Addendum to Credit Union Student Loan Participation Agreement

ADDENDUM TO CREDIT UNION STUDENT LOAN PARTICIPATION AGREEMENT

This Addendum to the Credit Union Student Loan Participation Agreement (“Addendum”) is by and between the Credit Unions that are parties to the Student Loan Network Agreement.

WHEREAS, the Credit Union Student Loan Participation Agreement (“SLPA”) is part of the Student Loan Network Agreement (“SLNA”), which sets forth the duties and responsibilities of the Credit Unions as to the sale of Participation Interests in student loans.

WHEREAS, the Credit Unions wish to define the duties and rights of the Credit Unions upon the Insurer’s rejection of a loan claim due to a determination of fraudulent activity or other reason;

NOW, THEREFORE, in consideration of the premises set forth above, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Credit Unions hereby agree as follows:

The following language shall be inserted as a new Paragraph 6 and the paragraphs following the new Paragraph 6 shall be renumbered accordingly:

“6. Claim Rejection In the event ReliaMax Surety Company or other insurer selected by the CUSO Board of Manager rejects a filed loan claim due to a finding of fraudulent activity on the loan account or other reason not due to the direct fault of Servicer or its agent, the Credit Unions shall unanimously agree amongst themselves on the next action to take as part of the loan collection efforts. In addition, the costs associated with the collection efforts, which shall be administered by the Originating Seller, shall be agreed to by the Credit Unions holding a majority of the Participation Interests prior to the beginning of any collection efforts and/or legal proceeding. Each Credit Union Participant agrees to be bound by the decisions of the majority of the Participation Interests and to share in the costs and recovery of loan payments in proportion to the Participation Interest held by the respective Party. In the event that payments due on the loan are recovered, the payments can be directed to the Servicer or its agent, and Servicer or its agent will disburse the recovered payments to the Credit Unions on a pro rata basis.”

Except as specifically set forth in this Addendum, the SLPA and SLNA shall continue in full force and effect in accordance with its original terms.

IN WITNESS WHEREOF, the Credit Union warrants that the signatures below evidence the authorization of the Credit Union to enter into this Agreement on the date indicated below. Credit Union signs this Agreement as a counterpart as the other Participants have signed counterparts to this same Addendum.

CREDIT UNION NAME

Date: ______By: ______Print Name: ______Title: ______