Document:

XTO Indemnification Agreement 11/14/05

    EXHIBIT
      10.1

    FORM
      OF INDEMNIFICATION AGREEMENT

    

    

    INDEMNIFICATION
      AGREEMENT

     

    This
      Indemnification Agreement
      ("Agreement") is made as of ________ __, 2005, by and between XTO Energy Inc.,
      a
      Delaware corporation (the "Company"), and ______________
      ("Indemnitee").

    

    RECITALS

    

    WHEREAS,
      because of the increased exposure to litigation subjecting directors and
      officers to expensive litigation risks, talented and experienced persons are
      increasingly reluctant to serve or continue to serve as directors and officers
      of publicly-held corporations unless they are provided with adequate protection
      through insurance or adequate indemnification against inordinate risks of claims
      and actions against them arising out of their service to and activities on
      behalf of the corporation;

    

    WHEREAS,
      the Board of Directors of the Company (the "Board") has determined that, in
      order to attract and retain qualified individuals, the Company will attempt
      to
      maintain on an ongoing basis, at its sole expense, liability insurance to
      protect persons serving the Company and its subsidiaries from certain
      liabilities. Although the furnishing of such insurance has been a customary
      and
      widespread practice among United States-based corporations and other business
      enterprises, the Company believes that, given current market conditions and
      trends, such insurance may be available to it in the future only at higher
      premiums and with more exclusions. At the same time, directors, officers, and
      other persons in service to corporations or business enterprises are being
      increasingly subjected to expensive and time-consuming litigation relating
      to,
      among other things, matters that traditionally would have been brought only
      against the Company or business enterprise itself. The By-laws of the Company
      require indemnification of the officers and directors of the Company. Indemnitee
      may also be entitled to indemnification pursuant to the General Corporation
      Law
      of the State of Delaware ("DGCL"). The By-laws and the DGCL expressly provide
      that the indemnification provisions set forth therein are not exclusive, and
      thereby contemplate that contracts may be entered into between the Company
      and
      members of the board of directors, officers and other persons with respect
      to
      indemnification;

    

    WHEREAS,
      the uncertainties relating to such insurance and to indemnification have
      increased the difficulty of attracting and retaining such persons;

    

    WHEREAS,
      the Board has determined that the increased difficulty in attracting and
      retaining such persons is detrimental to the best interests of the Company's
      stockholders and that the Company should act to assure such persons that there
      will be increased certainty of such protection in the future;

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

            WHEREAS,
      it
      is reasonable, prudent and necessary for the Company contractually to obligate
      itself to indemnify, and to advance expenses on behalf of, such persons to
      the
      fullest extent permitted by applicable law so that they will serve or continue
      to serve the Company free from undue concern that they will not be so
      indemnified; 

    

    WHEREAS,
      this Agreement is a supplement to and in furtherance of the By-laws of the
      Company and any resolutions adopted pursuant thereto, and shall not be deemed
      a
      substitute therefor, nor to diminish or abrogate any rights of Indemnitee
      thereunder;

    

    WHEREAS,
      the Company desires Indemnitee to serve in his capacity as an officer or
      director, and Indemnitee is willing to serve, continue to serve and to take
      on
      additional service for or on behalf of the Company on the condition that he
      be
      so indemnified; and

    

    NOW,
      THEREFORE, in consideration of the premises and the covenants contained herein,
      the Company and Indemnitee do hereby covenant and agree as follows:

    

    Section
      1. Services to the
      Company. Indemnitee agrees to serve as a [director] [officer] of the
      Company. Indemnitee may at any time and for any reason resign from such position
      (subject to any other contractual obligation or any obli-gation imposed by
      operation of law), in which event the Company shall have no obliga-tion under
      this Agreement to continue Indemnitee in such position. This Agreement shall
      not
      be deemed an employment contract between the Company (or any of its subsidiaries
      or any Enterprise) and Indemnitee. Indemnitee specifically acknowledges that
      Indemnitee's employment with the Company (or any of its subsidiaries or any
      Enterprise), if any, is at will, and the Indemnitee may be discharged at any
      time for any reason, with or without cause, except as may be otherwise provided
      in any written employment contract between Indemnitee and the Company (or any
      of
      its subsidiaries or any Enterprise), other applicable formal severance policies
      duly adopted by the Board, or, with respect to service as a director or officer
      of the Company, by the Company's Certificate of Incorporation, the Company's
      By-laws, and the General Corporation Law of the State of Delaware. The foregoing
      notwithstanding, this Agreement shall continue in force after Indemnitee has
      ceased to serve as an [officer] [director] of the Company.

    

    Section
      2. Definitions. As used
      in this Agreement:

    

    (a) A
      "Change in Control" shall be
      deemed to occur upon the earliest to occur after the date of this Agreement
      of
      any of the following events:

    

    i. Acquisition
      of Stock by Third Party. Any Person (as defined below) is or becomes the
      Beneficial Owner (as defined below), directly or indirectly, of securities
      of
      the Company representing fifteen percent (15%) or more of the combined voting
      power of the Company's then outstanding securities;

    
       

      
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    ii. Change
      in Board of Directors. During any period of two (2) consecutive years (not
      including any period prior to the execution of this Agreement), individuals
      who
      at the beginning of such period constitute the Board, and any new director
      (other than a director designated by a person who has entered into an agreement
      with the Company to effect a transaction described in Sections 2(a)(i),
      2(a)(iii) or 2(a)(iv)) whose election by the Board or nomination for election
      by
      the Company's stockholders was approved by a vote of at least two-thirds of
      the
      directors then still in office who either were directors at the beginning of
      the
      period or whose election or nomination for election was previously so approved,
      cease for any reason to constitute a least a majority of the members of the
      Board;

    

    iii. Corporate
      Transactions. The effective date of a merger or consolidation of the Company
      with any other entity, other than a merger or consolidation which would result
      in the voting securities of the Company outstanding immediately prior to such
      merger or consolidation continuing to represent (either by remaining outstanding
      or by being converted into voting securities of the surviving entity) more
      than
      51% of the combined voting power of the voting securities of the surviving
      entity outstanding immediately after such merger or consolidation and with
      the
      power to elect at least a majority of the board of directors or other governing
      body of such surviving entity;

    

    iv. Liquidation.
      The approval by the stockholders of the Company of a complete liquidation of
      the
      Company or an agreement for the sale or disposition by the Company of all or
      substantially all of the Company's assets; and

    

    v. Other
      Events. There occurs any other event of a nature that would be required to
      be
      reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or a
      response to any similar item on any similar schedule or form) promulgated under
      the Exchange Act (as defined below), whether or not the Company is then subject
      to such reporting requirement.

    

    For
      purposes of this Section 2(a), the following terms shall have the following
      meanings:

    

    (A) "Exchange
      Act" shall mean the Securities Exchange Act of 1934, as amended.

    

    (B) "Person"
      shall have the meaning as set forth in Sections 13(d) and 14(d) of the Exchange
      Act; provided, however, that Person shall exclude (i) the Company, (ii) any
      trustee or other fiduciary holding securities under an employee benefit plan
      of
      the Company, and (iii) any corporation owned, directly or indirectly, by the
      stockholders of the Company in substantially the same proportions as their
      ownership of stock of the Company. 

    

    
      
        
        

      

      
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    (C) "Beneficial
      Owner" shall have the meaning given to such term in Rule 13d-3 under the
      Exchange Act; provided, however, that Beneficial Owner shall exclude any Person
      otherwise becoming a Beneficial Owner by reason of the stockholders of the
      Company approving a merger of the Company with another entity.

    

    (b) "Corporate
      Status" describes
      the status of a person who is or was a director, officer, employee or agent
      of
      the Company or of any other corporation, limited liability company, partnership
      or joint venture, trust, employee benefit plan or other enterprise which such
      person is or was serving at the request of the Company.

    

    (c) "Disinterested
      Director" means
      a director of the Company who is not and was not a party to the Proceeding
      in
      respect of which indemnification is sought by Indemnitee.

    

    (d) "Enterprise"
      shall mean the
      Company and any other corporation, limited liability company, partnership,
      joint
      venture, trust, employee benefit plan or other enterprise of which Indemnitee
      is
      or was serving at the request of the Company as a director, officer, employee,
      agent or fiduciary.

    

    (e) "Expenses"
      shall include all
      reasonable attorneys' fees, retainers, court costs, transcript costs, fees
      of
      experts, witness fees, travel expenses, duplicating costs, printing and binding
      costs, telephone charges, postage, delivery service fees, and all other
      disbursements or expenses of the types customarily incurred in connection with
      prosecuting, defending, preparing to prosecute or defend, investigating, being
      or preparing to be a witness in, or otherwise participating in, a Proceeding.
      Expenses also shall include (i) Expenses incurred in connection with any appeal
      resulting from any Proceeding, including without limitation the premium,
      security for, and other costs relating to any cost bond, supersedeas bond,
      or
      other appeal bond or its equivalent, and (ii) for purposes of Section 13(d)
      only, Expenses incurred by Indemnitee in connection with the interpretation,
      enforcement or defense of Indemnitee's rights under this Agreement, by
      litigation or otherwise. Expenses, however, shall not include amounts paid
      in
      settlement by Indemnitee or the amount of judgments or fines against
      Indemnitee.

    

    (f) "Independent
      Counsel" means a
      law firm, or a member of a law firm, that is experienced in matters of
      corporation law and neither presently is, nor in the past five years has been,
      retained to represent: (i) the Company or Indemnitee in any matter material
      to
      either such party (other than with respect to matters concerning the Indemnitee
      under this Agreement, or of other indemnitees under similar indemnification
      agreements), or (ii) any other party to the Proceeding giving rise to a claim
      for indemnification hereunder. Notwithstanding the foregoing, the term
      "Independent Counsel" shall not include any person who, under the applicable
      standards of professional conduct then prevailing, would have a conflict of
      interest in representing either the Company or Indemnitee in an action to
      determine Indemnitee's rights under this Agreement. The Company agrees to pay
      the reasonable fees and expenses of the Independent Counsel

    
      
        
        

      

      
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    referred
      to above and to fully indemnify such counsel against any and all Expenses,
      claims, liabilities and damages arising out of or relating to this Agreement
      or
      its engagement pursuant hereto.

     

                  (g) The
      term "Proceeding"
      shall include any threatened, pending or completed action, suit, arbitration,
      alternate dispute resolution mechanism, investigation, inquiry, administrative
      hearing or any other actual, threatened or completed proceeding, whether brought
      in the right of the Company or otherwise and whether of a civil, criminal,
      administrative, legislative or investigative nature, including any appeal
      therefrom, in which Indemnitee was, is or will be involved as a party, potential
      party, non-party witness or otherwise by reason that Indemnitee is or was a
      director or officer of the Company, by reason of any action taken by him or
      of
      any action on his part while acting as director or officer of the Company,
      or by
      reason that he is or was serving at the request of the Company as a director,
      officer, employee or agent of another corporation, limited liability company,
      partnership, joint venture, trust or other enterprise, in each case whether
      or
      not serving in such capacity at the time any liability or expense is incurred
      for which indemnification, reimbursement, or advancement of expenses can be
      provided under this Agreement; except one initiated by a Indemnitee to enforce
      his rights under this Agreement.

    

    (h) Reference
      to "other
      enterprise" shall include employee benefit plans; references to "fines" shall
      include any excise tax assessed with respect to any employee benefit plan;
      references to "serving at the request of the Company" shall include any service
      as a director, officer, employee or agent of the Company which imposes duties
      on, or involves services by, such director, officer, employee or agent with
      respect to an employee benefit plan, its participants or beneficiaries; and
      a
      person who acted in good faith and in a manner he reasonably believed to be
      in
      the best interests of the participants and beneficiaries of an employee benefit
      plan shall be deemed to have acted in manner "not opposed to the best interests
      of the Company" as referred to in this Agreement.

    

    Section
      3. Indemnity in Third-Party Proceedings. The Company shall indemnify
      Indemnitee in accordance with the provisions of this Section 3 if Indemnitee
      is,
      or is threatened to be made, a party to or a participant in any Proceeding,
      other than a Proceeding by or in the right of the Company to procure a judgment
      in its favor. Pursuant to this Section 3, Indemnitee shall be indemnified to
      the
      fullest extent permitted by applicable law against all Expenses, judgments,
      fines and amounts paid in settlement actually and reasonably incurred by
      Indemnitee or on his behalf in connection with such Proceeding or any claim,
      issue or matter therein, if Indemnitee acted in good faith and in a manner
      he
      reasonably believed to be in or not opposed to the best interests of the Company
      and, in the case of a criminal proceeding had no reasonable cause to believe
      that his conduct was unlawful. 

    

    Section
      4. Indemnity in Proceedings by or in the Right of the Company. The
      Company shall indemnify Indemnitee in accordance with the provisions of this
      Section 4 if Indemnitee is, or is threatened to be made, a party to or a
      participant in any Proceeding by or in the right of the 

    
      
        
        

      

      
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    Company
      to procure a judgment in its favor. Pursuant to this Section 4, Indemnitee
      shall
      be indemnified to the fullest extent permitted by applicable law against all
      Expenses actually and reasonably incurred by him or on his behalf in connection
      with such Proceeding or any claim, issue or matter therein, if Indemnitee acted
      in good faith and in a manner he reasonably believed to be in or not opposed
      to
      the best interests of the Company. No indemnification for Expenses shall be
      made
      under this Section 4 in respect of any claim, issue or matter as to which
      Indemnitee shall have been finally adjudged by a court to be liable to the
      Company, unless and only to the extent that the Delaware Court of Chancery
      or
      any court in which the Proceeding was brought shall determine upon application
      that, despite the adjudication of liability but in view of all the circumstances
      of the case, Indemnitee is fairly and reasonably entitled to
      indemnification.

    

    Section
      5. Indemnification for Expenses of a Party Who is Wholly or Partly
      Successful. Notwithstanding any other provisions of this Agreement, to the
      fullest extent permitted by applicable law and to the extent that Indemnitee
      is
      a party to (or a participant in) and is successful, on the merits or otherwise,
      in any Proceeding or in defense of any claim, issue or matter therein, in whole
      or in part, the Company shall indemnify Indemnitee against all Expenses actually
      and reasonably incurred by him in connection therewith. If Indemnitee is not
      wholly successful in such Proceeding but is successful, on the merits or
      otherwise, as to one or more but less than all claims, issues or matters in
      such
      Proceeding, the Company shall indemnify Indemnitee against all Expenses actually
      and reasonably incurred by him or on his behalf in connection with each
      successfully resolved claim, issue or matter. If the Indemnitee is not wholly
      successful in such Proceeding, the Company also shall indemnify Indemnitee
      against all Expenses reasonably incurred in connection with a claim, issue
      or
      matter related to any claim, issue, or matter on which the Indemnitee was
      successful. For purposes of this Section and without limitation, the termination
      of any claim, issue or matter in such a Proceeding by dismissal, with or without
      prejudice, shall be deemed to be a successful result as to such claim, issue
      or
      matter.

    

    Section
      6. Indemnification For Expenses of a Witness. Notwithstanding any other
      provision of this Agreement, to the fullest extent permitted by applicable
      law
      and to the extent that Indemnitee is, by reason of his Corporate Status, a
      witness in any Proceeding to which Indemnitee is not a party, he shall be
      indemnified against all Expenses actually and reasonably incurred by him or
      on
      his behalf in connection therewith.

    

    Section
      7. Additional Indemnification.

    

    (a) Notwithstanding
      any limitation
      in Sections 3, 4, or 5, the Company shall indemnify Indemnitee to the fullest
      extent permitted by applicable law if Indemnitee is a party to or threatened
      to
      be made a party to any Proceeding (including a Proceeding by or in the right
      of
      the Company to procure a judgment in its favor) against all Expenses, judgments,
      fines and amounts paid in settlement actually and reasonably incurred by
      Indemnitee in connection with the Proceeding. 

    

    
      
        
        

      

      
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    (b) For
      purposes of Section 7(a),
      the meaning of the phrase "to the fullest extent permitted by applicable law"
      shall include, but not be limited to:

    

    i. to
      the fullest extent permitted by the provision of the DGCL that authorizes or
      contemplates additional indemnification by agreement, or the corresponding
      provision of any amendment to or replacement of the DGCL, and

    

    ii. to
      the fullest extent authorized or permitted by any amendments to or replacements
      of the DGCL adopted after the date of this Agreement that increase the extent
      to
      which a corporation may indemnify its officers and directors.

    

    Section
      8. Exclusions. Notwithstanding any provision in this Agreement, the
      Company shall not be obligated under this Agreement to make any indemnity in
      connection with any claim made against Indemnitee:

    

    (a) for
      which payment has actually
      been made to or on behalf of Indemnitee under any insurance policy or other
      indemnity provision, except with respect to any excess beyond the amount paid
      under any insurance policy or other indemnity provision; or

    

    (b) for
      (i) an accounting of
      profits made from the purchase and sale (or sale and purchase) by Indemnitee
      of
      securities of the Company within the meaning of Section 16(b) of the Exchange
      Act (as defined in Section 2(a) hereof) or similar provisions of state statutory
      law or common law, (ii) any reimbursement of the Company by the Indemnitee
      of
      any bonuses or other incentive-based or equity-based compensation, and the
      reimbursement of the Company of profits realized from the sale of securities
      of
      the Company by Indemnitee, to the extent that such reimbursements directly
      arise
      from an accounting restatement of the Company pursuant to Section 304 of the
      Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”), or (iii) the payment to
      the Company of profits arising from the purchase and sale by Indemnitee of
      securities in violation of Section 306 of the Sarbanes-Oxley Act;
      or

    

    (c) except
      as provided in Section
      13(d) of this Agreement, in connection with any Proceeding (or any part of
      any
      Proceeding) initiated by Indemnitee, including any Proceeding (or any part
      of
      any Proceeding) initiated by Indemnitee against the Company or its directors,
      officers, employees or other indemnitees, unless (i) the Board of Directors
      of
      the Company authorized the Proceeding (or any part of any Proceeding) prior
      to
      its initiation or (ii) the Company provides the indemnification, in its sole
      discretion, pursuant to the powers vested in the Company under applicable law;
      or

    

    (d) for
      any acts or omissions or
      transactions, if and to the extent that it shall be determined by a final
      judgment or other final adjudication, not subject to further appeal or review,
      that a director or officer may not be relieved of liability arising from any
      such acts or omissions or transactions under the DGCL or applicable securities
      laws; or 

    

    
      
        
        

      

      
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    (e) for
      Expenses in connection
      with proceedings or claims involving the enforcement of non-compete and/or
      non-disclosure agreements or the non-compete and/or non-disclosure provisions
      of
      employment, consulting or similar agreements Indemnitee may be a party to with
      the Company (or any of its subsidiaries or any Enterprise), if any.

    

    Section
      9. Advances of Expenses. In accordance with (but in addition to) the
      pre-existing requirement of Section 7.8(b) of Article VII of the By-laws of
      the
      Company, and notwithstanding any provision of this Agreement to the contrary,
      the Company shall advance, to the extent not prohibited by law, the Expenses
      incurred by Indemnitee in connection with any Proceeding, and such advancement
      shall be made within thirty (30) days after the receipt by the Company of a
      statement or statements requesting such advances from time to time, whether
      prior to or after final disposition of any Proceeding. Advances shall be
      unsecured and interest free. Advances shall be made without regard to
      Indemnitee's ability to repay the Expenses and without regard to Indemnitee's
      ultimate entitlement to indemnification under the other provisions of this
      Agreement. Advances shall include any and all reasonable Expenses incurred
      pursuing an action to enforce this right of advancement, including Expenses
      incurred preparing and forwarding statements to the Company to support the
      advances claimed. The Indemnitee shall qualify for advances upon the execution
      and delivery to the Company of this Agreement, which shall constitute an
      undertaking providing that the Indemnitee undertakes to repay the advance to
      the
      extent that it is ultimately determined that Indemnitee is not entitled to
      be
      indemnified by the Company. This Section 9 shall not apply to any claim made
      by
      Indemnitee for which indemnity is excluded pursuant to Section 8.

    

    Section
      10. Procedure for Notification and Defense of Claim.

    

    (a) Indemnitee
      shall notify the
      Company in writing of any matter with respect to which Indemnitee intends to
      seek indemnification or advancement of Expenses hereunder as soon as reasonably
      practicable following the receipt by Indemnitee of written notice thereof.
      The
      written notification to the Company shall include a description of the nature
      of
      the Proceeding and the facts underlying the Proceeding. To obtain
      indemnification under this Agreement, Indemnitee shall submit to the Company
      a
      written request, including therein or therewith such documentation and
      information as is reasonably available to Indemnitee and is reasonably necessary
      to determine whether and to what ex-tent Indemnitee is entitled to
      indemnifica-tion following the final disposition of such action, suit or
      proceeding. The omission by Indemnitee to notify the Company hereunder will
      not
      relieve the Company from any liability which it may have to Indemnitee hereunder
      or otherwise than under this Agreement, and any delay in so notifying the
      Company shall not constitute a waiver by Indemnitee of any rights under this
      Agreement. The Sec-retary of the Company shall, promptly upon receipt of such
      a
      request for indemnification, advise the Board in writing that Indemnitee has
      requested indemnification.

    
      
        
        

      

      
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    (b) The
      Company will be entitled
      to participate in the Proceeding at its own expense.

    

    (c) The
      Company shall not be
      liable to indemnify Indemnitee under this Agreement or otherwise for any amounts
      paid in settlement of any Proceeding effected without the Company’s prior
      written consent; provided that if a Change in Control has occurred, the Company
      shall be liable for indemnification of Indemnitee for amounts paid in settlement
      if an Independent Counsel selected by Indemnitee has approved the settlement.
      The Company shall not settle any Proceeding in any manner that would impose
      any
      penalty, liability or limitation on Indemnitee without Indemnitee’s prior
      written consent; provided that the Company shall not be required to obtain
      the
      consent of Indemnitee to the settlement of any Proceeding the Company has
      undertaken to defend if the settlement grants Indemnitee a complete and
      unqualified release in respect of the potential liability. Neither the Company
      nor Indemnitee will unreasonably withhold their consent to any proposed
      settlement. 

    

    Section
      11. Procedure Upon Application for Indemnification. 

    

    (a) Upon
      written request by
      Indemnitee for indemnification pursuant to the Section 10(a), a determination,
      if required by applicable law, with respect to Indemnitee's entitlement thereto
      shall be made in the specific case: (i) if a Change in Control shall have
      occurred, by Independent Counsel in a written opinion to the Board of Directors,
      a copy of which shall be delivered to Indemnitee; or (ii) if a Change in Control
      shall not have occurred, (A) by a majority vote of the Disinterested Directors,
      even though less than a quorum of the Board, (B) by a committee of Disinterested
      Directors designated by a majority vote of the Disinterested Directors, even
      though less than a quorum of the Board, (C) if there are no such Disinterested
      Directors or, if such Disinterested Directors so direct, by Independent Counsel
      in a written opinion to the Board, a copy of which shall be delivered to
      Indemnitee or (D) if so directed by the Board, by the stockholders of the
      Company; and, if it is so determined that Indemnitee is entitled to
      indemnification, payment to Indemnitee shall be made within ten (10) days after
      such determination. Indemnitee shall cooperate with the person, persons or
      entity making such determination with respect to Indemnitee's entitlement to
      indemnification, including providing to such person, persons or entity upon
      reasonable advance request any documentation or information which is not
      privileged or otherwise protected from disclosure and which is reasonably
      available to Indemnitee and reasonably necessary to such determination. Any
      costs or Expenses (including attorneys' fees and disbursements) incurred by
      Indemnitee in so cooperating with the person, persons or entity making such
      determination shall be borne by the Company (irrespective of the determination
      as to Indemnitee's entitlement to indemnification), and the Company hereby
      indemnifies and agrees to hold Indemnitee harmless therefrom.

    

    (b) In
      the event the determination
      of entitlement to indemnification is to be made by Independent Counsel pursuant
      to Section 11(a) hereof, the Independent Counsel shall be selected as provided
      in this Section 11(b). If a Change in Control shall not have occurred,
      the
      Independent Counsel shall be selected by the Board of Directors, and the Company
      shall give 

    
      
        
        

      

      
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    written
      notice to Indemnitee advising him of the identity of the Independent Counsel
      so
      selected. If a Change in Control shall have occurred, the Independent Counsel
      shall be selected by Indemnitee (unless Indemnitee shall request that such
      selection be made by the Board of Directors, in which event the preceding
      sentence shall apply), and Indemnitee shall give written notice to the Company
      advising it of the identity of the Independent Counsel so selected. In either
      event, Indemnitee or the Company, as the case may be, may, within ten (10)
      days
      after such written notice of selection shall have been given, deliver to the
      Company or to Indemnitee, as the case may be, a written objection to such
      selection; provided, however, that such objection may be asserted only on the
      ground that the Independent Counsel so selected does not meet the requirements
      of "Independent Counsel" as defined in Section 2 of this Agreement,
      and the
      objection shall set forth with particularity the factual basis of such
      assertion. Absent a proper and timely objection, the person so selected shall
      act as Independent Counsel. If such written objection is so made and
      substantiated, the Independent Counsel so selected may not serve as Independent
      Counsel unless and until such objection is withdrawn or a court has determined
      that such objection is without merit. If, within twenty (20) days after the
      later of submission by Indemnitee of a written request for indemnification
      pursuant to Section 10(a) hereof and the final disposition of the
      Proceeding, no Independent Counsel shall have been selected and not objected
      to,
      either the Company or Indemnitee may petition a court of competent jurisdiction
      for resolution of any objection which shall have been made by the Company or
      Indemnitee to the other's selection of Independent Counsel and/or for the
      appointment as Independent Counsel of a person selected by the Court or by
      such
      other person as the Court shall designate, and the person with respect to whom
      all objections are so resolved or the person so appointed shall act as
      Independent Counsel under Section 11(a) hereof. Upon the due commencement
      of any judicial proceeding or arbitration pursuant to Section 13(a) of this
      Agreement, Independent Counsel shall be discharged and relieved of any further
      responsibility in such capacity (subject to the applicable standards of
      professional conduct then prevailing).

    

    Section
      12. Presumptions and Effect of Certain Proceedings.

    

    (a) In
      making a determination with
      respect to entitlement to indemnification hereunder, the person or persons
      or
      entity making such determination shall, to the fullest extent not prohibited
      by
      law, presume that Indemnitee is entitled to indemnification under this Agreement
      if Indemnitee has submitted a request for indemnification in accordance with
      Section 10(a) of this Agreement, and the Company shall, to the fullest extent
      not prohibited by law, have the burden of proof to overcome that presumption
      in
      connection with the making by any person, persons or entity of any determination
      contrary to that presumption. Neither the failure of the Company (including
      by
      its directors or independent legal counsel) to have made a determination prior
      to the commencement of any action pursuant to this Agreement that
      indemnification is proper in the circumstances because Indemnitee has met the
      applicable standard of conduct, nor an actual determination by the Company
      (including by its directors or independent legal counsel) that Indemnitee has
      not met such applicable standard of conduct, shall be a defense to the action
      or
      create a presumption that Indemnitee has not met the applicable standard of
      conduct.

    
      
        
        

      

      
        -10-

        
          

        

      

      
        
        

      

    

    (b) Subject
      to Section 13(e), if
      the person, persons or entity empowered or selected under Section 11 of this
      Agreement to determine whether Indemnitee is entitled to indemnification shall
      not have made a determination within sixty (60) days after receipt by the
      Company of the request therefor, the requisite determination of entitlement
      to
      indemnification shall, to the fullest extent not prohibited by law, be deemed
      to
      have been made and Indemnitee shall be entitled to such indemnification, absent
      (i) a misstatement by Indemnitee of a material fact, or an omission of a
      material fact necessary to make Indemnitee's statement not materially
      misleading, in connection with the request for indemnification, or (ii) a
      prohibition of such indemnification under applicable law; provided, however,
      that such 60-day period may be extended for a reasonable time, not to exceed
      an
      additional thirty (30) days, if the person, persons or entity making the
      determination with respect to entitlement to indemnification in good faith
      requires such additional time for the obtaining or evaluating of documentation
      and/or information relating thereto; and provided, further, that the foregoing
      provisions of this Section 12(b) shall not apply (i) if the determination of
      entitlement to indemnification is to be made by the stockholders pursuant to
      Section 11(a) of this Agreement and if (A) within fifteen (15) days after
      receipt by the Company of the request for such determination the Board of
      Directors has resolved to submit such determination to the stockholders for
      their consideration at an annual meeting thereof to be held within seventy-five
      (75) days after such receipt and such determination is made thereat, or (B)
      a
      special meeting of stockholders is called within fifteen (15) days after such
      receipt for the purpose of making such determination, such meeting is held
      for
      such purpose within sixty (60) days after having been so called and such
      determination is made thereat, or (ii) if the determination of entitlement
      to
      indemnification is to be made by Independent Counsel pursuant to Section 11(a)
      of this Agreement.

    

    (c) The
      termination of any
      Proceeding or of any claim, issue or matter therein, by judgment, order,
      settlement or conviction, or upon a plea of nolo contendere or its equivalent,
      shall not (except as otherwise expressly provided in this Agreement) of itself
      adversely affect the right of Indemnitee to indemnification or create a
      presumption that Indemnitee did not act in good faith and in a manner which
      he
      reasonably believed to be in or not opposed to the best interests of the Company
      or, with respect to any criminal Proceeding, that Indemnitee had reasonable
      cause to believe that his conduct was unlawful.

    

    (d) Reliance
      as Safe Harbor. For
      purposes of any determination of good faith, Indemnitee shall be deemed to
      have
      acted in good faith if Indemnitee's action is based on the records or books
      of
      account of the Enterprise, including financial statements, or on information
      supplied to Indemnitee by the officers of the Enterprise in the course of their
      duties, or on the advice of legal counsel for the Enterprise or on information
      or records given or reports made to the Enterprise by an independent certified
      public accountant or by an appraiser or other expert selected with the
      reasonable care by the Enterprise. The provisions of this Section 12(d) shall
      not be deemed to be exclusive or to limit in any way the other circumstances
      in
      which the Indemnitee may be deemed to have met the applicable standard of
      conduct set forth in this Agreement.

    

    
      
        
        

      

      
        -11-

        
          

        

      

      
        
        

      

    

    (e) Actions
      of Others. The
      knowledge and/or actions, or failure to act, of any director, officer, agent
      or
      employee of the Enterprise shall not be imputed to Indemnitee for purposes
      of
      determining the right to indemnification under this Agreement.

    

    Section
      13. Remedies of Indemnitee. 

    

    (a) Subject
      to Section 13(e), in
      the event that (i) a determination is made pursuant to Section 11 of this
      Agreement that Indemnitee is not entitled to indemnification under this
      Agreement, (ii) advancement of Expenses is not timely made pursuant to
      Section 9 of this Agreement, (iii) no determination of entitlement to
      indemnification shall have been made pursuant to Section 11(a) of this Agreement
      within ninety (90) days after receipt by the Company of the request for
      indemnification, (iv) payment of indemnification is not made pursuant to
      Section 5 or 6 or the last sentence of Section 11(a) of this Agreement
      within ten (10) days after receipt by the Company of a written request therefor,
      (v) payment of indemnification pursuant to Section 3, 4 or 7 of this Agreement
      is not made within ten (10) days after a determination has been made that
      Indemnitee is entitled to indemnification, or (vi) in the event that the Company
      or any other person takes or threatens to take any action to declare this
      Agreement void or unenforceable, or institutes any litigation or other action
      or
      Proceeding designed to deny, or to recover from, the Indemnitee the benefits
      provided or intended to be provided to the Indemnitee hereunder, Indemnitee
      shall be entitled to an adjudication by a court of his entitlement to such
      indemnification or advancement of Expenses. Alternatively, Indemnitee, at his
      option, may seek an award in arbitration to be conducted by a single arbitrator
      pursuant to the Commercial Arbitration Rules of the American Arbitration
      Association. Indemnitee shall commence such proceeding seeking an adjudication
      or an award in arbitra-tion within 180 days following the date on which
      Indemnitee first has the right to commence such proceeding pursuant to this
      Section 13(a); provided, however, that the foregoing clause shall not apply
      in
      respect of a proceeding brought by Indemnitee to enforce his rights under
      Section 5 of this Agreement. The Company shall not oppose Indemnitee's
      right to seek any such adjudication or award in arbitration.

    

    (b) In
      the event that a
      determination shall have been made pursuant to Section 11(a) of this Agreement
      that Indemnitee is not entitled to indemnification, any judicial proceeding
      or
      arbitration commenced pursuant to this Section 13 shall be conducted
      in all
      respects as a de novo trial, or arbitration, on the merits and Indemnitee shall
      not be prejudiced by reason of that adverse determination. In any judicial
      proceeding or arbitration commenced pursuant to this Section 13 the Company
      shall have the burden of proving Indemnitee is not entitled to indemnification
      or advancement of Expenses, as the case may be.

    

    (c) If
      a determination shall have
      been made pursuant to Section 11(a) of this Agreement that Indemnitee
      is
      entitled to indemnification, the Company shall be bound by such determination
      in
      any judicial proceeding or arbitration commenced pursuant to this
      Section 13, absent (i) a misstatement by Indemnitee of a material fact,
      or
      an omission of a material fact 

    
      
        
        

      

      
        -12-

        
          

        

      

      
        
        

      

    

    necessary
      to make Indemnitee's statement not materially misleading, in connection with
      the
      request for indemnification, or (ii) a prohibition of such indemnification
      under
      applicable law.

     

                  (d) The
      Company shall, to
      the fullest extent not prohibited by law, be precluded from asserting in any
      judicial proceeding or arbitration commenced pursuant to this Section 13 that
      the procedures and presumptions of this Agreement are not valid, binding and
      enforceable and shall stipulate in any such court or before any such arbitrator
      that the Company is bound by all the provisions of this Agreement. It is the
      intent of the Company that the Indemnitee not be required to incur legal fees
      or
      other Expenses associated with the interpretation, enforcement or defense of
      Indemnitee's rights under this Agreement by litigation or otherwise because
      the
      cost and expense thereof would substantially detract from the benefits intended
      to be extended to the Indemnitee hereunder. The Company shall indemnify
      Indemnitee against any and all Expenses and, if requested by Indemnitee, shall
      (within ten (10) days after receipt by the Company of a written request
      therefor) advance, to the extent not prohibited by law, such Expenses to
      Indemnitee, which are incurred by Indemnitee in connection with any action
      brought by Indemnitee for indemnification or advance of Expenses from the
      Company under this Agreement or under any directors' and officers' liability
      insurance policies maintained by the Company, regardless of whether Indemnitee
      ultimately is determined to be entitled to such indemnification, advancement
      of
      Expenses or insurance recovery, as the case may be, unless it shall be
      determined by a final judgment or other final adjudication, not subject to
      further appeal or review, that each of the material assertions made by
      Indemnitee in such proceeding was not made in good faith or was
      frivolous.

    

    (e) Notwithstanding
      anything in
      this Agreement to the contrary, no determination as to entitlement to
      indemnification under this Agreement shall be required to be made prior to
      the
      final disposition of the Proceeding.

    

    Section
      14. Non-exclusivity; Survival of Rights; Insurance;
      Subrogation. 

    

    (a) The
      rights of indemnification
      and to receive advancement of Expenses as provided by this Agreement shall
      not
      be deemed exclusive of any other rights to which Indemnitee may at any time
      be
      entitled under applicable law, the Company's Certificate of Incorporation,
      the
      Company's By-laws, any agreement, a vote of stockholders or a resolution of
      directors, or otherwise. No amendment, alteration or repeal of this Agreement
      or
      of any provision hereof shall limit or restrict any right of Indemnitee under
      this Agreement in respect of any action taken or omitted by such Indemnitee
      in
      his Corporate Status prior to such amendment, alteration or repeal. To the
      extent that a change in Delaware law, whether by statute or judicial decision,
      permits greater indemnification or advancement of Expenses than would be
      afforded currently under the Company's By-laws and this Agreement, it is the
      intent of the parties hereto that Indemnitee shall enjoy by this Agreement
      the
      greater benefits so afforded by such change. No right or remedy herein conferred
      is intended to be exclusive of any other right or remedy, and every other right
      and remedy shall be cumulative and in addition to every other right and remedy
      given hereunder or now or hereafter existing at law or in equity or otherwise.
      The assertion or

    
      
        
        

      

      
        -13-

        
          

        

      

      
        
        

      

    

    employment
      of any right or remedy hereunder, or otherwise, shall not prevent the concurrent
      assertion or employment of any other right or remedy.

        

        (b) To
      the extent that the Company maintains an insurance policy or policies providing
      liability insurance for directors, officers, employees, or agents of the Company
      or of any other corporation, partnership, joint venture, trust, employee benefit
      plan or other enterprise which such person serves at the request of the Company,
      Indemnitee shall be covered by such policy or policies in accordance with its
      or
      their terms to the maximum extent of the coverage available for any such
      director, officer, employee or agent under such policy or policies. If, at
      the
      time of the receipt of a notice of a claim pursuant to the terms hereof, the
      Company has director and officer liability insurance in effect, the Company
      shall give prompt notice of the commencement of such proceeding to the insurers
      in accordance with the procedures set forth in the respective policies. The
      Company shall thereafter take all necessary or desirable action to cause such
      insurers to pay, on behalf of the Indemnitee, all amounts payable as a result
      of
      such proceeding in accordance with the terms of such policies.

    

    (c) In
      the event of any payment
      under this Agreement, the Company shall be subrogated to the extent of such
      payment to all of the rights of recovery of Indemnitee, who shall execute all
      papers required and take all action necessary to secure such rights, including
      execution of such documents as are necessary to enable the Company to bring
      suit
      to enforce such rights.

    

    (d) The
      Company shall not be
      liable under this Agreement to make any payment of amounts otherwise
      indemnifiable (or for which advancement is provided hereunder) hereunder if
      and
      to the extent that Indemnitee has otherwise actually received such payment
      under
      any insurance policy, contract, agreement or otherwise. 

    

    (e) The
      Company's obligation to
      indemnify or advance Expenses hereunder to Indemnitee who is or was serving
      at
      the request of the Company as a director, officer, employee or agent of any
      other corporation, limited liability company, partnership, joint venture, trust,
      employee benefit plan or other enterprise shall be reduced by any amount
      Indemnitee has actually received as indemnification or advancement of Expenses
      from such other corporation, limited liability company, partnership, joint
      venture, trust, employee benefit plan or other enterprise.

    

    Section
      15. Duration of Agreement. This Agreement shall continue until and
      terminate upon the later of: (a) 10 years after the date that Indemnitee shall
      have ceased to serve as a [director] [officer] of the Company, (b) 1 year after
      the final termina-tion of any Proceeding then pending in respect of which
      Indemnitee is granted rights of indemnifi-cation or advance-ment of Expenses
      hereunder and of any pro-ceeding commenced by Indemnitee pursuant to
      Section 13 of this Agreement relating thereto. This Agree-ment shall
      be
      binding upon the Company and its successors and assigns and shall inure to
      the
      benefit of Indemnitee and his heirs, execu-tors and administrators.

    

    
      
        
        

      

      
        -14-

        
          

        

      

      
        
        

      

    

    Section
      16. Severability. If any provision or provisions of this Agreement shall
      be held to be invalid, illegal or unenforceable for any reason whatsoever:
      (a)
      the validity, legality and enforceability of the remaining provisions of this
      Agreement (including without limitation, each portion of any Section of this
      Agreement containing any such provision held to be invalid, illegal or
      unenforceable, that is not itself invalid, illegal or unenforceable) shall
      not
      in any way be affected or impaired thereby and shall remain enforceable to
      the
      fullest extent permitted by law; (b) such provision or provisions shall be
      deemed reformed to the extent necessary to conform to applicable law and to
      give
      the maximum effect to the intent of the parties hereto; and (c) to the fullest
      extent possible, the provisions of this Agreement (including, without
      limitation, each portion of any Section of this Agreement containing any such
      provision held to be invalid, illegal or unenforceable, that is not itself
      invalid, illegal or unenforceable) shall be construed so as to give effect
      to
      the intent manifested thereby.

    

    Section
      17. Enforcement.

    

    (a) The
      Company expressly confirms
      and agrees that it has entered into this Agreement and assumed the obligations
      imposed on it hereby in order to induce Indemnitee to serve as a director or
      officer of the Company, and the Company acknowledges that Indemnitee is relying
      upon this Agreement in serving as a director or officer of the
      Company.

    

    (b) This
      Agreement constitutes the
      entire agreement between the parties hereto with respect to the subject matter
      hereof and supersedes all prior agreements and understandings, oral, written
      and
      implied, between the parties hereto with respect to the subject matter hereof;
      provided, however, that this Agreement is a supplement to and in furtherance
      of
      the Certificate of Incorporation of the Company, the By-laws of the Company
      and
      applicable law, and shall not be deemed a substitute therefor, nor to diminish
      or abrogate any rights of Indemnitee thereunder.

    

    Section
      18. Modification and Waiver. No supplement, modification or amendment of
      this Agreement shall be binding unless executed in writing by the parties
      thereto. No waiver of any of the provisions of this Agreement shall be deemed
      or
      shall constitute a waiver of any other provisions of this Agreement nor shall
      any waiver constitute a continuing waiver.

    

    Section
      19. Notice by Indemnitee. Indemnitee agrees promptly to notify the
      Company in writing upon being served with any summons, citation, subpoena,
      complaint, indictment, information or other document relating to any Proceeding
      or matter which may be subject to indemnification or advancement of Expenses
      covered hereunder. The failure of Indemnitee to so notify the Company shall
      not
      relieve the Company of any obligation which it may have to the Indemnitee under
      this Agreement or otherwise. 

    

    Section
      20. Notices. All notices, requests, demands and other
      communications under this Agreement shall be in writing and shall be deemed
      to
      have been duly given if (a) delivered

    
      
        
        

      

      
        -15-

        
          

        

      

      
        
        

      

    

    by
      hand
      and receipted for by the party to whom said notice or other communication shall
      have been directed, (b) mailed by certified or registered mail with postage
      prepaid, on the third business day after the date on which it is so mailed,
      (c)
      mailed by reputable overnight courier and receipted for by the party to whom
      said notice or other communication shall have been directed or (d) sent by
      facsimile transmission, with receipt of oral confirmation that such transmission
      has been received:

        

        (a) If
      to Indemnitee, at the address indicated on the signature page of this Agreement,
      or such other address as Indemnitee shall provide to the Company.

    

    (b) If
      to the Company
      to:

    

    XTO
      Energy Inc.

    Attention:
      General Counsel

    810
      Houston Street

    Fort
      Worth, Texas 76102

    Phone:
      (817) 870-2800

    Fax:
      (817) 885-2278

    

    or
      to any
      other address as may have been furnished to Indemnitee by the
      Company.

    

    Section
      21. Contribution. To the fullest extent permissible under applicable law,
      if the indemnification provided for in this Agreement is unavailable to
      Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying
      Indemnitee, shall contribute to the amount incurred by Indemnitee, whether
      for
      judgments, fines, penalties, excise taxes, amounts paid or to be paid in
      settlement and/or for Expenses, in connection with any claim relating to an
      indemnifiable event under this Agreement, in such proportion as is deemed fair
      and reasonable in light of all of the circumstances of such Proceeding in order
      to reflect (i) the relative benefits received by the Company and Indemnitee
      as a
      result of the event(s) and/or transaction(s) giving cause to such Proceeding;
      and/or (ii) the relative fault of the Company (and its directors, officers,
      employees and agents) and Indemnitee in connection with such event(s) and/or
      transaction(s).

    

    Section
      22. Applicable Law and Consent to Jurisdiction. This Agreement and the
      legal relations among the parties shall be governed by, and construed and
      enforced in accordance with, the laws of the State of Delaware, without regard
      to its conflict of laws rules. Except with respect to any arbitration commenced
      by Indemnitee pursuant to Section 13(a) of this Agreement, the Company and
      Indemnitee hereby irrevocably and unconditionally (i) agree that any action
      or
      proceeding arising out of or in connection with this Agreement shall be brought
      only in the Chancery Court of the State of Delaware (the "Delaware Court"),
      and
      not in any other state or federal court in the United States of America or
      any
      court in any other country, (ii) consent to submit to the exclusive jurisdiction
      of the Delaware Court for purposes of any action or proceeding arising out
      of or
      in connection with this Agreement, (iii) appoint, to the extent such party
      is
      not otherwise subject to service of process in the State of
      Delaware, irrevocably RL&F

      
      

      
        
          
          

        

        
          -16-

          
            

          

        

        
          
          
Service Corp., One Rodney
          Square, 10th Floor, 10th and King Streets, Wilmington, Delaware 19801 as
          its
          agent in the State of Delaware as such party's agent for acceptance of
          legal
          process in connection with any such action or proceeding against such party
          with
          the same legal force and validity as if served upon such party personally
          within
          the State of Delaware, (iv) waive any objection to the laying of venue
          of any
          such action or proceeding in the Delaware Court, and (v) waive, and agree
          not to
          plead or to make, any claim that any such action or proceeding brought
          in the
          Delaware Court has been brought in an improper or inconvenient
          forum.

      

       

      Section
        23. Identical Counterparts. This Agree-ment may be
        executed in one or more counterparts, each of which shall for all purposes
        be
        deemed to be an original but all of which together shall constitute one and
        the
        same Agreement. Only one such counterpart signed by the party against whom
        enforceability is sought needs to be produced to evidence the existence of
        this
        Agreement.

      

      Section
        24. Miscellaneous. Use of the masculine pronoun
        shall be deemed to include usage of the feminine pronoun where appropriate.
        The
        headings of the para-graphs of this Agreement are inserted for convenience
        only
        and shall not be deemed to constitute part of this Agreement or to affect
        the
        construction thereof.

          

          IN
        WITNESS WHEREOF,
        the parties have caused this Agreement to be signed as of the day and year
        first
        above written.

       

       

      
        	 XTO
                ENERGY INC.	 	 INDEMNITEE	 
	 	 	 	 
	 By:
                _____________________	 	
                 _____________________________

              	 
	 Name: 
                Frank G. McDonald	 	 Name:	
              	 
	 Office: 
                Vice President	 	 Address:	
                ______________________

              	 
	 	 	 	
                ______________________

              	 
	                                                               	 	 	
                ______________________

              	 

      

                                         

       

      -17-Exhibit 4.1

                               INDENTURE OF TRUST

                                 by and between

                        NELNET STUDENT LOAN TRUST 2005-4

                                       and

                           ZIONS FIRST NATIONAL BANK,
                    as Trustee and as Eligible Lender Trustee

                          Dated as of November 1, 2005

<PAGE>

                        NELNET STUDENT LOAN TRUST 2005-4

        Reconciliation and tie between Trust Indenture Act of 1939, as amended
(the "Trust Indenture Act") and Indenture of Trust, dated as of November 1,
2005.

          TRUST INDENTURE ACT SECTION                  INDENTURE SECTION

Section 310(a)(1)                                             7.23
310(a)(2)                                                     7.23
310(b)                                                        7.23, 7.09
Section 311(a)                                                7.08
311(b)                                                        7.08
Section 312(b)                                                9.16
312(c)                                                        9.16
Section 313(a)                                                4.15
313(b)                                                        4.15
313(c)                                                        4.15, 8.04
Section 314(a)(1)                                             4.15
314(a)(2)                                                     4.15
314(a)(3)                                                     4.15
314(a)(4)                                                     4.16
314(c)                                                        2.02, 5.07
314(d)(1)                                                     5.07
Section 315(b)                                                8.04
Section 317(a)(1)                                             4.17, 6.10
317(a)(2)                                                     7.24
Section 318(a)                                                9.09
318(c)                                                        9.09
--------------------
NOTE:  This reconciliation and tie shall not, for any purpose, be deemed to be a
part of the Indenture.

        Attention should also be directed to Section 318(c) of the Trust
Indenture Act, which provides that the provisions of Sections 310 to and
including 317 of the Trust Indenture Act are a part of and govern every
qualified indenture, whether or not physically contained therein.

<PAGE>

                                    ARTICLE I

DEFINITIONS AND USE OF PHRASES.................................................3

                                   ARTICLE II
                         NOTE DETAILS AND FORM OF NOTES

Section 2.01.     Note Details................................................27
Section 2.02.     Execution, Authentication and Delivery of Notes.............28
Section 2.03.     Registration, Transfer and Exchange of Notes; Persons
                  Treated as Registered Owners................................28
Section 2.04.     Lost, Stolen, Destroyed and Mutilated Notes.................29
Section 2.05.     Trustee's Authentication Certificate........................29
Section 2.06.     Cancellation and Destruction of Notes by the Trustee........30
Section 2.07.     Temporary Notes.............................................30
Section 2.08.     Issuance of Notes...........................................30
Section 2.09.     Definitive Notes............................................30
Section 2.10.     Payment of Principal and Interest...........................31

                                   ARTICLE III
                 PARITY AND PRIORITY OF LIEN; OTHER OBLIGATIONS;
                            AND DERIVATIVE PRODUCTS

Section 3.01.     Parity and Priority of Lien.................................32
Section 3.02.     Other Obligations...........................................32
Section 3.03.     Derivative Products; Counterparty Payments; Issuer
                  Derivative Payments.........................................32

                                   ARTICLE IV
                   PROVISIONS APPLICABLE TO THE NOTES; DUTIES OF THE ISSUER

Section 4.01.     Payment of Principal and Interest...........................33
Section 4.02.     Covenants as to Additional Conveyances......................33
Section 4.03.     Further Covenants of the Issuer.............................33
Section 4.04.     Enforcement of Master Servicing Agreement and Subservicing
                  Agreements..................................................34
Section 4.05.     Procedures for Transfer of Funds............................36
Section 4.06.     Additional Covenants with Respect to the Higher Education
                  Act.........................................................36
Section 4.07.     Financed Eligible Loans; Collections Thereof; Assignment
                  Thereof.....................................................37
Section 4.08.     Appointment of Agents, Direction to Trustee, Etc............38
Section 4.09.     Capacity to Sue.............................................38
Section 4.10.     Continued Existence; Successor to Issuer....................38
Section 4.11.     Amendment of Student Loan Purchase Agreements...............38
Section 4.12.     Representations; Negative Covenants.........................38
Section 4.13.     Additional Covenants........................................44
Section 4.14.     Providing of Notice.........................................45
Section 4.15.     Certain Reports.............................................45
Section 4.16.     Statement as to Compliance..................................46
Section 4.17.     Representations of the Issuer Regarding the Trustee's
                  Security Interest...........................................46
Section 4.18.     Further Covenants of the Issuer Regarding the Trustee's
                  Security Interest...........................................47
Section 4.19.     Borrower Incentive Programs.................................48

<PAGE>

                                    ARTICLE V
                                      FUNDS

Section 5.01.     Creation and Continuation of Funds and Accounts.............48
Section 5.02.     Acquisition Fund............................................49
Section 5.03.     Capitalized Interest Fund...................................50
Section 5.04.     Collection Fund.............................................50
Section 5.05.     Reserve Fund................................................55
Section 5.06.     Investment of Funds Held by Trustee.........................57
Section 5.07.     Release.....................................................58

                                   ARTICLE VI
                              DEFAULTS AND REMEDIES

Section 6.01.     Events of Default Defined...................................59
Section 6.02.     Remedy on Default; Possession of Trust Estate...............59
Section 6.03.     Remedies on Default; Advice of Counsel......................61
Section 6.04.     Remedies on Default; Sale of Trust Estate...................61
Section 6.05.     Appointment of Receiver.....................................62
Section 6.06.     Restoration of Position.....................................62
Section 6.07.     Application of Sale Proceeds................................62
Section 6.08.     Acceleration of Maturity; Rescission and Annulment..........62
Section 6.09.     Remedies Not Exclusive......................................63
Section 6.10.     Collection of Indebtedness and Suits for Enforcement by
                  Trustee.....................................................63
Section 6.11.     Direction of Trustee........................................64
Section 6.12.     Right to Enforce in Trustee.................................64
Section 6.13.     Physical Possession of Obligations Not Required.............65
Section 6.14.     Waivers of Events of Default................................65

                                   ARTICLE VII
                                   THE TRUSTEE

Section 7.01.     Acceptance of Trust.........................................65
Section 7.02.     Recitals of Others..........................................66
Section 7.03.     As to Filing of Indenture...................................66
Section 7.04.     Trustee May Act Through Agents..............................67
Section 7.05.     Indemnification of Trustee..................................67
Section 7.06.     Trustee's Right to Reliance.................................68
Section 7.07.     Compensation of Trustee.....................................69
Section 7.08.     Creditor Relationships......................................69
Section 7.09.     Resignation of Trustee......................................69
Section 7.10.     Removal of Trustee..........................................69
Section 7.11.     Successor Trustee...........................................70
Section 7.12.     Manner of Vesting Title in Trustee..........................70
Section 7.13.     Additional Covenants by the Trustee to Conform to the
                  Higher Education Act........................................71

                                       ii
<PAGE>

Section 7.14.     Right of Inspection.........................................71
Section 7.15.     Limitation with Respect to Examination of Reports...........71
Section 7.16.     Servicing Agreements........................................71
Section 7.17.     Additional Covenants of Trustee.............................71
Section 7.18.     Notices to Rating Agencies..................................72
Section 7.19.     Merger of the Trustee.......................................72
Section 7.20.     Receipt of Funds from Master Servicer or a Subservicer......72
Section 7.21.     Special Circumstances Leading to Resignation of Trustee.....73
Section 7.22.     Survival of Trustee's Rights to Receive Compensation,
                  Reimbursement and Indemnification...........................73
Section 7.23.     Corporate Trustee Required; Eligibility; Conflicting
                  Interests...................................................73
Section 7.24.     Trustee May File Proofs of Claim............................73
Section 7.25.     No Petition.................................................74

                                  ARTICLE VIII
                             SUPPLEMENTAL INDENTURES

Section 8.01.     Supplemental Indentures Not Requiring Consent of
                  Registered Owners...........................................74
Section 8.02.     Supplemental Indentures Requiring Consent of Registered
                  Owners......................................................75
Section 8.03.     Additional Limitation on Modification of Indenture..........76
Section 8.04.     Notice of Defaults..........................................76
Section 8.05.     Conformity with the Trust Indenture Act.....................77

                                   ARTICLE IX
                               GENERAL PROVISIONS

Section 9.01.     Notices.....................................................77
Section 9.02.     Covenants Bind Issuer.......................................78
Section 9.03.     Lien Created................................................78
Section 9.04.     Severability of Lien........................................79
Section 9.05.     Consent of Registered Owners Binds Successors...............79
Section 9.06.     Nonliability of Persons; No General Obligation..............79
Section 9.07.     Nonpresentment of Notes or Interest Checks..................79
Section 9.08.     Security Agreement..........................................79
Section 9.09.     Laws Governing..............................................79
Section 9.10.     Severability................................................80
Section 9.11.     Exhibits....................................................80
Section 9.12.     Non-Business Days...........................................80
Section 9.13.     Parties Interested Herein...................................80
Section 9.14.     Obligations Are Limited Obligations.........................80
Section 9.15.     Limitations on Counterparty Rights..........................80
Section 9.16.     Disclosure of Names and Addresses of Registered Owners......80
Section 9.17.     Aggregate Principal Amount of Obligations...................81
Section 9.18.     Financed Eligible Loans.....................................81
Section 9.19.     Concerning the Delaware Trustee.............................81

                                       iii
<PAGE>

                                    ARTICLE X
               PAYMENT AND CANCELLATION OF NOTES AND SATISFACTION OF INDENTURE

Section 10.01.    Trust Irrevocable...........................................82
Section 10.02.    Satisfaction of Indenture...................................82
Section 10.03.    Optional Purchase of All Financed Eligible Loans............83
Section 10.04.    Auction of Financed Eligible Loans..........................84
Section 10.05.    Cancellation of Paid Notes..................................84

APPENDIX A        CERTAIN TERMS AND PROVISIONS OF THE AUCTION RATE NOTES
ATTACHMENT A      NOTICE OF PAYMENT DEFAULT
ATTACHMENT B      NOTICE OF CURE OF PAYMENT DEFAULT
ATTACHMENT C      NOTICE OF PROPOSED CHANGE IN LENGTH OF ONE OR MORE AUCTION
                  PERIODS
ATTACHMENT D      NOTICE ESTABLISHING CHANGE IN LENGTH OF ONE OR MORE AUCTION
                  PERIODS
ATTACHMENT E      NOTICE OF CHANGE IN AUCTION DATE
EXHIBIT A         ELIGIBLE LOAN ACQUISITION CERTIFICATE
EXHIBIT B-1       FORM OF CLASS A-1 NOTE
EXHIBIT B-2       FORM OF CLASS A-2 NOTE
EXHIBIT B-3       FORM OF CLASS A-3 NOTE
EXHIBIT B-4       FORM OF CLASS A-4L NOTE
EXHIBIT B-5       FORM OF CLASS A-4AR-1 NOTE
EXHIBIT B-6       FORM OF CLASS A-4AR-2 NOTE
EXHIBIT B-7       FORM OF CLASS B NOTE
EXHIBIT C         FORM OF ADMINISTRATOR'S MONTHLY SERVICING PAYMENT DATE
                  CERTIFICATE
EXHIBIT D         FORM OF ADMINISTRATOR'S DISTRIBUTION DATE CERTIFICATE

                                       iv
<PAGE>

                               INDENTURE OF TRUST

        THIS INDENTURE OF TRUST, dated as of November 1, 2005 (this
"Indenture"), is by and between NELNET STUDENT LOAN TRUST 2005-4 (the "Issuer"),
a statutory trust duly organized and existing under the laws of the State of
Delaware (the "State"), and ZIONS FIRST NATIONAL BANK, a national banking
association duly organized and operating under the laws of the United States of
America, as trustee hereunder (together with its successors, the "Trustee") and
as eligible lender trustee (together with its successors, the "Eligible Lender
Trustee") under the Eligible Lender Trust Agreement (all capitalized terms used
in these preambles, recitals and granting clauses shall have the same meanings
assigned thereto in Article I hereof);

                              W I T N E S S E T H :

        WHEREAS, the Issuer represents that it is duly created as a statutory
trust under the laws of the State and that by proper action has duly authorized
the execution and delivery of this Indenture, which Indenture provides for the
payment of student loan asset-backed notes (the "Notes") and the payments to any
Counterparty (as defined herein); and

        WHEREAS, this Indenture is subject to the provisions of the Trust
Indenture Act of 1939, as amended (the "Trust Indenture Act"), that are deemed
to be incorporated into this Indenture and shall, to the extent applicable, be
governed by such provisions; and

        WHEREAS, the Trustee has agreed to accept the trusts herein created upon
the terms herein set forth; and

        WHEREAS, it is hereby agreed between the parties hereto, the Registered
Owners of the Notes (the Registered Owners evidencing their consent by their
acceptance of the Notes) and any Counterparty (the Counterparty evidencing its
consent by its execution and delivery of a Derivative Product (as defined
herein)) that in the performance of any of the agreements of the Issuer herein
contained, any obligation it may thereby incur for the payment of money shall
not be general debt on its part, but shall be secured by and payable solely from
the Trust Estate, payable in such order of preference and priority as provided
herein;

        NOW, THEREFORE, the Issuer, and as appropriate the Eligible Lender
Trustee, in consideration of the premises and acceptance by the Trustee of the
trusts herein created, of the purchase and acceptance of the Notes by the
Registered Owners thereof, of the execution and delivery of any Derivative
Product by a Counterparty and the Issuer and the acknowledgement thereof by the
Trustee, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, do hereby GRANT, CONVEY, PLEDGE,
TRANSFER, ASSIGN AND DELIVER to the Trustee, for the benefit of the Registered
Owners of the Notes and any Counterparty (to secure the payment of any and all
amounts which may from time to time become due and owing to a Counterparty
pursuant to any Derivative Product), all of the moneys, rights and properties
described in the granting clauses A through F below (the "Trust Estate"), as
follows:

<PAGE>

                                GRANTING CLAUSE A

        The Available Funds (other than moneys released from the lien of the
Trust Estate as provided herein);

                                GRANTING CLAUSE B

        All moneys and investments held in the Funds and Accounts created under
Section 5.01 hereof, including all proceeds thereof and all income thereon;

                                GRANTING CLAUSE C

        The Financed Eligible Loans (other than Financed Eligible Loans released
from the lien of the Trust Estate as provided herein) and all obligations of the
obligors thereunder including all moneys accrued and paid thereunder on or after
the Cutoff Date;

                                GRANTING CLAUSE D

        The rights of the Issuer and/or the Eligible Lender Trustee in and to
the Eligible Lender Trust Agreement, the Master Servicing Agreement, any
Subservicing Agreement, the Student Loan Purchase Agreements, the Administration
Agreement, the Custodian Agreements and the Guarantee Agreements as the same
relate to the Financed Eligible Loans;

                                GRANTING CLAUSE E

        The rights of the Issuer in and to any Derivative Product; provided,
however, that this Granting Clause E shall not be for the benefit of a
Counterparty with respect to its Derivative Product; and

                                GRANTING CLAUSE F

        All proceeds from any property described in these Granting Clauses and
any and all other property, rights and interests of every kind or description
that from time to time hereafter is granted, conveyed, pledged, transferred,
assigned or delivered to the Trustee as additional security hereunder.

        TO HAVE AND TO HOLD the Trust Estate, whether now owned or held or
hereafter acquired, unto the Trustee and its successors or assigns;

        IN TRUST NEVERTHELESS, upon the terms and trusts herein set forth for
the equal and proportionate benefit and security of all present and future
Registered Owners of the Notes, without preference of any Note over any other,
except as provided herein, and for enforcement of the payment of the Notes in
accordance with their terms, and all other sums payable hereunder (including
payments due and payable to any Counterparty) or on the Notes, and for the
performance of and compliance with the obligations, covenants and conditions of
this Indenture, as if all the Notes and other Obligations (as defined herein) at
any time Outstanding had been executed and delivered simultaneously with the
execution and delivery of this Indenture;

                                       2
<PAGE>

        PROVIDED, HOWEVER, that if the Issuer, its successors or assigns, shall
well and truly pay, or cause to be paid, the principal of the Notes and the
interest due and to become due thereon, or provide fully for payment thereof as
herein provided, at the times and in the manner mentioned in the Notes according
to the true intent and meaning thereof, and shall make all required payments
into the Funds as required under Article V hereof, or shall provide, as
permitted hereby, for the payment thereof by depositing with the Trustee sums
sufficient to pay or to provide for payment of the entire amount due and to
become so due as herein provided (including payments due and payable to any
Counterparty), then this Indenture (other than Sections 4.13, 4.14 (for a period
of 90 days) and 7.05 hereof) and the rights hereby granted shall cease,
terminate and be void; otherwise, this Indenture shall be and remain in full
force and effect;

        NOW, THEREFORE, it is mutually covenanted and agreed as follows:

                                   ARTICLE I

                         DEFINITIONS AND USE OF PHRASES

        Capitalized terms used herein and not otherwise defined shall have the
meanings set forth below or in Appendix A, as applicable, unless the context
clearly requires otherwise:

        "ACCOUNT" shall mean any of the accounts created and established within
any Fund pursuant to this Indenture.

        "ACQUISITION FUND" shall mean the Fund by that name created in Section
5.01(a) hereof and further described in Section 5.02 hereof, including any
Accounts and Subaccounts created therein.

        "ADJUSTED POOL BALANCE" shall mean, for any Quarterly Distribution Date
as determined by the Administrator, (a) if the Pool Balance as of the last day
of the related Collection Period is greater than 40% of the Initial Pool
Balance, the sum of such Pool Balance, the Specified Reserve Fund Balance for
that Quarterly Distribution Date and any amounts on deposit in the Capitalized
Interest Fund; or (b) if the Pool Balance as of the last day of the related
Collection Period is less than or equal to 40% of the Initial Pool Balance, that
Pool Balance.

        "ADMINISTRATION AGREEMENT" shall mean the Administration Agreement,
dated as of November 1, 2005, among the Issuer, the Administrator, the Trustee
and the Delaware Trustee, as supplemented and amended.

        "ADMINISTRATION FEE" shall mean an amount equal to 0.18% per annum,
based on the aggregate principal amount of the Pool Balance at any time, as
determined by the Administrator; provided, however, that (a) on any Quarterly
Distribution Date, if the Parity Ratio falls below 99.7%, the Administration Fee
shall be reduced to an amount equal to the greater of (i) 0.03% per annum, based
on the aggregate principal amount of the Pool Balance at any time, as determined
by the Administrator and (ii) $100,000 per annum and (b) on and after the
Stepdown Date, if a Trigger Event is in effect, the Administration Fee shall, if
not already reduced pursuant to clause (a) of this definition, be reduced to an
amount equal to 0.05% per annum, based on the aggregate principal amount of the
Pool Balance at any time, as determined by the Administrator.

                                       3
<PAGE>

        "ADMINISTRATOR" shall mean National Education Loan Network, Inc. in its
capacity as administrator of the Issuer and the Financed Eligible Loans, or any
successor thereto in accordance with the Administration Agreement.

        "AFFILIATE" shall mean, with respect to any specified Person, any other
Person controlling or controlled by or under common control with such specified
Person. For the purposes of this definition, "control" when used with respect to
any specified Person means the power to direct the management and policies of
such Person, directly or indirectly, whether through the ownership of voting
securities, by contract or otherwise; and the terms "controlling" and
"controlled" have meanings correlative to the foregoing.

        "AUCTION RATE CARRY-OVER AMOUNT" shall mean, for a class of Auction Rate
Notes, the Class A-4AR-1 Carry-Over Amount or the Class A-4AR-2 Carry-Over
Amount, as applicable, in each case, to the extent owed pursuant to Appendix A
hereto (including interest accrued thereon as specified therein).

        "AUCTION RATE NOTES" shall mean, collectively, the Class A-4AR-1 Notes
and the Class A-4AR-2 Notes.

        "AUCTION RATE NOTES ACCRUED INTEREST AMOUNT" shall mean, for any
Quarterly Distribution Date, the sum of the Class A-4AR-1 Noteholders' Accrued
Interest Amount and the Class A-4AR-2 Noteholders' Accrued Interest Amount for
such Quarterly Distribution Date.

        "AUTHORIZED DENOMINATIONS" shall have the meaning ascribed to such term
in Section 2.02 hereof

        "AUTHORIZED REPRESENTATIVE" shall mean, when used with reference to the
Issuer, any Person duly authorized by the Trust Agreement to act on the Issuer's
behalf.

        "AVAILABLE FUNDS" shall mean, with respect to a Distribution Date or any
related Monthly Servicing Payment Date, the sum of the following amounts
received to the extent not previously distributed: (a) all collections received
by the Master Servicer or any Subservicer on the Financed Eligible Loans
(including late fees received by the Master Servicer or any Subservicer with
respect to the Financed Eligible Loans and payments from any Guaranty Agency
received with respect to the Financed Eligible Loans but net of (i) any
collections in respect of principal on the Financed Eligible Loans applied by
the Issuer to repurchase guaranteed loans from the Guaranty Agencies or the
Master Servicer or any Subservicer in accordance with its Guarantee Agreement,
the Master Servicing Agreement or the related Subservicing Agreement, as
applicable; (ii) amounts required by the Higher Education Act to be paid to the
Department (including, but not limited to, rebate fees owed with respect to
consolidation loans) or to be repaid to borrowers (whether or not in the form of
a principal reduction of the applicable Financed Eligible Loan), with respect to
the Financed Eligible Loans; and (iii) any proceeds used to purchase Eligible
Loans which constitute "add-on consolidation loans" to the extent funds are not
available therefore in the Acquisition Fund); (b) any Interest Benefit Payments
and Special Allowance Payments received by the Trustee with respect to Financed
Eligible Loans; (c) all Liquidation Proceeds from any Financed Eligible Loans
which became Liquidated Financed Eligible Loans in accordance with the related

                                       4
<PAGE>

Master Servicer or Subservicer's customary servicing procedures, and all other
moneys collected with respect to any Liquidated Financed Eligible Loan which was
written off, net of the sum of any amounts expended by the Master Servicer or
related Subservicer in connection with such liquidation and any amounts required
by law to be remitted to the obligor on such Liquidated Financed Eligible Loan;
(d) the aggregate Purchase Amounts received for Financed Eligible Loans
repurchased by the Seller or purchased by the Master Servicer or a Subservicer
or for serial loans sold to another eligible lender pursuant to the Master
Servicing Agreement or the related Subservicing Agreement; (e) the aggregate
amounts, if any, received from the Seller, the Master Servicer or any
Subservicer, as the case may be, as reimbursement of non-guaranteed interest
amounts, or lost Interest Benefit Payments and Special Allowance Payments, with
respect to the Financed Eligible Loans pursuant to a Student Loan Purchase
Agreement, the Master Servicing Agreement or a Subservicing Agreement,
respectively; (f) other amounts received by the Master Servicer or a Subservicer
pursuant to its role as Master Servicer or Subservicer under the Master
Servicing Agreement or the related Subservicing Agreement, respectively, and
payable to the Issuer in connection therewith; (g) all interest earned or gain
realized from the investment of amounts in any Fund or Account; (h) any payments
received under the Derivative Products from the Counterparties in respect of
such Distribution Date and (i) any other amounts deposited to the Collection
Fund. "Available Funds" shall be determined pursuant to the terms of this
definition by the Administrator and reported to the Trustee. Amounts described
in clause (a)(i), (ii) and (iii) hereof shall be paid by the Trustee upon
receipt of a written direction from the Administrator. The Trustee may
conclusively rely on such determinations without further duty to review or
examine such information.

        "BASIC DOCUMENTS" shall mean the Trust Agreement, this Indenture, the
Master Servicing Agreement, any Subservicing Agreement, the Administration
Agreement, the Student Loan Purchase Agreements, the Custodian Agreements, the
Guarantee Agreements, the Eligible Lender Trust Agreement, the Derivative
Products, the Auction Agent Agreement, the Broker-Dealer Agreements and other
documents and certificates delivered in connection with any thereof.

        "BUSINESS DAY" shall mean (a) for purposes of the LIBOR Rate Notes, (i)
for purposes of calculating LIBOR, any day on which banks in New York, New York
and London, England are open for the transaction of international business; and
(ii) for all other purposes, any day other than a Saturday, Sunday, holiday or
other day on which banks located in New York, New York or the city in which the
principal office of the Trustee is located, are authorized or permitted by law
or executive order to close; and (b) for the purposes of the Auction Rate Notes,
the definition of "Business Day" set forth in Appendix A hereto.

        "CAPITALIZED INTEREST FUND" shall mean the Fund by that name created in
Section 5.01(b) hereof and further described in Section 5.03 hereof.

        "CARRYOVER SERVICING FEES" shall have the meaning assigned to such term
in the Master Servicing Agreement.

        "CERTIFICATE OF INSURANCE" shall mean any Certificate evidencing that a
Financed Eligible Loan is Insured pursuant to a Contract of Insurance.

                                       5
<PAGE>

        "CERTIFICATE OF TRUST" shall mean the certificate filed with the
Secretary of State of the State establishing the Issuer under Delaware law.

        "CLASS A NOTEHOLDER" shall mean the Person in whose name a Class A Note
is registered in the Note registration books of the Trustee.

        "CLASS A NOTEHOLDERS' INTEREST DISTRIBUTION AMOUNT" shall mean, for any
Auction Rate Distribution Date or Quarterly Distribution Date for any class of
Class A Notes, the Class A-1 Noteholders' Interest Distribution Amount, the
Class A-2 Noteholders' Interest Distribution Amount, the Class A-3 Noteholders'
Interest Distribution Amount, the Class A-4L Noteholders' Interest Distribution
Amount, the Class A-4AR-1 Noteholders' Interest Distribution Amount or the Class
A-4AR-2 Noteholders' Interest Distribution Amount, as applicable, in each case
to the extent payable on such Auction Rate Distribution Date or Quarterly
Distribution Date.

        "CLASS A NOTES" shall mean, collectively, the Class A-1 Notes, the Class
A-2 Notes, the Class A-3 Notes, the Class A-4L Notes and the Class A-4AR Notes
secured on a senior priority to the Class B Obligations.

        "CLASS A OBLIGATIONS" shall mean Class A Notes and the Derivative
Products, the priority of payment of which is equal with that of Class A Notes.

        "CLASS A PERCENTAGE" shall mean, for any Quarterly Distribution Date,
100% less the Class B Percentage.

        "CLASS A PRINCIPAL DISTRIBUTION AMOUNT" shall mean, for any Quarterly
Distribution Date, the product of the Principal Distribution Amount and the
Class A Percentage.

        "CLASS A-1 MATURITY DATE" shall mean the December 24, 2018 Quarterly
Distribution Date.

        "CLASS A-1 NOTE INTEREST SHORTFALL" shall mean, with respect to any
Quarterly Distribution Date, the excess, if any, of (a) the Class A-1
Noteholders' Interest Distribution Amount on the immediately preceding Quarterly
Distribution Date over (b) the amount of interest actually distributed to the
Class A-1 Noteholders on such preceding Quarterly Distribution Date, plus
interest on the amount of such excess interest due to the Class A-1 Noteholders,
to the extent permitted by law, at the interest rate borne by the Class A-1
Notes from such immediately preceding Quarterly Distribution Date to the current
Quarterly Distribution Date, as determined by the Administrator.

        "CLASS A-1 NOTEHOLDER" shall mean the Person in whose name a Class A-1
Note is registered in the Note registration books maintained by the Trustee.

        "CLASS A-1 NOTEHOLDERS' INTEREST DISTRIBUTION AMOUNT" shall mean, with
respect to any Quarterly Distribution Date, the sum of (a) the amount of
interest accrued at the Class A-1 Rate for the related Interest Accrual Period
on the Outstanding Amount of the Class A-1 Notes immediately prior to such
Quarterly Distribution Date; and (b) the Class A-1 Note Interest Shortfall for
such Quarterly Distribution Date, as based on the actual number of days in such
Interest Accrual Period divided by 360 and rounding the resultant figure to the
fifth decimal place, as determined by the Administrator.

                                       6
<PAGE>

        "CLASS A-1 NOTES" shall mean the $590,000,000 Student Loan Asset-Backed
Notes, Senior Class A-1 issued by the Issuer pursuant to this Indenture,
substantially in the form of Exhibit B-1 hereto.

        "CLASS A-1 RATE" shall mean, for any Interest Accrual Period, other than
the first Interest Accrual Period, the applicable Three-Month LIBOR, plus )
0.00%, as determined by the Administrator. For the first Interest Accrual
Period, the Class A-1 Rate shall be determined by reference to the following
formula:

        x + [6/33 * (y-x)] plus 0.00%, as determined by the Administrator.

        where:

        x = Four-Month LIBOR, and

        y = Five-Month LIBOR.

        "CLASS A-2 MATURITY DATE" shall mean the December 22, 2023 Quarterly
Distribution Date.

        "CLASS A-2 NOTE INTEREST SHORTFALL" shall mean, with respect to any
Quarterly Distribution Date, the excess, if any, of (a) the Class A-2
Noteholders' Interest Distribution Amount on the immediately preceding Quarterly
Distribution Date over (b) the amount of interest actually distributed to the
Class A-2 Noteholders on such preceding Quarterly Distribution Date, plus
interest on the amount of such excess interest due to the Class A-2 Noteholders,
to the extent permitted by law, at the interest rate borne by the Class A-2
Notes from such immediately preceding Quarterly Distribution Date to the current
Quarterly Distribution Date, as determined by the Administrator.

        "CLASS A-2 NOTEHOLDER" shall mean the Person in whose name a Class A-2
Note is registered in the Note registration books maintained by the Trustee.

        "CLASS A-2 NOTEHOLDERS' INTEREST DISTRIBUTION AMOUNT" shall mean, with
respect to any Quarterly Distribution Date, the sum of (a) the amount of
interest accrued at the Class A-2 Rate for the related Interest Accrual Period
on the Outstanding Amount of the Class A-2 Notes immediately prior to such
Quarterly Distribution Date; and (b) the Class A-2 Note Interest Shortfall for
such Quarterly Distribution Date, as based on the actual number of days in such
Interest Accrual Period divided by 360 and rounding the resultant figure to the
fifth decimal place, as determined by the Administrator.

        "CLASS A-2 NOTES" shall mean the $464,000,000 Student Loan Asset-Backed
Notes, Senior Class A-2 issued by the Issuer pursuant to this Indenture,
substantially in the form of Exhibit B-2 hereto.

                                       7
<PAGE>

        "CLASS A-2 RATE" shall mean, for any Interest Accrual Period, other than
the first Interest Accrual Period, the applicable Three-Month LIBOR, plus 0.11%,
as determined by the Administrator. For the first Interest Accrual Period, the
Class A-2 Rate shall be determined by reference to the following formula:

        x + [6/33 * (y-x)] plus 0.11%, as determined by the Administrator.

        where:

        x = Four-Month LIBOR, and

        y = Five-Month LIBOR.

        "CLASS A-3 MATURITY DATE" shall mean the June 22, 2026 Quarterly
Distribution Date.

        "CLASS A-3 NOTE INTEREST SHORTFALL" shall mean, with respect to any
Quarterly Distribution Date, the excess, if any, of (a) the Class A-3
Noteholders' Interest Distribution Amount on the immediately preceding Quarterly
Distribution Date over (b) the amount of interest actually distributed to the
Class A-3 Noteholders on such preceding Quarterly Distribution Date, plus
interest on the amount of such excess interest due to the Class A-3 Noteholders,
to the extent permitted by law, at the interest rate borne by the Class A-3
Notes from such immediately preceding Quarterly Distribution Date to the current
Quarterly Distribution Date, as determined by the Administrator.

        "CLASS A-3 NOTEHOLDER" shall mean the Person in whose name a Class A-3
Note is registered in the Note registration books maintained by the Trustee.

        "CLASS A-3 NOTEHOLDERS' INTEREST DISTRIBUTION AMOUNT" shall mean, with
respect to any Quarterly Distribution Date, the sum of (a) the amount of
interest accrued at the Class A-3 Rate for the related Interest Accrual Period
on the Outstanding Amount of the Class A-3 Notes immediately prior to such
Quarterly Distribution Date; and (b) the Class A-3 Note Interest Shortfall for
such Quarterly Distribution Date, as based on the actual number of days in such
Interest Accrual Period divided by 360 and rounding the resultant figure to the
fifth decimal place, as determined by the Administrator.

        "CLASS A-3 NOTES" shall mean $287,000,000 Student Loan Asset-Backed
Notes, Senior Class A-3 issued by the Issuer pursuant to this Indenture,
substantially in the form of Exhibit B-3 hereto.

        "CLASS A-3 RATE" shall mean, for any Interest Accrual Period, other than
the first Interest Accrual Period, the applicable Three-Month LIBOR, plus 0.13%,
as determined by the Administrator. For the first Interest Accrual Period, the
Class A-3 Rate shall be determined by reference to the following formula:

                                       8
<PAGE>

        x + [6/33 * (y-x)] plus 0.13%, as determined by the Administrator.

        where:

        x = Four-Month LIBOR, and

        y = Five-Month LIBOR.

        "CLASS A-4 NOTEHOLDERS" shall mean, collectively, the Class A-4L
Noteholders and the Class A-4AR Noteholders.

        "CLASS A-4 NOTES" shall mean, collectively, the Class A-4L Notes and the
Class A-4AR Notes.

        "CLASS A-4AR NOTEHOLDERS" shall mean, collectively, the Class A-4AR-1
Noteholders and the Class A-4AR-2 Noteholders.

        "CLASS A-4AR NOTES" shall mean, collectively, the Class A-4AR-1 Notes
and the Class A-4AR-2 Notes.

        "CLASS A-4AR-1 CARRY-OVER AMOUNT" shall mean, for any Distribution Date
relating to the Class A-4AR-1 Notes, any unpaid Carry-Over Amounts with respect
to the Class A-4AR-1 Notes.

        "CLASS A-4AR-1 MATURITY DATE" shall mean March 22, 2032.

        "CLASS A-4AR-1 NOTE INTEREST SHORTFALL" shall mean, for each Auction
Rate Distribution Date for the Class A-4AR-1 Notes, the excess, if any, of (a)
the Class A-4AR-1 Noteholders' Interest Distribution Amount on the immediately
preceding Auction Rate Distribution Date for the Class A-4AR-1 Notes over (b)
the amount of interest actually distributed to the Class A-4AR-1 Noteholders on
such immediately preceding Auction Rate Distribution Date, plus interest accrued
on the amount of such interest due to the Class A-4AR-1 Noteholders, to the
extent permitted by law, at the Class A-4AR-1 Rate for the related Interest
Accrual Period, from such immediately preceding Auction Rate Distribution Date
to the current Auction Rate Distribution Date, as determined by the
Administrator.

        "CLASS A-4AR-1 NOTEHOLDER" shall mean the Person in whose name a Class
A-4AR-1 Note is registered on the Note registration books maintained by the
Trustee.

        "CLASS A-4AR-1 NOTEHOLDERS' ACCRUED INTEREST AMOUNT" shall mean, for
each Quarterly Distribution Date, the Class A-4AR-1 Noteholders' Interest
Distribution Amount payable to the Class A-4AR-1 Notes on the Auction Rate
Distribution Date for the Class A-4AR-1 Notes immediately following such
Quarterly Distribution Date; provided, however, the Class A-4AR-1 Noteholders'
Accrued Interest Amount will be zero for any Quarterly Distribution Date that is
also an Auction Rate Distribution Date for the Class A-4AR-1 Notes.

        "CLASS A-4AR-1 NOTEHOLDERS' INTEREST DISTRIBUTION AMOUNT" shall mean,
for each Auction Rate Distribution Date for the Class A-4AR-1 Notes, the sum of
(a) the amount of interest accrued at the Class A-4AR-1 Rate for the related
Interest Accrual Period on the aggregate outstanding principal balance of the
Class A-4AR-1 Notes immediately prior to such Auction Rate Distribution Date;
and (b) the Class A-4AR-1 Note Interest Shortfall for such Distribution Date, as
based on the actual number of days in such Interest Accrual Period divided by
360 and rounding the resultant figure to the fifth decimal place, as determined
by the Administrator.

                                       9
<PAGE>

        "CLASS A-4AR-1 NOTES" shall mean the $70,000,000 Student Loan Asset
Backed Notes, Class A-4AR-1 issued by the Issuer pursuant to this Indenture,
substantially in the form of Exhibit B-5.

        "CLASS A-4AR-1 RATE" shall mean, for any Interest Accrual Period for the
Class A-4AR-1 Notes, other than the first Interest Accrual Period, the Auction
Note Interest Rate applicable to such class for such Interest Accrual Period,
and for the first Interest Accrual Period, the Initial Rate for such class.

        "CLASS A-4AR-2 CARRY-OVER AMOUNT" shall mean, for any Distribution Date
relating to the Class A-4AR-2 Notes, any unpaid Carry-Over Amounts with respect
to the Class A-4AR-2 Notes.

        "CLASS A-4AR-2 MATURITY DATE" shall mean March 22, 2032.

        "CLASS A-4AR-2 NOTE INTEREST SHORTFALL" shall mean, for each Auction
Rate Distribution Date for the Class A-4AR-2 Notes, the excess, if any, of (a)
the Class A-4AR-2 Noteholders' Interest Distribution Amount on the immediately
preceding Auction Rate Distribution Date for the Class A-4AR-2 Notes over (b)
the amount of interest actually distributed to the Class A-4AR-2 Noteholders on
such immediately preceding Auction Rate Distribution Date, plus interest accrued
on the amount of such interest due to the Class A-4AR-2 Noteholders, to the
extent permitted by law, at the Class A-4AR-2 Rate for the related Interest
Accrual Period, from such immediately preceding Auction Rate Distribution Date
to the current Auction Rate Distribution Date, as determined by the
Administrator.

        "CLASS A-4AR-2 NOTEHOLDER" shall mean the Person in whose name a Class
A-4AR-2 Note is registered on the Note registration books maintained by the
Trustee.

        "CLASS A-4AR-2 NOTEHOLDERS' ACCRUED INTEREST AMOUNT" shall mean, for
each Quarterly Distribution Date, the Class A-4AR-2 Noteholders' Interest
Distribution Amount payable to the Class A-4AR-2 Notes on the Auction Rate
Distribution Date for the Class A-4AR-2 Notes immediately following such
Quarterly Distribution Date; provided, however, the Class A-4AR-2 Noteholders'
Accrued Interest Amount will be zero for any Quarterly Distribution Date that is
also an Auction Rate Distribution Date for the Class A-4AR-2 Notes.

        "CLASS A-4AR-2 NOTEHOLDERS' INTEREST DISTRIBUTION AMOUNT" shall mean,
for each Auction Rate Distribution Date for the Class A-4AR-2 Notes, the sum of
(a) the amount of interest accrued at the Class A-4AR-2 Rate for the related
Interest Accrual Period on the aggregate outstanding principal balance of the
Class A-4AR-2 Notes immediately prior to such Auction Rate Distribution Date;
and (b) the Class A-4AR-2 Note Interest Shortfall for such Distribution Date, as
based on the actual number of days in such Interest Accrual Period divided by
360 and rounding the resultant figure to the fifth decimal place, as determined
by the Administrator.

                                       10
<PAGE>

        "CLASS A-4AR-2 NOTES" shall mean the $70,000,000 Student Loan Asset
Backed Notes, Class A-4AR-2 issued by the Issuer pursuant to this Indenture,
substantially in the form of Exhibit B-6.

        "CLASS A-4AR-2 RATE" shall mean, for any Interest Accrual Period for the
Class A-4AR-2 Notes, other than the first Interest Accrual Period, the Auction
Note Interest Rate applicable to such class for such Interest Accrual Period,
and for the first Interest Accrual Period, the Initial Rate for such class.

        "CLASS A-4L MATURITY DATE" shall mean the March 22, 2032 Quarterly
Distribution Date.

        "CLASS A-4L NOTE INTEREST SHORTFALL" shall mean, with respect to any
Quarterly Distribution Date, the excess, if any, of (a) the Class A-4L
Noteholders' Interest Distribution Amount on the immediately preceding Quarterly
Distribution Date over (b) the amount of interest actually distributed to the
Class A-4L Noteholders on such preceding Quarterly Distribution Date, plus
interest on the amount of such excess interest due to the Class A-4L
Noteholders, to the extent permitted by law, at the interest rate borne by the
Class A-4L Notes from such immediately preceding Quarterly Distribution Date to
the current Quarterly Distribution Date, as determined by the Administrator.

        "CLASS A-4L NOTEHOLDER" shall mean the Person in whose name a Class A-4L
Note is registered in the Note registration books maintained by the Trustee.

        "CLASS A-4L NOTEHOLDERS' INTEREST DISTRIBUTION AMOUNT" shall mean, with
respect to any Quarterly Distribution Date, the sum of (a) the amount of
interest accrued at the Class A-4L Rate for the related Interest Accrual Period
on the Outstanding Amount of the Class A-4L Notes immediately prior to such
Quarterly Distribution Date; and (b) the Class A-4L Note Interest Shortfall for
such Quarterly Distribution Date, as based on the actual number of days in such
Interest Accrual Period divided by 360 and rounding the resultant figure to the
fifth decimal place, as determined by the Administrator.

        "CLASS A-4L NOTES" shall mean the $390,712,000 Student Loan Asset-Backed
Notes, Senior Class A-4L issued by the Issuer pursuant to this Indenture,
substantially in the form of Exhibit B-4 hereto.

        "CLASS A-4L RATE" shall mean, for any Interest Accrual Period, other
than the first Interest Accrual Period, the applicable Three-Month LIBOR, plus
0.18%, as determined by the Administrator. For the first Interest Accrual
Period, the Class A-4L Rate shall be determined by reference to the following
formula:

        x + [6/33 * (y-x)] plus 0.18%, as determined by the Administrator.

        where:

        x = Four-Month LIBOR, and

        y = Five-Month LIBOR.

                                       11
<PAGE>

        "CLASS B MATURITY DATE" shall mean the September 24, 2035 Quarterly
Distribution Date.

        "CLASS B NOTE INTEREST SHORTFALL" shall mean, with respect to any
Quarterly Distribution Date, the excess, if any, of (a) the Class B Noteholders'
Interest Distribution Amount on the immediately preceding Quarterly Distribution
Date over (b) the amount of interest actually distributed to the Class B
Noteholders on such preceding Quarterly Distribution Date, plus interest on the
amount of such excess interest due to the Class B Noteholders, to the extent
permitted by law, at the interest rate borne by the Class B Notes from such
immediately preceding Quarterly Distribution Date to the current Quarterly
Distribution Date, as determined by the Administrator.

        "CLASS B NOTEHOLDER" shall mean the Person in whose name a Class B Note
is registered in the Note registration books maintained by the Trustee.

        "CLASS B NOTEHOLDERS' INTEREST DISTRIBUTION AMOUNT" shall mean, with
respect to any Quarterly Distribution Date, the sum of (a) the amount of
interest accrued at the Class B Rate for the related Interest Accrual Period on
the Outstanding Amount of the Class B Notes immediately prior to such Quarterly
Distribution Date; and (b) the Class B Note Interest Shortfall for such
Quarterly Distribution Date, as based on the actual number of days in such
Interest Accrual Period divided by 360 and rounding the resultant figure to the
fifth decimal place, as determined by the Administrator.

        "CLASS B NOTES" shall mean the $57,888,000 Student Loan Asset-Backed
Notes, Subordinate Class B issued by the Issuer pursuant to this Indenture,
substantially in the form of Exhibit B-7 hereto.

        "CLASS B OBLIGATIONS" shall mean Class B Notes.

        "CLASS B PERCENTAGE" shall mean, for any Quarterly Distribution Date,
(a) prior to the Stepdown Date or with respect to any Quarterly Distribution
Date on which a Trigger Event is in effect, zero; or (b) on and after the
Stepdown Date and provided that no Trigger Event is in effect, a fraction
expressed as a percentage, the numerator of which is the aggregate Outstanding
Amount of the Class B Notes and the denominator of which is the aggregate
Outstanding Amount of all Notes, in each case determined on the Determination
Date by the Administrator for that Quarterly Distribution Date.

        "CLASS B PRINCIPAL DISTRIBUTION AMOUNT" shall mean, for any Quarterly
Distribution Date, the product of the Principal Distribution Amount and the
Class B Percentage.

        "CLASS B RATE" shall mean, for any Interest Accrual Period, other than
the first Interest Accrual Period, the applicable Three-Month LIBOR, plus 0.28%,
as determined by the Administrator. For the first Interest Accrual Period, the
Class B Rate shall be determined by reference to the following formula:

                                       12
<PAGE>

        x + [6/33 * (y-x)] plus 0.28%, as determined by the Administrator.

        where:

        x = Four-Month LIBOR, and

        y = Five-Month LIBOR.

        "CLEARING AGENCY" shall mean an organization registered as a "clearing
agency" pursuant to Section 17A of the Exchange Act. The initial Clearing Agency
shall be The Depository Trust Company and the initial nominee for the Clearing
Agency shall be Cede & Co.

        "CLEARING AGENCY PARTICIPANT" shall mean a broker, dealer, bank, other
financial institution or other Person for whom from time to time a Clearing
Agency effects book-entry transfers and pledges of securities deposited with the
Clearing Agency.

        "CODE" shall mean the Internal Revenue Code of 1986, as amended from
time to time. Each reference to a section of the Code herein shall be deemed to
include the United States Treasury Regulations, including applicable temporary
and proposed regulations, relating to such section which are applicable to the
Notes or the use of the proceeds thereof. A reference to any specific section of
the Code shall be deemed also to be a reference to the comparable provisions of
any enactment which supersedes or replaces the Code thereunder from time to
time.

        "COLLECTION FUND" shall mean the Fund by that name created in Section
5.01(c) hereof and further described in Section 5.04 hereof.
        "COLLECTION PERIOD" shall mean, with respect to the first Quarterly
Distribution Date, the period beginning on November 15, 2005 and ending on
February 28, 2006, and with respect to each subsequent Quarterly Distribution
Date, the Collection Period means the three calendar months immediately
following the end of the previous Collection Period, beginning March 1, 2006.

        "COMMISSION" shall mean the Securities and Exchange Commission.

        "CONTRACT OF INSURANCE" shall mean the contract of insurance between the
Eligible Lender and the Secretary.

        "COUNTERPARTY" shall mean the counterparties to any Derivative Product
entered into pursuant to Section 3.03 hereof.

        "COUNTERPARTY PAYMENTS" shall mean any payment to be made to, or for the
benefit of, the Issuer under a Derivative Product.

        "CUSTODIAN AGREEMENT" shall mean, collectively, the custodian agreements
with the Master Servicer and any Subservicer or other custodian or bailee
related to Financed Eligible Loans.

        "CUTOFF DATE" shall mean (i) with respect to the initial pool of
Financed Eligible Loans, October 31, 2005; and (ii) with respect to subsequently
acquired Eligible Loans, the date on which such loans are transferred to the
Trust.

        "DATE OF ISSUANCE" shall mean November 15, 2005.

                                       13
<PAGE>

        "DELAWARE TRUSTEE" shall mean Wells Fargo Delaware Trust Company, a
Delaware banking corporation, solely in its capacity as the trustee of the
Issuer under the Trust Agreement.

        "DELAWARE TRUSTEE FEE" shall mean (a) the Delaware Trustee's initial
setup fee plus the initial $2,500 annual fee and (b) an annual fee equal to
$2,500, payable on each December Quarterly Distribution Date, beginning on the
December 2006 Quarterly Distribution Date.

        "DEPARTMENT" shall mean the United States Department of Education, an
agency of the Federal government.

        "DERIVATIVE PRODUCT" shall mean any Derivative Product entered into
subsequent to the Date of Issuance subject to the provisions of Section 3.03
hereof.

        "DERIVATIVE VALUE" shall mean the value of a Derivative Product, if any,
to the Counterparty, provided that such value is defined and calculated in
substantially the same manner as amounts are defined and calculated pursuant to
the applicable provisions of an ISDA Master Agreement.

        "DETERMINATION DATE" shall mean, with respect to any Distribution Date
or the Monthly Servicing Payment Date, as applicable, the fourth Business Day
preceding such Distribution Date or Monthly Servicing Payment Date.

        "DISTRIBUTION DATE" shall mean (i) for an Auction Rate Note, each
related Auction Rate Distribution Date and (ii) for a LIBOR Rate Note and, to
the extent specified herein with respect to certain amounts owed under the
Auction Rate Notes and to other parties, each Quarterly Distribution Date.

        "ELIGIBLE LENDER" shall mean (i) Zions First National Bank, in its
capacity as eligible lender trustee under the terms of the Eligible Lender Trust
Agreement, and (ii) any "eligible lender," as defined in the Higher Education
Act, and which has received an eligible lender designation from the Secretary
with respect to Eligible Loans made under the Higher Education Act.

        "ELIGIBLE LENDER TRUST AGREEMENT" shall mean the Eligible Lender Trust
Agreement, dated as of November 1, 2005, between the Issuer and Zions First
National Bank, as eligible lender trustee, as amended from time to time.

        "ELIGIBLE LOAN" shall mean any loan made to finance post-secondary
education that is made under the Higher Education Act, provided that if, after
any reauthorization or amendment of the Higher Education Act, loans authorized
thereunder, including, without limitation, their benefits, any provisions, or
the servicing thereof, are materially different from loans so authorized prior
to such reauthorization or amendment, such loans authorized after such
reauthorization or amendment shall not constitute Eligible Loans unless a Rating
Confirmation is obtained.

        "ELIGIBLE LOAN ACQUISITION CERTIFICATE" shall mean a certificate signed
by an Authorized Representative of the Issuer in substantially the form attached
as Exhibit A hereto.

                                       14
<PAGE>

        "ERISA" shall mean the Employee Retirement Income Security Act of 1974,
as amended.

        "EVENT OF BANKRUPTCY" shall mean (a) the Issuer shall have commenced a
voluntary case or other proceeding seeking liquidation, reorganization or other
relief with respect to itself or its debts under any bankruptcy, insolvency or
other similar law now or hereafter in effect or seeking the appointment of a
trustee, receiver, liquidator, custodian or other similar official of it or any
substantial part of its property, or shall have made a general assignment for
the benefit of creditors, or shall have declared a moratorium with respect to
its debts or shall have failed generally to pay its debts as they become due, or
shall have taken any action to authorize any of the foregoing; or (b) an
involuntary case or other proceeding shall have been commenced against the
Issuer seeking liquidation, reorganization or other relief with respect to it or
its debts under any bankruptcy, insolvency or other similar law now or hereafter
in effect or seeking the appointment of a trustee, receiver, liquidator,
custodian or other similar official of it or any substantial part of its
property provided such action or proceeding is not dismissed within 60 days.

        "EVENT OF DEFAULT" shall have the meaning specified in Article VI
hereof.

        "EXCHANGE ACT" shall mean the Securities Exchange Act of 1934, as
amended.

        "FINANCED" or "FINANCING" when used with respect to Eligible Loans,
shall mean or refer to Eligible Loans (a) acquired by the Issuer with balances
in the Acquisition Fund or otherwise deposited in or accounted for in the
Acquisition Fund or otherwise constituting a part of the Trust Estate and (b)
Eligible Loans substituted or exchanged for Financed Eligible Loans, but does
not include Eligible Loans released from the lien of this Indenture and sold or
transferred, to the extent permitted by this Indenture.

        "FISCAL YEAR" shall mean the fiscal year of the Issuer (initially
January 1 to December 31) as otherwise established from time to time.

        "FITCH" shall mean Fitch Inc., its successors and assigns.

        "FIVE-MONTH LIBOR" shall have the meaning ascribed to such term under
the definition of "Three-Month LIBOR"

        "FOUR-MONTH LIBOR" shall have the meaning ascribed to such term under
the definition of "Three-Month LIBOR"

        "FUNDS" shall mean each of the Funds created pursuant to Section 5.01
hereof.

        "GUARANTEE" or "GUARANTEED" shall mean, with respect to an Eligible
Loan, the insurance or guarantee by a Guaranty Agency pursuant to such Guaranty
Agency's Guarantee Agreement of the maximum percentage of the principal of and
accrued interest on such Eligible Loan allowed by the terms of the Higher
Education Act with respect to such Eligible Loan at the time it was originated
and the coverage of such Eligible Loan by the federal reimbursement contracts,
providing, among other things, for reimbursement to such Guaranty Agency for
payments made by it on defaulted Eligible Loans insured or guaranteed by such
Guaranty Agency of at least the minimum reimbursement allowed by the Higher
Education Act with respect to a particular Eligible Loan.

                                       15
<PAGE>

        "GUARANTEE AGREEMENTS" shall mean a guaranty or lender agreement between
the Trustee or the Eligible Lender Trustee and any Guaranty Agency, and any
amendments thereto.

        "GUARANTY AGENCY" shall mean any entity authorized to guarantee student
loans under the Higher Education Act and with which the Trustee or the Eligible
Lender Trustee maintains a Guarantee Agreement.

        "HIGHER EDUCATION ACT" shall mean the Higher Education Act of 1965, as
amended or supplemented from time to time, or any successor federal act and all
regulations, directives, bulletins and guidelines promulgated from time to time
thereunder.

        "HIGHEST PRIORITY OBLIGATIONS" shall mean at any time when Class A
Obligations are Outstanding, the Class A Obligations, and at any time when no
Class A Obligations are Outstanding, the Class B Obligations.

        "INDENTURE" shall mean this Indenture of Trust, including all
supplements and amendments hereto.

        "INDEPENDENT" shall mean, when used with respect to any specified
Person, that the Person (a) is in fact independent of the Issuer, any other
obligor upon the Notes, the Seller and any Affiliate of any of the foregoing
Persons; (b) does not have any direct financial interest or any material
indirect financial interest in the Issuer, any such other obligor, the Seller or
any Affiliate of any of the foregoing Persons; and (c) is not connected with the
Issuer, any such other obligor, the Seller or any Affiliate of any of the
foregoing Persons as an officer, employee, promoter, underwriter, placement
agent, trustee, partner, director or person performing similar functions.

        "INDEPENDENT CERTIFICATE" shall mean a certificate or opinion to be
delivered to the Trustee under the circumstances described in, and otherwise
complying with, the applicable requirements of this Indenture, made by an
Independent appraiser or other expert appointed by an Issuer Order and approved
by the Trustee in the exercise of reasonable care, and such opinion or
certificate shall state that the signer has read the definition of "Independent"
in this Indenture and that the signer is Independent within the meaning thereof.

        "INDEX MATURITY" shall mean (i) for Three-Month LIBOR, three months,
(ii) for Four-Month LIBOR, four months and (iii) for Five-Month LIBOR, five
months.

        "INITIAL POOL BALANCE" shall mean the Pool Balance as of the Cutoff
Date, which is $1,894,591,630.49.

        "INSURANCE" or "INSURED" or "INSURING" shall mean, with respect to an
Eligible Loan, the insuring by the Secretary (as evidenced by a Certificate of
Insurance or other document or certification issued under the provisions of the
Higher Education Act) under the Higher Education Act of 100% of the principal of
and accrued interest on such Eligible Loan.

                                       16
<PAGE>

        "INTEREST ACCRUAL PERIOD" shall mean (i) with respect to each class of
LIBOR Rate Notes, initially, the period commencing on the Date of Issuance to
but not including March 22, 2006, and thereafter, with respect to each Quarterly
Distribution Date, the period beginning on the prior Quarterly Distribution Date
and ending on the day immediately preceding such Quarterly Distribution Date and
(ii) with respect to each class of Auction Rate Notes, the period described as
such in Appendix A hereto.

        "INTEREST BENEFIT PAYMENT" shall mean an interest payment on Eligible
Loans received pursuant to the Higher Education Act and an agreement with the
federal government, or any similar payments.

        "INVESTMENT AGREEMENT" shall mean, collectively, the (i) Investment
Agreement dated November 15, 2005, between the Trustee and Trinity Plus Funding
Company, LLC and (ii) any other investment agreement approved by the Rating
Agencies. The Trustee shall provide notice to each Rating Agency of any
amendment to or transfer of an Investment Agreement. The issuance by the Rating
Agencies of the ratings on the Notes on the Date of Issuance shall serve as the
Rating Confirmation required with respect to the Investment Agreements set forth
in clause (i) above.

        "INVESTMENT SECURITIES" shall mean:

                (a) direct obligations of, or obligations on which the timely
        payment of the principal of and interest on which are unconditionally
        and fully guaranteed by, the United States of America;

                (b) interest-bearing time or demand deposits, certificates of
        deposit or other similar banking arrangements with a maturity of 12
        months or less with any bank, trust company, national banking
        association or other depository institution, including those of the
        Trustee, provided that, at the time of deposit or purchase such
        depository institution has commercial paper which is rated "A-1+" by S&P
        and "F1" or higher by Fitch and has the required ratings from Moody's
        corresponding to the duration of such investment set forth below;

                (c) interest-bearing time or demand deposits, certificates of
        deposit or other similar banking arrangements with a maturity of 24
        months or less, but more than 12 months, with any bank, trust company,
        national banking association or other depository institution, including
        those of the Trustee and any of its affiliates, provided that, at the
        time of deposit or purchase such depository institution has senior debt
        rated "A" or higher by S&P and "A" or higher by Fitch, if commercial
        paper is outstanding, commercial paper which is rated "A-1+" by S&P and
        "F1" or higher by Fitch and has the required ratings from Moody's
        corresponding to the duration of such investment set forth below;

                                       17
<PAGE>

                (d) interest-bearing time or demand deposits, certificates of
        deposit or other similar banking arrangements with a maturity of more
        than 24 months with any bank, trust company, national banking
        association or other depository institution, including those of the
        Trustee and any of its affiliates, provided that, at the time of deposit
        or purchase such depository institution has senior debt rated "AA" or
        higher by S&P and "AA" or higher by Fitch, if commercial paper is
        outstanding, commercial paper which is rated "A-1+" by S&P, "P-1" by
        Moody's and "F1" or higher by Fitch and has the required ratings from
        Moody's corresponding to the duration of such investment set forth
        below;

                (e) bonds, debentures, notes or other evidences of indebtedness
        issued or guaranteed by any of the following agencies: Federal Farm
        Credit Banks, Federal Home Loan Mortgage Corporation; the Export-Import
        Bank of the United States; the Federal National Mortgage Association;
        the Farmers Home Administration; Federal Home Loan Banks provided such
        obligation is rated "AAA" by S&P, "Aaa" by Moody's and "AAA" by Fitch;
        or any agency or instrumentality of the United States of America which
        shall be established for the purposes of acquiring the obligations of
        any of the foregoing or otherwise providing financing therefor;

                (f) repurchase agreements and reverse repurchase agreements,
        other than overnight repurchase agreements and overnight reverse
        repurchase agreements, with banks, including the Trustee and any of its
        affiliates, which are members of the Federal Deposit Insurance
        Corporation or firms which are members of the Securities Investors
        Protection Corporation, in each case whose outstanding, unsecured debt
        securities are rated no lower than two subcategories below the highest
        rating on any class of Outstanding Notes by S&P and Fitch, if commercial
        paper is outstanding, commercial paper which is rated "A-1+" by S&P and
        "F1" or higher by Fitch and has the required ratings from Moody's
        corresponding to the duration of such investment set forth below;

                (g) overnight repurchase agreements and overnight reverse
        repurchase agreements at least 101% collateralized by securities
        described in subparagraph (a) of this definition and with a
        counterparty, including the Trustee and any of its affiliates, that has
        senior debt rated "AA" or higher by S&P and "A" or higher by Fitch, if
        commercial paper is outstanding, commercial paper which is rated "A-1+"
        by S&P and "F1" or higher by Fitch and has the required ratings from
        Moody's corresponding to the duration of such investment set forth
        below, or a counterparty approved in writing by S&P, Moody's and Fitch,
        respectively;

                (h) investment agreements or guaranteed investment contracts,
        which may be entered into by and among the Issuer and/or the Trustee and
        any bank, bank holding company, corporation or any other financial
        institution, including the Trustee and any of its affiliates, whose
        outstanding (i) commercial paper is rated "A-1+" by S&P and "F1" or
        higher by Fitch for agreements or contracts with a maturity of 12 months
        or less and has the required ratings from Moody's corresponding to the
        duration of such investment set forth below; (ii) unsecured long-term
        debt is rated no lower than two subcategories below the highest rating
        on any class of Outstanding Notes by S&P and Fitch and, if commercial
        paper is outstanding, commercial paper which is rated "A-1+" by S&P and
        "F1" or higher by Fitch for agreements or contracts with a maturity of
        24 months or less, but more than 12 months and has the required ratings
        from Moody's corresponding to the duration of such investment set forth
        below, or (iii) unsecured long-term debt which is rated no lower than
        two subcategories below the highest rating on any class of Outstanding
        Notes by S&P and Fitch and, if commercial paper is outstanding,
        commercial paper which is rated "A-1+" by S&P and "F1" or higher by
        Fitch for agreements or contracts with a maturity of more than 24 months
        and has the required ratings from Moody's corresponding to the duration
        of such investment set forth below, or, in each case, by an insurance
        company whose claims-paying ability is so rated;

                                       18
<PAGE>

                (i) "tax exempt bonds" as defined in Section 150(a)(6) of the
        Code, other than "specified private activity bonds" as defined in
        Section 57(a)(5)(C) of the Code, that are rated in the highest category
        by S&P and Fitch for long-term or short-term debt or shares of a
        so-called money market or mutual fund rated "AAAm/AAAm-G" or higher by
        S&P, and "AA/F1+" or higher by Fitch and has the required ratings from
        Moody's corresponding to the duration of such investment set forth
        below, that do not constitute "investment property" within the meaning
        of Section 148(b)(2) of the Code, provided that the fund has all of its
        assets invested in obligations of such rating quality;

                (j) commercial paper, including that of the Trustee and any of
        its affiliates, which is rated in the single highest classification,
        "A-1+" by S&P and "F1" or higher by Fitch and has the required ratings
        from Moody's corresponding to the duration of such investment set forth
        below, and which matures not more than 270 days after the date of
        purchase;

                (k) investments in a money market fund rated at least "AAAm" or
        "AAAm-G" by S&P, "Aaa" by Moody's and "AA" or "F1" or higher by Fitch,
        including funds for which the Trustee or an affiliate thereof acts as
        investment advisor or provides other similar services for a fee;

                (l) any Investment Agreement; and

                (m) any other investment with a Rating Confirmation from each
        Rating Agency.

        Each Investment Security or the provider of such Investment Security
(other than those described in paragraphs (a), (e) and (k) of this definition)
shall have the following Moody's long-term and or short-term ratings
corresponding to the duration of such investment:

                   Maximum Maturity                 Minimum Ratings
                   ----------------                 ---------------

                 One Month                          "A2" or "Prime-1"
                 Three Months                       "A1" and "Prime-1"
                 Six Months                         "Aa3" and "Prime-1"
                 Greater than Six Months            "Aaa" and "Prime-1"

        "ISDA MASTER AGREEMENT" shall mean the ISDA Master Agreement, copyright
1992, as amended from time to time, and as in effect with respect to any
Derivative Product.

        "ISSUER" shall mean Nelnet Student Loan Trust 2005-4, a statutory trust
organized and existing under the laws of the State, and any successor thereto.

                                       19
<PAGE>

        "ISSUER DERIVATIVE PAYMENT" shall mean any payment required to be made
by or on behalf of the Issuer due to a Counterparty pursuant to a Derivative
Product.

        "ISSUER ORDER" shall mean a written order signed in the name of the
Issuer by an Authorized Representative.

        "LIBOR" shall mean Three-Month LIBOR, Four-Month LIBOR or Five-Month
LIBOR, as applicable.

        "LIBOR DETERMINATION DATE" shall mean, for each Interest Accrual Period,
the second Business Day before the beginning of that Interest Accrual Period.

        "LIBOR RATE NOTES" shall mean the Class A-1 Notes, the Class A-2 Notes,
the Class A-3 Notes and the Class A-4L Notes.

        "LIQUIDATED FINANCED ELIGIBLE LOAN" shall mean any defaulted Financed
Eligible Loan liquidated by the Master Servicer or a Subservicer (which shall
not include any Financed Eligible Loan on which payments are received from a
Guaranty Agency) or which such Master Servicer's or Subservicer has, after using
all reasonable efforts to realize upon such Financed Eligible Loan, determined
to charge off.

        "LIQUIDATION PROCEEDS" shall mean, with respect to any Liquidated
Financed Eligible Loan which became a Liquidated Financed Eligible Loan during
the current Collection Period in accordance with the Master Servicer's or a
Subservicer's customary servicing procedures, the moneys collected in respect of
the liquidation thereof from whatever source, other than moneys collected with
respect to any Liquidated Financed Eligible Loan which was written off in prior
Collection Periods or during the current Collection Period, net of the sum of
any amounts expended by such Master Servicer or Subservicer in connection with
such liquidation and any amounts required by law to be remitted to the obligor
on such Liquidated Financed Eligible Loan.

        "MASTER PROMISSORY NOTE" shall mean a Master Promissory Note in the form
mandated by Section 432(m)(1) of the Higher Education Act, as added by Public
Law No: 105-244 ss. 427, 112 Stat. 1702 (1998), as amended by Public Law No:
106-554 (enacted December 21, 2000) and as codified in 20 U.S.C. ss. 1082(m)(1).

        "MASTER SERVICER" shall mean National Education Loan Network, Inc. and
any other master servicer or successor master servicer selected by the Issuer,
including an affiliate of the Issuer, so long as the Issuer obtains a Rating
Confirmation as to each such other master servicer.

        "MASTER SERVICING AGREEMENT" shall mean (a) the Master Servicing
Agreement, dated as of November 1, 2005, among the Issuer, the Depositor, the
Administrator and the Master Servicer, as amended from time to time, and (b) any
replacement master servicing agreement among the Issuer, the Administrator and
any other Master Servicer.

                                       20
<PAGE>

        "MATURITY" when used with respect to any Note, shall mean the date on
which the principal thereof becomes due and payable as therein or herein
provided, whether at its Note Final Maturity Date, by earlier prepayment or
purchase, by declaration of acceleration, or otherwise.

        "MINIMUM PURCHASE AMOUNT" shall mean, on any Quarterly Distribution
Date, an amount that would be sufficient to (a) reduce the Outstanding Amount of
each class of Notes on such Quarterly Distribution Date to zero; (b) pay to the
respective Registered Owners the Class A Noteholders' Interest Distribution
Amount and the Class B Noteholders' Interest Distribution Amount payable on such
Quarterly Distribution Date; (c) pay any Servicing Fees and Carryover Servicing
Fees, Trustee Fees and Delaware Trustee Fees due and owing; and (d) pay any
Issuer Derivative Payments due and owing; and (e) in the case of Auction Rate
Notes pay any Carry-over Amounts and interest on such amounts.

        "MONTHLY SERVICING PAYMENT DATE" shall mean the twenty-second day of
each calendar month or, if such day is not a Business Day, the immediately
succeeding Business Day, commencing on December 22, 2005.

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

        "MPN LOAN" shall mean a loan originated pursuant to the Federal Family
Education Loan Program and the Higher Education Act and evidenced by a Master
Promissory Note.

        "NOTEHOLDER" shall mean, (a) with respect to a book-entry Note, the
Person who is the owner of such book-entry Note, as reflected on the books of
the Clearing Agency, or on the books of a Person maintaining an account with
such Clearing Agency (directly as a Clearing Agency Participant or as an
indirect participant, in each case in accordance with the rules of such Clearing
Agency); and (b) with respect to Notes held in definitive form pursuant to
Section 2.09 hereof, the Person in whose name a Note is registered in the Note
registration books of the Trustee.

        "NOTE FINAL MATURITY DATE" for a class of Notes shall mean the Class A-1
Maturity Date, the Class A-2 Maturity Date, the Class A-3 Maturity Date, the
Class A-4L Maturity Date, the Class A-4AR-1 Maturity Date, the Class A-4AR-2
Maturity Date or the Class B Maturity Date, as applicable.

        "NOTES" shall mean, collectively, the Class A Notes and the Class B
Notes.

        "OBLIGATIONS" shall mean, collectively, the Class A Obligations and the
Class B Obligations.

        "OPINION OF COUNSEL" shall mean (a) with respect to the Issuer one or
more written opinions of counsel who may, except as otherwise expressly provided
in the Indenture, be employees of or counsel to the Delaware Trustee, the Issuer
the Seller or an Affiliate of the Seller and who shall be satisfactory to the
Trustee, and which opinion or opinions shall be addressed to the Trustee, as
trustee, shall comply with any applicable requirements of the Trust Indenture
Act and shall be in form and substance satisfactory to the Trustee; and (b) with
respect to the Seller, the Administrator, the Master Servicer or a Subservicer,
one or more written opinions of counsel who may be an employee of or counsel to
the Seller, the Administrator, the Master Servicer or a Subservicer, which
counsel shall be acceptable to the Trustee and the Delaware Trustee.

                                       21
<PAGE>

        "OPTIONAL PURCHASE DATE" shall have the meaning set forth in Section
10.03 hereof.

        "OUTSTANDING" shall mean, when used in connection with any Note, a Note
which has been executed and delivered pursuant to this Indenture which at such
time remains unpaid as to principal or interest, excluding Notes which have been
replaced pursuant to Section 2.03 or 2.04 hereof and when used in connection
with a Derivative Product, a Derivative Product which has not expired or been
terminated, unless provision has been made for such payment pursuant to Section
10.02 hereof.

        "OUTSTANDING AMOUNT" shall mean the aggregate principal amount of all
Notes Outstanding at the date of determination or, if the context so requires,
the aggregate principal amount of one or more classes of Class A Notes or Class
B Notes Outstanding at the date of determination.

        "PARITY RATIO" shall mean, on any Quarterly Distribution Date, (a) Pool
Balance (including all accrued interest on the Financed Eligible Loans) plus the
amounts on deposit in the Reserve Fund and the Capitalized Interest Fund as of
the end of the related Collection Period divided by (b) the Outstanding Amount
of the Notes, after giving effect to distributions to be made on that Quarterly
Distribution Date.

        "PERSON" shall mean an individual, corporation, partnership, joint
venture, association, joint stock company, trust, limited liability company,
unincorporated organization or government or agency, or political subdivision
thereof.

        "POOL BALANCE" shall mean as of any date (a) the aggregate principal
balance of the Financed Eligible Loans on such date (including accrued interest
thereon to the extent such interest is expected to be capitalized), after giving
effect to the following, without duplication: (i) all payments received by the
Issuer through such date from or on behalf of obligors on such Financed Eligible
Loans; (ii) all Purchase Amounts on Financed Eligible Loans received by the
Issuer through such date from the Seller, the Master Servicer or a Subservicer;
(iii) all Liquidation Proceeds and Realized Losses on Financed Eligible Loans
liquidated through such date; (iv) the aggregate amount of adjustments to
balances of Financed Eligible Loans permitted to be effected by the Master
Servicer or a Subservicer under the Master Servicing Agreement or its related
Subservicing Agreement, if any, recorded through such date; and (v) the
aggregate amount by which reimbursements by Guarantee Agencies of the unpaid
principal balance of defaulted Financed Eligible Loans through such date are
reduced from 100% to 98% or other applicable percentage, as required by the risk
sharing provisions of the Higher Education Act; plus (b) moneys on deposit in
the Acquisition Fund. The Pool Balance shall be calculated by the Administrator
and certified to the Trustee, upon which the Trustee may conclusively rely with
no duty to further examine or determine such information.

                                       22
<PAGE>

        "PRINCIPAL DISTRIBUTION AMOUNT" shall mean, as determined by the
Administrator, (a) with respect to the initial Quarterly Distribution Date, the
amount by which the sum of the Outstanding Amount of the Notes exceeds the
Adjusted Pool Balance as of the last day of the initial Collection Period; and
(b) with respect to each subsequent Quarterly Distribution Date, the excess of
(i) the Adjusted Pool Balance as of the last day of the Collection Period
preceding the related Collection Period, less (ii) the Adjusted Pool Balance as
of the last day of the related Collection Period, plus the amount, if any, of
the Principal Distribution Amount due on the prior Quarterly Distribution Date
that was not paid. Further, on the Note Final Maturity Date for a class of
Notes, the Principal Distribution Amount on that date also shall include the
amount needed to reduce the Outstanding Amount of such class of Notes to zero.

        "PRINCIPAL OFFICE" shall mean the principal office of the party
indicated, as set forth in Section 9.01 hereof or elsewhere in this Indenture.

        "PRIORITY TERMINATION PAYMENT" shall mean, with respect to a Derivative
Product, any termination payment payable by the Issuer under such Derivative
Product relating to an early termination of such Derivative Product by the
Counterparty, as the non-defaulting party, following (i) a monthly payment
default by the Issuer thereunder, (ii) the occurrence of an Event of Default
specified in Section 6.01(d) hereof or (iii) the Trustee's taking any action
hereunder to liquidate the Trust Estate following an Event of Default and
acceleration of the Notes pursuant to Section 6.04 hereof.

        "PROGRAM" shall mean the Sponsor's program for the origination and the
purchase of Eligible Loans, as the same may be modified from time to time.

        "PURCHASE AMOUNT" with respect to any Financed Eligible Loan shall mean
the amount required to prepay in full such Financed Eligible Loan under the
terms thereof including all accrued interest thereon and any unamortized
premium, it being acknowledged that any accrued and unpaid Interest Subsidy
Payments or Special Allowance Payments will continue to be payable to the
Trustee and constitute part of the Trust Estate.

        "QUARTERLY DISTRIBUTION DATE" shall mean the 22nd day of March, June,
September and December or, if such day is not a Business Day, the immediately
succeeding Business Day, commencing on March 22, 2006.

        "RATING" shall mean one of the rating categories of Fitch, Moody's and
S&P or any other Rating Agency, provided Fitch, Moody's and S&P or any other
Rating Agency, as the case may be, is currently rating the Notes.

        "RATING AGENCY" shall mean each of Fitch, Moody's and S&P and their
successors and assigns or any other rating agency requested by the Issuer to
maintain a Rating on any of the Notes.

        "RATING CONFIRMATION" shall mean a letter from each Rating Agency then
providing a Rating for any of the Notes, confirming that a proposed action,
failure to act, or other event specified therein will not, in and of itself,
result in a downgrade of any of the Ratings then applicable to the Notes, or
cause any Rating Agency to suspend, withdraw or qualify the Ratings then
applicable to the Notes.

                                       23
<PAGE>

        "REALIZED LOSS" shall mean the excess of the principal balance
(including any interest that had been or had been expected to be capitalized) of
any Liquidated Financed Eligible Loan over Liquidation Proceeds with respect to
such Financed Eligible Loan to the extent allocable to principal (including any
interest that had been or had been expected to be capitalized).

        "RECORD DATE" shall mean, with respect to a Distribution Date, the close
of business on the day preceding such Distribution Date.

        "REFERENCE BANKS" shall mean, with respect to a determination of LIBOR
for any Interest Accrual Period by the Administrator or the Auction Agent, as
applicable, four major banks in the London interbank market selected by the
Administrator or the Auction Agent, as applicable.

        "REGISTERED OWNER" shall mean any Noteholder, and, with respect to a
Derivative Product, any Counterparty, unless the context otherwise requires.

        "REGULATIONS" shall mean the Regulations promulgated from time to time
by the Secretary or any Guaranty Agency guaranteeing Financed Eligible Loans.

        "RESERVE FUND" shall mean the Fund by that name created in Section
5.01(d) hereof and further described in Section 5.05 hereof, including any
Accounts and Subaccounts created therein.

        "S&P" shall mean Standard & Poor's Ratings Group, a Division of The
McGraw-Hill Companies, Inc., its successors and assigns.

        "SECRETARY" shall mean the Secretary of the United States Department of
Education or any successor to the pertinent functions thereof under the Higher
Education Act.

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

        "SECURITIES DEPOSITORY" or "DEPOSITORY" shall mean The Depository Trust
Company and its successors and assigns or if, (a) the then Securities Depository
resigns from its functions as depository of the Notes or (b) the Issuer
discontinues use of the Securities Depository, any other securities depository
which agrees to follow the procedures required to be followed by a securities
depository in connection with the Notes and which is selected by the Issuer with
the consent of the Trustee.

        "SELLER" shall mean Nelnet Student Loan Funding, LLC, and its successors
and assigns.

        "SERVICER'S REPORT" shall mean the servicer reports to be furnished to
the Issuer by the Master Servicer or a Subservicer pursuant to the Master
Servicing Agreement or its related Subservicing Agreement.

        "SERVICING FEE" shall mean the fees and expenses due to the Master
Servicer and any Subservicer under the terms of the Master Servicing Agreement
or its related Subservicing Agreement and the fees and expenses due to any
custodian under the terms of a Custodian Agreement.

                                       24
<PAGE>

        "SPECIAL ALLOWANCE PAYMENTS" shall mean the special allowance payments
authorized to be made by the Secretary by Section 438 of the Higher Education
Act, or similar allowances, if any, authorized from time to time by federal law
or regulation.

        "SPECIFIED RESERVE FUND BALANCE" shall mean, with respect to any
Quarterly Distribution Date, the greater of (a) 0.25% of the Pool Balance as of
the close of business on the last day of the related Collection Period; and (b)
0.15% of the Initial Pool Balance, provided that in no event will such balance
exceed the sum of the Outstanding Amount of the Notes and provided further, that
such Specified Reserve Fund Balance may be reduced with a Rating Confirmation.
The Specified Reserve Fund Balance shall be calculated by the Administrator and
certified to the Trustee, upon which certification the Trustee may conclusively
rely with no duty to further examine or determine such information.

        "SPONSOR" shall mean Nelnet Student Loan Funding, LLC, and its
successors and assigns and any other Person or Persons as may become a Sponsor
pursuant to the terms of the Trust Agreement.

        "STATE" shall mean the State of Delaware.

        "STEPDOWN DATE" shall mean the earlier to occur of (a) the Quarterly
Distribution Date in December of 2010 and (b) the first date on which all of the
Class A Notes are no longer Outstanding.

        "STUDENT LOAN PURCHASE AGREEMENT" shall mean, collectively, (a) the Loan
Purchase Agreement, dated as of November 1, 2005, between the Issuer and the
Seller and (b) each additional student loan purchase agreement entered into
between the Issuer and the Seller for the purchase of Eligible Loans which
constitute "add-on consolidation loans."

        "SUBACCOUNT" shall mean any of the subaccounts which may be created and
established within any Account by this Indenture.

        "SUBSERVICER" shall mean Nelnet, Inc., ACS Education Services, Inc. and
any other additional subservicer or successor subservicer selected by the
Issuer, including an affiliate of the Issuer, so long as the Issuer obtains a
Rating Confirmation as to each such other subservicer.

        "SUBSERVICING AGREEMENT" shall mean (a) the Nelnet, Inc. Subservicing
Agreement, dated as of November 1, 2005, between the Master Servicer and Nelnet,
Inc., as subservicer; (b) the Federal SSL, PLUS/SLS Servicing Agreement between
ACS Education Services, Inc., as successor to AFSA Data Corporation and as
subservicer, and California Higher Education Loan Authority (which servicing
agreement has been assigned to Nelnet, Inc. pursuant to the Assignment and
Assumption Agreement dated as of October 25, 2005 between Nelnet, Inc. and Chela
Funding II, LLC); and (c) any subservicing agreement between the Master Servicer
and any other Subservicer.

        "SUPPLEMENTAL INDENTURE" shall mean an agreement supplemental hereto
executed pursuant to Article VIII hereof.

                                       25
<PAGE>

        "TELERATE PAGE 3750" shall mean the display page so designated on the
Telerate Service (or such other page as may replace that page on that service
for the purpose of displaying comparable rates or prices).

        "TERMINATION PAYMENT" shall mean, with respect to a Derivative Product,
any termination payment payable by the Issuer under such Derivative Product
relating to an early termination of such Derivative Product by the Counterparty,
as the non-affected party or non-defaulting party, after the occurrence of a
termination event or event of default specified in such Derivative Product,
including any Priority Termination Payment.

        "THREE-MONTH LIBOR," FOUR-MONTH LIBOR" or "FIVE-MONTH LIBOR" shall mean,
with respect to any Interest Accrual Period, the London interbank offered rate
for deposits in U.S. dollars having the applicable Index Maturity as it appears
on Telerate Page 3750 as of 11:00 a.m., London time, on the related LIBOR
Determination Date as determined by the Administrator. If this rate does not
appear on Telerate Page 3750, the rate for that day will be determined on the
basis of the rates at which deposits in U.S. dollars, having the index maturity
and in a principal amount of not less than U.S. $1,000,000, are offered at
approximately 11:00 a.m., London time, on that LIBOR Determination Date, to
prime banks in the London interbank market by the Reference Banks. The
Administrator or the Trustee, as applicable, will request the principal London
office of each Reference Bank to provide a quotation of its rate. If the
Reference Banks provide at least two quotations, the rate for that day will be
the arithmetic mean of the quotations. If the Reference Banks provide fewer than
two quotations, the rate for that day will be the arithmetic mean of the rates
quoted by major banks in New York City, selected by the Administrator or the
Trustee, as applicable, at approximately 11:00 a.m., New York time, on that
LIBOR Determination Date, for loans in U.S. dollars to leading European banks
having the Index Maturity and in a principal amount of not less than U.S.
$1,000,000. If the banks selected as described above are not providing
quotations, Three-Month LIBOR, Four-Month LIBOR or Five-Month LIBOR, as the case
may be, in effect for the applicable Interest Accrual Period will be Three-Month
LIBOR, Four-Month LIBOR or Five-Month LIBOR, as the case may be, in effect for
the previous Interest Accrual Period.

        "TRIGGER EVENT" shall mean, on any Quarterly Distribution Date while any
of the Class A Notes are Outstanding, that (a) the Outstanding Amount of the
Notes, after giving effect to distributions to be made on that Quarterly
Distribution Date, would exceed the Pool Balance plus amounts on deposit in the
Reserve Fund as of the end of the related Collection Period or (b) the Financed
Eligible Loans have not been sold pursuant to Section 10.03 or 10.04 hereof.

        "TRUST AGREEMENT" shall mean the Trust Agreement, dated as of November
1, 2005, by and between the Sponsor and the Delaware Trustee, as may be amended
pursuant to the terms thereof.

        "TRUST AUCTION DATE" shall have the meaning set forth in Section 10.04
hereof.

        "TRUST ESTATE" shall mean the property described as such in the granting
clauses hereto.

                                       26
<PAGE>

        "TRUST INDENTURE ACT" shall mean the Trust Indenture Act of 1939, as
amended, and as in force at the date as of which this Indenture was executed,
except as provided in Section 8.05 hereof.

        "TRUSTEE" shall mean Zions First National Bank, acting in its capacity
as Trustee under this Indenture, or any successor trustee designated pursuant to
this Indenture.

        "TRUSTEE FEE" shall mean an amount equal to the annual amount set forth
in the Trustee Fee Letter, dated November 1, 2005. Such fee shall be in
satisfaction of the Trustee's compensation as trustee under this Indenture and
as eligible lender trustee under the Eligible Lender Trust Agreement.

        "VALUE" on any calculation date when required under this Indenture shall
mean the value of the Trust Estate calculated by the Issuer with respect to
clause (a) and by the Trustee with respect to clauses (b) and (c) as follows:

               (a) with respect to any Eligible Loan owned by the Issuer as of
        the calculation date, the unpaid principal amount thereof plus any
        accrued but unpaid interest, Interest Benefit Payments and Special
        Allowance Payments;

               (b) with respect to any funds of the Issuer held under this
        Indenture and on deposit in any commercial bank or as to any banker's
        acceptance or repurchase agreement or investment contract, the amount
        thereof plus accrued but unpaid interest; and

               (c) with respect to any Investment Securities, the par value
        thereof, plus accrued but unpaid interest.

        Words importing the masculine gender include the feminine gender, and
words importing the feminine gender include the masculine gender. Words
importing persons include firms, associations and corporations. Words importing
the singular number include the plural number and vice versa. Additional terms
are defined in the body of this Indenture.

                                   ARTICLE II

                         NOTE DETAILS AND FORM OF NOTES

        SECTION 2.01. NOTE DETAILS. The Notes, together with the Trustee's
certificate of authentication, shall be in substantially the forms set forth in
Exhibit B hereto, with such appropriate insertions, omissions, substitutions and
other variations as are required or permitted by this Indenture and may have
such letters, numbers or other marks of identification and such legends or
endorsements placed thereon as may, consistently herewith, be determined by the
officers executing the Notes, as evidenced by their execution of the Notes. Any
portion of the text of any Note may be set forth on the reverse thereof, with an
appropriate reference thereto on the face of the Note.

                                       27
<PAGE>

        The definitive Notes shall be typewritten, printed, lithographed or
engraved or produced by any combination of these methods (with or without steel
engraved borders), all as determined by the Authorized Representatives executing
such Notes, as evidenced by their execution of such Notes.

        Each Note shall be dated the date of its authentication. The terms of
the Notes set forth in Exhibit B hereto are part of the terms of this Indenture.

        SECTION 2.02. EXECUTION, AUTHENTICATION AND DELIVERY OF NOTES. The Notes
shall be executed in the name and on behalf of the Issuer by the manual or
facsimile signature of an Authorized Representative. Any Note may be signed
(manually or by facsimile) or attested on behalf of the Issuer by any person
who, at the date of such act, shall hold the proper office or position,
notwithstanding that at the date of authentication, issuance or delivery, such
person may have ceased to hold such office or position.

        The Trustee shall upon Issuer Order authenticate and deliver Notes for
original issue in an aggregate principal amount of $1,929,600,000. The aggregate
principal amount of Notes outstanding at any time may not exceed such amount
except as provided in Section 2.04 hereof.

        Each Note shall be dated the date of its authentication. The Notes shall
be issuable as registered Notes, in the case of the Class A-1 Notes, the Class
A-2 Notes, the Class A-3 Notes and the Class A-4L Notes, in minimum
denominations of $100,000 and in integral multiples of $1,000 in excess thereof,
in the case of the Class B Notes, in minimum denominations of $50,000 and in
integral multiples of $1,000 in excess thereof and, in the case of the Auction
Rate Notes, in minimum denominations of $50,000 and in integral multiples of
$50,000 in excess thereof (the "Authorized Denominations").

        No Note shall be entitled to any benefit under this Indenture or be
valid or obligatory for any purpose, unless there appears on such Note a
certificate of authentication substantially in the form provided for in Section
2.05 hereof.

        SECTION 2.03. REGISTRATION, TRANSFER AND EXCHANGE OF NOTES; PERSONS
TREATED AS REGISTERED OWNERS. The Issuer shall cause books for the registration
and for the transfer of the Notes as provided in this Indenture to be kept by
the Trustee which is hereby appointed the transfer agent of the Issuer for the
Notes. Notwithstanding such appointment and with the prior written consent of
the Issuer, the Trustee is hereby authorized to make any arrangements with other
institutions which it deems necessary or desirable in order that such
institutions may perform the duties of transfer agent for the Notes. Upon
surrender for transfer of any Note at the Principal Office of the Trustee, duly
endorsed for transfer or accompanied by an assignment duly executed by the
Registered Owner or his attorney duly authorized in writing, the Issuer shall
execute and the Trustee shall authenticate and deliver in the name of the
transferee or transferees a new fully registered Note or Notes of the same
interest rate and for a like class and aggregate principal amount of the same
maturity.

        Notes may be exchanged at the Principal Office of the Trustee for a like
aggregate principal amount of fully registered Notes of the same class, interest
rate and maturity in Authorized Denominations. The Issuer shall execute and the
Trustee shall authenticate and deliver Notes which the Registered Owner making
the exchange is entitled to receive, bearing numbers not contemporaneously
outstanding. The execution by the Issuer of any fully registered Note of any
Authorized Denomination shall constitute full and due authorization of such
denomination and the Trustee shall thereby be authorized to authenticate and
deliver such fully registered Note.

                                       28
<PAGE>

        As to any Note, the person in whose name the same shall be registered
shall be deemed and regarded as the absolute owner thereof for all purposes, and
payment of either principal or interest on any fully registered Note shall be
made only to or upon the written order of the Registered Owner thereof or his
legal representative but such registration may be changed as hereinabove
provided. All such payments shall be valid and effectual to satisfy and
discharge the liability upon such Note to the extent of the sum or sums paid.

        Each Registered Owner and each transferee of a Note shall be deemed to
represent and warrant that either (a) it is not acquiring the Note directly or
indirectly for, or on behalf of, an ERISA plan or any entity whose underlying
assets are deemed to be plan assets of such ERISA plan; or (b)(i) the
acquisition and holding of the Notes will not result in a nonexempt prohibited
transaction under Section 406 of ERISA or Section 4975 of the Code or similar
law and (ii) if the Notes are subsequently deemed to be "plan assets" pursuant
to the regulations set forth at 29 C.F.R. ss. 2510.3-101, it will promptly
dispose of the Notes.

        The Trustee shall require the payment by any Registered Owner requesting
exchange or transfer of any tax or other governmental charge required to be paid
with respect to such exchange or transfer. The applicant for any such transfer
or exchange may be required to pay all taxes and governmental charges in
connection with such transfer or exchange, other than exchanges pursuant to
Section 2.07 hereof.

        SECTION 2.04. LOST, STOLEN, DESTROYED AND MUTILATED NOTES. Upon receipt
by the Trustee of evidence satisfactory to it of the ownership of and the loss,
theft, destruction or mutilation of any Note and, in the case of a lost, stolen
or destroyed Note, of indemnity satisfactory to it, and upon surrender and
cancellation of the Note, if mutilated, (a) the Issuer shall execute, and the
Trustee shall authenticate and deliver, a replacement Note of the same interest
rate, maturity and denomination in lieu of such lost, stolen, destroyed or
mutilated Note or (b) if such lost, stolen, destroyed or mutilated Note shall
have matured within 15 days be due and payable, in lieu of executing and
delivering a new Note as aforesaid, the Issuer may pay such Note. Any such new
Note shall bear a number not contemporaneously outstanding. The applicant for
any such new Note may be required to pay all taxes and governmental charges and
all expenses and charges of the Issuer and of the Trustee in connection with the
issuance of such Note. All Notes shall be held and owned upon the express
condition that, to the extent permitted by law, the foregoing conditions are
exclusive with respect to the replacement and payment of mutilated, destroyed,
lost or stolen Notes, negotiable instruments or other securities.

        SECTION 2.05. TRUSTEE'S AUTHENTICATION CERTIFICATE. The Trustee's
authentication certificate upon any Notes shall be substantially in the form
attached to the Notes. No Note shall be secured hereby or entitled to the
benefit hereof, or shall be valid or obligatory for any purpose, unless a
certificate of authentication, substantially in such form, has been duly
executed by the Trustee; and such certificate of the Trustee upon any Note shall
be conclusive evidence and the only competent evidence that such Note has been
authenticated and delivered hereunder. The Trustee's certificate of
authentication shall be deemed to have been duly executed by it if manually
signed by an authorized officer or signatory of the Trustee, but it shall not be
necessary that the same person sign the certificate of authentication on all of
the Notes issued hereunder.

                                       29
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        SECTION 2.06. CANCELLATION AND DESTRUCTION OF NOTES BY THE TRUSTEE.
Whenever any Outstanding Notes shall be delivered to the Trustee for the
cancellation thereof pursuant to this Indenture, upon payment of the principal
amount and interest represented thereby, or for replacement pursuant to Section
2.03 hereof, such Notes shall be promptly cancelled and, within a reasonable
time, cremated or otherwise destroyed by the Trustee and counterparts of a
certificate of destruction evidencing such cremation or other destruction shall
be furnished by the Trustee to the Issuer.

        SECTION 2.07. TEMPORARY NOTES. Pending the preparation of definitive
Notes, the Issuer may execute and the Trustee shall authenticate and deliver
temporary Notes. Temporary Notes shall be issuable as fully registered Notes
without coupons, of any denomination, and substantially in the form of the
definitive Notes but with such omissions, insertions and variations as may be
appropriate for temporary Notes, all as may be determined by the Issuer. Every
temporary Note shall be executed by the Issuer and be authenticated by the
Trustee upon the same conditions and in substantially the same manner, and with
like effect, as the definitive Notes. As promptly as practicable the Issuer
shall execute and shall furnish definitive Notes and thereupon temporary Notes
may be surrendered in exchange therefor without charge at the principal office
of the Trustee, and the Trustee shall authenticate and deliver in exchange for
such temporary Notes a like aggregate principal amount of definitive Notes.
Until so exchanged the temporary Notes shall be entitled to the same benefits
under this Indenture as definitive Notes.

        SECTION 2.08. ISSUANCE OF NOTES. The Issuer shall have the authority,
upon complying with the provisions of this Article, to issue and deliver the
Notes which shall be secured by the Trust Estate. In addition, the Issuer may
enter into any Derivative Products it deems necessary or desirable with respect
to any or all of the Notes.

        SECTION 2.09. DEFINITIVE NOTES. If (a) the Administrator advises the
Trustee in writing that the Clearing Agency is no longer willing or able to
discharge its responsibilities with respect to the Notes, and the Administrator
is unable to locate a successor; (b) the Administrator at its option, with the
consent of the applicable Clearing Agency Participants, advises the Trustee in
writing that it elects to terminate the book-entry system through the Clearing
Agency; or (c) after the occurrence of an Event of Default, or a default by the
Master Servicer, a Subservicer or the Administrator under the Master Servicing
Agreement, its related Servicing Agreement or the Administration Agreement,
respectively, Noteholders representing beneficial interests aggregating at least
a majority of the Outstanding Amount of the Notes advise the Clearing Agency
(which shall then notify the Trustee) in writing that the continuation of a
book-entry system through the Clearing Agency is no longer in the best interests
of the Noteholders and the applicable Clearing Agency Participants consent to
the termination of the book-entry system through the Clearing Agency, then the
Trustee shall cause the Clearing Agency to notify all Noteholders, through the
Clearing Agency, of the occurrence of any such event and of the availability of
definitive Notes to Noteholders requesting the same. Upon surrender to the
Trustee of the typewritten Notes representing the book-entry Notes by the
Clearing Agency, accompanied by registration instructions, the Issuer shall
execute and the Trustee shall authenticate the definitive Notes in accordance
with the instructions of the Clearing Agency. Neither the Issuer nor the Trustee
shall be liable for any delay in delivery of such instructions and may
conclusively rely on, and shall be protected in relying on, such instructions.
Upon the issuance of definitive Notes, the Trustee shall recognize the holders
of the definitive Notes as Registered Owners.

                                       30
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        SECTION 2.10. PAYMENT OF PRINCIPAL AND INTEREST.

                (a) The LIBOR Rate Notes shall accrue interest as provided in
        the forms of Class A-1 Notes, Class A-2 Notes, Class A-3 Notes, Class
        A-4L Notes and the Class B Notes set forth in Exhibits B-1, B-2, B-3,
        B-4 and B-7, respectively, hereto. The Auction Rate Notes shall accrue
        interest as specified in Appendix A hereto and as provided in the form
        of Class A-4AR-1 Notes and the Class A-4AR-2 Notes set forth in Exhibits
        B-5 and B-6, respectively, hereto. Such interest shall be payable with
        respect to each class of Notes on its applicable Distribution Date as
        specified in Section 5.04(c) hereof, subject to Section 4.01 hereof. Any
        installment of interest or principal, if any, payable on any Note which
        is punctually paid or duly provided for by the Issuer on the applicable
        Distribution Date shall be paid to the Person in whose name such Note is
        registered on the Record Date by check mailed first-class, postage
        prepaid to such Person's address as it appears on the records of the
        Trustee on such Record Date, except that, unless definitive Notes have
        been issued pursuant to Section 2.09 hereof, with respect to Notes
        registered on the Record Date in the name of the nominee of the Clearing
        Agency (initially, such nominee to be Cede & Co.), payment shall be made
        by wire transfer in immediately available funds to the account
        designated by such nominee and except for the final installment of
        principal payable with respect to such Note on an applicable
        Distribution Date or on the Note Final Maturity Date for such Note which
        shall be payable as provided below. The amount of interest distributable
        to Noteholders of the Notes for each $1,000 in principal amount will be
        calculated by applying the applicable interest rate for the interest
        accrual period to the principal amount of $1,000, multiplying that
        product by the actual number of days in the interest accrual period
        divided by 360, and rounding the resulting percentage figure to the
        fifth decimal point.

                (b) The principal of each Note shall be payable in installments
        on each applicable Distribution Date as provided in Section 5.04(c)
        hereof. Notwithstanding the foregoing, the entire unpaid principal
        amount of each class of the Notes shall be due and payable, if not
        previously paid, on the Note Final Maturity Date for such class of Notes
        and on the date on which an Event of Default shall have occurred and be
        continuing if the Trustee or the Registered Owners of the Notes
        representing not less than a majority of the Outstanding Amount of the
        Notes have declared the Notes to be immediately due and payable in the
        manner provided in Section 6.02 hereof. The Trustee shall notify the
        Person in whose name a Note is registered at the close of business on
        the Record Date preceding the applicable Distribution Date on which the
        Issuer expects that the final installment of principal of and interest
        on such Note will be paid. Such notice shall be mailed or transmitted by
        facsimile prior to such final Distribution Date and shall specify that
        such final installment will be payable only upon presentation and
        surrender of such Note and shall specify the place where such Note may
        be presented and surrendered for payment of such installment.

                                       31
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                                  ARTICLE III

                 PARITY AND PRIORITY OF LIEN; OTHER OBLIGATIONS;
                             AND DERIVATIVE PRODUCTS

        SECTION 3.01. PARITY AND PRIORITY OF LIEN. The provisions, covenants and
agreements herein set forth to be performed by or on behalf of the Issuer shall
be for the equal benefit, protection and security of the Registered Owners of
any and all of the Obligations, all of which, shall be of equal rank without
preference, priority or distinction of any of the Obligations over any other
thereof, except as expressly provided in this Indenture with respect to certain
payment and other priorities.

        SECTION 3.02. OTHER OBLIGATIONS. The Available Funds and other moneys,
Financed Eligible Loans, securities, evidences of indebtedness, interests,
rights and properties pledged under this Indenture are and will be owned by the
Issuer free and clear of any pledge, lien, charge or encumbrance thereon or with
respect thereto prior to, of equal rank with or subordinate to the respective
pledges created by this Indenture, except as otherwise expressly provided
herein, and all action on the part of the Issuer to that end has been duly and
validly taken. If any Financed Eligible Loan is found to have been subject to a
lien at the time such Financed Eligible Loan was acquired, the Issuer shall
cause such lien to be released, shall purchase such Financed Eligible Loan from
the Trust Estate for a purchase price equal to its principal amount plus any
unamortized premium, if any, and interest accrued thereon or shall replace such
Financed Eligible Loan with another Eligible Loan with substantially identical
characteristics which replacement Eligible Loan shall be free and clear of liens
at the time of such replacement. Except as otherwise provided herein, the Issuer
shall not create or voluntarily permit to be created any debt, lien or charge on
the Financed Eligible Loans which would be on a parity with, subordinate to, or
prior to the lien of this Indenture; shall not do or omit to do or suffer to be
done or omitted to be done any matter or things whatsoever whereby the lien of
this Indenture or the priority of such lien for the Obligations hereby secured
might or could be lost or impaired; and will pay or cause to be paid or will
make adequate provisions for the satisfaction and discharge of all lawful claims
and demands which if unpaid might by law be given precedence to or any equality
with this Indenture as a lien or charge upon the Financed Eligible Loans;
provided, however, that nothing in this Section shall require the Issuer to pay,
discharge or make provision for any such lien, charge, claim or demand so long
as the validity thereof shall be by it in good faith contested, unless thereby,
in the opinion of the Trustee, the same will endanger the security for the
Obligations; and provided further that any subordinate lien hereon (i.e.,
subordinate to the lien securing the Class A Obligations and the Class B
Obligations) shall be entitled to no payment from the Trust Estate, nor may any
remedy be exercised with respect to such subordinate lien against the Trust
Estate until all Obligations have been paid or deemed paid hereunder.

        SECTION 3.03. DERIVATIVE PRODUCTS; COUNTERPARTY PAYMENTS; ISSUER
DERIVATIVE PAYMENTS. The Issuer hereby authorizes and directs the Trustee to
acknowledge and agree to any Derivative Product hereafter entered into by the
Issuer and a Counterparty under which (a) the Issuer may be required to make,
from time to time, payments to a Counterparty and (b) the Trustee may receive,
from time to time, Counterparty Payments for the account of the Issuer. No
Derivative Product shall be entered into subsequent to the Date of Issuance
unless the Trustee shall have received a Rating Confirmation from each Rating
Agency that such Derivative Product will not adversely affect the Rating on any
of the Notes.

                                       32
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                                   ARTICLE IV

                       PROVISIONS APPLICABLE TO THE NOTES;
                              DUTIES OF THE ISSUER

        SECTION 4.01. PAYMENT OF PRINCIPAL AND INTEREST. The Issuer covenants
that it will promptly pay, but solely from the Trust Estate, the principal of
and interest, if any, on each and every Obligation issued under the provisions
of this Indenture at the places, on the dates and in the manner specified herein
and in said Obligations according to the true intent and meaning thereof. The
Obligations shall be and are hereby declared to be payable from and equally
secured, except as specifically provided in this Indenture with respect to
certain payment and other priorities, by an irrevocable first lien on and pledge
of the properties constituting the Trust Estate, subject to the application
thereof as permitted by this Indenture, but in no event shall the Registered
Owners or any Counterparty have any right to possession or control of any
Financed Eligible Loans, which shall be held only by the Trustee or its agent or
bailee.

        SECTION 4.02. COVENANTS AS TO ADDITIONAL CONVEYANCES. At any and all
times, the Issuer will duly execute, acknowledge and deliver, or will cause to
be done, executed and delivered, all and every such further acts, conveyances,
transfers and assurances in law as the Trustee shall reasonably require for the
better conveying, transferring and pledging and confirming unto the Trustee, all
and singular, the properties constituting the Trust Estate hereby transferred
and pledged, or intended so to be transferred and pledged.

        SECTION 4.03. FURTHER COVENANTS OF THE ISSUER.

                (a) The Issuer will cause financing statements and continuation
        statements with respect thereto at all times to be filed in the office
        of the Secretary of State of the State and any other jurisdiction
        necessary to perfect and maintain the security interest granted by the
        Issuer hereunder.

                (b) The Issuer will duly and punctually keep, observe and
        perform each and every term, covenant and condition on its part to be
        kept, observed and performed, contained in this Indenture and the other
        agreements to which the Issuer is a party pursuant to the transactions
        contemplated herein, including but not limited to the Basic Documents to
        which it is a party, the Guarantee Agreements and the Certificate of
        Insurance, and will punctually perform all duties required by the Trust
        Agreement and the laws of the State.

                (c) The Issuer shall be operated on the basis of its Fiscal
        Year.

                (d) The Issuer shall cause to be kept full and proper books of
        records and accounts, in which full, true and proper entries will be
        made of all dealings, business and affairs of the Issuer which relate to
        the Notes and any Derivative Product.

                                       33
<PAGE>

                (e) The Issuer, upon written request of the Trustee, will permit
        at all reasonable times the Trustee or its agents, accountants and
        attorneys, to examine and inspect the property, books of account,
        records, reports and other data relating to the Financed Eligible Loans,
        and will furnish the Trustee such other information as it may reasonably
        request. The Trustee shall be under no duty to make any such examination
        unless requested in writing to do so by the Registered Owners of 66-2/3%
        in collective aggregate principal amount of the Notes at the time
        Outstanding, and unless such Registered Owners shall have offered the
        Trustee security and indemnity satisfactory to it against any costs,
        expenses and liabilities which might be incurred thereby.

                (f) The Issuer shall cause an annual audit to be made by an
        independent auditing firm of national reputation and file one copy
        thereof with the Trustee and each Rating Agency within 150 days of the
        close of each Fiscal Year. The Trustee shall be under no obligation to
        review or otherwise analyze such audit.

                (g) The Issuer covenants that all Financed Eligible Loans upon
        receipt thereof shall be delivered to the Trustee or its agent or bailee
        to be held pursuant to this Indenture and pursuant to the Master
        Servicing Agreement, a Subservicing Agreement or a Custodian Agreement.

                (h) Notwithstanding anything to the contrary contained herein,
        except upon the occurrence and during the continuance of an Event of
        Default hereunder, the Issuer hereby expressly reserves and retains the
        privilege to receive and, subject to the terms and provisions of this
        Indenture, to keep or dispose of, claim, bring suits upon or otherwise
        exercise, enforce or realize upon its rights and interest in and to the
        Financed Eligible Loans and the proceeds and collections therefrom, and
        neither the Trustee nor any Registered Owner shall in any manner be or
        be deemed to be an indispensable party to the exercise of any such
        privilege, claim or suit and the Trustee shall be under no obligation
        whatsoever to exercise any such privilege, claim or suit; provided,
        however, that the Trustee shall have and retain possession or control of
        the Financed Eligible Loans pursuant to Section 5.02 hereof (which
        Financed Eligible Loans may be held by the Trustee's agent or bailee) so
        long as such loans are subject to the lien of this Indenture.

                (i) The Issuer shall notify the Trustee and each Rating Agency
        in writing prior to entering into any Derivative Product.

        SECTION 4.04. ENFORCEMENT OF MASTER SERVICING AGREEMENT AND SUBSERVICING
AGREEMENTS. The Issuer shall comply with, shall require the Master Servicer to
comply with and shall cause the Master Servicer to require the Subservicers to
comply with the following whether or not the Issuer is otherwise in default
under this Indenture:

                (a) cause to be diligently enforced and taken all reasonable
        steps, actions and proceedings necessary for the enforcement of all
        terms, covenants and conditions of the Master Servicing Agreement and
        all Subservicing Agreements, including the prompt payment of all amounts
        due the Issuer thereunder, including, without limitation, all principal
        and interest payments, and Guarantee payments which relate to any
        Financed Eligible Loans and cause the Master Servicer and each
        Subservicer to specify whether payments received by it represent
        principal or interest;

                                       34
<PAGE>

                (b) not permit the release of the obligations of the Master
        Servicer and any Subservicer under the Master Servicing Agreement and
        any Subservicing Agreement except in conjunction with amendments or
        modifications permitted by paragraph (h) below;

                (c) at all times, to the extent permitted by law, cause to be
        defended, enforced, preserved and protected the rights and privileges of
        the Issuer, the Trustee and the Registered Owners under or with respect
        to the Master Servicing Agreement and each Subservicing Agreement;

                (d) at its own expense, the Issuer shall duly and punctually
        perform and observe each of its obligations to the Master Servicer or a
        Subservicer under the Master Servicing Agreement or its related
        Subservicing Agreement in accordance with the terms thereof;

                (e) the Issuer agrees to give the Trustee and each Rating Agency
        prompt written notice of each default on the part of the Master Servicer
        or a Subservicer of its obligations under the Master Servicing Agreement
        or its related Subservicing Agreement coming to the Issuer's attention;

                (f) the Issuer shall not waive any default by the Master
        Servicer or a Subservicer under the Master Servicing Agreement or its
        related Subservicing Agreement without the written consent of the
        Trustee and the giving of written notice to each Rating Agency;

                (g) the Issuer shall cause the Master Servicer and each
        Subservicer to deliver to the Trustee and the Issuer, on or before March
        30 of each year, beginning with March 30, 2006, a certificate stating
        that (i) a review of the activities of the Master Servicer and each
        Subservicer during the preceding calendar year and of its performance
        under the Master Servicing Agreement and its related Subservicing
        Agreement has been made under the supervision of the officer signing
        such certificate and (ii) to the best of such officers' knowledge, based
        on such review, the Master Servicer and such Subservicer has fulfilled
        all its obligations under the Master Servicing Agreement and its related
        Subservicing Agreement throughout such year, or, there has been a
        default in the fulfillment of any such obligation, specifying each such
        default known to such officer and the nature and stature thereof. The
        Issuer shall send copies of such annual certificate of the Master
        Servicer and each Subservicer to each Rating Agency; and

                (h) not consent or agree to or permit any amendment or
        modification of the Master Servicing Agreement or any Subservicing
        Agreement which will in any manner materially adversely affect the
        rights or security of the Registered Owners. The Issuer and the Trustee
        shall be entitled to receive and rely upon an opinion of counsel that
        any such amendment or modification will not materially adversely affect
        the rights or security of the Registered Owners.

                                       35
<PAGE>

        SECTION 4.05. PROCEDURES FOR TRANSFER OF FUNDS. In any instance where
this Indenture requires a transfer of funds or money from one Fund to another, a
transfer of ownership in investments or an undivided interest therein may be
made in any manner agreeable to the Issuer and the Trustee, and in the
calculation of the amount transferred, interest on the investment which has or
will accrue before the date the money is needed in the fund to which the
transfer is made shall not be taken into account or considered as money on hand
at the time of such transfer.

        SECTION 4.06. ADDITIONAL COVENANTS WITH RESPECT TO THE HIGHER EDUCATION
ACT. The Issuer covenants that it will cause the Trustee to be, or replace the
Trustee with, an Eligible Lender under the Higher Education Act, that it will
acquire or cause to be acquired Eligible Loans originated and held only by an
Eligible Lender and that it will not dispose of or deliver any Financed Eligible
Loans or any security interest in any such Financed Eligible Loans to any party
who is not an Eligible Lender so long as the Higher Education Act or Regulations
adopted thereunder require an Eligible Lender to be the owner or holder of
Guaranteed Eligible Loans; provided, however, that nothing above shall prevent
the Issuer from delivering the Eligible Loans to the Master Servicer, a
Subservicer or a Guaranty Agency. The Registered Owners of the Notes shall not
in any circumstances be deemed to be the owner or holder of the Guaranteed
Eligible Loans.

        The Issuer, or the Administrator on behalf of the Issuer, shall be
responsible for each of the following actions with respect to the Higher
Education Act:

                (a) the Issuer, or the Administrator on behalf of the Issuer,
        shall be responsible for dealing with the Secretary with respect to the
        rights, benefits and obligations, under the Certificates of Insurance,
        including but not limited to the payment of all of the fees owed with
        respect the Financed Eligible Loans, and the Issuer, or the
        Administrator on behalf of the Issuer, shall be responsible for dealing
        with the Guaranty Agencies with respect to the rights, benefits and
        obligations under the Guarantee Agreements with respect to the Financed
        Eligible Loans;

                (b) the Issuer, or the Administrator on behalf of the Issuer,
        shall cause to be diligently enforced, and shall cause to be taken all
        reasonable steps, actions and proceedings necessary or appropriate for
        the enforcement of all terms, covenants and conditions of all Financed
        Eligible Loans and agreements in connection therewith, including the
        prompt payment of all principal and interest payments and all other
        amounts due thereunder;

                (c) the Issuer, or the Administrator on behalf of the Issuer,
        shall cause the Financed Eligible Loans to be serviced by entering into
        the Master Servicing Agreement or other agreement with the Master
        Servicer for the collection of payments made for, and the administration
        of the accounts of, the Financed Eligible Loans;

                (d) the Issuer, or the Administrator on behalf of the Issuer,
        shall comply, and shall cause all of its officers, directors, employees
        and agents to comply, with the provisions of the Higher Education Act
        and any regulations or rulings thereunder, with respect to the Financed
        Eligible Loans;

                                       36
<PAGE>

                (e) the Issuer, or the Administrator on behalf of the Issuer,
        shall cause all Available Funds, including the benefits of the Guarantee
        Agreements, the Interest Benefit Payments and the Special Allowance
        Payments, to flow to the Trustee. The Trustee shall have no liability
        for actions taken at the direction of the Issuer or the Administrator,
        except for negligence or willful misconduct in the performance of its
        express duties hereunder. The Trustee shall have no obligation to
        administer, service or collect the loans in the Trust Estate or to
        maintain or monitor the administration, servicing or collection of such
        loans; and

                (f) the Issuer, or the Administrator on behalf of the Issuer,
        shall cause each Financed Eligible Loan evidenced by a Master Promissory
        Note in the form mandated by Section 432(m)(1) of the Higher Education
        Act to be acquired pursuant to a Student Loan Purchase Agreement with
        the Seller containing language similar to the following:

                      "The Seller hereby represents and warrants that the Seller
               is transferring all of its right title and interest in the MPN
               Loan to the Trustee, that it has not assigned any interest in
               such MPN Loan (other than security interests that have been
               released or ownership interests that the Seller has reacquired)
               to any person other than the Trustee, and that no prior holder of
               the MPN Loan has assigned any interest in such MPN Loan (other
               than security interests that have been released or ownership
               interests that such prior holder has reacquired) to any Person
               other than a predecessor in title to the Seller. The Seller
               hereby covenants that the Seller shall not attempt to transfer to
               any other Person any interest in any MPN Loan assigned hereunder.
               The Seller hereby authorizes the Trustee to file a UCC-1
               financing statement identifying the Seller as debtor and the
               Trustee as secured party and describing the MPN Loan sold
               pursuant to this Agreement. The preparation or filing of such
               UCC-1 financing statement is solely for additional protection of
               the Trustee's interest in the MPN Loans and shall not be deemed
               to contradict the express intent of the Seller and the Trustee
               that the transfer of MPN Loans under this Agreement is an
               absolute assignment of such MPN Loans and is not a transfer of
               such MPN Loans as security for a debt."

        The Trustee shall not be deemed to be the designated agent for the
purposes of this Section unless it has agreed in writing to be such agent.

        SECTION 4.07. FINANCED ELIGIBLE LOANS; COLLECTIONS THEREOF; ASSIGNMENT
THEREOF. The Issuer, through the Master Servicer and one or more Subservicers,
shall diligently collect all principal and interest payments on all Financed
Eligible Loans, and all Interest Benefit Payments, insurance, guarantee and
default claims and Special Allowance Payments which relate to such Financed
Eligible Loans; provided, however, the Issuer may offer interest rate reductions
with respect to the Financed Eligible Loans which result in rates of interest
not less than those shown in the cash flow analyses provided to each Rating
Agency on the Date of Issuance, and provided further that such rates of interest
may be further reduced if a Rating Confirmation is obtained, based on new cash
flow analyses containing such assumptions as the Issuer shall reasonably
determine. The Issuer shall cause the filing and assignment of such claims
(prior to the timely filing deadline for such claims under the Regulations) by
the Master Servicer or the appropriate Subservicer. The Issuer will comply with
the Higher Education Act and Regulations which apply to the Program and to such
Financed Eligible Loans.

                                       37
<PAGE>

        SECTION 4.08. APPOINTMENT OF AGENTS, DIRECTION TO TRUSTEE, ETC. The
Issuer shall employ and appoint all employees, agents, consultants and attorneys
which it may consider necessary. No member of the board of directors or officer
of the Administrator, either singly or collectively, shall be personally liable
for any act or omission not willfully fraudulent or mala fide. The Issuer hereby
directs the Trustee to enter into this Indenture, the Administration Agreement,
the Custodian Agreements, the Auction Agent Agreement and the Investment
Agreements. The Issuer hereby directs the Eligible Lender Trustee to enter into
this Indenture, the Guarantee Agreements, the Custodian Agreements and the
Eligible Lender Trust Agreement.

        SECTION 4.09. CAPACITY TO SUE. The Issuer shall have the power and
capacity to sue and to be sued on matters arising out of or relating to the
financing of the Financed Eligible Loans.

        SECTION 4.10. CONTINUED EXISTENCE; SUCCESSOR TO ISSUER. The Issuer
agrees that it will do or cause to be done all things necessary to preserve and
keep in full force and effect its existence, rights and franchises as a Delaware
statutory trust, except as otherwise permitted by this Section. The Issuer
further agrees that it will not (a) sell, transfer or otherwise dispose of all
or substantially all, of its assets (except Financed Eligible Loans if such
sale, transfer or disposition will discharge this Indenture in accordance with
Article X hereof); (b) consolidate with or merge into another entity; or (c)
permit one or more other entities to consolidate with or merge into it. The
preceding restrictions in clauses (a), (b) and (c) above shall not apply to a
transaction if the transferee or the surviving or resulting entity, if other
than the Issuer, by proper written instrument for the benefit of the Trustee,
irrevocably and unconditionally assumes the obligation to perform and observe
the agreements and obligations of the Issuer under this Indenture.

        If a transfer is made as provided in this Section, the provisions of
this Section shall continue in full force and effect and no further transfer
shall be made except in compliance with the provisions of this Section.

        SECTION 4.11. AMENDMENT OF STUDENT LOAN PURCHASE AGREEMENTS. The Issuer
shall notify the Trustee in writing of any proposed amendments to any existing
Student Loan Purchase Agreement. No such amendment shall become effective unless
and until the Trustee consents thereto in writing. The consent of the Trustee
shall not be unreasonably withheld and shall not be withheld if the Trustee
receives an opinion of counsel acceptable to it that such an amendment is
required by the Higher Education Act and is not materially prejudicial to the
Registered Owners.

        SECTION 4.12. REPRESENTATIONS; NEGATIVE COVENANTS.

                (a) The Issuer hereby makes the following representations and
        warranties to the Trustee on which the Trustee relies in authenticating
        the Notes and on which the Registered Owners have relied in purchasing
        the Notes. Such representations and warranties shall survive the
        transfer and assignment of the Trust Estate to the Trustee.

                                       38
<PAGE>

                        (i) ORGANIZATION AND GOOD STANDING. The Issuer is duly
                organized and validly existing under the laws of the State, and
                has the power to own its assets and to transact the business in
                which it presently engages.

                        (ii) DUE QUALIFICATION. The Issuer is duly qualified to
                do business and is in good standing, and has obtained all
                material necessary licenses and approvals, in all jurisdictions
                where the failure to be so qualified, have such good standing or
                have such licenses or approvals would have a material adverse
                effect on the Issuer's business and operations or in which the
                actions as required by this Indenture require or will require
                such qualification.

                        (iii) AUTHORIZATION. The Issuer has the power, authority
                and legal right to create and issue the Notes, to execute,
                deliver and perform this Indenture and to grant the Trust Estate
                to the Trustee and the creation and issuance of the Notes,
                execution, delivery and performance of this Indenture and grant
                of the Trust Estate to the Trustee have been duly authorized by
                the Issuer by all necessary statutory trust action.

                        (iv) BINDING OBLIGATION. This Indenture, assuming due
                authorization, execution and delivery by the Trustee, the Notes
                in the hands of the Registered Owners thereof and the Issuer
                Derivative Payments constitute legal, valid and binding
                obligations of the Issuer enforceable against the Issuer in
                accordance with their terms, except that (A) such enforcement
                may be subject to bankruptcy, insolvency, reorganization,
                moratorium or other similar laws (whether statutory, regulatory
                or decisional) now or hereafter in effect relating to creditors'
                rights generally and (B) the remedy of specific performance and
                injunctive and other forms of equitable relief may be subject to
                certain equitable defenses and to the discretion of the court
                before which any proceeding therefor may be brought, whether a
                proceeding at law or in equity.

                        (v) NO VIOLATION. The consummation of the transactions
                contemplated by this Indenture and the fulfillment of the terms
                hereof do not conflict with, result in any breach of any of the
                terms and provisions of or constitute (with or without notice,
                lapse of time or both) a default under the organizational
                documents of the Issuer, or any material indenture, agreement,
                mortgage, deed of trust or other instrument to which the Issuer
                is a party or by which it is bound, or result in the creation or
                imposition of any lien upon any of its material properties
                pursuant to the terms of any such indenture, agreement,
                mortgage, deed of trust or other instrument, other than this
                Indenture, nor violate any law or any order, rule or regulation
                applicable to the Issuer of any court or of any federal or state
                regulatory body, administrative agency or other governmental
                instrumentality having jurisdiction over the Issuer or any of
                its properties.

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                        (vi) NO PROCEEDINGS. There are no proceedings,
                injunctions, writs, restraining orders or investigations to
                which the Issuer or any of its affiliates is a party pending,
                or, to the best of its knowledge, threatened, before any court,
                regulatory body, administrative agency or other tribunal or
                governmental instrumentality (A) asserting the invalidity of
                this Indenture, (B) seeking to prevent the issuance of any Notes
                or the consummation of any of the transactions contemplated by
                this Indenture or (C) seeking any determination or ruling that
                might materially and adversely affect the performance by the
                Issuer of its obligations under, or the validity or
                enforceability of this Indenture.

                        (vii) APPROVALS. All approvals, authorizations,
                consents, orders or other actions of any person, corporation or
                other organization, or of any court, governmental agency or body
                or official, required on the part of the Issuer in connection
                with the execution and delivery of this Indenture have been
                taken or obtained on or prior to the Date of Issuance.

                        (viii) PLACE OF BUSINESS. The Issuer's place of business
                and chief executive office is located in Wilmington, Delaware
                and the Issuer has had no other chief executive office.

                        (ix) TAX AND ACCOUNTING TREATMENT. The Issuer intends to
                treat the transactions contemplated by the Student Loan Purchase
                Agreements as an absolute transfer rather than as a pledge of
                the Financed Eligible Loans from the Seller for federal income
                tax and financial accounting purposes and the Issuer (through
                the Eligible Lender Trustee) will be treated as the owner of the
                Financed Eligible Loans for all purposes. The Issuer further
                intends to treat the Notes as its indebtedness for federal
                income tax and financial accounting purposes.

                        (x) TAXES. The Issuer has filed (or caused to be filed)
                all federal, state, county, local and foreign income, franchise
                and other tax returns required to be filed by it through the
                date hereof, and has paid all taxes reflected as due thereon.
                There is no pending dispute with any taxing authority that, if
                determined adversely to the Issuer, would result in the
                assertion by any taxing authority of any material tax
                deficiency, and the Issuer has no knowledge of a proposed
                liability for any tax year to be imposed upon such entity's
                properties or assets for which there is not an adequate reserve
                reflected in such entity's current financial statements.

                        (xi) LEGAL NAME. The legal name of the Issuer is "Nelnet
                Student Loan Trust 2005-4" and has not changed since its
                inception. The Issuer has no trade names, fictitious names,
                assumed names or "dba's" under which it conducts its business
                and has made no filing in respect of any such name.

                        (xii) BUSINESS PURPOSE. The Issuer has acquired the
                Financed Eligible Loans conveyed to it under a Student Loan
                Purchase Agreement for a bona fide business purpose and has
                undertaken the transactions contemplated herein as principal
                rather than as an agent of any other Person. The Issuer has no
                subsidiaries, has adopted and operated consistently with all
                requirements for statutory trusts under the laws of the State
                with respect to its operations and has engaged in no other
                activities other than those specified in this Indenture and the
                Student Loan Purchase Agreements and in accordance with the
                transactions contemplated herein and therein.

                                       40
<PAGE>

                        (xiii) COMPLIANCE WITH LAWS. The Issuer is in compliance
                with all applicable laws and regulations with respect to the
                conduct of its business and has obtained and maintains all
                permits, licenses and other approvals as are necessary for the
                conduct of its operations.

                        (xiv) VALID BUSINESS REASONS; NO FRAUDULENT TRANSFERS.
                The transactions contemplated by this Indenture are in the
                ordinary course of the Issuer's business and the Issuer has
                valid business reasons for granting the Trust Estate pursuant to
                this Indenture. At the time of each such grant: (A) the Issuer
                granted the Trust Estate to the Trustee without any intent to
                hinder, delay or defraud any current or future creditor of the
                Issuer; (B) the Issuer was not insolvent and did not become
                insolvent as a result of any such grant; (C) the Issuer was not
                engaged and was not about to engage in any business or
                transaction for which any property remaining with such entity
                was an unreasonably small capital or for which the remaining
                assets of such entity are unreasonably small in relation to the
                business of such entity or the transaction; (D) the Issuer did
                not intend to incur, and did not believe or should not have
                reasonably believed, that it would incur, debts beyond its
                ability to pay as they become due; and (E) the consideration
                received by the Issuer for the grant of the Trust Estate was
                reasonably equivalent to the value of the related grant.

                        (xv) NO MANAGEMENT OF AFFAIRS OF SELLER. The Issuer is
                not and will not be involved in the day-to-day management of the
                Seller, the Administrator, the Sponsor or any affiliate.

                        (xvi) NO TRANSFERS WITH SELLER OR AFFILIATES. Other than
                the acquisition of assets and the transfer of any Notes pursuant
                to this Indenture, the Issuer does not engage in and will not
                engage in any transactions with the Seller and affiliates,
                except as provided herein with respect to the Administration
                Agreement or the payment of distributions to the Sponsor.

                        (xvii) ABILITY TO PERFORM. There has been no material
                impairment in the ability of the Issuer to perform its
                obligations under this Indenture.

                        (xviii) FINANCIAL CONDITION. No material adverse change
                has occurred in the Issuer's financial status since the date of
                its formation.

                        (xix) EVENT OF DEFAULT. No Event of Default has occurred
                and no event has occurred that, with the giving of notice, the
                passage of time, or both, would become an Event of Default.

                        (xx) ACQUISITION OF FINANCED ELIGIBLE LOANS LEGAL. The
                Issuer has complied with all applicable federal, state and local
                laws and regulations in connection with its acquisition of the
                Financed Eligible Loans from the Seller.

                                       41
<PAGE>

                        (xxi) NO MATERIAL MISSTATEMENTS OR OMISSIONS. No
                information, certificate of an officer, statement furnished in
                writing or report delivered to the Trustee, the Master Servicer,
                a Subservicer or any Registered Owner by the Issuer contains any
                untrue statement of a material fact or omits a material fact
                necessary to make such information, certificate, statement or
                report not misleading.

        (b) The Issuer will not:

                        (i) sell, transfer, exchange or otherwise dispose of any
                portion of the Trust Estate except as expressly permitted by
                this Indenture;

                        (ii) claim any credit on, or make any deduction from,
                the principal amount of any of the Notes by reason of the
                payment of any taxes levied or assessed upon any portion of the
                Trust Estate;

                        (iii) except as otherwise provided herein, dissolve or
                liquidate in whole or in part, except with the prior written
                consent of the Trustee, and to the extent Notes remain
                Outstanding, approval of the Registered Owners and a Rating
                Confirmation;

                        (iv) permit the validity or effectiveness of this
                Indenture, any Supplement or any grant hereunder to be impaired,
                or permit the lien of this Indenture to be amended,
                hypothecated, subordinated, terminated or discharged, or permit
                any Person to be released from any covenants or obligations
                under this Indenture, except as may be expressly permitted
                hereby;

                        (v) except as otherwise provided herein, permit any
                lien, charge, security interest, mortgage or other encumbrance
                (other than the lien of this Indenture) to be created on or
                extend to or otherwise arise upon or burden the Trust Estate or
                any part thereof or any interest therein or the proceeds
                thereof;

                        (vi) permit the lien of this Indenture not to constitute
                a valid first priority, perfected security interest in the Trust
                Estate;

                        (vii) incur or assume any indebtedness or guarantee any
                indebtedness of any Person whether secured by any Financed
                Eligible Loans under this Indenture or otherwise, except for
                such obligations as may be incurred by the Issuer in connection
                with the issuance of the Notes pursuant to this Indenture and
                unsecured trade payables in the ordinary course of its business;

                        (viii) operate such that it would be consolidated with
                its Sponsor or any other affiliate and its separate existence
                disregarded in any federal or state proceeding;

                        (ix) act as agent of the Seller or, except as provided
                in its Student Loan Purchase Agreement, allow the Seller to act
                as its agent;

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<PAGE>

                        (x) allow the Seller or the Sponsor or any other
                affiliate to pay its expenses, guarantee its obligations or
                advance funds to it for payment of expenses; or

                        (xi) consent to the appointment of a conservator or
                receiver or liquidator in any insolvency, readjustment of debt,
                marshalling of assets and liabilities or similar proceedings of
                or relating to the Issuer or of or relating to all or
                substantially all of its property, or a decree or order of a
                court or agency or supervisory authority having jurisdiction in
                the premises for the appointment of a conservator or receiver or
                liquidator in any insolvency, readjustment of debt, marshalling
                of assets and liabilities or similar proceedings, or for the
                winding-up or liquidation of its affairs, shall have been
                entered against the Issuer; or the Issuer shall not consent to
                the appointment of a receiver, conservator or liquidator in any
                insolvency, readjustment of debt, marshalling of assets and
                liabilities, voluntary liquidation or similar proceedings of or
                relating to the Issuer or of or relating to all or substantially
                all of its property; or admit in writing its inability to pay
                its debts generally as they become due, file a petition to take
                advantage of any applicable insolvency, bankruptcy or
                reorganization statute, make an assignment for the benefit of
                its creditors or voluntarily suspend payment of its obligations.

                (c) The Issuer makes the following representations and
        warranties as to the Trust Estate which is granted to the Trustee
        hereunder on such date, on which the Trustee relies in accepting the
        Trust Estate. Such representations and warranties shall survive the
        grant of the Trust Estate to the Trustee pursuant to this Indenture:

                        (i) FINANCED ELIGIBLE LOANS. Each Financed Eligible Loan
                acquired by the Issuer shall constitute an Eligible Loan and
                contain the characteristics found in a Student Loan Purchase
                Agreement. Notwithstanding the definition of "Eligible Loans"
                herein, the Issuer covenants that no more than 20% of each
                purchase of Eligible Loans will be made up of Eligible Loans
                delinquent by more than 30 days.

                        (ii) GRANT. It is the intention of the Issuer that the
                transfer herein contemplated constitutes a grant of the Financed
                Eligible Loans to the Trustee.

                        (iii) ALL FILINGS MADE. All filings (including, without
                limitation, UCC filings) necessary in any jurisdiction to give
                the Trustee a first priority perfected ownership and security
                interest in the Trust Estate, including the Financed Eligible
                Loans, have been made no later than the Date of Issuance and
                copies of the file-stamped financing statements shall be
                delivered to the Trustee within five Business Days of receipt by
                the Issuer or its agent from the appropriate secretary of state.
                The Issuer has not caused, suffered or permitted any lien,
                pledges, offsets, defenses, claims, counterclaims, charges or
                security interest with respect to the Financed Eligible Loans
                (other than the security interest created in favor of the
                Trustee) to be created.

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<PAGE>

                        (iv) TRANSFER NOT SUBJECT TO BULK TRANSFER ACT. Each
                grant of the Financed Eligible Loans by the Issuer pursuant to
                this Indenture is not subject to the bulk transfer act or any
                similar statutory provisions in effect in any applicable
                jurisdiction.

                        (v) NO TRANSFER TAXES DUE. Each grant of the Financed
                Eligible Loans (including all payments due or to become due
                thereunder) by the Issuer pursuant to this Indenture is not
                subject to and will not result in any tax, fee or governmental
                charge payable by the Issuer or the Seller to any federal, state
                or local government.

        SECTION 4.13. ADDITIONAL COVENANTS. So long as any of the Notes are
Outstanding:

                (a) The Issuer shall not engage in any business or activity
        other than in connection with the activities contemplated hereby and in
        the Student Loan Purchase Agreements, and in connection with the
        issuance of Notes.

                (b) The Issuer shall not consolidate or merge with or into any
        other entity or convey or transfer its properties and assets
        substantially as an entirety to any entity except as otherwise provided
        herein.

                (c) The funds and other assets of the Issuer shall not be
        commingled with those of any other individual, corporation, estate,
        partnership, joint venture, association, joint stock company, trust,
        unincorporated organization or government, or any agency or political
        subdivision thereof.

                (d) The Issuer shall not be, become or hold itself out as being
        liable for the debts of any other party.

                (e) The Issuer shall not form, or cause to be formed, any
        subsidiaries.

                (f) The Issuer shall act solely in its own name and through its
        duly authorized officers or agents in the conduct of its business, and
        shall conduct its business so as not to mislead others as to the
        identity of the entity with which they are concerned.

                (g) The Issuer shall maintain its records and books of account
        and shall not commingle its records and books of account with the
        records and books of account of any other Person. The books of the
        Issuer may be kept (subject to any provision contained in the statutes)
        inside or outside the State at such place or places as may be designated
        from time to time by the provisions of the Trust Agreement.

                (h) All actions of the Issuer shall be taken by an Authorized
        Representative.

                (i) The Issuer shall not amend, alter, change or repeal any
        provision contained in this Section without (i) the prior written
        consent of the Trustee and (ii) a Rating Confirmation from each Rating
        Agency rating any Notes Outstanding (a copy of which shall be provided
        to the Trustee) that such amendment, alteration, change or repeal will
        have no adverse effect on the rating assigned to the Notes.

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<PAGE>

                (j) The Issuer shall not amend its Certificate of Trust or its
        Trust Agreement without first obtaining the prior written consent of
        each Rating Agency.

                (k) All audited financial statements of the Issuer that are
        consolidated with those of any affiliate thereof will contain detailed
        notes clearly stating that (i) all of the Issuer's assets are owned by
        the Issuer, and (ii) the Issuer is a separate entity with creditors who
        have received ownership and/or security interests in the Issuer's
        assets.

                (l) The Issuer will strictly observe legal formalities in its
        dealings with the Seller, the Sponsor or any affiliate thereof, and
        funds or other assets of the Issuer will not be commingled with those of
        the Seller, the Sponsor or any other affiliate thereof. The Issuer shall
        not maintain joint bank accounts or other depository accounts to which
        the Seller, the Sponsor or any other affiliate has independent access.
        None of the Issuer's funds will at any time be pooled with any funds of
        the Seller, the Sponsor or any other affiliate.

                (m) The Issuer will maintain an arm's length relationship with
        the Seller (and any affiliate). Any Person that renders or otherwise
        furnishes services to the Issuer will be compensated by the Issuer at
        market rates for such services it renders or otherwise furnishes to the
        Issuer except as otherwise provided in this Indenture. Except as
        contemplated in this Indenture, the Student Loan Purchase Agreements,
        the Master Servicing Agreement or a Subservicing Agreement, the Issuer
        will not hold itself out to be responsible for the debts of the Seller,
        the Sponsor or the decisions or actions respecting the daily business
        and affairs of the Seller or the Sponsor.

        SECTION 4.14. PROVIDING OF NOTICE. The Issuer, upon learning of any
failure on its part to observe or perform in any material respect any covenant,
representation or warranty of the Issuer set forth in this Indenture or the
Student Loan Purchase Agreements, or of any failure on the part of the Seller to
observe or perform in any material respect any covenant, representation or
warranty of the Seller set forth in the Student Loan Purchase Agreements, shall
promptly notify the Trustee, the Master Servicer, the appropriate Subservicer
and each Rating Agency of such failure.

        SECTION 4.15. CERTAIN REPORTS.

                (a) The Issuer will:

                        (i) file with the Trustee, within 15 days after the
                Issuer is required to file the same with the Commission, copies
                of the annual reports and of the information, documents and
                other reports (or copies of such portions of any of the
                foregoing as the Commission may from time to time by rules and
                regulations prescribe) which the Issuer may be required to file
                with the Commission pursuant to Section 13 or Section 15(d) of
                the Exchange Act;

                        (ii) file with the Trustee and the Commission, in
                accordance with rules and regulations prescribed from time to
                time by the Commission, such additional information, documents
                and reports with respect to compliance by the Issuer with the
                conditions and covenants of this Indenture as may be required
                from time to time by such rules and regulations; and

                                       45
<PAGE>

                        (iii) cause the Trustee to transmit by mail to the
                Registered Owners of Notes, within 30 days after the filing
                thereof with the Trustee, in the manner and to the extent
                provided in Section 313(c) of the Trust Indenture Act, such
                summaries of any information, documents and reports required to
                be filed by the Issuer pursuant to subsections (i) and (ii) of
                this subsection (a) as may be required by rules and regulations
                prescribed from time to time by the Commission.

                (b) The Trustee shall mail to each Registered Owner, within 60
        days after each December 31 beginning with the December 31 following the
        date of this Indenture, a brief report as of such December 31 that
        complies with Section 313(a) of the Trust Indenture Act if required by
        said section. The Trustee shall also comply with Section 313(b) of the
        Trust Indenture Act. A copy of each such report required pursuant to
        Section 313(a) or (b) of the Trust Indenture Act shall, at the time of
        such transaction to Registered Owners, be filed by the Trustee with the
        Commission and with each securities exchange, if any, upon which the
        Notes are listed, provided that the Issuer has previously notified the
        Trustee of such listing.

                (c) Not later than the fourth Business Day preceding each
        Distribution Date, the Administrator will prepare and provide a
        certificate in the form of Exhibit D hereto (the "Administrator's
        Distribution Date Certificate"), or containing such information as the
        Commission may from time to time by rules or regulations prescribe, to
        the Trustee. The Trustee shall provide a copy of any Administrator's
        Distribution Date Certificate to any Noteholder who requests such in
        writing.

(d)     The Trustee may conclusively rely and accept such reports from the
        Issuer as fulfilling the requirements of this Section, with no further
        duty to know, determine or examine such reports or comply with the
        prescribed timing, rules and regulations of the Commission.

        SECTION 4.16. STATEMENT AS TO COMPLIANCE. The Issuer will deliver to the
Trustee, within 120 days after the end of each fiscal year, a brief certificate
from an Authorized Representative including (a) a current list of the Authorized
Representatives, and (b) a statement indicating whether or not to the knowledge
of the signers thereof the Issuer is in compliance with all conditions and
covenants under this Indenture and, in the event of any noncompliance,
specifying such noncompliance and the nature and status thereof. For purposes of
this Section, such compliance shall be determined without regard to any period
of grace or requirement of notice under this Indenture.

        SECTION 4.17. REPRESENTATIONS OF THE ISSUER REGARDING THE TRUSTEE'S
SECURITY INTEREST. The Issuer hereby represents and warrants for the benefit of
the Trustee and the Registered Owners as follows:

                                       46
<PAGE>

                (a) This Indenture creates a valid and continuing security
        interest (as defined in the applicable Uniform Commercial Code in effect
        in the States of Colorado, Delaware, Nebraska and Utah) in the Financed
        Eligible Loans in favor of the Trustee, which security interest is prior
        to all other liens, charges, security interests, mortgages or other
        encumbrances, and is enforceable as such as against creditors of and
        purchasers from Issuer.

                (b) The Higher Education Act deems the Financed Eligible Loans
        to constitute accounts within the meaning of the applicable UCC as in
        effect in the State of Delaware for the purposes of perfecting a
        security interest in the Financed Eligible Loans.

                (c) The Issuer (or the Eligible Lender Trustee on behalf of the
        Issuer) owns and has good and marketable title to the Financed Eligible
        Loans free and clear of any lien, charge, security interest, mortgage or
        other encumbrance, claim or encumbrance of any Person, other that those
        granted pursuant to this Indenture.

                (d) For sale of loan participations, swaps and other "payment
        intangibles" (within the meaning of the applicable UCC), the Issuer has
        received all consents and approvals required by the terms of the
        Financed Eligible Loans to the sale of the Financed Eligible Loans
        hereunder to the Trustee.

                (e) The Issuer has caused or will have caused, within ten days,
        the filing of all appropriate financing statements in the proper filing
        office in the appropriate jurisdictions under applicable law in order to
        perfect the security interest in the Financed Eligible Loans granted to
        the Trustee hereunder.

                (f) The Issuer has received a written acknowledgment from the
        Master Servicer and each Subservicer (as custodian for the Trustee) that
        the Master Servicer or such Subservicer is holding executed copies of
        the promissory notes and master promissory notes that constitute or
        evidence the Financed Eligible Loans for which it is acting as Master
        Servicer or Subservicer, and that the Master Servicer or such
        Subservicer is holding such solely on behalf and for the benefit of the
        Trustee.

                (g) Other than the security interest granted to the Trustee
        pursuant to this Indenture, the Issuer has not pledged, assigned, sold,
        granted a security interest in, or otherwise conveyed any of the
        Financed Eligible Loans. The Issuer has not authorized the filing of and
        is not aware of any financing statements against the Issuer that include
        a description of collateral covering the Financed Eligible Loans other
        than any financing statement relating to the security interest granted
        to the Trustee hereunder or that has been terminated. The Issuer is not
        aware of any judgment or tax lien filings against the Issuer.

        SECTION 4.18. FURTHER COVENANTS OF THE ISSUER REGARDING THE TRUSTEE'S
SECURITY INTEREST. The Issuer hereby covenants for the benefit of the Trustee
and the Registered Owners as follows:

                (a) The representations and warranties set forth in Section 4.17
        hereof shall survive the termination of this Indenture.

                                       47
<PAGE>

                (b) The Trustee shall not waive any of the representations and
        warranties set forth in Section 4.17 hereof.

                (c) The Issuer shall take all steps necessary, and shall cause
        the Master Servicer and Subservicers, if any, to take all steps
        necessary and appropriate, to maintain the perfection and priority of
        the Trustee's security interest in the Financed Eligible Loans.

        SECTION 4.19. BORROWER INCENTIVE PROGRAMS. The Issuer presently offers
borrower incentive programs on the Financed Eligible Loans. If any such
incentive programs, or any other borrower incentive programs offered by the
Issuer in the future which are not required by the Higher Education Act, are in
effect for any Financed Eligible Loans on any Quarterly Distribution Date to and
including the December 2006 Quarterly Distribution Date on which the Parity
Ratio falls below 99.70% or there are insufficient funds in the Collection Fund
to pay the interest due and owing on the Notes, the Issuer shall either (i)
contribute funds to the Collection Fund in an amount equal to the principal or
interest that otherwise would have been paid on such Financed Eligible Loans in
the absence of the borrower incentive programs since the preceding Quarterly
Distribution Date or (ii) notify the Master Servicer to instruct the
Subservicers to notify the borrowers that the borrower incentive programs for
those Financed Eligible Loans have been terminated. If any such incentive
programs, or any other borrower incentive programs offered by the Issuer in the
future which are not required by the Higher Education Act, are in effect for any
Financed Eligible Loans on any Quarterly Distribution Date after the December
2006 Quarterly Distribution Date on which the Parity Ratio falls below 100%, the
Issuer shall either (i) contribute funds to the Collection Fund in an amount
equal to the principal or interest that otherwise would have been paid on such
Financed Eligible Loans in the absence of the borrower incentive programs since
the preceding Quarterly Distribution Date or (ii) notify the Master Servicer to
instruct the Subservicers to notify the borrowers that the borrower incentive
programs for those Financed Eligible Loans have been terminated. If the Master
Servicer or a Subservicer is notified to provide notice of the termination of
the borrower incentive programs for the Financed Eligible Loans being serviced
by such Master Servicer or the Subservicer, such Master Servicer or Subservicer
may choose to contribute funds to the Collection Fund in an amount equal to the
principal or interest that otherwise would have been paid on such Financed
Eligible Loans in the absence of the borrower incentive programs on the Financed
Eligible Loans being serviced by such Master Servicer or Subservicer in lieu of
providing notice of the termination of the borrower incentive programs for those
Financed Eligible Loans. The Issuer shall notify the Rating Agencies if the
Issuer, the Master Servicer or a Subservicer contributes any additional amounts
pursuant to this Section or if any of the borrower incentive programs are
terminated.

                                   ARTICLE V

                                      FUNDS

        SECTION 5.01. CREATION AND CONTINUATION OF FUNDS AND ACCOUNTS. There are
hereby created and established the following Funds to be held and maintained by
the Trustee for the benefit of the Registered Owners:

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<PAGE>

                (a) Acquisition Fund;

                (b) Capitalized Interest Fund;

                (c) Collection Fund; and

                (d) Reserve Fund.

        The Trustee is hereby authorized for the purpose of facilitating the
administration of the Trust Estate and for the administration of any Notes
issued hereunder to create further Accounts or Subaccounts in any of the various
Funds and Accounts established hereunder which are deemed necessary or
desirable.

        SECTION 5.02. ACQUISITION FUND. There shall be deposited into the
Acquisition Fund moneys from proceeds of the Notes in an amount equal to
$1,901,815,771 Financed Eligible Loans shall be held by the Trustee or its agent
or bailee (including the Master Servicer or a Subservicer) and shall be pledged
to the Trust Estate and held as a part of the Acquisition Fund.

        Moneys on deposit in the Acquisition Fund shall be used (a) upon Issuer
Order, to pay costs of issuance of the Notes, including the costs related to the
purchase of one or more Derivative Products, if any, and (b) upon receipt by the
Trustee of an Eligible Loan Acquisition Certificate, to acquire Eligible Loans
(including any "add-on consolidation loans") at a price not in excess of 100% of
the outstanding principal balance of such Eligible Loans, plus accrued interest.
Any such Issuer Order or Eligible Loan Acquisition Certificate shall state that
such proposed use of moneys in the Acquisition Fund is in compliance with the
provisions of this Indenture. In addition, on each Monthly Servicing Payment
Date or Distribution Date, to the extent there are insufficient Available Funds
in the Collection Fund to make one or more of the transfers required by Section
5.04(b) (other than transfers to fund "add-on consolidation loans" or repurchase
student loans from the Master Servicer, and Subservicer or any Guaranty Agency
as described in clause (a)(i) and (iii) of the definition of Available Funds)
and 5.04(c)(i) through (iv) and (viii) hereof, then the Administrator shall
instruct the Trustee in writing to withdraw from the Acquisition Fund on such
Monthly Servicing Payment Date or Distribution Date, as the case may be, an
amount of money (but not Eligible Loans) equal to such deficiency and to deposit
such amount in the Collection Fund to the extent moneys are not available to
make such transfers from the Capitalized Interest Fund pursuant to Section 5.03
hereof. Notwithstanding the foregoing, if any funds or moneys remain in the
Acquisition Fund on June 22, 2006, then the Trustee shall, without direction
from or notice to the Issuer, transfer all such remaining moneys or funds to the
Collection Fund on June 22, 2006.

        While the Issuer will be the beneficial owner of the Financed Eligible
Loans, it is understood and agreed that the Eligible Lender Trustee will be the
legal owner thereof and the Trustee will have a security interest in the
Financed Eligible Loans for and on behalf of the Registered Owners. In the case
of a single Financed Eligible Loan evidenced by a separate note, each such note
will be held in the name of the Trustee for the account of the Issuer, for the
benefit of the Registered Owners. In the case of a Financed Eligible Loan
evidenced by a Master Promissory Note, the Issuer shall cause the holder of the
original Master Promissory Note to indicate by book entry on its books and
records that the Issuer is the beneficial owner of the Loan and that the
Eligible Lender Trustee is the legal owner thereof and the Trustee has a
security interest in the Financed Eligible Loan for the benefit of the
Registered Owners.

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        Except (i) as provided in Sections 5.07, 10.03 and 10.04 hereof, (ii)
for consolidation or serialization purposes, (iii) for transfers to a Guaranty
Agency, (iv) for transfers to the Master Servicer or a Subservicer pursuant to
its repurchase obligation under the applicable Master Servicing Agreement or
Subservicing Agreement, (v) for transfers to a Seller pursuant to its repurchase
obligation under its Student Loan Purchase Agreement or (vi) when the Issuer
does not have sufficient moneys in the Collection Fund to fund any required
"add-on consolidation loan" (in which case the Issuer may sell the Financed
Eligible Loan to which such required "add-on consolidation loan" relates),
Financed Eligible Loans shall not be sold, transferred or otherwise disposed of
by the Issuer through the Trustee free from the lien of this Indenture while any
of the Class A Notes are Outstanding. In addition, if necessary for
administrative purposes or if requested by the borrower corresponding to such
Financed Eligible Loan, the Issuer may substitute another Eligible Loan for an
existing Financed Eligible Loans if the substituted Eligible Loan has
characteristics (including principal amount, maturity date and interest rate)
which are substantially similar to the characteristics of the substituted
Financed Eligible Loan, and the collective amount of all such substitutions does
not exceed $10,000,000. The Issuer hereby certifies, upon which the Trustee may
conclusively rely, that any Financed Eligible Loan sold pursuant to this
Indenture shall not be sold for a price less than the Purchase Amount of such
Financed Eligible Loan. The Issuer hereby certifies, upon which the Trustee may
conclusively rely, that any Financed Eligible Loan substituted pursuant to this
Indenture shall have characteristics (including principal amount, maturity date
and interest rate) which are substantially similar to the characteristics of the
substituted Financed Eligible Loan, and the collective amount of all such
substitutions does not exceed $10,000,000. The Issuer shall provide notice to
Moody's, if the principal amount of Financed Eligible Loans sold pursuant to
this Indenture exceeds 10% of the Initial Pool Balance.

        SECTION 5.03. CAPITALIZED INTEREST FUND. There shall be deposited into
the Capitalized Interest Fund moneys from proceeds of the Notes in an amount
equal to $19,100,000.

        On each Monthly Servicing Payment Date or Distribution Date, to the
extent there are insufficient Available Funds in the Collection Fund to make one
or more of the transfers required by Sections 5.04(b) (other than transfers to
fund "add-on consolidation loans" or repurchase student loans from the Master
Servicer, any Subservicer or any Guaranty Agency as described in clause (a)(i)
and (iii) of the definition of Available Funds) and 5.04(c)(i) through (iv) and
(viii) hereof, then the Administrator shall instruct the Trustee in writing to
withdraw from the Capitalized Interest Fund on such Monthly Servicing Payment
Date or Distribution Date, as the case may be, an amount equal to such
deficiency and to deposit such amount in the Collection Fund. On the Quarterly
Distribution Date in September of 2007, the Trustee shall transfer any remaining
amounts on deposit in the Capitalized Interest Fund to the Collection Fund.

        SECTION 5.04. COLLECTION FUND.

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                (a) DEPOSITS TO COLLECTION FUND. There shall be deposited to the
        Collection Fund (i) moneys from proceeds of the Notes in an amount equal
        to $-0-, (ii) all Available Funds, and all other moneys and investments
        derived from assets on deposit in and transfers from the Capitalized
        Interest Fund (as described in Section 5.03 hereof), the Acquisition
        Fund (as described in Section 5.02 hereof) and the Reserve Fund (as
        described in Section 5.05 hereof), (iii) all Counterparty Payments, (iv)
        amounts deposited pursuant to Sections 10.03 and 10.04 hereof and (v)
        any other amounts deposited thereto upon receipt of an Issuer Order.
        Moneys on deposit in the Collection Fund shall be used to make the
        payments described below. The Trustee may conclusively rely on all
        written instructions of the Administrator described in this Indenture
        with no further duty to examine or determine the information contained
        in any Administrator's Certificate or Issuer Order.

                (b) PAYMENTS ON MONTHLY SERVICING PAYMENT DATES. The
        Administrator shall instruct the Trustee in writing no later than the
        fourth Business Day preceding each Monthly Servicing Payment Date that
        is not a Distribution Date (based on the information contained in a
        certificate of the Administrator (in the form set forth as Exhibit C
        hereto) and the related Servicer's Report, if applicable) to distribute
        to the Master Servicer, on such Monthly Servicing Payment Date, from and
        to the extent of the Available Funds on deposit in the Collection Fund
        (including any amounts transferred from the Capitalized Interest Fund
        pursuant to Section 5.03 hereof, the Acquisition Fund pursuant to
        Section 5.02 hereof and the Reserve Fund pursuant to Section 5.05(b) and
        (c) hereof), the Servicing Fees due with respect to the preceding
        calendar month, and the Trustee shall comply with such instructions.
        Upon written direction from the Administrator to the Trustee, moneys in
        the Collection Fund shall be used on any date to pay, when due, fees and
        expenses insofar as the same relate to Financed Eligible Loans and other
        fees and expenses with respect to the Trust Estate the payment of which
        is not otherwise provided for in subsection (c) of this Section, but
        including amounts described in clause (a)(i), (ii) and (iii) of the
        definition of Available Funds.

                (c) PAYMENTS ON QUARTERLY DISTRIBUTION DATES AND AUCTION RATE
        DISTRIBUTION DATES. The Administrator shall instruct the Trustee in
        writing no later than the fourth Business Day preceding each Quarterly
        Distribution Date and Auction Rate Distribution Date (based on the
        information contained in a certificate of the Administrator (in the form
        set forth as Exhibit D hereto) and the related Servicer's Report, if
        applicable) to make the following deposits and distributions from the
        Available Funds in the Collection Fund received during the immediately
        preceding Collection Period (including any amounts transferred from the
        Capitalized Interest Fund pursuant to Section 5.03 hereof, the
        Acquisition Fund pursuant to Section 5.02 hereof and the Reserve Fund
        pursuant to Section 5.05(b) and (c) hereof) to the Persons or to the
        account specified below on such Quarterly Distribution Date or Auction
        Rate Distribution Date, in the following order of priority, and the
        Trustee shall comply with such instructions, provided, however, that if
        the Available Funds received during the immediately preceding Collection
        Period are not sufficient to make the payments or deposits required
        pursuant to clauses (i) through (v) of this subsection (c), then, after
        any required transfers from the Acquisition Fund, the Capitalized
        Interest Fund and the Reserve Fund, any other Available Funds on deposit
        in the Collection Fund, which the Administrator would have deemed
        Available Funds for the current Collection Period, may be used to make
        the payments or deposits required pursuant to clauses (i) through (v) of
        this subsection (c):

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                        (i) to pay to the Master Servicer, the Trustee, the
                Delaware Trustee, the Broker-Dealers and the Auction Agent, pro
                rata, based on amounts owed to each such party, without
                preference or priority of any kind, the Servicing Fee (to the
                extent remaining unpaid following the Monthly Servicing Payment
                Date), the Trustee Fee, the Delaware Trustee Fee, the
                Broker-Dealer fees and the Auction Agent fees, respectively, due
                on such Distribution Date, in each case, together with such fees
                remaining unpaid from prior Distribution Dates (and, in the case
                of the Servicing Fees, prior Monthly Servicing Payment Dates);

                        (ii) to pay to the Administrator, the Administration Fee
                due on such Quarterly Distribution Date and all unpaid
                Administration Fees from prior Quarterly Distribution Dates;

                        (iii) to pay (A) to the Class A Noteholders of each
                class for which such date is a Distribution Date, the portion of
                the Class A Noteholders' Interest Distribution Amount payable to
                such class on such Distribution Date and (B) to the
                Counterparty, any Issuer Derivative Payments owed to such
                Counterparty on such Distribution Date (excluding Termination
                Payments other than Priority Termination Payments), pro rata,
                based on amounts owed to each such party, without preference or
                priority of any kind;

                        (iv) to pay to the Class B Noteholders, the Class B
                Noteholders' Interest Distribution Amount;

                        (v) to the Sponsor, an amount equal to the unpaid
                interest accrued on the Financed Eligible Loans subsequent to
                the Cutoff Date but prior to the Date of Issuance, until such
                amount has been paid in full;

                        (vi) to the Class A Noteholders, the Class A Principal
                Distribution Amount in the following order:

                                (A) to pay to the Class A-1 Noteholders until
                        the Class A-1 Notes have been paid in full;

                                (B) to pay to the Class A-2 Noteholders until
                        the Class A-2 Notes have been paid in full;

                                (C) to pay to the Class A-3 Noteholders until
                        the Class A-3 Notes have been paid in full; and

                                (D) to pay to the Class A-4 Noteholders until
                        the Class A-4 Notes have been paid in full;

                        (vii) on and after the Stepdown Date, and provided that
                no Trigger Event is in effect on such Quarterly Distribution
                Date, to the Class B Noteholders, the Class B Principal
                Distribution Amount;

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                        (viii) to deposit to the Reserve Fund, the amount, if
                any, necessary to reinstate the balance of the Reserve Fund up
                to the Specified Reserve Fund Balance;

                        (ix) to pay to the Master Servicer, the aggregate unpaid
                amount of any Carryover Servicing Fee, if any;

                        (x) to pay the Class A-4AR Noteholders, pro rata based
                upon the amount owed, without preference or priority of any
                kind, any accrued and unpaid Auction Rate Carry-Over Amounts for
                such classes then due and payable;

                        (xi) to pay to the Counterparties, pro rata, without
                preference or priority of any kind, any accrued and unpaid
                Termination Payments due to each such Counterparty under the
                applicable Derivative Product;

                        (xii) in the event the Financed Eligible Loans are not
                sold pursuant to Sections 10.03 or 10.04 hereof, to pay as an
                accelerated payment of principal balance of the Notes then
                Outstanding, to the Noteholders in the same order and priority
                as is set forth in Sections 5.04(c)(vi)(A) through (D) and
                5.04(c)(vii) hereof until the principal amount of the Notes is
                paid in full; and

                        (xiii) on a Quarterly Distribution Date, subject to the
                remaining provisions of this Section, to pay to the Sponsor any
                remaining funds, less the portion, if any, of the Principal
                Distribution Amount allocated but not paid to a class of Auction
                Rate Notes on that Quarterly Distribution Date.

               Notwithstanding the above, on each Quarterly Distribution Date,
        all deposits and distributions made following clause (iv) above shall be
        made only with money then available in the Collection Fund that exceeds
        the Auction Rate Notes Accrued Interest Amount for such Quarterly
        Distribution Date.

               Amounts properly distributed to the Sponsor pursuant to clause
        (xii) shall be deemed released from the Trust Estate and the security
        interest therein granted to the Trustee, and the Sponsor shall in no
        event thereafter be required to refund any such distributed amounts.

               The Administrator shall, or shall direct the Trustee to, notify
        the Rating Agencies, by forwarding a copy of Exhibit D hereto, if the
        Available Funds received during the immediately preceding Collection
        Period are not sufficient to make the payments or deposits required
        pursuant to clauses (i) through (v) of this subsection (c), after any
        required transfers from the Acquisition Fund, the Capitalized Interest
        Fund and the Reserve Fund, and such payments or deposits were made with
        other Available Funds on deposit in the Collection Fund.

               The Issuer hereby certifies that the amounts paid to the Trustee,
        the Auction Agent, the Broker-Dealers and the Delaware Trustee (but not
        the Master Servicer) pursuant to clause (i) above and the Administration
        Fee pursuant to clause (ii) above, shall not in any one Fiscal Year
        exceed the amount designated therefor in the cash flows provided to each
        Rating Agency on each Date of Issuance, unless the Issuer, after
        furnishing each Rating Agency with revised cash flows, shall have
        received a Rating Confirmation.

                                       53
<PAGE>

                (d) DETERMINATION, ALLOCATION AND PAYMENT OF PRINCIPAL
        DISTRIBUTION AMOUNT. The Class A Principal Distribution Amount and the
        Class B Principal Distribution Amount will be allocated for the Notes
        only on Quarterly Distribution Dates. If a class of LIBOR Rate Notes is
        allocated some or all of the Class A Principal Distribution Amount on a
        Quarterly Distribution Date, that class will be paid such amount on such
        Quarterly Distribution Date. For the Class A-4 Notes, principal will be
        further allocated pro rata between the Class A-4L Notes, the Class
        A-4AR-1 Notes and the Class A-4AR-2 Notes on the basis of their original
        principal amount. If the Class A-4AR-1 Notes or the Class A-4AR-2 Notes
        are allocated Class A Principal Distribution Amount on a Quarterly
        Distribution Date, the Class A Principal Distribution Amount allocated
        to such class will be used to redeem such class on the first Auction
        Rate Distribution Date for such class on or after the Quarterly
        Distribution Date for which notice of redemption can be given pursuant
        to subsection (g) of this Section.

                (e) ALLOCATIONS OF FUNDS AMONG REGISTERED OWNERS OF AUCTION RATE
        NOTES. If less than all of the Auction Rate Notes of a given class are
        to be paid or allocated principal in an amount sufficient to cover the
        full amount payable to such class, the particular Auction Rate Notes of
        such class to be paid shall be selected by the Trustee by random lots of
        $50,000. If there are any amounts available to pay principal to a class
        of the Auction Rate Notes that are not in $50,000 increments, the
        Trustee shall retain such amounts in the Collection Fund to pay
        principal to the applicable class of Auction Rate Notes.

                (f) REDEMPTION OF AUCTION RATE NOTES GENERALLY; REDEMPTION DATE
        AND REDEMPTION PRICE. The Auction Rate Notes of any class shall be
        subject to redemption pursuant to subsections 5.04(d) and (h) of this
        Section and as otherwise provided in subsection (g) of this Section. The
        redemption price (the "Redemption Price") for any Auction Rate Notes
        shall be 100% of the outstanding principal balance of such Auction Rate
        Notes plus interest accrued thereon through the redemption date (the
        "Redemption Date").

                (g) NOTICE OF REDEMPTION AND PURCHASE. Notice of redemption with
        respect to any class of Auction Rate Notes shall be given by the Trustee
        by first-class mail, postage prepaid, mailed no later than 10 days prior
        to the Redemption Date to the Registered Owners of Auction Rate Notes to
        be redeemed at the address of such Registered Owner appearing in the
        note register; but neither failure to give such notice nor any defect in
        any notice so given shall affect the validity of the proceedings for
        redemption of any Auction Rate Note not affected by such failure or
        defect. So long as any such Auction Rate Notes are maintained in
        book-entry form, the Trustee shall treat the Clearing Agency as the sole
        Registered Owner of such Auction Rate Notes. All notices of redemption
        shall state (i) the Redemption Date, (ii) the Redemption Price, (iii)
        the name (including class designation), Final Maturity Date and CUSIP
        number of each of the Auction Rate Notes to be redeemed, (iv) the

                                       54
<PAGE>

        principal amount of Auction Rate Notes of each class to be redeemed,
        and, if less than all outstanding Auction Rate Notes of a class are to
        be redeemed, the identification (and, in the case of partial redemption,
        the respective principal amounts) of the Auction Rate Notes of each
        class to be redeemed, (v) that, on the Redemption Date, the Redemption
        Price on each such Auction Rate Note will become due and payable and
        that interest on each such Auction Rate Note shall cease to accrue on
        and after such date, (vi) the place or places where such Auction Rate
        Notes are to be surrendered for payment of the Redemption Price thereof,
        and (vii) if it be the case, that such Auction Rate Notes are to be
        redeemed by the application of certain specified trust moneys and for
        certain specified reasons.

               Within 60 days after any Redemption Date, a second notice of
        redemption shall be given by the Trustee, in the manner described above,
        to the Registered Owner of an Auction Rate Note that was not presented
        for redemption within 30 days after the Redemption Date. Following
        provision of notice, the Redemption Price will become due and payable on
        the Redemption Date, and interest shall cease to accrue on the Auction
        Rate Notes to be redeemed. Upon surrender of any such Auction Rate Note
        for redemption in accordance with such notice, such Auction Rate Note
        shall be paid at the Redemption Price. If any Auction Rate Note called
        for redemption shall not be so paid upon surrender thereof for
        redemption, the Redemption Price and, to the extent lawful, interest
        thereon shall, until paid, bear interest from the Redemption Date at the
        interest rate borne by the Auction Rate Note on the Redemption Date.

               Any Auction Rate Note which is to be redeemed only in part shall
        be surrendered to the Trustee (with, if the Trustee so requires, due
        endorsement by, or a written instrument of transfer in form satisfactory
        to the Trustee duly executed by, the Registered Owner thereof or his,
        her or its attorney duly authorized in writing) and an Authorized
        Representative shall execute and the Trustee shall authenticate and
        deliver to the Registered Owner of such Auction Rate Note, without
        service charge (such charge to be paid by the Issuer), a new Auction
        Rate Note or Notes of the same class, of any authorized denomination or
        denominations, in aggregate outstanding principal balance equal to the
        unredeemed portion of the principal of the Auction Rate Note so
        surrendered. Any Auction Rate Note with respect to which a partial
        distribution of principal is made shall remain Outstanding in the then
        current outstanding principal balance. The Trustee shall retain a record
        of the outstanding principal balance of each Auction Rate Note any
        portion of the principal of which has been distributed.

                (h) OPTIONAL REDEMPTION FROM SALE OF FINANCED ELIGIBLE LOANS.
        The Notes shall be subject to redemption from the proceeds of a sale of
        Financed Eligible Loans in accordance with Section 10.03 or 10.04 hereof
        on any Quarterly Distribution Date.

        SECTION 5.05. RESERVE FUND.

                (a) On the Date of Issuance, the Trustee shall deposit
        $4,824,000 into the Reserve Fund. Thereafter, the Trustee shall transfer
        to the Reserve Fund from the Collection Fund all amounts designated for
        transfer thereto pursuant to Section 5.04(c)(viii) hereof.

                                       55
<PAGE>

                (b) On each Monthly Servicing Payment Date or Distribution Date,
        to the extent there are insufficient Available Funds in the Collection
        Fund to make one or more of the transfers required by Sections 5.04(b)
        (other than transfers to fund "add-on consolidation loans" or repurchase
        student loans from the Master Servicer, any Subservicer or any Guaranty
        Agency as described in clause (a)(i) and (iii) of the definition of
        Available Funds) and 5.04(c)(i) through (c)(iv) hereof, then the
        Administrator shall instruct the Trustee in writing to withdraw from the
        Reserve Fund on such Monthly Servicing Payment Date or Distribution
        Date, as the case may be, an amount equal to such deficiency and to
        deposit such amount in the Collection Fund to the extent moneys are not
        available to make such transfers from the Capitalized Interest Fund
        pursuant to Section 5.03 hereof or the Acquisition Fund pursuant to
        Section 5.02 hereof. Additionally, if on the Note Final Maturity Date
        for a class of Notes, and after giving effect to the distribution of the
        Available Funds on such Note Final Maturity Date, the principal amount
        of such class of Notes will not be reduced to zero, the Administrator
        shall instruct the Trustee in writing to withdraw from the Reserve Fund
        on such Note Final Maturity Date an amount equal to the amount needed to
        reduce the principal amount of such class of Notes to zero and to
        deposit such amount in the Collection Fund for application to payment of
        the Outstanding Amount of such class of Notes.

                (c) After giving effect to subsection (b) of this Section, if
        the amount on deposit in the Reserve Fund on any Quarterly Distribution
        Date is greater than the Specified Reserve Fund Balance for such
        Quarterly Distribution Date, the Administrator shall instruct the
        Trustee in writing to withdraw from the Reserve Fund on such Quarterly
        Distribution Date an amount equal to such excess and to deposit such
        amount in the Collection Fund.

                (d) On the final Distribution Date upon termination of the trust
        and following the payment in full of the Outstanding Amount of the Notes
        and of all other amounts (other than unpaid Issuer Derivative Payments
        and Carryover Servicing Fees) owing or to be distributed hereunder to
        Noteholders, the Trustee, the Master Servicer, the Administrator, the
        Auction Agent, the Broker-Dealers, the Delaware Trustee or the
        Counterparties (excluding Termination Payments other than Priority
        Termination Payments), to the extent that Available Funds on such date
        are insufficient to make the following payments, amounts remaining in
        the Reserve Fund shall be used first to pay any unpaid Issuer Derivative
        Payments and second to pay any Carryover Servicing Fees. Any amount
        remaining on deposit in the Reserve Fund after such payments have been
        made shall be distributed to the Sponsor. The Sponsor shall in no event
        be required to refund any amounts properly distributed pursuant to this
        subsection (d).

                (e) Anything in this Section to the contrary notwithstanding, if
        the market value of securities and cash in the Reserve Fund is on any
        Distribution Date sufficient to pay the remaining principal amount of
        and interest accrued on the Notes, and to pay any unpaid Issuer
        Derivative Payments and Carryover Servicing Fee, such amount will be so
        applied on such Distribution Date and the Administrator shall instruct
        the Trustee in writing to make such payments.

                                       56
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        SECTION 5.06. INVESTMENT OF FUNDS HELD BY TRUSTEE. The Trustee is hereby
directed to enter into the Investment Agreement. In addition, the Trustee shall
invest money held for the credit of any Fund or Account or Subaccount held by
the Trustee hereunder as directed in writing (or orally, confirmed in writing)
by an Authorized Representative of the Issuer, to the fullest extent practicable
and reasonable, in Investment Securities which shall mature or be redeemed at
the option of the holder prior to the respective dates when the money held for
the credit of such Fund or Account will be required for the purposes intended.
In the absence of any such direction and to the extent practicable, the Trustee
shall invest amounts held hereunder in those Investment Securities described in
clause (k) of the definition of the Investment Securities. All such investments
shall be held by (or by any custodian on behalf of) the Trustee for the benefit
of the Issuer; provided that on the Business Day preceding each Distribution
Date and Monthly Servicing Payment Date all interest and other investment income
collected (net of losses and investment expenses) on funds on deposit therein
shall be deposited into the Collection Fund and shall be deemed to constitute a
portion of the Available Funds for such Distribution Date. The Trustee and the
Issuer hereby agree that unless an Event of Default shall have occurred
hereunder, the Issuer acting by and through an Authorized Representative shall
be entitled to, and shall, provide written direction or oral direction confirmed
in writing to the Trustee with respect to any discretionary acts required or
permitted of the Trustee under any Investment Securities and the Trustee shall
not take such discretionary acts without such written direction.

        The Investment Securities purchased shall be held by the Trustee and
shall be deemed at all times to be part of such Fund or Account or Subaccounts
or combination thereof, and the Trustee shall inform the Issuer of the details
of all such investments. Upon direction in writing (or orally, confirmed in
writing) from an Authorized Representative of the Issuer, the Trustee shall use
its best efforts to sell at the best price obtainable, or present for
redemption, any Investment Securities purchased by it as an investment whenever
it shall be necessary to provide money to meet any payment from the applicable
Fund. The Trustee shall advise the Issuer in writing, on or before the fifteenth
day of each calendar month (or such later date as reasonably consented to by the
Issuer), of all investments held for the credit of each Fund in its custody
under the provisions of this Indenture as of the end of the preceding month and
the value thereof, and shall list any investments which were sold or liquidated
for less than the par value thereof, plus accrued but unpaid interest at the
time thereof.

        Money in any Fund constituting a part of the Trust Estate may be pooled
for the purpose of making investments and may be used to pay accrued interest on
Investment Securities purchased. The Trustee and its affiliates may act as
principal or agent in the acquisition or disposition of any Investment
Securities.

        Notwithstanding the foregoing, the Trustee shall not be responsible or
liable for any losses on investments made by it hereunder or for keeping all
Funds held by it, fully invested at all times, its only responsibility being to
comply with the investment instructions of the Issuer or its designee in a
non-negligent manner.

        The Issuer acknowledges that to the extent the regulations of the
Comptroller of the Currency or other applicable regulatory agency grant the
Issuer the right to receive brokerage confirmations of security transactions,
the Issuer waives receipt of such confirmations.

                                       57
<PAGE>

        SECTION 5.07. RELEASE.

                (a) The Trustee shall, upon Issuer Order and subject to the
        provisions of this Indenture, take all actions reasonably necessary to
        effect the release of any Financed Eligible Loans from the lien of this
        Indenture to the extent the terms hereof permit the sale, disposition or
        transfer of such Financed Eligible Loans.

                (b) Subject to the payment of its fees and expenses pursuant to
        Sections 7.05 and 7.07 hereof, the Trustee may, and when required by the
        provisions of this Indenture shall, execute instruments to release
        property from the lien of this Indenture, or convey the Trustee's
        interest in the same, in a manner and under circumstances that are not
        inconsistent with the provisions of this Indenture. No party relying
        upon an instrument executed by the Trustee as provided in this Article
        shall be bound to ascertain the Trustee's authority, inquire into the
        satisfaction of any conditions precedent or see to the application of
        any moneys.

                (c) The Trustee shall, at such time as there are no Notes
        Outstanding and all sums due the Trustee pursuant to Sections 7.05 and
        7.07 hereof and all amounts payable to the Master Servicer, each
        Subservicer, the Administrator, the Auction Agent, the Broker-Dealers,
        the Delaware Trustee and the Counterparties have been paid, release any
        remaining portion of the Trust Estate that secured the Notes from the
        lien of this Indenture and release to the Issuer or any other Person
        entitled thereto any funds then on deposit in the Funds and Accounts.
        The Trustee shall release property from the lien of this Indenture
        pursuant to this subsection (c) only upon receipt of an Issuer Order, an
        Opinion of Counsel and (if required by the Trust Indenture Act)
        Independent Certificates in accordance with Sections 314(c) and
        314(d)(1) of the Trust Indenture Act.

                (d) Subject to the provisions of this Indenture, the Trustee
        shall release property from the lien of this Indenture only upon receipt
        of an Issuer Order, an Opinion of Counsel and Independent Certificates
        in accordance with Sections 314(c) and 314(d)(1) of the Trust Indenture
        Act or an Opinion of Counsel in lieu of such Independent Certificates to
        the effect that the Trust Indenture Act does not require any such
        Independent Certificates.

                (e) Each Registered Owner, by the acceptance of a Note,
        acknowledges that from time to time the Trustee shall release the lien
        of this Indenture on any Financed Eligible Loan to be sold to (i) the
        Seller in accordance with the Student Loan Purchase Agreement; (ii) the
        Master Servicer or a Subservicer in accordance with the Master Servicing
        Agreement or the applicable Subservicing Agreement; and (iii) another
        eligible lender holding one or more serial loans with respect to such
        Financed Eligible Loan, in accordance with the Master Servicing
        Agreement or the applicable Subservicing Agreement, and each Registered
        Owner, by the acceptance of a Note, consents to any such release.

                                       58
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                                   ARTICLE VI

                              DEFAULTS AND REMEDIES

        SECTION 6.01. EVENTS OF DEFAULT DEFINED. For the purpose of this
Indenture, the following events are hereby defined as, and are declared to be,
"Events of Default":

                (a) default in the due and punctual payment of any interest on
        any Note when the same becomes due and payable, and such default shall
        continue for a period of five (5) days; provided, however, that a
        default in the due and punctual payment of any interest on any Class B
        Note shall not be an Event of Default if any Class A Notes are
        Outstanding;

                (b) default in the due and punctual payment of the principal of
        any Note when the same becomes due and payable on the related Note Final
        Maturity Date; provided, however, that a default in the due and punctual
        payment of principal on any Class B Note shall not be an Event of
        Default if any Class A Notes are Outstanding;

                (c) default in the performance or observance of any other of the
        covenants, agreements or conditions on the part of the Issuer to be
        kept, observed and performed contained in this Indenture or in the
        Notes, and continuation of such default for a period of 90 days after
        written notice thereof by the Trustee to the Issuer; and

                (d) the occurrence of an Event of Bankruptcy.

        Any notice herein provided to be given to the Issuer with respect to any
default shall be deemed sufficiently given if sent by registered mail with
postage prepaid to the Person to be notified, addressed to such Person at the
post office address as shown in Section 9.01 hereof or such other address as may
hereafter be given as the principal office of the Issuer in writing to the
Trustee by an Authorized Representative of the Issuer. The Trustee may give any
such notice in its discretion and shall give such notice if requested to do so
in writing by the Registered Owners of at least 51% of the collective aggregate
principal amount of the Highest Priority Obligations at the time Outstanding.

        SECTION 6.02. REMEDY ON DEFAULT; POSSESSION OF TRUST ESTATE. Subject to
Sections 6.08, 7.05 and 7.07 hereof, upon the happening and continuance of any
Event of Default, the Trustee or by its attorneys or agents may enter into and
upon and take possession of such portion of the Trust Estate as shall be in the
custody of others, and all property comprising the Trust Estate, and each and
every part thereof, and exclude the Issuer and its agents, servants and
employees wholly therefrom, and have, hold, use, operate, manage, and control
the same and each and every part thereof, and in the name of the Issuer or
otherwise, as they shall deem best, conduct the business thereof and exercise
the privileges pertaining thereto and all the rights and powers of the Issuer
and use all of the then existing Trust Estate for that purpose, and collect and
receive all charges, income and Available Funds of the same and of every part
thereof, and after deducting therefrom all expenses incurred hereunder and all
other proper outlays herein authorized, and all payments which may be made as
just and reasonable compensation for its own services, and for the services of
its attorneys, agents, and assistants, the Trustee shall apply the rest and
residue of the money received by the Trustee as follows:

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               FIRST, to the Trustee and the Delaware Trustee, any Trustee Fee
        and any Delaware Trustee Fee, respectively due and owing;

               SECOND, to the Master Servicer, the Auction Agent and the
        Broker-Dealers, pro rata, without preference or priority of any kind,
        according to the amounts due and payable to each such party, any
        Servicing Fees, Auction Agent fees and Broker-Dealer fees, respectively,
        due to each such party and remaining unpaid;

               THIRD, pro rata, to (i) the Counterparties, pro rata, without
        preference or priority of any kind, in proportion to their respective
        entitlements under the applicable Derivative Products (excluding all
        Termination Payments other than Priority Termination Payments) and (ii)
        to the Class A Noteholders of each class for amounts due and unpaid on
        each such class of Class A Notes for interest, pro rata, without
        preference or priority of any kind, according to the amounts due and
        payable on each such class of Class A Notes for such interest;

               FOURTH, to Class A Noteholders for amounts due and unpaid on the
        Class A Notes for principal, ratably, without preference or priority of
        any kind, according to the amounts due and payable on the Class A Notes
        for principal;

               FIFTH, to the Class B Noteholders for amounts due and unpaid on
        the Class B Notes for interest, pro rata without preference or priority
        of any kind, according to the amounts due and payable on the Class B
        Notes for such interest;

               SIXTH, to the Class B Noteholders for amounts due and unpaid on
        the Class B Notes for principal, pro rata without preference or priority
        of any kind, according to the amounts due and payable on the Class B
        Notes for principal;

               SEVENTH, to the Class A-4AR Noteholders, all Auction Rate
        Carry-Over Amounts then due and unpaid, pro rata based upon the amount
        owed, without preference or priority of any kind, according to the
        amounts due and payable on such Class A-4AR Notes for such Carry-Over
        Amounts;

               EIGHTH, to the Counterparties, in proportion to the respective
        entitlements under the applicable Derivative Product Agreement without
        preference or priority of any kind, for any Termination Payments due and
        any other unpaid Issuer Derivative Payments;

               NINTH, to the Master Servicer, for any unpaid Carryover Servicing
        Fees; and

               TENTH, to the Issuer, for distribution in accordance with the
        terms of the Administration Agreement and the Trust Agreement.

        The Trustee may fix a record date and payment date for any payment to
Registered Owners pursuant to this Section. At least 15 days before such record
date, the Trustee shall mail to each Registered Owner and the Issuer a notice
that states the record date, the payment date and the amount to be paid.

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        SECTION 6.03. REMEDIES ON DEFAULT; ADVICE OF COUNSEL. Upon the happening
of any Event of Default, the Trustee may proceed to protect and enforce the
rights of the Trustee and the Registered Owners in such manner as counsel for
the Trustee may advise, whether for the specific performance of any covenant,
condition, agreement or undertaking herein contained, or in aid of the execution
of any power herein granted, or for the enforcement of such other appropriate
legal or equitable remedies as, in the opinion of such counsel, may be more
effectual to protect and enforce the rights aforesaid.

        SECTION 6.04. REMEDIES ON DEFAULT; SALE OF TRUST ESTATE. Upon the
happening of any Event of Default and if the principal of all of the Outstanding
Obligations shall have been declared due and payable, then and in every such
case, and irrespective of whether other remedies authorized shall have been
pursued in whole or in part, the Trustee may sell, with or without entry, to the
highest bidder the Trust Estate, and all right, title, interest, claim and
demand thereto and the right of redemption thereof, at any such place or places,
and at such time or times and upon such notice and terms as may be required by
law. Upon such sale the Trustee may make and deliver to the purchaser or
purchasers a good and sufficient assignment or conveyance for the same, which
sale shall be a perpetual bar both at law and in equity against the Issuer and
all Persons claiming such properties. No purchaser at any sale shall be bound to
see to the application of the purchase money or to inquire as to the
authorization, necessity, expediency or regularity of any such sale. The Trustee
is hereby irrevocably appointed the true and lawful attorney-in-fact of the
Issuer, in its name and stead, to make and execute all bills of sale,
instruments of assignment and transfer and such other documents of transfer as
may be necessary or advisable in connection with a sale of all or part of the
Trust Estate, but the Issuer, if so requested by the Trustee, shall ratify and
confirm any sale or sales by executing and delivering to the Trustee or to such
purchaser or purchasers all such instruments as may be necessary, or in the
judgment of the Trustee, proper for the purpose which may be designated in such
request. In addition, the Trustee may proceed to protect and enforce the rights
of the Trustee and the Registered Owners of the Obligations in such manner as
counsel for the Trustee may advise, whether for the specific performance of any
covenant, condition, agreement or undertaking herein contained, or in aid of the
execution of any power herein granted, or for the enforcement of such other
appropriate legal or equitable remedies as may in the opinion of such counsel,
be more effectual to protect and enforce the rights aforesaid. The Indenture
Trustee shall take any such action or actions if requested to do so in writing
by the Registered Owners of at least a majority of the principal amount of the
Highest Priority Obligations at the time Outstanding.

        Notwithstanding the foregoing, the Indenture Trustee is prohibited from
selling the Financed Eligible Loans following an Event of Default, other than a
default in the payment of any principal or interest on any Note, unless:

                (a) The Registered Owners of all of the Highest Priority
        Obligations at the time Outstanding consent to such a sale;

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                (b) The proceeds of such a sale will be sufficient to discharge
        all the Outstanding Obligations pursuant to Article X hereof at the date
        of such a sale; or

                (c) The Issuer, or the Administrator on behalf of the Issuer,
        determines that the collections on the Financed Eligible Loans would not
        be sufficient on an ongoing basis to make all payments on such
        Obligations as such payments would have become due if such Obligations
        had not been declared due and payable, and the Indenture Trustee obtains
        the consent of the Registered Owners of at least 66-2/3% of the
        aggregate principal amount of the Highest Priority Obligations at the
        time Outstanding.

        Such a sale shall also require the consent of all the Registered Owners
of the Class B Notes unless the proceeds of such a sale would be sufficient to
discharge the Class B Notes pursuant to Article X hereof at the date of such a
sale.

        SECTION 6.05. APPOINTMENT OF RECEIVER. In case an Event of Default
occurs, and if all of the Outstanding Obligations shall have been declared due
and payable and in case any judicial proceedings are commenced to enforce any
right of the Trustee or of the Registered Owners under this Indenture or
otherwise, then as a matter of right, the Trustee shall be entitled to the
appointment of a receiver of the Trust Estate and of the earnings, income or
revenue, rents, issues and profits thereof with such powers as the court making
such appointments may confer.

        SECTION 6.06. RESTORATION OF POSITION. In case the Trustee shall have
proceeded to enforce any rights under this Indenture by sale or otherwise, and
such proceedings shall have been discontinued, or shall have been determined
adversely to the Trustee, then and in every such case to the extent not
inconsistent with such adverse decree, the Issuer, the Trustee and the
Registered Owners shall be restored to their former respective positions and the
rights hereunder in respect to the Trust Estate, and all rights, remedies and
powers of the Trustee and of the Registered Owners shall continue as though no
such proceeding had been taken.

        SECTION 6.07. APPLICATION OF SALE PROCEEDS. The proceeds of any sale of
the Trust Estate, together with any funds at the time held by the Trustee and
not otherwise appropriated, shall be applied by the Trustee as set forth in
Section 6.02 hereof, and then to the Issuer or whomsoever shall be lawfully
entitled thereto.

        SECTION 6.08. ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT. If an
Event of Default should occur and be continuing, then and in every such case the
Trustee or the Registered Owners of Obligations representing not less than a
majority of the Outstanding Amount of the Highest Priority Obligations may
declare all the Outstanding Obligations to be immediately due and payable, by a
notice in writing to the Issuer (and to the Trustee if given by the Registered
Owners), and upon any such declaration the unpaid principal amount of such
Outstanding Obligations, together with accrued and unpaid interest thereon
through the date of acceleration, shall become immediately due and payable,
subject, however, to Section 6.04 hereof.

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        At any time after such declaration of acceleration of maturity has been
made and before a judgment or decree for payment of the money due has been
obtained by the Trustee as hereinafter in this Article provided, the Registered
Owners of Obligations representing a majority of the collective aggregate
principal amount of the Highest Priority Obligations then Outstanding, by
written notice to the Issuer and the Trustee, may rescind and annul such
declaration and its consequences if:

                (a) the Issuer has paid or deposited with the Trustee a sum
        sufficient to pay:

                        (i) all payments of principal of and interest on all
                Obligations and all other amounts that would then be due
                hereunder or upon such Obligations if the Event of Default
                giving rise to such acceleration had not occurred; and

                        (ii) all sums paid or advanced by the Trustee hereunder
                and the reasonable compensation, expenses, disbursements and
                advances of the Trustee, the Master Servicer, any Subservicer,
                the Delaware Trustee, the Auction Agent and the Broker-Dealers
                and their agents and counsel; and

                (b) all Events of Default, other than the nonpayment of the
        principal of the Obligations that has become due solely by such
        acceleration, have been cured or waived as provided in Section 6.14
        hereof.

        No such rescission shall affect any subsequent default or impair any
right consequent thereto.

        SECTION 6.09. REMEDIES NOT EXCLUSIVE. The remedies herein conferred upon
or reserved to the Trustee or the Registered Owners of Obligations are not
intended to be exclusive of any other remedy, but each remedy herein provided
shall be cumulative and shall be in addition to every other remedy given
hereunder or now or hereafter existing, and every power and remedy hereby given
to the Trustee or to the Registered Owners of Obligations, or any supplement
hereto, may be exercised from time to time as often as may be deemed expedient.
No delay or omission of the Trustee or of any Registered Owner of Obligations to
exercise any power or right arising from any default hereunder shall impair any
such right or power or shall be construed to be a waiver of any such default or
to be acquiescence therein.

        SECTION 6.10. COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY
TRUSTEE. The Issuer covenants that if:

                (a) default is made in the payment of any installment of
        interest, if any, on any Notes when such interest becomes due and
        payable and such default continues for a period of five (5) days; or

                (b) default is made in the payment of the principal of (or
        premium, if any, on) any Notes at its Note Final Maturity Date,

then the Issuer will, upon demand of the Trustee, pay to the Trustee, for the
benefit of the Registered Owners, the whole amount then due and payable on such
Notes for principal (and premium, if any) and interest, with interest upon any
overdue principal (and premium, if any) and, to the extent that payment of such
interest shall be legally enforceable, upon any overdue installments of
interest, if any, at the rate or rates borne by or provided for in such Notes,
and, in addition thereto, such further amount as shall be sufficient to cover
the costs and expenses of collection, including the reasonable compensation,
fees, expenses, disbursements and advances of the Trustee and its agents and
counsel.

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        If the Issuer fails to pay such amounts forthwith upon such demand, the
Trustee, in its own name and as Trustee of an express trust, may upon receiving
indemnification satisfactory to the Trustee institute a judicial proceeding for
the collection of the sums so due and unpaid, may prosecute such proceeding to
judgment or final decree, and may enforce the same against the Issuer or any
other obligor upon such Notes of such class and collect the moneys adjudged or
decreed to be payable in the manner provided by law out of the property of the
Issuer or any other obligor upon such Notes, wherever situated.

        If an Event of Default with respect to Notes occurs and is continuing,
the Trustee may, after being indemnified to its satisfaction and in its
discretion, proceed to protect and enforce its rights and the rights of the
Registered Owners of Notes by such appropriate judicial proceedings as the
Trustee shall deem most effectual to protect and enforce any such rights,
whether for the specific enforcement of any covenant or agreement in this
Indenture or in aid of the exercise of any power granted herein, or to enforce
any other proper remedy.

        SECTION 6.11. DIRECTION OF TRUSTEE. Upon the happening of any Event of
Default, the Registered Owners of at least 51% of the collective aggregate
principal amount of the Highest Priority Obligations then Outstanding, shall
have the right by an instrument or instruments in writing delivered to the
Trustee to direct and control the Trustee as to the method of taking any and all
proceedings for any sale of any or all of the Trust Estate, or for the
appointment of a receiver, if permitted by law, and may at any time cause any
proceedings authorized by the terms hereof to be so taken or to be discontinued
or delayed; provided, however, that such Registered Owners shall not be entitled
to cause the Trustee to take any proceedings which in the Trustee's opinion
would be unjustly prejudicial to non-assenting Registered Owners of Obligations,
but the Trustee shall be entitled to assume that the action requested by the
Registered Owners of at least 51% of the collective aggregate principal amount
of the Highest Priority Obligations then Outstanding will not be prejudicial to
any non-assenting Registered Owners unless the Registered Owners of more than
50% of the collective aggregate principal amount of the non-assenting Registered
Owners of such Obligations, in writing, show the Trustee how they will be
prejudiced. Provided, however, that anything in this Indenture to the contrary
notwithstanding, the Registered Owners of a majority of the collective aggregate
principal amount of the Highest Priority Obligations then Outstanding together
with the Registered Owners of a majority of the collective aggregate principal
amount of all other Obligations then Outstanding shall have the right, at any
time, by an instrument or instruments in writing executed and delivered to the
Trustee, to direct the method and place of conducting all proceedings to be
taken in connection with the enforcement of the terms and conditions of this
Indenture, or for the appointment of a receiver or any other proceedings
hereunder, provided that such direction shall not be otherwise than in
accordance with the provisions of law and of this Indenture. The provisions of
this Section shall be expressly subject to the provisions of Sections 7.01(c),
7.05 and 7.07 hereof.

        SECTION 6.12. RIGHT TO ENFORCE IN TRUSTEE. No Registered Owner of any
Obligation shall have any right as such Registered Owner to institute any suit,
action or proceedings for the enforcement of the provisions of this Indenture or

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for the execution of any trust hereunder or for the appointment of a receiver or
for any other remedy hereunder, all rights of action hereunder being vested
exclusively in the Trustee, unless and until such Registered Owner shall have
previously given to the Trustee written notice of a default hereunder, and of
the continuance thereof, and also unless the Registered Owners of the requisite
principal amount of the Obligations then Outstanding shall have made written
request upon the Trustee and the Trustee shall have been afforded reasonable
opportunity to institute such action, suit or proceeding in its own name, and
unless the Trustee shall have been offered indemnity and security satisfactory
to it against the costs, expenses and liabilities to be incurred therein or
thereby, which offer of indemnity shall be an express condition precedent
hereunder to any obligation of the Trustee to take any such action hereunder,
and the Trustee for 30 days after receipt of such notification, request and
offer of indemnity, shall have failed to institute any such action, suit or
proceeding. It is understood and intended that no one or more Registered Owners
of the Obligations shall have the right in any manner whatever by his or their
action to affect, disturb or prejudice the lien of this Indenture or to enforce
any right hereunder except in the manner herein provided and for the equal
benefit of the Registered Owners of not less than a majority of the collective
aggregate principal amount of the Obligations then Outstanding.

        SECTION 6.13. PHYSICAL POSSESSION OF OBLIGATIONS NOT REQUIRED. In any
suit or action by the Trustee arising under this Indenture or on all or any of
the Obligations issued hereunder, or any supplement hereto, the Trustee shall
not be required to produce such Obligations, but shall be entitled in all things
to maintain such suit or action without their production.

        SECTION 6.14. WAIVERS OF EVENTS OF DEFAULT. The Trustee may in its
discretion waive any Event of Default hereunder and its consequences and rescind
any declaration of acceleration of Obligations, and shall do so upon the written
request of the Registered Owners of at least a majority of the collective
aggregate principal amount of the Highest Priority Obligations then Outstanding;
provided, however, that there shall not be waived (a) any Event of Default in
the payment of the principal of or premium on any Outstanding Obligations at the
date of maturity thereof, or any default in the payment when due of the interest
on any such Obligations, unless prior to such waiver or rescission, all arrears
of interest or all arrears of payments of principal and all expenses of the
Trustee, in connection with such default shall have been paid or provided for;
or (b) any default in the payment of amounts set forth in Sections 7.05 and 7.07
hereof. In case of any such waiver or rescission, or in case any proceedings
taken by the Trustee on account of any such default shall have been discontinued
or abandoned or determined adversely to the Trustee, then and in every such case
the Issuer, the Trustee and the Registered Owners of Obligations shall be
restored to their former positions and rights hereunder respectively, but no
such waiver or rescission shall extend to or affect any subsequent or other
default, or impair any rights or remedies consequent thereon. The Trustee shall
give written notice to each Rating Agency of any waiver of an Event of Default
pursuant to this Section.

                                  ARTICLE VII

                                   THE TRUSTEE

        SECTION 7.01. ACCEPTANCE OF TRUST. The Trustee hereby accepts the trusts
imposed upon it by this Indenture, and agrees to perform said trusts, but only
upon and subject to the following terms and conditions:

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                (a) Except during the continuance of an Event of Default,

                        (i) the Trustee undertakes to perform such duties and
                only such duties as are specifically set forth in this
                Indenture, and no implied covenants or obligations shall be read
                into this Indenture against the Trustee; and

                        (ii) in the absence of bad faith on its part, the
                Trustee may conclusively rely, as to the truth of the statements
                and the correctness of the opinions expressed therein, upon
                certificates or opinions furnished to the Trustee and conforming
                to the requirements of this Indenture; but in the case of any
                such certificates or opinions which by any provisions hereof are
                specifically required to be furnished to the Trustee, the
                Trustee shall be under a duty to examine the same to determine
                whether or not they conform as to form with the requirements of
                this Indenture and whether or not they contain the statements
                required under this Indenture.

                (b) In case an Event of Default has occurred and is continuing,
        the Trustee, in exercising the rights and powers vested in it by this
        Indenture, shall use the same degree of care and skill in their exercise
        as a prudent person would exercise or use under the circumstances in the
        conduct of his or her own affairs.

                (c) Before taking any action hereunder requested by Registered
        Owners, the Trustee may require that it be furnished an indemnity bond
        or other indemnity and security satisfactory to it by the Registered
        Owners, as applicable, for the reimbursement of all expenses to which it
        may be put and to protect it against all liability.

        SECTION 7.02. RECITALS OF OTHERS. The recitals, statements and
representations set forth herein and in the Notes shall be taken as the
statements of the Issuer, and the Trustee assumes no responsibility for the
correctness of the same. The Trustee makes no representations as to the title of
the Issuer in the Trust Estate or as to the security afforded thereby and
hereby, or as to the validity or sufficiency of this Indenture or of the Notes
issued hereunder, and the Trustee shall incur no responsibility in respect of
such matters.

        SECTION 7.03. AS TO FILING OF INDENTURE. The Trustee shall be under no
duty (a) to file or record, or cause to be filed or recorded, this Indenture or
any instrument supplemental hereto, (b) to procure any further order or
additional instruments of further assurance, (c) to see to the delivery to it of
any personal property intended to be mortgaged or pledged hereunder or
thereunder, (d) to do any act which may be suitable to be done for the better
maintenance of the lien or security hereof (other than the filing of any
continuation (but not initial) statements), or (e) to give notice of the
existence of such lien, or for extending or supplementing the same or to see
that any rights to the Trust Estate and Funds intended now or hereafter to be
transferred in trust hereunder are subject to the lien hereof. The Trustee shall
not be liable for failure of the Issuer to pay any tax or taxes in respect of
such property, or any part thereof, or the income therefrom or otherwise, nor
shall the Trustee be under any duty in respect of any tax which may be assessed
against it or the Registered Owners in respect of such property or pledged to
the Trust Estate. The Trustee agrees to prepare, request that the Issuer execute
(if such execution is necessary for any such filing) and file in a timely manner
(if received from the Issuer in a timely manner) with any necessary execution by

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the Issuer, the continuation statements referred to herein; provided, that the
Trustee shall have no responsibility for the sufficiency, adequacy or priority
of any initial filing and in the absence of written notice to the contrary by
the Issuer or other Authorized Representative, may rely and shall be protected
in relying on all information and exhibits in such initial filings for the
purposes of any continuation statements.

        SECTION 7.04. TRUSTEE MAY ACT THROUGH AGENTS. The Trustee may execute
any of the trusts or powers hereof and perform any duty hereunder, either itself
or by or through its attorneys, agents or employees, and it shall not be
answerable or accountable for any default, neglect or misconduct of any such
attorneys, agents or employees, if reasonable care has been exercised in the
appointment, supervision and monitoring of the work performed. All reasonable
costs incurred by the Trustee and all reasonable compensation to all such
persons as may reasonably be employed in connection with the trusts hereof shall
be paid by the Issuer.

        SECTION 7.05. INDEMNIFICATION OF TRUSTEE. Other than with respect to its
duties to make payment on the Obligations when due, and its duty to pursue the
remedy of acceleration as provided in Sections 6.02 and 6.08 hereof, for each of
which no additional security or indemnity may be required, the Trustee shall be
under no obligation or duty to perform any act at the request of Registered
Owners or to institute or defend any suit in respect thereof unless properly
indemnified and provided with security to its satisfaction as provided in
Section 7.01(c) hereof. The Trustee shall not be required to take notice, or be
deemed to have knowledge, of any default or Event of Default of the Issuer
hereunder and may conclusively assume that there has been no such default or
Event of Default (other than an Event of Default described in Section 6.01(a) or
(b) hereof) unless and until it shall have been specifically notified in writing
at the address in Section 9.01 hereof of such default or Event of Default by (a)
the Registered Owners of the required percentages in principal amount of the
Obligations then Outstanding hereinabove specified or (b) an Authorized
Representative of the Issuer. However, the Trustee may begin suit, or appear in
and defend suit, execute any of the trusts hereby created, enforce any of its
rights or powers hereunder, or do anything else in its judgment proper to be
done by it as Trustee, without assurance of reimbursement or indemnity, and in
such case the Trustee shall be reimbursed or indemnified by the Registered
Owners requesting such action, if any, or the Issuer in all other cases, for all
fees, costs and expenses, liabilities, outlays and counsel fees and other
reasonable disbursements properly incurred in connection therewith, unless such
costs and expenses, liabilities, outlays and attorneys' fees and other
reasonable disbursements properly incurred in connection therewith are
adjudicated to have resulted from the negligence or willful misconduct of the
Trustee. In furtherance and not in limitation of this Section, the Trustee shall
not be liable for, and shall be held harmless by the Issuer from, following any
Issuer Orders, instructions or other directions upon which the Trustee is
authorized to rely pursuant to this Indenture or any other agreement to which it
is a party. If the Issuer or the Registered Owners, as appropriate, shall fail
to make such reimbursement or indemnification, the Trustee may reimburse itself
from any money in its possession under the provisions of this Indenture, subject
only to the prior lien of the Notes for the payment of the principal thereof,
premium, if any, and interest thereon from the Collection Fund. None of the
provisions contained in this Indenture or any other agreement to which it is a
party shall require the Trustee to act or to expend or risk its own funds or
otherwise incur individual financial liability in the performance of any of its
duties or in the exercise of any of its rights or powers if the Registered
Owners shall not have offered security and indemnity acceptable to it or if it
shall have reasonable grounds for believing that prompt repayment of such funds
or adequate indemnity against such risk or liability is not reasonably assured
to it.

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        The Issuer agrees to indemnify the Trustee for, and to hold it harmless
against, any loss, liability or expenses incurred without negligence or bad
faith on its part, arising out of or in connection with the acceptance or
administration of the trust or trusts hereunder, including the costs and
expenses of defending itself against any claim or liability in connection with
the exercise or performance of any of its powers or duties hereunder arising
from the Trust Estate. The Issuer agrees to indemnify and hold harmless the
Trustee against any and all claims, demands, suits, actions or other proceedings
and all liabilities, costs and expenses whatsoever caused by any untrue
statement or misleading statement or alleged untrue statement or alleged
misleading statement of a material fact contained in any offering document
distributed in connection with the issuance of the Notes or caused by any
omission or alleged omission from such offering document of any material fact
required to be stated therein or necessary in order to make the statements made
therein in the light of the circumstances under which they were made, not
misleading.

        SECTION 7.06. TRUSTEE'S RIGHT TO RELIANCE. The Trustee shall be
protected in acting upon any notice, resolution, request, consent, order,
certificate, report, appraisal, opinion, report or document of the Issuer, the
Master Servicer or a Subservicer or other paper or document believed by it to be
genuine and to have been signed or presented by the proper party or parties. The
Trustee may consult with experts and with counsel (who may but need not be
counsel for the Issuer, the Trustee, or for a Registered Owner), and the opinion
of such counsel shall be full and complete authorization and protection in
respect of any action taken or suffered, and in respect of any determination
made by it hereunder in good faith and in accordance with the opinion of such
counsel.

        Whenever in the administration hereof the Trustee shall reasonably deem
it desirable that a matter be proved or established prior to taking, suffering
or omitting any action hereunder, the Trustee (unless other evidence be herein
specifically prescribed) may, in the absence of bad faith on its part, rely upon
a certificate signed by an Authorized Representative of the Issuer or an
authorized officer of the Administrator, the Master Servicer or a Subservicer.

        The Trustee shall not be liable for any action taken, suffered or
omitted by it in good faith and believed by it to be authorized or within the
discretion or rights or powers conferred upon it hereby; provided, however, that
the Trustee shall be liable for its negligence or willful misconduct in taking
such action.

        The Trustee is authorized to enter into agreements with other Persons,
in its capacity as Trustee, in order to carry out or implement the terms and
provisions of this Indenture. The Trustee shall not be liable with respect to
any action taken, suffered or omitted to be taken in good faith in accordance
with this Indenture or any other transaction document or at the direction of the
Registered Owners evidencing the appropriate percentage of the aggregate
principal amount of the Outstanding Notes relating to the time, method and place
of conducting any proceeding for any remedy available to the Trustee, or
exercising any trust or power conferred upon the Trustee, under this Indenture
or any other transaction document.

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        SECTION 7.07. COMPENSATION OF TRUSTEE. Except as otherwise expressly
provided herein, all advances, counsel fees (including without limitation
allocated fees of in-house counsel) and other expenses reasonably made or
incurred by the Trustee in and about the execution and administration of the
trust hereby created and reasonable compensation to the Trustee for its services
in the premises shall be paid by the Issuer. The compensation of the Trustee
shall not be limited to or by any provision of law in regard to the compensation
of trustees of an express trust. The Trustee shall not change the Trustee Fee
without giving the Issuer and each Rating Agency at least 90 days' written
notice prior to the beginning of a Fiscal Year. If not paid by the Issuer, the
Trustee shall have a lien against all money held pursuant to this Indenture,
subject only to the prior lien of the Obligations against the money and
investments in the Collection Fund for the payment of the principal thereof,
premium, if any, and interest thereon, for such reasonable compensation,
expenses, advances and counsel fees incurred in and about the execution of the
trusts hereby created and the exercise and performance of the powers and duties
of the Trustee hereunder and the cost and expense incurred in defending against
any liability in the premises of any character whatsoever (unless such liability
is adjudicated to have resulted from the negligence or willful misconduct of the
Trustee).

        SECTION 7.08. CREDITOR RELATIONSHIPS. The Trustee shall comply with
Section 311(a) of the Trust Indenture Act, excluding any creditor relationship
listed in Section 311(b) of the Trust Indenture Act. A Trustee who has resigned
or been removed shall be subject to Section 311(a) of the Trust Indenture Act to
the extent indicated therein. The Trustee may act as depository for, and permit
any of its officers or directors to act as a member of, or act in any other
capacity in respect to, any committee formed to protect the rights of the
Registered Owners or to effect or aid in any reorganization growing out of the
enforcement of the Notes or of this Indenture, whether or not any such committee
shall represent the Registered Owners of more than 60% of the collective
aggregate principal amount of the Outstanding Obligations.

        SECTION 7.09. RESIGNATION OF TRUSTEE. The Trustee and any successor to
the Trustee may resign and be discharged from the trust created by this
Indenture by giving to the Issuer notice in writing which notice shall specify
the date on which such resignation is to take effect; provided, however, that
such resignation shall only take effect on the day specified in such notice if a
successor Trustee shall have been appointed pursuant to Section 7.11 hereof (and
is qualified to be the Trustee under the requirements of Section 7.11 hereof).
If no successor Trustee has been appointed by the date specified or within a
period of 90 days from the receipt of the notice by the Issuer, whichever period
is the longer, the Trustee may (a) appoint a temporary successor Trustee having
the qualifications provided in Section 7.11 hereof or (b) request a court of
competent jurisdiction to (i) require the Issuer to appoint a successor, as
provided in Section 7.11 hereof, within three days of the receipt of citation or
notice by the court, or (ii) appoint a Trustee having the qualifications
provided in Section 7.11 hereof. In no event may the resignation of the Trustee
be effective until a qualified successor Trustee shall have been selected and
appointed. In the event a temporary successor Trustee is appointed pursuant to
clause (a) above, the Issuer may remove such temporary successor Trustee and
appoint a successor thereto pursuant to Section 7.11 hereof.

        SECTION 7.10. REMOVAL OF TRUSTEE. The Trustee or any successor Trustee
may be removed (a) at any time by the Registered Owners of a majority of the
collective aggregate principal amount of the Highest Priority Obligations then
Outstanding, (b) by the Issuer for cause or upon the sale or other disposition

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of the Trustee or its corporate trust functions or (c) by the Issuer without
cause so long as no Event of Default exists or has existed within the last 30
days, upon payment to the Trustee so removed of all money then due to it
hereunder and appointment of a successor thereto by the Issuer and acceptance
thereof by said successor. One copy of any such order of removal shall be filed
with the Delaware Trustee and the other with the Trustee so removed.

        In the event a Trustee (or successor Trustee) is removed, by any person
or for any reason permitted hereunder, such removal shall not become effective
until (a) in the case of removal by the Registered Owners, such Registered
Owners by instrument or concurrent instruments in writing (signed and
acknowledged by such Registered Owners or their attorneys-in-fact) filed with
the Trustee removed have appointed a successor Trustee or otherwise the Issuer
shall have appointed a successor, and (b) the successor Trustee has accepted
appointment as such.

        SECTION 7.11. SUCCESSOR TRUSTEE. In case at any time the Trustee or any
successor Trustee shall resign, be dissolved, or otherwise shall be disqualified
to act or be incapable of acting, or in case control of the Trustee or of any
successor Trustee or of its officers shall be taken over by any public officer
or officers, a successor Trustee may be appointed by the Issuer by an instrument
in writing duly authorized by the Issuer. In the case of any such appointment by
the Issuer of a successor to the Trustee, the Issuer shall forthwith cause
notice thereof to be mailed to the Registered Owners of the Notes at the address
of each Registered Owner appearing on the note registration books maintained by
the Trustee, as registrar.

        Every successor Trustee appointed by the Registered Owners, by a court
of competent jurisdiction, or by the Issuer shall be a bank or trust company in
good standing, organized and doing business under the laws of the United States
or of a state therein, which has a reported capital and surplus of not less than
$50,000,000, be authorized under the law to exercise corporate trust powers, be
subject to supervision or examination by a federal or state authority, and be an
Eligible Lender so long as such designation is necessary to maintain guarantees
and federal benefits under the Higher Education Act with respect to the Financed
Eligible Loans originated under the Higher Education Act.

        SECTION 7.12. MANNER OF VESTING TITLE IN TRUSTEE. Any successor Trustee
appointed hereunder shall execute, acknowledge and deliver to its predecessor
Trustee, and also to the Issuer, an instrument accepting such appointment
hereunder, and thereupon such successor Trustee, without any further act, deed
or conveyance shall become fully vested with all the estate, properties, rights,
powers, trusts, duties and obligations of its predecessors in trust hereunder
(except that the predecessor Trustee shall continue to have the benefits to
indemnification hereunder together with the successor Trustee), with like effect
as if originally named as Trustee herein; but the Trustee ceasing to act shall
nevertheless, on the written request of an Authorized Representative of the
Issuer, or an authorized officer of the successor Trustee, execute, acknowledge
and deliver such instruments of conveyance and further assurance and do such
other things as may reasonably be required for more fully and certainly vesting
and confirming in such successor Trustee all the right, title and interest of
the Trustee which it succeeds, in and to the Trust Estate and such rights,
powers, trusts, duties and obligations, and the Trustee ceasing to act also,
upon like request, pay over, assign and deliver to the successor Trustee any
money or other property or rights subject to the lien of this Indenture,
including any pledged securities which may then be in its possession. Should any
deed or instrument in writing from the Issuer be required by the successor
Trustee for more fully and certainly vesting in and confirming to such new
Trustee such estate, properties, rights, powers and duties, any and all such
deeds and instruments in writing shall on request be executed, acknowledged and
delivered by the Issuer.

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        In case any of the Notes to be issued hereunder shall have been
authenticated but not delivered, any successor Trustee may adopt the certificate
of authentication of the Trustee or of any successor to the Trustee; and in case
any of the Notes shall not have been authenticated, any successor to the Trustee
may authenticate such Notes in its own name; and in all such cases such
certificate shall have the full force which it has anywhere in the Notes or in
this Indenture.

        SECTION 7.13. ADDITIONAL COVENANTS BY THE TRUSTEE TO CONFORM TO THE
HIGHER EDUCATION ACT. The Trustee covenants that it will at all times be an
Eligible Lender under the Higher Education Act so long as such designation is
necessary, as determined by the Issuer, to maintain the guarantees and federal
benefits under the Higher Education Act with respect to the Financed Eligible
Loans, that it will acquire Eligible Loans originated under the Higher Education
Act in its capacity as an Eligible Lender and that it will not knowingly dispose
of or deliver any Financed Eligible Loans originated under the Higher Education
Act or any security interest in any such Financed Eligible Loans to any party
who is not an Eligible Lender so long as the Higher Education Act or Regulations
adopted thereunder require an Eligible Lender to be the owner or holder of such
Financed Eligible Loans; provided, however, that nothing above shall prevent the
Trustee from delivering the Eligible Loans to the Master Servicer, a Subservicer
or a Guaranty Agency.

        SECTION 7.14. RIGHT OF INSPECTION. A Registered Owner shall be permitted
at reasonable times during regular business hours and in accordance with
reasonable regulations prescribed by the Trustee to examine at the principal
office of the Trustee a copy of any report or instrument theretofore filed with
the Trustee relating to the condition of the Trust Estate.

        SECTION 7.15. LIMITATION WITH RESPECT TO EXAMINATION OF REPORTS. Except
as provided in this Indenture, the Trustee shall be under no duty to examine any
report or statement or other document required or permitted to be filed with it
by the Issuer.

        SECTION 7.16. SERVICING AGREEMENTS. The Trustee acknowledges the receipt
of copies of the Master Servicing Agreement and Subservicing Agreements
described in Section 4.04 hereof.

        SECTION 7.17. ADDITIONAL COVENANTS OF TRUSTEE. The Trustee, by the
execution hereof, covenants, represents and agrees that:

                (a) it will not exercise any of the rights, duties or privileges
        under this Indenture in such manner as would cause the Eligible Loans
        held or acquired under the terms hereof to be transferred, assigned or
        pledged as security to any person or entity other than as permitted by
        this Indenture; and

                (b) it will comply with the Higher Education Act and the
        Regulations and will, upon written notice from an Authorized
        Representative of the Issuer, the Secretary or the Guaranty Agency, use
        its reasonable efforts to cause this Indenture to be amended (in
        accordance with Section 8.01 hereof) if the Higher Education Act or
        Regulations are hereafter amended so as to be contrary to the terms of
        this Indenture.

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        SECTION 7.18. NOTICES TO RATING AGENCIES. It shall be the duty of the
Issuer to notify each Rating Agency then rating any of the Notes of (a) any
amendment, change, expiration, extension or renewal of this Indenture, (b)
prepayment or defeasance of all the Notes, (c) any change in the Trustee, (d)
any other information reasonably required to be reported to each Rating Agency
under any Supplemental Indenture or (e) any amendment to or transfer of an
Investment Agreement; provided, however, the provisions of this Section do not
apply when such documents have been previously supplied to such Rating Agency
and the Trustee has received written evidence to such effect, all as may be
required by this Indenture. All notices required to be forwarded to the Rating
Agencies under this Section shall be sent in writing at the following addresses:

        Via electronic delivery to Servicer_reports@sandp.com
        For any information not available in electronic format:
        Standard & Poor's Ratings Services
        a Division of the McGraw-Hill Companies, Inc.
        55 Water Street, 41st Floor
        New York, New York  10041-0003
        Attention:  ABS Surveillance Group

        Fitch, Inc.
        One State Street Plaza
        New York, New York  10004
        Attention:  ABS Surveillance

        Moody's Investors Service
        99 Church Street
        New York, New York  10007
        Attention:  ABS Monitoring Group

        The Trustee also acknowledges that each Rating Agency's periodic review
for maintenance of a Rating on any class of the Notes may involve discussions
and/or meetings with representatives of the Trustee at mutually agreeable times
and places.

        SECTION 7.19. MERGER OF THE TRUSTEE. Any corporation into which the
Trustee may be merged or with which it may be consolidated, or any corporation
resulting from any merger or consolidation to which the Trustee shall be a
party, or any corporation succeeding to all or substantially all of the
corporate trust business of the Trustee, shall be the successor of the Trustee
hereunder, provided such corporation shall be otherwise qualified and eligible
under this Indenture, without the execution or filing of any paper of any
further act on the part of any other parties hereto.

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        SECTION 7.20. RECEIPT OF FUNDS FROM MASTER SERVICER OR A SUBSERVICER.
The Trustee shall not be accountable or responsible in any manner whatsoever for
any action of the Issuer, the Administrator, the depository bank of any funds of
the Issuer, or the Master Servicer or a Subservicer while such Master Servicer
or Subservicer is acting as bailee or agent of the Trustee with respect to the
Eligible Loans for actions taken in compliance with any instruction or direction
given to the Trustee, or for the application of funds or moneys by the Master
Servicer or a Subservicer until such time as funds are received by the Trustee.

        SECTION 7.21. SPECIAL CIRCUMSTANCES LEADING TO RESIGNATION OF TRUSTEE.
Because the Trustee serves as trustee hereunder for Obligations of different
priorities, it is possible that circumstances may arise which will cause the
Trustee to resign from its position as trustee for one or more of the
Obligations. In the event that the Trustee makes a determination that it should
so resign, due to the occurrence of an Event of Default or potential default
hereunder, or otherwise, the Issuer may permit such resignation as to one or
more of the Obligations or request the Trustee's resignation as to all
Obligations, as the Issuer may elect. If the Issuer should determine that a
conflict of interest has arisen as to the trusteeship of any of the Obligations,
it may authorize and execute a Supplemental Indenture with one or more successor
Trustees, under which the administration of certain of the Obligations would be
separated from the administration of the other Obligations.

        SECTION 7.22. SURVIVAL OF TRUSTEE'S RIGHTS TO RECEIVE COMPENSATION,
REIMBURSEMENT AND INDEMNIFICATION. The Trustee's rights to receive compensation,
reimbursement and indemnification of money due and owing hereunder at the time
of the Trustee's resignation or removal shall survive the Trustee's resignation
or removal.

        SECTION 7.23. CORPORATE TRUSTEE REQUIRED; ELIGIBILITY; CONFLICTING
INTERESTS. There shall at all times be a Trustee hereunder which shall be
eligible to act as Trustee under Section 310(a)(1) of the Trust Indenture Act
and shall have a combined capital and surplus of at least $50,000,000. If such
corporation publishes reports of condition at least annually, pursuant to law or
the requirements of federal, state, territorial or District of Columbia
supervising or examining authority, then for the purposes of this Section, the
combined capital and surplus of such corporation shall be deemed to be its
combined capital and surplus as set forth in its most recent report of condition
so published. If at any time the Trustee shall cease to be eligible in
accordance with the provisions of this Section, it shall resign immediately in
the manner and with the effect hereinafter specified in this Article. Neither
the Issuer nor any Person directly or indirectly controlling or controlled by,
or under common control with, the Issuer shall serve as Trustee.

        SECTION 7.24. TRUSTEE MAY FILE PROOFS OF CLAIM. In case of the pendency
of any receivership, insolvency, liquidation, bankruptcy, reorganization,
arrangement, adjustment, composition or other judicial proceeding relative to
the Issuer or any other obligor upon the Notes or the property of the Issuer or
of such other obligor or their creditors, the Trustee (irrespective of whether
the principal of the Notes of any class shall then be due and payable as therein
expressed or by declaration or otherwise and irrespective of whether the Trustee
shall have made any demand on the Issuer for the payment of overdue principal,
premium, if any, or interest) shall be entitled and empowered, by intervention
in such proceeding or otherwise:

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                (a) to file and prove a claim for the whole amount, or such
        lesser amount as may be provided for in the Notes, of principal (and
        premium, if any) and interest, if any, owing and unpaid in respect of
        the Notes and to file such other papers or documents as may be necessary
        or advisable in order to have the claims of the Trustee (including any
        claim for the reasonable fees, compensation, expenses, disbursements and
        advances of the Trustee and its agents and counsel) and of the
        Registered Owners allowed in such judicial proceeding; and

                (b) to collect and receive any money or other property payable
        or deliverable on any such claims and to distribute the same; and any
        custodian, receiver, assignee, trustee, liquidator, sequestrator (or
        other similar official) in any such judicial proceeding is hereby
        authorized by each Registered Owner of Notes to make such payments to
        the Trustee, and if the Trustee shall consent to the making of such
        payments directly to the Registered Owners, to pay to the Trustee any
        amount due to it for the reasonable fees, compensation, expenses,
        disbursements and advances of the Trustee and any predecessor Trustee,
        their agents and counsel, and any other amounts due the Trustee or any
        predecessor Trustee.

        Nothing herein contained shall be deemed to authorize the Trustee to
authorize or consent to or accept or adopt on behalf of any Registered Owner of
a Note any plan of reorganization, arrangement, adjustment or composition
affecting the Notes or the rights of any Registered Owner thereof, or to
authorize the Trustee to vote in respect of the claim of any Registered Owner of
a Note in any such proceeding.

        In any proceedings brought by the Trustee (and also any proceedings
involving the interpretation of any provision of this Indenture to which the
Trustee shall be a party), the Trustee shall be held to represent all the
Registered Owners of the Notes, and it shall not be necessary to make any
Registered Owners of the Notes parties to any such proceedings.

        SECTION 7.25. NO PETITION. The Trustee will not at any time institute
against the Issuer any bankruptcy proceeding under any United States federal or
State bankruptcy or similar law in connection with any obligations of the Issuer
under this Indenture.

                                  ARTICLE VIII

                             SUPPLEMENTAL INDENTURES

        SECTION 8.01. SUPPLEMENTAL INDENTURES NOT REQUIRING CONSENT OF
REGISTERED OWNERS. The Issuer and the Trustee may, without the consent of or
notice to any of the Registered Owners of any Obligations enter into any
indenture or indentures supplemental to this Indenture for any one or more of
the following purposes:

                (a) to cure any ambiguity or formal defect or omission in this
        Indenture;

                (b) to grant to or confer upon the Trustee for the benefit of
        the Registered Owners any additional benefits, rights, remedies, powers
        or authorities that may lawfully be granted to or conferred upon the
        Registered Owners or the Trustee;

                (c) to subject to this Indenture additional revenues, properties
        or collateral;

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<PAGE>

                (d) to modify, amend or supplement this Indenture or any
        indenture supplemental hereto in such manner as to permit the
        qualification hereof and thereof under the Trust Indenture Act of 1939
        or any similar federal statute hereafter in effect or to permit the
        qualification of the Notes for sale under the securities laws of the
        United States of America or of any of the states of the United States of
        America, and, if they so determine, to add to this Indenture or any
        indenture supplemental hereto such other terms, conditions and
        provisions as may be permitted by said Trust Indenture Act of 1939 or
        similar federal statute;

                (e) to evidence the appointment of a separate or co-Trustee or a
        co-registrar or transfer agent or the succession of a new Trustee
        hereunder, or any additional or substitute Guaranty Agency, the Master
        Servicer or a Subservicer;

                (f) to add such provisions to or to amend such provisions of
        this Indenture as may be necessary or desirable to assure implementation
        of the Program in conformance with the Higher Education Act if along
        with such Supplemental Indenture there is filed an opinion of counsel to
        the effect that the addition or amendment of such provisions will in no
        way impair the existing security of the Registered Owners of any
        Outstanding Obligations;

                (g) to make any change as shall be necessary in order to obtain
        and maintain for any of the Notes an investment grade Rating from a
        nationally recognized rating service, which changes, in the opinion of
        the Trustee are not to the prejudice of the Registered Owner of any of
        the Obligations;

                (h) to make any changes necessary to comply with the Higher
        Education Act, the Regulations or the Code and the regulations
        promulgated thereunder;

                (i) to make the terms and provisions of this Indenture,
        including the lien and security interest granted herein, applicable to a
        Derivative Product, and to modify this Indenture with respect to any
        particular Derivative Product;

                (j) to create any additional Funds or Accounts or Subaccounts
        under this Indenture deemed by the Trustee to be necessary or desirable;

                (k) to make any other change with a Rating Confirmation; or

                (l) to make any other change which, in the judgment of the
        Trustee is not to the material prejudice of the Registered Owners of any
        Obligations;

provided, however, that nothing in this Section shall permit, or be construed as
permitting, any modification of the trusts, powers, rights, duties, remedies,
immunities and privileges of the Trustee without the prior written approval of
the Trustee, which approval shall be evidenced by execution of a Supplemental
Indenture.

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<PAGE>

        SECTION 8.02. SUPPLEMENTAL INDENTURES REQUIRING CONSENT OF REGISTERED
OWNERS. Exclusive of Supplemental Indentures covered by Section 8.01 hereof and
subject to the terms and provisions contained in this Section, and not
otherwise, the Registered Owners of not less than a majority of the collective
aggregate principal amount of the Obligations then Outstanding shall have the
right, from time to time, to consent to and approve the execution by the Issuer
and the Trustee of such other indenture or indentures supplemental hereto as
shall be deemed necessary and desirable by the Trustee for the purpose of
modifying, altering, amending, adding to or rescinding, in any particular, any
of the terms or provisions contained in this Indenture or in any Supplemental
Indenture; provided, however, that nothing in this Section shall permit, or be
construed as permitting (a) without the consent of the Registered Owners of all
then Outstanding Obligations, (i) an extension of the maturity date of the
principal of or the interest on any Obligation, or (ii) a reduction in the
principal amount of any Obligation or the rate of interest thereon, or (iii) a
privilege or priority of any Obligation or Obligations over any other Obligation
or Obligations except as otherwise provided herein, or (iv) a reduction in the
aggregate principal amount of the Obligations required for consent to such
Supplemental Indenture, or (v) the creation of any lien other than a lien
ratably securing all of the Obligations at any time Outstanding hereunder except
as otherwise provided herein; or (b) any modification of the trusts, powers,
rights, obligations, duties, remedies, immunities and privileges of the Trustee
without the prior written approval of the Trustee.

        If at any time the Issuer shall request the Trustee to enter into any
such Supplemental Indenture for any of the purposes of this Section, the Trustee
shall, upon being satisfactorily indemnified with respect to expenses, cause
notice of the proposed execution of such Supplemental Indenture to be mailed by
registered or certified mail to each Registered Owner of an Obligation at the
address shown on the registration books or listed in any Derivative Product.
Such notice (which shall be prepared by the Issuer) shall briefly set forth the
nature of the proposed Supplemental Indenture and shall state that copies
thereof are on file at the principal corporate trust office of the Trustee for
inspection by all Registered Owners. If, within 60 days, or such longer period
as shall be prescribed by the Issuer, following the mailing of such notice, the
Registered Owners of not less than a majority of the collective aggregate
principal amount of the Obligations Outstanding at the time of the execution of
any such Supplemental Indenture shall have consented in writing to and approved
the execution thereof as herein provided, no Registered Owner of any Obligation
shall have any right to object to any of the terms and provisions contained
therein, or the operation thereof, or in any manner to question the propriety of
the execution thereof, or to enjoin or restrain the Trustee or the Issuer from
executing the same or from taking any action pursuant to the provisions thereof.
Upon the execution of any such Supplemental Indenture as in this Section
permitted and provided, this Indenture shall be and be deemed to be modified and
amended in accordance therewith.

        SECTION 8.03. ADDITIONAL LIMITATION ON MODIFICATION OF INDENTURE. None
of the provisions of this Indenture (including Sections 8.01 and 8.02 hereof)
shall permit an amendment to the provisions of the Indenture which permits the
transfer of all or part of the Financed Eligible Loans originated under the
Higher Education Act or granting of a security interest therein to any Person
other than an Eligible Lender, the Master Servicer or a Subservicer, unless the
Higher Education Act or Regulations are hereafter modified so as to permit the
same. The Trustee may request an opinion of counsel to the effect that an
amendment or supplement to this Indenture was adopted in conformance with this
Indenture.

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<PAGE>

        SECTION 8.04. NOTICE OF DEFAULTS. Within 90 days after the occurrence of
any default hereunder with respect to the Notes, the Trustee shall transmit in
the manner and to the extent provided in Section 313(c) of the Trust Indenture
Act, notice of such default hereunder known to the Trustee, unless such default
shall have been cured or waived; provided, however, that, except in the case of
a default in the payment of the principal of (or premium, if any) or interest
with respect to any Note, or in the payment of any sinking fund installment with
respect to the Notes, the Trustee shall be protected in withholding such notice
if and so long as an authorized officer of the Trustee in good faith determines
that the withholding of such notice is in the interest of the Registered Owners
of the Notes. For the purpose of this Section, the term "default" means any
event which is, or after notice or lapse of time or both would become, an Event
of Default with respect to the Notes.

        SECTION 8.05. CONFORMITY WITH THE TRUST INDENTURE ACT. Every
supplemental indenture executed pursuant to this Article shall conform to the
requirements of the Trust Indenture Act as then in effect.

                                   ARTICLE IX

                               GENERAL PROVISIONS

        SECTION 9.01. NOTICES. Any notice, request or other instrument required
by this Indenture to be signed or executed by the Registered Owners of
Obligations may be executed by the execution of any number of concurrent
instruments of similar tenor, and may be signed or executed by such Registered
Owners of Obligations in person or by agent appointed in writing. As a condition
for acting thereunder the Trustee may demand proof of the execution of any such
instrument and of the fact that any person claiming to be the owner of any of
said Obligations is such owner and may further require the actual deposit of
such Obligation or Obligations with the Trustee. The fact and date of the
execution of such instrument may be proved by the certificate of any officer in
any jurisdiction who by the laws thereof is authorized to take acknowledgments
of deeds within such jurisdiction, that the person signing such instrument
acknowledged before him the execution thereof, or may be proved by any affidavit
of a witness to such execution sworn to before such officer.

        The amount of Notes held by any person executing such instrument as a
Registered Owner of Notes and the fact, amount and numbers of the Notes held by
such person and the date of his holding the same may be proved by a certificate
executed by any responsible trust company, bank, banker or other depository in a
form approved by the Trustee, showing that at the date therein mentioned such
person had on deposit with such depository the Notes described in such
certificate; provided, however, that at all times the Trustee may require the
actual deposit of such Note or Notes with the Trustee.

        All notices, requests and other communications to any party hereunder
shall be in writing (including bank wire, telex, telecopy, electronic
communication, facsimile or similar writing) at the following addresses, and
each address shall constitute each party's respective "Principal Office" for
purposes of this Indenture:

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<PAGE>

        If intended for the Issuer:

               Nelnet Student Loan Trust 2005-4
               c/o Wells Fargo Delaware Trust Company, Delaware Trustee
               919 North Market Street, Suite 700
               Wilmington, DE  19890
               Attention: Ann Roberts Dukart
               Telephone:  (302) 575-2000
               Facsimile:  (302) 575-2006

               With a copy to the Administrator:

               National Education Loan Network, Inc.
               121 South 13th Street, Suite 201
               Lincoln, NE  68505
               Attention:  Terry J. Heimes
               Telephone:  (402) 458-2303
               Facsimile:  (402) 458-2399

        If intended for the Trustee or the Eligible Lender Trustee:

               Zions First National Bank
               717 Seventeenth Street, Suite 301
               Denver, CO  80202
               Attention: Corporate Trust Department
               Telephone:  (720) 947-7475
               Facsimile:  (720) 947-7480

        Any party may change the address to which subsequent notices to such
party are to be sent, or of its Principal Office, by notice to the others,
delivered by hand or received by telex or facsimile or registered first-class
mail, postage prepaid. Each such notice, request or other communication shall be
effective when delivered by hand or received by facsimile or registered
first-class mail, postage prepaid.

        SECTION 9.02. COVENANTS BIND ISSUER. The covenants, agreements,
conditions, promises, and undertakings in this Indenture shall extend to and be
binding upon the successors and assigns of the Issuer, and all of the covenants
hereof shall bind such successors and assigns, and each of them, jointly and
severally. All the covenants, conditions and provisions hereof shall be held to
be for the sole and exclusive benefit of the parties hereto and their successors
and assigns and of the Registered Owners from time to time of the Obligations.

        No extension of time of payment of any of the Obligations shall operate
to release or discharge the Issuer, it being agreed that the liability of the
Issuer, to the extent permitted by law, shall continue until all of the
Obligations are paid in full, notwithstanding any transfer of Financed Eligible
Loans or extension of time for payment.

        SECTION 9.03. LIEN CREATED. This Indenture shall operate effectually as
(a) a grant of lien on and security interest in, and (b) an assignment of, the
Trust Estate.

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        SECTION 9.04. SEVERABILITY OF LIEN. If the lien of this Indenture shall
be or shall ever become ineffectual, invalid or unenforceable against any part
of the Trust Estate, which is not subject to the lien, because of want of power
or title in the Issuer, the inclusion of any such part shall not in any way
affect or invalidate the pledge and lien hereof against such part of the Trust
Estate as to which the Issuer in fact had the right to pledge.

        SECTION 9.05. CONSENT OF REGISTERED OWNERS BINDS SUCCESSORS. Any request
or consent of the Registered Owner of any Obligations given for any of the
purposes of this Indenture shall bind all future Registered Owners of the same
Obligation or any Obligations issued in exchange therefor or in substitution
thereof in respect of anything done or suffered by the Issuer or the Trustee in
pursuance of such request or consent.

        SECTION 9.06. NONLIABILITY OF PERSONS; NO GENERAL OBLIGATION. It is
hereby expressly made a condition of this Indenture that any agreements,
covenants or representations herein contained or contained in the Notes do not
and shall never constitute or give rise to a personal or pecuniary liability or
charge against the organizers, officers, employees, agents or trustees or the
Administrator of the Issuer, or against the general credit of the Issuer, and in
the event of a breach of any such agreement, covenant or representation, no
personal or pecuniary liability or charge payable directly or indirectly from
the general revenues of the Issuer shall arise therefrom. Nothing contained in
this Section, however, shall relieve the Issuer from the observance and
performance of the several covenants and agreements on its part herein
contained.

        SECTION 9.07. NONPRESENTMENT OF NOTES OR INTEREST CHECKS. Should any of
the Notes or interest checks not be presented for payment when due, the Trustee
shall retain from any money transferred to it for the purpose of paying the
Notes or interest checks so due, for the benefit of the Registered Owners
thereof, a sum of money sufficient to pay such Notes or interest checks when the
same are presented by the Registered Owners thereof for payment. Such money
shall not be required to be invested. All liability of the Issuer to the
Registered Owners of such Notes or interest checks and all rights of such
Registered Owners against the Issuer under the Notes or interest checks or under
this Indenture shall thereupon cease and determine, and the sole right of such
Registered Owners shall thereafter be against such deposit. If any Note or
interest check shall not be presented for payment within the period of two years
following its payment or prepayment date, the Trustee shall return to the Issuer
the money theretofore held by it for payment of such Note or interest check, and
such Note or interest check shall (subject to the defense of any applicable
statute of limitation) thereafter be an unsecured obligation of the Issuer. The
Trustee's responsibility for any such money shall cease upon remittance thereof
to the Issuer.

        SECTION 9.08. SECURITY AGREEMENT. This Indenture constitutes a Financing
Statement and a Security Agreement under the Delaware Uniform Commercial Code
and the Utah Uniform Commercial Code.

        SECTION 9.09. LAWS GOVERNING. It is the intent of the parties hereto
that this Indenture shall in all respects be governed by the laws of the State
of New York. This Indenture is subject to the provisions of the Trust Indenture
Act that are required to be part of this Indenture and shall, to the extent
applicable, be governed by such provisions.

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<PAGE>

        SECTION 9.10. SEVERABILITY. If any covenant, agreement, waiver, or part
thereof in this Indenture contained be forbidden by any pertinent law or under
any pertinent law be effective to render this Indenture invalid or unenforceable
or to impair the lien hereof, then each such covenant, agreement, waiver, or
part thereof shall itself be and is hereby declared to be wholly ineffective,
and this Indenture shall be construed as if the same were not included herein.

        SECTION 9.11. EXHIBITS. The terms of the Schedules and Exhibits, if any,
attached to this Indenture are incorporated herein in all particulars.

        SECTION 9.12. NON-BUSINESS DAYS. Except as may otherwise be provided
herein, if the date for making payment of any amount hereunder or on any Note,
or if the date for taking any action hereunder, is not a Business Day, then such
payment can be made without accruing further interest or action can be taken on
the next succeeding Business Day, with the same force and effect as if such
payment were made when due or action taken on such required date.

        SECTION 9.13. PARTIES INTERESTED HEREIN. Nothing in this Indenture
expressed or implied is intended or shall be construed to confer upon, or to
give to, any person or entity, other than the Trustee, the Delaware Trustee, the
paying agent, if any, and the Registered Owners of the Obligations, any right,
remedy or claim under or by reason of this Indenture or any covenant, condition
or stipulation hereof, and all covenants, stipulations, promises and agreements
in this Indenture contained by and on behalf of the Issuer shall be for the sole
and exclusive benefit of the Trustee, the paying agent, if any, and the
Registered Owners of the Obligations.

        SECTION 9.14. OBLIGATIONS ARE LIMITED OBLIGATIONS. The Notes and the
obligations of the Issuer contained in this Indenture are special, limited
obligations of the Issuer, secured by and payable solely from the Trust Estate
herein provided. The Issuer shall not be obligated to pay the Notes, the
interest thereon, or any other obligation created by or arising from this
Indenture from any other source.

        SECTION 9.15. LIMITATIONS ON COUNTERPARTY RIGHTS. No Counterparty which
shall be in default under any Derivative Product with the Issuer shall have any
of the rights granted to a Counterparty or as the Registered Owner of an
Obligation hereunder. A Counterparty which is in default under any Derivative
Product shall however, continue to maintain all obligations undertaken by it
under the terms of its Derivative Product. No Counterparty shall have any
consent or voting rights under this Indenture, or any rights to instruct the
Trustee to take, or refrain from taking, any action hereunder except upon
satisfaction of a Rating Confirmation.

        SECTION 9.16. DISCLOSURE OF NAMES AND ADDRESSES OF REGISTERED OWNERS.

                (a) Registered Owners may communicate pursuant to Section 312(b)
        of the Trust Indenture Act with other Registered Owners with respect to
        their rights under this Indenture or under the Notes. Upon receipt by
        the Trustee of any request by three or more Registered Owners or by one
        or more holders of Notes evidencing not less than 25% of the Outstanding
        Amount of the Notes to receive a copy of the current list of Registered
        Owners (whether or not made pursuant to Section 312(b) of the Trust
        Indenture Act), the Trustee shall promptly notify the Issuer thereof by
        providing to the Issuer a copy of such request and a copy of the list of
        Registered Owners produced in response thereto.

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<PAGE>

                (b) Registered Owners of Notes, by receiving and holding the
        same, agree with the Issuer and the Trustee that neither the Issuer nor
        the Trustee nor any Securities Depository shall be held accountable by
        reason of the disclosure of any information as to the names and
        addresses of the Registered Owners of Notes in accordance with Section
        312 of the Trust Indenture Act, regardless of the source from which such
        information was derived, and that the Trustee shall not be held
        accountable by reason of mailing any material pursuant to a request made
        under Section 312(b) of the Trust Indenture Act.

        SECTION 9.17. AGGREGATE PRINCIPAL AMOUNT OF OBLIGATIONS. Whenever in
this Indenture reference is made to the aggregate principal amount of any
Obligations, such phrase shall mean, at any time, the principal amount of any
Notes and the Derivative Value of any Derivative Product.

        SECTION 9.18. FINANCED ELIGIBLE LOANS. The Issuer expects to acquire
Eligible Loans and to transfer Eligible Loans to the Trustee, in accordance with
this Indenture, which Eligible Loans, upon becoming subject to the lien of this
Indenture, constitute Financed Eligible Loans, as defined herein. If for any
reason a Financed Eligible Loan does not constitute an Eligible Loan, or ceases
to constitute an Eligible Loan, such loan shall continue to be subject to the
lien of this Indenture as a Financed Eligible Loan.

        SECTION 9.19. CONCERNING THE DELAWARE TRUSTEE. It is expressly
understood and agreed by the parties to this Indenture and the Registered Owners
that (a) this Indenture is executed and delivered by the Delaware Trustee not in
its individual or personal capacity but solely in its capacity as Delaware
Trustee under the Trust Agreement on behalf of the Issuer, in the exercise of
the powers and authority conferred and vested in it as Delaware Trustee under
the Trust Agreement, subject to the protections, indemnities and limitations
from liability afforded to the Delaware Trustee thereunder; (b) the
representations, warranties, covenants, undertakings, agreements and obligations
by the Delaware Trustee are made and intended not as personal representations,
warranties, covenants, undertakings, agreements and obligations by Wells Fargo
Delaware Trust Company, but are made and intended for the purpose of only
binding the Trust Estate, as defined in the Trust Agreement, and the Issuer; (c)
nothing contained herein shall be construed as creating any liability on Wells
Fargo Delaware Trust Company, individually or personally, to perform any
expressed or implied covenant, duty or obligation of any kind whatsoever
contained herein; and (d) under no circumstances shall Wells Fargo Delaware
Trust Company, be personally liable for the payment of any fees, costs,
indebtedness or expenses of any kind whatsoever or be personally liable for the
breach or failure of any obligation, representation, agreement, warranty or
covenant whatsoever made or undertaken by the Delaware Trustee or Issuer
hereunder.

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                                   ARTICLE X

                        PAYMENT AND CANCELLATION OF NOTES
                          AND SATISFACTION OF INDENTURE

        SECTION 10.01. TRUST IRREVOCABLE. The trust created by the terms and
provisions of this Indenture is irrevocable until the indebtedness secured
hereby (the Notes and interest thereon) and all Issuer Derivative Payments are
fully paid or provision made for its payment as provided in this Article.

        SECTION 10.02. SATISFACTION OF INDENTURE.

                (a) If the Issuer shall pay, or cause to be paid, or there shall
        otherwise be paid (i) to the Registered Owners of the Notes, the
        principal of and interest on the Notes, at the times and in the manner
        stipulated in this Indenture; and (ii) to each Counterparty, all Issuer
        Derivative Payments then due, then the pledge of the Trust Estate, and
        all covenants, agreements and other obligations of the Issuer to the
        Registered Owners of Notes shall thereupon cease, terminate and become
        void and be discharged and satisfied. In such event, the Trustee shall
        execute and deliver to the Issuer all such instruments as may be
        desirable to evidence such discharge and satisfaction, and the Trustee
        shall pay over or deliver all money held by it under this Indenture to
        the party entitled to receive the same under this Indenture. If the
        Issuer shall pay or cause to be paid, or there shall otherwise be paid,
        to the Registered Owners of any Outstanding Notes the principal of and
        interest on such Notes and to each Counterparty all Counterparty
        Payments then due, at the times and in the manner stipulated in this
        Indenture and in the respective Derivative Product, such Notes and each
        Counterparty shall cease to be entitled to any lien, benefit or security
        under this Indenture, and all covenants, agreements and obligations of
        the Issuer to the Registered Owners thereof and each Counterparty shall
        thereupon cease, terminate and become void and be discharged and
        satisfied.

                (b) Notes or interest installments shall be deemed to have been
        paid within the meaning of Section 10.02(a) hereof if money for the
        payment thereof has been set aside and is being held in trust by the
        Trustee at the Note Final Maturity Date or earlier prepayment date
        thereof. Any Outstanding Note shall, prior to the Note Final Maturity
        Date or earlier prepayment thereof, be deemed to have been paid within
        the meaning and with the effect expressed in Section 10.02(a) hereof if
        (i) such Note is to be prepaid on any date prior to its Note Final
        Maturity Date and (ii) the Issuer shall have given notice of prepayment
        as provided herein on said date, there shall have been deposited with
        the Trustee either money (fully insured by the Federal Deposit Insurance
        Corporation or fully collateralized by Governmental Obligations) in an
        amount which shall be sufficient, or Governmental Obligations (including
        any Governmental Obligations issued or held in book-entry form on the
        books of the Department of Treasury of the United States of America) the
        principal of and the interest on which when due will provide money
        which, together with the money, if any, deposited with the Trustee at
        the same time, shall be sufficient, to pay when due the principal of and
        interest to become due on such Note on and prior to the prepayment date
        or Note Final Maturity Date thereof, as the case may be. Notwithstanding
        anything herein to the contrary, however, no such deposit shall have the
        effect specified in this subsection (b) if made during the existence of
        an Event of Default, unless made with respect to all of the Notes then
        Outstanding. Neither Governmental Obligations nor money deposited with

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        the Trustee pursuant to this subsection (b) nor principal or interest
        payments on any such Governmental Obligations shall be withdrawn or used
        for any purpose other than, and shall be held irrevocably in trust in an
        escrow account for, the payment of the principal of and interest on such
        Notes. Any cash received from such principal of and interest on such
        Governmental Obligations deposited with the Trustee, if not needed for
        such purpose, shall, to the extent practicable, be reinvested in
        Governmental Obligations maturing at times and in amounts sufficient to
        pay when due the principal of and interest on such Notes on and prior to
        such prepayment date or Note Final Maturity Date thereof, as the case
        may be, and interest earned from such reinvestments shall be paid over
        to the Issuer, as received by the Trustee, free and clear of any trust,
        lien or pledge. Any payment for Governmental Obligations purchased for
        the purpose of reinvesting cash as aforesaid shall be made only against
        delivery of such Governmental Obligations. For the purposes of this
        Section, "Governmental Obligations" shall mean and include only
        non-callable direct obligations of the Department of the Treasury of the
        United States of America or portions thereof (including interest or
        principal portions thereof), and such Governmental Obligations shall be
        of such amounts, maturities and interest payment dates and bear such
        interest as will, without further investment or reinvestment of either
        the principal amount thereof or the interest earnings therefrom, be
        sufficient to make the payments required herein, and which obligations
        have been deposited in an escrow account which is irrevocably pledged as
        security for the Notes. Such term shall not include mutual funds and
        unit investment trusts.

                (c) Any Issuer Derivative Payments are deemed to have been paid
        and the applicable Derivative Product terminated when payment of all
        Issuer Derivative Payments due and payable to each Counterparty under
        its respective Derivative Product have been made or duly provided for to
        the satisfaction of each Counterparty and the respective Derivative
        Product has been terminated.

                (d) In no event shall the Trustee deliver over to the Issuer any
        Financed Eligible Loans originated under the Higher Education Act unless
        the Issuer is an Eligible Lender, if the Higher Education Act or
        Regulations then in effect require the owner or holder of such Financed
        Eligible Loans to be an Eligible Lender.

                (e) The provisions of this Section are applicable to the Notes
        and the Issuer Derivative Payments.

        SECTION 10.03. OPTIONAL PURCHASE OF ALL FINANCED ELIGIBLE LOANS. The
Administrator shall certify to and notify the Sponsor, or any assignee of its
rights hereunder, and the Trustee in writing, within 15 days after the last
Business Day of each Collection Period in which the then outstanding Pool
Balance is 12% or less of the Initial Pool Balance, of the percentage that the
then outstanding Pool Balance bears to the Initial Pool Balance. The Sponsor or
its assignee shall have the option to purchase all of the Financed Eligible
Loans on the earlier of (a) the June 2022 Quarterly Distribution Date and (b)
date that is the tenth (10th) Business Day preceding the Quarterly Distribution
Date next succeeding the date on which the then outstanding Pool Balance is 10%

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or less of the Initial Pool Balance (each, an "Optional Purchase Date"). To
exercise the option described in this Section, the Sponsor or its assignee shall
deposit in the Collection Fund on the Optional Purchase Date, an amount equal to
the aggregate Purchase Amount for the Financed Eligible Loans and the related
rights with respect thereto, plus the appraised value of any such other property
held in the Trust Estate other than the Funds and Accounts, such value to be
determined by an appraiser mutually agreed upon by the Sponsor or its assignee
and the Trustee; provided, however, that the Sponsor or its assignee may not
effect such purchase if such aggregate Purchase Amounts and the appraised value
of such other property do not equal or exceed the Minimum Purchase Amount, less
any amounts on deposit in the Funds and Accounts.

        SECTION 10.04. AUCTION OF FINANCED ELIGIBLE LOANS. If the Sponsor, or
any assignee of its rights under Section 10.03 hereof, does not exercise its
option to purchase Financed Eligible Loans pursuant to Section 10.03 hereof, the
Trustee (or its designated agent) shall, promptly after the Business Day next
succeeding the Optional Purchase Date, offer for sale Financed Eligible Loans in
an amount sufficient to redeem all Notes Outstanding on such Quarterly
Distribution Date, and any such sale shall be consummated on or before such
Quarterly Distribution Date (the "Trust Auction Date"). Nelnet, Inc. or its
Affiliates may bid to purchase the Financed Eligible Loans. The Trustee shall
provide written notice to the Sponsor of any such offer for sale at least three
Business Days in advance of the Trust Auction Date. If at least two independent
bids are received, the Trustee (or its designated agent) shall solicit and
resolicit new bids from all participating bidders until only one bid remains or
the remaining bidders decline to resubmit bids. The Trustee shall accept the
highest of the remaining bids if it is equal to or in excess of both (i) the
Minimum Purchase Amount, less any amounts on deposit in the Funds and Accounts
and (ii) the fair market value of such Financed Eligible Loans as of the end of
the Collection Period immediately preceding the Trust Auction Date. If at least
two bids are not received or the highest bid after the resolicitation process is
completed is not equal to or in excess of the higher of the amounts described in
the preceding sentences, the Trustee shall not consummate such sale. The Trustee
may consult, and, at the direction of the Sponsor, shall consult, with a
financial advisor, including an underwriter of the Notes or the Administrator,
to determine if the fair market value of the Financed Eligible Loans has been
offered. The proceeds of any such sale shall be deposited to the Collection Fund
and applied to the redemption of all Notes Outstanding in accordance with
Section 5.04(d) hereof. Unless requested by the Administrator, if the sale is
not completed, the Trustee may, but will not be obligated to, solicit bids for
sale of the Financed Eligible Loans with respect to future Quarterly
Distribution Dates upon terms similar to those described above. The Trustee
shall be obligated to make such solicitations, however, if requested to do so by
the Administrator. Notice of the prepayment of any Obligations resulting from a
purchase of the Financed Eligible Loans on the Optional Purchase Date or the
auction of the Financed Eligible Loans on the Trust Auction Date, shall be given
by the Trustee to the Registered Owners by first-class mail within five Business
Days of such Optional Purchase Date or Trust Auction Date.

        SECTION 10.05. CANCELLATION OF PAID NOTES. Any Notes which have been
paid or purchased by the Issuer, mutilated Notes replaced by new Notes, and any
temporary Note for which definitive Notes have been delivered shall (unless
otherwise directed by the Issuer by Issuer Order) forthwith be cancelled by the
Trustee and, except for temporary Notes, returned to the Issuer.

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        IN WITNESS WHEREOF, the Issuer has caused this Indenture to be executed
in its organizational name and behalf by its Delaware Trustee, and the Trustee,
to evidence its acceptance of the trusts hereby created, has caused this
Indenture to be executed in its organizational name and behalf, all in multiple
counterparts, each of which shall be deemed an original, and the Issuer and the
Trustee have caused this Indenture to be dated as of the date herein above first
shown.

                                 NELNET STUDENT LOAN TRUST 2005-4,
                                 a Delaware statutory trust

                                 By: WELLS FARGO DELAWARE TRUST COMPANY, not in
                                     its individual capacity or personal
                                     capacity but solely in its capacity as
                                     Delaware Trustee

                                 By   /s/ Ann Roberts Dukart
                                    --------------------------------------------
                                 Name     Ann Roberts Dukart
                                      ------------------------------------------
                                 Title    Vice President
                                       -----------------------------------------

                                 ZIONS FIRST NATIONAL BANK, as Trustee

                                 By  /s/ David W. Bata
                                    --------------------------------------------
                                     David W. Bata, Vice President

                                 Acknowledged and accepted as to
                                 clause "C" of the Granting
                                 Clauses as of the day and year
                                 first written above:

                                 ZIONS FIRST NATIONAL BANK, as Eligible Lender
                                 Trustee

                                 By  /s/ David W. Bata
                                    --------------------------------------------
                                     David W. Bata, Vice President

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<PAGE>

                                   APPENDIX A

                         CERTAIN TERMS AND PROVISIONS OF
                             THE AUCTION RATE NOTES

                                    ARTICLE I

                                   DEFINITIONS

        Except as provided below in this Section, all terms which are defined in
Article I of the Indenture shall have the same meanings, respectively, in this
Appendix A as such terms are given in the Indenture. In addition, the following
terms shall have the following respective meanings:

        "ALL HOLD RATE" means, on any date of determination, the interest rate
per annum equal to 90% of the Applicable LIBOR Rate, rounded to the nearest one
thousandth of one percent; provided that in no event shall the All Hold Rate be
more than the Interest Rate Limitation or less than zero.

        "APPLICABLE CP SPREAD," on any date of determination, means the
following percentages, based on the lowest rating assigned to the Auction Rate
Notes:

                                  CREDIT RATING

        S&P              MOODY'S               FITCH        APPLICABLE CP SPREAD

       "AAA"              "Aaa"                "AAA"                 0.75%
   "AA-" to "AA+"     "Aa3" to Aa1"        "AA-" to AA+"             0.75
    "A-" to "A+"       "A3" to "A1"         "A-" to "A+"             0.75
  "BBB-" to BBB+"    "Baa3" to "Baa1"     "BBB-" to "BBB+"           1.00
    Below "BBB-"       Below "Baa3"         Below "BBB-"             1.50

        "APPLICABLE LIBOR RATE" means, with respect to the Auction Rate Notes
(a) for Auction Periods of 28 days or less, One Month LIBOR; (b) for Auction
Periods of more than 28 days but less than 91 days, Three Month LIBOR; (c) for
Auction Periods of more than 90 days but less than 181 days, Six-Month LIBOR;
and (d) for Auction Periods of more than 180 days, One Year LIBOR. As used in
this definition and otherwise herein, the terms "One Month LIBOR," "Three Month
LIBOR," "Six Month LIBOR" or "One Year LIBOR" mean the rate of interest per
annum equal to the rate per annum at which United States dollar deposits having
a maturity of one month, three months, six months or one year, respectively, are
offered to prime banks in the London interbank market which appear on the
Reuters Screen LIBOR Page as of approximately 11:00 a.m., London time, on the
Interest Rate Determination Date. If at least two such quotations appear, One
Month LIBOR, Three Month LIBOR, Six Month LIBOR or One Year LIBOR, respectively,
will be the arithmetic mean (rounded upwards, if necessary, to the nearest one
hundredth of one percent) of such offered rates. If fewer than two such quotes
appear, One Month LIBOR, Three Month LIBOR, Six Month LIBOR or One-Year LIBOR,

                                       AA-1
<PAGE>

respectively, with respect to such Auction Period will be determined at
approximately 11:00 a.m., London time, on such Interest Rate Determination Date
on the basis of the rate at which deposits in United States dollars having a
maturity of one month, three months, six months or one year, respectively, are
offered to prime banks in the London interbank market by four major banks in the
London interbank market selected by the Auction Agent or the Trustee, as
applicable, and in a principal amount of not less than U.S. $1,000,000 and that
is representative for a single transaction in such market at such time. The
Auction Agent or the Trustee, as applicable, will request the principal London
office of each of such banks to provide a quotation of its rate. If at least two
quotations are provided, One Month LIBOR, Three Month LIBOR, Six Month LIBOR or
One Year LIBOR, respectively, will be the arithmetic mean (rounded upwards, if
necessary, to the nearest one hundredth of one percent) of such offered rates.
If fewer than two quotations are provided, One Month LIBOR, Three Month LIBOR,
Six Month LIBOR or One Year LIBOR, respectively, with respect to such Auction
Period will be the arithmetic mean (rounded upwards, if necessary, to the
nearest one hundredth of one percent) of the rates quoted at approximately 11:00
a.m., New York City time on such Interest Rate Determination Date by three major
banks in New York, New York selected by the Auction Agent or the Trustee, as
applicable, for loans in United States dollars to leading European banks having
a maturity of one month, three months, six months or one year, respectively, and
in a principal amount equal to an amount of not less than U.S. $1,000,000 and
that is representative for a single transaction in such market at such time;
provided, however, that if the banks selected as aforesaid are not quoting as
mentioned in this sentence, One Month LIBOR, Three Month LIBOR, Six Month LIBOR
or One Year LIBOR, respectively, in effect for the applicable Auction Period
will be One Month LIBOR, Three Month LIBOR, Six Month LIBOR or One Year LIBOR,
respectively, in effect for the immediately preceding Auction Period.

        "APPLICABLE T-BILL SPREAD" means, on any date of determination, the
following percentages, based on the lowest rating assigned to the Auction Rate
Notes as of such date:

                                  CREDIT RATING

                         MOODY'S INVESTORS                     APPLICABLE T-BILL
   STANDARD & POOR'S          SERVICE            FITCH, INC.        SPREAD

         "AAA"                 "Aaa"                "AAA"            1.25%
     "AA " to "AA+"        "Aa3" to "Aa1"       "AA" to "AA+"        1.25
      "A" to "A+"           "A3" to "A1"         "A" to "A+"         1.25
    "BBB" to "BBB+"       "Baa3" to "Baa1"     "BBB" to "BBB+"       1.50
      Below "BBB"           Below "Baa3"         Below "BBB"         2.00

        "AUCTION" means the implementation of the Auction Procedures on an
Auction Date.

        "AUCTION AGENT" means the Initial Auction Agent under the Initial
Auction Agent Agreement unless and until a Substitute Auction Agent Agreement
becomes effective, after which "Auction Agent" shall mean the Substitute Auction
Agent.
                                       AA-2
<PAGE>

        "AUCTION AGENT AGREEMENT" means the Initial Auction Agent Agreement
unless and until a Substitute Auction Agent Agreement is entered into, after
which "Auction Agent Agreement" shall mean such Substitute Auction Agent
Agreement.

        "AUCTION AGENT FEE" has the meaning set forth in the Auction Agent
Agreement.

        "AUCTION DATE" means, initially, November 25, 2005 with respect to the
Class A-4AR-1 Notes and December 12, 2005 with respect to the Class A-4AR-2
Notes; and thereafter, the Business Day immediately preceding the first day of
each Auction Period for such Class, other than:

               (a) each Auction Period commencing after the ownership of the
        applicable Auction Rate Notes is no longer maintained in Book-entry Form
        by the Securities Depository;

               (b) each Auction Period commencing after and during the
        continuance of a Payment Default; or

               (c) each Auction Period commencing less than two Business Days
        after the cure or waiver of a Payment Default.

        Notwithstanding the foregoing, the Auction Date for one or more Auction
Periods may be changed pursuant to Section 2.02(h) of this Appendix A.

        "AUCTION NOTE INTEREST RATE" means each variable rate of interest per
annum borne by an Auction Rate Note for each Auction Period and determined in
accordance with the provisions of Sections 2.01 and 2.02 of this Appendix A.

        "AUCTION PERIOD" means the Interest Accrual Period applicable to the
Auction Rate Notes during which time the Interest Rate is determined pursuant to
Section 2.02(a) of this Appendix A, which Auction Period (after the Initial
Period for such Class) initially shall consist generally of 7 days for the Class
A-4AR-1 Notes and 28 days for the Class A-4AR-2 Notes, as the same may be
adjusted pursuant to Sections 2.01 and 2.02(g) of this Appendix A.

        "AUCTION PERIOD ADJUSTMENT" means an adjustment to the Auction Period as
provided in Section 2.02(g) of this Appendix A.

        "AUCTION PROCEDURES" means the procedures set forth in Section 2.02(a)
of this Appendix A by which the Auction Rate is determined.

        "AUCTION RATE" means the rate of interest per annum that results from
implementation of the Auction Procedures and is determined as described in
Section 2.02(a)(iii)(B) of this Appendix A.

        "AUCTION RATE DISTRIBUTION DATE" means, for each Auction Rate Note, the
Business Day immediately following the expiration of the Initial Period for such
Auction Rate Note and each related Auction Period thereafter; provided, however,
if the duration of such Auction Period exceeds 90 days, then such Auction Rate
Note shall have interest payment dates on (a) each Quarterly Distribution Date
occurring during such Auction Period, and (b) the first Business Day immediately
following the end of such Auction Period.

                                       AA-3
<PAGE>

        "AUCTION RATE NOTES" means, collectively, the Class A-4AR-1 Notes and
the Class A-4AR-2 Notes.

        "AUTHORIZED DENOMINATIONS" means $50,000 and any integral multiple
thereof.

        "AVAILABLE AUCTION RATE NOTES" has the meaning set forth in Section
2.02(a)(iii)(A)(1) of this Appendix A.

        "BID" has the meaning set forth in Section 2.02(a)(i)(A) of this
Appendix A.

        "BID AUCTION RATE" has the meaning set forth in Section 2.02(a)(iii)(A)
of this Appendix A.

        "BIDDER" has the meaning set forth in Section 2.02(a)(i)(A) of this
Appendix A.

        "BOND EQUIVALENT YIELD" means with respect to any security with a
maturity of six months or less the rate for which is quoted in THE WALL STREET
JOURNAL on a bank discount basis, a yield (expressed as a percentage) calculated
in accordance with the following formula and rounded up to the nearest
one-hundredth of one percent:

                      Bond Equivalent Yield =           Q x N       x 100
                                                   --------------
                                                 360 - (T x Q)

where "Q" refers to the per annum interest rate for the security quoted on a
bank discount basis and expressed as a decimal, "N" refers to 365 or 366 (days),
as the case may be, and "T" refers to the number of days to maturity.

        "BOOK-ENTRY FORM" or "BOOK-ENTRY SYSTEM" means a form or system under
which (a) the beneficial right to principal and interest may be transferred only
through a book entry, (b) physical securities in registered form are issued only
to a Securities Depository or its nominee as registered owner, with the
securities "immobilized" to the custody of the Securities Depository, and (c)
the book entry is the record that identifies the owners of beneficial interests
in that principal and interest.

        "BROKER-DEALER" means, with respect to the Class A-4AR-1 Notes, J.P.
Morgan Securities Inc. and Nelnet Capital, LLC and , with respect to the Class
A-4AR-2 Notes, Morgan Stanley & Co. Incorporated, or any other broker or dealer
(each as defined in the Securities Exchange Act of 1934, as amended), commercial
bank or other entity permitted by law to perform the functions required of a
Broker-Dealer set forth in the Auction Procedures that (a) is a Participant (or
an affiliate of a Participant), (b) has been appointed as such by the Issuer
pursuant to Section 2.02(f) of this Appendix A, and (c) has entered into a
Broker-Dealer Agreement that is in effect on the date of reference.

                                       AA-4
<PAGE>

        "BROKER-DEALER AGREEMENT" means each agreement between the Auction Agent
and a Broker-Dealer, pursuant to which the Broker-Dealer agrees to participate
in Auctions as set forth in the Auction Procedures, as from time to time amended
or supplemented. Each Broker-Dealer Agreement shall be in substantially the form
of the Broker Dealer Agreements, each dated as of November 1, 2005, among the
Issuer, Deutsche Bank Trust Company Americas, as Auction Agent, and the
respective Broker-Dealers.

        "BROKER-DEALER FEE" has the meaning set forth in the Auction Agent
Agreement.

        "BROKER-DEALER FEE RATE" has the meaning set forth in the Auction Agent
Agreement.

        "BUSINESS DAY" means any day other than a Saturday, Sunday, holiday or
other day on which the New York Stock Exchange or banks located in New York, New
York, or in the city in which the principal office of the Trustee or the Auction
Agent is located, are authorized or permitted by law or executive order to
close; provided that with respect to Auction Dates such term shall exclude April
14 and 15 and December 30 and 31 and such other dates as may be agreed to in
writing by the Auction Agent, the Broker-Dealers and the Issuer.

        "CARRY-OVER AMOUNT" means the excess, if any, of (a) the amount of
interest on an Auction Rate Note that would have accrued with respect to the
related Interest Accrual Period at the least of the applicable Auction Rate and
the components included in the Maximum Rate over (b) the amount of interest on
such Auction Rate Note actually accrued with respect to such Auction Rate Note
with respect to such Interest Accrual Period based on the Net Loan Rate,
together with the unreduced portion of any such excess from prior Interest
Accrual Periods; provided that any reference to "principal" or "interest" in the
Indenture and in this Appendix A and the Auction Rate Notes shall not include
within the meanings of such words any Carry-over Amount or any interest accrued
on any Carry-over Amount.

        "CP CAP" means, for any Auction Date, the rate (for the then current
Auction) at which the Quarterly Average Auction Rate equals the Quarterly
Average CP Rate plus the Applicable CP Spread, such rate to be determined by the
formula:

                               N x (C + S) - R,

Where N is the number of Auction Dates which precede the current Auction Date by
91 days or less, including the current Auction Date; C is the Quarterly Average
CP Rate; S is the Applicable CP Spread; and, R is the sum of the Auction Rates
for Auction Dates preceding the current Auction Date by 91 days or less,
excluding the current Auction.

        "EFFECTIVE INTEREST RATE" means, with respect to any Financed Eligible
Loan, the interest rate per annum payable by the borrower as of the last day of
the calendar quarter borne by such Financed Eligible Loan after giving effect to
any reduction in such interest rate pursuant to borrower incentives, (a) less
all accrued rebate fees on such Financed Eligible Loan constituting
Consolidation Loans paid during such calendar quarter expressed as a percentage
per annum and (b) plus all accrued Interest Benefit Payments and Special
Allowance Payments applicable to such Financed Eligible Loan during such
calendar quarter expressed as a percentage per annum.

                                       AA-5
<PAGE>

        "ELIGIBLE CARRY-OVER MAKE-UP AMOUNT" means, with respect to each
Interest Accrual Period relating to the Auction Rate Notes as to which, as of
the first day of such Interest Accrual Period, there is any unpaid Carry-over
Amount, an amount equal to the lesser of (a) interest computed on the principal
balance of the Auction Rate Notes in respect to such Interest Accrual Period at
a per annum rate equal to the excess, if any, of the Net Loan Rate over the
Auction Rate, together with the unreduced portion of any such excess from prior
Interest Accrual Periods; and (b) the aggregate Carry-over Amount remaining
unpaid as of the first day of such Interest Accrual Period together with
interest accrued and unpaid thereon through the end of such Interest Accrual
Period.

        "EXISTING OWNER" means (a) with respect to and for the purpose of
dealing with the Auction Agent in connection with an Auction, a Person who is a
Broker-Dealer listed in the Existing Owner Registry at the close of business on
the Business Day immediately preceding the Auction Date for such Auction; and
(b) with respect to and for the purpose of dealing with the Broker-Dealer in
connection with an Auction, a Person who is a beneficial owner of Auction Rate
Notes.

        "EXISTING OWNER REGISTRY" means the registry of Persons who are owners
of the Auction Rate Notes, maintained by the Auction Agent as provided in the
Auction Agent Agreement.

        "HOLD ORDER" has the meaning set forth in Section 2.02(a)(i)(A) of this
Appendix A.

        "INITIAL AUCTION AGENT" means Deutsche Bank Trust Company Americas, a
New York banking corporation, its successors and assigns.

        "INITIAL AUCTION AGENT AGREEMENT" means, collectively, the Auction Agent
Agreement dated as of November 1, 2005, by and among the Issuer, the Trustee and
the Initial Auction Agent, including any amendment thereof or supplement
thereto.

        "INITIAL PERIOD" means, as to Auction Rate Notes, the period commencing
on the Date of Issuance and continuing through the day immediately preceding the
Initial Rate Adjustment Date for such Auction Rate Notes.

        "INITIAL RATE" means for each Class of Auction Rate Notes, the per annum
rate set forth below:

             CLASS             INITIAL AUCTION RATE

         Class A-4AR-1                    3.89%
         Class A-4AR-2                    4.09%

        "INITIAL RATE ADJUSTMENT DATE" means, for each Class of the Auction Rate
Notes, the date set forth below (or if such date is not a Business Day, the
following Business Day):

                               INITIAL INTEREST RATE
             CLASS                ADJUSTMENT DATE

         Class A-4AR-1         November 28, 2005
         Class A-4AR-2         December 13, 2005

                                       AA-6
<PAGE>

        "INTEREST ACCRUAL PERIOD" means, with respect to the Auction Rate Notes,
the Initial Period and each period commencing on an Auction Rate Distribution
Date for such class and ending on the day before (a) the next Auction Rate
Distribution Date for such Class or (b) the Stated Maturity of such Class, as
applicable.

        "INTEREST RATE ADJUSTMENT DATE" means the date on which an Auction Note
Interest Rate is effective, and means, with respect to the Auction Rate Notes,
the date of commencement of each Auction Period.

        "INTEREST RATE DETERMINATION DATE" means, with respect to the Auction
Rate Notes, the Auction Date, or if no Auction Date is applicable to such Class,
the Business Day immediately preceding the date of commencement of an Auction
Period.

        "INTEREST RATE LIMITATION" means, on any date of determination, the
lesser of (a) the highest rate the Issuer may legally pay from time to time or
(b) 17%.

        "MAXIMUM RATE" on any date of determination means the lesser of:

               (a) the Applicable LIBOR Rate plus 1.00%;

               (b) the Interest Rate Limitation;

               (c) for Auctions after the initial Auction Date, the T Bill Cap;

               (d) for Auctions after the initial Auction Date, the CP Cap; or

               (e) the Net Loan Rate.

        "90-DAY FINANCIAL COMMERCIAL PAPER" means the 90-Day AA Financial
Commercial Paper rate posted on the Federal Reserve Release entitled "Commercial
Paper Rates and Outstandings," which rate may be available on the Internet at
www.federalreserve.gov/releases/cp.

        "NET LOAN RATE" means, with respect to any Interest Accrual Period
applicable to the Auction Rate Notes, the weighted average return on the
Financed Eligible Loans, including all revenues derived from such Financed
Eligible Loans, less all program expenses expressed as a percentage of the
average outstanding principal balance of such Financed Eligible Loans, which
percentage shall be calculated by the Issuer on a quarterly basis, in arrears
and provided to the Trustee and the Auction Agent. In making the determination
of the Net Loan Rate, the Issuer shall take into account any Counterparty
Payments received and/or any Issuer Derivative Payments made.

        "NON-PAYMENT RATE" means One-Month LIBOR plus 1.50%.

        "ORDER" has the meaning set forth in Section 2.02(a)(i)(A) of this
Appendix A.

        "PAYMENT DEFAULT" means, with respect to the Auction Rate Notes, (a) a
default in the due and punctual payment of any installment of interest on such
Auction Rate Notes, or (b) a default in the due and punctual payment of any
interest on and principal of such Auction Rate Notes at their maturity.

                                       AA-7
<PAGE>

        "POTENTIAL OWNER" means any Person (including an Existing Owner that is
(a) a Broker-Dealer when dealing with the Auction Agent and (b) a potential
beneficial owner when dealing with a Broker-Dealer) who may be interested in
acquiring Auction Rate Notes (or, in the case of an Existing Owner thereof, an
additional principal amount of Auction Rate Notes).

        "PSA" means the Public Securities Association, its successors and
assigns.

        "QUARTERLY AVERAGE AUCTION RATE" means the simple average of the Auction
Rates for Auction Dates preceding the current Auction Date by 91 days or less,
including the current Auction Date.

        "QUARTERLY AVERAGE CP RATE" means the simple average of the Bond
Equivalent Yield of 90-Day Financial Commercial Paper Rates for the 91 days
preceding (but not including) the current Auction Date.

        "QUARTERLY AVERAGE T-BILL RATE" means the simple average of the Bond
Equivalent Yield of 91-day Treasury bills auctioned in the 91 days preceding
(but not including) the current Auction Date.

        "REGULAR RECORD DATE" means the Business Day next preceding the
applicable Auction Date.

        "S&P" means Standard & Poor's Ratings Services, a Division of The
McGraw-Hill Companies, Inc., its successors and assigns.

        "SELL ORDER" has the meaning set forth in Section 2.02(a)(i)(A) of this
Appendix A.

        "SUBMISSION DEADLINE" means 1:00 p.m., eastern time, on any Auction Date
or such other time on any Auction Date by which Broker-Dealers are required to
submit Orders to the Auction Agent as specified by the Auction Agent from time
to time.

        "SUBMISSION PROCESSING DEADLINE" shall mean the earlier of (a) 40
minutes after the Submission Deadline and (b) the time when the Auction Agent
begins to disseminate the results of the Auction to the Broker-Dealers.

        "SUBMISSION PROCESSING REPRESENTATION" shall have the meaning set forth
in Section 2.02(a)(ii)(L) of this Appendix A.

        "SUBMITTED BID" has the meaning set forth in Section 2.02(a)(iii)(A) of
this Appendix A.

        "SUBMITTED HOLD ORDER" has the meaning set forth in Section
2.02(a)(iii)(A) of this Appendix A.

        "SUBMITTED ORDER" has the meaning set forth in Section 2.02(a)(iii)(A)
of this Appendix A.

                                       AA-8
<PAGE>

        "SUBMITTED SELL ORDER" has the meaning set forth in Section
2.02(a)(iii)(A) of this Appendix A.

        "SUBSTITUTE AUCTION AGENT" means the Person with whom the Issuer and the
Trustee enter into a Substitute Auction Agent Agreement.

        "SUBSTITUTE AUCTION AGENT AGREEMENT" means an auction agent agreement
containing terms substantially similar to the terms of the Initial Auction Agent
Agreement, whereby a Person having the qualifications required by Section
2.02(e) of this Appendix A agrees with the Trustee and the Issuer to perform the
duties of the Auction Agent under this Appendix A.

        "SUFFICIENT BIDS" has the meaning set forth in Section 2.02(a)(iii)(A)
of this Appendix A.

        "T-BILL CAP" means, for any Auction Date, the rate (for the then current
auction) at which the Quarterly Average Auction Rate equals the Quarterly
Average T-Bill Rate plus the Applicable T-Bill Spread, such rate to be
determined by the formula:

                                 N x (T+S) - R,

where N is the number of Auction Dates which precede the current Auction Date by
91 days or less, including the current Auction Date; T is the Quarterly Average
T-Bill Rate; S is the Applicable T-Bill Spread; and R is the sum of the Auction
Rates for Auction Dates preceding the current Auction Date by 91 days or less,
excluding the current Auction.

        "VARIABLE RATE" means the variable rate of interest per annum, including
the Initial Rate, borne by each Class of Auction Rate Notes during the Initial
Period for such Class, and each Interest Accrual Period thereafter as such rate
of interest is determined in accordance with the provisions of Article II of
this Appendix A.

                                   ARTICLE II

                               TERMS AND ISSUANCE

        SECTION 2.01. AUCTION RATE AND CARRY OVER AMOUNTS. During the Initial
Period, the Auction Rate Notes shall bear interest at the Initial Rate for such
Class. Thereafter, and except with respect to an Auction Period Adjustment, the
Auction Rate Notes shall bear interest at an Auction Note Interest Rate based on
a 7-day Auction Period with respect to the Class A-4AR-1 Notes and a 28-day
Auction Period with respect to the Class A-4AR-2 Notes, as determined pursuant
to this Section 2.01 and Section 2.02 of this Appendix A.

        For the Auction Rate Notes during the Initial Period and each Auction
Period thereafter, interest at the applicable Auction Rate Notes Interest Rate
shall accrue daily and shall be computed for the actual number of days elapsed
on the basis of a year consisting of 360 days.

                                       AA-9
<PAGE>

        The Auction Note Interest Rate to be borne by the Auction Rate Notes
after such Initial Period for each Auction Period until an Auction Period
Adjustment, if any, shall be determined as described below. Each such Auction
Period after the Initial Period for the Class A-4AR-1 Notes shall commence on
and include the day following the expiration of the immediately preceding
Auction Period and terminate on and include the Friday (unless such day is not
followed by a Business Day, in which case on the next succeeding day that is
followed by a Business Day) of the following week in the case of the Auction
Rate Notes; provided, however, that in the case of the Auction Period that
immediately follows the Initial Period for the Auction Rate Notes, such Auction
Period shall commence on the Initial Rate Adjustment Date. Each such Auction
Period after the Initial Period for the Class A-4AR-2 Notes shall commence on
and include the day following the expiration of the immediately preceding
Auction Period and terminate on and include the Monday (unless such day is not
followed by a Business Day, in which case on the next succeeding day that is
followed by a Business Day) of the following fourth week in the case of the
Auction Rate Notes; provided, however, that in the case of the Auction Period
that immediately follows the Initial Period for the Auction Rate Notes, such
Auction Period shall commence on the Initial Rate Adjustment Date. The Auction
Note Interest Rate of the Auction Rate Notes for each Auction Period shall be
the Auction Rate in effect for such Auction Period as determined in accordance
with Section 2.02(a) of this Appendix A. By way of example, if an Interest
Period ordinarily would end on a Friday, but the following Monday is not a
Business Day, the Interest Period will end on that Monday and the new Interest
Period will begin on Tuesday.

        Notwithstanding the foregoing, unless otherwise specified in an Issuer
Order, if an Auction is scheduled to occur for the next Auction Period on a date
that was reasonably expected to be a Business Day, but such Auction does not
occur because such date is later not considered to be a Business Day, the
Auction shall nevertheless be deemed to have occurred, and the applicable
Auction Note Interest Rate in effect for the next Auction Period will be the
Auction Note Interest Rate in effect for the preceding Auction Period and such
Auction Period will generally be 7 days in duration for the Class A-4AR-1 Notes
and 28 days in duration for the Class A-4AR-2 Notes, beginning on the calendar
day following the date of the deemed Auction and ending on (and including) the
applicable Friday (unless such day is not followed by a Business Day, in which
case on the next succeeding day that is followed by a Business Day) of the
following fourth week in the case of the Auction Rate Notes. If the preceding
Auction Period was other than generally 7 days in duration for the Class A-4AR-1
Notes or 28 days in duration for the Class A-4AR-2 Notes, as applicable, the
Auction Note Interest Rate for the deemed Auction will instead be the rate of
interest determined by the applicable Broker-Dealer on equivalently rated
auction securities with a comparable length of auction period.

        Notwithstanding the foregoing:

               (a) if the ownership of an Auction Rate Note is no longer
        maintained in Book-entry Form, the Auction Note Interest Rate on the
        Auction Rate Notes for any Interest Accrual Period commencing after the
        delivery of certificates representing Auction Rate Notes pursuant to
        this Indenture shall equal the Maximum Rate on the Business Day
        immediately preceding the first day of such subsequent Interest Accrual
        Period; or

               (b) if a Payment Default shall have occurred, the Auction Note
        Interest Rate on the Auction Rate Notes for the Interest Accrual Period
        commencing on or immediately after such Payment Default, and for each
        Interest Accrual Period thereafter, to and including the Interest
        Accrual Period, if any, during which, or commencing less than two
        Business Days after, such Payment Default is cured, shall equal the
        applicable Non-Payment Rate on the first day of each such Interest
        Accrual Period.

                                       AA-10
<PAGE>

        In accordance with Section 2.02(a)(iii)(B) and (C) of this Appendix A,
the Auction Agent shall promptly give written notice to the Trustee and the
Issuer of each Auction Note Interest Rate (unless the Auction Note Interest Rate
is the applicable Non-Payment Rate) and the Maximum Rate when such rate is not
the Auction Note Interest Rate, applicable to the Auction Rate Notes. The
Trustee shall notify the Registered Owners and the Issuer of Auction Rate Notes
of the applicable Auction Note Interest Rate applicable to such Auction Rate
Notes for each Auction Period not later than the third Business Day of such
Auction Period. Notwithstanding any other provision of the Auction Rate Notes or
this Indenture and except for the occurrence of a Payment Default, interest
payable on the Auction Rate Notes for an Auction Period shall never exceed for
such Auction Period the amount of interest payable at the applicable Maximum
Rate in effect for such Auction Period.

        If the Auction Rate for the Auction Rate Notes is greater than the
Maximum Rate, then the Variable Rate applicable to such Auction Rate Notes for
that Interest Accrual Period will be the Maximum Rate. If the Variable Rate
applicable to such Auction Rate Notes for any Interest Accrual Period is the
Maximum Rate, the Trustee shall determine the Carry-over Amount, if any, with
respect to such Auction Rate Notes for such Interest Accrual Period. Such
Carry-over Amount shall bear interest calculated at a rate equal to One-Month
LIBOR (as determined by the Auction Agent, provided the Trustee has received
notice of One-Month LIBOR from the Auction Agent, and if the Trustee shall not
have received such notice from the Auction Agent, then as determined by the
Trustee) from the Auction Rate Distribution Date for the Interest Accrual Period
with respect to which such Carry-over Amount was calculated, until paid. Any
payment in respect of Carry-over Amount shall be applied, first, to any accrued
interest payable thereon and, second, in reduction of such Carry-over Amount.
For purposes of this Indenture and this Appendix A, any reference to "principal"
or "interest" herein shall not include within the meaning of such words
Carry-over Amount or any interest accrued on any such Carry-over Amount. Such
Carry-over Amount shall be separately calculated for each Auction Rate Note by
the Trustee during such Interest Accrual Period in sufficient time for the
Trustee to give notice to each Registered Owner of such Carry-over Amount as
required in the next succeeding sentence. Not less than four days before the
Auction Rate Distribution Date for an Interest Accrual Period with respect to
which such Carry-over Amount has been calculated by the Trustee, the Trustee
shall give written notice to each Registered Owner, the Auction Agent and the
Issuer of the Carry-over Amount applicable to each Registered Owner's Auction
Rate Note, which written notice may accompany the payment of interest by check
made to each such Registered Owner on such Auction Rate Distribution Date or
otherwise shall be mailed on such Auction Rate Distribution Date by first-class
mail, postage prepaid, to each such Registered Owner at such Registered Owner's
address as it appears on the registration records maintained by the Registrar.
In addition to such Carry-over Amount, such notice shall state, that, unless and
until an Auction Rate Note has been redeemed (other than by optional
redemption), after which redemption all accrued Carry-over Amounts (and all
accrued interest thereon) that remain unpaid shall be cancelled and no
Carry-over Amount (and interest accrued thereon) shall be paid with respect to
any redeemed Auction Rate Note, (a) the Carry-over Amount (and interest accrued
thereon calculated at a rate equal to One-Month LIBOR) shall be paid by the
Trustee on an Auction Rate Note on the earliest of (i) the date of defeasance of
the Auction Rate Notes, or (ii) the first occurring Auction Rate Distribution
Date (or on the date of any optional redemption) if and to the extent that (x)
the Eligible Carry-over Make-Up Amount with respect to such subsequent Interest
Accrual Period is greater than zero, and (y) moneys are available pursuant to
the terms of the Indenture in an amount sufficient to pay all or a portion of
such Carry-over Amount (and interest accrued thereon); and (b) interest shall
accrue on the Carry-over Amount at a rate equal to One-Month LIBOR until such
Carry-over Amount is paid in full or is cancelled.

                                       AA-11
<PAGE>

        The Carry-over Amount (and interest accrued thereon) for Auction Rate
Notes shall be paid by the Trustee on Outstanding Auction Rate Notes on the
earliest of (a) the date of defeasance of any of the Auction Rate Notes or (b)
the first occurring Auction Rate Distribution Date if and to the extent that (i)
the Eligible Carry-over Make-Up Amount with respect to such Interest Accrual
Period is greater than zero, and (ii) on such Auction Rate Distribution Date
there are sufficient moneys in the Collection Fund to pay all interest due on
the Auction Rate Notes on such Auction Rate Distribution Date. Any Carry-over
Amount (and any interest accrued thereon) on any Auction Rate Note which is due
and payable on an Auction Rate Distribution Date, which Auction Rate Note is to
be redeemed (other than by optional redemption) on said Auction Rate
Distribution Date, shall be paid to the Registered Owner thereof on said Auction
Rate Distribution Date to the extent that moneys are available therefor in
accordance with the provisions of this Appendix A; provided, however, that any
Carry-over Amount (and any interest accrued thereon) which is not yet due and
payable on said Auction Rate Distribution Date shall be cancelled with respect
to said Auction Rate Note that is to be redeemed (other than by optional
redemption) on said Auction Rate Distribution Date and shall not be paid on any
succeeding Auction Rate Distribution Date. To the extent that any portion of the
Carry-over Amount (and any interest accrued thereon) remains unpaid after
payment of a portion thereof, such unpaid portion shall be paid in whole or in
part as required hereunder until fully paid by the Trustee on the earliest of
(a) the date of defeasance of any of the Auction Rate Notes or (b) the next
occurring Auction Rate Distribution Date or Dates, as necessary, if and to the
extent that the conditions in the second preceding sentence are satisfied. On
any Auction Rate Distribution Date on which the Trustee pays only a portion of
the Carry-over Amount (and any interest accrued thereon) on Auction Rate Notes,
the Trustee shall give written notice in the manner set forth in the immediately
preceding paragraph to the Registered Owner of such Auction Rate Note receiving
such partial payment of the Carry-over Amount remaining unpaid on such Auction
Rate Note.

        The Auction Rate Distribution Date or other date on which such
Carry-over Amount (or any interest accrued thereon) for Auction Rate Notes shall
be paid shall be determined by the Trustee in accordance with the provisions of
the immediately preceding paragraph, and the Trustee shall make payment of the
Carry-over Amount (and any interest accrued thereon) in the same manner as, and
from the same Fund from which, it pays interest on the Auction Rate Notes on an
Auction Rate Distribution Date. Any payment of Carry-over Amounts (and interest
accrued thereon) shall reduce the amount of Eligible Carry-Over Make-Up Amount.

        In the event that the Auction Agent no longer determines, or fails to
determine, when required, the Auction Note Interest Rate with respect to Auction
Rate Notes, or, if for any reason such manner of determination shall be held to
be invalid or unenforceable, the Auction Note Interest Rate for the next
succeeding Interest Accrual Period, which Interest Accrual Period shall be an
Auction Period, for Auction Rate Notes shall be the Maximum Rate as determined
by the Auction Agent for such next succeeding Auction Period, and if the Auction
Agent shall fail or refuse to determine the Maximum Rate, the Maximum Rate shall
be determined by the securities dealer appointed by the Issuer capable of making
such a determination in accordance with the provisions of this Appendix A and
written notice of such determination shall be given by such securities dealer to
the Trustee.

                                       AA-12
<PAGE>

        SECTION 2.02. AUCTION RATE.

               (a) DETERMINING THE AUCTION RATE. By purchasing Auction Rate
        Notes, whether in an Auction or otherwise, each purchaser of the Auction
        Rate Notes, or its Broker-Dealer, must agree and shall be deemed by such
        purchase to have agreed (x) to participate in Auctions on the terms
        described herein, (y) to have its beneficial ownership of the Auction
        Rate Notes maintained at all times in Book-entry Form for the account of
        its Participant, which in turn will maintain records of such beneficial
        ownership and (z) to authorize such Participant to disclose to the
        Auction Agent such information with respect to such beneficial ownership
        as the Auction Agent may request.

               So long as the ownership of Auction Rate Notes is maintained in
        Book-entry Form by the Securities Depository, an Existing Owner may
        sell, transfer or otherwise dispose of Auction Rate Notes only pursuant
        to a Bid or Sell Order placed in an Auction or otherwise sell, transfer
        or dispose of Auction Rate Notes through a Broker-Dealer, provided that,
        in the case of all transfers other than pursuant to Auctions, such
        Existing Owner, its Broker-Dealer or its Participant advises the Auction
        Agent of such transfer. Auctions shall be conducted on each Auction
        Date, if there is an Auction Agent on such Auction Date, in the
        following manner:

                      (i) (A) Prior to the Submission Deadline on each Auction
                              Date;

                                    (1) each Existing Owner of Auction Rate
                             Notes may submit to a Broker-Dealer by telephone or
                             otherwise any information as to:

                                            a. the principal amount of
                                    Outstanding Auction Rate Notes, if any,
                                    owned by such Existing Owner which such
                                    Existing Owner desires to continue to own
                                    without regard to the Auction Note Interest
                                    Rate for the next succeeding Auction Period;

                                            b. the principal amount of
                                    Outstanding Auction Rate Notes, if any,
                                    which such Existing Owner offers to sell if
                                    the Auction Note Interest Rate for the next
                                    succeeding Auction Period shall be less than
                                    the rate per annum specified by such
                                    Existing Owner; and/or

                                            c. the principal amount of
                                    Outstanding Auction Rate Notes, if any,
                                    owned by such Existing Owner which such
                                    Existing Owner offers to sell without regard
                                    to the Auction Note Interest Rate for the
                                    next succeeding Auction Period;

                                       AA-13
<PAGE>

                                       and

                                    (2) one or more Broker-Dealers may contact
                             Potential Owners to determine the principal amount
                             of Auction Rate Notes which each Potential Owner
                             offers to purchase, if the Auction Note Interest
                             Rate for the next succeeding Auction Period shall
                             not be less than the rate per annum specified by
                             such Potential Owner.

                                    The statement of an Existing Owner or a
                             Potential Owner referred to in (1) or (2) of this
                             paragraph (A) is herein referred to as an "Order,"
                             and each Existing Owner and each Potential Owner
                             placing an Order is herein referred to as a
                             "Bidder"; an Order described in clause (1)a is
                             herein referred to as a "Hold Order"; an Order
                             described in clauses (1)b and (2) is herein
                             referred to as a "Bid"; and an Order described in
                             clause (1)c is herein referred to as a "Sell
                             Order."

                             (B) (1) Subject to the provisions of Section
                             2.02(a)(ii) of this Appendix A, a Bid by an
                             Existing Owner shall constitute an irrevocable
                             offer to sell:

                                            a. the principal amount of
                                    Outstanding Auction Rate Notes specified in
                                    such Bid if the Auction Note Interest Rate
                                    determined as provided in this Section
                                    2.02(a) shall be less than the rate
                                    specified therein; or

                                            b. such principal amount, or a
                                    lesser principal amount of Outstanding
                                    Auction Rate Notes to be determined as set
                                    forth in Section 2.02(a)(iv)(A)(4) of this
                                    Appendix A, if the Auction Note Interest
                                    Rate determined as provided in this Section
                                    2.02(a) shall be equal to the rate specified
                                    therein; or

                                            c. such principal amount, or a
                                    lesser principal amount of Outstanding
                                    Auction Rate Notes to be determined as set
                                    forth in Section 2.02(a)(iv)(B)(3) of this
                                    Appendix A, if the rate specified therein
                                    shall be higher than the applicable Maximum
                                    Rate and Sufficient Bids have not been made.

                                    (2) Subject to the provisions of Section
                             2.02(a)(ii) of this Appendix A, a Sell Order by an
                             Existing Owner shall constitute an irrevocable
                             offer to sell:

                                       AA-14
<PAGE>

                                            a. the principal amount of
                                    Outstanding Auction Rate Notes specified in
                                    such Sell Order; or

                                            b. such principal amount, or a
                                    lesser principal amount of Outstanding
                                    Auction Rate Notes set forth in Section
                                    2.02(a)(iv)(B)(3) of this Appendix A, if
                                    Sufficient Bids have not been made. (3)
                                    Subject to the provisions of Section
                                    2.02(a)(ii)
                             of this Appendix A, a Bid by a Potential Owner
                             shall constitute an irrevocable offer to purchase:

                                            a. the principal amount of
                                    Outstanding Auction Rate Notes specified in
                                    such Bid if the Auction Note Interest Rate
                                    determined as provided in this Section
                                    2.02(a) shall be higher than the rate
                                    specified in such Bid; or

                                            b. such principal amount, or a
                                    lesser principal amount of Outstanding
                                    Auction Rate Notes set forth in Section
                                    2.02(a)(iv)(A)(5) of this Appendix A, if the
                                    Auction Note Interest Rate determined as
                                    provided in this Section 2.02(a) shall be
                                    equal to the rate specified in such Bid.

                      (ii) (A) Each Broker-Dealer shall submit in writing to the
                      Auction Agent prior to the Submission Deadline on each
                      Auction Date all Orders obtained by such Broker-Dealer and
                      shall specify with respect to each such Order:

                                    (1) the name of the Bidder placing such
                             Order;

                                    (2) the aggregate principal amount of
                             Auction Rate Notes that are the subject of such
                             Order;

                                    (3) to the extent that such Bidder is an
                             Existing Owner:

                                            a. the principal amount of Auction
                                    Rate Notes, if any, subject to any Hold
                                    Order placed by such Existing Owner;

                                            b. the principal amount of Auction
                                    Rate Notes, if any, subject to any Bid
                                    placed by such Existing Owner and the rate
                                    specified in such Bid; and

                                            c. the principal amount of Auction
                                    Rate Notes, if any, subject to any Sell
                                    Order placed by such Existing Owner;

                             and
                                       AA-15
<PAGE>

                                    (4) to the extent such Bidder is a Potential
                             Owner, the rate specified in such Potential Owner's
                             Bid.

                             (B) If any rate specified in any Bid contains more
                      than three figures to the right of the decimal point, the
                      Auction Agent shall round such rate up to the next higher
                      one thousandth of 1%.

                             (C) If an Order or Orders covering all Outstanding
                      Auction Rate Notes owned by an Existing Owner is not
                      submitted to the Auction Agent prior to the Submission
                      Deadline, the Auction Agent shall deem a Hold Order to
                      have been submitted on behalf of such Existing Owner
                      covering the principal amount of Outstanding Auction Rate
                      Notes owned by such Existing Owner and not subject to an
                      Order submitted to the Auction Agent.

                             (D) A Broker-Dealer may submit Orders in Auctions
                      for its own account. Any Broker-Dealer submitting an Order
                      for its own account in any Auction will have an advantage
                      over other Bidders in that it will have knowledge of other
                      Orders placed through it in that Auction (but it will not
                      have knowledge of Orders submitted through other
                      Broker-Dealers, if any). As a result of the Broker-Dealer
                      bidding, the Auction clearing rate may be lower than the
                      rate that would have prevailed if the Broker-Dealer had
                      not bid. A Broker-Dealer may also Bid or encourage
                      additional or revised bidding in order to prevent what
                      would otherwise be a failed Auction, an "all hold" Auction
                      or an Auction clearing at a rate that the Broker-Dealer
                      believes does not reflect the market rate for such series
                      of the Auction Rate Notes at the time of the Auction.

                             (E) Neither the Issuer, the Trustee nor the Auction
                      Agent shall be responsible for any failure of a
                      Broker-Dealer to submit an Order to the Auction Agent on
                      behalf of any Existing Owner or Potential Owner.

                             (F) If any Existing Owner submits through a
                      Broker-Dealer to the Auction Agent one or more Orders
                      covering in the aggregate more than the principal amount
                      of Outstanding Auction Rate Notes owned by such Existing
                      Owner, such Orders shall be considered valid as follows
                      and in the following order of priority:

                                    (1) All Hold Orders shall be considered
                             valid, but only up to the aggregate principal
                             amount of Outstanding Auction Rate Notes owned by
                             such Existing Owner, and if the aggregate principal
                             amount of Auction Rate Notes subject to such Hold
                             Orders exceeds the aggregate principal amount of

                                      AA-16
<PAGE>
                             Auction Rate Notes owned by such Existing Owner,
                             the aggregate principal amount of Auction Rate
                             Notes subject to each such Hold Order shall be
                             reduced pro rata so that the aggregate principal
                             amount of Auction Rate Notes subject to such Hold
                             Order equals the aggregate principal amount of
                             Outstanding Auction Rate Notes owned by such
                             Existing Owner.

                                    (2) a. Any Bid shall be considered valid up
                                    to an amount equal to the excess of the
                                    principal amount of Outstanding Auction Rate
                                    Notes owned by such Existing Owner over the
                                    aggregate principal amount of Auction Rate
                                    Notes subject to any Hold Order referred to
                                    in clause (1) of this paragraph (F);

                                            b. subject to subclause a. of this
                                    clause (2), if more than one Bid with the
                                    same rate is submitted on behalf of such
                                    Existing Owner and the aggregate principal
                                    amount of Outstanding Auction Rate Notes
                                    subject to such Bids is greater than such
                                    excess, such Bids shall be considered valid
                                    up to an amount equal to such excess;

                                            c. subject to subclauses a. and b.
                                    of this clause (2), if more than one Bid
                                    with different rates are submitted on behalf
                                    of such Existing Owner, such Bids shall be
                                    considered valid first in the ascending
                                    order of their respective rates until the
                                    highest rate is reached at which such excess
                                    exists and then at such rate up to the
                                    amount of such excess; and

                                            d. in any such event, the amount of
                                    Outstanding Auction Rate Notes, if any,
                                    subject to Bids not valid under this clause
                                    (2) shall be treated as the subject of a Bid
                                    by a Potential Owner at the rate therein
                                    specified; and

                                    (3) All Sell Orders shall be considered
                             valid up to an amount equal to the excess of the
                             principal amount of Outstanding Auction Rate Notes
                             owned by such Existing Owner over the aggregate
                             principal amount of Auction Rate Notes subject to
                             Hold Orders referred to in clause (1) of this
                             paragraph (F) and valid Bids referred to in clause
                             (2) of this paragraph (F).

                             (G) If more than one Bid for Auction Rate Notes is
                      submitted on behalf of any Potential Owner, each Bid
                      submitted shall be a separate Bid with the rate and
                      principal amount therein specified.

                             (H) An Existing Owner that offers to purchase
                      additional Auction Rate Notes is, for purposes of such
                      offer, treated as a Potential Owner.

                                       AA-17
<PAGE>

                             (I) Any Bid or Sell Order submitted by an Existing
                      Owner covering an aggregate principal amount of Auction
                      Rate Notes not equal to an Authorized Denomination shall
                      be rejected and shall be deemed a Hold Order. Any Bid
                      submitted by a Potential Owner covering an aggregate
                      principal amount of Auction Rate Notes not equal to an
                      Authorized Denomination shall be rejected.

                             (J) Any Bid specifying a rate higher than the
                      applicable Maximum Rate will (1) be treated as a Sell
                      Order if submitted by an Existing Owner and (2) not be
                      accepted if submitted by a Potential Owner.

                             (K) Any Order submitted in an Auction by a
                      Broker-Dealer to the Auction Agent prior to the Submission
                      Deadline on any Auction Date shall be irrevocable.

                             (L) Notwithstanding the foregoing, Broker-Dealers
                      may submit an Order after the Submission Deadline and
                      prior to the Submission Processing Deadline if the Order
                      was (a) received by the Broker-Dealer from Existing Owners
                      or Potential Owners prior to the Submission Deadline or
                      (b) initiated internally by the Broker-Dealer for its own
                      account prior to the Submission Deadline. Each Order
                      submitted to the Auction Agent after the Submission
                      Deadline and prior to the Submission Processing Deadline
                      shall constitute a representation by the Broker-Dealer
                      that such Order was (i) received from an Existing Owner or
                      Potential Owner prior to the Submission Deadline or (ii)
                      initiated internally by the Broker-Dealer for its own
                      account prior to the Submission Deadline (the "Submission
                      Processing Representation").

                      (iii) (A) Not earlier than the Submission Deadline on each
                      Auction Date, the Auction Agent shall assemble all valid
                      Orders submitted or deemed submitted to it by the
                      Broker-Dealers (each such Order as submitted or deemed
                      submitted by a Broker-Dealer being herein referred to
                      individually as a "Submitted Hold Order," a "Submitted
                      Bid" or a "Submitted Sell Order," as the case may be, or
                      as a "Submitted Order," and collectively as "Submitted
                      Hold Orders," "Submitted Bids" or "Submitted Sell Orders,"
                      as the case may be, or as "Submitted Orders") and shall
                      determine:

                                    (1) the excess of the total principal amount
                             of Outstanding Auction Rate Notes over the sum of
                             the aggregate principal amount of Outstanding
                             Auction Rate Notes subject to Submitted Hold Orders
                             (such excess being herein referred to as the
                             "Available Auction Rate Notes"), and

                                    (2) from the Submitted Orders whether:

                                       AA-18
<PAGE>

                                            a. the aggregate principal amount of
                                    Outstanding Auction Rate Notes subject to
                                    Submitted Bids by Potential Owners
                                    specifying one or more rates equal to or
                                    lower than the applicable Maximum Rate;

                                    exceeds or is equal to the sum of:

                                            b. the aggregate principal amount of
                                    Outstanding Auction Rate Notes subject to
                                    Submitted Bids by Existing Owners specifying
                                    one or more rates higher than the applicable
                                    Maximum Rate; and

                                            c. the aggregate principal amount of
                                    Outstanding Auction Rate Notes subject to
                                    Submitted Sell Orders;

                             (in the event such excess or such equality exists,
                             other than because all of the Outstanding Auction
                             Rate Notes are subject to Submitted Hold Orders,
                             such Submitted Bids described in subclause a. above
                             shall be referred to collectively as "Sufficient
                             Bids"); and

                                    (3) if Sufficient Bids exist, the Bid
                             Auction Rate, which shall be the lowest rate
                             specified in such Submitted Bids such that if:

                                            a. (x) each Submitted Bid from
                                    Existing Owners specifying such lowest rate
                                    and (y) all other Submitted Bids from
                                    Existing Owners specifying lower rates were
                                    rejected, thus entitling such Existing
                                    Owners to continue to own the principal
                                    amount of Auction Rate Notes subject to such
                                    Submitted Bids; and

                                            b. (x) each such Submitted Bid from
                                    Potential Owners specifying such lowest rate
                                    and (y) all other Submitted Bids from
                                    Potential Owners specifying lower rates were
                                    accepted;

                      the result would be that such Existing Owners described in
                      subclause a. above would continue to own an aggregate
                      principal amount of Outstanding Auction Rate Notes which,
                      when added to the aggregate principal amount of
                      Outstanding Auction Rate Notes to be purchased by such
                      Potential Owners described in subclause b. above, would
                      equal not less than the Available Auction Rate Notes.

                             (B) Promptly after the Auction Agent has made the
                      determinations pursuant to Section 2.02(a)(iii)(A) of this
                      Appendix A, the Auction Agent shall advise the Trustee,
                      the Broker-Dealers and the Issuer of the Maximum Rate and
                      the All Hold Rate and the components thereof on the
                      Auction Date and, based on such determinations, the
                      Auction Rate for the next succeeding Interest Accrual
                      Period as follows:

                                       AA-19
<PAGE>

                                    (1) if Sufficient Bids exist, that the
                             Auction Rate for the next succeeding Interest
                             Accrual Period shall be equal to the Bid Auction
                             Rate so determined;

                                    (2) if Sufficient Bids do not exist (other
                             than because all of the Outstanding Auction Rate
                             Notes are subject to Submitted Hold Orders), that
                             the Auction Rate for the next succeeding Interest
                             Accrual Period shall be equal to the applicable
                             Maximum Rate; or

                                    (3) if all Outstanding Auction Rate Notes
                             are subject to Submitted Hold Orders, that the
                             Auction Rate for the next succeeding Interest
                             Accrual Period shall be equal to the applicable All
                             Hold Rate.

                             (C) Promptly after the Auction Agent has determined
                      the Auction Rate, the Auction Agent shall determine and
                      advise the Trustee of the Auction Note Interest Rate.

                      (iv) Existing Owners shall continue to own the principal
               amount of Auction Rate Notes that are subject to Submitted Hold
               Orders. If the Maximum Rate is equal to or greater than the Bid
               Auction Rate and if Sufficient Bids have been received by the
               Auction Agent, the Bid Auction Rate will be the Auction Note
               Interest Rate, and Submitted Bids and Submitted Sell Orders will
               be accepted or rejected and the Auction Agent will take such
               other action as described below in subparagraph (A).

                      If the Maximum Rate is less than the Auction Rate, the
               Maximum Rate will be the Auction Note Interest Rate. If the
               Auction Agent has not received Sufficient Bids (other than
               because all of the Outstanding Auction Rate Notes are subject to
               Submitted Hold Orders), the Auction Note Interest Rate will be
               the Maximum Rate. In any of the cases described above, Submitted
               Orders will be accepted or rejected and the Auction Agent will
               take such other action as described below in subparagraph (B).

                             (A) If Sufficient Bids have been made and the
                      Maximum Rate is equal to or greater than the Bid Auction
                      Rate, and if the Maximum Rate does not apply (in which
                      case the Auction Note Interest Rate shall be the Bid
                      Auction Rate), all Submitted Sell Orders shall be accepted
                      and, subject to the provisions of clauses (D) and (E) of
                      this Section 2.02(a)(iv), Submitted Bids shall be accepted
                      or rejected as follows in the following order of priority,
                      and all other Submitted Bids shall be rejected:

                                       AA-20
<PAGE>

                                    (1) Existing Owners' Submitted Bids
                             specifying any rate that is higher than the Auction
                             Note Interest Rate shall be accepted, thus
                             requiring each such Existing Owner to sell the
                             aggregate principal amount of Auction Rate Notes
                             subject to such Submitted Bids;

                                    (2) Existing Owners' Submitted Bids
                             specifying any rate that is lower than the Auction
                             Note Interest Rate shall be rejected, thus
                             entitling each such Existing Owner to continue to
                             own the aggregate principal amount of Auction Rate
                             Notes subject to such Submitted Bids;

                                    (3) Potential Owners' Submitted Bids
                             specifying any rate that is lower than the Auction
                             Note Interest Rate shall be accepted;

                                    (4) Each Existing Owners' Submitted Bid
                             specifying a rate that is equal to the Auction Note
                             Interest Rate shall be rejected, thus entitling
                             such Existing Owner to continue to own the
                             aggregate principal amount of Auction Rate Notes
                             subject to such Submitted Bid, unless the aggregate
                             principal amount of Outstanding Auction Rate Notes
                             subject to all such Submitted Bids shall be greater
                             than the principal amount of Auction Rate Notes
                             (the "remaining principal amount") equal to the
                             excess of the Available Auction Rate Notes over the
                             aggregate principal amount of Auction Rate Notes
                             subject to Submitted Bids described in clauses (2)
                             and (3) of this Section 2.02(a)(iv)(A), in which
                             event such Submitted Bid of such Existing Owner
                             shall be rejected in part, and such Existing Owner
                             shall be entitled to continue to own the principal
                             amount of Auction Rate Notes subject to such
                             Submitted Bid, but only in an amount equal to the
                             aggregate principal amount of Auction Rate Notes
                             obtained by multiplying the remaining principal
                             amount by a fraction, the numerator of which shall
                             be the principal amount of Outstanding Auction Rate
                             Notes owned by such Existing Owner subject to such
                             Submitted Bid and the denominator of which shall be
                             the sum of the principal amount of Outstanding
                             Auction Rate Notes subject to such Submitted Bids
                             made by all such Existing Owners that specified a
                             rate equal to the Auction Note Interest Rate,
                             subject to the provisions of Section 2.02(a)(iv)(D)
                             of this Appendix A; and

                                    (5) Each Potential Owner's Submitted Bid
                             specifying a rate that is equal to the Auction Note
                             Interest Rate shall be accepted, but only in an
                             amount equal to the principal amount of Auction
                             Rate Notes obtained by multiplying the excess of
                             the aggregate principal amount of Available Auction

                                       AA-21
<PAGE>

                             Rate Notes over the aggregate principal amount of
                             Auction Rate Notes subject to Submitted Bids
                             described in clauses (2), (3) and (4) of this
                             Section 2.02(a)(iv)(A) by a fraction the numerator
                             of which shall be the aggregate principal amount of
                             Outstanding Auction Rate Notes subject to such
                             Submitted Bid and the denominator of which shall be
                             the sum of the principal amount of Outstanding
                             Auction Rate Notes subject to Submitted Bids made
                             by all such Potential Owners that specified a rate
                             equal to the Auction Note Interest Rate, subject to
                             the provisions of Section 2.02(a)(iv)(D) and (E) of
                             this Appendix A.

                             (B) If Sufficient Bids have not been made (other
                      than because all of the Outstanding Auction Rate Notes are
                      subject to Submitted Hold Orders), or if the Maximum Rate
                      is less than the Bid Auction Rate (in which case the
                      Auction Note Interest Rate shall be the Maximum Rate),
                      subject to the provisions of Section 2.02(a)(iv)(D) and
                      (E) of this Appendix A, Submitted Orders shall be accepted
                      or rejected as follows in the following order of priority
                      and all other Submitted Bids shall be rejected:

                                    (1) Existing Owners' Submitted Bids
                             specifying any rate that is equal to or lower than
                             the Auction Note Interest Rate shall be rejected,
                             thus entitling such Existing Owners to continue to
                             own the aggregate principal amount of Auction Rate
                             Notes subject to such Submitted Bids;

                                    (2) Potential Owners' Submitted Bids
                             specifying (x) any rate that is equal to or lower
                             than the Auction Note Interest Rate shall be
                             accepted and (y) any rate that is higher than the
                             Auction Note Interest Rate shall be rejected; and

                                    (3) each Existing Owner's Submitted Bid
                             specifying any rate that is higher than the Auction
                             Note Interest Rate and the Submitted Sell Order of
                             each Existing Owner shall be accepted, thus
                             entitling each Existing Owner that submitted any
                             such Submitted Bid or Submitted Sell Order to sell
                             the Auction Rate Notes subject to such Submitted
                             Bid or Submitted Sell Order, but in both cases only
                             in an amount equal to the aggregate principal
                             amount of Auction Rate Notes obtained by
                             multiplying the aggregate principal amount of
                             Auction Rate Notes subject to Submitted Bids
                             described in clause (2)(x) of this Section
                             2.02(a)(iv)(B) by a fraction, the numerator of
                             which shall be the aggregate principal amount of
                             Outstanding Auction Rate Notes owned by such
                             Existing Owner subject to such Submitted Bid or
                             Submitted Sell Order and the denominator of which
                             shall be the aggregate principal amount of
                             Outstanding Auction Rate Notes subject to all such
                             Submitted Bids and Submitted Sell Orders.

                                       AA-22
<PAGE>

                             (C) If all Auction Rate Notes are subject to
                      Submitted Hold Orders, all Submitted Bids shall be
                      rejected.

                             (D) If, as a result of the procedures described in
                      paragraph (A) or (B) of this Section 2.02(a)(iv), any
                      Existing Owner would be entitled or required to sell, or
                      any Potential Owner would be entitled or required to
                      purchase, a principal amount of Auction Rate Notes that is
                      not equal to an Authorized Denomination, the Auction Agent
                      shall, in such manner as in its sole discretion it shall
                      determine, round up or down the principal amount of
                      Auction Rate Notes to be purchased or sold by any Existing
                      Owner or Potential Owner so that the principal amount of
                      Auction Rate Notes purchased or sold by each Existing
                      Owner or Potential Owner shall be equal to an Authorized
                      Denomination.

                             (E) If, as a result of the procedures described in
                      paragraph (B) of this Section 2.02(a)(iv), any Potential
                      Owner would be entitled or required to purchase less than
                      an Authorized Denomination of Auction Rate Notes, the
                      Auction Agent shall, in such manner as in its sole
                      discretion it shall determine, allocate Auction Rate Notes
                      for purchase among Potential Owners so that only Auction
                      Rate Notes in Authorized Denominations are purchased by
                      any Potential Owner, even if such allocation results in
                      one or more of such Potential Owners not purchasing any
                      Auction Rate Notes.

                      (v) Based on the result of each Auction, the Auction Agent
               shall determine the aggregate principal amount of Auction Rate
               Notes to be purchased and the aggregate principal amount of
               Auction Rate Notes to be sold by Potential Owners and Existing
               Owners on whose behalf each Broker-Dealer submitted Bids or Sell
               Orders and, with respect to each Broker-Dealer, to the extent
               that such aggregate principal amount of Auction Rate Notes to be
               sold differs from such aggregate principal amount of Auction Rate
               Notes to be purchased, determine to which other Broker-Dealer or
               Broker-Dealers acting for one or more purchasers such
               Broker-Dealer shall deliver, or from which other Broker-Dealer or
               Broker-Dealers acting for one or more sellers such Broker-Dealer
               shall receive, as the case may be, Auction Rate Notes.

                      (vi) Any calculation by the Auction Agent or the Trustee,
               as applicable, of the Auction Note Interest Rate, the Maximum
               Rate, the All Hold Rate and the Non-Payment Rate shall, in the
               absence of manifest error, be binding on all other parties. The
               Trustee shall be allowed to hire such consultants or experts as
               it deems necessary to make any such calculations required of the
               Trustee as set forth in this Indenture or the Auction Agent
               Agreement.
                                       AA-23
<PAGE>

                      (vii) Notwithstanding anything in this Appendix A to the
               contrary, (A) no Auction for the Auction Rate Notes for an
               Auction Period of less than 180 days will be held on any Auction
               Date hereunder on which there are insufficient moneys in the
               Collection Fund to pay, or otherwise held by the Trustee under
               the Indenture and available to pay, the principal of and interest
               due on the Auction Rate Notes on the Auction Rate Distribution
               Date immediately following such Auction Date, and (B) no Auction
               will be held on any Auction Date hereunder during the continuance
               of a Payment Default. The Trustee shall promptly notify the
               Auction Agent of any such occurrence.

               (b) APPLICATION OF INTEREST PAYMENTS FOR THE AUCTION RATE NOTES.

                      (i) The Trustee shall determine not later than 2:00 p.m.,
               eastern time, on the Business Day next succeeding an Auction Rate
               Distribution Date, whether a Payment Default has occurred. If a
               Payment Default has occurred, the Trustee shall, not later than
               2:15 p.m., eastern time, on such Business Day, send a notice
               thereof in substantially the form of Attachment A attached hereto
               to the Auction Agent by telecopy or similar means and, if such
               Payment Default is cured, the Trustee shall immediately send a
               notice in substantially the form of Attachment B attached hereto
               to the Auction Agent by telecopy or similar means.

                      (ii) Not later than 2:00 p.m., eastern time, on each
               anniversary of the Date of Issuance, the Trustee shall pay to the
               Auction Agent, in immediately available funds out of amounts in
               the Collection Fund, an amount equal to the Auction Agent Fee as
               set forth in the Auction Agent Agreement. Not later than 2:00
               p.m., eastern time, on each Auction Date, the Trustee shall pay
               to the Auction Agent, in immediately available funds out of
               amounts in the Collection Fund, an amount equal to the
               Broker-Dealer Fee as calculated in the Auction Agent Agreement.
               The Trustee shall, from time to time at the request of the
               Auction Agent and at the direction of an Authorized Officer,
               reimburse the Auction Agent for its reasonable expenses as
               provided in the Auction Agent Agreement, such expenses to be paid
               out of amounts in the Collection Fund.

               (c) CALCULATION OF MAXIMUM RATE, ALL HOLD RATE, APPLICABLE LIBOR
        RATE, AND NON-PAYMENT RATE. The Auction Agent shall calculate the
        Maximum Rate, Applicable LIBOR Rate, and All Hold Rate, as the case may
        be, on each Auction Date and shall notify the Trustee and the
        Broker-Dealers of the Maximum Rate, Applicable LIBOR Rate and All Hold
        Rate, as the case may be, as provided in the Auction Agent Agreement;
        provided, that if the ownership of the Auction Rate Notes is no longer
        maintained in Book-entry Form, or if a Payment Default has occurred,
        then the Trustee shall determine the Maximum Rate, Applicable LIBOR
        Rate, All Hold Rate and Non-Payment Rate for each such Interest Accrual
        Period. If the ownership of the Auction Rate Notes is no longer
        maintained in Book-entry Form by the Securities Depository, the Trustee
        shall calculate the Maximum Rate on the Business Day immediately
        preceding the first day of each Interest Accrual Period after the
        delivery of certificates representing the Auction Rate Notes pursuant to
        the Indenture. If a Payment Default shall have occurred, the Trustee
        shall calculate the Non-Payment Rate on the Interest Rate Determination
        Date for (i) each Interest Accrual Period commencing after the
        occurrence and during the continuance of such Payment Default and (ii)
        any Interest Accrual Period commencing less than two Business Days after
        the cure of any Payment Default. The determination by the Trustee or the

                                       AA-24
<PAGE>

        Auction Agent, as the case may be, of the Maximum Rate, Applicable LIBOR
        Rate, All Hold Rate and Non-Payment Rate shall (in the absence of
        manifest error) be final and binding upon all parties. If calculated or
        determined by the Auction Agent, the Auction Agent shall promptly advise
        the Trustee of the Maximum Rate, Applicable LIBOR Rate and All Hold
        Rate. The Trustee shall be allowed to hire such consultants or experts
        as it deems necessary to make any such calculations required of the
        Trustee as set forth in this Indenture or the Auction Agent Agreement.

               (d) NOTIFICATION OF RATES, AMOUNTS AND PAYMENT DATES.

                      (i) By 12:00 noon, eastern time, on the Business Day
               following each Regular Record Date, the Trustee shall determine
               the aggregate amounts of interest distributable on the next
               succeeding Auction Rate Distribution Date to the beneficial
               owners of Auction Rate Notes.

                      (ii) At least four days prior to any Auction Rate
               Distribution Date, the Trustee shall:

                             (A) confirm with the Auction Agent, so long as no
                      Payment Default has occurred and is continuing and the
                      ownership of the Auction Rate Notes is maintained in
                      Book-entry Form by the Securities Depository, (1) the date
                      of such next Auction Rate Distribution Date and (2) the
                      amount payable to the Auction Agent on the Auction Date
                      pursuant to Section 2.02(b)(ii) of this Appendix A;

                             (B) pursuant to Section 2.01 of this Appendix A,
                      advise the Registered Owners of a Class of Auction Rate
                      Notes of any Carry-over Amount accruing on such Auction
                      Rate Notes; and

                             (C) advise the Securities Depository, so long as
                      the ownership of the Auction Rate Notes is maintained in
                      Book-entry Form by the Securities Depository, upon
                      request, of the aggregate amount of interest distributable
                      on such next Auction Rate Distribution Date to the
                      beneficial owners of each Class of the Auction Rate Notes.

                             If any day scheduled to be an Auction Rate
                      Distribution Date shall be changed after the Trustee shall
                      have given the notice or confirmation referred to in
                      clause (i) of the preceding sentence, the Trustee shall,
                      not later than 11:15 a.m., eastern time, on the Business
                      Day next preceding the earlier of the new Auction Rate
                      Distribution Date or the old Auction Rate Distribution
                      Date, by such means as the Trustee deems practicable, give
                      notice of such change to the Auction Agent, so long as no
                      Payment Default has occurred and is continuing and the
                      ownership of the Auction Rate Notes is maintained in
                      Book-entry Form by the Securities Depository.

               (e)    AUCTION AGENT.

                                       AA-25
<PAGE>

                      (i) Deutsche Bank Trust Company Americas is hereby
               appointed as Initial Auction Agent to serve as agent for the
               Issuer in connection with Auctions. The Trustee and the Issuer
               will, and the Trustee is hereby directed to, enter into the
               Initial Auction Agent Agreement with Deutsche Bank Trust Company
               Americas, as the Initial Auction Agent. Any Substitute Auction
               Agent shall be (A) a bank, national banking association or trust
               company duly organized under the laws of the United States of
               America or any state or territory thereof having its principal
               place of business in the Borough of Manhattan, New York, or such
               other location as approved by the Trustee in writing and having a
               combined capital stock or surplus of at least $50,000,000, or (B)
               a member of the National Association of Securities Dealers, Inc.,
               having a capitalization of at least $50,000,000, and, in either
               case, authorized by law to perform all the duties imposed upon it
               hereunder and under the Auction Agent Agreement. The Auction
               Agent may at any time resign and be discharged of the duties and
               obligations created by this Appendix A by giving at least 90
               days' notice to the Trustee, each Broker-Dealer and the Issuer.
               The Auction Agent may be removed at any time by the Trustee upon
               the written direction of an Authorized Officer or the Registered
               Owners of 51% of the aggregate principal amount of the Auction
               Rate Notes then Outstanding, and if by such Registered Owners, by
               an instrument signed by such Registered Owners or their attorneys
               and filed with the Auction Agent, the Issuer and the Trustee upon
               at least 90 days' written notice. Neither resignation nor removal
               of the Auction Agent pursuant to the preceding two sentences
               shall be effective until and unless a Substitute Auction Agent
               has been appointed and has accepted such appointment. If required
               by the Issuer, a Substitute Auction Agent Agreement shall be
               entered into with a Substitute Auction Agent. Notwithstanding the
               foregoing, the Auction Agent may terminate the Auction Agent
               Agreement if, within 25 days after notifying the Trustee, each
               Broker-Dealer and the Issuer in writing that it has not received
               payment of any Auction Agent Fee due it in accordance with the
               terms of the Auction Agent Agreement, the Auction Agent does not
               receive such payment.

                      (ii) If the Auction Agent shall resign or be removed or be
               dissolved, or if the property or affairs of the Auction Agent
               shall be taken under the control of any state or federal court or
               administrative body because of bankruptcy or insolvency, or for
               any other reason, the Issuer, shall use its best efforts to
               appoint a Substitute Auction Agent.

                      (iii) The Auction Agent is acting as agent for the Issuer
               in connection with Auctions. In the absence of bad faith,
               negligent failure to act or negligence on its part, the Auction
               Agent shall not be liable for any action taken, suffered or
               omitted or any error of judgment made by it in the performance of
               its duties under the Auction Agent Agreement and 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.

                                       AA-26
<PAGE>

               (f) BROKER-DEALERS.

                      (i) The Issuer hereby appoints J.P. Morgan Securities Inc.
               and Nelnet Capital, LLC as Broker-Dealers for the Class A-4AR-1
               Notes and Morgan Stanley & Co. Incorporated as the Broker-Dealer
               for the Class A-4AR-2 Notes. The Auction Agent will enter into a
               Broker-Dealer Agreement with J.P. Morgan Securities Inc. and
               Nelnet Capital, LLC as the initial Broker-Dealers for the Class
               A-4AR-1 Notes and a Broker-Dealer Agreement with Morgan Stanley &
               Co. Incorporated as the initial Broker-Dealer for the Class
               A-4AR-2 Notes. An Authorized Officer may, from time to time,
               approve one or more additional persons to serve as Broker Dealers
               under Broker-Dealer Agreements and shall be responsible for
               providing such Broker-Dealer Agreements to the Trustee and the
               Auction Agent.

                      (ii) Any Broker-Dealer may be removed at any time, at the
               request of an Authorized Officer, but there shall, at all times,
               be at least one Broker-Dealer appointed and acting as such.

               (g) CHANGES IN AUCTION PERIOD OR PERIODS AND CERTAIN PERCENTAGES.

                      (i) While any of the Auction Rate Notes are Outstanding,
               the Issuer may, from time to time, change the length of one or
               more Auction Periods (an "Auction Period Adjustment"), in order
               to conform with then current market practice with respect to
               similar securities or to accommodate economic and financial
               factors that may affect or be relevant to the length of the
               Auction Period and the interest rate borne by the Auction Rate
               Notes. The Issuer shall not initiate an Auction Period Adjustment
               unless it shall have received the written consent of the
               applicable Broker-Dealer, which consent shall not be unreasonably
               withheld, not later than nine days prior to the Auction Date for
               such Auction Period. The Issuer shall initiate the Auction Period
               Adjustment by giving written notice by Issuer Order to the
               Trustee, the Auction Agent, the applicable Broker-Dealer, each
               Rating Agency and the Securities Depository in substantially the
               form of, or containing substantially the information contained
               in, Attachment C attached hereto at least 10 days prior to the
               Auction Date for such Auction Period.

                      (iii) An Auction Period Adjustment shall take effect only
               if (A) the Trustee and the Auction Agent receive, by 11:00 a.m.,
               eastern time, on the Business Day before the Auction Date for the
               first such Auction Period, an Issuer Certificate in substantially
               the form attached as, or containing substantially the same
               information contained in, Attachment D attached hereto,
               authorizing the Auction Period Adjustment specified in such
               certificate along with a copy of the written consent of the
               applicable Broker-Dealer and, (B) Sufficient Bids exist as of the
               Auction on the Auction Date for such first Auction Period. If the
               condition referred to in (A) above is not met, the applicable
               Auction Note Interest Rate for the next Auction Period shall be
               determined pursuant to the above provisions of this Section 2.02
               and the Auction Period shall be the Auction Period determined
               without reference to the proposed change. If the condition

                                       AA-28
<PAGE>

               referred to in clause (A) above is met but the condition referred
               in clause (B) above is not met, the applicable Auction Note
               Interest Rate for the next Auction Period shall be the Maximum
               Rate and the Auction Period shall be the Auction Period
               determined without reference to the proposed change.

               In connection with any Auction Period Adjustment, the Auction
        Agent shall provide such further notice to such parties as is specified
        in Section 2.06 of the Auction Agent Agreement.

               (h) CHANGES IN THE AUCTION DATE. The applicable Broker-Dealer,
        with the written consent of an Authorized Officer and, if applicable,
        upon receipt of the opinion of Note Counsel as required below, may
        specify an earlier Auction Date (but in no event more than five Business
        Days earlier) than the Auction Date that would otherwise be determined
        in accordance with the definition of "Auction Date" in Section 1.01 of
        this Appendix A with respect to one or more specified Auction Periods in
        order to conform with then current market practice with respect to
        similar securities or to accommodate economic and financial factors that
        may affect or be relevant to the day of the week constituting an Auction
        Date and the interest rate borne on the Auction Rate Notes. The
        applicable Broker-Dealer shall deliver a written request for consent to
        such change in the length of the Auction Date to the Issuer at least 14
        days prior to the effective date of such change. If the Issuer shall
        have delivered such written consent to the applicable Broker-Dealer,
        such Broker-Dealer shall provide notice of its determination to specify
        an earlier Auction Date for one or more Auction Periods by means of a
        written notice delivered at least 10 days prior to the proposed changed
        Auction Date to the Trustee, the Auction Agent, the Issuer, each Rating
        Agency and the Securities Depository. Such notice shall be substantially
        in the form of, or contain substantially the information contained in,
        Attachment E attached hereto.

        In connection with any change described in this Section 2.02(h), the
Auction Agent shall provide such further notice to such parties as is specified
in Section 2.06 of the Auction Agent Agreement.

        SECTION 2.03. ADDITIONAL PROVISIONS REGARDING THE INTEREST RATES ON THE
AUCTION RATE NOTES. The determination of a Variable Rate by the Auction Agent or
any other Person pursuant to the provisions of the applicable Section of this
Article II shall be conclusive and binding on the Registered Owners of the
Auction Rate Notes to which such Variable Rate applies, and the Issuer and the
Trustee may rely thereon for all purposes.

        In no event shall the cumulative amount of interest paid or payable on
the Auction Rate Notes (including interest calculated as provided herein, plus
any other amounts that constitute interest on the Auction Rate Notes under
applicable law, which are contracted for, charged, reserved, taken or received
pursuant to the Auction Rate Notes or related documents) calculated from the
Date of Closing of the Auction Rate Notes through any subsequent day during the
term of the Auction Rate Notes or otherwise prior to payment in full of the
Auction Rate Notes exceed the amount permitted by applicable law. If the
applicable law is ever judicially interpreted so as to render usurious any
amount called for under the Auction Rate Notes or related documents or otherwise
contracted for, charged, reserved, taken or received in connection with the

                                       AA-28
<PAGE>

Auction Rate Notes, or if the redemption or acceleration of the maturity of the
Auction Rate Notes results in payment to or receipt by the Registered Owner or
any former Registered Owner of the Auction Rate Notes of any interest in excess
of that permitted by applicable law, then, notwithstanding any provision of the
Auction Rate Notes or related documents to the contrary, all excess amounts
theretofore paid or received with respect to the Auction Rate Notes shall be
credited on the principal balance of the Auction Rate Notes (or, if the Auction
Rate Notes have been paid or would thereby be paid in full, refunded by the
recipient thereof), and the provisions of the Auction Rate Notes and related
documents shall automatically and immediately be deemed reformed and the amounts
thereafter collectible hereunder and thereunder reduced, without the necessity
of the execution of any new document, so as to comply with the applicable law,
but so as to permit the recovery of the fullest amount otherwise called for
under the Auction Rate Notes and under the related documents.

                                       AA-29
<PAGE>
                                  ATTACHMENT A

                            NOTICE OF PAYMENT DEFAULT

                        NELNET STUDENT LOAN TRUST 2005-4
                         STUDENT LOAN ASSET-BACKED NOTES
                                 [CLASS A-4AR-1]
                                 [CLASS A-4AR-2]
                               AUCTION RATE NOTES

        NOTICE IS HEREBY GIVEN that a Payment Default has occurred and is
continuing with respect to the Auction Rate Notes identified above. The next
Auction for the Auction Rate Notes will not be held. The Auction Rate for the
Auction Rate Notes for the next succeeding Interest Period shall be the
Non-Payment Rate.

                                          ZIONS FIRST  NATIONAL BANK, as Trustee

Dated:                                      By
     -------------------                      ----------------------------------

<PAGE>

                                  ATTACHMENT B

                        NOTICE OF CURE OF PAYMENT DEFAULT

                        NELNET STUDENT LOAN TRUST 2005-4
                         STUDENT LOAN ASSET-BACKED NOTES
                                 [CLASS A-4AR-1]
                                 [CLASS A-4AR-2]
                               AUCTION RATE NOTES

        NOTICE IS HEREBY GIVEN that a Payment Default with respect to the
Auction Rate Notes identified above has been waived or cured. The next Interest
Payment Date is __________________________ and the Auction Date is
__________________________.

                                        ZIONS FIRST NATIONAL BANK, as Trustee

Dated:                                      By
     -------------------                      ----------------------------------

<PAGE>

                                  ATTACHMENT C

                       NOTICE OF PROPOSED CHANGE IN LENGTH
                         OF ONE OR MORE AUCTION PERIODS

                        NELNET STUDENT LOAN TRUST 2005-4
                         STUDENT LOAN ASSET-BACKED NOTES
                                 [CLASS A-4AR-1]
                                 [CLASS A-4AR-1]
                               AUCTION RATE NOTES

        Notice is hereby given that the Issuer proposes to change the length of
one or more Auction Periods pursuant to the Indenture of Trust, as amended (the
"Indenture") as follows:

        1. The change shall take effect on _______________, the Interest Rate
Adjustment Date for the next Auction Period (the "Effective Date").

        2. The Auction Period Adjustment in Paragraph 1 shall take place only if
(a) the Trustee and the Auction Agent receive, by 11:00 a.m., eastern time, on
the Business Day before the Auction Date for the Auction Period commencing on
the Effective Date, a certificate from the Issuer, as required by the Indenture
authorizing the change in length of one or more Auction Periods and (b)
Sufficient Bids exist on the Auction Date for the Auction Period commencing on
the Effective Date.

        3. If the condition referred to in (a) above is not met, the Auction
Rate for the Auction Period commencing on the Effective Date will be determined
pursuant to the Auction Procedures and the Auction Period shall be the Auction
Period determined without reference to the proposed change. If the condition
referred to in (a) is met but the condition referred to in (b) above is not met,
the Auction Rate for the Auction Period commencing on the Effective Date shall
be the Maximum Rate and the Auction Period shall be the Auction Period
determined without reference to the proposed change.

        4. It is hereby represented, upon advice of the Auction Agent for the
Class [A-4AR-1] [A-4AR-2] Notes described herein, that there were Sufficient
Bids for such Class [A-4AR-1] [A-4AR-2] Notes at the Auction immediately
preceding the date of this Notice.

        5. Terms not defined in this Notice shall have the meanings set forth in
the Indenture entered into in connection with the Class [A-4AR-1] [A-4AR-2]
Notes.

        6. The Issuer hereby certifies the instructions set forth in this Notice
are in accordance with the terms and provisions of the Indenture, the Auction
Agent Agreement and the Broker-Dealer Agreement.

                                               NELNET STUDENT LOAN TRUST 2005-4

Dated:                                      By
     -------------------                      ----------------------------------

<PAGE>

                                  ATTACHMENT D

                      NOTICE ESTABLISHING CHANGE IN LENGTH
                         OF ONE OR MORE AUCTION PERIODS

                        NELNET STUDENT LOAN TRUST 2005-4
                         STUDENT LOAN ASSET-BACKED NOTES
                                 [CLASS A-4AR-1]
                                 [CLASS A-4AR-2]
                               AUCTION RATE NOTES

        Notice is hereby given that the Issuer hereby establishes new lengths
for one or more Auction Periods pursuant to the Indenture of Trust, as amended:

        1. The change shall take effect on _______________, the Interest Rate
Adjustment Date for the next Auction Period (the "Effective Date").

        2. For the Auction Period commencing on the Effective Date, the Interest
Rate Adjustment Date shall be _______________, or the next succeeding Business
Day if such date is not a Business Day.

        3. For Auction Periods occurring after the Auction Period commencing on
the Effective Date, the Interest Rate Adjustment Date shall be
[_______________(date) and every ______________(number) ______________(day of
week) thereafter] [every ______________(number) ______________(day of week)
after the date set forth in paragraph 2 above], or the next Business Day if any
such day is not a Business Day; provided, however, that the length of subsequent
Auction Periods shall be subject to further change hereafter as provided in the
Indenture of Trust.

        4. The changes described in paragraphs 2 and 3 above shall take place
only upon delivery of this Notice and the satisfaction of other conditions set
forth in the Indenture of Trust and our prior notice dated _______________
regarding the proposed change.

        5. Terms not defined in this Notice shall have the meanings set forth in
the Indenture of Trust relating to the Class [A-4AR-1] [A-4AR-2] Notes.

        6. The Issuer hereby certifies the instructions set forth in this Notice
are in accordance with the terms and provisions of the Indenture, the Auction
Agent Agreement and the Broker-Dealer Agreement.

                                               NELNET STUDENT LOAN TRUST 2005-4

Dated:                                      By
     -------------------                      ----------------------------------

<PAGE>

                                  ATTACHMENT E

                        NOTICE OF CHANGE IN AUCTION DATE

                        NELNET STUDENT LOAN TRUST 2005-4
                         STUDENT LOAN ASSET-BACKED NOTES
                                 [CLASS A-4AR-1]
                                 [CLASS A-4AR-2]
                               AUCTION RATE NOTES

        Notice is hereby given by [______________], as Broker-Dealer for the
Auction Rate Notes, that with respect to the Auction Rate Notes, the Auction
Date is hereby changed as follows:

        1. With respect to Class [A-4AR-1] [A-4AR-2] Notes, the definition of
"Auction Date" shall be deemed amended by substituting "_______________(number)
Business Day" in the second line thereof and by substituting
"_______________(number) Business Days" for "two Business Days" in subsection
(d) thereof.

        2. This change shall take effect on _______________ which shall be the
Auction Date for the Auction Period commencing on _______________.

        3. The Auction Date for the Class [A-4AR-1] [A-4AR-2] Notes shall be
subject to further change hereafter as provided in the Indenture of Trust.

        4. Terms not defined in this Notice shall have the meaning set forth in
the Indenture of Trust, as amended, relating to the Class [A-4AR-1] [A-4AR-2]
Notes.

        5. The Broker-Dealer hereby certifies the instructions set forth in this
Notice are in accordance with the terms and provisions of the Indenture, the
Auction Agent Agreement and the Broker-Dealer Agreement.

                                               [BROKER-DEALER], as Broker-Dealer

Dated:                                      By
     -------------------                      ----------------------------------

<PAGE>

                                    EXHIBIT A

                      ELIGIBLE LOAN ACQUISITION CERTIFICATE

        This Eligible Loan Acquisition Certificate is submitted pursuant to the
provisions of Section 5.02 of the Indenture of Trust, dated as of November 1,
2005, as amended (the "Indenture"), between Nelnet Student Loan Trust 2005-4
(the "Issuer") and Zions First National Bank, as Trustee. All capitalized terms
used in this Certificate and not otherwise defined herein shall have the same
meanings given to such terms in the Indenture. In your capacity as Trustee, you
are hereby authorized and requested to disburse to _________________ (the
"Seller") the sum of $__________ (or, in the case of an exchange, the Eligible
Loans listed in Exhibit A hereto) for the acquisition of Eligible Loans. With
respect to the Eligible Loans so to be acquired, the Issuer hereby certifies as
follows:

        1. The Eligible Loans to be acquired are those specified in Schedule A
attached hereto (the "Acquired Eligible Loans"). The remaining unpaid principal
amount of each Acquired Eligible Loan is as shown on such Schedule A.

        2. The amount to be disbursed pursuant to this Certificate does not
exceed the amount permitted by Section 5.02 of the Indenture, plus accrued
interest.

        3. Each Acquired Eligible Loan is an Eligible Loan authorized so to be
acquired by the Indenture.

        4. The following items have been received and are being retained, on
your behalf, by the Issuer, the Master Servicer or a Subservicer:

               (a) a copy of the Student Loan Purchase Agreement(s) between the
        Issuer and the Eligible Lender with respect to the Acquired Eligible
        Loans (original copy maintained on file with the Issuer on behalf of the
        Trustee);

               (b) with respect to each Insured Loan included among the Acquired
        Eligible Loans, the Certificate of Insurance relating thereto;

               (c) with respect to each Guaranteed Loan included among the
        Acquired Eligible Loans, a certified copy of the Guarantee Agreement
        relating thereto;

               (d) an opinion of counsel to the Issuer specifying each action
        necessary to perfect a security interest in all Eligible Loans to be
        acquired by the Issuer pursuant to the Student Loan Purchase Agreements
        in favor of the Trustee in the manner provided for by the provisions of
        20 U.S.C. ss. 1087-2(d)(3) or 20 U.S.C. ss. 1082(m)(1)(D)(iv), as
        applicable, (you are authorized to rely on the advice of a single
        blanket opinion of counsel to the Issuer until such time as the Issuer
        shall provide any amended opinion to you); and

               (e) instruments duly assigning the Acquired Eligible Loans to the
        Trustee.

<PAGE>

        5. The Issuer is not, on the date hereof, in default under the Indenture
or in the performance of any of its covenants and agreements made in the Student
Loan Purchase Agreement(s) relating to the Acquired Eligible Loans, and, to the
best knowledge of the Issuer, the Eligible Lender is not in default under the
Student Loan Purchase Agreement applicable to the Acquired Eligible Loans. The
Issuer is not aware of any default existing on the date hereof under any of the
other documents referred to in paragraph 4 hereof, nor of any circumstances
which would reasonably prevent reliance upon the opinion of counsel referred to
in paragraph 4(d) hereof.

        6. All of the conditions specified in the Student Loan Purchase
Agreement(s) applicable to the Acquired Eligible Loans and the Indenture for the
acquisition of the Acquired Eligible Loans and the disbursement hereby
authorized and requested have been satisfied; provided that the Issuer may waive
the requirement of receiving an opinion of counsel from the counsel to the
Lender.

        7. If a Financed Eligible Loan is being sold in exchange for an Acquired
Eligible Loan, the final expected maturity date of such Acquired Eligible Loan
shall be substantially similar to that of the Financed Eligible Loan being sold
and such sale and exchange shall not adversely affect the ability of the Trust
Estate to make timely principal and interest payments on its Obligations.

        8. With respect to all Acquired Eligible Loans which are Insured,
Insurance is in effect with respect thereto, and with respect to all Acquired
Eligible Loans which are Guaranteed, the Guarantee Agreement is in effect with
respect thereto.

        9. The Issuer is not in default in the performance of any of its
covenants and agreements made in any Contract of Insurance or the Guarantee
Agreement applicable to the Acquired Eligible Loans.

        10. The proposed use of moneys in the Acquisition Fund is in compliance
with the provisions of the Indenture.

        11. The undersigned is authorized to sign and submit this Certificate on
behalf of the Issuer.

        12. Eligible Loans are being acquired at a price which permits the
results of the cash flow analyses provided to the Rating Agencies on the Date of
Issuance and as revised/amended to be sustained.

        WITNESS my hand this _____ day of ___________.

                                       NELNET STUDENT LOAN TRUST 2005-4

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

                                      A-2
<PAGE>

                                   EXHIBIT B-1

                             FORM OF CLASS A-1 NOTE

        Unless this Note is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Issuer (as
defined below) or its agent for registration of transfer, exchange or payment,
and any Note issued is registered in the name of Cede & Co. or in such other
name as is requested by an authorized representative of DTC (and any payment is
made to Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.

        THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY,
THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE
AMOUNT SHOWN ON THE FACE HEREOF. THIS NOTE IS NOT GUARANTEED OR INSURED BY ANY
GOVERNMENTAL AGENCY.

                        NELNET STUDENT LOAN TRUST 2005-4
                         STUDENT LOAN ASSET-BACKED NOTES
                            SENIOR CLASS A-1 (LIBOR)

REGISTERED NO. R-__                                      REGISTERED $__________

   DATE OF ISSUANCE          MATURITY DATE         CUSIP NO.          ISIN NO.
   November 15, 2005       December 24, 2018      64031Q CF 6       US64031QCF63

PRINCIPAL SUM:        **DOLLARS**
REGISTERED OWNER:     **CEDE & CO.**

        Nelnet Student Loan Trust 2005-4, a statutory trust organized and
existing under the laws of the State of Delaware (herein referred to as the
"Issuer"), for value received, hereby promises to pay to CEDE & CO., or
registered assigns, on each Quarterly Distribution Date the principal sum equal
to the applicable Class A-1 Noteholder's Principal Distribution Amount for such
Quarterly Distribution Date, as described in the Indenture of Trust, dated as of
November 1, 2005, between the Issuer (by Wells Fargo Delaware Trust Company, in
its capacity as Delaware Trustee) and Zions First National Bank, a national
banking association, as eligible lender trustee and indenture trustee (the
"Trustee") (capitalized terms used but not defined herein being defined in
Article I of the Indenture, which also contains rules as to usage that shall be
applicable herein); provided, however, that the entire unpaid principal amount
of this Note shall be due and payable on the Maturity Date specified above (the
"Class A-1 Maturity Date").
<PAGE>

        The Issuer shall pay interest on this Note at the rate per annum equal
to the Class A-1 Rate (as defined herein), on each Quarterly Distribution Date
until the principal of this Note is paid or made available for payment, on the
principal amount of this Note outstanding on the preceding Quarterly
Distribution Date or the Date of Issuance in the case of the first Quarterly
Distribution Date (after giving effect to all payments of principal made on the
preceding Quarterly Distribution Date), subject to certain limitations contained
in the Indenture. Interest on this Note shall accrue from and including the
preceding Quarterly Distribution Date (or, in the case of the first Interest
Accrual Period, the Date of Issuance) to but excluding the following Quarterly
Distribution Date (each an "Interest Accrual Period"). Interest shall be
calculated on the basis of the actual number of days elapsed in each Interest
Accrual Period divided by 360 and rounding the resultant figure to the fifth
decimal point. Such principal of and interest on this Note shall be paid in the
manner specified on the reverse hereof.

        The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the Issuer
with respect to this Note shall be applied first to interest due and payable on
this Note as provided above and then to the unpaid principal of this Note.

        Reference is made to the further provisions of this Note set forth on
the reverse hereof, which shall have the same effect as though fully set forth
on the face of this Note.

        Unless the certificate of authentication hereon has been executed by the
Trustee whose name appears below by manual signature, this Note shall not be
entitled to any benefit under the Indenture referred to on the reverse hereof,
or be valid or obligatory for any purpose.

                                     B-1-2
<PAGE>

        IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly
executed, manually or in facsimile, as of the date set forth below.

                                      NELNET STUDENT LOAN TRUST 2005-4

                                      By  WELLS FARGO DELAWARE TRUST
                                          COMPANY, not in its
                                          individual capacity but
                                          solely as Delaware Trustee
                                          under the Trust Agreement,

                                      By
                                         ---------------------------------------
                                          Authorized Signatory

Date: __________ __, ____

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

        This is one of the Notes designated above and referred to in the
within-mentioned Indenture.

                                      ZIONS FIRST NATIONAL BANK, not in its
                                      individual capacity but solely as Trustee,

                                      By
                                         ---------------------------------------
                                          Authorized Signatory

Date: __________ __, ____

                                     B-1-3
<PAGE>

        This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Student Loan Asset-Backed Notes, Senior Class A-1 (the "Class
A-1 Notes"), which, together with the Issuer's Student Loan Asset-Backed Notes,
Senior Class A-2, A-3, A-4L and A-4AR (together with the Class A-1 Notes, the
"Class A Notes") and the Issuer's Student Loan Asset-Backed Notes, Subordinate
Class B (the "Class B Notes" and, together with the Class A Notes, the "Notes"),
are issued under and secured by the Indenture, to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights and obligations thereunder of the Issuer, the Trustee and the
Registered Owners. The Notes are subject to all terms of the Indenture.

        The Class A-1 Notes are and will be secured by the Trust Estate pledged
as security therefor as provided in the Indenture. The Class A Notes are senior
to the Class B Notes as and to the extent provided in the Indenture. The Class A
Notes are, except for certain Termination Payments that are not Priority
Termination Payments, issued on a parity with any Derivative Products entered
into by the Issuer with a Counterparty, pursuant to which the Issuer will, from
time to time, owe Issuer Derivative Payments, and will, from time to time, be
owed Counterparty Payments.

        Principal of the Class A-1 Notes shall be payable on each Quarterly
Distribution Date in an amount equal to the Class A-1 Noteholder's Principal
Distribution Amount for such Quarterly Distribution Date. "Quarterly
Distribution Date" means the twenty-second (22nd ) day of each March, June,
September and December or, if any such date is not a Business Day, the
immediately succeeding Business Day, commencing March 22, 2006.

        As described on the face hereof, the entire unpaid principal amount of
this Note shall be due and payable on the Class A-1 Maturity Date.
Notwithstanding the foregoing, the entire unpaid principal amount of the Notes
shall be due and payable on the date on which (a) an Event of Default shall have
occurred and be continuing and (b) either the Trustee or the Registered Owners
of Obligations representing not less than a majority of the Outstanding Amount
of the Highest Priority Obligations shall have declared the Notes to be
immediately due and payable in the manner provided in the Indenture.

        The Notes are subject to redemption from the proceeds of a sale of
Financed Eligible Loans in accordance with Section 10.03 or 10.04 of the
Indenture on any Quarterly Distribution Date on or after (a) the June 2022
Quarterly Distribution Date and (b) the Quarterly Distribution Date next
succeeding the date on which the then outstanding Pool Balance is 10% or less of
the Initial Pool Balance (all as defined in the Indenture).

        Interest on the Class A-1 Notes shall be payable on each Quarterly
Distribution Date on the principal amount outstanding of the Class A-1 Notes
until the principal amount thereof is paid in full, at a rate per annum equal to
the Class A-1 Rate. The "Class A-1 Rate" for each Interest Accrual Period, other
than the first Interest Accrual Period, shall be equal to the applicable
Three-Month LIBOR, plus 0.00%. The "Class A-1 Rate" for the first Interest
Accrual Period shall be determined by reference to the following formula:

                                     B-1-4
<PAGE>

        x + [6/33* (y-x)] plus 0.00%, as determined by the Administrator.

        where:

        x = Four-Month LIBOR, and

        y = Five-Month LIBOR.

        Payments of interest on this Note on each Quarterly Distribution Date,
together with the installment of principal, if any, to the extent not in full
payment of this Note, shall be paid to the Person in whose name such Note is
registered on the Record Date by check mailed first-class, postage prepaid to
such Person's address as it appears on the records of the Trustee on such Record
Date, except that, unless definitive Notes have been issued pursuant to the
Indenture, with respect to Notes registered on the Record Date in the name of
the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.),
payment shall be made by wire transfer in immediately available funds to the
account designated by such nominee. If funds are expected to be available, as
provided in the Indenture, for payment in full of the then remaining unpaid
principal amount of this Note on a Quarterly Distribution Date, then the Trustee
shall notify the Person in whose name a Note is registered at the close of
business on the Record Date preceding the Quarterly Distribution Date on which
the Issuer expects that the final installment of principal of and interest on
such Note will be paid. Such notice shall be mailed or transmitted by facsimile
prior to such final Quarterly Distribution Date and shall specify that such
final installment will be payable only upon presentation and surrender of such
Note and shall specify the place where such Note may be presented and
surrendered for payment of such installment.

        As provided in the Indenture and subject to certain limitations set
forth therein, the transfer of this Note may be registered upon the records of
the Trustee upon surrender for transfer of any Note at the Principal Office of
the Trustee, duly endorsed for transfer or accompanied by an assignment duly
executed by the Registered Owner or his attorney duly authorized in writing, and
thereupon the Issuer shall execute and the Trustee shall authenticate and
deliver in the name of the transferee or transferees a new fully registered Note
or Notes of the same interest rate and for a like class and aggregate principal
amount of the same maturity.

        As to any Note, the person in whose name the same shall be registered
shall be deemed and regarded as the absolute owner thereof for all purposes, and
payment of either principal or interest on any fully registered Note shall be
made only to or upon the written order of the Registered Owner thereof or his
legal representative but such registration may be changed as provided in the
Indenture. All such payments shall be valid and effectual to satisfy and
discharge the liability upon such Note to the extent of the sum or sums paid.

        Each Registered Owner and each transferee of a Note shall be deemed to
represent and warrant that either (a) it is not acquiring the Note directly or
indirectly for, or on behalf of, an ERISA plan or any entity whose underlying
assets are deemed to be plan assets of such ERISA plan; or (b)(i) the
acquisition and holding of the Notes will not result in a nonexempt prohibited
transaction under Section 406 of ERISA or Section 4975 of the Code or similar
law and (ii) if the Notes are subsequently deemed to be "plan assets" pursuant
to the regulations set forth at 29 C.F.R. ss. 2510.3-101, it will promptly
dispose of the Notes.

                                     B-1-5
<PAGE>

        The Trustee shall require the payment by any Registered Owner requesting
exchange or transfer of any tax or other governmental charge required to be paid
with respect to such exchange or transfer. The applicant for any such transfer
or exchange may be required to pay all taxes and governmental charges in
connection with such transfer or exchange, other than exchanges pursuant to the
Indenture.

        The term "Issuer" as used in this Note includes any successor to the
Issuer under the Indenture.

        The Issuer is permitted by the Indenture, under certain circumstances,
to merge or consolidate, subject to the rights of the Trustee and the Registered
Owners under the Indenture.

        The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth.

        This Note shall be construed in accordance with the laws of the State of
New York, without reference to its conflict of law provisions, and the
obligations, rights and remedies of the parties hereunder and thereunder shall
be determined in accordance with such laws.

        No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note at
the times, place and rate, and in the coin or currency, herein prescribed.

                                     B-1-6
<PAGE>

                                   ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee

________________________________________________________________________________

    FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

________________________________________________________________________________
                         (name and address of assignee)
the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints
________________________________________________________________________________
attorney, to transfer said Note on the books kept for registration thereof, with
full power of substitution in the premises.

Dated: __________________________

                                          By                                   *
                                             -----------------------------------
                                          Name
                                               ---------------------------------
                                          Title
                                                --------------------------------

                                          Signature Guaranteed:

                                          By __________________________________*
                                          *NOTICE: Signature(s) should
                                          be guaranteed by a guarantor
                                          institution participating in the
                                          Securities Transfer Agents
                                          Medallion Program or in such
                                          other guarantee program
                                          acceptable to the Trustee. The
                                          Assignor's signature to this
                                          assignment must correspond with
                                          the name as it appears upon the
                                          face of the within note in every
                                          particular without alteration or
                                          any change whatever.

                                      B-1-7

<PAGE>

                                      B-2-7

<PAGE>

                                   EXHIBIT B-2

                             FORM OF CLASS A-2 NOTE

        Unless this Note is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Issuer (as
defined below) or its agent for registration of transfer, exchange or payment,
and any Note issued is registered in the name of Cede & Co. or in such other
name as is requested by an authorized representative of DTC (and any payment is
made to Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.

        THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY,
THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE
AMOUNT SHOWN ON THE FACE HEREOF. THIS NOTE IS NOT GUARANTEED OR INSURED BY ANY
GOVERNMENTAL AGENCY.

                        NELNET STUDENT LOAN TRUST 2005-4
                         STUDENT LOAN ASSET-BACKED NOTES
                            SENIOR CLASS A-2 (LIBOR)

REGISTERED NO. R-__                                      REGISTERED $__________

   DATE OF ISSUANCE         MATURITY DATE           CUSIP NO.         ISIN NO.
   November 15, 2005      December 22, 2023        64031Q CG 4      US64031QCG47

PRINCIPAL SUM:        **DOLLARS**
REGISTERED OWNER:     **CEDE & CO.**

        Nelnet Student Loan Trust 2005-4, a statutory trust organized and
existing under the laws of the State of Delaware (herein referred to as the
"Issuer"), for value received, hereby promises to pay to CEDE & CO., or
registered assigns, on each Quarterly Distribution Date the principal sum equal
to the Class A-2 Noteholder's Principal Distribution Amount for such Quarterly
Distribution Date, as described in the Indenture of Trust, dated as of November
1, 2005, between the Issuer (by Wells Fargo Delaware Trust Company, in its
capacity as Delaware Trustee) and Zions First National Bank, a national banking
association, as eligible lender trustee and indenture trustee (the "Trustee")
(capitalized terms used but not defined herein being defined in Article I of the
Indenture, which also contains rules as to usage that shall be applicable
herein); provided, however, that the entire unpaid principal amount of this Note
shall be due and payable on the Maturity Date specified above (the "Class A-2
Maturity Date").

<PAGE>

        The Issuer shall pay interest on this Note at the rate per annum equal
to the Class A-2 Rate (as defined herein), on each Quarterly Distribution Date
until the principal of this Note is paid or made available for payment, on the
principal amount of this Note outstanding on the preceding Quarterly
Distribution Date or the Date of Issuance in the case of the first Quarterly
Distribution Date (after giving effect to all payments of principal made on the
preceding Quarterly Distribution Date), subject to certain limitations contained
in the Indenture. Interest on this Note shall accrue from and including the
preceding Quarterly Distribution Date (or, in the case of the first Interest
Accrual Period, the Date of Issuance) to but excluding the following Quarterly
Distribution Date (each an "Interest Accrual Period"). Interest shall be
calculated on the basis of the actual number of days elapsed in each Interest
Accrual Period divided by 360 and rounding the resultant figure to the fifth
decimal point. Such principal of and interest on this Note shall be paid in the
manner specified on the reverse hereof.

        The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the Issuer
with respect to this Note shall be applied first to interest due and payable on
this Note as provided above and then to the unpaid principal of this Note.

        Reference is made to the further provisions of this Note set forth on
the reverse hereof, which shall have the same effect as though fully set forth
on the face of this Note.

        Unless the certificate of authentication hereon has been executed by the
Trustee whose name appears below by manual signature, this Note shall not be
entitled to any benefit under the Indenture referred to on the reverse hereof,
or be valid or obligatory for any purpose.

                                     B-2-2
<PAGE>

        IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly
executed, manually or in facsimile, as of the date set forth below.

                                      NELNET STUDENT LOAN TRUST 2005-4

                                      By  WELLS FARGO DELAWARE TRUST
                                          COMPANY, not in its
                                          individual capacity but
                                          solely as Delaware Trustee
                                          under the Trust Agreement,

                                      By
                                         ---------------------------------------
                                          Authorized Signatory

Date: __________ __, ____

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

        This is one of the Notes designated above and referred to in the
within-mentioned Indenture.

                                      ZIONS FIRST NATIONAL BANK, not in its
                                      individual capacity but solely as Trustee,

                                      By
                                         ---------------------------------------
                                          Authorized Signatory

Date: __________ __, ____

                                     B-2-3
<PAGE>

        This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Student Loan Asset-Backed Notes, Senior Class A-2 (the "Class
A-2 Notes"), which, together with the Issuer's Student Loan Asset-Backed Notes,
Senior Class A-1, Class A-3, Class A-4L and Class A-4AR (together with the Class
A-2 Notes, the "Class A Notes") and the Issuer's Student Loan Asset-Backed
Notes, Subordinate Class B (the "Class B Notes" and, together with the Class A
Notes, the "Notes"), are issued under and secured by the Indenture, to which
Indenture and all indentures supplemental thereto reference is hereby made for a
statement of the respective rights and obligations thereunder of the Issuer, the
Trustee and the Registered Owners. The Notes are subject to all terms of the
Indenture.

        The Class A-2 Notes are and will be secured by the Trust Estate pledged
as security therefor as provided in the Indenture. The Class A Notes are senior
to the Class B Notes as and to the extent provided in the Indenture. The Class A
Notes are, except for certain Termination Payments that are not Priority
Termination Payments, issued on a parity with any Derivative Products entered
into by the Issuer with a Counterparty, pursuant to which the Issuer will, from
time to time, owe Issuer Derivative Payments, and will, from time to time, be
owed Counterparty Payments.

        Principal of the Class A-2 Notes shall be payable on each Quarterly
Distribution Date in an amount equal to the Class A-2 Noteholder's Principal
Distribution Amount for such Quarterly Distribution Date. "Quarterly
Distribution Date" means the twenty-second (22nd) day of each March, June,
September and December or, if any such date is not a Business Day, the
immediately succeeding Business Day, commencing March 22, 2006.

        As described on the face hereof, the entire unpaid principal amount of
this Note shall be due and payable on the Class A-2 Maturity Date.
Notwithstanding the foregoing, the entire unpaid principal amount of the Notes
shall be due and payable on the date on which (a) an Event of Default shall have
occurred and be continuing and (b) either the Trustee or the Registered Owners
of Obligations representing not less than a majority of the Outstanding Amount
of the Highest Priority Obligations shall have declared the Notes to be
immediately due and payable in the manner provided in the Indenture.

        The Notes are subject to redemption from the proceeds of a sale of
Financed Eligible Loans in accordance with Section 10.03 or 10.04 of the
Indenture on any Quarterly Distribution Date on or after (a) the June 2022
Quarterly Distribution Date and (b) the Quarterly Distribution Date next
succeeding the date on which the then outstanding Pool Balance is 10% or less of
the Initial Pool Balance (all as defined in the Indenture).

        Interest on the Class A-2 Notes shall be payable on each Quarterly
Distribution Date on the principal amount outstanding of the Class A-2 Notes
until the principal amount thereof is paid in full, at a rate per annum equal to
the Class A-2 Rate. The "Class A-2 Rate" for each Interest Accrual Period, other
than the first Interest Accrual Period, shall be equal to the applicable
Three-Month LIBOR, plus 0.11%. The "Class A-2 Rate" for the first Interest
Accrual Period shall be determined by reference to the following formula:

                                     B-2-4
<PAGE>

        x + [6/33 * (y-x)] plus 0.11%, as determined by the Administrator.

        where:

        x = Four-Month LIBOR, and

        y = Five-Month LIBOR.

        Payments of interest on this Note on each Quarterly Distribution Date,
together with the installment of principal, if any, to the extent not in full
payment of this Note, shall be paid to the Person in whose name such Note is
registered on the Record Date by check mailed first-class, postage prepaid to
such Person's address as it appears on the records of the Trustee on such Record
Date, except that, unless definitive Notes have been issued pursuant to the
Indenture, with respect to Notes registered on the Record Date in the name of
the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.),
payment shall be made by wire transfer in immediately available funds to the
account designated by such nominee. If funds are expected to be available, as
provided in the Indenture, for payment in full of the then remaining unpaid
principal amount of this Note on a Quarterly Distribution Date, then the Trustee
shall notify the Person in whose name a Note is registered at the close of
business on the Record Date preceding the Quarterly Distribution Date on which
the Issuer expects that the final installment of principal of and interest on
such Note will be paid. Such notice shall be mailed or transmitted by facsimile
prior to such final Quarterly Distribution Date and shall specify that such
final installment will be payable only upon presentation and surrender of such
Note and shall specify the place where such Note may be presented and
surrendered for payment of such installment.

        As provided in the Indenture and subject to certain limitations set
forth therein, the transfer of this Note may be registered upon the records of
the Trustee upon surrender for transfer of any Note at the Principal Office of
the Trustee, duly endorsed for transfer or accompanied by an assignment duly
executed by the Registered Owner or his attorney duly authorized in writing, and
thereupon the Issuer shall execute and the Trustee shall authenticate and
deliver in the name of the transferee or transferees a new fully registered Note
or Notes of the same interest rate and for a like class and aggregate principal
amount of the same maturity.

        As to any Note, the person in whose name the same shall be registered
shall be deemed and regarded as the absolute owner thereof for all purposes, and
payment of either principal or interest on any fully registered Note shall be
made only to or upon the written order of the Registered Owner thereof or his
legal representative but such registration may be changed as provided in the
Indenture. All such payments shall be valid and effectual to satisfy and
discharge the liability upon such Note to the extent of the sum or sums paid.

                                     B-2-5
<PAGE>

        Each Registered Owner and each transferee of a Note shall be deemed to
represent and warrant that either (a) it is not acquiring the Note directly or
indirectly for, or on behalf of, an ERISA plan or any entity whose underlying
assets are deemed to be plan assets of such ERISA plan; or (b)(i) the
acquisition and holding of the Notes will not result in a nonexempt prohibited
transaction under Section 406 of ERISA or Section 4975 of the Code or similar
law and (ii) if the Notes are subsequently deemed to be "plan assets" pursuant
to the regulations set forth at 29 C.F.R. ss. 2510.3-101, it will promptly
dispose of the Notes.

        The Trustee shall require the payment by any Registered Owner requesting
exchange or transfer of any tax or other governmental charge required to be paid
with respect to such exchange or transfer. The applicant for any such transfer
or exchange may be required to pay all taxes and governmental charges in
connection with such transfer or exchange, other than exchanges pursuant to the
Indenture.

        The term "Issuer" as used in this Note includes any successor to the
Issuer under the Indenture.

        The Issuer is permitted by the Indenture, under certain circumstances,
to merge or consolidate, subject to the rights of the Trustee and the Registered
Owners under the Indenture.

        The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth.

        This Note shall be construed in accordance with the laws of the State of
New York, without reference to its conflict of law provisions, and the
obligations, rights and remedies of the parties hereunder and thereunder shall
be determined in accordance with such laws.

        No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note at
the times, place and rate, and in the coin or currency, herein prescribed.

                                     B-2-6
<PAGE>

                                   ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee

________________________________________________________________________________

    FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

________________________________________________________________________________
                         (name and address of assignee)
the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints
________________________________________________________________________________
attorney, to transfer said Note on the books kept for registration thereof, with
full power of substitution in the premises.

Dated: __________________________

                                          By                                   *
                                             -----------------------------------
                                          Name
                                               ---------------------------------
                                          Title
                                                --------------------------------

                                          Signature Guaranteed:

                                          By __________________________________*
                                          *NOTICE: Signature(s) should
                                          be guaranteed by a guarantor
                                          institution participating in the
                                          Securities Transfer Agents
                                          Medallion Program or in such
                                          other guarantee program
                                          acceptable to the Trustee. The
                                          Assignor's signature to this
                                          assignment must correspond with
                                          the name as it appears upon the
                                          face of the within note in every
                                          particular without alteration or
                                          any change whatever.

                                      B-2-7

<PAGE>

                                   EXHIBIT B-3

                             FORM OF CLASS A-3 NOTE

        Unless this Note is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Issuer (as
defined below) or its agent for registration of transfer, exchange or payment,
and any Note issued is registered in the name of Cede & Co. or in such other
name as is requested by an authorized representative of DTC (and any payment is
made to Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.

        THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY,
THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE
AMOUNT SHOWN ON THE FACE HEREOF. THIS NOTE IS NOT GUARANTEED OR INSURED BY ANY
GOVERNMENTAL AGENCY.

                        NELNET STUDENT LOAN TRUST 2005-4
                         STUDENT LOAN ASSET-BACKED NOTES
                            SENIOR CLASS A-3 (LIBOR)

REGISTERED NO. R-__                                       REGISTERED $__________

   DATE OF ISSUANCE         MATURITY DATE           CUSIP NO.        ISIN NO.
   November 15, 2005        June 22, 2026          64031Q CH 2     US64031QCH20

PRINCIPAL SUM:         **DOLLARS**
REGISTERED OWNER:     **CEDE & CO.**

        Nelnet Student Loan Trust 2005-4, a statutory trust organized and
existing under the laws of the State of Delaware (herein referred to as the
"Issuer"), for value received, hereby promises to pay to CEDE & CO., or
registered assigns, on each Quarterly Distribution Date the principal sum equal
to the Class A-3 Noteholder's Principal Distribution Amount for such Quarterly
Distribution Date, as described in the Indenture of Trust, dated as of November
1, 2005, between the Issuer (by Wells Fargo Delaware Trust Company, in its
capacity as Delaware Trustee) and Zions First National Bank, a national banking
association, as eligible lender trustee and indenture trustee (the "Trustee")
(capitalized terms used but not defined herein being defined in Article I of the
Indenture, which also contains rules as to usage that shall be applicable
herein); provided, however, that the entire unpaid principal amount of this Note
shall be due and payable on the Maturity Date specified above (the "Class A-3
Maturity Date").

<PAGE>

        The Issuer shall pay interest on this Note at the rate per annum equal
to the Class A-3 Rate (as defined herein), on each Quarterly Distribution Date
until the principal of this Note is paid or made available for payment, on the
principal amount of this Note outstanding on the preceding Quarterly
Distribution Date or the Date of Issuance in the case of the first Quarterly
Distribution Date (after giving effect to all payments of principal made on the
preceding Quarterly Distribution Date), subject to certain limitations contained
in the Indenture. Interest on this Note shall accrue from and including the
preceding Quarterly Distribution Date (or, in the case of the first Interest
Accrual Period, the Date of Issuance) to but excluding the following Quarterly
Distribution Date (each an "Interest Accrual Period"). Interest shall be
calculated on the basis of the actual number of days elapsed in each Interest
Accrual Period divided by 360 and rounding the resultant figure to the fifth
decimal point. Such principal of and interest on this Note shall be paid in the
manner specified on the reverse hereof.

        The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the Issuer
with respect to this Note shall be applied first to interest due and payable on
this Note as provided above and then to the unpaid principal of this Note.

        Reference is made to the further provisions of this Note set forth on
the reverse hereof, which shall have the same effect as though fully set forth
on the face of this Note.

        Unless the certificate of authentication hereon has been executed by the
Trustee whose name appears below by manual signature, this Note shall not be
entitled to any benefit under the Indenture referred to on the reverse hereof,
or be valid or obligatory for any purpose.

                                     B-3-2
<PAGE>

        IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly
executed, manually or in facsimile, as of the date set forth below.

                                      NELNET STUDENT LOAN TRUST 2005-4

                                      By  WELLS FARGO DELAWARE TRUST
                                          COMPANY, not in its
                                          individual capacity but
                                          solely as Delaware Trustee
                                          under the Trust Agreement,

                                      By
                                         ---------------------------------------
                                          Authorized Signatory

Date: __________ __, ____

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

        This is one of the Notes designated above and referred to in the
within-mentioned Indenture.

                                      ZIONS FIRST NATIONAL BANK, not in its
                                      individual capacity but solely as Trustee,

                                      By
                                         ---------------------------------------
                                          Authorized Signatory

Date: __________ __, ____

                                     B-3-3
<PAGE>

        This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Student Loan Asset-Backed Notes, Senior Class A-3 (the "Class
A-3 Notes"), which, together with the Issuer's Student Loan Asset-Backed Notes,
Senior Class A-1, Class A-2, Class A-4L and Class A-4AR (together with the Class
A-3 Notes, the "Class A Notes") and the Issuer's Student Loan Asset-Backed
Notes, Class B (the "Class B Notes" and, together with the Class A Notes, the
"Notes"), are issued under and secured by the Indenture, to which Indenture and
all indentures supplemental thereto reference is hereby made for a statement of
the respective rights and obligations thereunder of the Issuer, the Trustee and
the Registered Owners. The Notes are subject to all terms of the Indenture.

        The Class A-3 Notes are and will be secured by the Trust Estate pledged
as security therefor as provided in the Indenture. The Class A Notes are senior
to the Class B Notes as and to the extent provided in the Indenture. The Class A
Notes are, except for certain Termination Payments that are not Priority
Termination Payments, issued on a parity with any Derivative Products entered
into by the Issuer with a Counterparty, pursuant to which the Issuer will, from
time to time, owe Issuer Derivative Payments, and will, from time to time, be
owed Counterparty Payments.

        Principal of the Class A-3 Notes shall be payable on each Quarterly
Distribution Date in an amount equal to the Class A-3 Noteholder's Principal
Distribution Amount for such Quarterly Distribution Date. "Quarterly
Distribution Date" means the twenty-second (22nd) day of each March, June,
September and December or, if any such date is not a Business Day, the
immediately succeeding Business Day, commencing March 22, 2006.

        As described on the face hereof, the entire unpaid principal amount of
this Note shall be due and payable on the Class A-3 Maturity Date.
Notwithstanding the foregoing, the entire unpaid principal amount of the Notes
shall be due and payable on the date on which (a) an Event of Default shall have
occurred and be continuing and (b) either the Trustee or the Registered Owners
of Obligations representing not less than a majority of the Outstanding Amount
of the Highest Priority Obligations shall have declared the Notes to be
immediately due and payable in the manner provided in the Indenture.

        The Notes are subject to redemption from the proceeds of a sale of
Financed Eligible Loans in accordance with Section 10.03 or 10.04 of the
Indenture on any Quarterly Distribution Date on or after (a) the June 2022
Quarterly Distribution Date and (b) the Quarterly Distribution Date next
succeeding the date on which the then outstanding Pool Balance is 10% or less of
the Initial Pool Balance (all as defined in the Indenture).

        Interest on the Class A-3 Notes shall be payable on each Quarterly
Distribution Date on the principal amount outstanding of the Class A-3 Notes
until the principal amount thereof is paid in full, at a rate per annum equal to
the Class A-3 Rate. The "Class A-3 Rate" for each Interest Accrual Period, other
than the first Interest Accrual Period, shall be equal to the applicable
Three-Month LIBOR, plus 0.13%. The "Class A-3 Rate" for the first Interest
Accrual Period shall be determined by reference to the following formula:

                                     B-3-4
<PAGE>

        x + [6/33 * (y-x)] plus 0.13%, as determined by the Administrator.

        where:

        x = Four-Month LIBOR, and

        y = Five-Month LIBOR.

        Payments of interest on this Note on each Quarterly Distribution Date,
together with the installment of principal, if any, to the extent not in full
payment of this Note, shall be paid to the Person in whose name such Note is
registered on the Record Date by check mailed first-class, postage prepaid to
such Person's address as it appears on the records of the Trustee on such Record
Date, except that, unless definitive Notes have been issued pursuant to the
Indenture, with respect to Notes registered on the Record Date in the name of
the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.),
payment shall be made by wire transfer in immediately available funds to the
account designated by such nominee. If funds are expected to be available, as
provided in the Indenture, for payment in full of the then remaining unpaid
principal amount of this Note on a Quarterly Distribution Date, then the Trustee
shall notify the Person in whose name a Note is registered at the close of
business on the Record Date preceding the Quarterly Distribution Date on which
the Issuer expects that the final installment of principal of and interest on
such Note will be paid. Such notice shall be mailed or transmitted by facsimile
prior to such final Quarterly Distribution Date and shall specify that such
final installment will be payable only upon presentation and surrender of such
Note and shall specify the place where such Note may be presented and
surrendered for payment of such installment.

        As provided in the Indenture and subject to certain limitations set
forth therein, the transfer of this Note may be registered upon the records of
the Trustee upon surrender for transfer of any Note at the Principal Office of
the Trustee, duly endorsed for transfer or accompanied by an assignment duly
executed by the Registered Owner or his attorney duly authorized in writing, and
thereupon the Issuer shall execute and the Trustee shall authenticate and
deliver in the name of the transferee or transferees a new fully registered Note
or Notes of the same interest rate and for a like class and aggregate principal
amount of the same maturity.

        As to any Note, the person in whose name the same shall be registered
shall be deemed and regarded as the absolute owner thereof for all purposes, and
payment of either principal or interest on any fully registered Note shall be
made only to or upon the written order of the Registered Owner thereof or his
legal representative but such registration may be changed as provided in the
Indenture. All such payments shall be valid and effectual to satisfy and
discharge the liability upon such Note to the extent of the sum or sums paid.

        Each Registered Owner and each transferee of a Note shall be deemed to
represent and warrant that either (a) it is not acquiring the Note directly or
indirectly for, or on behalf of, an ERISA plan or any entity whose underlying
assets are deemed to be plan assets of such ERISA plan; or (b)(i) the
acquisition and holding of the Notes will not result in a nonexempt prohibited
transaction under Section 406 of ERISA or Section 4975 of the Code or similar
law and (ii) if the Notes are subsequently deemed to be "plan assets" pursuant
to the regulations set forth at 29 C.F.R. ss. 2510.3-101, it will promptly
dispose of the Notes.

                                     B-3-5
<PAGE>

        The Trustee shall require the payment by any Registered Owner requesting
exchange or transfer of any tax or other governmental charge required to be paid
with respect to such exchange or transfer. The applicant for any such transfer
or exchange may be required to pay all taxes and governmental charges in
connection with such transfer or exchange, other than exchanges pursuant to the
Indenture.

        The term "Issuer" as used in this Note includes any successor to the
Issuer under the Indenture.

        The Issuer is permitted by the Indenture, under certain circumstances,
to merge or consolidate, subject to the rights of the Trustee and the Registered
Owners under the Indenture.

        The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth.

        This Note shall be construed in accordance with the laws of the State of
New York, without reference to its conflict of law provisions, and the
obligations, rights and remedies of the parties hereunder and thereunder shall
be determined in accordance with such laws.

        No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note at
the times, place and rate, and in the coin or currency, herein prescribed.

                                     B-3-6
<PAGE>

                                   ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee

________________________________________________________________________________

    FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

________________________________________________________________________________
                         (name and address of assignee)
the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints
________________________________________________________________________________
attorney, to transfer said Note on the books kept for registration thereof, with
full power of substitution in the premises.

Dated: __________________________

                                          By                                   *
                                             -----------------------------------
                                          Name
                                               ---------------------------------
                                          Title
                                                --------------------------------

                                          Signature Guaranteed:

                                          By __________________________________*
                                          *NOTICE: Signature(s) should
                                          be guaranteed by a guarantor
                                          institution participating in the
                                          Securities Transfer Agents
                                          Medallion Program or in such
                                          other guarantee program
                                          acceptable to the Trustee. The
                                          Assignor's signature to this
                                          assignment must correspond with
                                          the name as it appears upon the
                                          face of the within note in every
                                          particular without alteration or
                                          any change whatever.

                                      B-3-7
<PAGE>

                                   EXHIBIT B-4

                             FORM OF CLASS A-4L NOTE

        Unless this Note is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Issuer (as
defined below) or its agent for registration of transfer, exchange or payment,
and any Note issued is registered in the name of Cede & Co. or in such other
name as is requested by an authorized representative of DTC (and any payment is
made to Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.

        THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY,
THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE
AMOUNT SHOWN ON THE FACE HEREOF. THIS NOTE IS NOT GUARANTEED OR INSURED BY ANY
GOVERNMENTAL AGENCY.

                        NELNET STUDENT LOAN TRUST 2005-4
                         STUDENT LOAN ASSET-BACKED NOTES
                            SENIOR CLASS A-4L (LIBOR)

REGISTERED NO. R-__                                       REGISTERED $__________

   DATE OF ISSUANCE         MATURITY DATE         CUSIP NO.           ISIN NO.
   November 15, 2005        March 22, 2032       64031Q CJ 8        US64031QCJ85

PRINCIPAL SUM:        **DOLLARS**
REGISTERED OWNER:     **CEDE & CO.**

        Nelnet Student Loan Trust 2005-4, a statutory trust organized and
existing under the laws of the State of Delaware (herein referred to as the
"Issuer"), for value received, hereby promises to pay to CEDE & CO., or
registered assigns, on each Quarterly Distribution Date the principal sum equal
to the Class A-4L Noteholder's Principal Distribution Amount for such Quarterly
Distribution Date, as described in the Indenture of Trust, dated as of November
1, 2005, between the Issuer (by Wells Fargo Delaware Trust Company, in its
capacity as Delaware Trustee) and Zions First National Bank, a national banking
association, as eligible lender trustee and indenture trustee (the "Trustee")
(capitalized terms used but not defined herein being defined in Article I of the
Indenture, which also contains rules as to usage that shall be applicable
herein); provided, however, that the entire unpaid principal amount of this Note
shall be due and payable on the Maturity Date specified above (the "Class A-4L
Maturity Date").

<PAGE>

        The Issuer shall pay interest on this Note at the rate per annum equal
to the Class A-4L Rate (as defined herein), on each Quarterly Distribution Date
until the principal of this Note is paid or made available for payment, on the
principal amount of this Note outstanding on the preceding Quarterly
Distribution Date or the Date of Issuance in the case of the first Quarterly
Distribution Date (after giving effect to all payments of principal made on the
preceding Quarterly Distribution Date), subject to certain limitations contained
in the Indenture. Interest on this Note shall accrue from and including the
preceding Quarterly Distribution Date (or, in the case of the first Interest
Accrual Period, the Date of Issuance) to but excluding the following Quarterly
Distribution Date (each an "Interest Accrual Period"). Interest shall be
calculated on the basis of the actual number of days elapsed in each Interest
Accrual Period divided by 360 and rounding the resultant figure to the fifth
decimal point. Such principal of and interest on this Note shall be paid in the
manner specified on the reverse hereof.

        The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the Issuer
with respect to this Note shall be applied first to interest due and payable on
this Note as provided above and then to the unpaid principal of this Note.

        Reference is made to the further provisions of this Note set forth on
the reverse hereof, which shall have the same effect as though fully set forth
on the face of this Note.

        Unless the certificate of authentication hereon has been executed by the
Trustee whose name appears below by manual signature, this Note shall not be
entitled to any benefit under the Indenture referred to on the reverse hereof,
or be valid or obligatory for any purpose.

                                     B-4-2
<PAGE>

        IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly
executed, manually or in facsimile, as of the date set forth below.

                                      NELNET STUDENT LOAN TRUST 2005-4

                                      By  WELLS FARGO DELAWARE TRUST
                                          COMPANY, not in its
                                          individual capacity but
                                          solely as Delaware Trustee
                                          under the Trust Agreement,

                                      By
                                         ---------------------------------------
                                          Authorized Signatory

Date: __________ __, ____

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

        This is one of the Notes designated above and referred to in the
within-mentioned Indenture.

                                      ZIONS FIRST NATIONAL BANK, not in its
                                      individual capacity but solely as Trustee,

                                      By
                                         ---------------------------------------
                                          Authorized Signatory

Date: __________ __, ____

                                     B-4-3
<PAGE>

        This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Student Loan Asset-Backed Notes, Senior Class A-4L (the "Class
A-4L Notes"), which, together with the Issuer's Student Loan Asset-Backed Notes,
Senior Class A-1, Class A-2, Class A-3 and Class A-4AR (together with the Class
A-4L Notes, the "Class A Notes") and the Issuer's Student Loan Asset-Backed
Notes, Subordinate Class B (the "Class B Notes" and, together with the Class A
Notes, the "Notes"), are issued under and secured by the Indenture, to which
Indenture and all indentures supplemental thereto reference is hereby made for a
statement of the respective rights and obligations thereunder of the Issuer, the
Trustee and the Registered Owners. The Notes are subject to all terms of the
Indenture.

        The Class A-4L Notes are and will be secured by the Trust Estate pledged
as security therefor as provided in the Indenture. The Class A Notes (the "Class
A Notes") are senior to the Class B Notes as and to the extent provided in the
Indenture. The Class A Notes are, except for certain Termination Payments that
are not Priority Termination Payments, issued on a parity with any Derivative
Products entered into by the Issuer with a Counterparty, pursuant to which the
Issuer will, from time to time, owe Issuer Derivative Payments, and will, from
time to time, be owed Counterparty Payments.

        Principal of the Class A-4L Notes shall be payable on each Quarterly
Distribution Date in an amount equal to the Class A-4L Noteholder's Principal
Distribution Amount for such Quarterly Distribution Date. "Quarterly
Distribution Date" means the twenty-second (22nd) day of each March, June,
September and December or, if any such date is not a Business Day, the
immediately succeeding Business Day, commencing March 22, 2006.

        As described on the face hereof, the entire unpaid principal amount of
this Note shall be due and payable on the Class A-4L Maturity Date.
Notwithstanding the foregoing, the entire unpaid principal amount of the Notes
shall be due and payable on the date on which (a) an Event of Default shall have
occurred and be continuing and (b) either the Trustee or the Registered Owners
of Obligations representing not less than a majority of the Outstanding Amount
of the Highest Priority Obligations shall have declared the Notes to be
immediately due and payable in the manner provided in the Indenture.

        The Notes are subject to redemption from the proceeds of a sale of
Financed Eligible Loans in accordance with Section 10.03 or 10.04 of the
Indenture on any Quarterly Distribution Date on or after (a) the June 2022
Quarterly Distribution Date and (b) the Quarterly Distribution Date next
succeeding the date on which the then outstanding Pool Balance is 10% or less of
the Initial Pool Balance (all as defined in the Indenture).

        Interest on the Class A-4L Notes shall be payable on each Quarterly
Distribution Date on the principal amount outstanding of the Class A-4L Notes
until the principal amount thereof is paid in full, at a rate per annum equal to
the Class A-4L Rate. The "Class A-4L Rate" for each Interest Accrual Period,
other than the first Interest Accrual Period, shall be equal to the applicable
Three-Month LIBOR, plus 0.18%. The "Class A-4L Rate" for the first Interest
Accrual Period shall be determined by reference to the following formula:

                                     B-4-4
<PAGE>

        x + [6/33 * (y-x)] plus 0.18%, as determined by the Administrator.

        where:

        x = Four-Month LIBOR, and

        y = Five-Month LIBOR.

        Payments of interest on this Note on each Quarterly Distribution Date,
together with the installment of principal, if any, to the extent not in full
payment of this Note, shall be paid to the Person in whose name such Note is
registered on the Record Date by check mailed first-class, postage prepaid to
such Person's address as it appears on the records of the Trustee on such Record
Date, except that, unless definitive Notes have been issued pursuant to the
Indenture, with respect to Notes registered on the Record Date in the name of
the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.),
payment shall be made by wire transfer in immediately available funds to the
account designated by such nominee. If funds are expected to be available, as
provided in the Indenture, for payment in full of the then remaining unpaid
principal amount of this Note on a Quarterly Distribution Date, then the Trustee
shall notify the Person in whose name a Note is registered at the close of
business on the Record Date preceding the Quarterly Distribution Date on which
the Issuer expects that the final installment of principal of and interest on
such Note will be paid. Such notice shall be mailed or transmitted by facsimile
prior to such final Quarterly Distribution Date and shall specify that such
final installment will be payable only upon presentation and surrender of such
Note and shall specify the place where such Note may be presented and
surrendered for payment of such installment.

        As provided in the Indenture and subject to certain limitations set
forth therein, the transfer of this Note may be registered upon the records of
the Trustee upon surrender for transfer of any Note at the Principal Office of
the Trustee, duly endorsed for transfer or accompanied by an assignment duly
executed by the Registered Owner or his attorney duly authorized in writing, and
thereupon the Issuer shall execute and the Trustee shall authenticate and
deliver in the name of the transferee or transferees a new fully registered Note
or Notes of the same interest rate and for a like class and aggregate principal
amount of the same maturity.

        As to any Note, the person in whose name the same shall be registered
shall be deemed and regarded as the absolute owner thereof for all purposes, and
payment of either principal or interest on any fully registered Note shall be
made only to or upon the written order of the Registered Owner thereof or his
legal representative but such registration may be changed as provided in the
Indenture. All such payments shall be valid and effectual to satisfy and
discharge the liability upon such Note to the extent of the sum or sums paid.

        Each Registered Owner and each transferee of a Note shall be deemed to
represent and warrant that either (a) it is not acquiring the Note directly or
indirectly for, or on behalf of, an ERISA plan or any entity whose underlying
assets are deemed to be plan assets of such ERISA plan; or (b)(i) the
acquisition and holding of the Notes will not result in a nonexempt prohibited
transaction under Section 406 of ERISA or Section 4975 of the Code or similar
law and (ii) if the Notes are subsequently deemed to be "plan assets" pursuant
to the regulations set forth at 29 C.F.R. ss. 2510.3-101, it will promptly
dispose of the Notes.
                                     B-4-5
<PAGE>

        The Trustee shall require the payment by any Registered Owner requesting
exchange or transfer of any tax or other governmental charge required to be paid
with respect to such exchange or transfer. The applicant for any such transfer
or exchange may be required to pay all taxes and governmental charges in
connection with such transfer or exchange, other than exchanges pursuant to the
Indenture.

        The term "Issuer" as used in this Note includes any successor to the
Issuer under the Indenture.

        The Issuer is permitted by the Indenture, under certain circumstances,
to merge or consolidate, subject to the rights of the Trustee and the Registered
Owners under the Indenture.

        The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth.

        This Note shall be construed in accordance with the laws of the State of
New York, without reference to its conflict of law provisions, and the
obligations, rights and remedies of the parties hereunder and thereunder shall
be determined in accordance with such laws.

        No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note at
the times, place and rate, and in the coin or currency, herein prescribed.

                                     B-4-6
<PAGE>

                                   ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee

________________________________________________________________________________

    FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

________________________________________________________________________________
                         (name and address of assignee)
the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints
________________________________________________________________________________
attorney, to transfer said Note on the books kept for registration thereof, with
full power of substitution in the premises.

Dated: __________________________

                                          By                                   *
                                             -----------------------------------
                                          Name
                                               ---------------------------------
                                          Title
                                                --------------------------------

                                          Signature Guaranteed:

                                          By __________________________________*
                                          *NOTICE: Signature(s) should
                                          be guaranteed by a guarantor
                                          institution participating in the
                                          Securities Transfer Agents
                                          Medallion Program or in such
                                          other guarantee program
                                          acceptable to the Trustee. The
                                          Assignor's signature to this
                                          assignment must correspond with
                                          the name as it appears upon the
                                          face of the within note in every
                                          particular without alteration or
                                          any change whatever.

                                      B-4-7
<PAGE>

                                   EXHIBIT B-5

                           FORM OF CLASS A-4AR-1 NOTE

        Unless this Note is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Issuer (as
defined below) or its agent for registration of transfer, exchange or payment,
and any Note issued is registered in the name of Cede & Co. or in such other
name as is requested by an authorized representative of DTC (and any payment is
made to Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.

        THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY,
THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE
AMOUNT SHOWN ON THE FACE HEREOF. THIS NOTE IS NOT GUARANTEED OR INSURED BY ANY
GOVERNMENTAL AGENCY.

                        NELNET STUDENT LOAN TRUST 2005-4
                         STUDENT LOAN ASSET-BACKED NOTES
                                  CLASS A-4AR-1

REGISTERED NO. R-__                                      REGISTERED $__________

        DATE OF ISSUANCE                  MATURITY DATE              CUSIP NO.
       November 15, 2005                  March 22, 2032            64031Q CK 5

PRINCIPAL SUM:        **DOLLARS**
REGISTERED OWNER:     **CEDE & CO.**

        Nelnet Student Loan Trust 2005-4, a statutory trust organized and
existing under the laws of the State of Delaware (herein referred to as the
"Issuer"), for value received, hereby promises to pay to CEDE & CO., or
registered assigns, on each Auction Rate Distribution Date the principal sum
equal to the Class A-4AR-1 Noteholder's Principal Distribution Amount for such
Auction Rate Distribution Date, as described in the Indenture of Trust dated as
of November 1, 2005, between the Issuer (by Wells Fargo Delaware Trust Company,
in its capacity as Delaware Trustee) and Zions First National Bank, a national
banking association, as eligible lender trustee and indenture trustee (the
"Trustee") (capitalized terms used but not defined herein being defined in
Article I or Appendix A of the Indenture, which also contains rules as to usage
that shall be applicable herein); provided, however, that the entire unpaid
principal amount of this Note shall be due and payable on the Maturity Date
specified above (the "Class A-4AR-1 Maturity Date").

<PAGE>

        The Issuer shall pay interest on this Note at the rate per annum equal
to the Class A-4AR-1 Rate (as defined on the reverse hereof), on each Auction
Rate Distribution Date for the Class A-4AR-1 Notes until the principal of this
Note is paid or made available for payment, on the principal amount of this Note
outstanding on the preceding Auction Rate Distribution Date or the Date of
Issuance in the case of the first Auction Rate Distribution Date (after giving
effect to all payments of principal made on the preceding Auction Rate
Distribution Date), subject to certain limitations contained in the Indenture.
Interest on this Note shall accrue, unless changed as provided in the Indenture
in Appendix A thereto, initially during the period commencing on the Date of
Issuance through and not including the Initial Rate Adjustment Date for the
Class A-4AR-1 Notes, and thereafter, each successive period of generally 7 days,
commencing on the first Business Day following the applicable Auction Date, and
ending on and including the applicable Auction Date (unless such date is not
followed by a Business Day, in which case the next succeeding day that is
followed by a Business Day) and, if the Auction Periods are changed as provided
in the Indenture, each period commencing on an Auction Rate Distribution Date
and ending on but excluding the succeeding Auction Rate Distribution Date (each
an "Interest Accrual Period" or "Auction Period"). Interest shall be calculated
on the basis of the actual number of days elapsed in each Interest Accrual
Period divided by 360 and rounding the resultant figure to the fifth decimal
point. Such principal of and interest on this Note shall be paid in the manner
specified on the reverse hereof.

        The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the Issuer
with respect to this Note shall be applied first to interest due and payable on
this Note as provided above and then to the unpaid principal of this Note.

        Reference is made to the further provisions of this Note set forth on
the reverse hereof, which shall have the same effect as though fully set forth
on the face of this Note.

        Unless the certificate of authentication hereon has been executed by the
Trustee whose name appears below by manual signature, this Note shall not be
entitled to any benefit under the Indenture referred to on the reverse hereof,
or be valid or obligatory for any purpose.

                                     B-5-2
<PAGE>

        IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly
executed, manually or in facsimile, as of the date set forth below.

                                      NELNET STUDENT LOAN TRUST 2005-4

                                      By  WELLS FARGO DELAWARE TRUST
                                          COMPANY, not in its
                                          individual capacity but
                                          solely as Delaware Trustee
                                          under the Trust Agreement

                                      By
                                         ---------------------------------------
                                          Authorized Signatory

Date: [Date of Issuance]

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

        This is one of the Notes designated above and referred to in the
within-mentioned Indenture.

                                      ZIONS FIRST NATIONAL BANK, not in its
                                      individual capacity but solely as Trustee,

                                      By
                                         ---------------------------------------
                                          Authorized Signatory

Date: [Date of Issuance]
                                     B-5-3
<PAGE>

        This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Student Loan Asset-Backed Notes, Class A-4AR-1 (the "Class
A-4AR-1 Notes"), which, together with the Issuer's Student Loan Asset-Backed
Notes, Class A-1, Class A-2, Class A-3, Class A-4L and Class A-4AR-2 (the "Class
A-1 Notes," the "Class A-2 Notes," the "Class A-3 Notes," the "Class A-4L
Notes," and the "Class A-4AR-2 Notes," respectively) and the Issuer's Student
Loan Asset-Backed Notes, Class B (the "Class B Notes" and, together with the
Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4L Notes
and the Class A-4AR-1 Notes and the Class A-4AR-2 Notes, the "Notes"), are
issued under and secured by the Indenture, to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective
rights and obligations thereunder of the Issuer, the Trustee and the Registered
Owners. The Notes are subject to all terms of the Indenture.

        The Class A-4AR-1 Notes are and will be secured by the Trust Estate
pledged as security therefor as provided in the Indenture. The Class A-1 Notes,
the Class A-2 Notes, the Class A-3 Notes, the Class A-4L Notes, the Class
A-4AR-1 Notes and the Class A-4AR-2 Notes (the "Class A Notes") are senior to
the Class B Notes as and to the extent provided in the Indenture. The Class A
Notes are, except for certain Termination Payments that are not Priority
Termination Payments, issued on a parity with a Derivative Product entered into
by the Issuer with the Initial Counterparty, pursuant to which the Issuer will,
from time to time, owe Issuer Derivative Payments, and will from time to time,
be owed Counterparty Payments.

        Principal of the Class A-4AR-1 Notes shall be payable on each Auction
Rate Distribution Date in an amount equal to the Class A-4AR-1 Noteholder's
Principal Distribution Amount for such Auction Rate Distribution Date. "Auction
Rate Distribution Date" means for the Class A-4AR-1 Notes, the Business Day
immediately following the Initial Period and each related Auction Period
thereafter; provided, however, that if the duration of such Auction Period
exceeds 90 days, then the Class A-4AR-1 Notes will have Auction Rate
Distribution Dates on (i) the twenty-second (22nd) day of each March, June,
September and December occurring during such Auction Period (or, if such day is
not a Business Day, the immediately succeeding Business Day), and (ii) the first
Business Day immediately following the end of such Auction Period.

        As described on the face hereof, the entire unpaid principal amount of
this Note shall be due and payable on the Class A-4AR-1 Maturity Date.
Notwithstanding the foregoing, the entire unpaid principal amount of the Notes
shall be due and payable on the date on which (a) an Event of Default shall have
occurred and be continuing and (b) either the Trustee or the Registered Owners
of Obligations representing not less than a majority of the Outstanding Amount
of the Highest Priority Obligations shall have declared the Notes to be
immediately due and payable in the manner provided in the Indenture.

        The Notes are subject to redemption from the proceeds of a sale of
Financed Eligible Loans in accordance with Section 10.03 or 10.04 of the
Indenture on any Quarterly Distribution Date on or after (a) the June 2022
Quarterly Distribution Date and (b) the Quarterly Distribution Date next
succeeding the date on which the then outstanding Pool Balance is 10% or less of
the Initial Pool Balance (all as defined in the Indenture).

                                     B-5-4
<PAGE>

        Interest on the Class A-4AR-1 Notes shall be payable on each Auction
Rate Distribution Date on the principal amount outstanding of the Class A-4AR-1
Notes until the principal amount thereof is paid in full, at a rate per annum
equal to the Class A-4AR-1 Rate. The "Class A-4AR-1 Rate" for each Interest
Accrual Period, other than the first Interest Accrual Period, shall be equal to
the Auction Note Interest Rate for the Class A-4AR-1 Notes for such Interest
Accrual Period, and, for the first Interest Accrual Period, the Initial Rate for
such class. The Auction Note Interest Rate is determined for each Interest
Accrual Period in accordance with the Auction Procedures described in Appendix A
to the Indenture. The Initial Rate for the Class A-4AR-1 Notes is the rate
selected by the Underwriters and specified in the Indenture for such class of
Notes. Under certain circumstances, the Class A-4AR-1 Notes may be entitled to
payment of certain Carry-over Amounts for such class, as described in Appendix A
to the Indenture. Payment of such Carry-over Amounts is subordinated to the
payment of principal and interest on the Notes, and to payment of other amounts
owed by the Issuer, as described in the Indenture.

        Payments of interest on this Note on each Auction Rate Distribution
Date, together with the installment of principal, if any, to the extent not in
full payment of this Note, shall be paid to the Person in whose name such Note
is registered on the Record Date by check mailed first-class, postage prepaid to
such Person's address as it appears on the records of the Trustee on such Record
Date, except that, unless definitive Notes have been issued pursuant to the
Indenture, with respect to Notes registered on the Record Date in the name of
the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.),
payment shall be made by wire transfer in immediately available funds to the
account designated by such nominee. If funds are expected to be available, as
provided in the Indenture, for payment in full of the then remaining unpaid
principal amount of this Note on an Auction Rate Distribution Date, then the
Trustee shall notify the Person in whose name a Note is registered at the close
of business on the Record Date preceding the Auction Rate Distribution Date on
which the Issuer expects that the final installment of principal of and interest
on such Note will be paid. Such notice shall be mailed or transmitted by
facsimile prior to such final Auction Rate Distribution Date and shall specify
that such final installment will be payable only upon presentation and surrender
of such Note and shall specify the place where such Note may be presented and
surrendered for payment of such installment.

        As provided in the Indenture and subject to certain limitations set
forth therein, the transfer of this Note may be registered upon the records of
the Trustee upon surrender for transfer of any Note at the Principal Office of
the Trustee, duly endorsed for transfer or accompanied by an assignment duly
executed by the Registered Owner or his attorney duly authorized in writing, and
thereupon the Issuer shall execute and the Trustee shall authenticate and
deliver in the name of the transferee or transferees a new fully registered Note
or Notes of the same interest rate and for a like class and aggregate principal
amount of the same maturity.

        As to any Note, the person in whose name the same shall be registered
shall be deemed and regarded as the absolute owner thereof for all purposes, and
payment of either principal or interest on any fully registered Note shall be
made only to or upon the written order of the Registered Owner thereof or his
legal representative but such registration may be changed as provided in the
Indenture. All such payments shall be valid and effectual to satisfy and
discharge the liability upon such Note to the extent of the sum or sums paid.

                                     B-5-5
<PAGE>

        Each Registered Owner and each transferee of a Note shall be deemed to
represent and warrant that either (a) it is not acquiring the Note directly or
indirectly for, or on behalf of, an ERISA plan or any entity whose underlying
assets are deemed to be plan assets of such ERISA plan; or (b)(i) the
acquisition and holding of the Notes will not result in a nonexempt prohibited
transaction under Section 406 of ERISA or Section 4975 of the Code or similar
law and (ii) if the Notes are subsequently deemed to be "plan assets" pursuant
to the regulations set forth at 29 C.F.R. ss. 2510.3-101, it will promptly
dispose of the Notes.

        The Trustee shall require the payment by any Registered Owner requesting
exchange or transfer of any tax or other governmental charge required to be paid
with respect to such exchange or transfer. The applicant for any such transfer
or exchange may be required to pay all taxes and governmental charges in
connection with such transfer or exchange, other than exchanges pursuant to the
Indenture.

        The term "Issuer" as used in this Note includes any successor to the
Issuer under the Indenture.

        The Issuer is permitted by the Indenture, under certain circumstances,
to merge or consolidate, subject to the rights of the Trustee and the Registered
Owners under the Indenture.

        The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth.

        This Note shall be construed in accordance with the laws of the State of
New York, without reference to its conflict of law provisions, and the
obligations, rights and remedies of the parties hereunder and thereunder shall
be determined in accordance with such laws.

        No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note at
the times, place and rate, and in the coin or currency, herein prescribed.

                                     B-5-6
<PAGE>

                                   ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee

________________________________________________________________________________

    FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

________________________________________________________________________________
                         (name and address of assignee)
the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints
________________________________________________________________________________
attorney, to transfer said Note on the books kept for registration thereof, with
full power of substitution in the premises.

Dated: __________________________

                                          By                                   *
                                             -----------------------------------
                                          Name
                                               ---------------------------------
                                          Title
                                                --------------------------------

                                          Signature Guaranteed:

                                          By __________________________________*
                                          *NOTICE: Signature(s) should
                                          be guaranteed by a guarantor
                                          institution participating in the
                                          Securities Transfer Agents
                                          Medallion Program or in such
                                          other guarantee program
                                          acceptable to the Trustee. The
                                          Assignor's signature to this
                                          assignment must correspond with
                                          the name as it appears upon the
                                          face of the within note in every
                                          particular without alteration or
                                          any change whatever.

                                      B-5-7
<PAGE>

                                   EXHIBIT B-6

                           FORM OF CLASS A-4AR-2 NOTE

        Unless this Note is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Issuer (as
defined below) or its agent for registration of transfer, exchange or payment,
and any Note issued is registered in the name of Cede & Co. or in such other
name as is requested by an authorized representative of DTC (and any payment is
made to Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.

        THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY,
THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE
AMOUNT SHOWN ON THE FACE HEREOF. THIS NOTE IS NOT GUARANTEED OR INSURED BY ANY
GOVERNMENTAL AGENCY.

                        NELNET STUDENT LOAN TRUST 2005-4
                         STUDENT LOAN ASSET-BACKED NOTES
                                  CLASS A-4AR-2

REGISTERED NO. R-__                                       REGISTERED $__________

        DATE OF ISSUANCE                  MATURITY DATE              CUSIP NO.
       November 15, 2005                  March 22, 2032            64031Q CM 1

PRINCIPAL SUM:        **DOLLARS**
REGISTERED OWNER:     **CEDE & CO.**

        Nelnet Student Loan Trust 2005-4, a statutory trust organized and
existing under the laws of the State of Delaware (herein referred to as the
"Issuer"), for value received, hereby promises to pay to CEDE & CO., or
registered assigns, on each Auction Rate Distribution Date the principal sum
equal to the Class A-4AR-2 Noteholder's Principal Distribution Amount for such
Auction Rate Distribution Date, as described in the Indenture of Trust dated as
of November 1, 2005, between the Issuer (by Wells Fargo Delaware Trust Company,
in its capacity as Delaware Trustee) and Zions First National Bank, a national
banking association, as eligible lender trustee and indenture trustee (the
"Trustee") (capitalized terms used but not defined herein being defined in
Article I or Appendix A of the Indenture, which also contains rules as to usage
that shall be applicable herein); provided, however, that the entire unpaid
principal amount of this Note shall be due and payable on the Maturity Date
specified above (the "Class A-4AR-2 Maturity Date").

<PAGE>

        The Issuer shall pay interest on this Note at the rate per annum equal
to the Class A-4AR-2 Rate (as defined on the reverse hereof), on each Auction
Rate Distribution Date for the Class A-4AR-2 Notes until the principal of this
Note is paid or made available for payment, on the principal amount of this Note
outstanding on the preceding Auction Rate Distribution Date or the Date of
Issuance in the case of the first Auction Rate Distribution Date (after giving
effect to all payments of principal made on the preceding Auction Rate
Distribution Date), subject to certain limitations contained in the Indenture.
Interest on this Note shall accrue, unless changed as provided in the Indenture
in Appendix A thereto, initially during the period commencing on the Date of
Issuance through and not including the Initial Rate Adjustment Date for the
Class A-4AR-2 Notes, and thereafter, each successive period of generally 28
days, commencing on the first Business Day following the applicable Auction
Date, and ending on and including the applicable Auction Date (unless such date
is not followed by a Business Day, in which case the next succeeding day that is
followed by a Business Day) and, if the Auction Periods are changed as provided
in the Indenture, each period commencing on an Auction Rate Distribution Date
and ending on but excluding the succeeding Auction Rate Distribution Date (each
an "Interest Accrual Period" or "Auction Period"). Interest shall be calculated
on the basis of the actual number of days elapsed in each Interest Accrual
Period divided by 360 and rounding the resultant figure to the fifth decimal
point. Such principal of and interest on this Note shall be paid in the manner
specified on the reverse hereof.

        The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the Issuer
with respect to this Note shall be applied first to interest due and payable on
this Note as provided above and then to the unpaid principal of this Note.

        Reference is made to the further provisions of this Note set forth on
the reverse hereof, which shall have the same effect as though fully set forth
on the face of this Note.

        Unless the certificate of authentication hereon has been executed by the
Trustee whose name appears below by manual signature, this Note shall not be
entitled to any benefit under the Indenture referred to on the reverse hereof,
or be valid or obligatory for any purpose.

                                     B-6-2
<PAGE>

        IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly
executed, manually or in facsimile, as of the date set forth below.

                                      NELNET STUDENT LOAN TRUST 2005-4

                                      By  WELLS FARGO DELAWARE TRUST
                                          COMPANY, not in its
                                          individual capacity but
                                          solely as Delaware Trustee
                                          under the Trust Agreement

                                      By
                                         --------------------------------------
                                          Authorized Signatory

Date: [Date of Issuance]

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

        This is one of the Notes designated above and referred to in the
within-mentioned Indenture.

                                      ZIONS FIRST NATIONAL BANK, not in its
                                      individual capacity but solely as Trustee,

                                      By
                                         ---------------------------------------
                                          Authorized Signatory

Date: [Date of Issuance]

                                     B-6-3
<PAGE>

        This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Student Loan Asset-Backed Notes, Class A-4AR-2 (the "Class
A-4AR-2 Notes"), which, together with the Issuer's Student Loan Asset-Backed
Notes, Class A-1, Class A-2, Class A-3AR, Class A-3, Class A-4L and Class
a-4AR-1 (the "Class A-1 Notes," the "Class A-2 Notes," the "Class A-3 Notes,"
the "Class A-4L Notes," and the "Class A-4AR-1 Notes," respectively) and the
Issuer's Student Loan Asset-Backed Notes, Class B (the "Class B Notes" and,
together with the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes,
Class A-4L Notes, the Class A-4AR-1 Notes and the Class A-4AR-2 Notes, the
"Notes"), are issued under and secured by the Indenture, to which Indenture and
all indentures supplemental thereto reference is hereby made for a statement of
the respective rights and obligations thereunder of the Issuer, the Trustee and
the Registered Owners. The Notes are subject to all terms of the Indenture.

        The Class A-4AR-2 Notes are and will be secured by the Trust Estate
pledged as security therefor as provided in the Indenture. The Class A-1 Notes,
the Class A-2 Notes, the Class A-3 Notes, the Class A-4L Notes, the Class
A-4AR-1 Notes and the Class A-4AR-2 Notes (the "Class A Notes") are senior to
the Class B Notes as and to the extent provided in the Indenture. The Class A
Notes are, except for certain Termination Payments that are not Priority
Termination Payments, issued on a parity with a Derivative Product entered into
by the Issuer with the Initial Counterparty, pursuant to which the Issuer will,
from time to time, owe Issuer Derivative Payments, and will from time to time,
be owed Counterparty Payments.

        Principal of the Class A-4AR-2 Notes shall be payable on each Auction
Rate Distribution Date in an amount equal to the Class A-4AR-2 Noteholder's
Principal Distribution Amount for such Auction Rate Distribution Date. "Auction
Rate Distribution Date" means for the Class A-4AR-2 Notes, the Business Day
immediately following the Initial Period and each related Auction Period
thereafter; provided, however, that if the duration of such Auction Period
exceeds 90 days, then the Class A-4AR-2 Notes will have Auction Rate
Distribution Dates on (i) the twenty-second (22nd) day of each March, June,
September and December occurring during such Auction Period (or, if such day is
not a Business Day, the immediately succeeding Business Day), and (ii) the first
Business Day immediately following the end of such Auction Period.

        As described on the face hereof, the entire unpaid principal amount of
this Note shall be due and payable on the Class A-4AR-2 Maturity Date.
Notwithstanding the foregoing, the entire unpaid principal amount of the Notes
shall be due and payable on the date on which (a) an Event of Default shall have
occurred and be continuing and (b) either the Trustee or the Registered Owners
of Obligations representing not less than a majority of the Outstanding Amount
of the Highest Priority Obligations shall have declared the Notes to be
immediately due and payable in the manner provided in the Indenture.

        The Notes are subject to redemption from the proceeds of a sale of
Financed Eligible Loans in accordance with Section 10.03 or 10.04 of the
Indenture on any Quarterly Distribution Date on or after (a) the June 2022
Quarterly Distribution Date and (b) the Quarterly Distribution Date next
succeeding the date on which the then outstanding Pool Balance is 10% or less of
the Initial Pool Balance (all as defined in the Indenture).

                                     B-6-4
<PAGE>

        Interest on the Class A-4AR-2 Notes shall be payable on each Auction
Rate Distribution Date on the principal amount outstanding of the Class A-4AR-2
Notes until the principal amount thereof is paid in full, at a rate per annum
equal to the Class A-4AR-2 Rate. The "Class A-4AR-2 Rate" for each Interest
Accrual Period, other than the first Interest Accrual Period, shall be equal to
the Auction Note Interest Rate for the Class A-4AR-2 Notes for such Interest
Accrual Period, and, for the first Interest Accrual Period, the Initial Rate for
such class. The Auction Note Interest Rate is determined for each Interest
Accrual Period in accordance with the Auction Procedures described in Appendix A
to the Indenture. The Initial Rate for the Class A-4AR-2 Notes is the rate
selected by the Underwriters and specified in the Indenture for such class of
Notes. Under certain circumstances, the Class A-4AR-2 Notes may be entitled to
payment of certain Carry-over Amounts for such class, as described in Appendix A
to the Indenture. Payment of such Carry-over Amounts is subordinated to the
payment of principal and interest on the Notes, and to payment of other amounts
owed by the Issuer, as described in the Indenture.

        Payments of interest on this Note on each Auction Rate Distribution
Date, together with the installment of principal, if any, to the extent not in
full payment of this Note, shall be paid to the Person in whose name such Note
is registered on the Record Date by check mailed first-class, postage prepaid to
such Person's address as it appears on the records of the Trustee on such Record
Date, except that, unless definitive Notes have been issued pursuant to the
Indenture, with respect to Notes registered on the Record Date in the name of
the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.),
payment shall be made by wire transfer in immediately available funds to the
account designated by such nominee. If funds are expected to be available, as
provided in the Indenture, for payment in full of the then remaining unpaid
principal amount of this Note on an Auction Rate Distribution Date, then the
Trustee shall notify the Person in whose name a Note is registered at the close
of business on the Record Date preceding the Auction Rate Distribution Date on
which the Issuer expects that the final installment of principal of and interest
on such Note will be paid. Such notice shall be mailed or transmitted by
facsimile prior to such final Auction Rate Distribution Date and shall specify
that such final installment will be payable only upon presentation and surrender
of such Note and shall specify the place where such Note may be presented and
surrendered for payment of such installment.

        As provided in the Indenture and subject to certain limitations set
forth therein, the transfer of this Note may be registered upon the records of
the Trustee upon surrender for transfer of any Note at the Principal Office of
the Trustee, duly endorsed for transfer or accompanied by an assignment duly
executed by the Registered Owner or his attorney duly authorized in writing, and
thereupon the Issuer shall execute and the Trustee shall authenticate and
deliver in the name of the transferee or transferees a new fully registered Note
or Notes of the same interest rate and for a like class and aggregate principal
amount of the same maturity.

        As to any Note, the person in whose name the same shall be registered
shall be deemed and regarded as the absolute owner thereof for all purposes, and
payment of either principal or interest on any fully registered Note shall be
made only to or upon the written order of the Registered Owner thereof or his
legal representative but such registration may be changed as provided in the
Indenture. All such payments shall be valid and effectual to satisfy and
discharge the liability upon such Note to the extent of the sum or sums paid.

                                     B-6-5
<PAGE>

        Each Registered Owner and each transferee of a Note shall be deemed to
represent and warrant that either (a) it is not acquiring the Note directly or
indirectly for, or on behalf of, an ERISA plan or any entity whose underlying
assets are deemed to be plan assets of such ERISA plan; or (b)(i) the
acquisition and holding of the Notes will not result in a nonexempt prohibited
transaction under Section 406 of ERISA or Section 4975 of the Code or similar
law and (ii) if the Notes are subsequently deemed to be "plan assets" pursuant
to the regulations set forth at 29 C.F.R. ss. 2510.3-101, it will promptly
dispose of the Notes.

        The Trustee shall require the payment by any Registered Owner requesting
exchange or transfer of any tax or other governmental charge required to be paid
with respect to such exchange or transfer. The applicant for any such transfer
or exchange may be required to pay all taxes and governmental charges in
connection with such transfer or exchange, other than exchanges pursuant to the
Indenture.

        The term "Issuer" as used in this Note includes any successor to the
Issuer under the Indenture.

        The Issuer is permitted by the Indenture, under certain circumstances,
to merge or consolidate, subject to the rights of the Trustee and the Registered
Owners under the Indenture.

        The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth.

        This Note shall be construed in accordance with the laws of the State of
New York, without reference to its conflict of law provisions, and the
obligations, rights and remedies of the parties hereunder and thereunder shall
be determined in accordance with such laws.

        No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note at
the times, place and rate, and in the coin or currency, herein prescribed.

                                     B-6-6
<PAGE>

                                   ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee

________________________________________________________________________________

    FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

________________________________________________________________________________
                         (name and address of assignee)
the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints
________________________________________________________________________________
attorney, to transfer said Note on the books kept for registration thereof, with
full power of substitution in the premises.

Dated: __________________________

                                          By                                   *
                                             -----------------------------------
                                          Name
                                               ---------------------------------
                                          Title
                                                --------------------------------

                                          Signature Guaranteed:

                                          By __________________________________*
                                          *NOTICE: Signature(s) should
                                          be guaranteed by a guarantor
                                          institution participating in the
                                          Securities Transfer Agents
                                          Medallion Program or in such
                                          other guarantee program
                                          acceptable to the Trustee. The
                                          Assignor's signature to this
                                          assignment must correspond with
                                          the name as it appears upon the
                                          face of the within note in every
                                          particular without alteration or
                                          any change whatever.

                                      B-6-7
<PAGE>

                                   EXHIBIT B-7

                              FORM OF CLASS B NOTE

        Unless this Note is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Issuer (as
defined below) or its agent for registration of transfer, exchange or payment,
and any Note issued is registered in the name of Cede & Co. or in such other
name as is requested by an authorized representative of DTC (and any payment is
made to Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.

        THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY,
THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE
AMOUNT SHOWN ON THE FACE HEREOF. THIS NOTE IS NOT GUARANTEED OR INSURED BY ANY
GOVERNMENTAL AGENCY.

                        NELNET STUDENT LOAN TRUST 2005-4
                         STUDENT LOAN ASSET-BACKED NOTES
                           SUBORDINATE CLASS B (LIBOR)

REGISTERED NO. R-__                                       REGISTERED $__________

   DATE OF ISSUANCE           MATURITY DATE         CUSIP NO.        ISIN NO.
   November 15, 2005        September 24, 2035      64031Q CL 3     US64031QCL32

PRINCIPAL SUM:        **DOLLARS**
REGISTERED OWNER:     **CEDE & CO.**

        Nelnet Student Loan Trust 2005-4, a statutory trust organized and
existing under the laws of the State of Delaware (herein referred to as the
"Issuer"), for value received, hereby promises to pay to CEDE & CO., or
registered assigns, on each Quarterly Distribution Date the principal sum equal
to the applicable Class B Noteholder's Principal Distribution Amount for such
Quarterly Distribution Date, as described in the Indenture of Trust, dated as of
November 1, 2005, between the Issuer (by Wells Fargo Delaware Trust Company, in
its capacity as Delaware Trustee) and Zions First National Bank, a national
banking association, as eligible lender trustee and indenture trustee (the
"Trustee") (capitalized terms used but not defined herein being defined in
Article I of the Indenture, which also contains rules as to usage that shall be
applicable herein); provided, however, that the entire unpaid principal amount
of this Note shall be due and payable on the Maturity Date specified above (the
"Class B Maturity Date").
<PAGE>

        The Issuer shall pay interest on this Note at the rate per annum equal
to the Class B Rate (as defined on the reverse hereof), on each Quarterly
Distribution Date until the principal of this Note is paid or made available for
payment, on the principal amount of this Note outstanding on the preceding
Quarterly Distribution Date or the Date of Issuance in the case of the first
Quarterly Distribution Date (after giving effect to all payments of principal
made on the preceding Quarterly Distribution Date), subject to certain
limitations contained in the Indenture. Interest on this Note shall accrue from
and including the preceding Quarterly Distribution Date (or, in the case of the
first Interest Accrual Period, the Date of Issuance) to but excluding the
following Quarterly Distribution Date (each an "Interest Accrual Period").
Interest shall be calculated on the basis of the actual number of days elapsed
in each Interest Accrual Period divided by 360 and rounding the resultant figure
to the fifth decimal point. Such principal of and interest on this Note shall be
paid in the manner specified on the reverse hereof.

        The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the Issuer
with respect to this Note shall be applied first to interest due and payable on
this Note as provided above and then to the unpaid principal of this Note.

        Reference is made to the further provisions of this Note set forth on
the reverse hereof, which shall have the same effect as though fully set forth
on the face of this Note.

        Unless the certificate of authentication hereon has been executed by the
Trustee whose name appears below by manual signature, this Note shall not be
entitled to any benefit under the Indenture referred to on the reverse hereof,
or be valid or obligatory for any purpose.

                                     B-7-2
<PAGE>

        IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly
executed, manually or in facsimile, as of the date set forth below.

                                      NELNET STUDENT LOAN TRUST 2005-4

                                      By  WELLS FARGO DELAWARE TRUST
                                          COMPANY, not in its
                                          individual capacity but
                                          solely as Delaware Trustee
                                          under the Trust Agreement,

                                      By
                                         ---------------------------------------
                                          Authorized Signatory

Date: __________ __, ____

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

        This is one of the Notes designated above and referred to in the
within-mentioned Indenture.

                                      ZIONS FIRST NATIONAL BANK, not in its
                                      individual capacity but solely as Trustee,

                                      By
                                         ---------------------------------------
                                          Authorized Signatory

Date: __________ __, ____

                                     B-7-3
<PAGE>

        This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Student Loan Asset-Backed Notes, Subordinate Class B (the
"Class B Notes"), which, together with the Issuer's Student Loan Asset-Backed
Notes, Senior Class A-1, Class A-2, Class A-3, Class A-4L, Class A-4AR-1 and
Class A-4AR-2 (collectively, the "Class A Notes" and, together with the Class B
Notes, the "Notes"), are issued under and secured by the Indenture, to which
Indenture and all indentures supplemental thereto reference is hereby made for a
statement of the respective rights and obligations thereunder of the Issuer, the
Trustee and the Registered Owners. The Notes are subject to all terms of the
Indenture.

        The Class B Notes are and will be secured by the Trust Estate pledged as
security therefor as provided in the Indenture. The Class A Notes are senior to
the Class B Notes as and to the extent provided in the Indenture. The Class A
Notes are, except for certain Termination Payments that are not Priority
Termination Payments, issued on a parity with any Derivative Products entered
into by the Issuer with a Counterparty, pursuant to which the Issuer will, from
time to time, owe Issuer Derivative Payments, and will, from time to time, be
owed Counterparty Payments.

        Principal of the Class B Notes shall be payable on each Quarterly
Distribution Date in an amount equal to the Class B Noteholder's Principal
Distribution Amount for such Quarterly Distribution Date. "Quarterly
Distribution Date" means the twenty-second (22nd) day of each March, June,
September and December or, if any such date is not a Business Day, the
immediately succeeding Business Day, commencing March 22, 2006.

        As described on the face hereof, the entire unpaid principal amount of
this Note shall be due and payable on the Class B Maturity Date. Notwithstanding
the foregoing, the entire unpaid principal amount of the Notes shall be due and
payable on the date on which (a) an Event of Default shall have occurred and be
continuing and (b) either the Trustee or the Registered Owners of Obligations
representing not less than a majority of the Outstanding Amount of the Highest
Priority Obligations shall have declared the Notes to be immediately due and
payable in the manner provided in the Indenture.

        The Notes are subject to redemption from the proceeds of a sale of
Financed Eligible Loans in accordance with Section 10.03 or 10.04 of the
Indenture on any Quarterly Distribution Date on or after (a) the June 2022
Quarterly Distribution Date and (b) the Quarterly Distribution Date next
succeeding the date on which the then outstanding Pool Balance is 10% or less of
the Initial Pool Balance (all as defined in the Indenture).

        Interest on the Class B Notes shall be payable on each Quarterly
Distribution Date on the principal amount outstanding of the Class B Notes until
the principal amount thereof is paid in full, at a rate per annum equal to the
Class B Rate. The "Class B Rate" for each Interest Accrual Period, other than
the first Interest Accrual Period, shall be equal to the applicable Three-Month
LIBOR, plus 0.28%. The "Class B Rate" for the first Interest Accrual Period
shall be determined by reference to the following formula:

                                     B-7-4
<PAGE>

        x + [6/33* (y-x)] plus 0.28%, as determined by the Administrator.

        where:

        x = Four-Month LIBOR, and

        y = Five-Month LIBOR.

        Payments of interest on this Note on each Quarterly Distribution Date,
together with the installment of principal, if any, to the extent not in full
payment of this Note, shall be paid to the Person in whose name such Note is
registered on the Record Date by check mailed first-class, postage prepaid to
such Person's address as it appears on the records of the Trustee on such Record
Date, except that, unless definitive Notes have been issued pursuant to the
Indenture, with respect to Notes registered on the Record Date in the name of
the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.),
payment shall be made by wire transfer in immediately available funds to the
account designated by such nominee. If funds are expected to be available, as
provided in the Indenture, for payment in full of the then remaining unpaid
principal amount of this Note on a Quarterly Distribution Date, then the Trustee
shall notify the Person in whose name a Note is registered at the close of
business on the Record Date preceding the Quarterly Distribution Date on which
the Issuer expects that the final installment of principal of and interest on
such Note will be paid. Such notice shall be mailed or transmitted by facsimile
prior to such final Quarterly Distribution Date and shall specify that such
final installment will be payable only upon presentation and surrender of such
Note and shall specify the place where such Note may be presented and
surrendered for payment of such installment.

        As provided in the Indenture and subject to certain limitations set
forth therein, the transfer of this Note may be registered upon the records of
the Trustee upon surrender for transfer of any Note at the Principal Office of
the Trustee, duly endorsed for transfer or accompanied by an assignment duly
executed by the Registered Owner or his attorney duly authorized in writing, and
thereupon the Issuer shall execute and the Trustee shall authenticate and
deliver in the name of the transferee or transferees a new fully registered Note
or Notes of the same interest rate and for a like class and aggregate principal
amount of the same maturity.

        As to any Note, the person in whose name the same shall be registered
shall be deemed and regarded as the absolute owner thereof for all purposes, and
payment of either principal or interest on any fully registered Note shall be
made only to or upon the written order of the Registered Owner thereof or his
legal representative but such registration may be changed as provided in the
Indenture. All such payments shall be valid and effectual to satisfy and
discharge the liability upon such Note to the extent of the sum or sums paid.

        Each Registered Owner and each transferee of a Note shall be deemed to
represent and warrant that either (a) it is not acquiring the Note directly or
indirectly for, or on behalf of, an ERISA plan or any entity whose underlying
assets are deemed to be plan assets of such ERISA plan; or (b)(i) the
acquisition and holding of the Notes will not result in a nonexempt prohibited
transaction under Section 406 of ERISA or Section 4975 of the Code or similar
law and (ii) if the Notes are subsequently deemed to be "plan assets" pursuant
to the regulations set forth at 29 C.F.R. ss. 2510.3-101, it will promptly
dispose of the Notes.
                                     B-7-5
<PAGE>

        The Trustee shall require the payment by any Registered Owner requesting
exchange or transfer of any tax or other governmental charge required to be paid
with respect to such exchange or transfer. The applicant for any such transfer
or exchange may be required to pay all taxes and governmental charges in
connection with such transfer or exchange, other than exchanges pursuant to the
Indenture.

        The term "Issuer" as used in this Note includes any successor to the
Issuer under the Indenture.

        The Issuer is permitted by the Indenture, under certain circumstances,
to merge or consolidate, subject to the rights of the Trustee and the Registered
Owners under the Indenture.

        The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth.

        This Note shall be construed in accordance with the laws of the State of
New York, without reference to its conflict of law provisions, and the
obligations, rights and remedies of the parties hereunder and thereunder shall
be determined in accordance with such laws.

        No reference herein to the Indenture and no provision of this Note or of
the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note at
the times, place and rate, and in the coin or currency, herein prescribed.

                                     B-7-6
<PAGE>

                                   ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee

________________________________________________________________________________

    FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

________________________________________________________________________________
                         (name and address of assignee)
the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints
________________________________________________________________________________
attorney, to transfer said Note on the books kept for registration thereof, with
full power of substitution in the premises.

Dated: __________________________

                                          By                                   *
                                             -----------------------------------
                                          Name
                                               ---------------------------------
                                          Title
                                                --------------------------------

                                          Signature Guaranteed:

                                          By __________________________________*
                                          *NOTICE: Signature(s) should
                                          be guaranteed by a guarantor
                                          institution participating in the
                                          Securities Transfer Agents
                                          Medallion Program or in such
                                          other guarantee program
                                          acceptable to the Trustee. The
                                          Assignor's signature to this
                                          assignment must correspond with
                                          the name as it appears upon the
                                          face of the within note in every
                                          particular without alteration or
                                          any change whatever.

                                      B-7-7
<PAGE>

                                    EXHIBIT C

                         FORM OF ADMINISTRATOR'S MONTHLY
                       SERVICING PAYMENT DATE CERTIFICATE

        This Administrator's Monthly Servicing Payment Date Certificate (the
"Certificate") is being provided by National Education Loan Network, Inc., as
Administrator (the "Administrator") to Nelnet Student Loan Trust 2005-4 (the
"Issuer") pursuant to Section 5.04(b) of the Indenture of Trust, dated as of
November 1, 2005 (the "Indenture"), between the Issuer and Zions First National
Bank (the "Trustee"). All capitalized terms used in this Certificate and not
otherwise defined shall have the same meanings as assigned to such terms in the
Indenture.

        Pursuant to this Certificate, the Administrator hereby directs the
Trustee to distribute to the Master Servicer, by 3:00 p.m. (New York time) on
__________ __, ____ (the "Monthly Servicing Payment Date"), from and to the
extent of the Available Funds on deposit in the Collection Fund, $__________
Servicing Fee due with respect to the preceding calendar month.

        The Available Funds on this Monthly Servicing Payment Date is equal to
$__________.

        The Administrator hereby certifies that the information herein is true
and accurate in all material respects, is in compliance with the provisions of
the Indenture and that the Trustee may conclusively rely on this Certificate
with no further duty to examine or determine the information contained herein.

        IN WITNESS WHEREOF, the Administrator has caused this Certificate to be
duly executed and delivered as of the date written below.

                                      NATIONAL EDUCATION LOAN NETWORK, INC., as
                                      Administrator

                                      By
                                         ---------------------------------------
                                          Authorized Signatory

[DATE]

<PAGE>

                                    EXHIBIT D

                             FORM OF ADMINISTRATOR'S
                          DISTRIBUTION DATE CERTIFICATE

        This Administrator's Distribution Date Certificate (the "Certificate")
is being provided by National Education Loan Network, Inc., as Administrator
(the "Administrator") to Nelnet Student Loan Trust 2005-4 (the "Issuer")
pursuant to Section 5.04(c) of the Indenture of Trust, dated as of November 1,
2005 (the "Indenture"), between the Issuer and Zions First National Bank, as
eligible lender trustee and as trustee (the "Trustee"). All capitalized terms
used in this Certificate and not otherwise defined shall have the same meanings
as assigned to such terms in the Indenture.

        Pursuant to this Certificate, the Administrator hereby directs the
Trustee to make the following deposits and distributions to the Persons or to
the account specified below by 3:00 p.m. (New York time) on __________ __, _____
(the "Distribution Date"), to the extent of (w) the amount of Available Funds
received during the immediately preceding Collection Period in the Collection
Fund (or, if necessary, other Available Funds on deposit in the Collection Fund
as provided in Section 5.04(c) of the Indenture), (x) the amount transferred
from the Reserve Fund pursuant to Section 5.05(b), (c) and (d) of the Indenture,
(y) the amount transferred from the Acquisition Fund pursuant to Section 5.02 of
the Indenture and (z) the amount transferred from the Capitalized Interest Fund
pursuant to Section 5.03 of the Indenture. The Trustee shall make the following
deposits and distributions in the following order of priority, and the Trustee
shall comply with such instructions:

<TABLE>
<CAPTION>

<S>                                                                              <C>
(i)     (a) The Servicing Fee to the Master Servicer,                            $       -
                                                                                 -------------
        (b) The Trustee Fee to the Trustee,                                      $       -
                                                                                 -------------
        (c) The Auction Agent Fee,                                               $       -
                                                                                 -------------
        (d) The Broker-Dealer Fee, and                                           $       -
                                                                                 -------------
        (e) The Delaware Trustee Fee to the Delaware Trustee,                    $       -
                                                                                 -------------
        payments described in (a) through (e) above to be made ratably, without
        preference or priority of any kind, due on the Distribution Date
        in each case with such fees remaining unpaid from prior Distribution
        Dates (or as applicable from prior Monthly Service Payment Dates);

(ii)    (a) The Administration Fee to the Administrator                          $       -
                                                                                 -------------
        (b) Any unpaid Administration Fees, if any, from prior Distribution      $       -
            Dates to the Administrator due on the Distribution Date;             -------------

<PAGE>

(iii)   (a) The Interest Distribution Amount to the Class A-1 Noteholders,       $       -
                                                                                 -------------
           The Interest Distribution Amount to the Class A-2 Noteholders,        $       -
                                                                                 -------------
           The Interest Distribution Amount to the Class A-3 Noteholders,        $       -
                                                                                 -------------
           The Interest Distribution Amount to the Class A-4L Noteholders,       $       -
                                                                                 -------------
           The Interest Distribution Amount to the Class A-4AR-1
           Noteholders, and                                                      $       -
                                                                                 -------------
           The Interest Distribution Amount to the Class A-4AR-2
           Noteholders, and                                                      $       -
                                                                                 -------------

        (b)Issuer Derivative Payments (excluding Termination Payments other      $       -
           than Priority Termination Payments) to the Counterparties, pro        -------------
           rata, without preference or priority of any kind, according to the
           amounts payable to each such party;
(iv)    The Interest Distribution Amount to the Class B Noteholders;             $       -
                                                                                 -------------
(v)     An amount equal to the unpaid interest accrued on the Financed Student   $       -
        Loans subsequent to the Cutoff Date but prior to the Date of Issuance,   -------------
        until such amount has been paid in full, to the Sponsor;
(vi)    The Class A Principal Distribution Amount to the Class A-1 Noteholders   $       -
        (until paid in full);                                                    -------------
(vii)   The Class A Principal Distribution Amount to the Class A-2 Noteholders   $       -
        (until paid in full);                                                    -------------
(viii)  The Class A Principal Distribution Amount to the Class A-3 Noteholders   $       -
        (until paid in full);                                                    -------------
(ix)    The Class A Principal Distribution Amount to the Class A-4 Noteholders   $       -
        (until paid in full);                                                    -------------
         (a)     The Class A Principal Distribution Amount to the Class          $       -
                 A-4L Noteholders                                                -------------
         (b)     The Class A Principal Distribution Amount to the Class          $       -
                 A-4AR-1 Noteholders                                             -------------
         (c)     The Class A Principal Distribution Amount to the Class          $       -
                 A-4AR-2 Noteholders                                             -------------
(x)     On and after the Stepdown Date (no Trigger Event is in effect), the      $       -
        Class B Principal Distribution Amount to the Class B Noteholders         -------------
        (until paid in full);

                                      D-2
<PAGE>
(xi)    Amounts to be deposited to the Reserve Fund necessary to reinstate the   $       -
        balance of the Reserve Fund up to the Specified Reserve Fund Balance;    -------------
(xii)   Amounts due to the Master Servicer representing the aggregate unpaid     $       -
        amount of the Carryover Servicing Fee;                                   -------------
(xiii)  Amounts due to the Class A-4AR Noteholders, representing any accrued
        and unpaid Auction Rate CarryOver Amounts for such classes then          $       -
        due and payable;                                                         -------------
(xiv)   Amounts due to the Counterparties, pro rata, without preference or       $       -
        priority (representing any accrued and unpaid Termination Payments due   -------------
        under any Derivative Product Payments);
(xv)    If the Financed Eligible Loans have not been sold pursuant to  Section   $       -
        10.03 or 10.04 of the Indenture, amounts payable to the - Noteholders of -------------
        the Notes as an accelerated payment of principal balance on the Notes
        pursuant to Section 5.04(c)(xi) of the Indenture; and
(xvi)   on a Quarterly Distribution Date, remaining amounts to the
        Sponsor Sponsor, less the portion, if any, of the Principal
        Distribution Amount allocated but not paid to a class of Auction
        Rate Notes on that Quarterly Distribution Date.                          $       -
                                                                                 -------------
        Total Distributions                                                      $       -
                                                                                 -------------
        The Available Funds from the immediately preceding Collection Period     $       -
        on this Quarterly Distribution Date.                                     -------------
                                                                                 $       -
        If required, other Available Funds on deposit in the Collection Fund.    -------------

        If required, Issuer contributions for Borrower Incentive Program         $       -
        deficiencies.                                                            -------------

</TABLE>

        Pursuant to this Certificate, if applicable, the Administrator further
hereby directs the Trustee to withdraw from (a) the Acquisition Fund for deposit
to the Collection Fund (i) an amount equal to $__________, representing the
amount of insufficient Available Funds in the Collection Account to make the
transfers required by Sections 5.04(b) (other than transfers to fund "add-on
consolidation loans" or repurchase student loans from the Master Servicer, any
Subservicer or any Guaranty Agency) and 5.04(c)(i) through (iv) and (viii) of
the Indenture and (ii) an amount equal to $__________, representing the
remaining amount on deposit in the Acquisition Fund on June 22, 2006, (b) the
Capitalized Interest Fund for deposit to the Collection Fund (i) an amount equal
to $__________, representing the amount of insufficient Available Funds in the
Collection Account to make the transfers required by Sections 5.04(b) (other
than transfers to fund "add-on consolidation loans" or repurchase student loans
from the Master Servicer, any Subservicer or any Guaranty Agency) and 5.04(c)(i)
through (iv) and (viii) of the Indenture and (ii) an amount equal to
$__________, representing the remaining amount on deposit in the Capitalized
Interest Fund on the September 2007 Quarterly Distribution Date and (c) the
Reserve Fund for deposit to the Collection Fund to the extent moneys are not
available to make the transfers from the Capitalized Interest Fund, (i) an
amount equal to $__________, representing the amount of insufficient Available
Funds in the Collection Account to make the transfers required by Sections
5.04(b) (other than transfers to fund "add-on consolidation loans" or repurchase
student loans from the Master Servicer, any Subservicer or any Guaranty Agency)
and 5.04(c)(i) through 5.04(c)(iv) of the Indenture, and (ii) an amount equal to
$__________, representing the amount on deposit in the Reserve Fund in excess of
the Specified Reserve Fund Balance.

                                      D-3
<PAGE>

        The Administrator hereby certifies that the information herein is true
and accurate in all material respects, is in compliance with the provisions of
the Indenture and that the Trustee may conclusively rely on this Certificate
with no further duty to examine or determine the information contained herein.

        IN WITNESS WHEREOF, the Administrator has caused this Certificate to be
duly executed and delivered as of the date written below.

                                      NATIONAL EDUCATION LOAN NETWORK, INC., as
                                      Administrator

                                      By
                                         ---------------------------------------
                                          Authorized Signatory
Date
     ------------------

                                      D-4

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