.P., as

	 	
Administrative Agent

	 	 
	 	
By: PEAK6 LLC, its general partner

	 	 
	 	
By:

	
/s/ Matthew Hulsizer

	 	 	
Name: Matthew Hulsizer

	 	 	
Title: Manager

 

[PEAK6/INTX – Signature Page to Fourth Amendment to Credit Agreement]

 

	 	
TERM LENDER:

	 	 
	 	
PEAK6 STRATEGIC CAPITAL LLC, as

	 	
Term Lender

	 	 
	 	
By:

	
PEAK6 Investments, L.P., its manager

	 	
By:

	
PEAK6 LLC, its general partner

	 	 	 
	 	
By:

	
/s/ Matthew Hulsizer

	 	 	
Name: Matthew Hulsizer

	 	 	
Title: Manager

 

[PEAK6/INTX – Signature Page to Fourth Amendment to Credit Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00284-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00284-of-00352.parquet"}]]