NELNET INC
EXHIBIT 10.3
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<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>c76837exv10w3.htm
<DESCRIPTION>EXHIBIT 10.3
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<TITLE>Filed by Bowne Pure Compliance</TITLE>
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<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>Exhibit&nbsp;10.3</B>
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<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>SIXTH AMENDMENT OF<BR>
AMENDED AND RESTATED PARTICIPATION AGREEMENT</B>
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">This Sixth Amendment of the Amended and Restated Participation Agreement (the &#147;Amendment&#148;) is
made and entered into as of this 12<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> day of December, 2005, by and between Union Bank
and Trust Company, a Nebraska banking corporation and trust company, solely in its capacity as
trustee of various grantor trusts known as Short Term Federal Investment Trusts or other grantor
trusts (&#147;Union Bank&#148;) and National Education Loan Network, Inc., a Nevada corporation (&#147;Nelnet&#148;).
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>WHEREAS</B>, the parties hereto entered into that certain Amended and Restated Participation
Agreement dated as of June&nbsp;1, 2001, as amended (the &#147;Agreement&#148;), and the parties hereto wish to
amend the Agreement under the terms set forth herein.
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%"><B>NOW, THEREFORE</B>, in consideration of the foregoing premises and the mutual covenants herein
contained, the parties hereto agree as follows:
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">1.&nbsp;<U>Definitions</U>. Unless otherwise expressly stated herein, capitalized terms in this
Amendment shall have the same meanings given to them in the Agreement.
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">2.&nbsp;<U>Change in Definition of Nelnet&#146;s Fee.</U> For purposes of Section&nbsp;1.03 of the
Agreement, Nelnet&#146;s Fee shall be defined to equal the difference between (i)&nbsp;the total of interest
received with respect to such Eligible Loans contained in a participation certificate, and (ii)&nbsp;an
amount equal to 20 basis points (0.20%) above the average of the bond equivalent rates of the
quotes of 3-month commercial paper (financial)&nbsp;rates in effect for each of the days in such quarter
as reported by the Federal Reserve in Publication H-15 (or its successor) for the relevant 3-month
period, multiplied by the average aggregate principal balance of all Eligible Loans covered by said
participation certificate. With respect to those participation interests in Eligible Loans having
an average aggregate outstanding balance in excess of $200&nbsp;million, Nelnet&#146;s Fee shall be reduced
so as to replace 20 basis points (0.20%) in clause (ii)&nbsp;of the formula in the preceding sentence
with 6 basis points (0.06%). Payments shall be distributed on a monthly basis, on the first
business day of each month.
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<DIV align="justify" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">3.&nbsp;<U>Effect of Amendment</U>. This Amendment shall be effective as of the date first set
forth above. Unless expressly modified or amended by this Amendment, all terms and provision
contained in the Agreement shall remain in full force and effect without modification.
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    <TD width="4%">&nbsp;</TD>
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    <TD width="34%">&nbsp;</TD>
    <TD width="22%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="34%">&nbsp;</TD>
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<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">Union Bank and Trust Company</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left">National Education Loan Network, Inc.</TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Ken Backemeyer
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Jim Kruger</TD>
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<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Title:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Senior Vice President
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Controller</TD>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;
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    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
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