Document:

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                                                                  EXHIBIT 10.116

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                             BROKER-DEALER AGREEMENT

                                  by and among

                           J.P. MORGAN SECURITIES INC.
                                       and
                             UFS SECURITIES, L.L.C.,
                              as Co-Broker-Dealers

                                       and

                      DEUTSCHE BANK TRUST COMPANY AMERICAS,
                                as Auction Agent

                                  Relating to:

                                  $100,000,000
                                   MELMAC LLC
                        Senior Student Loan Revenue Bonds
                             Series 1997A-1 and A-2
                        ("Auction Rate Securities(SM)")

                                       and

                                   $80,300,000
                                   MELMAC LLC
                        Senior Student Loan Revenue Bonds
                             Series 1999A-1 and A-2
                        ("Auction Rate Securities(SM)")

                          Dated as of October 15, 2002

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<TABLE>
<S>                                                                                                       <C>
                                                  ARTICLE I

                                    DEFINITIONS AND RULES OF CONSTRUCTION

Section 1.01.   Terms Defined by Reference to the Indenture............................................    2
Section 1.02.   Terms Defined Herein...................................................................    2
Section 1.03.   Rules of Construction..................................................................    2

                                                 ARTICLE II

                                                 THE AUCTION

Section 2.01.   Purpose: Incorporation by Reference of Auction Procedures and Settlement Procedures....    3
Section 2.02.   Preparation for Each Auction...........................................................    3
Section 2.03.   Auction Schedule: Method of Submission of Orders.......................................    4
Section 2.04.   Notices................................................................................    5
Section 2.05.   Service Charge to Be Paid to the Broker-Dealer.........................................    6
Section 2.06.   Settlement.............................................................................    6

                                                 ARTICLE III

                                              THE AUCTION AGENT

Section 3.01.   Duties and Responsibilities............................................................    7
Section 3.02.   Rights of the Auction Agent............................................................    7
Section 3.03.   The Auction Agent's Disclaimer.........................................................    8

                                                 ARTICLE IV

                                                MISCELLANEOUS

Section 4.01.   Termination............................................................................    8
Section 4.02.   Agent Member...........................................................................    8
Section 4.03.   Communications.........................................................................    8
Section 4.04.   Entire Agreement.......................................................................    9
Section 4.05.   Benefits...............................................................................    9
Section 4.06.   Amendment; Waiver......................................................................    9
Section 4.07.   Successors and Assigns.................................................................   10
Section 4.08.   Severability...........................................................................   10
Section 4.09.   Execution in Counterparts..............................................................   10

                                                  ARTICLE V

GOVERNING LAW..........................................................................................   10
</TABLE>

EXHIBIT A       SETTLEMENT PROCEDURES
EXHIBIT B       ORDER FORM

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EXHIBIT C       NOTICE OF TRANSFER
EXHIBIT D       NOTICE OF A FAILURE TO DELIVER OR MAKE PAYMENT

                                       ii

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                             BROKER-DEALER AGREEMENT

         THIS BROKER-DEALER AGREEMENT dated as of October 15, 2002 (this "Broker
Dealer Agreement"), is by and among DEUTSCHE BANK TRUST COMPANY AMERICAS
(formerly known as Bankers Trust Company and together with its successors and
assigns, the "Auction Agent"), pursuant to authority granted to it in the
Auction Agent Agreement, defined below, acting not in its individual capacity,
but solely as agent for MELMAC LLC (as assignee of the Maine Educational Loan
Marketing Corporation) (the "Corporation"), J.P. MORGAN SECURITIES INC. and UFS
SECURITIES, L.L.C. (together with their successor and assigns, collectively the
"Broker-Dealer").

                                    RECITALS:

         WHEREAS, the Corporation previously issued $100,000,000 aggregate
principal amount of its Senior Student Loan Revenue Bonds, Series 1997A-1 and
A-2 (together, the "Series 1997A Bonds") and $80,300,000 aggregate principal
amount of its Senior Student Loan Revenue Bonds, Series 1999A-1 and A-2
(together, the "Series 1999A-1/A-2 Bonds"), each Series bearing interest at a
Variable Rate. The Series 1997A Bonds and the Series 1999A-1/A-2 Bonds were each
issued under the Constitution and laws of the State of Maine and the Amended and
Restated Indenture of Trust, dated as of January 1, 1999, which amended,
supplemented and restated the Amended and Restated Indenture of Trust dated as
of July 1, 1997, which amended, supplemented and restated the Amended and
Restated Indenture of Trust, dated as of May 1, 1996, which amended,
supplemented and restated the Indenture of Trust, dated as of May 1, 1994,
between the Corporation and the Trustee, as trustee, as further amended and
supplemented (collectively, the "Indenture"). The Series 1997A Bonds and the
Series 1999A-1/A-2 Bonds were initially issued as Variable Rate Securities under
the Indenture. On November 17, 1999, the Series 1997A Bonds and the Series
1999A-1/A-2 Bonds were converted to Auction Rate Securities in accordance with
the provisions of the Indenture. Pursuant to Section 2.10(b) of the Indenture,
the Broker-Dealer has been appointed to act in the capacities set forth in this
Broker-Dealer Agreement; and

         WHEREAS, the Indenture provides that the interest rate for the Auction
Rate Securities for each Interest Period after the Initial Period shall equal
the Auction Rate determined pursuant to the Auction Procedures set forth in the
Indenture; and

         WHEREAS, pursuant to Section 2.10(b) of the Indenture and Section 2.10
of the Auction Agent Agreement, dated as of November 1, 1999 (the "Auction Agent
Agreement"), among the Trustee, the Auction Agent and the Corporation, the
Corporation has directed the Auction Agent to execute and deliver this
Broker-Dealer Agreement; and

         WHEREAS, the Auction Procedures require the participation of one or
more Broker-Dealers;

         NOW, THEREFORE, in consideration of the mutual covenants contained
herein and other good and valuable consideration, the receipt and sufficiency of
which is hereby

<PAGE>

acknowledged, the Auction Agent, as agent of the Corporation and the
Broker-Dealer agree as follows:

                                    ARTICLE I

                      DEFINITIONS AND RULES OF CONSTRUCTION

         SECTION 1.01. TERMS DEFINED BY REFERENCE TO THE INDENTURE. Capitalized
terms used herein and not otherwise defined herein shall have the meanings given
such terms in the Indenture.

         SECTION 1.02. TERMS DEFINED HEREIN. As used herein and in the
Settlement Procedures, defined below, the following terms shall have the
following meanings, unless the context otherwise requires:

         "Applicable Auction Rates" means the rate per annum at which interest
accrues on a subseries of the Auction Rate Securities during the related
Interest Period.

         "Auction Rate" means the Auction Rate as defined in the Indenture.

         "Auction Rate Securities" means, collectively, the Series 1997A Bonds
bearing interest at an Auction Rate and the Series 1999A-1/A-2 Bonds bearing
interest at an Auction Rate.

         "Authorized Officer" means, with respect to the Auction Agent, each
Senior Vice President, Vice President, Assistant Vice President, Trust Officer,
Assistant Manager of the Auction Agent and every other officer of the Auction
Agent assigned to its Corporate Trust and Agency Group and every other officer
or employee of the Auction Agent designated as an "Authorized Officer" for
purposes of this Agreement in a communication to the Broker-Dealer.

         "Broker-Dealer Officer" means each officer or employee of the
Broker-Dealer designated as a "Broker-Dealer Officer" for purposes of this
Broker-Dealer Agreement in a communication to the Auction Agent.

         "Beneficial Owner" means a beneficial owner of any of the Auction Rate
Securities.

         "Notice of Failure to Deliver or Make Payment" means a notice
substantially in the form of Exhibit D hereto.

         "Notice of Transfer" means a notice substantially in the form of
Exhibit C hereto.

         "Order Form" means the form to be submitted by any Broker-Dealer on or
prior to any Rate Determination Date substantially in the form of Exhibit B
hereto.

         "Settlement Procedures" means the Settlement Procedures attached hereto
as Exhibit A.

                                       2

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         SECTION 1.03. RULES OF CONSTRUCTION. Unless the context or use indicate
another or different meaning or intent, the following rules shall apply to the
construction of this Broker-Dealer Agreement:

                  (a)      Words importing the singular number shall include the
         plural number and vice versa.

                  (b)      The captions and headings herein are solely for
         convenience of reference and shall not constitute a part of this
         Broker-Dealer Agreement nor shall they affect its meaning, construction
         or effect.

                  (c)      The words "hereof," "herein," "hereto" and other
         words of similar import refer to this Broker-Dealer Agreement as a
         whole.

                  (d)      All references herein to a particular time of day
         shall be to New York City time.

                                   ARTICLE II

                                   THE AUCTION

         SECTION 2.01. PURPOSE: INCORPORATION BY REFERENCE OF AUCTION PROCEDURES
AND SETTLEMENT PROCEDURES.

                  (a)      On each Rate Determination Date, except for a Rate
         Determination Date which is also an Auction Period Conversion Date, the
         provisions of the Auction Procedures will be followed by the Auction
         Agent for the purpose of determining the Auction Rate for each
         subseries of the Auction Rate Securities for the next Interest Period.
         Each periodic operation of such procedures is hereinafter referred to
         as an "Auction."

                  (b)      Without prejudice to Section 3.01(c) hereof, all of
         the provisions contained in the Auction Procedures and the Settlement
         Procedures are incorporated herein by reference in their entirety and
         shall be deemed to be a part of this Broker-Dealer Agreement to the
         same extent as if such provisions were fully set forth herein.

                  (c)      The Broker-Dealer and other broker-dealers, as
         defined in the Indenture, may participate in Auctions for their own
         accounts.

         SECTION 2.02. PREPARATION FOR EACH AUCTION.

                  (a)      Not later than 9:30 a.m. on each Rate Determination
         Date for each subseries of the Auction Rate Securities, the Auction
         Agent shall advise the Broker-Dealer by telephone of the All Hold Rate,
         the Maximum Rate and the "AA" Composite Commercial Paper Rate or the
         Index, as the case may be, used in determining such rates.

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                  (b)      In the event the Rate Determination Date for any
         Auction shall be changed after the Auction Agent has given notice of
         such Rate Determination Date pursuant to paragraph (a)(vii) of the
         Settlement Procedures, the Auction Agent, by such means as the Auction
         Agent deems practicable, shall give notice of such change to the
         Broker-Dealer not later than the earlier of 9:15 a.m. on the new Rate
         Determination Date and 9:15 a.m. on the old Rate Determination Date.
         Thereafter, the Broker-Dealer shall use its best efforts to promptly
         notify its customers who are Existing Holders of such change in the
         Rate Determination Date.

                  (c)      From time to time upon request of the Auction Agent,
         the Broker-Dealer shall provide the Auction Agent with a statement of
         the aggregate amount of each subseries of the Auction Rate Securities
         held by the Broker-Dealer as an Existing Holder.

                  (d)      The Auction Agent shall send by telecopy or other
         means a copy of any Notice of Auction Rate Securities Outstanding, in
         substantially the form of Exhibit D to the Auction Agent Agreement,
         received from the Trustee to the Broker-Dealer in accordance with
         Section 4.03 hereof.

         SECTION 2.03. AUCTION SCHEDULE: METHOD OF SUBMISSION OF ORDERS.

                  (a)      The Auction Agent shall conduct Auctions for each
         subseries of the Auction Rate Securities in accordance with the
         schedule set forth below. Such schedule may be changed by the Auction
         Agent with the consent of the Trustee and the Market Agent, which
         consents shall not be unreasonably withheld or delayed. The Auction
         Agent shall give written notice of any such change to the
         Broker-Dealer. Such notice shall be given prior to the close of
         business on the Business Day next preceding the first Rate
         Determination Date on which any such change shall be effective.

         By 9:00 a.m.                     The Market Agent provides the Auction
                                          Agent with the Index.

         By 9:30 a.m.                     The Auction Agent advises the Trustee
                                          and the Broker-Dealers of the Maximum
                                          Rate, the All Hold Rate and the "AA"
                                          Composite Commercial Paper Rate or the
                                          Index, as the case may be, to be used
                                          in determining the Auction Rate under
                                          the Auction Procedures, the Indenture
                                          and the Auction Agent Agreement.

         9:30 a.m.-12:30 p.m.             The Auction Agent assembles
                                          information communicated to it by
                                          Broker-Dealers as provided in Section
                                          2.03(b)(i) of the Indenture. The
                                          Submission Deadline is 12:30 p.m.

         Not earlier than 12:30 p.m.      The Auction Agent makes determinations
                                          pursuant to Section 2.03(c)(i) of the
                                          Indenture.

         By approximately 3:00 p.m.       The Auction Agent advises the Trustee
                                          of the results of the Auction as
                                          provided in Section 2.03(c)(ii) of the
                                          Indenture. Submitted Bids and
                                          Submitted Sell Orders are accepted and

                                        4

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                                          rejected in whole or in part and the
                                          principal amount of Auction Rate
                                          Securities is allocated as provided in
                                          Section 2.03(d) of the Indenture. The
                                          Auction Agent gives notice of Auction
                                          results as set forth in Section
                                          2.04(a) hereof.

                  (b)      The Broker-Dealer agrees to maintain a list of
         Potential Holders and to contact the Potential Holders of such list on
         or prior to each Rate Determination Date for the purposes of
         participating in the Auction on such Rate Determination Date.

                  (c)      The Broker-Dealer shall submit Orders to the Auction
         Agent in writing by delivering an Order Form. The Broker-Dealer shall
         submit separate Orders to the Auction Agent for each Potential Holder
         or Existing Holders on whose behalf the Broker-Dealer is submitting an
         Order and shall not net or aggregate the Orders of different Potential
         Holders or Existing Holders on whose behalf the Broker-Dealer is
         submitting Orders.

                  (d)      The Broker-Dealer shall deliver to the Auction Agent
         (i) a Notice of Transfer with respect to any transfer of Auction Rate
         Securities made through the Broker-Dealer by an Existing Holder to
         another person other than pursuant to an Auction, and (ii) a Notice of
         Failure to Deliver or Make Payment with respect to the failure of any
         Auction Rate Securities to be transferred to or payment to be made by
         any person that purchased or sold Auction Rate Securities through the
         Broker-Dealer pursuant to an Auction. The Auction Agent is not required
         to accept any notice delivered pursuant to the terms of the foregoing
         sentence with respect to an Auction unless it is received by the
         Auction Agent by 3:00 p.m. on the Business Day next preceding the
         related Rate Determination Date.

                  (e)      If the Broker-Dealer is an affiliate of the
         Corporation, it must submit at the next Auction therefor a Sell Order
         covering all Auction Rate Securities held for its own account. The
         Auction Agent shall have no duty or liability with respect to
         monitoring or enforcing the requirements of this Section 2.03(e).

                  (f)      The Broker-Dealer agrees to handle its customers'
         Orders in accordance with its duties under applicable securities laws
         and rules.

         SECTION 2.04. NOTICES.

                  (a)      On each Rate Determination Date, the Auction Agent
         shall notify the Broker-Dealer by telephone of the results of the
         Auction as set forth in paragraph (a) of the Settlement Procedures. If
         requested by the Broker-Dealer, the Auction Agent shall as soon as
         practical on the Business Day next succeeding such Rate Determination
         Date if previously requested by the Broker-Dealer notify the
         Broker-Dealer in writing of the disposition of all Orders submitted by
         the Broker-Dealer in the Auction held on such Rate Determination Date.

                                       5

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                  (b)      The Broker-Dealer shall notify each Existing Holder
         or Potential Holder on whose behalf the Broker-Dealer has submitted an
         Order as set forth in paragraph (b) of the Settlement Procedures and
         take such other action as is required by the Broker-Dealer pursuant to
         the Settlement Procedures. The Broker-Dealer, as the sole, initial
         Broker-Dealer (as defined in the Indenture), shall also notify the
         Corporation, in writing of the Auction Rate within a reasonable time
         (not in excess of two Business Days) after the determination thereof.

                  (c)      The Auction Agent shall deliver to the Broker-Dealer
         after receipt all notices and certificates that the Auction Agent is
         required to deliver to the Broker-Dealer pursuant to Article II of the
         Auction Agent Agreement at the times and in the manner set forth in the
         Auction Agent Agreement.

         SECTION 2.05. SERVICE CHARGE TO BE PAID TO THE BROKER-DEALER. With
respect to each Auction for which there were Sufficient Clearing Bids or all
Auction Rate Securities were subject to Hold Orders, the Auction Agent shall pay
to the Broker-Dealer from moneys received from the Trustee, not later than 12:00
p.m., eastern time, on the next succeeding Business Day after such Auction, an
amount equal to the product of (a) a fraction the numerator of which is the
number of days in the Auction Period to which the Auction relates and the
denominator of which is 360; times (b) the Broker-Dealer Fee Rate; times (c) the
sum of (i) the aggregate principal amount of Auction Rate Securities placed by
the Broker-Dealer in such Auction that were (A) the subject of Submitted Bids of
Existing Holders submitted by the Broker-Dealer and continued to be held as a
result of such submission, and (B) the subject of Submitted Bids of Potential
Holders submitted by the Broker-Dealer and purchased as a result of such
submission; plus (ii) the aggregate principal amount of Auction Rate Securities
subject to valid Hold Orders submitted to the Auction Agent by the
Broker-Dealer; plus (iii) the aggregate principal amount of Auction Rate
Securities that were covered by Hold Orders deemed to have been submitted by
Existing Holders that were acquired by such Existing Holders through the
Broker-Dealer. For purposes of clause (c)(iii) above, if any Existing Holder who
acquired Auction Rate Securities through the Broker-Dealer transfers those
Auction Rate Securities to another person other than pursuant to an Auction,
then the Broker-Dealer shall continue to be the Broker-Dealer through which the
Auction Rate Securities so transferred were acquired; provided, however, that if
the transfer was effected by, or if the transferee is a Broker-Dealer other than
the Broker-Dealer, then such other Broker-Dealer shall be the Broker-Dealer
through which such Auction Rate Securities were acquired.

         SECTION 2.06. SETTLEMENT.

                  (a)      If any Existing Holder on whose behalf the
         Broker-Dealer has submitted a Bid or Sell Order for Auction Rate
         Securities that was accepted in whole or in part fails to instruct its
         Agent Member to deliver the Auction Rate Securities subject to such Bid
         or Sell Order against payment therefor, the Broker-Dealer shall
         instruct such Agent Member to deliver such Auction Rate Securities
         against payment therefor and the Broker-Dealer may deliver to the
         Potential Holder on whose behalf the Broker-Dealer submitted a Bid that
         was accepted in whole or in part, a principal amount of the Auction
         Rate Securities that is less than the principal amount of the Auction
         Rate Securities specified in such Bid

                                       6

<PAGE>

         to be purchased by such Potential Holder. Notwithstanding the foregoing
         terms of this Section, any delivery or non-delivery of Auction Rate
         Securities that represents any departure from the results of an
         Auction, as determined by the Auction Agent, shall be of no effect
         unless and until the Auction Agent shall have been notified of such
         delivery or non-delivery in accordance with the terms of Section
         2.03(d) hereof. The Auction Agent shall have no duty or liability with
         respect to enforcement of this Section 2.06(a).

                  (b)      Neither the Auction Agent, the Trustee, nor the
         Corporation shall have any responsibility or liability with respect to
         the failure of an Existing Holder, a Potential Holder or its respective
         Agent Member to deliver Auction Rate Securities or to pay for Auction
         Rate Securities sold or purchased pursuant to the Auction Procedures or
         otherwise. The Auction Agent shall have no responsibility for any
         adjustment to the fees paid pursuant to Section 2.05 hereof as a result
         of any failure described in this Section 2.06(b).

                                   ARTICLE III

                                THE AUCTION AGENT

         SECTION 3.01. DUTIES AND RESPONSIBILITIES.

                  (a)      The Auction Agent is acting hereunder solely as agent
         for the Corporation and owes no fiduciary duties to any person by
         reason of this Broker-Dealer Agreement.

                  (b)      The Auction Agent undertakes to perform such duties
         and only such duties as are specifically set forth in this
         Broker-Dealer Agreement, and no implied covenants or obligations shall
         be read into this Broker-Dealer Agreement against the Auction Agent by
         reason of anything set forth in the Official Statement, any other
         offering material employed in connection with the offering and sale of
         the Auction Rate Securities, or otherwise.

                  (c)      In the absence of bad faith or negligence on its
         part, the Auction Agent shall not be liable for any action taken or
         omitted or for any error of judgment made by it in the performance of
         its duties under this Broker-Dealer Agreement. The Auction Agent shall
         not be liable for any error of judgment made in good faith unless the
         Auction Agent shall have been negligent in ascertaining (or failing to
         ascertain) the pertinent facts.

         SECTION 3.02. RIGHTS OF THE AUCTION AGENT.

                  (a)      The Auction Agent may rely and shall be protected in
         acting or refraining from acting upon any communication authorized by
         this Broker-Dealer Agreement and upon any written instruction, notice,
         request, direction, consent, report, certificate, share certificate or
         other instrument, paper or document believed by it to be genuine. The
         Auction Agent shall not be liable for acting upon any telephone
         communication authorized by this Broker-Dealer Agreement which the
         Auction Agent believes in good faith to have been given by the Trustee,
         a Broker-Dealer or the Corporation. The Auction Agent may record
         telephone communications with the Broker-Dealers.

                                       7

<PAGE>

                  (b)      The Auction Agent may consult with counsel of its own
         choice, and the advice of such counsel shall be full and complete
         authorization and protection in respect of any action taken, suffered
         or omitted by it hereunder in good faith and in reliance thereon.

                  (c)      The Auction Agent shall not be required to advance,
         expend or risk its own funds or otherwise incur or become exposed to
         financial liability in the performance of its duties hereunder.

                  (d)      The Auction Agent may perform its duties and exercise
         its rights hereunder either directly or by or through agents or
         attorneys and shall not be responsible for any willful misconduct or
         negligence on the part of any agent or attorney appointed by it with
         due care hereunder.

         SECTION 3.03. THE AUCTION AGENT'S DISCLAIMER. The Auction Agent makes
no representation as to the correctness of the recitals in, or the validity or
adequacy of, this Broker-Dealer Agreement, the Auction Agent Agreement or the
Auction Rate Securities or any Official Statement or other offering material
used in connection with the offer and sale of the Auction Rate Securities.

                                   ARTICLE IV

                                  MISCELLANEOUS

         SECTION 4.01. TERMINATION. Any party may terminate this Broker-Dealer
Agreement at any time upon five days' prior notice to the other party. This
Broker-Dealer Agreement shall automatically terminate upon the delivery of
certificates representing the Auction Rate Securities pursuant to Section
2.32(d) or 2.40(d) of the Indenture, upon the successful Conversion of all
Auction Rate Securities to other than an Auction Rate, or upon termination of
the Auction Agent Agreement.

         SECTION 4.02. AGENT MEMBER. The Broker-Dealer is, and shall remain for
the term of this Broker-Dealer Agreement, a member of, or Agent Member in, the
Securities Depository (or an affiliate of such a member or Agent Member).

         SECTION 4.03. COMMUNICATIONS. Except for (a) communications authorized
to be made by telephone pursuant to this Broker-Dealer Agreement or the Auction
Procedures; and (b) communications in connection with the Auctions (other than
those expressly required to be in writing), all notices, requests and other
communications to any party hereunder shall be in writing (including facsimile
or similar writing) and shall be given to such party, addressed to it, at its
address or facsimile number set forth below:

                                       8

<PAGE>

         If to the Broker-Dealer:          J.P. Morgan Securities Inc.
                                           270 Park Avenue, 10th Floor
                                           New York, New York 10017
                                           Telephone: (212) 834-7182
                                           Facsimile: (212) 834-6737
                                           Attention: Kevin C. O'Connor

         If to the Broker-Dealer:          UFS Securities, L.L.C.
                                           6801 South 27th Street
                                           Lincoln, Nebraska 68512
                                           Telephone: (402) 484-9326
                                           Facsimile: (402) 484-9331
                                           Attention: Mark E. Portz

         If to the Auction Agent:          Deutsche Bank Trust Company Americas
                                           100 Plaza One, 6th Floor
                                           Jersey City, New Jersey 07311
                                           Telephone: (201) 593-6878
                                           Facsimile: (201) 593-6447
                                           Attention: Corporate Trust & Agency
                                           Services

         If to the Trustee:                Banknorth, National Association
                                           2300 St. George Road, P.O. Box 1350
                                           Williston, Vermont 05495
                                           Telephone: (802) 879-2050
                                           Facsimile: (802) 879-2216
                                           Attention: Corporate Trust Department

         If to the Corporation:            MELMAC LLC
                                           Two City Center
                                           Portland, Maine 04101
                                           Telephone: (207) 791-3600
                                           Facsimile: (207) 773-4159

         with a copy to:                   MELMAC LLC
                                           c/o Nelnet, Inc.
                                           121 S. 13th Street, Suite 301
                                           Lincoln, Nebraska 68508
                                           Telephone: (402) 458-2303
                                           Facsimile: (402) 458-2399
                                           Attention: Vice President

or such other address or facsimile number as such party may hereafter specify
for such purpose by notice to the other party. Each such notice, request or
communication shall be effective when delivered at the address specified herein.
Communications shall be given on behalf of the Broker-Dealer by a Broker-Dealer
Officer and on behalf of the Auction Agent by an Authorized

                                       9

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Officer of the Auction Agent. The Broker-Dealer may record telephone
communications with the Auction Agent.

         SECTION 4.04. ENTIRE AGREEMENT. This Broker-Dealer Agreement contains
the entire agreement between the parties relating to the subject matter hereof,
and there are not other representations, endorsements, promises, agreements or
understandings, oral, written or inferred, between the parties relating to the
subject matter hereof.

         SECTION 4.05. BENEFITS. Nothing in this Broker-Dealer Agreement,
express or implied, shall give to any person, other than the Auction Agent and
the Broker-Dealer and their respective successors and assigns, any benefit of
any legal or equitable right, remedy or claim under this Broker-Dealer
Agreement.

         SECTION 4.06. AMENDMENT; WAIVER.

                  (a)      This Broker-Dealer Agreement shall not be deemed or
         construed to be modified, amended, rescinded, canceled or waived, in
         whole or in part, except by a written instrument signed by a duly
         authorized representative of the parties hereto. This Broker-Dealer
         Agreement may not be amended without first obtaining the prior written
         consent of the Corporation.

                  (b)      Failure of either party to this Broker-Dealer
         Agreement to exercise any right or remedy hereunder in the event of a
         breach of this Broker-Dealer Agreement by the other party shall not
         constitute a waiver of any such right or remedy with respect to any
         subsequent breach.

         SECTION 4.07. SUCCESSORS AND ASSIGNS. This Broker-Dealer Agreement
shall be binding upon, inure to the benefit of, and be enforceable by, the
respective successors and assigns of both of the Broker-Dealer and the Auction
Agent.

         SECTION 4.08. SEVERABILITY. If any clause, provision or section of this
Broker-Dealer Agreement shall be ruled invalid or unenforceable by any court of
competent jurisdiction, the invalidity or unenforceability of such clause,
provision or section shall not affect any remaining clause, provision or
sections hereof.

         SECTION 4.09. EXECUTION IN COUNTERPARTS. This Broker-Dealer Agreement
may be executed in several counterparts, each of which shall be an original and
all of which shall constitute but one and the same instrument.

                                    ARTICLE V

                                  GOVERNING LAW

         This Broker-Dealer Agreement shall be governed by and construed in
accordance with the laws of the State of New York applicable to agreements made
and to be performed in said State.

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<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Broker-Dealer
Agreement to be duly executed and delivered by their proper and duly authorized
officers and effective as of October 15, 2002.

                                     DEUTSCHE BANK TRUST COMPANY
                                     AMERICAS, as Auction Agent

                                     By /s/ Robert P. Sandt Jr.
                                     Name  Robert P. Sandt Jr.
                                     Title  Vice President

                                     J.P. MORGAN SECURITIES INC., as Co-
                                     Broker-Dealer

                                     By /s/ Kevin C. O'Connor
                                        Kevin C. O'Connor, Vice President

                                     UFS SECURITIES, L.L.C.

                                     By /s/ Mark E. Portz
                                        Mark E. Portz, Vice President

Acknowledged and Agreed to:

MELMAC LLC

By /s/ Terry J. Heimes
   Terry J. Heimes, Vice President

                                       11

<PAGE>

                                    EXHIBIT A

                              SETTLEMENT PROCEDURES

         If not otherwise defined herein, capitalized terms used herein shall
have the meanings given such terms in Article I of the Indenture. These
Settlement Procedures shall apply separately for each subseries of the Auction
Rate Securities.

                  (a)      Not later than 3:00 p.m. on each Rate Determination
         Date, the Auction Agent shall notify by telephone each Broker-Dealer
         that participated in the Auction held on such Rate Determination Date
         and submitted an Order on behalf of an Existing Holder or Potential
         Holder of:

                           (i)      the Auction Rate fixed for the next Interest
                  Period;

                           (ii)     whether there were Sufficient Clearing Bids
                  in such Auction;

                           (iii)    if such Broker-Dealer (a "Seller's
                  Broker-Dealer") submitted Bids or Sell Orders on behalf of an
                  Existing Holder, whether such Bid or Sell Order was accepted
                  or rejected, in whole or in part, and the principal amount of
                  Auction Rate Securities, if any, to be sold by such Existing
                  Holder;

                           (iv)     if such Broker-Dealer (a "Buyer's
                  Broker-Dealer") submitted a Bid on behalf of a Potential
                  Holder, whether such Bid was accepted or rejected, in whole or
                  in part, and the principal amount of Auction Rate Securities,
                  if any, to be purchased by such Potential Holder;

                           (v)      if the aggregate amount of Auction Rate
                  Securities to be sold by all Existing Holders on whose behalf
                  such Seller's Broker-Dealer submitted Bids or Sell Orders
                  exceeds the aggregate principal amount of Auction Rate
                  Securities to be purchased by all Potential Holders on whose
                  behalf such Buyer's Broker-Dealer submitted a Bid, the name or
                  names of one or more Buyer's Broker-Dealers (and the name of
                  the Agent Member, if any, of each such Buyer's Broker-Dealer)
                  acting for one or more purchasers of such excess principal
                  amount of Auction Rate Securities and the principal amount of
                  Auction Rate Securities to be purchased from one or more
                  Existing Holders on whose behalf such Seller's Broker-Dealer
                  acted by one or more Potential Holders on whose behalf each of
                  such Buyer's Broker-Dealers acted;

                           (vi)     if the principal amount of Auction Rate
                  Securities to be purchased by all Potential Holders on whose
                  behalf such Buyer's Broker-Dealer submitted a Bid exceeds the
                  amount of Auction Rate Securities to be sold by all Existing
                  Holders on whose behalf such Seller's Broker-Dealer submitted
                  a Bid or a Sell Order, the name or names of one or more
                  Seller's Broker-Dealers (and the name of the Agent Member, if
                  any, of each such Seller's Broker-Dealer) acting for one or
                  more sellers of such excess principal amount of Auction Rate
                  Securities and

<PAGE>

                  the principal amount of Auction Rate Securities to be sold to
                  one or more Potential Holders on whose behalf such Buyer's
                  Broker-Dealer acted by one or more Existing Holders on whose
                  behalf each of such Seller's Broker-Dealers acted;

                           (vii)    unless previously provided, a list of all
                  Applicable Auction Rates and related Interest Periods (or
                  portions thereof) since the last Interest Payment Date; and

                           (viii)   the Rate Determination Date for the next
                  succeeding Auction.

                  (b)      On each Rate Determination Date, each Broker-Dealer
         that submitted an Order on behalf of any Existing Holder or Potential
         Holder shall:

                           (i)      advise each Existing Holder and Potential
                  Holder on whose behalf such Broker-Dealer submitted a Bid or
                  Sell Order in the Auction on such Rate Determination Date
                  whether such Bid or Sell Order was accepted or rejected, in
                  whole or in part;

                           (ii)     in the case of a Broker-Dealer that is a
                  Buyer's Broker-Dealer, advise each Potential Holder on whose
                  behalf such Buyer's Broker-Dealer submitted a Bid that was
                  accepted, in whole or in part, to instruct such Potential
                  Holder's Agent Member to pay such Buyer's Broker-Dealer (or
                  its Agent Member) through the Securities Depository the amount
                  necessary to purchase the principal amount of Auction Rate
                  Securities to be purchased pursuant to such Bid against
                  receipt of such Auction Rate Securities;

                           (iii)    in the case of a Broker-Dealer that is a
                  Seller's Broker-Dealer, instruct each Existing Holder on whose
                  behalf such Seller's Broker-Dealer submitted a Sell Order that
                  was accepted, in whole or in part, or a Bid that was accepted,
                  in whole or in part, to instruct such Existing Holder's Agent
                  Member to deliver to such Seller's Broker-Dealer (or its Agent
                  Member) through the Securities Depository the principal amount
                  of Auction Rate Securities to be sold pursuant to such Order
                  against payment therefor;

                           (iv)     advise each Existing Holder on whose behalf
                  such Broker-Dealer submitted an Order and each Potential
                  Holder on whose behalf such Broker-Dealer submitted a Bid of
                  the Auction Rate for the next Interest Period;

                           (v)      advise each Existing Holder on whose behalf
                  such Broker-Dealer submitted an Order of the next Rate
                  Determination Date; and

                           (vi)     advise each Potential Holder on whose behalf
                  such Broker-Dealer submitted a Bid that was accepted, in whole
                  or in part, of the next Rate Determination Date for such
                  subseries of the Auction Rate Securities.

                                      A-2

<PAGE>

                  (c)      On the basis of the information provided to it
         pursuant to paragraph (a) above, each Broker-Dealer that submitted a
         Bid or Sell Order in an Auction is required to allocate any funds
         received by it in connection with such Auction pursuant to paragraph
         (b)(ii) above, and any Auction Rate Securities received by it in
         connection with such Auction pursuant to paragraph (b)(iii) above,
         among the Potential Holders, if any, on whose behalf such Broker-Dealer
         submitted Bids, the Existing Holders, if any on whose behalf such
         Broker-Dealer submitted Bids or Sell Orders in such Auction, and any
         Broker-Dealers identified to it by the Auction Agent following such
         Auction pursuant to paragraph (a)(v) or (a)(vi) above.

                  (d)      On each Rate Determination Date:

                           (i)      each Potential Holder and Existing Holder
                  with an Order in the Auction on such Rate Determination Date
                  shall instruct its Agent Members as provided in (b)(ii) or
                  (b)(iii) above, as the case may be;

                           (ii)     each Seller's Broker-Dealer that is not an
                  Agent Member of the Securities Depository shall instruct its
                  Agent Member to (A) pay through the Securities Depository to
                  the Agent Member of the Existing Holder delivering Auction
                  Rate Securities to such Broker-Dealer following such Auction
                  pursuant to (b)(ii) above, the amount necessary, including
                  accrued interest, if any, to purchase such Auction Rate
                  Securities against receipt of such Auction Rate Securities;
                  and (B) deliver such Auction Rate Securities through the
                  Securities Depository to a Buyer's Broker-Dealer (or its Agent
                  Member) identified to such Seller's Broker-Dealer pursuant to
                  (a)(v) above against payment therefor; and

                           (iii)    each Buyer's Broker-Dealer that is not an
                  Agent Member in the Securities Depository shall instruct its
                  Agent Member to (A) pay through the Securities Depository to
                  Seller's Broker-Dealer (or its Agent Member) identified
                  following such Auction pursuant to (a)(vi) above the amount
                  necessary, including accrued interest, if any, to purchase
                  Auction Rate Securities to be purchased pursuant to (b)(iii)
                  above against receipt of such Auction Rate Securities; and (B)
                  deliver such Auction Rate Securities through the Securities
                  Depository to the Agent Member of the purchaser against
                  payment therefor.

                  (e)      On the Business Day following each Rate Determination
         Date:

                           (i)      each Agent Member for a Bidder in the
                  Auction on such Rate Determination Date referred to in (d)(i)
                  above shall instruct the Securities Depository to execute the
                  transactions described under (b)(ii) or (b)(iii) above for
                  such Auction, and the Securities Depository shall execute such
                  transactions;

                           (ii)     each Seller's Broker-Dealer or its Agent
                  Member shall instruct the Securities Depository to execute the
                  transactions described in (d) (ii) above for such Auction, and
                  the Securities Depository shall execute such transactions: and

                                      A-3

<PAGE>

                           (iii)    each Buyer's Broker-Dealer or its Agent
                  Member shall instruct the Securities Depository to execute the
                  transactions described in (d)(iii) above for such Auction, and
                  the Securities Depository shall execute such transactions.

                  (f)      If an Existing Holder selling Auction Rate Securities
         in an Auction fails to deliver such Auction Rate Securities (by
         authorized book-entry), a Broker-Dealer may deliver to the Potential
         Holder on behalf of which it submitted a Bid that was accepted a
         principal amount of Auction Rate Securities that is less than the
         principal amount of Auction Rate Securities that otherwise was to be
         purchased by such Potential Holder. In such event, the principal amount
         of Auction Rate Securities to be so delivered shall be determined
         solely by such Broker-Dealer (but only in denominations of $100,000 or
         any integral multiples thereof). Delivery of such lesser principal
         amount of Auction Rate Securities shall constitute good delivery.
         Notwithstanding the foregoing terms of this paragraph (f), any delivery
         or non-delivery of Auction Rate Securities which shall represent any
         departure from the results of an Auction, as determined by the Auction
         Agent, shall be of no effect unless and until the Auction Agent shall
         have been notified of such delivery or non-delivery in accordance with
         the provisions of the Auction Agent Agreement and the Broker-Dealer
         Agreements. Neither the Trustee nor the Auction Agent will have any
         responsibility or liability with respect to the failure of a Potential
         Holder, Existing Holder or their respective Broker-Dealer or Agent
         Member to take delivery of or deliver, as the case may be, the
         principal amount of Auction Rate Securities purchased or sold pursuant
         to an Auction or otherwise.

                                      A-4

<PAGE>

                                    EXHIBIT B

                                   ORDER FORM

                                   MELMAC LLC
                        Senior Student Loan Revenue Bonds
                            [Series 1997A [-1] [-2]]
                            [Series 1999A [-1] [-2]]

                   Rate Determination Date __________________

         The undersigned Broker-Dealer submits the following orders on behalf of
the Bidder(s) indicated below:

                            BIDS BY EXISTING HOLDERS

<TABLE>
<CAPTION>
                                                  PRINCIPAL AMOUNT OF BONDS
                   EXISTING HOLDER                 ($100,000 OR MULTIPLES)                    BID RATE
<S>              <C>                              <C>                                   <C>
1.               ____________________               ____________________                ____________________

2.               ____________________               ____________________                ____________________

3.               ____________________               ____________________                ____________________

4.               ____________________               ____________________                ____________________

5.               ____________________               ____________________                ____________________

6.               ____________________               ____________________                ____________________

7.               ____________________               ____________________                ____________________

8.               ____________________               ____________________                ____________________

9.               ____________________               ____________________                ____________________

10.              ____________________               ____________________                ____________________
</TABLE>

--------------------
*Existing Holders may be described by name or other reference as determined in
the sole discretion of the Broker-Dealer.

<PAGE>

                                   MELMAC LLC
                        Senior Student Loan Revenue Bonds
                            [Series 1997A [-1] [-2]]
                            [Series 1999A [-1] [-2]]

                            BIDS BY EXISTING HOLDERS

<TABLE>
<CAPTION>
                                                  PRINCIPAL AMOUNT OF BONDS
                   POTENTIAL HOLDER*               ($100,000 OR MULTIPLES)                    BID RATE
<S>              <C>                              <C>                                   <C>
1.               ____________________               ____________________                ____________________

2.               ____________________               ____________________                ____________________

3.               ____________________               ____________________                ____________________

4.               ____________________               ____________________                ____________________

5.               ____________________               ____________________                ____________________

6.               ____________________               ____________________                ____________________

7.               ____________________               ____________________                ____________________

8.               ____________________               ____________________                ____________________

9.               ____________________               ____________________                ____________________

10.              ____________________               ____________________                ____________________

11.              ____________________               ____________________                ____________________

12.              ____________________               ____________________                ____________________

13.              ____________________               ____________________                ____________________

14.              ____________________               ____________________                ____________________

15.              ____________________               ____________________                ____________________
</TABLE>

Bonds:

1.       If one or more Orders covering in the aggregate more than the
         outstanding principal amount of Auction Rate Securities held by any
         Existing Holder are submitted, such Orders shall be considered valid in
         the order of priority set forth in the Auction Procedures.

---------------------
*Potential Holders may be described by name or other reference as determined in
the sole discretion of the Broker-Dealer.

                                      B-2

<PAGE>

2.       A Hold or Sell Order may be placed only by an Existing Holder covering
         a principal account of Auction Rate Securities of such subseries not
         greater than the principal amount currently held by such Existing
         Holder.

3.       Potential Holders may only make Bids, each of which must specify a
         rate. If more than one Bid is submitted on behalf of any Potential
         Holder, each Bid submitted shall be a separate Bid with the rate
         specified.

4.       Bids may contain no more than three figures to the right of the decimal
         point (.001 of 1%).

5.       An order must be submitted in principal amounts of $100,000 or integral
         multiples thereof.

NAME OF BROKER-DEALER: _________________________________________________________

AUTHORIZED SIGNATURE: __________________________________________________________

TOTAL NUMBER OF ORDERS ON THIS ORDER FORM: _____________________________________

Submit to:        Deutsche Bank Trust Company Americas
                  100 Plaza One, 6th Floor
                  Jersey City, New Jersey 07311
                  Telephone: (201) 593-6878
                  Facsimile: (201) 593-6447

                                      B-3

<PAGE>

                                    EXHIBIT C

                               NOTICE OF TRANSFER

                                   MELMAC LLC
                        Senior Student Loan Revenue Bonds
                            [Series 1997A [-1] [-2]]
                            [Series 1999A [-1] [-2]]
     (To be used only for transfers made other than pursuant to an Auction)

         We are (check one):

                  _____    the Existing Holder indicated below*; or

                  _____    the Broker-Dealer for such Existing Holder; or

                  _____    the Agent Member for such Existing Holder.

         We hereby notify you that such Existing Holder has transferred
$__________ (must be in units of $100,000) of Auction Rate Securities of such
subseries to ____________________.

-------------------------
*Existing Holders may be described by name or other reference as determined in
the sole discretion of the Broker-Dealer.

<PAGE>

                                      [EXISTING HOLDER]

                                      By _______________________________________
                                      Name _____________________________________
                                      Title ____________________________________

                                      [NAME OF BROKER-DEALER]

                                      By _______________________________________
                                      Name _____________________________________
                                      Title ____________________________________

                                      [NAME OF AGENT MEMBER]

                                      By _______________________________________
                                      Name _____________________________________
                                      Title ____________________________________

                                      C-2

<PAGE>

                                    EXHIBIT D

                 NOTICE OF A FAILURE TO DELIVER OR MAKE PAYMENT

                                   MELMAC LLC
                        Senior Student Loan Revenue Bonds
                            [Series 1997A [-1] [-2]]
                            [Series 1999A [-1] [-2]]

         Complete Either I. or II.

         I.       We are a Broker-Dealer for Holder* ___________ (the
"Purchaser"), which purchased $___________ (must be in units of $100,000) of
Auction in the Auction held on ____________________ from the seller of such
Auction Rate Securities.

         II.      We are a Broker-Dealer for Holder* ___________ (the "Seller"),
which sold $___________ (must be in units of $100,000) of Auction in the Auction
held on ____________________ to the purchaser of such Auction Rate Securities.

         We hereby notify you that (check one):

         _____ the Seller failed to deliver such Auction Rate Securities to the
         Purchaser; or

         _____ the Purchaser failed to make payment to the Seller upon delivery
         of such Auction Rate Securities.

                                      [NAME OF BROKER-DEALER]

                                      By _______________________________________
                                      Name _____________________________________
                                      Title ____________________________________

-----------------------
*Holders may be described by name or other reference as determined in the sole
discretion of the Broker-Dealer.<PAGE>

                                                                  EXHIBIT 10.117

================================================================================

                             BROKER-DEALER AGREEMENT

                                      among

                           J.P. MORGAN SECURITIES INC.
                                       and
                             UFS SECURITIES, L.L.C.,
                              as Co-Broker-Dealers

                                       and

                      DEUTSCHE BANK TRUST COMPANY AMERICAS,
                                as Auction Agent

                                  Relating to:

                                   $19,700,000
                                   MELMAC LLC
                        Senior Student Loan Revenue Bonds
                        (Taxable Auction Rate Securities)
                                 Series 1999A-3

                             Auction Rate Securities
                            Maturing December 1, 2029

                          Dated as of October 15, 2002

================================================================================

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                          Page
<S>                                                                                                       <C>
                                                  ARTICLE I

                                    DEFINITIONS AND RULES OF CONSTRUCTION

Section 1.01.   Terms Defined by Reference to the Indenture ..........................................      1
Section 1.02.   Terms Defined Herein .................................................................      2
Section 1.03.   Rules of Construction ................................................................      2

                                                 ARTICLE II

                                                 THE AUCTION

Section 2.01.   Purpose: Incorporation by Reference of Auction Procedures and Settlement Procedures ..      3
Section 2.02.   Preparation for Each Auction .........................................................      3
Section 2.03.   Auction Schedule: Method of Submission of Orders .....................................      4
Section 2.04.   Notices ..............................................................................      6
Section 2.05.   Service Charge To Be Paid to the Broker-Dealer .......................................      6
Section 2.06.   Settlement ...........................................................................      7

                                                 ARTICLE III

                                              THE AUCTION AGENT

Section 3.01.   Duties and Responsibilities ..........................................................      7
Section 3.02.   Rights of the Auction Agent ..........................................................      8
Section 3.03.   The Auction Agent's Disclaimer .......................................................      8

                                                 ARTICLE IV

                                                MISCELLANEOUS

Section 4.01.   Termination ..........................................................................      9
Section 4.02.   Participant ..........................................................................      9
Section 4.03.   Communications .......................................................................      9
Section 4.04.   Entire Agreement .....................................................................     10
Section 4.05.   Benefits .............................................................................     10
Section 4.06.   Amendment; Waiver ....................................................................     10
Section 4.07.   Successors and Assigns ...............................................................     11
Section 4.08.   Severability .........................................................................     11
Section 4.09.   Execution in Counterparts ............................................................     11
</TABLE>

<PAGE>

<TABLE>
<S>                                                                                                        <C>
                                                  ARTICLE V

GOVERNING LAW.........................................................................................     11
</TABLE>

EXHIBIT A     SETTLEMENT PROCEDURES
EXHIBIT B     ORDER FORM
EXHIBIT C     NOTICE OF TRANSFER
EXHIBIT D     NOTICE OF A FAILURE TO DELIVER OR MAKE PAYMENT

                                       ii

<PAGE>

                             BROKER-DEALER AGREEMENT

         THIS BROKER-DEALER AGREEMENT (this "Broker-Dealer Agreement"), dated as
of October 15, 2002, is by and between DEUTSCHE BANK TRUST COMPANY AMERICAS
(formerly known as Bankers Trust Company and together with its successors and
assigns, the "Auction Agent"), pursuant to authority granted to it in the
Auction Agent Agreement, defined below, acting not in its individual capacity,
but solely as agent for MELMAC LLC (as assignee of Maine Educational Loan
Marketing Corporation) (the "Corporation"), J.P. MORGAN SECURITIES INC. and UFS
SECURITIES, L.L.C. (together with their successors and assigns, collectively the
"Broker-Dealer").

                                    RECITALS

         WHEREAS, the Corporation has issued its $19,700,000 Senior Student Loan
Revenue Bonds, Series 1999A-3 (the "Auction Rate Securities"), under an Amended
and Restated Indenture of Trust, dated as of January 1, 1999, as amended and
supplemented to the date hereof (the "Indenture"), each between the Corporation
and Banknorth, National Association (formerly known as Peoples Heritage Bank),
as trustee (the "Trustee"); and

         WHEREAS, the Indenture provides that the interest rate for each series
of the Auction Rate Securities for each Interest Period after the Initial Period
shall equal the lesser of the Net Loan Rate and the Auction Rate determined
pursuant to the Auction Procedures set forth in the Indenture; and

         WHEREAS, pursuant to Section 2.10(b) of the Indenture and Section 2.09
of the Auction Agent Agreement dated as of January l, 1999 among the Trustee,
the Auction Agent and the Corporation (the "Auction Agent Agreement"), the
Corporation has directed the Auction Agent to execute and deliver this
Broker-Dealer Agreement; and

         WHEREAS, the Auction Procedures require the participation of one or
more Broker-Dealers;

         NOW, THEREFORE, in consideration of the mutual covenants contained
herein and other good and valuable consideration, the receipt and sufficiency of
which is hereby acknowledged, the Auction Agent, as agent of the Corporation and
the Broker-Dealer agree as follows:

                                    ARTICLE I

                      DEFINITIONS AND RULES OF CONSTRUCTION

         SECTION 1.01. TERMS DEFINED BY REFERENCE TO THE INDENTURE. Capitalized
terms used herein and not otherwise defined herein shall have the meanings given
such terms in the Indenture.

<PAGE>

         SECTION 1.02. TERMS DEFINED HEREIN. As used herein and in the
Settlement Procedures, defined below, the following terms shall have the
following meanings, unless the context otherwise requires:

         "Auction Rate" means the Auction Rate as defined in the Indenture.

         "Authorized Officer" means, with respect to the Auction Agent, each
Managing Director, Vice President, Assistant Vice President, Assistant
Secretary, Assistant Treasurer and every other officer of the Auction Agent
assigned to its Corporate Trust Group and every other officer or employee of the
Auction Agent designated as an "Authorized Officer" for purposes of this
Agreement in a written communication to the Broker-Dealer.

         "Broker-Dealer Officer" means each officer or employee of the
Broker-Dealer designated as a "Broker-Dealer Officer" for purposes of this
Broker-Dealer Agreement in a written communication to the Auction Agent.

         "Beneficial Owner" means a beneficial owner of any of the Auction Rate
Securities.

         "Notice of Failure to Deliver or Make Payment" means a notice
substantially in the form of Exhibit D hereto.

         "Notice of Transfer" means a notice substantially in the form of
Exhibit C hereto.

         "Order Form" means the form to be submitted by any Broker-Dealer on or
prior to any Rate Determination Date substantially in the form of Exhibit B
hereto.

         "Settlement Procedures" means the Settlement Procedures attached hereto
as Exhibit A.

         SECTION 1.03. RULES OF CONSTRUCTION. Unless the context or use indicate
another or different meaning or intent, the following rules shall apply to the
construction of this Agreement:

                  (a) Words importing the singular number shall include the
         plural number and vice versa.

                  (b) The captions and headings herein are solely for
         convenience of reference and shall not constitute a part of this
         Broker-Dealer Agreement nor shall they affect its meaning, construction
         or effect.

                  (c) The words "hereof," "herein," "hereto" and other words of
         similar import refer to this Broker-Dealer Agreement as a whole.

                  (d) All references herein to a particular time of day shall be
         to New York City time.

                  (e) The rights and duties of the Broker-Dealer and the Auction
         Agent under this Broker-Dealer Agreement shall apply to each series of
         the Auction Rate Securities, but separately. References to "Auction
         Rate Securities," unless the context clearly

                                        2

<PAGE>

         contemplates a reference to all Auction Rate Securities, shall refer
         only to a particular series of Auction Rate Securities as to rights and
         duties regarding such series.

                                   ARTICLE II

                                   THE AUCTION

         SECTION 2.01. PURPOSE: INCORPORATION BY REFERENCE OF AUCTION PROCEDURES
AND SETTLEMENT PROCEDURES.

                  (a) On each Rate Determination Date, the provisions of the
         Auction Procedures shall be followed by the Auction Agent for the
         purpose of determining the Auction Rate for each Auction Period after
         the Initial Period. Each periodic operation of such procedures is
         hereinafter referred to as an "Auction."

                  (b) All of the provisions contained in the Auction Procedures
         and the Settlement Procedures are incorporated herein by reference in
         their entirety and shall be deemed to be a part of this Broker-Dealer
         Agreement to the same extent as if such provisions were fully set forth
         herein.

                  (c) The Broker-Dealer agrees to act as, and assumes the
         obligations of and limitations and restrictions placed upon, a
         Broker-Dealer under this Agreement. The Broker-Dealer understands that
         other persons meeting the requirements specified in the definition of
         "Broker-Dealer" contained in Section 1.01 of Exhibit CCC to the
         Indenture may, with the prior written consent of the Market Agent,
         execute Broker-Dealer Agreements and participate as Broker-Dealers in
         Auctions.

                  (d) The Broker-Dealer and other broker-dealers, as defined in
         the Indenture, may participate in Auctions for their own accounts.
         However, the Auction Agent may by notice to the Broker-Dealer and all
         other Broker-Dealers prohibit all Broker-Dealers from submitting Bids
         in Auctions for their own accounts; provided that Broker-Dealers may
         continue to submit Hold Orders and Sell Orders. The Auction Agent shall
         have no duty or liability with respect to monitoring or enforcing the
         requirements of this Section 2.01(d).

         SECTION 2.02. PREPARATION FOR EACH AUCTION.

                  (a) Not later than 9:30 a.m. on each Rate Determination Date
         for the Auction Rate Securities, the Auction Agent shall advise the
         Broker-Dealer by telephone of the All Hold Rate, the Maximum Auction
         Rate, the Net Loan Rate and the Applicable LIBOR Rate, as the case may
         be, used in determining such rates.

                  (b) In the event the Rate Determination Date for any Auction
         shall be changed after the Auction Agent has given notice of such Rate
         Determination Date pursuant to paragraph (a)(vii) of the Settlement
         Procedures, the Auction Agent, by such means as the Auction Agent deems
         practicable, shall give notice of such change to the Broker-Dealer not
         later than the earlier of 9:15 a.m. on the new Rate Determination Date
         and 9:15 a.m. on the old Rate Determination Date. Thereafter, the
         Broker-Dealer shall use its best

                                        3

<PAGE>

         efforts to promptly notify its customers who are Existing Holders of
         such change in the Rate Determination Date.

                  (c) From time to time upon request of the Auction Agent, the
         Broker-Dealer shall provide the Auction Agent with a statement of the
         aggregate amount of each series of Auction Rate Securities held by the
         Broker-Dealer as an Existing Holder. The Broker-Dealer shall comply
         with any such request, and the Auction Agent shall keep confidential
         any such information, including information received as to the identity
         of Existing Owners and Potential Owners in any Auction, and shall not
         disclose any such information so provided to any person other than the
         Registrar, the Corporation and the Broker-Dealer unless the failure to
         disclose such information would be unlawful or if the failure to do so
         would expose the Auction Agent to any loss, liability, claim or damage
         for which the Auction Agent shall not have been previously adequately
         indemnified.

                  (d) The Auction Agent shall send by facsimile or other means a
         copy of any Notice of Auction Rate Securities Outstanding, in
         substantially the form of Exhibit D to the Auction Agent Agreement,
         received from the Trustee to the Broker-Dealer in accordance with
         Section 4.03 hereof.

         SECTION 2.03. AUCTION SCHEDULE: METHOD OF SUBMISSION OF ORDERS.

                  (a) The Auction Agent shall conduct Auctions for the Auction
         Rate Securities in accordance with the schedule set forth below.
         Pursuant to the Auction Agent Agreement, such schedule may be changed
         by the Auction Agent with the consent of the Trustee and the Market
         Agent, which consents are not to be unreasonably withheld or delayed.
         Notice of such a change must be given prior to the close of business on
         the Business Day next preceding the first Rate Determination Date on
         which such change shall be effective. In addition, under the Indenture,
         the Rate Determination Date may be changed by the Market Agent with the
         consent of the Corporation. The Market Agent shall give written notice
         of such change to the Corporation, the Trustee, the Auction Agent and
         the Depository. Such notice shall be given at least 10 days prior to
         the day on which such change shall be effective.

                                        4

<PAGE>

By 9:30 a.m.                        The Auction Agent advises the
                                    Trustee and the Broker-Dealers of the
                                    Maximum Auction Rate, the All Hold Rate and
                                    the Applicable LIBOR Rate, as the case may
                                    be, to be used in determining the Auction
                                    Rate under the Auction Procedures, the
                                    Indenture and the Auction Agent Agreement.

9:30 a.m.-12:30 p.m.                The Auction Agent assembles information
                                    communicated to it by Broker-Dealers
                                    provided in Section 2.05(c)(i) of Exhibit
                                    CCC to the Indenture. The Submission
                                    Deadline is 12:30 p.m., eastern time.

Not earlier than 12:30 p.m.         The Auction Agent makes determinations
                                    pursuant to Section 2.05(c)(i) of Exhibit
                                    CCC to the Indenture.

By approximately                    The Auction Agent advises the Trustee of the
3:00 p.m.(1) or 4:00 p.m.(2)        results of the Auction as provided in
                                    Section 2.05(c)(ii) of Exhibit CCC to the
                                    Second Supplemental Indenture. Submitted
                                    Bids and Submitted Sell Orders are accepted
                                    and rejected in whole or in part and the
                                    principal amount of Auction Rate Securities
                                    is allocated as provided in Section 2.05(d)
                                    of Exhibit CCC to the Indenture. The Auction
                                    Agent gives notice of Auction results as set
                                    forth in Section 2.04(a) hereof.

--------------------
(1) If the Interest Rate is the Auction Rate.

(2) If the Interest Rate is the Net Loan Rate.

                  (b) The Broker-Dealer agrees to maintain a list of Potential
         Holders and to contact the Potential Holders on such list on or prior
         to each Rate Determination Date for the purposes of participating in
         the Auction on such Rate Determination Date.

                  (c) The Broker-Dealer shall submit Orders to the Auction Agent
         in writing by delivering an Order Form. The Broker-Dealer shall submit
         separate Orders to the Auction Agent for each Potential Holder or
         Existing Holders on whose behalf the Broker-Dealer is submitting an
         Order and shall not net or aggregate the Orders of different Potential
         Holders or Existing Holders on whose behalf the Broker-Dealer is
         submitting Orders.

                  (d) The Broker-Dealer shall deliver to the Auction Agent (i) a
         Notice of Transfer with respect to any transfer of Auction Rate
         Securities made through the Broker-Dealer by an Existing Holder to
         another person other than pursuant to an Auction; and (ii) a Notice of
         Failure to Deliver or Make Payment with respect to the failure of any
         Auction Rate Securities to be transferred to or payment to be made by
         any person that purchased or sold Auction Rate Securities through the
         Broker-Dealer pursuant to an Auction. The Auction Agent is not required
         to accept any notice delivered pursuant to the terms of the foregoing
         sentence with respect to an Auction unless it is received by the
         Auction Agent by 3:00 p.m. on the Business Day next preceding the
         related Rate Determination Date.

                                        5

<PAGE>

                  (e) Any Broker-Dealer that is an affiliate of the Corporation
         must submit at the next Auction therefor a Sell Order covering all
         Auction Rate Securities held for its own account. The Auction Agent
         shall have no duty or liability with respect to monitoring or enforcing
         the requirements of this Section 2.03(e).

                  (f) The Broker-Dealer agrees to handle its customers' Orders
         in accordance with its duties under applicable securities laws and
         rules.

         SECTION 2.04. NOTICES.

                  (a) On each Rate Determination Date, the Auction Agent shall
         notify the Broker-Dealer by telephone of the results of the Auction as
         set forth in paragraph (a) of the Settlement Procedures. If previously
         requested by the Broker-Dealer, the Auction Agent shall notify, by
         10:30 a.m. on the Business Day immediately following such Rate
         Determination Date, the Broker-Dealer in writing of the disposition of
         all Orders submitted by the Broker-Dealer in the Auction held on such
         Rate Determination Date.

                  (b) The Broker-Dealer shall notify each Existing Holder or
         Potential Holder on whose behalf the Broker-Dealer has submitted an
         Order as set forth in paragraph (b) of the Settlement Procedures and
         take such other action as is required to be taken by the Broker-Dealer
         pursuant to the Settlement Procedures. Salomon Smith Barney Inc., as
         the sole Broker-Dealer, shall also notify the Corporation, in writing,
         of the Interest Rate within a reasonable time (not in excess of two
         Business Days) after the determination thereof.

                  (c) Upon receipt, the Auction Agent shall deliver to the
         Broker-Dealer all notices and certificates that the Auction Agent is
         required to deliver to the Broker-Dealer pursuant to Article II of the
         Auction Agent Agreement at the times and in the manner set forth in the
         Auction Agent Agreement.

         SECTION 2.05. SERVICE CHARGE TO BE PAID TO THE BROKER-DEALER. With
respect to each Auction for which there were Sufficient Clearing Bids or all
Auction Rate Securities were subject to Hold Orders, the Broker-Dealer shall be
entitled to a fee in an amount equal to the product of (a) a fraction the
numerator of which is the number of days in the Auction Period to which the
Auction relates and the denominator of which is 360; times (b) the Broker-Dealer
Fee Rate; times (c) the sum of (i) the aggregate principal amount of Auction
Rate Securities placed by the Broker-Dealer in such Auction that were (A) the
subject of Submitted Bids of Existing Holders submitted by the Broker-Dealer and
continued to be held as a result of such submission; and (B) the subject of
Submitted Bids of Potential Holders submitted by the Broker-Dealer and purchased
as a result of such submission; plus (ii) the aggregate principal amount of
Auction Rate Securities subject to valid Hold Orders submitted to the Auction
Agent by the Broker-Dealer; plus (iii) the aggregate principal amount of Auction
Rate Securities that were covered by Hold Orders deemed to have been submitted
by Existing Holders that were acquired by such Existing Holders through the
Broker-Dealer. Such fees shall be paid to the Broker-Dealer by the Corporation
in immediately available funds from amounts in the Operating Fund on the first
Business Day following each Rate Determination Date. For purposes of clause
(c)(iii) above, if any Existing Holder who acquired Auction Rate Securities
through the

                                        6

<PAGE>

Broker-Dealer transfers those Auction Rate Securities to another person other
than pursuant to an Auction, then the Broker-Dealer shall continue to be the
Broker-Dealer through which the Auction Rate Securities so transferred were
acquired; provided, however, that if the transfer was effected by, or if the
transferee is a Broker-Dealer other than the Broker-Dealer, then such other
Broker-Dealer shall be the Broker-Dealer through which such Auction Rate
Securities were acquired. If for any reason an Auction is not held on an Auction
Date, there shall be no Broker-Dealer Fee applicable with respect to such
Auction Date.

         Notwithstanding anything to the contrary herein or in the Indenture,
any obligation of the Corporation created by or arising out of this
Broker-Dealer Agreement shall be a limited obligation of the Corporation,
payable from the Trust Estate available therefor under and in accordance with
the Indenture and from the Operating Fund (as defined in the Indenture), and
shall not constitute a charge against the general credit of the Corporation.

         SECTION 2.06. SETTLEMENT.

                  (a) If any Existing Holder on whose behalf the Broker-Dealer
         has submitted a Bid or Sell Order for Auction Rate Securities that was
         accepted in whole or in part fails to instruct its Participant to
         deliver the Auction Rate Securities subject to such Bid or Sell Order
         against payment therefor, the Broker-Dealer shall instruct such
         Participant to deliver such Auction Rate Securities against payment
         therefor and the Broker-Dealer may deliver to the Potential Holder on
         whose behalf the Broker-Dealer submitted a Bid that was accepted in
         whole or in part, a principal amount of the Auction Rate Securities
         that is less than the principal amount of the Auction Rate Securities
         specified in such Bid to be purchased by such Potential Holder.
         Notwithstanding the foregoing terms of this Section, any delivery or
         nondelivery of Auction Rate Securities that represents any departure
         from the results of an Auction, as determined by the Auction Agent,
         shall be of no effect unless and until the Auction Agent shall have
         been notified of such delivery or non-delivery in accordance with the
         terms of Section 2.03(d) hereof. The Auction Agent shall have no duty
         or liability with respect to enforcement of this Section 2.06(a).

                  (b) None of the Auction Agent, the Trustee, nor the
         Corporation shall have any responsibility or liability with respect to
         the failure of an Existing Holder, a Potential Holder or its respective
         Participant to deliver Auction Rate Securities or to pay for Auction
         Rate Securities sold or purchased pursuant to the Auction Procedures or
         otherwise. The Auction Agent shall have no responsibility for any
         adjustment to the fees paid pursuant to Section 2.05 hereof as a result
         of any failure described in this Section 2.06(b).

                                   ARTICLE III

                                THE AUCTION AGENT

         SECTION 3.01. DUTIES AND RESPONSIBILITIES.

                  (a) The Auction Agent is acting hereunder solely as agent for
         the Corporation and owes no fiduciary duties to any person by reason of
         this Broker-Dealer Agreement.

                                        7

<PAGE>

                  (b) The Auction Agent undertakes to perform such duties and
         only such duties as are specifically set forth in this Broker-Dealer
         Agreement, and no implied covenants or obligations shall be read into
         this Broker-Dealer Agreement against the Auction Agent by reason of
         anything set forth in the Offering Memorandum, any other offering
         material employed in connection with the offering and sale of the
         Auction Rate Securities, or otherwise.

                  (c) In the absence of bad faith or negligence on its part, the
         Auction Agent shall not be liable for any action taken, suffered or
         omitted or for any error of judgment made by it in the performance of
         its duties under this Broker-Dealer Agreement. The Auction Agent shall
         not be liable for any error of judgment made in good faith unless the
         Auction Agent shall have been negligent in ascertaining (or failing to
         ascertain) the pertinent facts.

         SECTION 3.02. RIGHTS OF THE AUCTION AGENT.

                  (a) The Auction Agent may rely and shall be protected in
         acting or refraining from acting upon any communication authorized by
         this Broker-Dealer Agreement and upon any written instruction, notice,
         request, direction, consent, report, certificate, share certificate or
         other instrument, paper or document believed by it to be genuine. The
         Auction Agent shall not be liable for acting upon any telephone
         communication authorized by this Broker-Dealer Agreement which the
         Auction Agent believes in good faith to have been given by the Trustee,
         a Broker-Dealer or the Corporation. The Auction Agent may record
         telephone communications with the Broker-Dealers.

                  (b) The Auction Agent may consult with counsel of its own
         choice, and the advice of such counsel shall be full and complete
         authorization and protection in respect of any action taken, suffered
         or omitted by it hereunder in good faith and in reliance thereon.

                  (c) The Auction Agent shall not be required to advance, expend
         or risk its own funds or otherwise incur or become exposed to financial
         liability in the performance of its duties hereunder.

                  (d) The Auction Agent may perform its duties and exercise its
         rights hereunder either directly or by or through agents or attorneys
         and shall not be responsible for any willful misconduct or negligence
         on the part of any agent or attorney appointed by it with due care
         hereunder.

         SECTION 3.03. THE AUCTION AGENT'S DISCLAIMER. The Auction Agent makes
no representation as to the validity, adequacy or accuracy of the recitals in,
or the validity, adequacy or accuracy of, this Broker-Dealer Agreement, the
Auction Agent Agreement or the Auction Rate Securities.

                                        8

<PAGE>

                                   ARTICLE IV

                                  MISCELLANEOUS

         SECTION 4.01. TERMINATION. Any party may terminate this Broker-Dealer
Agreement at any time upon five days' prior notice to the other party. This
Broker-Dealer Agreement shall automatically terminate upon the delivery of
certificates representing the Auction Rate Securities pursuant to Section
1.02(c) of Exhibit CCC to the Indenture, upon the successful conversion of all
Auction Rate Securities to other than an Auction Rate, or upon termination of
the Auction Agent Agreement.

         SECTION 4.02. PARTICIPANT. The Broker-Dealer is, and shall remain for
the term of this Broker-Dealer Agreement, a member of, or Participant in, the
Depository (or an affiliate of such a member or Participant).

         SECTION 4.03. COMMUNICATIONS. Except for (a) communications authorized
to be made by telephone pursuant to this Broker-Dealer Agreement or the Auction
Procedures and (b) communications in connection with the Auctions (other than
those expressly required to be in writing), all notices, requests and other
communications to any party hereunder shall be in writing (including facsimile
or similar writing) and shall be given to such party, addressed to it, at its
address or facsimile number set forth below:

         If to the Broker-Dealer:  J.P. Morgan Securities Inc.
                                   270 Park Avenue, 10th Floor
                                   New York, New York 10017
                                   Telephone: (212) 834-7182
                                   Facsimile: (212) 834-6737
                                   Attention: Kevin C. O'Connor

         If to the Broker-Dealer:  UFS Securities, L.L.C.
                                   6801 South 27th Street
                                   Lincoln, Nebraska 68512
                                   Attention:  Mark E. Portz
                                   Telephone: (402) 484-9326
                                   Telecopy: (402) 484-9331

         If to the Auction Agent:  Deutsche Bank Trust Company Americas
                                   100 Plaza One, 6th Floor
                                   Jersey City, New Jersey 07311
                                   Telephone: (201) 593-6878
                                   Facsimile: (201) 593-6447
                                   Attention: Corporate Trust & Agency Services

                                        9

<PAGE>

         If to the Trustee:        Banknorth, National Association
                                   2300 St. George Road
                                   P.O. Box 1350
                                   Williston, Vermont 05495
                                   Telephone: (802) 879-2050
                                   Facsimile: (802) 879-2216
                                   Attention: Corporate Trust Department

         If to the Corporation:    MELMAC LLC
                                   Two City Center
                                   Portland, Maine 04101
                                   Telephone: (207) 791-3600
                                   Facsimile: (207) 773-4159

         with a copy to:           MELMAC LLC
                                   c/o Nelnet, Inc.
                                   121 S. 13th Street, Suite 301
                                   Lincoln, Nebraska 68508
                                   Telephone: (402) 458-2303
                                   Facsimile: (402) 458-2399
                                   Attention: Vice President

or such other address or facsimile number as such party may hereafter specify
for such purpose by notice to the other party. Each such notice, request or
communication shall be effective when delivered at the address specified herein.
Communications shall be given on behalf of the Broker-Dealer by a Broker-Dealer
Officer and on behalf of the Auction Agent by an Authorized Officer of the
Auction Agent. The Broker-Dealer may record telephone communications with the
Auction Agent.

         SECTION 4.04. ENTIRE AGREEMENT. This Broker-Dealer Agreement contains
the entire agreement between the parties relating to the subject matter hereof,
and there are not other representations, endorsements, promises, agreements or
understandings, oral, written or inferred, between the parties relating to the
subject matter hereof.

         SECTION 4.05. BENEFITS. Nothing in this Broker-Dealer Agreement,
express or implied, shall give to any person, other than the Auction Agent and
the Broker-Dealer and their respective successors and assigns, any benefit of
any legal or equitable right, remedy or claim under this Broker-Dealer
Agreement.

         SECTION 4.06. AMENDMENT; WAIVER.

                  (a) This Broker-Dealer Agreement shall not be deemed or
         construed to be modified, amended, rescinded, canceled or waived, in
         whole or in part, except by a written instrument signed by a duly
         authorized representative of the parties hereto. This Broker-Dealer
         Agreement may not be amended without first obtaining the prior written
         consent of the party to be charged.

                                       10

<PAGE>

              (b)     Failure of either party to this Broker-Dealer Agreement to
         exercise any right or remedy hereunder in the event of a breach of this
         Broker-Dealer Agreement by the other party shall not constitute a
         waiver of any such right or remedy with respect to any subsequent
         breach.

         SECTION 4.07. SUCCESSORS AND ASSIGNS. This Broker-Dealer Agreement
shall be binding upon, inure to the benefit of, and be enforceable by, the
respective successors and assigns of each of the Broker-Dealer and the Auction
Agent. This Agreement may not be assigned by either party hereto absent the
prior written consent of the other party; provided, however, that this Agreement
may be assigned by the Auction Agent to a successor Auction Agent selected by
the Trustee and the Corporation without the consent of the Broker-Dealer.

         SECTION 4.08. SEVERABILITY. If any clause, provision or section of this
Broker-Dealer Agreement shall be ruled invalid or unenforceable by any court of
competent jurisdiction, the invalidity or unenforceability of such clause,
provision or section shall not affect any remaining clause, provision or section
hereof.

         SECTION 4.09. EXECUTION IN COUNTERPARTS. This Broker-Dealer Agreement
may be executed in several counterparts, each of which shall be an original and
all of which shall constitute but one and the same instrument.

                                    ARTICLE V

                                  GOVERNING LAW

         This Broker-Dealer Agreement shall be governed by and construed in
accordance with the laws of the State of New York applicable to agreements made
and to be performed in such State.

                                       11

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Broker-Dealer
Agreement to be duly executed and delivered by their proper and duly authorized
officers and effective as of October 15, 2002.

                                     DEUTSCHE BANK TRUST COMPANY
                                     AMERICAS, as Auction Agent

                                     By /s/ Robert P. Sandt Jr.
                                        ____________________________________
                                     Name Robert P. Sandt Jr.
                                          __________________________________
                                     Title  Vice President
                                          _________________________________

                                     J.P. MORGAN SECURITIES INC., as Co-
                                     Broker-Dealer

                                     By  /s/ Kevin C. O'Connor
                                       ____________________________________
                                       Kevin C. O'Connor, Vice President

                                     UFS SECURITIES, L.L.C., as Co-Broker-
                                     Dealer

                                     By /s/ Mark E. Portz
                                       ____________________________________
                                       Mark E. Portz, Vice President

Acknowledged and Agreed to:

MELMAC LLC

By  /s/ Terry J. Heimes
  ___________________________________
  Terry J. Heimes, Vice President

                                       12

<PAGE>

                                    EXHIBIT A

                              SETTLEMENT PROCEDURES

         If not otherwise defined herein, capitalized terms used herein shall
have the meanings given such terms in the Indenture. These Settlement Procedures
shall apply separately to each series of Auction Rate Securities.

                  (a) Not later than 3:00 p.m., Eastern time, if the Interest
         Rate is the Auction Rate or 4:00 p.m., Eastern time, if the Interest
         Raise is the Net Loan Rate, on each Rate Determination Date, the
         Auction Agent shall notify by telephone each Broker-Dealer that
         participated in the Auction held on such Rate Determination Date and
         submitted an Order on behalf of an Existing Holder or Potential Holder
         of:

                           (i) the Auction Rate fixed for the next Interest
                  Period;

                           (ii) whether there were Sufficient Clearing Bids in
                  such Auction;

                           (iii) if such Broker-Dealer (a "Seller's
                  Broker-Dealer") submitted Bids or Sell Orders on behalf of an
                  Existing Holder, whether such Bid or Sell Order was accepted
                  or rejected, in whole or in part, and the principal amount of
                  Auction Rate Securities, if any, to be purchased or sold by
                  such Existing Holder;

                           (iv) if such Broker-Dealer (a "Buyer's
                  Broker-Dealer") submitted a Bid on behalf of a Potential
                  Holder, whether such Bid was accepted or rejected, in whole or
                  in part, and the principal amount of Auction Rate Securities,
                  if any, to be purchased by such Potential Holder;

                           (v) if the aggregate amount of Auction Rate
                  Securities to be sold by all Existing Holders on whose behalf
                  such Seller's Broker-Dealer submitted Bids or Sell Orders
                  exceeds the aggregate principal amount of Auction Rate
                  Securities to be purchased by all Potential Holders on whose
                  behalf such Buyer's Broker-Dealer submitted a Bid, the name or
                  names of one or more Buyer's Broker-Dealers (and the name of
                  the Participant, if any, of each such Buyer's Broker-Dealer)
                  acting for one or more purchasers of such excess principal
                  amount of Auction Rate Securities and the principal amount of
                  Auction Rate Securities to be purchased from one or more
                  Existing Holders on whose behalf such Seller's Broker-Dealer
                  acted by one or more Potential Holders on whose behalf each of
                  such Buyer's Broker-Dealers acted;

                           (vi) if the principal amount of Auction Rate
                  Securities to be purchased by all Potential Holders on whose
                  behalf such Buyer's Broker-Dealer submitted a Bid exceeds the
                  amount of Auction Rate Securities to be sold by all Existing
                  Holders on whose behalf such Seller's Broker-Dealer submitted
                  a Bid or a Sell Order, the name or names of one or more
                  Seller's Broker-Dealers (and the name of the Participant, if
                  any, of each such Seller's Broker-Dealer) acting for one or
                  more sellers of such excess principal amount of Auction Rate
                  Securities and the

<PAGE>

                  principal amount of Auction Rate Securities to be sold to one
                  or more Potential Holders on whose behalf such Buyer's
                  Broker-Dealer acted by one or more Existing Holders on whose
                  behalf each of such Seller's Broker-Dealers acted; and

                           (vii) the Rate Determination Date for the next
                  succeeding Auction.

                  (b) On each Rate Determination Date, each Broker-Dealer that
         submitted an Order on behalf of any Existing Holder or Potential Holder
         shall:

                           (i) advise each Existing Holder and Potential Holder
                  on whose behalf such Broker-Dealer submitted a Bid or Sell
                  Order in the Auction on such Rate Determination Date whether
                  such Bid or Sell Order was accepted or rejected, in whole or
                  in part;

                           (ii) in the case of a Broker-Dealer that is a Buyer's
                  Broker-Dealer, advise each Potential Holder on whose behalf
                  such Buyer's Broker-Dealer submitted a Bid that was accepted,
                  in whole or in part, to instruct such Potential Holder's
                  Participant to pay to such Buyer's Broker-Dealer (or its
                  Participant) through the Depository the amount necessary to
                  purchase the principal amount of the Auction Rate Securities
                  to be purchased pursuant to such Bid against receipt of such
                  Auction Rate Securities;

                           (iii) in the case of a Broker-Dealer that is a
                  Seller's Broker-Dealer, instruct each Existing Holder on whose
                  behalf such Seller's Broker-Dealer submitted a Sell Order that
                  was accepted, in whole or in part, or a Bid that was accepted,
                  in whole or in part, to instruct such Existing Holder's
                  Participant to deliver to such Seller's Broker-Dealer (or its
                  Participant) through the Depository the principal amount of
                  Auction Rate Securities to be sold pursuant to such Order
                  against payment therefor;

                           (iv) advise each Existing Holder on whose behalf such
                  Broker-Dealer submitted an Order and each Potential Holder on
                  whose behalf such Broker-Dealer submitted a Bid of the
                  Interest Rate for the next Interest Period;

                           (v) advise each Existing Holder on whose behalf such
                  Broker-Dealer submitted an Order of the next Rate
                  Determination Date; and

                           (vi) advise each Potential Holder on whose behalf
                  such Broker-Dealer submitted a Bid that was accepted, in whole
                  or in part, of the next Rate Determination Date.

                  (c) On the basis of the information provided to it pursuant to
         paragraph (a) above, each Broker-Dealer that submitted a Bid or Sell
         Order in an Auction is required to allocate any funds received by it in
         connection with such Auction pursuant to paragraph (b)(ii) above, and
         any Auction Rate Securities received by it in connection with such
         Auction pursuant to paragraph (b)(iii) above, among the Potential
         Holders, if any, on whose behalf such Broker-Dealer submitted Bids, the
         Existing Holders, if any on whose behalf such Broker-Dealer submitted
         Bids or Sell Orders in such Auction, and any

                                       A-2

<PAGE>

         Broker-Dealers identified to it by the Auction Agent following such
         Auction pursuant to paragraph (a)(v) or (a)(vi) above.

                  (d) On each Rate Determination Date:

                           (i) each Potential Holder and Existing Holder with an
                  Order in the Auction on such Rate Determination Date will
                  instruct its Participant as provided in (b)(ii) or (b)(iii)
                  above, as the case may be;

                           (ii) each Seller's Broker-Dealer that is not a
                  Participant of the Depository will instruct its Participant to
                  (A) pay through the Depository to the Participant of the
                  Existing Holder delivering Auction Rate Securities to such
                  Broker-Dealer following such Auction pursuant to paragraph
                  (b)(ii) above the amount necessary to purchase such Auction
                  Rate Securities against receipt of such Auction Rate
                  Securities; and (B) deliver such Auction Rate Securities
                  through the Depository to a Buyer's Broker-Dealer (or its
                  Participant) identified to such Seller's Broker-Dealer
                  pursuant to paragraph (a)(v) above against payment therefor;
                  and

                           (iii) each Buyer's Broker-Dealer that is not an
                  Participant in the Depository will instruct its Participant to
                  pay through the Depository to Seller's Broker-Dealer (or its
                  Participant) identified following such Auction pursuant to
                  paragraph (a)(vi) above the amount necessary to purchase the
                  Auction Rate Securities to be purchased pursuant to paragraph
                  (b)(ii) above against receipt of such Auction Rate Securities.

                  (e) On the Business Day following each Rate Determination
         Date:

                           (i) each Participant for a Bidder in the Auction on
                  such Rate Determination Date referred to in paragraph (d)(i)
                  above will instruct the Depository to execute the transactions
                  described under paragraph (b)(ii) or paragraph (b)(iii) above
                  for such Auction, and the Depository will execute such
                  transactions;

                           (ii) each Seller's Broker-Dealer or its Participant
                  will instruct the Depository to execute the transactions
                  described in paragraph (d)(ii) above for such Auction, and the
                  Depository will execute such transactions; and

                           (iii) each Buyer's Broker-Dealer or its Participant
                  will instruct the Depository to execute the transactions
                  described in paragraph (d)(iii) above for such Auction, and
                  the Depository will execute such transactions.

                  (f) If an Existing Holder selling Auction Rate Securities in
         an Auction fails to deliver such Auction Rate Securities (by authorized
         book-entry), a Broker-Dealer may deliver to the Potential Holder on
         behalf of which it submitted a Bid that was accepted a principal amount
         of Auction Rate Securities that is less than the principal amount of
         Auction Rate Securities that otherwise was to be purchased by such
         Potential Holder. In such event, the principal amount of Auction Rate
         Securities to be so delivered will be

                                       A-3

<PAGE>

         determined solely by such Broker-Dealer. Delivery of such lesser
         principal amount of Auction Rate Securities will constitute good
         delivery. Notwithstanding the foregoing terms of this paragraph (f),
         any delivery or nondelivery of Auction Rate Securities which will
         represent any departure from the results of an Auction, as determined
         by the Auction Agent, will be of no effect unless and until the Auction
         Agent will have been notified of such delivery or nondelivery in
         accordance with the provisions of the Auction Agent Agreement and the
         Broker-Dealer Agreements. Neither the Trustee nor the Auction Agent
         will have any responsibility or liability with respect to the failure
         of a Potential Holder, Existing Holder or their respective
         Broker-Dealer or Participant to take delivery of or deliver, as the
         case may be, the principal amount of the Auction Rate Securities or to
         pay for the Auction Rate Securities purchased or sold pursuant to an
         Auction or otherwise.

                                       A-4

<PAGE>

                                    EXHIBIT B

                                   ORDER FORM

                                   $19,700,000

                                   MELMAC LLC
                        Senior Student Loan Revenue Bonds
                        (Taxable Auction Rate Securities)
                                 Series 1999A-3

                                                       [Rate Determination Date]

         The undersigned Broker-Dealer submits the following orders on behalf of
the Bidder(s) indicated below:

                            BIDS BY EXISTING HOLDERS

<TABLE>
<CAPTION>
                                      PRINCIPAL AMOUNT
                                OF NOTES ($50,000 OR INTEGRAL
         EXISTING HOLDER*             MULTIPLES THEREOF)           BID RATE
<S>      <C>                    <C>                                <C>
1.       ________________       _____________________________      ________

2.       ________________       _____________________________      ________

3.       ________________       _____________________________      ________

4.       ________________       _____________________________      ________

5.       ________________       _____________________________      ________

6.       ________________       _____________________________      ________

7.       ________________       _____________________________      ________

8.       ________________       _____________________________      ________

9.       ________________       _____________________________      ________

10.      ________________       _____________________________      ________
</TABLE>

--------------------
*Existing Holders may be described by name or other reference as determined in
the sole discretion of the Broker-Dealer.

<PAGE>

                                   $19,700,000

                                   MELMAC LLC
                        Senior Student Loan Revenue Bonds
                        (Taxable Auction Rate Securities)
                                 Series 1999A-3

                            BIDS BY POTENTIAL HOLDERS

<TABLE>
<CAPTION>
                                       PRINCIPAL AMOUNT
                                OF NOTES ($50,000 OR INTEGRAL
         POTENTIAL HOLDER*             MULTIPLES THEREOF)          BID RATE
<S>      <C>                    <C>                                <C>
1.       ________________       _____________________________      ________

2.       ________________       _____________________________      ________

3.       ________________       _____________________________      ________

4.       ________________       _____________________________      ________

5.       ________________       _____________________________      ________

6.       ________________       _____________________________      ________

7.       ________________       _____________________________      ________

8.       ________________       _____________________________      ________

9.       ________________       _____________________________      ________

10.      ________________       _____________________________      ________

11.      ________________       _____________________________      ________

12.      ________________       _____________________________      ________

13.      ________________       _____________________________      ________

14.      ________________       _____________________________      ________

15.      ________________       _____________________________      ________

</TABLE>

                                       B-2
<PAGE>

--------------------
*Potential Holders may be described by name or other reference as determined in
the sole discretion of the Broker-Dealer.

1. If one or more Orders covering in the aggregate more than the outstanding
principal amount of Auction Rate Securities held by any Existing Holder are
submitted, such Orders shall be considered valid in the order of priority set
forth in the Auction Procedures.

2. A Hold or Sell Order may be placed only by an Existing Holder covering a
principal account of Auction Rate Securities not greater than the principal
amount currently held by such Existing Holder.

3. Potential Holders may only make Bids, each of which must specify a rate. If
more than one Bid is submitted on behalf of any Potential Holder, each Bid
submitted shall be a separate Bid with the rate specified.

4. Bids may contain no more than three figures to the right of the decimal point
(i.e., .001 of 1%).

5. An order must be submitted in principal amounts of $50,000 or integral
multiples thereof.

NAME OF BROKER-DEALER:__________________________________________________________

AUTHORIZED SIGNATURE:___________________________________________________________

TOTAL NUMBER OF ORDERS ON THIS ORDER FORM:______________________________________

Submit to:    Deutsche Bank Trust Company Americas
              100 Plaza One, 6th Floor
              Jersey City, New Jersey  07311
              Telephone: (201) 593-6878
              Facsimile: (201) 593-6447

                                       B-3

<PAGE>

                                    EXHIBIT C

                               NOTICE OF TRANSFER

                                   $19,700,000

                                   MELMAC LLC
                        Senior Student Loan Revenue Bonds
                        (Taxable Auction Rate Securities)
                                 Series 1999A-3

                       (To be used only for transfers made
                       other than pursuant to an Auction)

We are (check one):

         _____ the Existing Holder indicated below*;

         _____ the Broker-Dealer for such Existing Note Holder; or

         _____ the Participant for such Existing Note Holder.

         We hereby notify you that such Existing Holder has transferred
$_________ (must be in units of $50,000 or integral multiples thereof) of Series
__________ Notes to ____________________.

                                                     [EXISTING HOLDER]

                                                     By_________________________
                                                     Name_______________________
                                                     Title______________________

                                                     [NAME OF BROKER-DEALER]

                                                     By_________________________
                                                     Name_______________________
                                                     Title______________________

----------------------
* Existing Holders may be described by name or other reference as determined in
the sole discretion of the Broker-Dealer.

<PAGE>

                                                     [NAME OF PARTICIPANT]

                                                     By_________________________
                                                     Name_______________________
                                                     Title______________________

                                       C-2

<PAGE>

                                    EXHIBIT D

                 NOTICE OF A FAILURE TO DELIVER OR MAKE PAYMENT

                                   $19,700,000

                                   MELMAC LLC
                        Senior Student Loan Revenue Bonds
                        (Taxable Auction Rate Securities)
                                 Series 1999A-3

         Complete either I. or II.

         I.       We are a Broker-Dealer for Holder* ____________________ (the
                  "Purchaser"), which purchased $__________ (must be in units of
                  $50,000 or integral multiples thereof) of __________ in the
                  Auction held on __________ from the seller of such Series
                  _____ Notes.

         II.      We are a Broker-Dealer for Holder* ____________________ (the
                  "Seller"), which sold $__________ (must be in units of $50,000
                  or integral multiples thereof) of the Series First Issue in
                  the Auction held on __________ to the purchaser of such Series
                  _____ Notes.

         We hereby notify you that (check one):

         _____ the Seller failed to deliver such Series _____ Notes to the
               Purchaser; or

         _____ the Purchaser failed to make payment to the Seller upon delivery
               of such Series _____ Notes.

                                                        [NAME OF BROKER-DEALER]

                                                        By______________________
                                                        Name____________________
                                                        Title___________________

---------------------
* Existing Holders may be described by name or other reference as determined in
the sole discretion of the Broker-Dealer.

* Existing Holders may be described by name or other reference as determined in
the sole discretion of the Broker-Dealer.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00057-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00057-of-00352.parquet"}]]