Exhibit 10.3




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PageARTICLE I DEFINITIONS AND USAGE
    
    
    1ARTICLE II APPOINTMENT OF ELIGIBLE LENDER TRUSTEE
    
    
    1Section 2.01. Appointment of Eligible Lender Trustee
    
    
    1Section 2.02. Declaration of Trust
    
    
    2Section 2.03. Title to Financed Student Loans
    
    
    2ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE FUNDING NOTE ISSUER
    
    
    2ARTICLE IV AUTHORITY AND DUTIES OF ELIGIBLE LENDER TRUSTEE
    
    
    3Section 4.01. General Authority
    
    
    3Section 4.02. General Duties
    
    
    3Section 4.03. No Duties Except as Specified in this Agreement
    
    
    3Section 4.04. No Action Except Under Specified Documents
    
    
    3Section 4.05. Restrictions
    
    
    3ARTICLE V CONCERNING THE ELIGIBLE LENDER TRUSTEE
    
    
    3Section 5.01. Acceptance of Trust and Duties
    
    
    3Section 5.02. Representations and Warranties
    
    
    4Section 5.03. Not Acting in Individual Capacity
    
    
    5Section 5.04. Eligible Lender Trustee Not Liable for the Financed Student Loans
    
    
    5ARTICLE VI COMPENSATION AND INDEMNIFICATION OF ELIGIBLE LENDER TRUSTEE
    
    
    5Section 6.01. Fees
    
    
    5Section 6.02. Indemnity
    
    
    5Section 6.03. Survival
    
    
    6ARTICLE VII TERMINATION OF FUNDING NOTE ISSUER ELIGIBLE LENDER TRUST AGREEMENT
    
    
    6ARTICLE VIII SUCCESSOR ELIGIBLE LENDER TRUSTEES
    
    
    6Section 8.01. Eligibility Requirements for Eligible Lender Trustee
    
    
    6Section 8.02. Resignation or Removal of Eligible Lender Trustee
    
    
    6Section 8.03. Successor Eligible Lender Trustee
    
    
    7Section 8.04. Merger or Consolidation of Eligible Lender Trustee
    
    
    7ARTICLE IX MISCELLANEOUS
    
    
    7Section 9.01. Amendments and Waivers
    
    
    7Section 9.02. Notices
    
    
    7
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PageSection 9.03. No Waivers; Remedies
    
    
    8Section 9.04. Successors and Assigns
    
    
    8Section 9.05. Governing Law
    
    
    8Section 9.06. Severability
    
    
    8Section 9.07. Waiver of Jury Trial
    
    
    8Section 9.08. Bankruptcy Non-Petition and Limited Recourse
    
    
    8Section 9.09. Execution in Counterparts
    
    
    9Section 9.10. Entire Agreement
    
    
    9Section 9.11. Limitation of Liability
    
    
    9Section 9.12. Section Titles
    
    
    9Section 9.13. Limitations on Rights of Others
    
    
    9Section 9.14. Acknowledgement and Agreement
    
    
    9Section 9.15. Force Majeure
    
    
    10Section 9.16. Survival
    
    
    10
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ELIGIBLE LENDER TRUST AGREEMENT
 Agreement Funding Note Issuer Eligible Lender Trustee
  Seller Financed Student Loans
 Section 435(d)
 Section 435(d)
  ARTICLE I
 DEFINITIONS AND USAGE
 Funding Note Purchase Agreement
 ARTICLE II
 APPOINTMENT OF ELIGIBLE LENDER TRUSTEE
 Section 2.01. Appointment of Eligible Lender Trustee
   1




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Section 2.02. Declaration of Trust
 Section 2.03. Title to Financed Student Loans
 ARTICLE III
 REPRESENTATIONS AND WARRANTIES OF THE FUNDING NOTE ISSUER
       2




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ARTICLE IV
 AUTHORITY AND DUTIES OF ELIGIBLE LENDER TRUSTEE
 Section 4.01. General Authority
 Section 4.02. General Duties
 Section 4.03. No Duties Except as Specified in this Agreement
 Section 4.04. No Action Except Under Specified Documents
 Section 4.05. Restrictions
 ARTICLE V
 CONCERNING THE ELIGIBLE LENDER TRUSTEE
 Section 5.01. Acceptance of Trust and Duties Section 5.02
   3




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Section 6.01
  Section 5.02. Representations and Warranties
    4




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Section 435(d)
 Section 5.03. Not Acting in Individual Capacity Article V
 Section 5.04. Eligible Lender Trustee Not Liable for the Financed Student Loans
 ARTICLE VI
 COMPENSATION AND INDEMNIFICATION OF ELIGIBLE LENDER TRUSTEE
 Section 6.01. Fees
 Section 6.02. Indemnity Sections 7.01 7.02
  5




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Section 6.03. Survival Article VI
 ARTICLE VII
 TERMINATION OF FUNDING NOTE ISSUER ELIGIBLE LENDER TRUST AGREEMENT
 Article VI
 ARTICLE VIII
 SUCCESSOR ELIGIBLE LENDER TRUSTEES
 Section 8.01. Eligibility Requirements for Eligible Lender Trustee Section 435(d) Section 8.02
 Section 8.02. Resignation or Removal of Eligible Lender Trustee Section 8.01 provided however
 Section 8.01
 Section 8.03
  6




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Section 8.03. Successor Eligible Lender Trustee Section 8.02
 Section 8.01
 Section 8.04. Merger or Consolidation of Eligible Lender Trustee provided Section 8.01
 ARTICLE IX
 MISCELLANEOUS
 Section 9.01. Amendments and Waivers
 Section 9.02. Notices
  7




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Section 9.03. No Waivers; Remedies
 Section 9.04. Successors and Assigns
 Section 9.05. Governing Law SECTIONS 5-1401 5-1402
 Section 9.06. Severability
 Section 9.07. Waiver of Jury Trial
 Section 9.08. Bankruptcy Non-Petition and Limited Recourse
  8




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Section 9.09. Execution in Counterparts
 Section 9.10. Entire Agreement
 Section 9.11. Limitation of Liability
 Section 9.12. Section Titles
 Section 9.13. Limitations on Rights of Others Section 9.14
 Section 9.14. Acknowledgement and Agreement provided however
  9




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Section 9.15. Force Majeure
 Section 9.16. Survival Article IX
  10




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ZIONS FIRST NATIONAL BANK,
not in its individual capacity but solely
as the Eligible Lender Trustee hereunderBy:
    /s/ David W. BataName:
    David W. BataTitle:
    Vice President and Trust Officer Address:1001 Seventeenth Street,
Suite 1050
Denver, CO 80202
 NELNET SUPERCONDUIT FUNDING, LLC,
as the Funding Note IssuerBy:
    /s/ Hannah SmitterbergName:
    Hannah SmitterbergTitle:
    Assistant Vice President Address:c/o National
Education Loan Network, Inc.,as Administrator
121 South
13th
Street, Suite 201
Lincoln, NE 68505
 Acknowledged and Agreed with respect toSection 6.02:NATIONAL EDUCATION LOAN NETWORK, INC., as the SPV
AdministratorBy:
    
    /s/ Terry HeimesName:
    
    Terry HeimesTitle:
    
    CFOAddress:
121 South 13th Street, Suite 201
Lincoln, NE 68505
  11