Document:

Exhibit 10.43 Master Private Loan Program Agreement

Exhibit 10.43

PORTIONS OF THIS EXHIBIT HAVE BEEN REDACTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT BY NELNET, INC. UNDER RULES AND REGULATIONS PROMULGATED BY THE SECURITIES AND EXCHANGE COMMISSION.  THE REDACTED PORTIONS ARE MARKED WITH [*****] AND HAVE BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION ALONG WITH SUCH REQUEST FOR CONFIDENTIAL TREATMENT.

MASTER PRIVATE LOAN PROGRAM AGREEMENT
This Master Private Loan Program Agreement dated as of December 22, 2014 (the “Master Agreement”) is by and between Union Bank and Trust Company, a Nebraska state banking corporation (“Union Bank”), and Nelnet, Inc., a Nebraska corporation, and its affiliates (collectively, “Nelnet”).  
RECITALS
WHEREAS, Union Bank has engaged in operations from time to time to acquire and hold title to or interests in education loans made for the purpose of financing post-secondary education and/or education related to professional certification, which are not made or guaranteed pursuant to the Higher Education Act of 1965, as amended, or the regulations promulgated thereunder (“Private Loans”);  
WHEREAS, Union Bank wishes to initiate operations to make Private Loans, hold such Private Loans, and sell off excess capacity of such Private Loans;
WHEREAS, Nelnet engages in operations related to Private Loans and is willing to provide services to Union Bank with respect to Union Bank’s Private Loans including but not limited to assistance with underwriting criteria, assistance with procedural formatting of Private Loan operations, marketing, origination, servicing, compliance with applicable laws and regulations, and purchasing Private Loans, all in conjunction with Union Bank’s program which is being branded initially as U-Fi loans (the “Private Loan Program”);  and
WHEREAS, the parties wish to perform duties and services with respect to the Private Loan Program, all in accordance with the terms and conditions set forth herein.
NOW, THEREFORE, in consideration of the mutual covenants and obligations set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

ARTICLE I
DEFINITIONS AND INTERPRETATION
1.1     Definitions
As used herein, the following terms shall have the following meanings:
“Business Day” shall mean a day other than a Saturday, a Sunday or any day on which banks located in Lincoln, Nebraska are authorized or obliged to close.
“Laws” shall mean all applicable federal, state or local laws, regulations or rules of any governmental authority.
“Lien” shall mean any mortgage, lien, pledge, charge, security interest or encumbrance of any kind.
“Marketing Agreement” shall have the meaning ascribed thereto in Section 3.1(a) hereof.
“Master Agreement” shall mean this Master Agreement, all schedules and exhibits attached hereto, and any amendments, addenda or supplements entered into between the parties hereto hereafter.
“Person” shall mean any individual, corporation, company, voluntary association, partnership, trust, unincorporated organization or government (or any agency, instrumentality or political subdivision thereof).
“Private Loan” shall have the meaning ascribed thereto in the recitals of this Master Agreement.
“Private Loan Program” shall have the meaning ascribed thereto in the recitals of this Master Agreement.
“Private Loan Program Agreements” shall mean, collectively, the Marketing Agreement, the Servicing Agreement, and the Purchase Agreement.
“Program Documentation” shall have the meaning ascribed thereto in Section 2.1 hereof.
“Purchase Agreement” shall have the meaning ascribed thereto in Section 3.1(c) hereof.
“Servicing Agreement” shall have the meaning ascribed thereto in Section 3.1(b) hereof.

1.2    Interpretation
Unless the context of this Master Agreement requires otherwise, the following rules of interpretation shall apply to this Agreement:
(a)the singular shall include the plural, and the plural shall include the singular;
the words “hereof”, “herein”, “hereby”, “hereto” and similar words refer to this entire Agreement and not to any particular Article or Section of this Master Agreement;

(b)a reference to any Person shall include such Person’s successors and permitted assigns under any agreement, instrument, contract or other document; and

(c)in the event of any conflict in the Private Loan Programs and the Master Agreement, the terms of the Master Agreement shall control.

ARTICLE II
PRIVATE LOAN PROGRAM
2.1    Initiation of Private Loan Program
Union Bank and Nelnet shall cooperate, consult together, and provide such assistance as may be necessary or appropriate in order to develop and maintain written components of the Private Loan Program including but not limited to the following (collectively, the “Program Documentation”):  underwriting criteria for origination of Private Loans; terms of lending with respect to the Private Loans such as interest rates, term of repayment, loan amounts, borrower benefits, etc.; procedural manuals ad protocols for Private Loans; Private Loan documentation such as promissory note forms and disclosures; and other aspects of the Private Loan Program.  Union Bank and Nelnet shall mutually agree on the initial set of Program Documentation to be utilized and implemented as a part of the Private Loan Program.  
2.2    Changes to Program Documentation
Neither Union Bank nor Nelnet may change or modify any material aspect of the Program Documentation without prior (i) written notice of the proposed change or modification to the other party hereto, and (ii) approval or consent, in writing, received from the recipient of such notice, which approval or consent shall not be unreasonably withheld, conditioned or delayed.  The party that may approve or consent to the change shall respond in writing within five (5) Business Days of receipt of the notice of the proposed change or modification, and if such party fails to respond in a timely manner, the proposed change or modification to the Program Documentation shall be deemed approved.  
2.3    Commencement of Private Loan Program
Union Bank and Nelnet shall use best efforts to initiate the Private Loan Program in approximately January of 2015.  The parties acknowledge that Union Bank will be required to obtain licenses to engage in the Private Loan Program in certain states prior to engaging in the Private Loan Program in such states, and Nelnet shall assist in obtaining such licenses and pay for all of the expenses related to obtaining such licenses.

PORTIONS OF THIS EXHIBIT HAVE BEEN REDACTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT BY NELNET, INC. UNDER RULES AND REGULATIONS PROMULGATED BY THE SECURITIES AND EXCHANGE COMMISSION.  THE REDACTED PORTIONS ARE MARKED WITH [*****] AND HAVE BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION ALONG WITH SUCH REQUEST FOR CONFIDENTIAL TREATMENT.

ARTICLE III
PRIVATE LOAN PROGRAM AGREEMENTS
3.1     Services and Duties under Private Loan Program Agreements.
Simultaneously with execution and delivery of this Master Agreement, Union Bank and Nelnet (or Nelnet’s affiliate(s)) will execute and deliver the following Private Loan Program Agreements, each of which is incorporated herein and made a part hereof by this reference:

(a)Marketing Agreement:  Union Bank and Nelnet’s affiliate, Nelnet Consumer Finance, Inc., shall execute and deliver to each other the Education Loan Marketing and Referral Agreement, of even date herewith, attached hereto as Schedule A.

(b)Servicing Agreement:  Union Bank and Nelnet’s affiliate, Nelnet Servicing, LLC, d/b/a Firstmark, shall execute and deliver to each other the Private Loan Origination and Servicing Agreement, of even date herewith, attached hereto as Schedule B.

(c)Purchase Agreement:  Union Bank and Nelnet shall execute and deliver to each other the Guaranteed Purchase Agreement, of even date herewith, attached hereto as Schedule C.
The parties to the Private Loan Program Agreements shall perform their duties in accordance with the terms and conditions thereof, and in material compliance with all Laws.

ARTICLE IV
ON-GOING CONSIDERATION
4.1    Compensation.  
In addition to the terms, covenants and duties set forth in the Private Loan Program Agreements, Union Bank shall pay to Nelnet a fee, on a monthly basis, equal to one-twelfth (1/12) of the product of (i) [*****], multiplied by (ii) the average aggregate outstanding balance of principal on Private Loans originated and serviced under the Servicing Agreement on behalf of Union Bank, and title to which are held by Union Bank through the month prior to the month during which fees are being paid.  Such fee shall cover and satisfy consideration for various aspects of the Private Loan Program, including but not limited to marketing fees, origination fees and servicing fees with respect to the Private Loans.

ARTICLE V
REPRESENTATIONS AND WARRANTIES
5.1     Representations and Warranties
Union Bank and Nelnet each respectively represents and warrants to the other party hereto that:
(a)This Master Agreement and each of the Private Loan Program Agreements has been duly executed and delivered by it and is the legal, valid and binding obligation of such party, enforceable against it in accordance with its terms, subject to the effect of applicable bankruptcy, insolvency or similar laws affecting creditors’ rights and remedies generally.

(b)No consent, approval or authorization of any third party is required for the consummation by it of the transactions contemplated by this Master Agreement which has not been received, other than the state licenses necessary for Union Bank referenced in Section 2.3 hereof.

(c)It is organized, validly existing and in good standing under the laws of the State of Nebraska and has full power and authority to conduct its business as it is presently conducted.

(d)There is no existing or threatened litigation or other proceeding against it that will have a material adverse effect upon the performance of its obligations hereunder, or that seeks to prohibit its entering into this Master Agreement.  
 
ARTICLE VI
INDEMNIFICATION
6.1     Indemnification by Nelnet.

Subject to the limitations set forth herein, Nelnet shall reimburse, defend, indemnify, and hold Union Bank its officers, directors and employees (each, an “Indemnified Party” and collectively, the “Indemnified Parties”) harmless, from and against all any and all losses, liabilities, claims, demands, obligations, judgments, damages, fines, payments, penalties, deficiencies, awards, settlements, causes of action, costs and expenses, including court costs and reasonable attorneys’ fees and expenses (collectively, the “Losses”) that they suffer, sustain or incur resulting from the claims of third parties, including without limitation governmental authorities, solely with respect to Union Bank’s Private Loans and/or the Private Loan Program and/or the Private Loan Program Agreements asserted, following the date of this Master Agreement (collectively, the “Indemnified Claims”).  The Indemnified Claims shall exclude any act or omission of the Indemnified Parties which constitutes negligence or willful misconduct solely on the part of any of the Indemnified Parties unless such act or omission was committed either (i) by Nelnet or an affiliate thereof on behalf of any of the Indemnified Parties, or (ii) by the Indemnified Party at the direction or instruction of Nelnet or any affiliate thereof (other than the Indemnified Party).

 6.2     Claims Procedures.  

Each Indemnified Party shall give to Nelnet prompt written notice of any threatened or actual claim that could reasonably be deemed to potentially become an Indemnified Claim, setting forth in detail all facts in connection with such claim.   Nelnet shall defend and direct the defense against any Indemnified Claims, in the name of the Indemnified Party, at the expense of Nelnet, and with counsel selected by Nelnet.  Nelnet 

shall, at its expense, keep the Indemnified Parties informed in all reasonable respects in the defense of the Indemnified Claims.  The Indemnified Parties shall have the right to participate in the defense of the Indemnified Claims with counsel employed at their own expense. The Indemnified Parties shall not make any filings, communicate with third parties regarding the Indemnified Claims, or attempt to settle the Indemnified Claims without the prior written consent of Nelnet.  Nelnet shall have the right to settle the Indemnified Claims without consent of the Indemnified Parties, if such settlement (x) involves only the payment of money which Nelnet pays itself or satisfies with insurance proceeds or any combination thereof, and (y) includes a full unconditional general release of the Indemnified Party from the claimant(s) with respect to the Indemnified Claims.
    
Notwithstanding anything to the contrary set forth herein, the Indemnified Parties shall furnish any reasonable oral and/or written apology or statement to the claimant(s) with respect to the Indemnified Claims as Nelnet may deem necessary or helpful in settling the Indemnified Claims, if requested by Nelnet.  The Indemnified Parties shall forward to Nelnet immediately upon receipt copies of all pleadings and communications received in connection with the Indemnified Claims, the Indemnified Parties shall at their expense, cooperate fully and in all respects with Nelnet in defending the Indemnified Claims and preparing the defense with respect to the Indemnified Claims and the Indemnified Parties shall make available their employees and personnel as Nelnet may deem necessary or helpful in such defense.

6.3    Payment of Losses

Promptly following a final determination of the amount of any Losses claimed by the Indemnified Party by either (i) a final, non-appealable decision, judgment or award rendered with respect to the Indemnified Claims, or (ii) the mutual agreement by the Indemnified Party and Nelnet, Nelnet shall pay such Losses to the Indemnified Party by wire transfer of readily available funds to an account designated by the Indemnified Party.

6.4     Limitations.  

(a)  No Indemnified Party shall have any indemnification right with respect to, and Nelnet shall have no indemnification obligation with respect to, any act or omission of any person or entity other than of Nelnet, of an affiliate thereof, or of the Indemnified Party (if committed at the direction or instruction of Nelnet or any affiliate thereof other than the Indemnified Party).

(b)  Any claims for Losses under this Article VI must be submitted in writing by the Indemnified Party to Nelnet before 11:59 p.m., Central Standard Time, on the date that is within one year following the date of entry of a final, non-appealable judgment against the Indemnified Party in the Indemnified Claim.

(c)  Payments by Nelnet pursuant to this Master Agreement shall be limited to the amount of any Losses that remain after deducting therefrom (i) any insurance proceeds and any indemnity, contribution or other similar payment to which any Indemnified Party has actually recovered from any third party with respect thereto, net of any reasonable expenses (excluding increases in premiums attributable to such claims) incurred by such Indemnified Parties in collecting such insurance proceeds or any indemnity, contribution or other similar payment, and (ii) any tax benefit to the Indemnified Parties (as reasonably determined by such Indemnified Party’s accountant in good faith) as a result of incurring the Losses whether or not realized in the period in which such Losses arose.

6.5     Mutual Indemnity.  

Subject to the provisions set forth in Sections 6.1, 6.2, 6.3 and 6.4 hereof,  each party hereto, as applicable (referred to in this Section 6.5 as the “Indemnitor ”) shall indemnify, defend and hold harmless the other party hereto and such other party’s directors, officers and employees (collectively referred to in this Section 5.5 as the “Indemnified Parties”) from and against any and all Losses resulting from,  the Indemnitor’s breach of any representations, warranties or covenants in this Master Agreement. The Indemnified Parties shall promptly notify the Indemnitor of any legal claim, demand, right or cause of action asserted, instituted or threatened against the Indemnified Parties that arise from or in connection with this Master Agreement.  The procedural provisions set forth in Sections 6.2, 6.3 and 6.4 hereof shall apply to this Section 6.5 and to the appropriate Indemnitor and Indemnified Parties identified in this Section 6.5, respectively.

 6.6     Survival. 

The indemnity obligation in this Section 6.6 shall survive for all Losses claimed or incurred after termination of this Master Agreement and for four years thereafter.

ARTICLE VII
MISCELLANEOUS
7.1     Term
This Master Agreement shall commence upon the date first set forth above, and shall terminate upon termination of the last of the Private Loan Program Agreements to terminate.
7.2     Entire Agreement
This Master Agreement supersedes all prior discussions and agreements between the parties with respect to the subject matter hereof, and contains the sole and entire agreement between the parties hereto with respect to the subject matter hereof.
7.3     No Waiver
Any term or condition of this Master Agreement may be waived at any time by the party that is entitled to the benefit thereof, but no such waiver shall be effective unless set forth in a written instrument duly executed by or on behalf of the party waiving such term or condition.  No waiver by any party of any term or condition of this Master Agreement, in any one or more instances, shall be deemed to be or construed as a waiver of the same or any other term or condition of this Master Agreement on any future occasion.  All remedies, either under this Master Agreement or by law or otherwise afforded, will be cumulative and not alternative.  No failure on the part of Union Bank or Nelnet to exercise and no delay in exercising, and no course of dealing with respect to, any right, power or privilege under this Master Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or privilege under this Master Agreement preclude any other or further exercise thereof or the exercise of any other right, power or privilege.
7.4     Binding Agreement
This Master Agreement shall be binding upon, and inure to the benefit of, the respective successors and permitted assigns of Union Bank and of Nelnet.  It is not the intention of the parties to confer third party beneficiary rights upon any other Person.

7.5     Assignment
No party to this Master Agreement may assign any of such party’s rights under this Agreement without the prior written consent of the other party hereto.    
7.6     Notice
All notices and other communications provided for herein (including, without limitation, any modifications of, or waivers or consents under, this Master Agreement) shall be given or made by fax, email transmission, or by hand in writing and transmitted by fax, mailed or delivered to (a) in the case of Union Bank, the “Address for Notices” specified below the name of Union Bank on the signature page hereof, (b) in the case of Nelnet, the “Address for Notices” specified below the name of Nelnet on the signature page hereof or (c) as to any party hereto, at such other address as shall be designated by such party in a notice to the other party hereto.  Except as otherwise provided in this Master Agreement, all such communications shall be deemed to have been duly given when transmitted by fax, email, personally delivered or, in the case of a mailed notice, upon receipt, in each case, given or addressed as provided above.
7.7     Confidentiality
Each party hereto will hold, and will use their best efforts to cause their respective agents and representatives to hold, in strict confidence from any Person (other than any such agent or representative), unless (a) compelled to disclose by judicial or administrative process or by other requirements of law or by regulatory authority of either party hereto or (b) disclosed in an action or proceeding brought by a party hereto in pursuit of such party’s rights or in the exercise of such party’s remedies hereunder, the existence of this Master Agreement and the transactions contemplated hereby and all documents and information concerning the other party hereto furnished to such party by such other party or such other party’s agents and representatives in connection with this Master Agreement or the transactions contemplated hereby, except to the extent that such documents or information can be shown to have been (i) previously known by the party receiving such documents or information, (ii) in the public domain (either prior to or after the furnishing of such documents or information hereunder) through no fault of the receiving party or (iii) later acquired by the receiving party from another source if the receiving party is not aware that such source is under an obligation to the other party hereto to keep such documents and information confidential.
7.8     Counterparts
This Master Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument, and any of the parties hereto may execute this Master Agreement by signing any such counterpart.  Executed signature pages hereto may be delivered by fax or email transmission.
7.9     Amendment
No provision of this Master Agreement shall be waived, amended or modified except by an instrument in writing duly executed by Union Bank and by Nelnet.
7.10     Applicable Law 
This Master Agreement shall be governed by, and construed in accordance with, the laws of the State of Nebraska, without giving effect to any conflicts of laws principles thereof which would result in the application of the laws of another jurisdiction.  

7.11     Survival
All representations and warranties of the parties contained in Article V hereof shall survive termination of this Master Agreement and remain in effect indefinitely.  In addition to the foregoing, the indemnification obligations of the parties under Article VI hereof shall survive for all Losses claimed or incurred after termination of this Master Agreement for four (4) years thereafter.
7.12     Severability
If any one or more of the provisions contained in this Master Agreement, or any application thereof, shall be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and all other applications thereof shall not in any way be affected or impaired thereby.

[Remainder of Page Intentionally Left Blank]

PORTIONS OF THIS EXHIBIT HAVE BEEN REDACTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT BY NELNET, INC. UNDER RULES AND REGULATIONS PROMULGATED BY THE SECURITIES AND EXCHANGE COMMISSION.  THE REDACTED PORTIONS ARE MARKED WITH [*****] AND HAVE BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION ALONG WITH SUCH REQUEST FOR CONFIDENTIAL TREATMENT.

IN WITNESS WHEREOF, the parties hereto have executed this Master Private Loan Program Agreement as of the date first above written.

Union Bank and Trust Company

/s/ Angie Muhleisen 
By:  Angie Muhleisen
Title:  President and CEO

Address for Notices:
Union Bank and Trust Company
Attn: Brad Crain
4243 Pioneer Woods Drive
Lincoln, NE 68506
Phone:  (402) 323-1783
Fax:  (402) 323-1190
Email:  [*****]

Nelnet, Inc.

/s/ William J. Munn -----
By: William J. Munn
Title:  Secretary

Address for Notices:
Nelnet, Inc.
Attn: James D. Kruger
1248 “O” Street, 9th Floor
Lincoln, NE 68508
Phone: (402) 458-2304
Fax:  (402) 458-2294
Email:  [*****]Exhibit 10.44 Education Loan Marketing and Referral Agreement

Exhibit 10.44

PORTIONS OF THIS EXHIBIT HAVE BEEN REDACTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT BY NELNET, INC. UNDER RULES AND REGULATIONS PROMULGATED BY THE SECURITIES AND EXCHANGE COMMISSION.  THE REDACTED PORTIONS ARE MARKED WITH [*****] AND HAVE BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION ALONG WITH SUCH REQUEST FOR CONFIDENTIAL TREATMENT.

EDUCATION LOAN MARKETING
AND REFERRAL AGREEMENT

This Education Loan Marketing and Referral Agreement is made as of this 22nd day of December, 2014 by and between Nelnet Consumer Finance, Inc., a Nebraska corporation (“Nelnet”), and Union Bank and Trust Company, a Nebraska state banking corporation (the “Lender”).

WHEREAS, Lender offers or intends to offer applications for loans made for the purpose of financing costs of post-secondary education, and funds or intends to fund such loans to accepted applicants;

WHEREAS, Lender wishes to engage Nelnet to market and refer applicants for educationally related loans offered by Lender; and

WHEREAS, Lender is willing to compensate Nelnet for educationally related loans that are funded based on applications for such loans submitted to Lender by Nelnet;

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

Section 1.  Definitions.  Wherever used in this Agreement, unless the context indicates a contrary intent or unless specifically provided herein, the following terms shall have the meanings indicated:

“Agreement” means this Education Loan Marketing and Referral Agreement between Lender and Nelnet.

“Refinance Loan” means any Education Loan made to consolidate existing Education Loans and/or other Refinance Loans.

“Refinance Loan Application” means an application for Refinance Loan on the form prepared and furnished by Nelnet on behalf of Lender, but approved by Lender.

“Education Loan” means any education loan made for the purpose of financing post-secondary education and/or education related to professional certification.

PORTIONS OF THIS EXHIBIT HAVE BEEN REDACTED PURSUANT TO A REQUEST FOR CONFIDENTIAL TREATMENT BY NELNET, INC. UNDER RULES AND REGULATIONS PROMULGATED BY THE SECURITIES AND EXCHANGE COMMISSION.  THE REDACTED PORTIONS ARE MARKED WITH [*****] AND HAVE BEEN FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION ALONG WITH SUCH REQUEST FOR CONFIDENTIAL TREATMENT.

“Education Loan Application” means an application for an Education Loan on the form prepared and furnished by Nelnet on behalf of Lender, but approved by Lender.

“Funded Refinance Loan” means a Refinance Loan Application which has been processed, approved and funded by or on behalf of Lender.

“Funded Education Loan” means an Education Loan processed, approved and funded by or on behalf of Lender as a result of an Education Loan Application. 

“Initial Period” means thirty-six (36) months from the date of this Agreement.

Section 2. Term and Termination.  This Agreement shall remain in effect for the Initial Period.  The Agreement will extend automatically for successive three-year extension periods upon each annual anniversary of this Agreement, without the necessity of further documentation, unless either party send written notice of termination to the other party hereto.  Such notice of termination will be effective to terminate this Agreement at (i) the end of the term in which it is received, other than with respect to Education Loans described in clause (ii) hereof, and (ii) with respect only to any Education Loan not yet fully disbursed at the time of the notice of termination, on the date on which the academic year ends for educational institutions attended by borrowers funding costs of attendance with such an Education Loan.  Notwithstanding the foregoing, either party may at any time upon six (6) months’ notice terminate this Agreement by delivery of a notice of termination to the other party. Lender shall give prompt written notice to Nelnet in the event Lender ceases substantially all operations to make Education Loans, and neither party shall have any further obligations under this Agreement following such cessation.  

Section 3. Duties of the Parties.  

(a) Nelnet’s Obligations.  Nelnet shall, between the date of this Agreement and the date this Agreement terminates, market and promote Lender as lender and provider of Education Loans and Refinance Loans to prospective borrowers.  Such marketing and promotion efforts may include, without limitation, hosting or placing content approved by Lender or one or more websites of Nelnet or its affiliates, providing website links to an approved website for prospective borrowers to utilize, providing marketing materials approved by Lender to educational institutions, prospective borrowers and other appropriate marketing recipients via such manner of delivery as Nelnet deems appropriate.  Nelnet shall ensure that all aspects of the Education Loans and Refinance Loans made to borrowers comply with all state and federal laws, regulations and agency rules.  Nelnet shall provide consulting services and analysis with respect to credit scores of potential borrowers. Nelnet shall, during the term of this Agreement, provide to Lender [*****] hours of audit support per fiscal year of Nelnet; if Lender requests audit support in excess of that amount, Lender shall pay to Nelnet $[*****] per hour for such excess hours.  Nelnet shall pay to Lender the costs of any borrower benefits afforded to borrowers on Education Loans and Refinance Loans owned by Lender and which result from Nelnet’s efforts under this Agreement. 

(b) Lender’s Obligations. Lender shall approve all content to be used by Nelnet on its website with respect to Lender (other than content prepared solely by Nelnet) and all marketing materials, as well as all Education 

Loan Applications, Refinance Loan Applications, disclosures, promissory notes, and any other documentation utilized in connection with marketing, promoting, applying for, making or disbursing Lender’s Education Loans and Refinance Loans.  Lender shall cooperate and assist Nelnet in its activities pursuant to this Agreement as Nelnet may reasonably request from time to time. Notwithstanding any approval by Lender, Nelnet shall have responsibility to ensure that all such content complies with all state and federal laws, regulations and agency rules, and Nelnet shall make timely updates to and revisions of all such content in order ensure such compliance. Lender shall provide those borrower benefits as set forth in Nelnet’s advertising and promotion of Lender’s Education Loans, except to the extent that such advertising and promotional materials clearly and conspicuously disclose that such borrower benefits could be terminated, and if Lender sells, securitizes or changes the servicer of such Education Loans, Purchaser shall include as a provision of all relevant contracts to sell, securitize or service such Eligible Loans, that all borrower benefits represented as being available to a borrower will continue to inure to the benefit of the borrower or to the same extent as if Lender had not sold, securitized or changed the servicer of such Education Loans, except to the extent that Nelnet’s advertising and promotional materials clearly and conspicuously disclose that such borrower benefits could be terminated.

Section 4. Exclusivity.  Nelnet may, at its option, provide concurrent marketing and promotional services to or on behalf of other lenders on Education Loans and Refinance Loans.  Lender may not concurrently engage marketing agents other than Nelnet to market and promote Lender’s Education Loans and Refinance Loans, without the prior written consent of Nelnet.  Nelnet may refer the same borrowers to Lender and other lenders for which Nelnet provides marketing or promotional services.

Section 5. Compensation.  Nelnet’s compensation for services performed under this Agreement are included in and satisfied by payment of fees by Lender to Nelnet, Inc. in accordance with that certain Master Private Loan Program Agreement of even date herewith between Lender and Nelnet, Inc. 
Section 6. Audit.  At reasonable times, during normal business hours, either party’s auditors or agents may examine the books and records of the other party hereto as they relate to the performance of this Agreement, provided the party requesting the examination has given at least five (5) days advance written notice to the other party.  Each party shall maintain all such books and records for examination.  The obligations in this paragraph for any given Education Loan or Refinance Loan shall extend for a period during this Agreement and ending six (6) years after termination of this Agreement.  The costs of such audit shall be paid for by the party requesting the examination, subject to the audit support to be provided by Nelnet under Section 3(a) hereof to assist Lender with audits of Lender’s own activities. 

Section 7. Representations, Warranties and Covenants. Each party hereto represents and warrants to, and covenants with the other party hereto, that, to the best of its knowledge and belief: (a) it is duly authorized to do business in the jurisdiction in which it operates and has full power and authority to execute, deliver and perform this Agreement; (b) during the term of this Agreement it will (i) remain in good standing and qualified to do business under the laws of the jurisdiction in which it was organized and the states in which it operates, (ii) conduct its business in accordance with all applicable state and federal laws and regulations, and (iii) continue to be qualified to carry out this Agreement; (c) there is no action or proceeding pending or threatened against it before any court or administrative agency, nor any presently existing order of any court or administrative agency that might have a materially adverse effect on the ability of such party to perform its obligations under this Agreement; and (d) any consent or approval of federal or state banking or regulatory authorities required for the making or performance of this Agreement has been obtained.

Section 8.  Indemnification.  Each party hereto, as applicable (referred to in this Section 8 as the “Indemnitor”) shall indemnify, defend and hold harmless to other party hereto and such other party’s directors, officers and employees (collectively, the “Indemnified Parties”) from against any and all Losses resulting from 

Indemnitor’s breach of any representation, warranties or covenants in this Agreement. The Indemnified Parties shall promptly notify the Indemnitor of any legal claim, demand, right or cause of action asserted, instituted or threatened against the Indemnified Parties that arise from or in connection with this Agreement.  The indemnity obligation in this paragraph shall survive termination of this Agreement. 

Section 9.  Disclaimer of Warranties.  Except as set forth in this Agreement, Nelnet does not make any warranties, express, implied or statutory, including but not limited to the implied warranties of merchantability, business continuity or fitness for a particular purpose, with respect to the services to be provided by Nelnet hereunder.

Section 10.  Property Rights.

(a) Nelnet Property.  Nelnet shall retain all right, title and interest in and to (a) all Nelnet websites, URLs, software, tools, routines, programs, designs, diagrams, technology, ideas, know-how, processes, techniques and inventions that Nelnet makes, develops, conceives or reduces to practice, whether alone or jointly with others, in the course of its performance under this Agreement, (b) all enhancements, modifications, improvements and derivative works of each and any of the foregoing, and (c) all copyrights, trademarks, service marks, trade secrets, patents, patent applications and other proprietary rights related to each and any of the foregoing (collectively, the “Nelnet Property”).  

(b) Lender Content. Subject to the following limited license granted to Nelnet, Lender shall retain all rights, title and interest in and to the content of its materials disclosed to Nelnet hereunder ("Lender Content"), and such content shall be the Confidential Information of Lender subject to subsection (c) below.  Subject to the terms and conditions of this Agreement, Lender hereby grants Nelnet a limited, non-exclusive, non-transferable royalty free license for the term of this Agreement to use the Lender Content only as required in order for Nelnet to perform the services as provided herein.  Lender warrants and represents that the content of any Lender Content it provides to Nelnet shall not: (i) infringe any third party's copyright, patent, trademark, trade secret or other proprietary rights or rights of publicity or privacy; (ii) violate any law, statute, ordinance or regulation (including without limitation the laws and regulations governing export control, unfair competition, anti-discrimination or false advertising); or  (iii) be defamatory, trade libelous, unlawfully threatening or unlawfully harassing. 

(c)  Confidential Information.

(i) Defined.  The term “Confidential Information” shall mean this Agreement and all proprietary information, data, trade secrets, business information and other information of any kind whatsoever which (a) a party hereto (“Discloser”) discloses, in writing, orally, visually, or in any other medium to the other party (“Recipient”) or to which Recipient obtains access in connection with the negotiation and performance of this Agreement, and which (b) relates to (i) the Discloser (ii) third-party suppliers or licensors who have made confidential or proprietary information available to Lender.  Confidential Information shall include Lender Information, as described below.

(ii) Lender Information. Nelnet acknowledges that Lender has a responsibility to its customers to keep information about its customers who have borrowed on an Education Loan or Refinance Loan and their accounts (“Lender Information”) confidential.  In addition to the other requirements set forth in this Section regarding Confidential Information, Lender Information shall also be subject to the additional restrictions set forth in this Subsection.  Nelnet shall not disclose or use Lender Information other than to carry out the purposes for which Lender disclosed such Lender Information to Nelnet.  

(iii) Use and Disclosure.  Each of the Parties, as Recipient, hereby agrees on behalf of itself and its employees, officers, affiliates and subcontractors that Confidential Information will not be disclosed or made available to any person for any reason whatsoever, other than on a “need to know basis” and then only to: (a) its employees and officers; (b) independent contractors, agents, and consultants; and (c) as required by law or as otherwise permitted by this Agreement. Prior to any disclosure of Confidential Information as required by law, the Recipient shall (i) notify the Discloser of any, actual or threatened legal compulsion of disclosure, and any actual legal obligation of disclosure immediately upon becoming so obligated, and (ii) cooperate with the Discloser’s reasonable, lawful efforts to resist, limit or delay disclosure.

Section 11. Binding Effect/Entire Agreement/Changes. This Agreement shall be binding upon and shall inure to the benefit of the parties and their respective successors and assigns, including those persons who may acquire the assets of Lender or Nelnet through merger or purchase.  This 

Agreement embodies the entire agreement between the parties concerning the subject matter hereof.  Any changes or amendments to this Agreement shall be made in writing and signed by both parties.

Section 12. Notices. All notices and other correspondence to be sent to Lender shall be in care of: Brad Crain, Union Bank and Trust Company, 4243 Pioneer Woods Drive., Lincoln, Nebraska 68516, or such other address as may be provided in writing.  All notices and other correspondence to be sent Nelnet shall be sent to: Chief Financial Officer-Nelnet, 121 South 13th Street, Lincoln, NE 68508, with a copy to: General Counsel, 3015 South Parker Road, Suite 400, Aurora, CO 80014, or such other address as may be provided in writing.

Section 13. Governing Law/Venue/Assignment.  This Agreement shall be governed by and construed in accordance with the laws of the State of Nebraska.  The parties agree to submit to the exclusive jurisdiction of any court competent jurisdiction located in Lancaster County, Nebraska.  This Agreement may not be assigned by a party without the prior written consent of the other parties. 

Section 14. Force Majeure. Nelnet and Lender shall each be excused from any breach of or failure to perform under this Agreement if performance is prohibited or prevented or applicable law, rule or regulation; or if such breach or failure results from any acts of God, war, riots or civil disturbances or any other cause beyond its reasonable control which materially hinders or prevents its performance under this Agreement.

Union Bank and Trust Company            Nelnet Consumer Finance, Inc.

By: /s/ Angie Muhleisen                By: /s/ William J. Munn

Name: Angie Muhleisen                Name: William J. Munn

Title: President & CEO                Title: Secretary

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