Exhibit 4.2


                        NELNET STUDENT LOAN TRUST 2007-1



                                 TRUST AGREEMENT



                                 BY AND BETWEEN



                        NELNET STUDENT LOAN FUNDING, LLC,
                   AS INITIAL CERTIFICATEHOLDER AND DEPOSITOR,



                                       AND



                          M&T TRUST COMPANY OF DELAWARE
                               AS DELAWARE TRUSTEE




                             DATED AS OF MAY 1, 2007



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                                TABLE OF CONTENTS

                                                                            Page

                                    ARTICLE I
                                   DEFINITIONS

Section 1.01.     Definitions..................................................1
Section 1.02.     Other References.............................................4


                                   ARTICLE II
               ORGANIZATION OF THE TRUST; AUTHORITY TO EXECUTE AND
                     PERFORM VARIOUS DOCUMENTS; DECLARATION
                          OF TRUST BY DELAWARE TRUSTEE

Section 2.01.     Establishment of the Trust...................................5
Section 2.02.     Name.........................................................6
Section 2.03.     Office and Situs of Trust; Principal Place of Business.......6
Section 2.04.     Authority....................................................6
Section 2.05.     Powers and Authority.........................................6
Section 2.06.     Declaration of Trust by Delaware Trustee.....................9
Section 2.07.     The Indenture................................................9
Section 2.08.     Title to Trust Estate........................................9
Section 2.09.     Covenants Regarding Operations...............................9
Section 2.10.     Appointment of Delaware Trustee.............................14
Section 2.11.     Federal Income Tax Allocations..............................14
Section 2.12.     Administration..............................................14
Section 2.13.     Additional Contributions....................................14
Section 2.14.     Liability of the Certificateholders.........................15


                                   ARTICLE III
                  TRUST CERTIFICATES AND TRANSFER OF INTERESTS

Section 3.01.     Initial Beneficial Ownership................................15
Section 3.02.     The Certificates............................................15
Section 3.03.     Authentication of Certificates..............................15
Section 3.04.     Registration of Transfer and Exchange of Certificates.......16
Section 3.05.     Mutilated, Destroyed, Lost or Stolen Certificates...........18
Section 3.06.     Persons Deemed Owners.......................................18
Section 3.07.     Access to List of Certificateholders' Names and Addresses...19
Section 3.08.     Maintenance of Office or Agency.............................19
Section 3.09.     Terms of Certificates Binding...............................19


                                   ARTICLE IV
                           DISTRIBUTIONS AND PAYMENTS

Section 4.01.     Distribution of Payments....................................19
Section 4.02.     Payments From Trust Estate Only.............................21
Section 4.03.     Method of Payment...........................................21
Section 4.04.     Trust Payment Date Statement................................21


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                                    ARTICLE V
                           DUTIES OF DELAWARE TRUSTEE

Section 5.01.     Notice of Default...........................................22
Section 5.02.     Action Upon Instruction.....................................22
Section 5.03.     Indemnification.............................................24
Section 5.04.     No Duties Except as Specified in Transaction Documents......24
Section 5.05.     No Action Except Under Specified Documents or Instructions..24
Section 5.06.     Action by Certificateholders with Respect to Bankruptcy.....24
Section 5.07.     Discharge of Liens..........................................25


                                   ARTICLE VI
                                DELAWARE TRUSTEE

Section 6.01.     Acceptance of Trusts and Duties.............................25
Section 6.02.     Furnishing of Documents.....................................27
Section 6.03.     No Representations or Warranties as to Trust Estate.........27
Section 6.04.     No Segregation of Moneys; No Interest.......................28
Section 6.05.     Reliance; Advice of Counsel.................................28
Section 6.06.     Not Acting in Individual Capacity...........................28
Section 6.07.     Books and Records...........................................29
Section 6.08.     Tax Returns.................................................29


                                   ARTICLE VII
                   ASSUMPTION OF LIABILITY AND PAYMENT FOR DELAWARE TRUSTEE

Section 7.01.     Compensation and Expenses...................................29
Section 7.02.     Indemnification by Trust....................................30
Section 7.03.     Certificateholders To Assume Liability......................30


                                  ARTICLE VIII
                            TERMINATION OF INDENTURE

Section 8.01.     Termination in General......................................31
Section 8.02.     Termination at Option of Certificateholders.................31
Section 8.03.     Termination.................................................31


                                   ARTICLE IX
              SUCCESSOR DELAWARE TRUSTEES, CO-DELAWARE TRUSTEES AND
                           SEPARATE DELAWARE TRUSTEES

Section 9.01.     Resignation and Successors..................................32
Section 9.02.     Co-Delaware Trustees and Separate Delaware Trustees.........33
Section 9.03.     Changes in Identity of a Delaware Trustee...................33


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                                    ARTICLE X
                                  MISCELLANEOUS

Section 10.01.    Amendment...................................................33
Section 10.02.    No Interest in Trust Estate.................................34
Section 10.03.    Sale of the Trust Estate by Delaware Trustee is Binding.....35
Section 10.04.    Limitations on Rights of Others.............................35
Section 10.05.    Notices, Etc................................................35
Section 10.06.    Severability................................................36
Section 10.07.    Separate Counterparts.......................................36
Section 10.08.    Entire Agreement............................................36
Section 10.09.    Successors and Assigns......................................36
Section 10.10.    Governing Law...............................................36
Section 10.11.    No Liability of Certificateholders..........................36
Section 10.12.    Actions by the Certificateholders...........................36
Section 10.13.    Force Majeure...............................................37

EXHIBIT A          CERTIFICATEHOLDERS' CAPITAL CONTRIBUTIONS
EXHIBIT B          FORM OF TRUST PAYMENT DATE STATEMENT
EXHIBIT C          FORM OF CERTIFICATEEXHIBIT D........FORM OF TRANSFEROR LETTER
EXHIBIT E          FORM OF INVESTMENT LETTER
EXHIBIT F          FORM OF RULE 144A LETTER

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                                 TRUST AGREEMENT


        THIS TRUST AGREEMENT, dated as of May 1, 2007 (as may be amended from
time to time), is between NELNET STUDENT LOAN FUNDING, LLC, a Delaware limited
liability company, as the Initial Certificateholder and Depositor, and M&T TRUST
COMPANY OF DELAWARE (when referred to herein in its individual capacity, the
"Trust Company," and when referred to herein solely in its capacity as trustee
hereunder, the "Delaware Trustee"), and is being entered into in order to
establish a Delaware statutory trust to be known as "Nelnet Student Loan Trust
2007-1" (the "Trust").

                              W I T N E S S E T H :

        WHEREAS, the Depositor and the Trust Company have mutually agreed as set
forth herein to create the Trust.

        In consideration of the mutual agreements herein contained and other
good and valuable consideration, the receipt and legal sufficiency of which are
hereby acknowledged, the parties hereto agree as follows:

                                   ARTICLE I

                                   DEFINITIONS

        SECTION 1.01. DEFINITIONS. All capitalized terms used in this Trust
Agreement shall have the meanings set forth below and, if not defined herein,
shall have the respective meanings assigned to them in the Indenture:

        "ACCOUNTANT'S CERTIFICATE" has the meaning set forth in Section 5.06
hereof.

        "ADMINISTRATION AGREEMENT" means that certain Administration Agreement,
dated as of May 1, 2007, among the Trust, the Administrator, the Delaware
Trustee and the Indenture Trustee.

        "ADMINISTRATION FEE" means the fee, if any, from time to time payable to
the Administrator pursuant to the Administration Agreement.

        "ADMINISTRATOR" means National Education Loan Network, Inc., a Nevada
Corporation, and its successors and assigns.

        "AUTHORIZED OFFICER" means, with respect to an entity, the Chairman of
the Board, the President, Chief Operating Officer, any Executive or Senior Vice
President, Secretary, Treasurer, any Vice President, any Assistant Vice
President, any Financial Services Officer, the Administrator (with respect to
the Trust), any General Partner (if the entity is a partnership) or any Member
or Manager (if the entity is a limited liability company) thereof.

        "BANKRUPTCY ACTION" means to (i) commence any case, proceeding or other
action or file a petition (a) under any existing or future bankruptcy,
insolvency or similar statute, law or regulation that seeks (1) to adjudicate

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the Trust a bankrupt or insolvent or (2) to have an order for relief entered
with respect to the Trust, or (b) under any existing or future statute, law or
regulation that seeks the reorganization, arrangement, adjustment, wind-up,
liquidation, dissolution, composition or other relief with respect to the Trust
or its debts, (ii) consent to the institution of bankruptcy or insolvency
proceedings against the Trust, (iii) seek or consent to the appointment of a
receiver, custodian, liquidator, assignee, trustee, sequestrator (or other
similar official) of the Trust or all or a substantial part of its property,
(iv) except as required by applicable law, admit the Trust's inability to pay
its debts generally as they become due, (v) make a general assignment by the
Trust for the benefit of creditors, (vi) file an answer or other pleading
admitting or failing to contest the material allegations of a petition filed
against the Trust in a proceeding of the type described in clauses (i) through
(v) of this paragraph, (vii) cause the Trust not to pay its debts as such debts
become due within the meaning of the Bankruptcy Code, or (viii) authorize, take
any action in furtherance of, consent to or acquiesce in any of the foregoing or
any similar action or other proceedings under any federal or state bankruptcy,
insolvency or similar law on behalf of, or with respect to, the Trust, or in
connection with any obligations relating to the Certificates, the Notes, the
Transaction Documents, this Trust Agreement or any other agreement to which the
Trust is a party or a beneficiary.

        "BANKRUPTCY CODE" means the United States Bankruptcy Code, 11 U.S.C.
ss.ss. 101 et seq., as amended.

        "BENEFICIAL OWNER" means the owners of Certificates as determined for
federal income tax purposes, taking into account the provisions of ss.
1.7704-1(h) of the Regulations.

        "CERTIFICATE" means a certificate issued by the Trust evidencing a
beneficial ownership interests in the Trust as set forth thereon.

        "CERTIFICATEHOLDER" means the Persons or Person in whose name a
Certificate is registered in the Register on the applicable date.

        "CODE" means the Internal Revenue Code of 1986, as amended from time to
time, and the regulations promulgated and rulings issued thereunder.

        "DELAWARE TRUSTEE" means M&T Trust Company of Delaware, not in its
individual capacity but solely in its capacity as trustee of the Trust under
this Trust Agreement, and any successor in interest that is a Delaware banking
corporation or trust company not affiliated with any Certificateholder.

        "DEPOSITOR" means Nelnet Student Loan Funding, LLC, a Delaware limited
liability company, and its successors and assigns.

        "ELIGIBLE LENDER TRUSTEE" means Zions First National Bank, acting in its
capacity as eligible lender trustee for the Trust under the Eligible Lender
Trust Agreement.

        "ERISA" means the U.S. Employee Retirement Income Security Act of 1974,
as amended from time to time, and the regulations promulgated and rulings issued
thereunder.

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        "INDENTURE" means the Indenture of Trust, dated as of May 1, 2007, among
the Trust, the Eligible Lender Trustee and the Indenture Trustee, as
supplemented or amended from time to time.

        "INDENTURE TRUSTEE" means Zions First National Bank, acting in its
capacity as trustee under the Indenture.

        "INDEPENDENT TRUSTEE" means a Person that (i) is independent and is not
a stockholder or other securityholder (whether direct, indirect or beneficial),
customer or supplier of the Trust or any of its affiliates; (ii) is not a
director, officer, employee, affiliate, member, manager or associate of the
Trust or any of its affiliates (other than in its capacity as the Delaware
Trustee for the Trust); (iii) is not related to any Person referred to in
clauses (i) or (ii) above; (iv) is not a trustee, conservator or receiver for
the Trust or any of its affiliates (other than in its capacity as a Delaware
Trustee); and (v) in the ordinary course of its business, acts as a statutory
trustee for other special purpose statutory trusts similar to the Trust and is
otherwise independent from the Trust and its affiliates (except as provided
above); provided that affiliates as used in this sentence does not include the
interests of the Delaware Trustee and its affiliates in each other.

        "INITIAL CERTIFICATEHOLDER" means Nelnet Student Loan Funding, LLC, a
Delaware limited liability company, and its successors and assigns.

        "INVESTMENT LETTER" has the meaning specified in Section 3.04(b) hereof.

        "MOODY'S" means Moody's Investors Service, Inc., and its successors and
assigns.

        "NOTES" shall have the meaning set forth in the Indenture.

        "NOTICES" has the meaning specified in Section 10.05 hereof.

        "OPINION OF COUNSEL" means a written opinion of counsel, who may be
counsel for a Certificateholder, which opinion is reasonably acceptable to the
Delaware Trustee.

        "PAYMENTS" has the meaning specified in Section 4.01(b) hereof.

        "PERCENTAGE INTEREST" means with respect to any Certificate the
percentage interest set forth on the face of such Certificate.

        "PERSON" means any individual, corporation, limited liability company,
partnership, joint venture, association, joint stock company, trust, statutory
trust (including any beneficiary thereof), unincorporated organization or
government or any agency or political subdivision thereof.

        "REGISTER" means a register kept by the Registrar in which, subject to
such reasonable regulations as it may prescribe, the Registrar shall provide for
the registration of the Certificates and the registration of transfers of the
Certificates.

        "REGISTERED OWNER" shall have the meaning set forth in the Indenture.

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        "REGISTRAR" means the Delaware Trustee, or its designee, as Registrar
hereunder.

        "REGULATIONS" means the temporary, proposed or final Income Tax
Regulations promulgated by the Department of the Treasury.

        "REQUIRED CERTIFICATEHOLDERS" means the approval of or direction by the
Certificateholders holding a majority of the Percentage Interests unless a
higher Percentage Interest is specifically required by the terms of this Trust
Agreement or applicable law in which case "Required Certificateholders" shall
mean such higher Percentage Interest.

        "RULE 144A LETTER" has the meaning set forth in Section 3.04(b) hereof.

        "SECURITIES ACT" means the Securities Act of 1933, as amended.

        "STANDARD & POOR'S" means Standard & Poor's Rating Services, a division
of The McGraw-Hill Companies, Inc., and its successors and assigns.

        "TRANSACTION DOCUMENTS" has the meaning specified in Section 2.05(a)(i)
hereof.

        "TRANSFEROR LETTER" has the meaning set forth in Section 3.04(b) hereof.

        "TRUST" means the Nelnet Student Loan Trust 2007-1 established pursuant
to this Trust Agreement.

        "TRUST AGREEMENT" means this Trust Agreement, dated as of May 1, 2007,
between Nelnet Student Loan Funding, LLC, as Initial Certificateholder and
Depositor, and M&T Trust Company of Delaware, as Delaware Trustee, as amended or
supplemented from time to time.

        "TRUST COMPANY" means M&T Trust Company of Delaware, in its individual
capacity.

        "TRUST ESTATE" means all of the assets, property, and security interests
related thereto contributed, sold, assigned or otherwise transferred to or
acquired by the Trust together with all other assets subject hereto,
constituting the Trust created hereby and to be administered hereunder,
including without limitation, the earnings thereon and products and proceeds
thereof.

        "TRUST PAYMENT DATE STATEMENT" has the meaning set forth in Section
4.04(a) hereof.

        "TRUST STATUTE" means Chapter 38 of Title 12 of the Delaware Code, 12
Del. Code ss. 3801 et seq., as the same may be amended from time to time.

        SECTION 1.02. OTHER REFERENCES.

                (a) As used in this Trust Agreement and in any certificate or
        other document made or delivered pursuant hereto or thereto, accounting
        terms not defined in this Trust Agreement or in any such certificate or
        other document, and accounting terms partly defined in this Trust
        Agreement or in any such certificate or other document, to the extent
        not defined, shall have the respective meanings given to them under
        generally accepted accounting principles. To the extent that the
        definitions of accounting terms in this Trust Agreement or in any such
        certificate or other document are inconsistent with the meanings of such
        terms under generally accepted accounting principles, the definitions
        contained in this Trust Agreement or in any such certificate or other
        document shall control.

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                (b) The definitions contained in this Trust Agreement are
        applicable to the singular as well as the plural, the past, the present,
        the future, the active and the passive forms of such terms and to the
        masculine as well as the feminine and neuter genders of such terms.

                (c) Any agreement, instrument or statute defined or referred to
        herein or in any instrument or certificate delivered in connection
        herewith means such agreement, instrument or statute as from time to
        time amended, modified or supplemented and includes (in the case of
        agreements or instruments) references to all attachments thereto and
        instruments incorporated therein; references to a Person are also to its
        permitted successors and assigns.

                (d) The terms "hereof," "herein," "hereby" or "hereunder,"
        unless otherwise modified by more specific reference, shall refer to
        this Trust Agreement in its entirety as amended from time to time.
        Unless otherwise indicated in context, the terms "Article," "Section,"
        "Schedule," or "Exhibit" shall refer to an Article or Section of, or
        Schedule or Exhibit to, this Trust Agreement. The headings of sections
        and paragraphs and the Table of Contents contained in this Trust
        Agreement are provided for convenience only. They form no part of this
        Trust Agreement and shall not affect its construction or interpretation.

                                   ARTICLE II

                           ORGANIZATION OF THE TRUST;
               AUTHORITY TO EXECUTE AND PERFORM VARIOUS DOCUMENTS;
                    DECLARATION OF TRUST BY DELAWARE TRUSTEE

        SECTION 2.01. ESTABLISHMENT OF THE TRUST. The Depositor and the Delaware
Trustee hereby establish the Trust pursuant to the Trust Statute. Simultaneously
with the execution hereof, the Depositor shall make a contribution to the Trust
as the Depositor's initial contribution, as described more fully in Exhibit A
hereto, and thereafter may transfer and assign the property described in the
granting clauses of the Indenture to the Trust under the terms of the Student
Loan Purchase Agreements (as defined in the Indenture) and other assignment
agreements by and between the Depositor, as seller or assignor, and the Trust,
as purchaser or assignee, and may assume certain obligations under and in
accordance with the Transaction Documents. Upon the making of such contribution,
the Delaware Trustee shall record the amount thereof on the books of the Trust
and the investment of the Depositor therein. It is the intention of the parties
hereto that the Trust shall constitute a statutory trust under the Trust
Statute, that this Trust Agreement shall constitute the governing instrument of
such Trust and that the Certificateholders shall hold all of the beneficial
interests in the Trust. The rights of the Certificateholders shall be determined


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herein and the relationship between the parties hereto created by this Trust
Agreement shall not constitute indebtedness for any purpose. Subject to Section
2.08 hereof, it is the intention of the parties hereto that, solely for purposes
of federal income taxes, state and local income and franchise taxes, and any
other taxes imposed on, measured by or based upon gross or net income, (i) if
there is only one Certificateholder, the Trust shall be treated as a disregarded
entity separate from its owner pursuant to ss. 301.7701-2(c)(2) of the
Regulations and (ii) if there is more than one Certificateholder, the Trust
shall be treated as a partnership, and that the provisions of this Trust
Agreement shall be construed in accordance with such intent. The parties hereto
agree to take no action inconsistent with such treatment, unless required
otherwise by applicable law. The Delaware Trustee is hereby authorized to file
the certificate of trust required under Section 3810 et seq. of the Trust
Statute in connection with the formation of the Trust under the Trust Statute.

        SECTION 2.02. NAME. The name of the Trust shall be "Nelnet Student Loan
Trust 2007-1," in which name the Delaware Trustee solely in such capacity on
behalf of the Trust may, subject to the terms hereof and the other Transaction
Documents, conduct business, make and execute loans, contracts, security
instruments and other instruments, acquire, pledge, convey and transfer property
and sue or be sued.

        SECTION 2.03. OFFICE AND SITUS OF TRUST; PRINCIPAL PLACE OF BUSINESS.
The Trust shall be located in the State of Delaware. The Trust shall not have
any employees in any state other than the State of Delaware; provided, however,
that nothing herein shall restrict or prohibit the Trust Company (in its
individual capacity but not as Delaware Trustee) from having employees within or
without the State of Delaware. The Trust shall maintain its principal place of
business and chief executive at the corporate trust office of the Delaware
Trustee in the State of Delaware, or such other office designated by an
Authorized Officer of the Issuer.

        SECTION 2.04. AUTHORITY. Effective as of the date hereof, the Delaware
Trustee shall have all of the rights, powers and duties set forth herein, and to
the extent not inconsistent herewith, in the Trust Statute with respect to
accomplishing the purposes of the Trust.

        SECTION 2.05. POWERS AND AUTHORITY.

                (a) Subject to Section 2.09 hereof, the Trust has been created
        for the purpose of purchasing and owning from time to time student
        loans, issuing Notes from time to time under the Indenture, pledging its
        interest in student loans and other collateral under the terms of the
        Indenture to secure the Notes and performing activities that are
        necessary, suitable or convenient to accomplish those purposes,
        including without limitation, the following:

                        (i) execute and deliver the Basic Documents (as defined
                in the Indenture), including, but not limited to, one or more
                student loan purchase agreements, administration agreements,
                remarketing agreements, depository agreements, note purchase
                agreements, master servicing agreements, sub-servicing
                agreements, eligible lender trust agreements, guaranty
                agreements, custodial agreements, bailment agreements, joint
                sharing agreements, paying agency agreements, investment
                agreements, auction agent agreements, Derivative Products (as
                defined in the Indenture), and such other documents relating to
                the transactions contemplated by the Indenture and hereby as the
                Required Certificateholders or the Administrator may from time
                to time direct in writing (collectively, the "Transaction
                Documents"), in each case in the respective forms in which the
                same may be delivered by or on behalf of the Certificateholders
                or the Administrator to the Delaware Trustee from time to time
                for execution and delivery, and accept any document that is not
                signed by the Delaware Trustee, the delivery of which is
                provided for under any of the preceding agreements;

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                        (ii) execute and deliver all other documents,
                certificates, instruments and agreements that are provided to it
                and are contemplated to be executed and delivered by the Trust
                by the documents referred to in clause (i) above;

                        (iii) to acquire and finance beneficial interests in
                Eligible Loans (as defined in the Indenture);

                        (iv) to deposit and apply the proceeds of the sale of
                the Notes;

                        (v) to assign, grant, transfer, pledge, mortgage and
                convey all or any portion of the Trust Estate pursuant to the
                Indenture and to hold, manage and distribute to the
                Certificateholders pursuant to the terms of this Trust Agreement
                any portion of the Trust Estate released from the lien of, and
                remitted to the Trust pursuant to, the Indenture;

                        (vi) execute and deliver assignments and assumptions
                with respect to certain rights and responsibilities under the
                Transaction Documents;

                        (vii) upon the written direction of the Required
                Certificateholders or the Administrator take whatever action
                shall be required to be taken by the Trust by the terms of, and
                to exercise its rights and perform its duties under, each of the
                documents referred to in clauses (i) through (vi) above as set
                forth therein;

                        (viii) upon a Certificateholder making or causing to be
                made available to the Delaware Trustee the contributions
                referred to in Section 2.01 hereof, record the amount thereof on
                the books of the Trust as the investment of the
                Certificateholder therein;

                        (ix) to pay such expenses as directed by the
                Administrator and to note such payment on the books of the
                Trust;

                        (x) to pay, remit and distribute monies received by the
                Trust pursuant to Section 4.01 hereof;

                        (xi) subject to the terms of this Trust Agreement and
                the Transaction Documents, to engage in such other activities as
                may be required in connection with the conservation of the Trust
                Estate, payment of the Notes and making distributions to the
                Certificateholders;

                        (xii) issue, execute and deliver the Certificates in the
                form attached as Exhibit C hereto;

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                        (xiii) take, or cause to be taken, all actions deemed
                necessary or appropriate by the Administrator in connection with
                an offering, issuance and sale of securities to be issued by the
                Trust, including, without limitation (a) the preparation,
                execution, delivery and filing with any required regulatory
                entities of an offering document for the securities and any and
                all applications or other appropriate requests for qualification
                of the securities and amendments thereto under applicable State
                Blue Sky Laws and (b) filing, providing or authorizing the
                filing or provision of such other documents and information with
                all governmental, regulatory and rating agencies as deemed
                necessary or appropriate by the Certificateholders in connection
                with such offer, issuance and sale and (c) the filing of
                periodic reports therewith as deemed necessary or appropriate by
                the Administrator, which actions by the Administrator on behalf
                of the Trust may be taken pursuant to the Administration
                Agreement;

                        (xiv) take such other actions as are specified herein or
                are incidental to the foregoing; and

                        (xv) subject to the terms of this Trust Agreement, take
                such other action in connection with the foregoing as the
                Required Certificateholders or the Administrator may from time
                to time direct in writing.

                (b) Notwithstanding anything herein to the contrary, the Trust
        is neither authorized nor empowered to engage in any activity other than
        exercising its rights, powers and authority and performing its
        obligations in accordance with the express provisions of subsection (a)
        of this Section. The Delaware Trustee may establish such trust accounts
        on its records (or through the Trust Company) in its discretion as it
        may deem desirable or appropriate for the deposit and disbursement of
        any monies delivered to it hereunder.

                (c) Notwithstanding anything in this Trust Agreement or in any
        other Transaction Document to the contrary, (i) the Trust is hereby
        authorized to (A) execute, deliver and perform the Indenture, any
        Student Loan Purchase Agreement, the Master Servicing Agreement, any
        Auction Agent Agreement, the Eligible Lender Trust Agreement, the
        Administration Agreement, any Derivative Product (each as defined in the
        Indenture) and (B) execute, deliver and file such Uniform Commercial
        Code financing statements and amendments thereto evidencing the security
        interests, if any, granted by the Trust pursuant to the foregoing
        agreements and/or the grant of the Trust's interests in collateral
        pledged or assigned to the Trust pursuant to any of the foregoing
        documents, (ii) the Delaware Trustee is hereby authorized to execute and
        deliver, as applicable, such documents on behalf of the Trust without
        any approval, consent or other action by any party hereto and (iii) such
        execution and delivery do not and shall not be deemed to conflict with
        or violate any provision of this Trust Agreement or any duty or
        restriction hereunder of any party hereto.

        SECTION 2.06. DECLARATION OF TRUST BY DELAWARE TRUSTEE. The Delaware
Trustee hereby declares that it will hold the Trust Estate upon the trusts set
forth herein for the use and benefit of the Certificateholders and as Delaware
Trustee for the Certificateholders hereunder.

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        SECTION 2.07. THE INDENTURE. The Certificateholders and the Delaware
Trustee hereby acknowledge that, when executed and delivered, the Indenture
shall create a lien on the Trust Estate, subject to the limitations set forth in
the Indenture.

        SECTION 2.08. TITLE TO TRUST ESTATE. Subject to the lien of the
Indenture, title to all of the Trust Estate at all times shall be vested in the
Trust as a separate legal entity except (a) where applicable law in any
jurisdiction requires title to any part of the Trust Estate to be vested in a
trustee or trustees, in which case title to that part of the Trust Estate shall
be vested in the Delaware Trustee, a co-trustee and/or a separate trustee, as
the case may be, and (b) except that record title to Eligible Loans that are
part of the Trust Estate shall be held by an eligible lender trustee pursuant to
the terms of an eligible lender trust agreement or the Indenture and the Trust
shall have a beneficial interest therein.

        SECTION 2.09. COVENANTS REGARDING OPERATIONS.

                (a) Subject to Section 5.06 hereof, and notwithstanding any
        prior termination of this Trust Agreement, to the fullest extent
        permitted by law none of the Delaware Trustee, the Administrator or the
        Certificateholders shall take or authorize any Bankruptcy Action.

                (b) To the fullest extent permitted by law and notwithstanding
        any other provision to the contrary in this Trust Agreement or any other
        agreement, document or instrument executed by the Trust (except as
        otherwise provided in the Indenture and the Transaction Documents), and
        so long as the Indenture is in effect, each Certificateholder and the
        Administrator shall cause the Trust to, and the Trust shall:

                        (i) do or cause to be done all things necessary to
                preserve and keep in full force and effect its existence as a
                Delaware statutory trust in good standing and its rights
                (charter and statutory) under the laws of the State of Delaware,
                preserve and keep in full force and effect its existence, rights
                and franchises, obtain and preserve its qualification to do
                business in each jurisdiction in which such qualification is or
                shall be necessary to protect the validity and enforceability of
                this Trust Agreement and any agreement to which the Trust is a
                party, and observe all applicable procedures and provisions
                required by this Trust Agreement and the laws of the State of
                Delaware;

                        (ii) except as required by law, not amend, alter, waive,
                change or repeal (A) its Certificate of Trust, (B) the
                definitions in this Trust Agreement of the capitalized terms
                used in this Section or any of the definitions of the terms that
                form any part thereof or (C) Sections 2.05, 2.09, 5.03, 5.06 or
                6.08 or Article VII hereof;

                        (iii) maintain its own bank accounts and correct and
                complete financial and other entity records, accounts and books
                of account separate and distinct from those of any other Person,
                not commingle its records, accounts, books of account and bank
                accounts with the organizational or other records, accounts,
                books of account or bank accounts of any other Person and cause
                such records, accounts, books of account and bank accounts to
                reflect the separate existence of the Trust;

                                       9
<PAGE>

                        (iv) act solely in its own name and through an
                Authorized Officer or its agents in the conduct of its business,
                prepare all Trust correspondence in the Trust's name, hold
                itself out as a separate entity from any other Person, conduct
                its business so as not to mislead others as to the identity of
                the entity with which they are concerned, correct any
                misunderstanding regarding its separate identity known to the
                Trust, refrain from engaging in any activity that compromises
                the separate legal identity of the Trust, and strictly comply
                with all organizational and statutory formalities to maintain
                its separate existence;

                        (v) take such actions as may be necessary to authorize
                each of the Trust's actions as may be required by applicable
                law, this Trust Agreement and any other agreement to which the
                Trust is a party;

                        (vi) at any time that the Trust is not treated as a
                disregarded entity or part of a consolidated group filing
                consolidated returns for federal income tax purposes, file or
                cause to be filed its own tax and information returns, if any,
                as may be required of the Trust under applicable federal, state
                and local law, and pay any taxes out of its own funds so
                required to be paid under applicable law from its own assets;

                        (vii) except for the Delaware Trustee's or the Indenture
                Trustee's standard practice regarding maintenance of funds and
                assets, not commingle its funds or assets with funds or assets
                of any other Person;

                        (viii) segregate and separately maintain (or cause to be
                maintained) its funds and assets as identifiable funds and
                assets held in its name (except with respect to holding funds or
                assets in its name, to the extent that such funds or assets are
                required under the Indenture to be held in an account in the
                name of a servicer, custodian or trustee with respect to any
                accounts established thereunder) and with its own tax
                identification number, if any, in such a manner that it is not
                costly or difficult to segregate, ascertain or identify its
                individual funds or assets from the funds or assets of any other
                Person, which funds and assets shall at all times be held by or
                on behalf of the Trust and used only for the business of the
                Trust;

                        (ix) prepare and maintain annual and quarterly financial
                statements separate from any other Person, pay or bear out of
                its own funds the cost of preparation of its own financial
                statements and disclose in the annual financial statements of
                the Trust the effects of its transactions in accordance with
                generally accepted accounting principles;

                        (x) not permit the financial statements of the Trust, or
                any consolidated or combined financial statements which
                consolidate or combine the assets and earnings of any
                Certificateholder or any affiliate of a Certificateholder with
                those of the Trust, to state that the assets of the Trust are or
                will be available to creditors of any of its affiliates, any
                Certificateholder or any affiliate of a Certificateholder;

                                       10
<PAGE>

                        (xi) maintain an arm's-length relationship with its
                affiliates, the Administrator and the Certificateholders and
                their respective affiliates, not enter into any contract or
                agreement or any amendment thereof with any of its affiliates,
                the Administrator or any Certificateholder or their respective
                affiliates unless the terms thereof are commercially reasonable,
                and substantially similar to those that would be available on an
                arm's-length basis with third parties, and transact all business
                with its affiliates, the Administrator, the Certificateholders
                and their respective affiliates pursuant to enforceable
                agreements with material terms established at the inception that
                will not be amendable except with the consent of each of the
                parties to such agreement;

                        (xii) to the extent that the Trust leases premises from
                any Certificateholder or its affiliates, pay appropriate, fair
                and reasonable compensation or rental to the lessor;

                        (xiii) be directly responsible for the costs of its own
                outside legal, auditing and other similar services and pay its
                taxes, liabilities and operating expenses only out of its funds
                and not pay from its assets any obligations or indebtedness of
                any other Person;

                        (xiv) pay from its own funds the salaries of its own
                employees, if any, and maintain a sufficient number of employees
                in light of its contemplated business operations;

                        (xv) pay from its own funds any compensation due to the
                Administrator;

                        (xvi) pay compensation from its own funds to independent
                contractors for performing services or incurring expenses in
                connection with such services for the Trust in an amount equal
                to the fair value of such services and expenses;

                        (xvii) allocate fairly and reasonably between the Trust
                and any other Person pursuant to a written agreement all
                expenses that are shared with such Person, including any
                overhead, rent, or other compensation paid for shared or leased
                office space;

                        (xviii) not act as an agent of any Certificateholder,
                the Delaware Trustee or their respective affiliates;

                        (xix) not permit any Certificateholder or its respective
                affiliates to act as an agent for the Trust, except as
                specifically permitted by this Trust Agreement;

                                       11
<PAGE>

                        (xx) not identify itself as a department or division of
                any other Person in order not (A) to mislead others as to the
                identity of the entity with which such other party is
                transacting business or (B) to suggest that the Trust is
                responsible for the debts of any other Person;

                        (xxi) use stationery, invoices and checks that are
                separate from those of any other Person;

                        (xxii) not enter into leases for office space, except as
                necessary to maintain a principal place of business or the
                conduct of its operations;

                        (xxiii) not be, become or hold itself out (or permit
                itself to be held out) as being liable for the debts or other
                obligations of any other Person, or hold out its credit (or
                permit its credit to be held out) as being available to satisfy
                the obligation of any other Person;

                        (xxiv) not pledge any property or assets of the Trust
                (except as permitted by the Indenture), lend or advance any
                moneys to (other than trade receivables in connection with the
                ordinary course of the Trust's business), or guarantee (directly
                or indirectly), endorse (other than the endorsement of
                negotiable instruments for collection or deposit in the ordinary
                course of business) or otherwise become contingently liable
                (directly or indirectly) for the obligations of, or acquire or
                assume any obligation or liability of, any other Person;

                        (xxv) except for investments expressly permitted by the
                Indenture, not make an investment in or for the benefit of, or
                own or purchase any stock, obligations or securities of or any
                other interest in, or make any capital contribution to, any
                other Person;

                        (xxvi) not form or acquire any subsidiary;

                        (xxvii) not incur any debt, secured or unsecured, direct
                or contingent (including, without limitation, guaranteeing any
                obligation) other than its obligations under the Indenture,
                unsecured debts and liabilities for trade payables and accrued
                expenses and taxes incurred in the ordinary course of its
                business that (A) are in amounts that are normal and reasonable
                under the circumstances, (B) are not evidenced by a promissory
                note, (C) are paid when due (unless being contested in good
                faith) and (D) not owed to a Certificateholder or its
                affiliates;

                        (xxviii) maintain adequate capital for the normal
                obligations reasonably foreseeable in a business of the Trust's
                size and character and in light of its proposed business
                operations and liabilities (provided that this clause shall not
                be deemed a commitment by any Certificateholder to make
                contributions to the Trust);

                        (xxix) not engage, directly or indirectly, in any
                business other than as required or permitted under Section 2.05
                hereof;

                                       12
<PAGE>

                        (xxx) not acquire or own any material assets other than
                the assets and properties to be pledged under the Indenture or
                as otherwise are necessary to comply with its obligations under
                the Transaction Documents;

                        (xxxi) properly account in the Trust's books and
                financial records for any transactions entered into between the
                Trust and any Certificateholder, the Administrator or their
                respective affiliates;

                        (xxxii) not enter into any contract, except such
                contracts as necessary to enable the Trust to achieve its
                purposes as set forth in, or that are otherwise required or
                permitted by, Section 2.05 hereof;

                        (xxxiii) not agree to, enter into or consummate any
                transaction which would render it unable to confirm that (A) it
                is not an "employee benefit plan" as defined in Section 3(32) of
                ERISA, which is subject to Title I of ERISA, or a "governmental
                plan" within the meaning of Section 3(32) of ERISA; (B) it is
                not subject to state statutes regulating investments and
                fiduciary obligations with respect to governmental plans; and
                (C) less than 25% of each of its outstanding classes of equity
                interests are held by a "benefit plan investor" within the
                meaning set forth in 29 C.F.R. ss. 2510.3-101(f)(2);

                        (xxxiv) to the fullest extent permitted by applicable
                law and except as otherwise expressly provided elsewhere in this
                Section, not take or refrain from taking any act which would
                make it impossible to carry on the activities of the Trust set
                forth in Section 2.05 hereof;

                        (xxxv) except as expressly provided in the Indenture,
                not knowingly perform any act that would subject (A) any
                Certificateholder to liabilities of the Trust in any
                jurisdiction or (B) the Trust to taxation as a corporation under
                relevant provisions of the Code;

                        (xxxvi) not combine, consolidate or merge the Trust into
                or with any other Person, convert the Trust into an entity that
                is not a Delaware statutory trust, reorganize or form the Trust
                in a jurisdiction other than Delaware or, to the fullest extent
                permitted by applicable law, dissolve, liquidate, wind-up or
                transfer the ownership of substantially all of its assets;

                        (xxxvii) not enter into the Transaction Documents or any
                other agreement with any intent to hinder, delay or defraud
                creditors of any Person;

                        (xxxviii) not permit the Trust to be maintained or used
                to abuse creditors or to perpetuate a fraud, injury or injustice
                to creditors of any Person; and

                        (xxxix) cause any agents and other representatives of
                the Trust to act at all times with respect to the Trust in
                furtherance of the foregoing.

                                       13
<PAGE>

                (c) None of the Trust, a Certificateholder , the Administrator
        or any Person on behalf of the Trust shall, and none of them shall have
        the authority to, enter into any agreements, written or otherwise (other
        than the obligations of the Certificateholder under Sections 5.03 and
        6.08 and Article VII hereof), pursuant to which any Certificateholder or
        any of its affiliates agrees to (i) extend credit or make loans,
        payments or contributions (subject to Section 2.13 hereof) to or for the
        Trust, (ii) assume, guaranty or otherwise be obligated for the payment
        of the obligations or the performance of the Trust, (iii) hold itself
        out as being liable for the obligations of the Trust or (iv) hold out
        its credit as being available to satisfy the obligations of the Trust.

        SECTION 2.10. APPOINTMENT OF DELAWARE TRUSTEE. The Certificateholders
hereby appoint the Delaware Trustee as trustee of the Trust effective as of the
date hereof, to have all of the rights, powers, authority, authorization and
duties set forth herein and in the Trust Statute.

        SECTION 2.11. FEDERAL INCOME TAX ALLOCATIONS. Net income of the Trust
for any period, as determined for federal income tax purposes (and each item of
income, gain, loss and deduction entering into the computation thereof), shall
be allocated to the Certificateholders on a pro rata basis in accordance with
their respective Percentage Interests.

        SECTION 2.12. ADMINISTRATION. Unless and until otherwise notified in
writing by the Required Certificateholders, the Delaware Trustee is hereby
authorized and directed to take and receive instructions from the Administrator
pursuant to the Administration Agreement with respect to matters relating to the
Trust to the same extent and with the same effect and protection as if any such
instructions were received from the Required Certificateholders subject to the
provisions hereof. The Administrator shall be entitled to the Administration Fee
for services provided pursuant to the provisions hereof, which compensation is
hereby acknowledged as reasonable compensation by the Administrator and the
Certificateholders. The Administration Fee shall be payable as provided herein
and in the Indenture.

        SECTION 2.13. ADDITIONAL CONTRIBUTIONS. Any Certificateholder may make
an additional capital contribution (which capital contribution may be made with
funds advanced to the Certificateholder from the Administrator) to the Trust to
enable the Trust to carry out any instructions of such Certificateholder that
are permitted by the Transaction Documents, including an optional capital
contribution to enable the Trust to effect an optional purchase of Notes. If
such Certificateholder makes such a capital contribution, the Delaware Trustee
shall establish a separate trust account designated for the deposit of such
capital contributions. If a Certificateholder makes a capital contribution to
enable the Trust to take any action, any proceeds that result from such action
in an amount up to the amount of the capital contribution shall, if so directed
by the Certificateholder, be credited to such separate account and shall be
distributed to the Certificateholder that made such capital contribution.

        SECTION 2.14. LIABILITY OF THE CERTIFICATEHOLDERS. Except as expressly
provided in Sections 5.03, 6.08 and 7.03 hereof, to the fullest extent permitted
by applicable law, no Certificateholder shall have any personal liability for
any liability, obligation or expense of the Trust or by reason of any action
taken by the parties to this Trust Agreement pursuant to any provisions of this
Trust Agreement. The Certificateholders shall be entitled to the same limitation
of personal liability extended to stockholders of corporations under the General
Corporation Law of the State of Delaware.

                                       14
<PAGE>

                                  ARTICLE III

                  TRUST CERTIFICATES AND TRANSFER OF INTERESTS

        SECTION 3.01. INITIAL BENEFICIAL OWNERSHIP. Upon the formation of the
Trust by the contribution by the Depositor pursuant to Section 2.01 hereof and
until the issuance of Certificates, the Depositor shall be the sole beneficial
owner of the Trust.

        SECTION 3.02. THE CERTIFICATES.

                (a) The Certificates are issuable in fully registered form in
        minimum Percentage Interests of 10%. Each Certificate shall be
        substantially in the form set forth in Exhibit C hereto. All
        Certificates may have set forth thereon such information, legends, and
        text as may be necessary or appropriate to conform to any applicable
        rules and regulations of any governmental authority or any usage or
        requirement of law with respect thereto. The Certificates shall be
        executed on behalf of the Trust by manual or facsimile signature of an
        Authorized Officer of the Delaware Trustee. Certificates bearing the
        manual or facsimile signatures of individuals who were, at the time when
        such signatures shall have been affixed, authorized to sign on behalf of
        the Delaware Trustee, shall be duly authorized, validly issued and
        entitled to the benefits of this Trust Agreement, notwithstanding that
        such individuals or any of them shall have ceased to be so authorized
        prior to the authentication and delivery of such Certificates or did not
        hold such offices at the date of authentication and delivery of such
        Certificates.

                (b) A transferee of a Certificate shall become a
        Certificateholder and shall be entitled to the rights and subject to the
        obligations of a Certificateholder hereunder upon such transferee's
        acceptance of a Certificate duly registered in such transferee's name
        pursuant to Section 3.04 hereof.

        SECTION 3.03. AUTHENTICATION OF CERTIFICATES. No Certificate shall
entitle its Certificateholder to any benefit under this Trust Agreement or be
valid for any purpose unless there shall appear on such Certificate a
certificate of authentication substantially in the form set forth in Exhibit C
hereto, executed by the Trust by manual signature of an Authorized Officer of
the Delaware Trustee; such authentication shall constitute conclusive evidence
that such Certificate has been duly authenticated and delivered hereunder. All
Certificates shall be dated the date of their authentication.

        SECTION 3.04. REGISTRATION OF TRANSFER AND EXCHANGE OF CERTIFICATES.

                (a) The Delaware Trustee shall keep or cause to be kept, at the
        office or agency maintained pursuant to Section 3.08 hereof, a Register
        in which, subject to such reasonable regulations as it may prescribe,
        the Registrar shall provide for the registration of Certificates and of
        transfers and exchanges of Certificates as herein provided.

                (b) The Certificates have not been and will not be registered
        under the Securities Act and will not be listed on any exchange. No
        transfer of a Certificate shall be made unless such transfer is made
        pursuant to an effective registration statement under the Securities Act
        and any applicable state securities laws or is exempt from the
        registration requirements under the Securities Act and such state
        securities laws. In the event that a transfer is to be made in reliance


                                       15
<PAGE>

        upon an exemption from the Securities Act and state securities laws,
        unless such transfer is made to an affiliate of the transferor, in order
        to assure compliance with the Securities Act and such laws, the
        Certificateholder desiring to effect such transfer and such
        Certificateholder's prospective transferee shall each certify to the
        Trust, the Delaware Trustee, the Administrator and the transferring
        Certificateholder in writing the facts surrounding the transfer in
        substantially the forms set forth in Exhibit D (the "Transferor Letter")
        and Exhibit E (the "Investment Letter") or Exhibit F (the "Rule 144A
        Letter") hereto, as applicable. Except in the case of a transfer as to
        which the proposed transferee has provided a Rule 144A Letter with
        respect to a Rule 144A transaction, there shall also be delivered to the
        Trust an Opinion of Counsel (unless such transfer is made to an
        affiliate of the transferor) to the effect that such transfer may be
        made pursuant to an exemption from the Securities Act, which Opinion of
        Counsel shall not be an expense of the Trust, the Delaware Trustee
        (unless it is the transferee from whom such opinion is to be obtained)
        or the Administrator. Each Certificateholder desiring to effect such a
        transfer shall, and does hereby agree to, indemnify the Trust, the
        Delaware Trustee and the Administrator against any liability that may
        result if the transfer is not so exempt or is not made in accordance
        with federal and state securities laws.

                (c) No transfer, sale, pledge or other disposition of the
        Certificate shall be made unless prior to such transfer, sale, pledge or
        other disposition, the Trust shall have received either (i) a
        representation letter from the transferee of such Certificate,
        acceptable to and in form and substance satisfactory to the Trust, to
        the effect that such a transferee is not an employee benefit plan
        subject to Section 406 of ERISA or Section 4975 of the Code, or a person
        acting on behalf of any such plan or (ii) in the case of any Certificate
        presented for registration in the name of an employee benefit plan
        subject to ERISA or Section 4975 of the Code (or comparable provisions
        of any subsequent enactments), or a trustee of any such plan or any
        other person acting on behalf of any such plan, an Opinion of Counsel
        satisfactory to the Trust, the Delaware Trustee and the Administrator to
        the effect that the purchase or holding of such Certificate will not
        result in the Trust or the Trust Estate being deemed to be "plan assets"
        and subject to the prohibited transaction provisions of ERISA and the
        Code and will not subject the Trust, the Delaware Trustee, the
        Administrator or the transferring Certificateholder to any obligation in
        addition to those undertaken in this Trust Agreement. Notwithstanding
        anything else to the contrary herein, in the event any purported
        transfer of any Certificate is made without delivery of the
        representation letter referred to above, such representation shall be
        deemed to have been made by the transferee by its acceptance of such
        Certificate. In addition, any purported transfer of a Certificate to or
        on behalf of an employee benefit plan subject to ERISA or to the Code
        without the delivery to the Trust, the Delaware Trustee, and the
        Administrator of an Opinion of Counsel as described above shall be void
        and of no effect. Any certificate or Opinion of Counsel furnished
        pursuant to this Section may be relied on conclusively by the Trust, the
        Delaware Trustee, the Administrator and the transferring
        Certificateholder in determining whether the provisions hereof have been
        complied with.

                                       16
<PAGE>

                (d) No transfer shall be effective if immediately after such
        transfer there would be more than one hundred Beneficial Owners of
        Certificates. Any purported transfer in violation of the provisions of
        this subsection (d) shall be VOID AB INITIO and the Delaware Trustee
        shall have no liability in connection with a transfer in violation of
        the provisions of this subsection (d).

                (e) The foregoing provisions shall not prevent the assignment by
        a Certificateholder of all or any part of its right to receive
        distributions in respect of its interest in its Certificate, but such
        assignment shall effect no change in ownership of the Trust.

                (f) The preparation and delivery of the certificate and opinions
        referred to in this Section shall not be an expense of the Trust, the
        Delaware Trustee or the Administrator.

                (g) Upon surrender for registration of transfer of any
        Certificate at the office or agency maintained pursuant to Section 3.08
        hereof, the Delaware Trustee shall execute, authenticate and deliver, in
        the name of the designated transferee or transferees, one or more new
        Certificates in authorized denominations stating the aggregate amount
        and Percentage Interest so transferred dated the date of authentication
        by the Delaware Trustee. At the option of a Certificateholder,
        Certificates may be exchanged for other Certificates of authorized
        Percentage Interests and denominations of a like aggregate amount upon
        surrender of the Certificates to be exchanged at the office or agency
        maintained pursuant to Section 3.08 hereof.

                (h) Every Certificate presented or surrendered for registration
        of transfer or exchange shall be accompanied by a written instrument of
        transfer in form satisfactory to the Trust and duly executed by the
        Certificateholder or such Certificateholder's attorney duly authorized
        in writing. Each Certificate surrendered for registration of transfer or
        exchange shall be cancelled and subsequently disposed of by the Delaware
        Trustee in accordance with its customary practice.

                (i) No service charge shall be made for any registration of
        transfer or exchange of Certificates, but the Trust or the Delaware
        Trustee may require payment of a sum sufficient to cover any tax or
        governmental charge that may be imposed in connection with any transfer
        or exchange of Certificates.

                (j) Notwithstanding any other provision herein or elsewhere, the
        Trust, the Delaware Trustee and the Administrator (i) shall not have any
        obligation to determine whether any transfer or exchange of a
        Certificate is permitted under or in accordance with this Trust
        Agreement; (ii) shall not have any personal liability to any person in
        connection with any transfer or exchange or proposed or purported
        transfer or exchange (and/or registration thereof) that is not permitted
        under or in accordance with this Trust Agreement; and (iii) shall be
        entitled to rely (and shall be fully justified and protected in so
        relying) on the Register as to the identity of the Certificateholders
        and as to the Certificates and the Percentage Interests and
        denominations thereof evidenced thereby.

                                       17
<PAGE>

                (k) Notwithstanding anything contained herein to the contrary,
        the Delaware Trustee shall not be responsible for ascertaining whether
        any transfer complies with the registration provisions or exemptions
        from the Securities Act, the Securities Exchange Act of 1934, as
        amended, applicable state securities law or the Investment Company Act
        of 1940, as amended; PROVIDED, HOWEVER, that if a certificate is
        specifically required to be delivered to the Delaware Trustee by a
        purchaser or transferee of a Certificate, the Delaware Trustee shall be
        under a duty to examine the same to determine whether it conforms to the
        requirements of this Trust Agreement and shall promptly notify the party
        delivering the same if such certificate does not so conform.

        SECTION 3.05. MUTILATED, DESTROYED, LOST OR STOLEN CERTIFICATES. If (i)
any mutilated Certificate is surrendered to the Trust and the Registrar or the
Trust receives evidence to its satisfaction of the destruction, loss or theft of
the Certificate, and (ii) there is delivered to the Registrar, the Trust, the
Delaware Trustee and the Administrator such security or indemnity as may be
required by them to save each of them harmless, then, in the absence of notice
to the Registrar or the Trust that the Certificate has been acquired by a
protected purchaser, the Delaware Trustee shall execute and the Delaware Trustee
shall authenticate and deliver, in exchange for or in lieu of any such
mutilated, destroyed, lost or stolen Certificate, a new Certificate of like
tenor, amount and Percentage Interest but bearing a number not contemporaneously
outstanding. Upon the issuance of any new Certificate under this Section the
Trust or the Delaware Trustee may require the payment of a sum sufficient to
cover any tax or other governmental charge that may be imposed in connection
with any transfer or exchange of the Certificate and any other reasonable
expenses (including the reasonable fees and expenses of the Trust, the Delaware
Trustee, the Administrator and the Registrar) connected therewith. Any duplicate
Certificate issued pursuant to this Section shall constitute complete and
indefeasible evidence of ownership in the Trust, as if originally issued,
whether or not the lost, stolen or destroyed Certificate shall be found at any
time.

        SECTION 3.06. PERSONS DEEMED OWNERS. Prior to due presentation of a
Certificate for registration of transfer, the Trust, the Delaware Trustee, the
Administrator and the Registrar may treat the Person in whose name any
Certificate is registered in the Register as the owner of such Certificate for
the purpose of receiving distributions pursuant to Section 4.01(b) hereof and
for all other purposes whatsoever, and none of the Trust, the Delaware Trustee,
the Administrator or the Registrar shall be bound by any notice to the contrary.

        SECTION 3.07. ACCESS TO LIST OF CERTIFICATEHOLDERS' NAMES AND ADDRESSES.
The Trust shall furnish or cause to be furnished to the Administrator or a
Certificateholder, within 15 days after receipt by the Delaware Trustee of a
written request therefor from the Administrator or the Certificateholder, a
list, in such form as the Administrator or the Certificateholder may reasonably
require, of the names and addresses of the Certificateholders then registered in
the Register as the owner of Certificates. Each Certificateholder, by receiving
and holding a Certificate, shall be deemed to have agreed not to hold any of the
other Certificateholders, the Trust, the Delaware Trustee, the Administrator, or
the Registrar accountable by reason of the disclosure of its name and address,
regardless of the source from which such information was derived.

                                       18
<PAGE>

        SECTION 3.08. MAINTENANCE OF OFFICE OR AGENCY. The Trust will maintain
an office or agency in Wilmington, Delaware where Certificates may be
surrendered for registration of transfer or exchange. The Trust will maintain an
office at the address stated in Section 10.05 hereof where notices and demands
to or upon the Trust, the Delaware Trustee, the Administrator, and the Registrar
in respect of this Trust Agreement may be served.

        SECTION 3.09. TERMS OF CERTIFICATES BINDING. Each Certificateholder, by
assenting to the acquisition by it of a Certificate, agrees to be bound by the
terms and conditions of the Certificates and of this Trust Agreement, including
any supplements or amendments thereto or hereto, and to perform the obligations
of a Certificateholder as set forth therein or herein, in all respects as if it
were a signatory hereto. This undertaking is made for the benefit of the Trust,
the Delaware Trustee, the Administrator, the Registrar, and all other
Certificateholders, if any.

                                   ARTICLE IV

                           DISTRIBUTIONS AND PAYMENTS

        SECTION 4.01. DISTRIBUTION OF PAYMENTS.

                (a) Until the Trust shall have received written notice from the
        Indenture Trustee that the Indenture shall have been discharged pursuant
        to its terms, all revenues and receipts of any kind whatsoever generated
        by, remitted in respect of or relating to the Trust Estate and other
        payments and receipts of any kind with respect to the Trust Estate or
        otherwise included in the Trust Estate shall, if received directly by
        the Delaware Trustee, forthwith after receipt, be paid over by the
        Delaware Trustee to the Indenture Trustee without deduction, set-off or
        adjustment of any kind for distribution in accordance with the
        provisions of the Indenture; provided, that neither the making of such
        payments to, nor the receipt of such payments by, the Indenture Trustee
        or any other person shall ever be deemed to constitute the Indenture
        Trustee or any such person as an income beneficiary hereunder, it being
        understood that all such payments will be made pursuant to contractual
        obligations under the Indenture; and provided, further, that the
        Delaware Trustee shall not be required to turn over any such amounts
        received from the Indenture Trustee, or received on account of any
        amounts referred to in clause FIRST of subsection (b) of this Section or
        in Article VII hereof.

                (b) Except as otherwise provided in paragraph (a) of this
        Section, (i) all payments and amounts actually received by or on behalf
        of the Delaware Trustee from the Trust Estate sources pursuant to the
        Indenture and (ii) all other revenues, receipts and other payments of
        any kind whatsoever generated by, remitted or received in respect of or
        relating to the Trust Estate or otherwise included in the Trust Estate
        and not pledged or required to be pledged pursuant to the Indenture or
        released from the lien of the Indenture (all to the extent not
        previously distributed) (collectively, the "Payments"), each to the
        extent received by or on behalf of the Delaware Trustee, shall be
        distributed forthwith upon receipt by the Delaware Trustee in the
        following order of priority: FIRST, so much of such Payments as shall be
        required to pay or reimburse the Trust Company and the Delaware Trustee
        for any fees, expenses, indemnities or other amounts not otherwise paid
        or reimbursed to the Trust Company or the Delaware Trustee pursuant to
        the Indenture or otherwise as to which such Person is entitled to be


                                       19
<PAGE>

        paid or reimbursed hereunder shall be retained by the Delaware Trustee;
        SECOND, so much of the remainder of such Payments as shall be required
        to pay or reimburse the Administrator in performing its responsibilities
        hereunder and under the Administration Agreement for any Administration
        Fee, expenses, indemnities or other amounts not otherwise paid or
        reimbursed to the Administrator pursuant to the Indenture or otherwise
        as to which such Person is entitled to be paid or reimbursed shall be
        paid or reimbursed to the Administrator; and THIRD, the balance, if any,
        of such Payment or amount remaining thereafter shall be promptly
        distributed to the Certificateholders, pro rata based on their
        respective Percentage Interests, without deduction, set-off or
        adjustment of any kind; provided, that neither the making of such
        Payments to, nor the receipt of such Payments by, a Certificateholder or
        any other Person shall ever be deemed to constitute a Certificateholder
        or any such Person as an income beneficiary hereunder, and provided
        further, that the Delaware Trustee shall not be required to turn over
        any such Payment as compensation or reimbursement of expenses.

                (c) In the event that any withholding tax is imposed on the
        Trust's payment (or allocations of income) to a Certificateholder, such
        tax shall reduce the amount otherwise distributable to the
        Certificateholder in accordance with this Section. The Delaware Trustee
        is hereby authorized and directed to retain from amounts otherwise
        distributable to such Certificateholders sufficient funds for the
        payment of any tax that is legally owed by the Trust (but such
        authorization shall not prevent the Delaware Trustee from contesting any
        such tax in appropriate proceedings, and withholding payment of such
        tax, if permitted by applicable law, pending the outcome of such
        proceedings). The amount of any withholding tax imposed with respect to
        a Certificateholder shall be treated as cash distributed to such
        Certificateholder at the time it is withheld by the Trust to be remitted
        to the appropriate taxing authority. If there is a possibility that
        withholding tax is payable with respect to a distribution (such as a
        distribution to a non-U.S. Certificateholder), the Delaware Trustee in
        its sole discretion may (but unless otherwise required by law shall not
        be obligated to) withhold such amounts in accordance with this paragraph
        (c) and may require reasonable evidence from the Certificateholder that
        a withholding tax is not payable with respect to a distribution. In the
        event that a Certificateholder wishes to apply for a refund of any such
        withholding tax, the Delaware Trustee shall reasonably cooperate with
        such Certificateholder in making such claim so long as such
        Certificateholder agrees to reimburse the Delaware Trustee for any out
        of pocket expenses incurred.

        SECTION 4.02. PAYMENTS FROM TRUST ESTATE ONLY. All payments to be made
by the Delaware Trustee under this Trust Agreement or by the Trust (other than
payments made pursuant to Section 2.13 hereof with funds provided by a
Certificateholder) shall be made only from the Trust Estate and the income and
proceeds from or related to the Trust Estate and only to the extent that the
Delaware Trustee shall have actually received such income or proceeds from the
Trust Estate and such proceeds are not required to be remitted to the Indenture
Trustee pursuant to Section 4.01(a) hereof or the Indenture. Each
Certificateholder agrees that it will look solely to the Trust Estate to the
extent available for payment as herein provided and that, except as specifically
provided in Section 6.01 hereof, the Trust Company shall not be liable in its
individual capacity to any Certificateholder for any amounts payable under this
Trust Agreement and shall not be subject to any liability in its individual
capacity under this Trust Agreement. This Section is intended solely to limit
the liability of the Delaware Trustee and shall have no effect on the
obligations of the Certificateholders under this Trust Agreement. This Section
does not limit the liability of the Delaware Trustee set forth in Section 6.01
hereof.

                                       20
<PAGE>

        SECTION 4.03. METHOD OF PAYMENT. Unless otherwise directed by a
Certificateholder, all amounts payable to the Certificateholder pursuant to this
Trust Agreement shall be paid to it in immediately available funds by transfer
to a banking institution with bank wire transfer facilities for the account of
the Certificateholder, as the Delaware Trustee may be instructed from time to
time in writing by the Certificateholder.

        SECTION 4.04. TRUST PAYMENT DATE STATEMENT.

                (a) Based on the reports received by the Delaware Trustee
        pursuant to the Indenture, the Delaware Trustee, or the Administrator if
        requested by the Delaware Trustee pursuant to the Administration
        Agreement, shall prepare, or shall cause to be prepared for each payment
        or distribution made to the Delaware Trustee, the Administrator, or the
        Certificateholders pursuant to Section 4.01(b) hereof a statement
        substantially in the form of Exhibit B hereto (the "Trust Payment Date
        Statement"). In connection with any payments or distributions to the
        Delaware Trustee, the Administrator or the Certificateholders pursuant
        to Section 4.01(b) hereof, the Delaware Trustee, or the Administrator if
        requested by the Delaware Trustee pursuant to the Administration
        Agreement, shall deliver the Trust Payment Date Statement to each
        Certificateholder or as instructed by the Certificateholder in a written
        Notice to the Delaware Trustee and the Administrator.

                (b) The Delaware Trustee makes no representations or warranties
        as to the accuracy of the information contained in the reports generated
        by the Trust or the Administrator pursuant to the Indenture or, to the
        extent that the Trust Payment Date Statement contains or relies upon
        information provided by the reports provided by the Trust or the
        Administrator pursuant to the Indenture, the Trust Payment Date
        Statement. The Delaware Trustee shall not be bound to make any
        investigation as to the facts stated in the reports provided by the
        Trust pursuant to the Indenture, and may rely upon each of the reports
        provided by the Trust pursuant to the Indenture delivered to it by or on
        behalf of the Indenture Trustee.

                                   ARTICLE V

                           DUTIES OF DELAWARE TRUSTEE

        SECTION 5.01. NOTICE OF DEFAULT. In the event the Delaware Trustee shall
have actual knowledge of an Event of Default under the Indenture with respect to
any Notes, the Delaware Trustee shall give prompt telephonic notice (to the
extent telephone numbers are on file with the Delaware Trustee) followed by, or
in the alternative, written notice by facsimile, electronic transmission or
overnight courier for receipt within 48 hours of discovery thereof to the
Certificateholders and the Indenture Trustee. Subject to the terms of Section
5.03 hereof, the Delaware Trustee shall take or refrain from taking such action
as the Delaware Trustee shall be instructed in writing by the Required
Certificateholders. If the Delaware Trustee shall not have received such
instructions within 20 days after giving written notice of such event to the


                                       21
<PAGE>

Certificateholders (or within such shorter period of time as may be specified in
such notice or required under the circumstances), the Delaware Trustee, subject
to instructions subsequently received from the Required Certificateholders
pursuant to the preceding sentence, may, but shall be under no duty to, take or
refrain from taking any action with respect thereto as the Delaware Trustee
shall deem advisable and in the best interests of the Certificateholders and
shall not have liability to any Person for any action or inaction. For all
purposes of this Trust Agreement, in the absence of actual knowledge of an
officer of the Delaware Trustee at its address specified in Section 10.05
hereof, the Delaware Trustee shall not be deemed to have knowledge of any event
referred to in the first sentence of this Section unless it receives written
notice thereof from a Certificateholder or the Indenture Trustee.

        SECTION 5.02. ACTION UPON INSTRUCTION.

                (a) Whenever the Delaware Trustee is (i) unable to decide
        between alternative courses of action permitted or required by the terms
        of this Trust Agreement or under any Transaction Document or (ii) unsure
        as to the application of any provision of this Trust Agreement or any
        Transaction Document or any such provision is ambiguous as to its
        application, or is, or appears to be, in conflict with any other
        applicable provision or in the event that this Trust Agreement permits
        any determination by the Delaware Trustee or is silent or is incomplete
        as to the course of action that the Delaware Trustee is required to take
        with respect to a particular set of facts, the Delaware Trustee may give
        Notice (in such form as shall be appropriate under the circumstances) to
        the Certificateholders and the Administrator requesting instruction and,
        to the extent that the Delaware Trustee acts or refrains from acting in
        good faith in accordance with any such instruction received from the
        Required Certificateholders or the Administrator, the Delaware Trustee
        shall not be liable, on account of such action or inaction, to any
        Person. If the Delaware Trustee shall not have received appropriate
        instruction within 10 days of such notice (or within such shorter period
        of time as reasonably may be specified in such notice or may be
        necessary under the circumstances) it may, but shall be under no duty
        to, take or refrain from taking such action not inconsistent with this
        Trust Agreement or the Transaction Documents, as it shall deem to be in
        the best interests of the Certificateholders, and shall not have
        liability to any Person for such action or inaction.

                (b) Notwithstanding anything in this Trust Agreement to the
        contrary, neither the Delaware Trustee nor any of its respective agents,
        shall be required to take or refrain from taking any action under this
        Trust Agreement, the Transaction Documents or any other agreement, or
        exercise any of their respective rights and powers, if the Delaware
        Trustee shall reasonably determine (without any obligation to make any
        such determination), or shall have been advised by counsel, that such
        action or inaction (i) is contrary to the terms of this Trust Agreement,
        the terms of the Transaction Documents or any other agreement to which
        the Delaware Trustee or the Trust is a party, (ii) is likely to result
        in a breach of its duties hereunder or those of the Trust Company, (iii)
        to the actual knowledge of an officer of the Delaware Trustee that is
        responsible for the administration of the Trust, would adversely affect
        the tax status of the Trust, or (iv) is otherwise contrary to applicable
        law.

                                       22
<PAGE>

                (c) The Delaware Trustee shall not be required to expend or risk
        its own funds or otherwise incur financial liability in the performance
        of any of its respective duties hereunder, or in the exercise of any of
        its respective rights or powers, if there is reasonable ground for
        believing that the repayment of such funds or adequate indemnity against
        such risk or liability is not reasonably assured to the Delaware Trustee
        and none of the provisions contained in this Trust Agreement shall in
        any event require the Delaware Trustee to perform, or be responsible for
        the manner of performance of, any of the obligations of the other party
        under this Trust Agreement.

                (d) Subject to the terms of Sections 5.01, 5.03 and 5.06 hereof
        and the Administration Agreement, the Required Certificateholders or the
        Administrator may by written instruction direct the Delaware Trustee in
        the management of the Trust. Such direction may be exercised at any time
        by written instruction of the Required Certificateholders or the
        Administrator. Prior to taking any action on behalf of the Trust under
        this Trust Agreement or the Transaction Documents, the Delaware Trustee
        may request and, if so requested, shall receive written instructions of
        the Required Certificateholders or the Administrator specifying the
        manner in which the Delaware Trustee shall take such action. The
        Delaware Trustee shall not be liable for any action it takes or omits to
        take in good faith in reliance on the instructions of such Required
        Certificateholders or the Administrator.

                (e) The Certificateholders and the Administrator agree to not
        provide any direction to the Delaware Trustee to take any action that is
        contrary to the terms of this Trust Agreement, the Transaction
        Documents, any other agreements to which the Delaware Trustee or the
        Trust is a party, or is otherwise contrary to applicable law.

                (f) The Delaware Trustee shall not have the power, except upon
        the written direction of 100% of the Certificateholders, to (a) remove
        or replace the Eligible Lender Trustee, any Master Servicer, the
        Administrator or any other administrator or (b) except as expressly
        provided in the Transaction Documents, sell the Financed Eligible Loans
        after the termination of the Indenture. The Delaware Trustee shall take
        the actions referred to in the preceding sentence only upon written
        instructions signed by the Certificateholders.

        SECTION 5.03. INDEMNIFICATION. The Delaware Trustee shall not be
required to take or refrain from taking any action under this Trust Agreement,
the Transaction Documents or any other agreement (other than the actions
specified in the first sentence of Section 5.01 hereof) if the Delaware Trustee
shall reasonably determine, or shall have been advised by counsel, that such
actions may result in personal liability of the Trust Company or require it to
risk or advance its own funds unless the Trust Company and the Delaware Trustee
shall have been indemnified by the Certificateholders, in manner and form
reasonably satisfactory to the Trust Company and the Delaware Trustee, against
any liability, fee, cost or expense (including reasonable legal fees and
expenses) which may be incurred or charged in connection therewith; and if the
Required Certificateholders shall have directed the Delaware Trustee to take or
refrain from taking any such action, the Certificateholders so directing the
Delaware Trustee agree to furnish such indemnity as shall be required and, in
addition, to the extent not otherwise paid pursuant to the provisions of this
Trust Agreement, to pay the reasonable compensation of the Delaware Trustee for
the services performed or to be performed by it pursuant to such direction.

                                       23
<PAGE>

        SECTION 5.04. NO DUTIES EXCEPT AS SPECIFIED IN TRANSACTION DOCUMENTS.
The Delaware Trustee shall have no duty or obligation to manage, control, use,
make any payment in respect of, register, record, sell, dispose of or otherwise
deal with any of the Trust Estate, or otherwise to take or refrain from taking
any action as Delaware Trustee or on behalf of the Trust whatsoever under or in
connection with this Trust Agreement or the Transaction Documents except as (i)
expressly provided by the terms hereof or (ii) to the extent not so provided, as
expressly provided in written instructions received pursuant to Section 5.01 or
5.02 hereof; and no implied duties or obligations shall be read into this Trust
Agreement or any other Transaction Document against the Delaware Trustee. The
Delaware Trustee shall not in any instance have any duty to inspect any of the
Trust Estate or any records pertaining thereto.

        SECTION 5.05. NO ACTION EXCEPT UNDER SPECIFIED DOCUMENTS OR
INSTRUCTIONS. The Delaware Trustee shall have no authority to manage, control,
use, make any payment in respect of, register, record, sell, dispose of or
otherwise deal with any part of the Trust Estate except (i) as required by the
terms of this Trust Agreement, (ii) in accordance with the powers granted to or
the authority conferred upon the Delaware Trustee pursuant to this Trust
Agreement, or (iii) in accordance with the express terms hereof or written
instructions received pursuant to Section 5.01 or 5.02 hereof.

        SECTION 5.06. ACTION BY CERTIFICATEHOLDERS WITH RESPECT TO BANKRUPTCY.
The Delaware Trustee shall not follow any direction of the Certificateholders to
take any Bankruptcy Action. The consent of the Delaware Trustee shall be
required prior to the commencement by the Trust of any Bankruptcy Action. To the
fullest extent permitted by applicable law, the Delaware Trustee shall not be
required to consent to the commencement by the Trust of any Bankruptcy Action
unless it has received a certificate signed by a nationally recognized
accounting firm (the "Accountant's Certificate") certifying that such accounting
firm reasonably believes that the Trust is insolvent. The Delaware Trustee may
conclusively rely upon the Accountant's Certificate.

        SECTION 5.07. DISCHARGE OF LIENS. Notwithstanding anything in this Trust
Agreement to the contrary, the Delaware Trustee agrees that it will, at its own
cost and expense (and not at the expense of the Trust), promptly take all action
as may be necessary to discharge any liens on any part of the Trust Estate which
are attributable to actions by or claims against the Trust Company that are not
related to the ownership of the Trust Estate or the administration of the Trust
Estate or the transactions contemplated by this Trust Agreement.

                                   ARTICLE VI

                                DELAWARE TRUSTEE

        SECTION 6.01. ACCEPTANCE OF TRUSTS AND DUTIES. The Trust Company accepts
the trusts hereby created and agrees to perform the same but only upon the terms
of this Trust Agreement. The Delaware Trustee is authorized and directed to
execute and deliver the Transaction Documents to which the Trust is to be party
and each certificate or other document attached as an exhibit to or contemplated
by the Transaction Documents to which the Trust is to be a party, as evidenced
conclusively by the Delaware Trustee's execution thereof. In addition to the
foregoing, the Delaware Trustee is authorized, but shall not be obligated, to
take all actions required of the Trust pursuant to the Transaction Documents.
Subject to Sections 2.09 and 5.06 hereof, the Delaware Trustee is further
authorized from time to time to take such action as the Required


                                       24
<PAGE>

Certificateholders or the Administrator instruct in writing with respect to the
Transaction Documents. The Delaware Trustee declares that it shall hold the
Trust Estate, and all amounts received by it thereunder and hereunder in trust,
upon the terms herein set forth, on behalf of the Trust for the use and benefit
of all present and future Certificateholders. The Delaware Trustee also agrees
to receive and disburse all money actually received by it constituting part of
the Trust Estate upon the terms hereof. Notwithstanding anything in this Trust
Agreement to the contrary, the Trust Company shall not be liable, answerable or
accountable in its individual capacity to any Person under any circumstances,
except that such limitation shall not limit the liability, if any, of the Trust
Company to the Certificateholders (i) for the Trust Company's own willful
misconduct, bad faith, gross negligence or reckless disregard of the duties
involved in the conduct of its offices hereunder or the willful misconduct, bad
faith, gross negligence or reckless disregard of the duties involved in the
conduct of its offices hereunder performed through its agent not appointed with
due care, (ii) in the case of the inaccuracy of any of the Trust Company's
representations or warranties contained in Section 6.03 hereof, (iii) for taxes,
fees or other charges on, based on or measured by any fees, commissions or
compensation received by it for acting as Delaware Trustee in connection with
any of the transactions contemplated by this Trust Agreement or any other
agreement contemplated by this Trust Agreement, or (iv) the failure to use
ordinary care to disburse in accordance with the terms hereof money actually
received by it; provided that in no event shall the Trust Company be responsible
or liable for any special, consequential or punitive damages with respect to any
matter whatsoever arising out of this Trust Agreement. Subject to the foregoing,
in particular, but not by way of limitation:

                (a) the Trust Company shall not be liable for any error of
        judgment made in good faith by any officer acting or refusing to act on
        behalf of the Delaware Trustee;

                (b) under no circumstances shall the Trust Company be personally
        liable hereunder for any indebtedness of the Trust;

                (c) the Trust Company shall not be personally liable for the
        payment of any tax imposed on the Trust or amounts that are includable
        in the federal gross income of the Certificateholders;

                (d) no provision of this Trust Agreement shall require the Trust
        Company to expend or risk funds or otherwise incur any financial
        liability in the performance of any of the Delaware Trustee's duties or
        powers hereunder, if the Trust Company believes or is advised by its
        legal counsel that repayment of such funds or adequate indemnity against
        such risk or liability is not assured or provided to its reasonable
        satisfaction;

                (e) under no circumstance shall the Trust Company be liable for
        any representation, warranty, covenant, or obligation or indebtedness of
        the Trust hereunder or under the Transaction Documents or any other
        agreement, document or certificate contemplated by the foregoing;

                                       25
<PAGE>

                (f) the Trust Company shall not be liable with respect to any
        action taken or omitted to be taken by the Administrator and the Trust
        Company shall not be liable for performing or supervising the
        performance of any obligations or duties under this Trust Agreement, the
        Administration Agreement or the Indenture, or under any other document
        contemplated hereby or thereby, which are to be performed by the
        Administrator or any other Person under such documents;

                (g) the Trust Company shall not be responsible for or in respect
        of the recitals herein, the validity or sufficiency of this Trust
        Agreement, or for the due execution hereof by the Depositor or the
        Administrator or for the form, character, genuineness, sufficiency,
        value or validity of any of the Trust Estate or for or in respect of the
        validity or sufficiency of the Indenture or any other document
        contemplated thereby to which the Trust Company is not a party, and the
        Trust Company shall in no event assume or incur any liability, duty or
        obligation to the Indenture Trustee, the Certificateholders, or the
        Administrator other than is expressly provided for herein;

                (h) notwithstanding anything contained herein or in any of the
        Transaction Documents to the contrary, neither the Trust Company nor the
        Delaware Trustee shall be required to take any action in any
        jurisdiction other than in the State of Delaware if the taking of such
        action will (i) require the consent or approval or authorization or
        order of or the giving of notice to, or the registration with or taking
        of any action in respect of, any state or other governmental authority
        or agency of any jurisdiction other than the State of Delaware; (ii)
        result in any fee, tax or other governmental charge under the laws of
        any jurisdiction or any political subdivisions thereof in existence on
        the date hereof other than the State of Delaware becoming payable by the
        Trust Company; or (iii) subject the Trust Company to personal
        jurisdiction in any jurisdiction other than the State of Delaware for
        causes of action arising from acts unrelated to the consummation of the
        transactions by the Trust Company or the Delaware Trustee, as the case
        may be, contemplated hereby;

                (i) no provision of this Trust Agreement shall require the Trust
        Company to monitor or otherwise supervise the actions or inactions of or
        the performance by the Administrator or any sub-administrators;

                (j) the Delaware Trustee shall be deemed to have discharged its
        duties and responsibilities hereunder and under the other Transaction
        Documents to the extent the Administrator or any other administrator has
        agreed in the Administration Agreement or the related administration
        agreement, as applicable, to perform any act or to discharge any duty of
        the Delaware Trustee hereunder or under any other Transaction Document,
        and the Delaware Trustee shall not be held liable for the default or
        failure of the Administrator or any other administrator to carry out its
        obligations under the Administration Agreement or related administration
        agreement, as applicable;

                                       26
<PAGE>

                (k) the Delaware Trustee shall have no obligation to administer,
        service or collect the Financed Eligible Loans or to maintain, monitor
        or otherwise supervise the administration, servicing or collection of
        the Financed Eligible Loans;

                (l) notwithstanding anything contained herein to the contrary,
        any funds and assets held by the Delaware Trustee on behalf of the Trust
        hereunder may be maintained and accounted for in the record-keeping and
        asset custody systems utilized by the Trust Company on behalf of the
        Delaware Trustee; and

                (m) notwithstanding anything contained herein to the contrary or
        in any Transaction Document or other document, the Delaware Trustee
        shall not be required to execute, deliver or certify on behalf of the
        Delaware Trustee, the Trust or any other Person any filings,
        certificates, affidavits or other instruments required by the Securities
        and Exchange Commission or required under the Sarbanes-Oxley Act of 2002
        and, notwithstanding any Person's right to instruct the Delaware
        Trustee, neither the Delaware Trustee nor any agent, employee, director
        or officer of the Delaware Trustee shall have any obligation to execute
        any certificates or other documents required by the Securities and
        Exchange Commission or required pursuant to the Sarbanes-Oxley Act of
        2002 or the rules and regulations promulgated thereunder, and the
        refusal to comply with any such instructions shall not constitute a
        default or breach under any Transaction Document.

        SECTION 6.02. FURNISHING OF DOCUMENTS. The Delaware Trustee will furnish
to the Certificateholders, promptly upon receipt, duplicates or copies of all
reports, notices, requests, demands, certificates, financial statements and any
other writings furnished to the Delaware Trustee. The Delaware Trustee shall
have no duty or obligation to examine or review such items received by it.

        SECTION 6.03. NO REPRESENTATIONS OR WARRANTIES AS TO TRUST ESTATE.
Neither the Trust Company nor the Delaware Trustee makes (i) any representation
or warranty as to the title, value or merchantability of the Trust Estate or any
other representation or warranty, express or implied, with respect to the Trust
Estate whatsoever, and (ii) any representation or warranty as to the validity or
enforceability of the Transaction Documents or any other agreement contemplated
by any of the foregoing, or as to the correctness of any statement contained in
any thereof, except that the Trust Company represents and warrants to the
Certificateholders and the Administrator that this Trust Agreement and, assuming
that this Trust Agreement has been duly authorized, executed and delivered by
the Depositor, each of the Transaction Documents and each other document which
contemplates execution thereof by the Delaware Trustee on behalf of the Trust
has been or will be executed and delivered by its officers who are or will be
duly authorized to execute and deliver such document on its behalf, and that
under Delaware law (excluding Delaware securities laws), this Trust Agreement
constitutes the legal, valid and binding obligation of the Trust Company,
enforceable against the Trust Company in accordance with its terms, subject to
applicable bankruptcy, insolvency, reorganization, moratorium and other similar
laws affecting the enforcement of creditors' rights generally and to general
principles of equity.

                                       27
<PAGE>

        SECTION 6.04. NO SEGREGATION OF MONEYS; NO INTEREST. Except to the
extent required by applicable law and Section 2.09 hereof or as otherwise
provided herein or in written instructions from the Required Certificateholders,
moneys received by the Delaware Trustee hereunder need not be segregated in any
manner, and may be deposited under such general conditions as may be prescribed
by law, and neither the Trust Company nor the Delaware Trustee shall be liable
for any interest thereon.

        SECTION 6.05. RELIANCE; ADVICE OF COUNSEL. The Delaware Trustee shall
not incur any liability to anyone in acting in reliance upon any signature,
instrument, notice, resolution, request, consent, order, certificate, report,
opinion, bond, direction or other document or paper believed by it to be genuine
and believed by it to be signed by the proper party or parties. The Delaware
Trustee may accept a copy of a resolution of the board of directors or other
governing body of any party, certified by the secretary or a senior officer
thereof, as conclusive evidence that such resolution has been duly adopted by
such body and that the same is in full force and effect. As to any fact or
matter the manner of ascertainment of which is not specifically prescribed
herein, the Delaware Trustee may for all purposes hereof rely on a certificate
of the relevant person as to such fact or matter, and such certificate shall
constitute full protection to the Delaware Trustee for any action taken,
suffered or omitted by it in good faith in reliance thereon. In the
administration of the trusts created hereby, the Delaware Trustee may execute
any of the trusts or powers hereof and perform any of its powers and duties,
including, if applicable, the holding of title to all or any part of the Trust
Estate, hereunder directly or through agents or attorneys and may consult with
counsel, accountants and other skilled persons to be selected and employed by
it, and the Delaware Trustee shall not be liable for anything done, suffered or
omitted in good faith by it in accordance with the advice or opinion within the
scope of such person's competence of any such counsel, accountants or other
skilled persons selected by it with due care.

        SECTION 6.06. NOT ACTING IN INDIVIDUAL CAPACITY. Except as otherwise
provided in this Article, in accepting the trusts hereby created, the Trust
Company acts solely as Delaware Trustee hereunder and not in its individual
capacity, and all persons having any claim against the Delaware Trustee by
reason of the transactions contemplated hereby and by the Indenture shall look
only to the Trust Estate (or a part thereof, as the case may be) for payment or
satisfaction thereof, but subject to the lien created by Indenture.

        SECTION 6.07. BOOKS AND RECORDS. The Delaware Trustee shall be
responsible for the keeping of all customary and appropriate books and records
relating to the receipt and disbursement of all money which it may receive
hereunder or under any agreement contemplated hereby.

        SECTION 6.08. TAX RETURNS. The Delaware Trustee is hereby advised that
the Certificateholders intend that as long as the Trust has a single
Certificateholder, the entity created under this Trust Agreement shall be
treated for purposes of federal income tax, state and local income and franchise
taxes, and any other taxes imposed on, measured by or based upon gross or net
income, as a disregarded entity separate from its owner. However, if there is
more than one Certificateholder, the parties hereto intend that the entity
created under this Trust Agreement shall be treated as a partnership for federal
income tax purposes. The Trust shall, at the expense of the Certificateholders
pro rata based on their respective Percentage Interests, cause a firm of


                                       28
<PAGE>

independent public accountants selected by the Administrator to prepare any tax
returns or other forms certified by such accounting firm to be all, to the best
of such accounting firm's knowledge, of the tax returns or forms required to be
filed by the Trust; the Delaware Trustee shall cooperate with such accounting
firm in providing any information in its possession which is necessary or
advisable in the preparation of such tax returns and shall execute such tax
returns presented to it in execution form in a timely manner to enable the
Certificateholders to timely file such tax returns. The Delaware Trustee in its
capacity as Delaware Trustee shall sign all appropriate federal returns
presented to it in execution form; provided, however, that the Trust shall send
a copy of any such return and related information to any requesting
Certificateholder at such times as such Certificateholder may request. In no
event shall the Delaware Trustee be liable for any liabilities, costs or
expenses of the Trust, the Administrator, or the Certificateholders arising out
of the application of any tax law, including federal, state, foreign or local
income or excise taxes or any other tax imposed on or measured by income (or any
interest, penalty or addition with respect thereto or arising from a failure to
comply therewith) except for any such liability, cost or expense attributable to
any act or omission by the Delaware Trustee, as the case may be, in breach of
its obligations under this Trust Agreement. The Delaware Trustee shall keep
copies of all returns delivered to it or filed by it. Any reports, returns,
records, filings or books, other than those customary books and records or any
report or return specifically referenced in this Section or Section 6.07 hereof,
shall be the sole responsibility and obligation of the Administrator and the
Certificateholders, and the Delaware Trustee shall have no obligation or
responsibility with respect thereto.

                                  ARTICLE VII

                       ASSUMPTION OF LIABILITY AND PAYMENT
                              FOR DELAWARE TRUSTEE

        SECTION 7.01. COMPENSATION AND EXPENSES. The Delaware Trustee shall
receive from the Trust as compensation (which shall not be limited by any
provision of law in regard to the compensation of a trustee of an express trust)
for its services hereunder such fees as may heretofore and from time to time
hereafter be agreed upon in a separate fee agreement between the Depositor and
the Delaware Trustee. The Delaware Trustee shall be entitled to be reimbursed
from the Payments for its reasonable expenses hereunder, including, without
limitation, the reasonable compensation, expenses and disbursements of such
agents, representatives, accountants, experts and counsel as the Delaware
Trustee may employ in connection with the exercise and performance of its rights
and duties under this Trust Agreement, the Transaction Documents or any other
agreement contemplated by any of the foregoing, whether or not the transactions
contemplated hereby and thereby are consummated and to be paid as additional
reasonable compensation (which shall not be limited by any provision of law in
regard to the compensation of a trustee of an express trust) for any
extraordinary services rendered hereunder. Such compensation and reimbursement
shall be paid first from the Collection Fund created pursuant to the Indenture
to the extent and in the priority set forth in the Indenture and then from the
Payments as set forth in Section 4.01(b) hereof.

        SECTION 7.02. INDEMNIFICATION BY TRUST. The Trust agrees, to the fullest
extent permitted by applicable law, to assume liability for, and hereby
indemnifies and holds harmless the Trust Company, its officers, directors and
employees and the Delaware Trustee from and against any and all liabilities,


                                       29
<PAGE>

obligations, losses, damages, taxes, claims, actions, suits, costs, expenses and
disbursements (including reasonable legal fees and expenses) of any kind and
nature whatsoever which may be imposed on, incurred by or asserted at any time
against the Trust Company, its officers, directors and employees or the Delaware
Trustee in any way relating to or arising out of the Trust Estate, any of the
properties included therein, the acceptance, termination or administration of
the Trust Estate or the Trust or any action or inaction of the Delaware Trustee
or the Trust hereunder or under the Transaction Documents or any other agreement
contemplated by any of the foregoing or any certificate of a Certificateholder,
except only that the Trust shall not be required so to assume liability for, or
to indemnify any of the foregoing Persons with respect to, any of the matters
described in the seventh sentence of Section 6.01 hereof and provided that the
Trust and the Delaware Trustee agree that such assumption of liability for
liabilities, obligations, losses, damages, taxes, claims, actions, such costs
expenses or disbursements of any kind shall be direct and primary and not that
of a guarantor. If any item assumed by the Trust under this Section is also
subject to indemnification by another party to any of the documents specifically
referenced herein (other than Section 7.03 hereof), the Trust Company or the
Delaware Trustee shall first make demand on such party for indemnification of
any such item but shall not be obligated to exhaust its remedies thereunder. The
indemnities contained in this Section shall survive the resignation or removal
of the Delaware Trustee and shall survive the termination of the Trust and this
Trust Agreement. Such indemnification and reimbursement shall be paid solely
from the Payments as set forth in Section 4.01(b) hereof.

        SECTION 7.03. CERTIFICATEHOLDERS TO ASSUME LIABILITY. To the extent the
following amounts required to be paid hereunder to the Delaware Trustee are not
paid pursuant to Sections 4.01(b) or 7.02 hereof and to the fullest extent
permitted by applicable law, the Certificateholders, pro rata based on their
respective Percentage Interests, shall pay or cause to be paid (or reimburse the
Delaware Trustee for) (a) all reasonable fees and expenses of the Delaware
Trustee hereunder, including, without limitation, the reasonable compensation,
expenses and disbursements of such agents, representatives, accountants, experts
and counsel as the Delaware Trustee may employ in connection with the exercise
and performance of its rights and duties under this Trust Agreement, the
Transaction Documents or any other agreement contemplated by any of the
foregoing, whether or not the transactions contemplated hereby and thereby are
consummated and (b) all amounts required to be paid by Section 7.02 hereof and
not paid by the Trust. The liabilities and indemnities contained in this Section
are for the benefit of the Trust Company, in its individual capacity and its
officers, directors and employees and shall not be construed as imposing any
liabilities on any Certificateholder or any affiliate thereof for any expense or
liability of the Trust to third parties. Neither the Certificateholders nor the
Administrator shall have liabilities for the expenses and liabilities of the
Trust (except as otherwise expressly provided in this Trust Agreement with
respect to the Trust Company, in its individual capacity) and all such expenses
and liabilities are special limited obligations of the Trust payable solely from
the Trust Estate.

                                       30
<PAGE>

                                  ARTICLE VIII

                            TERMINATION OF INDENTURE

        SECTION 8.01. TERMINATION IN GENERAL. After the termination of the
Indenture in accordance with its terms, the Trust shall dissolve, wind-up and
pay or make reasonable provisions for the payment of its liabilities in
accordance with Section 3808(e) of the Trust Statute prior to the final
distribution by the Delaware Trustee of all monies or other property or proceeds
of the Trust Estate in accordance with the terms of this Trust Agreement. The
bankruptcy, liquidation, dissolution, termination, resignation, expulsion,
withdrawal, death or incapacity of any Certificateholder shall not (a) operate
to terminate this Trust Agreement or the Trust, (b) entitle such
Certificateholder's legal representatives or heirs to claim an accounting or to
take any action or proceeding in any court for partition or winding up of all or
any part of the Trust or the Trust Estate or (c) otherwise affect the rights,
obligations and liabilities of the parties hereto. Subject to Section 8.02
hereof, none of the Certificateholders shall be entitled to revoke or terminate
the Trust.

        SECTION 8.02. TERMINATION AT OPTION OF CERTIFICATEHOLDERS.
Notwithstanding Section 8.01 hereof but subject to Section 8.03 hereof, the
Trust shall wind-up, and dissolve and the remaining assets of the Trust shall be
distributed to the Certificateholders pro rata in accordance with their
respective Percentage Interests and the Trust Statute, and this Trust Agreement
shall be of no further force and effect, upon the election of all of the
Certificateholders by written notice to the Delaware Trustee, if such notice
shall be accompanied by the written agreement (in form and substance
satisfactory to the Delaware Trustee) of all of the Certificateholders assuming
all the obligations of the Trust and the Delaware Trustee and releasing the
Delaware Trustee therefrom; provided, however, that until the termination of the
Indenture in accordance with its terms and full and final payment of all
Obligations outstanding thereunder, the Certificateholders may not so terminate
this Trust Agreement or the Trust.

        SECTION 8.03. TERMINATION. Upon the completion of winding up of the
Trust, including payment of or making reasonable provision for payment of all
obligations of the Trust in accordance with Section 3808(e) of the Trust
Statute, the Delaware Trustee shall, at the expense of the Trust, file a
certificate of cancellation with the Delaware Secretary of State in accordance
with Section 3810 of the Trust Statute, at which time the Trust and this Trust
Agreement (other than Article VII hereof) shall terminate. The Administrator
shall act as the liquidator of the Trust and shall be responsible for directing
the Delaware Trustee to take all required actions in connection with winding up
the Trust.

                                   ARTICLE IX
                      SUCCESSOR DELAWARE TRUSTEES, CO-DELAWARE TRUSTEES
                         AND SEPARATE DELAWARE TRUSTEES

        SECTION 9.01. RESIGNATION AND SUCCESSORS. The Delaware Trustee or any
successor may resign at any time without cause by giving at least 60 days' prior
written notice to the Certificateholders. The Required Certificateholders, may
at any time remove the Delaware Trustee without cause by written notice to the
Delaware Trustee, any such resignation or removal to be effective upon the
acceptance of appointment by a successor Delaware Trustee as hereinafter
provided. In the event of the resignation or removal of the Delaware Trustee,
the Required Certificateholders shall appoint a successor by written instrument.


                                       31
<PAGE>

If a successor Delaware Trustee shall not have been appointed within 60 days
after the giving of such notice, the Delaware Trustee or the Required
Certificateholders may apply to any court of competent jurisdiction in the
United States to appoint a successor Delaware Trustee to act until such time, if
any, as a successor shall have been appointed as provided above. Any successor
so appointed by such court shall immediately and without further act be
superseded by any successor appointed by the Required Certificateholders. Any
successor, however appointed, shall execute and deliver to its predecessor
Delaware Trustee an instrument accepting such appointment, and thereupon such
successor, without further act, shall become vested with all the estates,
properties, rights, powers, duties and trusts of the predecessor Delaware
Trustee in the trusts hereunder with like effect as if originally named
"Delaware Trustee" herein; but upon the written request of such successor, and
upon payment to the predecessor Delaware Trustee of all amounts due to it under
this Trust Agreement, such predecessor shall execute and deliver an instrument
transferring to such successor, upon the trusts herein expressed, all the
estates, properties, rights, powers, duties and trusts of such predecessor, and
such predecessor shall duly assign, transfer, deliver and pay over to such
successor all moneys or other property then held by such predecessor upon the
trusts herein expressed. Any right of the Certificateholders against the
predecessor Delaware Trustee, in its individual capacity, shall not be
prejudiced by the appointment of any successor Delaware Trustee and shall
survive the termination of the trusts created hereby. Any successor, however
appointed, shall be a bank or a trust company incorporated or organized and
doing business within the United States of America with its principal place of
business in the State of Delaware that is an Independent Trustee and either (a)
having (or having a parent or affiliate that has) a combined capital and surplus
of at least $50,000,000 and being subject to supervision or examination by
federal banking authorities and (b) having (or having its obligations hereunder
guaranteed by a trust company that has) a long-term unsecured debt rating of at
least BBB- by Standard & Poor's, Baa3 by Moody's (so long as Moody's provides a
rating on any of the Obligations under the Indenture), BBB by Fitch, and a
short-term unsecured debt rating of at least F2 by Fitch, or at least the
equivalent rating from another nationally recognized statistical rating
organization, if there is such an institution willing, able and legally
qualified to perform the duties of the "Delaware Trustee" hereunder upon
reasonable or customary terms. Any corporation into which the Delaware Trustee
may be merged or converted or with which it may be consolidated, or any
corporation resulting from any merger, conversion or consolidation to which the
Delaware Trustee shall be a party, or any corporation to which substantially all
the corporate trust business of the Delaware Trustee may be transferred, shall,
subject to the preceding sentence, be the "Delaware Trustee" under this Trust
Agreement without further act. Any successor Delaware Trustee, however
appointed, shall be competent and qualified to (i) serve as a trustee of a
Delaware statutory trust, (ii) take all action required by the Delaware Trustee
pursuant to the Transaction Documents, this Trust Agreement and any other
agreement contemplated by any of the foregoing, and (iii) until termination of
the Indenture in accordance with its terms, be an Independent Trustee. There
shall be at all times at least one "Delaware Trustee" that meets the
requirements of the laws of the State of Delaware. Notwithstanding anything
herein to the contrary, the resignation or removal of the Delaware Trustee shall
not be effective unless and until the Required Certificateholders appoint a
successor Delaware Trustee meeting the requirements specified above.

                                       32
<PAGE>

        SECTION 9.02. CO-DELAWARE TRUSTEES AND SEPARATE DELAWARE TRUSTEES.
Whenever the Delaware Trustee or the Required Certificateholders shall deem it
necessary or prudent in order either to conform to any law of any jurisdiction
in which all or any part of the Trust Estate shall be situated or to make any
claim or bring any suit with respect to the Trust Estate or the Indenture, or
the Delaware Trustee or the Required Certificateholders shall be advised by
counsel satisfactory to it or them that it is so necessary or prudent, the
Delaware Trustee and the Required Certificateholders shall execute and deliver
an agreement supplemental hereto and all other instruments and agreements, and
shall take all other action, necessary or proper to constitute one or more
persons (and the Delaware Trustee may appoint one or more of its officers)
either as co-trustee or co-trustees jointly with the Delaware Trustee of all or
any part of the Trust Estate, or as separate trustee or separate trustees of all
or any part of the Trust Estate, and to vest in such persons, in such capacity,
such title to the Trust Estate or any part thereof and such rights or duties as
may be necessary or desirable, all for such period and under such terms and
conditions as are satisfactory to the Delaware Trustee and the Required
Certificateholders and, until the termination of the Indenture in accordance
with its terms as are reasonably satisfactory to the Indenture Trustee. In case
any co-trustee or separate trustee shall dissolve, die, become incapable of
acting, resign or be removed, the title to the Trust Estate and all rights and
duties of such co-trustee or separate trustee shall, so far as permitted by
applicable law, vest in and be exercised by the Delaware Trustee, without the
appointment of a successor to such co-trustee or separate trustee.

        SECTION 9.03. CHANGES IN IDENTITY OF A DELAWARE TRUSTEE. Upon the change
of identity of a Delaware Trustee or the addition or deletion of a Delaware
Trustee, whose identity is required to be disclosed under applicable law, the
Delaware Trustee or Delaware Trustees shall cause such filings to be made in
Delaware if required by the Trust Statute, and, at the written direction of the
Certificateholders, shall cause such filings to be made, if any, as may be
required in accordance with the provisions of other applicable law, indicating
the change with respect to such Delaware Trustee's identity or such addition or
deletion of a Delaware Trustee.

                                   ARTICLE X

                                  MISCELLANEOUS

        SECTION 10.01. AMENDMENT.

                (a) Subject to Section 2.09(b)(ii) hereof, this Trust Agreement
        may be amended by an instrument in writing that specifically refers to
        this Trust Agreement signed by the Delaware Trustee and the Required
        Certificateholders to (i) cure any ambiguity or correct any provision of
        the Trust Agreement or (ii) with the consent of each Certificateholder
        the interests of which in its Certificates or the Trust would be
        adversely affected in any material respect thereby, supplement, add,
        eliminate, or change in any manner one or more provisions of this Trust
        Agreement or modify in any manner the rights of the Certificateholders;
        provided, however, that such action, as evidenced by an Opinion of
        Counsel, shall not adversely affect in any material respect the
        interests of the Indenture Trustee, or the Registered Owners taken as a
        whole, except that no such Opinion of Counsel will be required if each
        rating agency then rating any of the Notes provides prior written
        confirmation that the proposed amendment will not result in the
        withdrawal, downgrade or qualification of the then current ratings of
        the Notes; provided further, if in the opinion of the Delaware Trustee
        any amendment adversely affects any right, duty or liability of, or
        immunity or indemnity in favor of, it or the Trust Company under this
        Trust Agreement, the Transaction Documents or any of the documents
        contemplated hereby or thereby to which it or the Trust is a party, or
        would cause or result in any conflict with or breach of or default under
        any terms, conditions or provisions of its charter documents or bylaws
        or any document contemplated hereby or thereby to which it is a party,
        the Delaware Trustee may in its sole discretion decline to enter into
        such amendment.

                                       33
<PAGE>

                (b) Promptly after the execution of any such amendment or
        consent, the Trust shall furnish written notification of the substance
        of such amendment or consent to each Rating Agency (as defined in the
        Indenture) then rating any of the Notes and the Certificateholders.

                (c) It shall not be necessary for the consent of the
        Certificateholders pursuant to this Section to approve the particular
        form of any proposed amendment or consent, but it shall be sufficient if
        such consent shall approve the substance thereof. The manner of
        obtaining such consents (and any other consents of the
        Certificateholders provided for in this Trust Agreement) and of
        evidencing the authorization of the execution thereof by the
        Certificateholders shall be subject to such reasonable requirements as
        the Delaware Trustee may prescribe.

                (d) Nothing contained in this Section shall be construed as a
        delegation by a Certificateholder to the Delaware Trustee of the right
        of the Certificateholder to consent to any amendment, waiver,
        modification or supplement to the provisions of this Trust Agreement.

                (e) Prior to its execution of any amendment to this Trust
        Agreement, the Delaware Trustee shall be entitled to receive an Opinion
        of Counsel that such amendment is permitted by the Transaction Documents
        and that all conditions precedent have been met.

                (f) Any failure by a party hereto to exercise or any delay in
        exercising any of rights under this Trust Agreement shall not operate as
        a waiver of that or any other such right.

        SECTION 10.02. NO INTEREST IN TRUST ESTATE. To the fullest extent
permitted by Delaware law, including, without limitation, Sections 3805(a) and
3809 of the Trust Statute, and notwithstanding anything to the contrary in this
Trust Agreement, no Certificateholder shall have a direct ownership interest in
the Trust Estate. Pursuant to Section 3805(c) of the Trust Statute, a
Certificateholder's interest in the Trust is personal property notwithstanding
the nature of the property comprising the Trust Estate and no Certificateholder
has an interest in specific property comprising the Trust Estate. No transfer,
by operation of law or otherwise, of any right, title or interest of a
Certificateholder in the Trust or under the Trust Statute shall operate to
terminate this Trust Agreement, the Trust or the trusts created hereunder or
entitle any successor or transferee to an accounting or to the transfer to it of
title to all or any part of the Trust Estate. The performance by the
Administrator or a Certificateholder of any obligation of the Delaware Trustee
or the Trust hereunder or of the Trust under the Indenture or any other document
contemplated hereby or thereby shall not be construed as a revocation of the
trusts created hereby. The Certificateholders shall not have any liability for
the performance of this Trust Agreement except as expressly set forth herein.

                                       34
<PAGE>

        SECTION 10.03. SALE OF THE TRUST ESTATE BY DELAWARE TRUSTEE IS BINDING.
Any sale or other conveyance of the Trust Estate or any part thereof by the
Delaware Trustee made pursuant to the terms of this Trust Agreement or the
Indenture shall bind the Certificateholders and shall be effective to transfer
or convey all right, title and interest of the Trust, the Delaware Trustee and
the Certificateholders in and to the Trust Estate or such part thereof. No
purchaser or other grantee shall be required to inquire as to the authorization,
necessity, expediency or regularity of such sale or conveyance or as to the
application of any sale or other proceeds with respect thereto by the Delaware
Trustee.

        SECTION 10.04. LIMITATIONS ON RIGHTS OF OTHERS. Except as permitted
under Section 10.09 hereof, nothing in this Trust Agreement, whether express or
implied, shall be construed to give to any person other than the Trust Company,
the Delaware Trustee, the Depositor, the Certificateholders and the Indenture
Trustee any legal or equitable right, remedy or claim under the Trust or in
respect of this Trust Agreement, any covenants, conditions or provisions
contained herein.

        SECTION 10.05. NOTICES, ETC. All notices, requests, demands, consents
and other communications ("Notices") required or contemplated by the provisions
hereof shall refer on their face to this Trust Agreement (although failure to do
so shall not make such Notice ineffective), shall, unless otherwise stated
herein, be in writing and sent by telecopy, telegram, electronic transmission,
mail (by certified or registered mail, return receipt requested) or by reputable
overnight courier to the following addresses:

        if to the Delaware Trustee:        M&T Trust Company of Delaware
                                           1220 North Market Street, Suite 202
                                           Mail Code: MD1-WD22
                                           Wilmington, DE 19801
                                           Attention:  Rita Marie Ritrovato
                                           Phone:  (302) 255-4966
                                           FAX:  (302) 661-2266
                                           E-mail:  rritrovato@mandtbank.com

        if to the Depositor:               Nelnet Student Loan Funding, LLC
                                           121 South 13th Street, Suite 201
                                           Lincoln, NE  68508
                                           Attention:  Carol Aversman
                                           Phone:  (402) 458-2305
                                           FAX:  (402) 458-2399

        if to the Indenture Trustee:       To such Person and at such address as
                                           may be specified in the Indenture.

                                       35
<PAGE>

or at such other address as shall be designated in written notice to the
Delaware Trustee by the Persons entitled to receive notices pursuant to this
Trust Agreement. All such notices shall be effective when received.

        SECTION 10.06. SEVERABILITY. Any provision of this Trust Agreement which
is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction.

        SECTION 10.07. SEPARATE COUNTERPARTS. This Trust Agreement may be
executed by the parties hereto in separate counterparts, each of which when so
executed and delivered shall be an original, but all such counterparts shall
together constitute but one and the same instrument.

        SECTION 10.08. ENTIRE AGREEMENT. Each party hereto agrees that this
Trust Agreement constitutes the entire agreement between the parties hereto with
respect to the subject matter hereof.

        SECTION 10.09. SUCCESSORS AND ASSIGNS. All covenants and agreements
contained herein shall be binding upon and inure to the benefit of the Delaware
Trustee, the Certificateholders, the Administrator and the Indenture Trustee and
their respective successors and assigns, all as herein provided. Any request,
notice, direction, consent, waiver or other writing or action by a
Certificateholder shall bind its successors and assigns.

        SECTION 10.10. GOVERNING LAW. This Trust Agreement shall be governed by,
and construed in accordance with, the substantive laws of the State of Delaware
(without regard to conflict of law provisions) applicable to contracts to be
performed entirely within such state, including all matters of construction,
validity and performance.

        SECTION 10.11. NO LIABILITY OF CERTIFICATEHOLDERS. Except as provided in
Sections 3.04(b), 5.03, 6.08 and 7.03 hereof, neither the Certificateholders nor
the Administrator shall be liable for any losses, claims, damages, liabilities
and expenses of the Trust.

        SECTION 10.12. ACTIONS BY THE CERTIFICATEHOLDERS. Any actions required
to be taken by the Certificateholders shall, unless otherwise specified herein,
be taken with the consent of the Required Certificateholders.

        SECTION 10.13. FORCE MAJEURE. The Delaware Trustee shall not be
responsible for delays or failures in performance resulting from acts beyond its
control; provided however, the Delaware Trustee shall take reasonably
appropriate measures to prevent any such acts from causing delays or failures in
performance under this Trust Agreement. Such acts shall include, without
limitation, acts of God, strikes, lockouts, riots, acts of war or terrorism,
epidemics, nationalization, expropriation, currency restrictions, government
regulations adopted after the date of this Trust Agreement, fire, communication
line failures, computer viruses, power failures, earthquakes or other disasters
of a similar nature.

                           [SIGNATURE PAGE TO FOLLOW]



                                       36
<PAGE>

        IN WITNESS WHEREOF, the parties hereto have caused this Trust Agreement
to be duly executed by their respective officers as of the day and year first
above written.

                                         NELNET STUDENT LOAN FUNDING, LLC,
                                         as Depositor

                                         By:  NELNET STUDENT LOAN FUNDING
                                              MANAGEMENT CORPORATION, as
                                              Manager and Special Member



                                         By  /s/ Hannah Smitterberg
                                            ------------------------------------
                                             Hannah Smitterberg, Assistant Vice
                                             President


                                         M&T TRUST COMPANY OF DELAWARE, in its
                                         individual capacity and in its capacity
                                         as Delaware Trustee



                                         By   /s/ Robert D. Brown
                                            ------------------------------------
                                         Name:    Robert D. Brown
                                               ---------------------------------
                                         Title:   Vice President
                                                --------------------------------


                                       37
<PAGE>

                                    EXHIBIT A

                    CERTIFICATEHOLDERS' CAPITAL CONTRIBUTIONS


                   Depositor                     Percentage Interest
                   ---------                     -------------------

Nelnet Student Loan Funding, LLC                         100%

(Aggregate principal amount of Trust Estate)

        TOTAL                                            100%


<PAGE>

                                    EXHIBIT B

                      FORM OF TRUST PAYMENT DATE STATEMENT


                 For the Payment Date dated __________ __, _____

Nelnet Student Loan Trust 2007-1

(1) Amount received from the Indenture Trustee under the
    Indenture on the Payment Date:                                 $
                                                                    ------------
(2) Amount, if any, deducted pursuant to Section 4.01 of
    the Trust Agreement:                                           $
                                                                    ------------
     (a)  Trust Company and Delaware Trustee
          fees and expenses:                           $
                                                        ----------
     (b)  Administrator fees and expenses:             $
                                                        ----------
                                                         Total     $
                                                                    ------------

(3) Total amount to be remitted to Certificateholders
     (Item (1) minus Item (2)):                                    $
                                                                    ------------



<PAGE>


                                    EXHIBIT C

                               FORM OF CERTIFICATE



        THIS CERTIFICATE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE AND MAY
NOT BE RESOLD OR TRANSFERRED UNLESS IT IS REGISTERED PURSUANT TO SUCH ACT AND
LAWS OR IS SOLD OR TRANSFERRED IN TRANSACTIONS WHICH ARE EXEMPT FROM
REGISTRATION UNDER SUCH ACT AND UNDER APPLICABLE STATE LAW AND IS TRANSFERRED IN
ACCORDANCE WITH THE PROVISIONS OF THE TRUST AGREEMENT REFERRED TO HEREIN.


        THIS CERTIFICATE DOES NOT REPRESENT DEPOSITS OR OBLIGATIONS OF OR ANY
INTEREST IN THE ADMINISTRATOR OR M&T TRUST COMPANY OF DELAWARE.

        Certificate No. __________

        Percentage Interest evidenced by this Certificate: ___%

                                   CERTIFICATE
                   Issued by Nelnet Student Loan Trust 2007-1


        This Certificate (the "Certificate") is not guaranteed or insured by any
governmental agency or instrumentality and does not represent deposits or
obligations of or any interest in the Administrator or M&T Trust Company of
Delaware.

        This Certificate certifies that _______________ is the registered owner
(the "Certificateholder") of the Percentage Interest evidenced by this
Certificate specified above in the Nelnet Student Loan Trust 2007-1 (the
"Trust"). The Trust was created pursuant to a Trust Agreement, dated as of May
1, 2007 (the "Trust Agreement"), between Nelnet Student Loan Funding, LLC, as
Initial Certificateholder and Depositor (the "Depositor"), and M&T Trust Company
of Delaware, as Delaware trustee (the "Delaware Trustee"). To the extent not
defined herein, the capitalized terms used herein have the meanings assigned in
the Trust Agreement. This Certificate is issued under and is subject to the
terms, provisions and conditions of the Trust Agreement, to which Trust
Agreement the Certificateholder by virtue of the acceptance hereof assents and
by which such Certificateholder is bound.

        This Certificate has not been and will not be registered under the
Securities Act of 1933, as amended (the "Securities Act"), and will not be
listed on any exchange. In addition to other restrictions on transfer set forth
in the Trust Agreement, no transfer of this Certificate shall be made to a
Person or entity unless such transfer is made pursuant to an effective
registration statement under the Securities Act and any applicable state
securities laws or is exempt from the registration requirements under the
Securities Act and such laws.

                                       C-1
<PAGE>

        In the event that a transfer is to be made in reliance upon an exemption
from the Securities Act and state securities laws, in order to assure compliance
with the Securities Act and such laws, the Certificateholder desiring to effect
such transfer and such Certificateholder's prospective transferee shall each
certify to the Trust, the Delaware Trustee, the Administrator and the
transferring Certificateholder in writing the facts surrounding the transfer in
substantially the forms required by the Trust Agreement. Except in the case of a
transfer as to which the proposed transferee has provided a Rule 144A Letter
with respect to a Rule 144A transaction, there shall also be delivered to the
Trust an Opinion of Counsel (unless such transfer is made to an affiliate of the
transferor) to the effect that such transfer may be made pursuant to an
exemption from the Securities Act, which Opinion of Counsel shall not be an
expense of the Trust, the Delaware Trustee (unless it is the transferee from
whom such opinion is to be obtained) or of the Administrator. The
Certificateholder desiring to effect such a transfer shall, and does hereby
agree to, indemnify the Trust, the Delaware Trustee and the Administrator
against any liability that may result if the transfer is not so exempt or is not
made in accordance with federal and state securities laws.

        No transfer, sale, pledge or other disposition of this Certificate shall
be made unless prior to such transfer, sale, pledge or other disposition, the
Trust shall have received either (i) a representation letter from the transferee
of such Certificate, acceptable to and in form and substance satisfactory to the
Delaware Trustee, to the effect that such a transferee is not an employee
benefit plan subject to Section 406 of ERISA or Section 4975 of the Internal
Revenue Code of 1986, as amended (the "Code"), or a person acting on behalf of
any such plan, or (ii) in the case of any Certificate presented for registration
in the name of an employee benefit plan subject to ERISA or Section 4975 of the
Code (or comparable provisions of any subsequent enactments), or a trustee of
any such plan or any other person acting on behalf of any such plan, an Opinion
of Counsel satisfactory to the Trust, the Delaware Trustee and the Administrator
to the effect that the purchase or holding of such Certificate will not result
in the Trust or the Trust Estate being deemed to be "plan assets" and subject to
the prohibited transaction provisions of ERISA and the Code and will not subject
the Trust, the Delaware Trustee, the Administrator or the transferring
Certificateholder to any obligation in addition to those undertaken in the Trust
Agreement. Notwithstanding anything else to the contrary herein, in the event
any purported transfer of a Certificate is made without delivery of the
representation letter referred to above, such representation shall be deemed to
have been made by the transferee by its acceptance of such Certificate. In
addition, any purported transfer of a Certificate to or on behalf of an employee
benefit plan subject to ERISA or to the Code without the delivery to the Trust,
the Delaware Trustee and the Administrator of an Opinion of Counsel as described
above shall be void and of no effect.

        This Certificate is one of a duly authorized issue of Certificates
representing a beneficial undivided ownership interest in the Trust created by
the Trust Agreement. This Certificate shall not be entitled to any benefit under
the Trust Agreement or be valid for any purpose unless manually countersigned by
an Authorized Officer of the Delaware Trustee.

        The Certificateholder, by its acceptance of this Certificate, agrees
that it will look solely to the Trust Estate for payment hereunder and that
neither the Delaware Trustee nor the Administrator is liable to the
Certificateholders for any amount distributable under this Certificate or the
Trust Agreement, except as expressly provided in the Trust Agreement.

                                       C-2
<PAGE>

        This Certificate does not purport to summarize the Trust Agreement and
reference is made to the Trust Agreement for the interests, rights and
limitations of rights, benefits, obligations and duties evidenced thereby, and
the rights, duties and immunities of the Delaware Trustee and the Administrator.

        Pursuant to the terms of the Trust Agreement, a distribution on all
Certificates issued by the Trust will be made as provided in the Trust Agreement
to the Persons in whose name such Certificates are then registered. Such
distribution will be made pro rata to the holders based on their respective
Percentage Interests.

        Distributions on this Certificate shall be made by wire transfer to the
Certificateholder entitled thereto as its name appears on the Register. The
final distribution on the Certificate will be made in like manner, but only upon
presentment and surrender of such Certificate at the office or agency of the
Trust specified in the notice to Certificateholders of such final distribution.

        As provided in the Trust Agreement and subject to certain limitations
therein set forth, the transfer of this Certificate is registrable in the
Register upon surrender of this Certificate for registration of transfer at the
office maintained by the Trust accompanied by a written instrument of transfer
in form satisfactory to the Trust duly executed by the Certificateholder hereof
or such Certificateholder's attorney duly authorized in writing, and thereupon
one or more new Certificates in authorized denominations and evidencing the same
aggregate ownership in the Certificates are issuable only as registered
Certificates without coupons in denominations specified in the Trust Agreement.
As provided in the Trust Agreement and subject to certain limitations therein
set forth, Certificates are exchangeable for new Certificates in authorized
denominations and evidencing the same aggregate Percentage Interest, as
requested by the Certificateholder surrendering the same.

        The Trust shall keep or cause to be kept, at the office or agency
maintained pursuant to the Trust Agreement, a Register in which, subject to such
reasonable regulations as it may prescribe, the Registrar shall provide for the
registration of Certificates and of transfers and exchanges of Certificates as
herein provided.

        Prior to due presentation of a Certificate for registration of transfer,
the Trust, the Delaware Trustee, the Administrator and the Registrar may treat
the Person in whose name any Certificate is registered in the Register as the
owner of such Certificate for the purpose of receiving distributions pursuant to
the Trust Agreement and for all other purposes whatsoever, and none of the
Trust, the Delaware Trustee, the Administrator and the Registrar shall be bound
by any notice to the contrary.

        THE TRUST AGREEMENT CONSTITUTES THE CONTRACT GOVERNING THE RIGHTS AND
OBLIGATIONS OF THE CERTIFICATEHOLDERS. THIS CERTIFICATE IS ONLY EVIDENCE OF SUCH
CONTRACT AND, AS SUCH, IS SUBJECT IN ALL RESPECT TO THE TERMS OF THE TRUST
AGREEMENT, WHICH SUPERCEDES ANY INCONSISTENT STATEMENTS IN THIS CERTIFICATE.


                                       C-3
<PAGE>


        IN WITNESS WHEREOF, the Trust has caused this Certificate to be duly
executed.

        Dated: __________, _____

                                      NELNET STUDENT LOAN TRUST 2007-1

                                      By:  M&T TRUST COMPANY OF DELAWARE, not in
                                      its individual capacity but solely in its
                                      capacity as Delaware Trustee of the Nelnet
                                      Student Loan Trust 2007-1:



                                      By
                                         ---------------------------------------
                                      Name:
                                            ------------------------------------
                                      Title:
                                             -----------------------------------


This is one of the Certificates referenced in the within-mentioned Trust
Agreement:



        By
          ---------------------------------------
        Authorized Signatory of M&T Trust Company
        of Delaware, not in its individual capacity
        but solely in its capacity as Delaware Trustee
        of the Nelnet Student Loan Trust 2007-1


                                       C-4
<PAGE>


                                   ASSIGNMENT


        FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
                  (Please print or typewrite name and address
                     including postal zip code of assignee)

        the Percentage Interest evidenced by the within Certificate and hereby
authorizes the transfer of registration of such Percentage Interest to assignee
on the Register of the Trust.

        I (We) further direct the Delaware Trustee to issue a new Certificate of
a like denomination, to the above named assignee and deliver such Certificate to
the following address:

        Dated: __________

                                           -------------------------------------
                                           Signature by or on behalf of assignor



                            DISTRIBUTION INSTRUCTIONS

        The assignee should include the following for purposes of distribution:

        Distributions shall be made, by wire transfer or otherwise, in
immediately available funds to

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
for the account of
                   -------------------------------------------------------------
account number __________.    Applicable statements should be mailed to

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

This information is provided by ____________________, the assignee named above,
or ____________________, as its agent.


                                       C-5
<PAGE>


                                    EXHIBIT D

                            FORM OF TRANSFEROR LETTER


                                     [DATE]

[Name and Address of Addressees]


        Re:     Nelnet Student Loan Trust 2007-1 formed pursuant to the Trust
                Agreement, dated as of May 1, 2007, between Nelnet Student Loan
                Funding, LLC, as Initial Certificateholder and Depositor, and
                M&T Trust Company of Delaware, as Delaware Trustee (the "Trust
                Agreement")

                Transferor Certificates Number[s]:  ___
                Transferee Certificates Number[s]:  ___

Ladies and Gentlemen:

        In connection with our disposition of Certificates issued by the
above-referenced Trust, we certify that (a) we understand that such Certificates
have not been registered under the Securities Act of 1933, as amended (the
"Securities Act"), and are being disposed by us in a transaction that is exempt
from the registration requirements of the Securities Act, (b) the disposition of
the Certificates is subject to restrictions and requirements set forth in the
Trust Agreement, and (c) we have not transferred, pledged, offered, sold or
otherwise disposed of any Certificate or any interest in any Certificate to, or
solicited offers to buy or accept a transfer, pledge or other disposition of any
Certificate or any interest in any Certificate from, any person, or otherwise
approved or negotiated with any person with respect thereto, in a manner that
would be deemed, or taken any other action which would result in, a violation of
Section 5 of the Securities Act.

                                          Very truly yours,

                                          [NAME OF TRANSFEROR]



                                          By
                                             -----------------------------------
                                              Authorized Officer


<PAGE>

                                    EXHIBIT E

                            FORM OF INVESTMENT LETTER


                                     [DATE]

[Name and Address of Addressees]


        Re:     Nelnet Student Loan Trust 2007-1 formed pursuant to the Trust
                Agreement, dated as of May 1, 2007, between Nelnet Student Loan
                Funding, LLC, as Initial Certificateholder and Depositor, and
                M&T Trust Company of Delaware, as Delaware Trustee (the "Trust
                Agreement")

                Transferor Certificates Number[s]:  ___
                Transferee Certificates Number[s]:  ___

Ladies and Gentlemen:

        In connection with our acquisition of Certificates issued by the
above-referenced Trust, we certify that (a) we understand that the Certificates
are not being, and have not been, registered under the Securities Act of 1933,
as amended (the "Securities Act"), or any state securities laws and are being,
and are required to be, transferred to us in a transaction that is exempt from
the registration requirements of the Securities Act and any such laws, (b) we
are an "accredited investor," as defined in Regulation D under the Securities
Act, and have such knowledge and experience in financial and business matters
that we are capable of evaluating the merits and risks of investments in the
Certificates and based upon our present and projected net income and net worth,
we believe that we can bear the economic risk of an immediate or future loss of
our entire investment in the Certificates, (c) we have had the opportunity to
ask questions of and have receive answers from the Trust, the Delaware Trustee,
the Administrator and the transferring Certificateholder concerning the Trust
and the purchase of the Certificates and all matters relating thereto or any
additional information deemed necessary to our decision to purchase the
Certificates, (d) we are acquiring the Certificates for investment for our own
account and not with a view to any distribution of such Certificates (but
without prejudice to our right at all times to sell or otherwise dispose of the
Certificates in accordance with clause (h) below), (e) we have not transferred,
pledged, offered, sold or otherwise disposed of any Certificate or any interest
in any Certificate to, or solicited offers to buy or accept a transfer, pledge
or other disposition of any Certificate or any interest in any Certificate from,
any person, or otherwise approached or negotiated with any person with respect
thereto, in a manner that would be deemed, or taken any other action which would
result in, a violation of Section 5 of the Securities Act, nor have we
authorized or will authorize any person to act in such manner with respect to
any Certificate or any interest in any Certificate, (f) we are not prohibited
from purchasing the Certificates pursuant to the Trust Agreement, (g) we have
reviewed and are familiar with the form of the Certificates, including, without
limitation, the legends thereon, and (h) we will not sell, transfer or otherwise
dispose of any Certificates unless (i) such sale, transfer or other disposition
is made pursuant to an effective registration statement under the Securities Act
or is exempt from such registration requirements, (ii) we have provided at our
expense such opinions of counsel (A) requested by the Delaware Trustee as are
satisfactory to the Delaware Trustee or (B) as are required by the Trust
Agreement, (ii) the purchaser or transferee of such Certificate has executed and
delivered to you a Letter to substantially the same effect as this Letter, and
(iii) the purchaser or transferee has otherwise complied with any conditions for
transfer set forth in the Trust Agreement.


<PAGE>

        Capitalized terms used in this Letter, and not defined herein shall have
the meanings set forth in the Trust Agreement.

                                        Very truly yours,

                                        [NAME OF TRANSFEREE]



                                        By
                                           -------------------------------------
                                            Authorized Officer



                                      E-2
<PAGE>

                                    EXHIBIT F

                            FORM OF RULE 144A LETTER


                                     [DATE]

[Name and Address of Addressees]


        Re:     Nelnet Student Loan Trust 2007-1 formed pursuant to the Trust
                Agreement, dated as of May 1, 2007, between Nelnet Student Loan
                Funding, LLC, as Initial Certificateholder and Depositor, and
                M&T Trust Company of Delaware, as Delaware Trustee (the "Trust
                Agreement")

                Transferor Certificates Number[s]:  ___
                Transferee Certificates Number[s]:  ___

Ladies and Gentlemen:

        In connection with our disposition of Certificates issued by the above
referenced Trust, we certify that (a) we understand that the Certificates are
not being registered under the Securities Act of 1933, as amended (the
"Securities Act"), or any state securities laws and are being transferred to us
in a transaction that is exempt from the registration requirements of the
Securities Act and any such laws, (b) we have had the opportunity to ask
questions of and receive answers from the Delaware Trustee, the Administrator
and the transferring Certificateholder concerning the purchase of the
Certificates and all matters relating thereto or any additional information
deemed necessary to our decision to purchase the Certificates, (c) we are not
prohibited from acquiring the Certificates pursuant to the Trust Agreement, (d)
we have not, nor has anyone acting on our behalf offered, transferred, pledged,
sold or otherwise disposed of the Certificates or any interest in the
Certificates to, or solicited any offer to buy or accept a transfer, pledge or
other disposition of the Certificates or any interest in the Certificates from,
or otherwise approached or negotiated with respect to the Certificates, any
interest in the Certificates or any other similar security with, any person in
any manner, or made any general solicitation by means of general advertising or
in any other manner, or taken any other action, that would constitute a
distribution of the Certificates under the Securities Act or that would render
the disposition of the Certificates a violation of Section 5 of the Securities
Act or require registration pursuant thereto, nor will act, nor has authorized
or will authorize any person to act, in such manner with respect to the
Certificates, (e) we are a "qualified institutional buyer" as that term is
defined in Rule 144A under the Securities Act and have completed either of the
forms of certification to that effect attached hereto as Annex 1 or Annex 2. We
are aware that the sale to us is being made in reliance on Rule 144A. We are
acquiring the Certificates for our own account or for resale pursuant to Rule
144A and further, understand that such Certificates may be resold, pledged or
transferred only (i) to a person reasonably believed to be a qualified



<PAGE>

institutional buyer that purchases for its own account or for the account of a
qualified institutional buyer to whom notice is given that the resale, pledge or
transfer is being made in reliance on Rule 144A, or (ii) pursuant to a
registration, or another exemption from registration, under the Securities Act
and in compliance with the requirements and restrictions set forth in the Trust
Agreement.

                                       Very truly yours,

                                       [NAME OF TRANSFEREE]



                                       By
                                          --------------------------------------
                                           Authorized Officer

                                      F-2
<PAGE>


                              ANNEX 1 TO EXHIBIT F

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

                 [For Transferees Other Than Registered Investment Companies]

        The undersigned (the "Buyer") hereby certifies as follows to the parties
listed in the Rule 144A Transferee Letter to which this certification relates
with respect to the Certificates described therein:

               i. As indicated below, the undersigned is the President, Chief
Financial Officer, Senior Vice President or other executive officer of the
Buyer.

               ii. In connection with purchases by the Buyer, the Buyer is a
"qualified institutional buyer" as that term is defined in Rule 144A under the
Securities Act of 1933, as amended ("Rule 144A") because (i) the Buyer owned
and/or invested on a discretionary basis $__________(1) in securities (except
for the excluded securities referred to below) as of the end of the Buyer's most
recent fiscal year (such amount being calculated in accordance with Rule 144A)
and (ii) the Buyer satisfies the criteria in the category marked below.

                      CORPORATION, ETC. The Buyer is a corporation (other than a
               bank, savings and loan association or similar institution),
               Massachusetts or similar statutory trust, partnership, or
               charitable organization described in Section 501(c)(3) of the
               Internal Revenue Code of 1986, as amended.

                      BANK. The Buyer (a) is a national bank or banking
               institution organized under the laws of any State, territory or
               the District of Columbia, the business of which is substantially
               confined to banking and is supervised by the State or territorial
               banking commission or similar official or is a foreign bank or
               equivalent institution, and (b) has an audited net worth of at
               least $25,000,000 as demonstrated in its latest annual financial
               statements, a copy of which is attached hereto.

                      SAVINGS AND LOAN. The Buyer (a) is a savings and loan
               association, building and loan association, cooperative bank,
               homestead association or similar institution, which is supervised
               and examined by a State or Federal authority having supervision
               over any such institutions or is a foreign savings and loan
               association or equivalent institution and (b) has an audited net
               worth of at least $25,000,000 as demonstrated in its latest
               annual financial statements, a copy of which is attached hereto.

                      BROKER-DEALER. The Buyer is a dealer registered pursuant
               to Section 15 of the Securities Exchange Act of 1934.

---------------
(1) Buyer must own and/or invest on a discretionary basis at least $100,000,000
in securities unless Buyer is a dealer, and, in that case, Buyer must own and/or
invest on a discretionary basis at least $10,000,000 in securities.


<PAGE>

                      INSURANCE COMPANY. The Buyer is an insurance company whose
               primary and predominant business activity is the writing of
               insurance or the reinsuring of risks underwritten by insurance
               companies and which is subject to supervision by the insurance
               commissioner or a similar official or agency of a State,
               territory or the District of Columbia.

                      STATE OR LOCAL PLAN. The Buyer is a plan established and
               maintained by a State, its political subdivisions, or any agency
               or instrumentality of the State or its political subdivisions,
               for the benefit of its employees.

                      ERISA PLAN. The Buyer is an employee benefit plan within
               the meaning of Title I of the Employee Retirement Income Security
               Act of 1974 (provided the opinion required by the Trust Agreement
               has been delivered to the Trust, the Delaware Trustee and the
               Administrator).

                      INVESTMENT ADVISOR. The Buyer is an investment advisor
               registered under the Investment Advisors Act of 1940.

                      SMALL BUSINESS INVESTMENT COMPANY. Buyer is a small
                business investment company licensed by the U. S. Small Business
                Administration under Section 301(c) or (d) of the Small Business
                Investment Act of 1958.

                      BUSINESS DEVELOPMENT COMPANY. Buyer is a business
                development company as defined in Section 202(a)(22) of the
                Investment Advisors Act of 1940.

               iii. The term "securities" as used herein does not include (i)
securities of issuers that are affiliated with the Buyer, (ii) securities that
are part of an unsold allotment to or subscription by the Buyer, if the Buyer is
a dealer, (iii) securities issued or guaranteed by the U. S. or any
instrumentality thereof, (iv) bank deposit notes and certificates of deposit,
(v) loan participations, (vi) repurchase agreements, (vii) securities owned but
subject to a repurchase agreement and (viii) currency, interest rate and
commodity swaps.

               iv. For purposes of determining the aggregate amount of
securities owned and/or invested on a discretionary basis by the Buyer, the
Buyer used the cost of such securities to the Buyer and did not include any of
the securities referred to in the preceding paragraph, except (i) where the
Buyer reports its securities holdings in its financial statements on the basis
of their market value, and (ii) no current information with respect to the cost
of those securities has been published. If clause (ii) above in the preceding
sentence applies, the securities may be valued at market. Further, in
determining such aggregate amount, the Buyer may have included securities owned
by subsidiaries of the Buyer, but only if such subsidiaries are consolidated
with the Buyer in its financial statements prepared in accordance with generally
accepted accounting principles and if the investments of such subsidiaries are
managed under the Buyer's direction. However, such securities were not included
if the Buyer is a majority-owned, consolidated subsidiary of another enterprise
and the Buyer is not itself a reporting company under the Securities Exchange
Act of 1934, as amended.

                                       F-1-2
<PAGE>

               v. The Buyer acknowledges that it is familiar with Rule 144A and
understands that the seller to it and other parties related to the Certificates
are relying and will continue to rely on the statements made herein because one
or more sales to the Buyer may be in reliance on Rule 144A.

               vi. Until the date of purchase of the Rule 144A Securities, the
Buyer will notify each of the parties to which this certification is made of any
changes in the information and conclusions herein. Until such notice is given,
the Buyer's purchase of the Certificates will constitute a reaffirmation of this
certification as of the date of such purchase. In addition, if the Buyer is a
bank or savings and loan is provided above, the Buyer agrees that it will
furnish to such parties updated annual financial statements promptly after they
become available.


                                       Print Name of Buyer


                                       By:
                                           -------------------------------------
                                           Name:
                                           Title:


                                           Date:


                                       F-1-3
<PAGE>

                              ANNEX 2 TO EXHIBIT F

            QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

           [For Transferees That are Registered Investment Companies]

        The undersigned (the "Buyer") hereby certifies as follows to the parties
listed in the Rule 144A Transferee Letter to which this certification relates
with respect to the Certificates described therein:

        1. As indicated below, the undersigned is the President, Chief Financial
Officer or Senior Vice President of the Buyer or, if the Buyer is a "qualified
institutional buyer" as that term is defined in Rule 144A under the Securities
Act of 1933, as amended ("Rule 144A") because Buyer is part of a Family of
Investment Companies (as defined below), is such an officer of the adviser to
such Family of Investment Companies.

        2. In connection with purchases by Buyer, the Buyer is a "qualified
institutional buyer" as defined in Rule 144A because (i) the Buyer is an
investment company registered under the Investment Company Act of 1940, as
amended and (ii) as marked below, the Buyer alone, or the Buyer's Family of
Investment Companies, owned at least $100,000,000 in securities (other than the
excluded securities referred to below) as of the end of the Buyer's most recent
fiscal year. For purposes of determining the amount of securities owned by the
Buyer or the Buyer's Family of Investment Companies, the cost of such securities
was used, except (I) where the Buyer or the Buyer's Family of Investment
Companies reports its securities holdings in its financial statements on the
basis of their market value, and (II) no current information with respect to the
cost of those securities has been published. If clause (II) in the preceding
sentence applies, the securities may be valued at market.

               The Buyer owned $_______ in securities (other than the excluded
        securities referred to below) as of the end of the Buyer's most recent
        fiscal year (such amount being calculated in accordance with Rule 144A).

               The Buyer is part of a Family of Investment Companies which owned
        in the aggregate $_______ in securities (other than the excluded
        securities referred to below) as of the end of the Buyer's most recent
        fiscal year (such amount being calculated in accordance with Rule 144A).

        3. The term "Family of Investment Companies" as used herein means two or
more registered investment companies (or series thereof) that have the same
investment adviser or investment advisers that are affiliated (by virtue of
being majority owned subsidiaries of the same parent or because one investment
adviser is a majority owned subsidiary of the other).

        4. The term "securities" as used herein does not include (i) securities
of issuers that are affiliated with the Buyer or are part of the Buyer's Family
of Investment Companies, (ii) securities issued or guaranteed by the U.S. or any
instrumentality thereof, (iii) bank deposit notes and certificates of deposit,
(iv) loan participations, (v) repurchase agreements, (vi) securities owned but
subject to a repurchase agreement and (vii) currency, interest rate and
commodity swaps.


<PAGE>

        5. The Buyer is familiar with Rule 144A and understands that the parties
listed in the Rule 144A Transferee Letter to which this certification relates
are relying and will continue to rely on the statements made herein because one
or more sales to the Buyer will be in reliance on Rule 144A. In addition, the
Buyer will only purchase for the Buyer's own account.

        6. Until the date of purchase of the Certificates, the undersigned will
notify the parties listed in the Rule 144A Transferee Letter which this
certification relates of any changes in the information and conclusions herein.
Until such notice is given, the Buyer's purchase of the Certificates will
constitute a reaffirmation of this certification by the undersigned as of the
date of such purchase.


                                       Print Name of Buyer or Adviser


                                       By:
                                           -------------------------------------
                                           Name:
                                           Title:


                                       IF AN ADVISER:

                                       Print Name of Buyer


Date:
      ------------------------------

                                       F-2-2