Document:

<PAGE>

                                                                  EXHIBIT 10.118

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

                             BROKER-DEALER AGREEMENT

                                      among

                      DEUTSCHE BANK TRUST COMPANY AMERICAS,
                                as Auction Agent

                                       and

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

                                  Relating to:

                                  $350,000,000
                                    EMT Corp.
                         Student Loan Asset-Backed Notes
                             1998 Senior Series A-1
                             1998 Senior Series A-2
                             1998 Senior Series A-3
                             1998 Senior Series A-4
                        1998 Senior Subordinate Series B

                          Dated as of October 15, 2002

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

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                                TABLE OF CONTENTS

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

                                         DEFINITIONS AND RULES OF CONSTRUCTION

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

                                                       ARTICLE II

                                                      THE AUCTION

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

                                                      ARTICLE III

                                                   THE AUCTION AGENT

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

                                                       ARTICLE IV

                                                     MISCELLANEOUS

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

                                                       ARTICLE V
</TABLE>

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

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

                                       ii

<PAGE>

                             BROKER-DEALER AGREEMENT

         BROKER-DEALER AGREEMENT (the "Agreement") dated as of October 15, 2002
between DEUTSCHE BANK TRUST COMPANY AMERICAS (as successor to IBJ Schroder Bank
& Trust Company) (together with its successors and assigns, the "Auction
Agent"), appointed as such pursuant to the provisions of a Trust Agreement dated
as of May 15, 1998 (the "Trust Agreement") as supplemented and amended by the
First Terms Supplement dated as of May 15, 1998 (the "First Terms Supplement"
and together with the Trust Agreement, collectively referred to herein as the
"Trust Agreement") between Zions First National Bank (as successor to NBD Bank,
N.A.) (the "Trustee"), as trustee and EMT Corp. (the "Issuer") pursuant to
authority granted to it in the Auction Agency Agreement between the Trustee and
the Auction Agent hereinafter defined, J.P. MORGAN SECURITIES INC. and UFS
SECURITIES, L.L.C. (together with their successors and assigns hereinafter
collectively referred to as "BD").

         WHEREAS, the Issuer has issued $350,000,000 aggregate principal amount
of Student Loan Asset Backed Notes consisting of $82,000,000 aggregate principal
amount of 1998 Senior Series A-1, $80,000,000 aggregate principal amount of 1998
Senior Series A-2, $80,000,000 aggregate principal amount of 1998 Senior Series
A-3, $80,000,000 aggregate principal amount of 1998 Senior Series A-4 and
$28,000,000 aggregate principal amount of 1998 Senior Subordinate Series B
(hereinafter referred to as the "Auction Rate Securities" or the "ARS"). The ARS
have been issued pursuant to the Trust Agreement; and

         WHEREAS, the Trust Agreement provides that the Series Interest Rate on
each Series of the ARS for each Auction Period after the Series Initial Period
shall be, except as otherwise provided in the Trust Agreement, equal to the
lesser of (a) the Net Loan Rate in effect for such Series Interest Period and
(b) the Auction Rate that the Auction Agent advises has resulted on the Auction
Date from the implementation of the Auction Procedures. Pursuant to Section 2.9
of the Auction Agency Agreement, the Auction Agent has entered into this
Agreement; and

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

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

                                   ARTICLE I

                      DEFINITIONS AND RULES OF CONSTRUCTION

         SECTION 1.01. TERMS DEFINED BY REFERENCE TO THE TRUST AGREEMENT.
Capitalized terms not defined herein shall have the respective meanings
specified in or pursuant to the Trust Agreement and the Auction Agency
Agreement.

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

<PAGE>

         "Auction" has the meaning specified in Section 2.01 hereof.

         "Auction Agency Agreement" means the Auction Agency Agreement dated as
of May 15, 1998 between the Trustee and the Auction Agent relating to the ARS.

         "Auction Procedures" means the Auction Procedures that are set forth in
Article II of the First Terms Supplement.

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

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

         "Broker-Dealer Agreement" means this Agreement and any substantially
similar agreement between the Auction Agent and a Broker-Dealer.

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

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

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

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

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

                  (d)      In case of any conflict between the provisions of
         this Agreement and the provisions of the First Terms Supplement, the
         First Terms Supplement shall control.

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

                                       2
<PAGE>

                                   ARTICLE II

                                   THE AUCTION

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

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

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

                  (c)      BD agrees to act as, and assumes the obligations of
         and limitations and restrictions placed upon, a Broker-Dealer under
         this Agreement. BD understands that other persons meeting the
         requirements specified in the definition of "Broker-Dealer" contained
         in Section 2.5.6 of the First Terms Supplement may execute
         Broker-Dealer Agreements and participate as Broker-Dealers in Auctions.

                  (d)      BD and other Broker-Dealers may participate in
         Auctions for their own accounts, provided that BD or such other
         Broker-Dealers, as the case may be have executed and deposited with the
         Auction Agent a Master Purchaser's Letter. However, the Issuer may, by
         notice to BD and all other Broker-Dealers given no later than 3:00 p.m.
         on the Business Day next preceding an Auction, prohibit all (but not
         less than all) Broker-Dealers from submitting Bids for their own
         account in such Auction and, if so specified in such notice, all future
         Auctions until such notice is withdrawn, but the Broker-Dealers may
         continue to submit Hold and Sell orders for their own accounts and Bids
         on behalf of customers. The Auction Agent shall have no duty or
         liability with respect to enforcement of this subsection.

                  (e)      BD is delivering herewith, or has previously
         delivered, a Master Purchaser's Letter executed by BD and BD agrees to
         act as, and assumes the obligations of, and limitations and
         restrictions placed upon, a Broker-Dealer under this Broker-Dealer
         Agreement. BD may, in its discretion, collect from each purchaser of
         ARS from or through BD a Master Purchaser's Letter, whether or not such
         purchaser is recorded on the Existing Note Holder Registry as an
         Existing Note Holder, and to otherwise act as, and assume the
         obligations of and limitations and restrictions placed upon, a
         Broker-Dealer under the Trust Agreement.

         SECTION 2.02. PREPARATION FOR EACH AUCTION.

                  (a)      Not later than 9:30 a.m. on each Auction Date for a
         Series of the ARS, the Auction Agent shall advise BD by telephone of
         the Applicable LIBOR Rate and the United States Treasury Security Rate
         and not later than 9:30 a.m. on each Auction Date

                                       3
<PAGE>

         for the ARS, the Auction Agent shall advise BD of the Net Loan Rate,
         the All Hold Rate and the Maximum Auction Rate.

                  (b)      In the event that the Auction Date for any Auction
         shall be changed after the Auction Agent has given the notice referred
         to in clause (vi) of paragraph (a) of the Settlement Procedures, the
         Auction Agent, by such means as the Auction Agent deems practicable,
         shall give notice of such change to BD not later than the earlier of
         9:15 a.m. on the new Auction Date and 9:15 a.m. on the old Auction
         Date. Thereafter, BD shall promptly notify customers of BD that BD
         believes are Existing Note Holders of such change in the Auction Date.

                  (c)      The Auction Agent from time to time may request that
         BD provide it with a list of the respective customers BD believes are
         Existing Note Holders of a Series of the ARS and the aggregate
         principal amounts of ARS of such Series specifically owned by each such
         customer. BD shall comply with any such request, and the Auction Agent
         shall keep confidential any such information, including information
         received as to the identity of Bidders in any Auction, and shall not
         disclose any such information so provided to any person other than the
         Trustee, the Issuer and BD; provided that the Auction Agent reserves
         the right to disclose any such information if it is advised by its
         counsel that such failure would be unlawful.

                  (d)      The Auction Agent is not required to accept the
         Master Purchaser's Letter of any Potential Note Holder who wishes to
         submit a Bid for the first time in any Auction or of any Potential Note
         Holder or Existing Note Holder who wishes to amend its Master
         Purchaser's Letter unless it is received by the Auction Agent by 3:00
         p.m. on the Business Day preceding such Auction. BD shall promptly
         deliver to the Auction Agent two copies of any Master Purchaser's
         Letter or any amended Master Purchaser's Letter received from any
         Potential Note Holder or Existing Note Holder.

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

                  (a)      The Auction Agent shall conduct Auctions for each
         Series of the ARS in accordance with the schedule set forth below. Such
         schedule may be changed at any time by the Auction Agent with consent
         of the Trustee, at the direction of the Issuer, which consent shall not
         be unreasonably withheld or delayed. The Auction Agent shall give
         written notice of any such change to BD. Such notice shall be received
         prior to the close of business on the Business Day next preceding the
         first Auction Date on which any such change shall be effective.

<TABLE>
<CAPTION>
TIME                           EVENT
<S>                           <C>
By 9:00 a.m.                  Market Agent provides Auction Agent with the
                              Applicable LIBOR Rate and the United States
                              Treasury Security Rate.

By 9:30 a.m.                  Auction Agent notifies the Trustee and the
                              Broker-Dealers of the Net Loan Rate, the All Hold
                              Rate and the Maximum Auction Rate and the
                              Applicable LIBOR Rate and the United States
                              Treasury Security Rate used in determining such
                              rates, as set forth in
</TABLE>

                                       4
<PAGE>

<TABLE>
<S>                           <C>
                              Section 2.02(a) hereof.

9:30 a.m.-12:30 p.m.          Auction Agent assembles information communicated
                              to it by Broker-Dealers as provided in Article II
                              of the First Terms Supplement. Submission Deadline
                              is 12:30 p.m.

Not earlier than 12:30 p.m.   Auction Agent makes determinations pursuant to
                              Article II of the First Terms Supplement.
                              Submitted Bids and Submitted Sell Orders are
                              accepted and rejected in whole or in part and
                              principal amounts of ARS are allocated as provided
                              in Article II of the First Terms Supplement.

Not later than 3:00 p.m.      Auction Agent advises the Trustee of the Series
                              Interest Rate for the next Auction Period and of
                              results of the Auction as provided in Article II
                              of the First Terms Supplement. Auction Agent gives
                              notice of Auction results as set forth in Section
                              2.04(a) hereof.
</TABLE>

                  (b)      BD agrees to maintain a list of Potential Note
         Holders and to contact the Potential Note Holders on such list on or
         prior to each Auction Date for the purpose of participating in the
         Auction on such Auction Date.

                  (c)      BD shall submit Orders to the Auction Agent in
         writing in substantially the form attached hereto as Exhibit B. BD
         shall submit a separate Order to the Auction Agent for each Potential
         Note Holder or Existing Note Holder on whose behalf BD is submitting an
         Order and shall not net or aggregate the Orders of Potential Note
         Holders or Existing Note Holders on whose behalf BD is submitting
         Orders.

                  (d)      BD shall deliver to the Auction Agent (i) a written
         notice, substantially in the form attached hereto as Exhibit C, of
         transfers of ARS, made through BD by an Existing Note Holder to another
         person other than pursuant to an Auction and shall deliver or cause to
         be delivered the related Master Purchaser's Letter executed by such
         person if such person has not previously so delivered a Master
         Purchaser's Letter; and (ii) a written notice, in substantially the
         form attached hereto as Exhibit D, of the failure of any ARS to be
         transferred to or by any person that purchased or sold ARS through BD
         pursuant to an Auction. The Auction Agent is not required to give
         effect to any notice with respect to an Auction unless it is received
         by the Auction Agent by 3:00 p.m. on the Business Day next preceding
         the applicable Auction Date.

                  (e)      BD agrees to handle its customers' Orders in
         accordance with its duties under applicable securities laws and rules.

                  (f)      BD agrees not to sell, assign or dispose of any ARS
         to any person who has not delivered a signed Master Purchaser's Letter
         to the Auction Agent.

                  (g)      Prior to or concurrently with the execution and
         delivery of the Auction Agent Agreement, BD shall provide the Auction
         Agent with a list of the Existing Note Holders of the ARS who have
         agreed to purchase such ARS through BD, if any. In order to verify the
         accuracy and authenticity of the lists of Existing Note Holders so
         provided,

                                       5
<PAGE>

         the Auction Agent may confirm those lists of the Existing Note Holders
         to the respective Broker-Dealers who provided the original lists within
         10 Business Days of the Auction Agent's receipt thereof.

                  (h)      BD has delivered to the Auction Agent or is
         delivering herewith its executed Master Purchaser's Letter. BD and
         other Broker-Dealers which have delivered duly executed Master
         Purchaser's Letters may submit Orders in Auctions for their own
         accounts; provided, however, that any Broker-Dealer that is an
         affiliate of the Issuer must submit at the next Auction therefor a Sell
         Order covering all ARS held for its own account. The Auction Agent
         shall have no duty or liability with respect to monitoring or enforcing
         the requirements of this Section 2.03(h).

         SECTION 2.04. NOTICES.

                  (a)      On each Auction Date, the Auction Agent shall notify
         BD by telephone of the results of the Auction as set forth in paragraph
         (a) of the Settlement Procedures. By approximately 10:30 a.m. on the
         Business Day next succeeding such Auction Date, the Auction Agent shall
         notify BD in writing, if previously so requested, of the disposition of
         all Orders submitted by BD in the Auction held on such Auction Date.

                  (b)      BD shall notify each Existing Note Holder or
         Potential Note Holder on whose behalf BD has submitted an Order as set
         forth in paragraph (b) of the Settlement Procedures and take such other
         action as is required of BD pursuant to the Settlement Procedures.

                  (c)      The Auction Agent shall deliver to BD after receipt
         all notices and certificates which the Auction Agent is required to
         deliver to BD pursuant to Section 2 of the Auction Agency Agreement at
         the times and in the manner set forth in the Auction Agency Agreement.

         SECTION 2.05. SERVICE CHARGE TO BE PAID TO BD.

                  (a)      On the first Business Day in the month of December
         2002 and, thereafter, on the first Business Day of each month during
         the term of this Agreement, the Auction Agent shall pay to BD from
         moneys received from the Trustee pursuant to Section 3.5(b) of the
         Auction Agency Agreement an amount for each Series of ARS equal to the
         product of (i) a fraction, the numerator of which is the number of days
         in the preceding month and the denominator of which is 360 days; times
         (ii) the Broker-Dealer Fee Rate; times (iii) the sum, on the Auction
         Date for such Series of ARS during such preceding month of (A) the
         aggregate principal amount of the ARS placed by BD in such Auction that
         were (1) the subject of Submitted Bids of Existing Note Holders
         submitted by BD and continued to be held as a result of such
         submission, and (2) the subject of Submitted Bids of Potential Note
         Holders submitted by BD and purchased as a result of such submission;
         (B) the aggregate principal amount of the ARS subject to valid Hold
         Orders (determined in accordance with the First Terms Supplement)
         submitted to the Auction Agent by BD; and (C) the principal amount of
         the ARS deemed to be subject to Hold Orders by Existing Note Holders
         pursuant to the First Terms Supplement that were acquired by

                                       6
<PAGE>

         such Existing Note Holders through BD; provided, however, with respect
         to Notes with an Auction Period of more than 35 days, the
         Broker-Dealers shall be entitled to payment on the first Business Day
         of the month immediately succeeding each Auction Date for such Series
         and the numerator referred to in Section 2.05(a)(i) shall be the number
         of days in such Auction Period or the Series Initial Period, as
         applicable. For purposes of clause (iii)(C) of the foregoing sentence,
         if any Existing Note Holder who acquired ARS through BD transfers those
         ARS to another person other than pursuant to an Auction, then the
         Broker-Dealer for the ARS so transferred shall continue to be BD;
         provided, however, that if the transfer was effected by, or if the
         transferee is, a Broker-Dealer other than BD, then such Broker-Dealer
         shall be the Broker-Dealer for such ARS. If for any reason an Auction
         is not held on an Auction Date, there shall be no Broker-Dealer Fee
         applicable with respect to such Auction Date. The Broker-Dealer Fee
         shall be payable solely out of amounts received by the Auction Agent
         pursuant to the First Terms Supplement.

                  (b)      The Broker-Dealer Fee Rate shall be the prevailing
         rate received by broker-dealers for rendering comparable services to
         others. The Auction Agent shall advise the Trustee and the Issuer, at
         their request, at least annually of such then current prevailing rate.
         If the then current Broker-Dealer Fee Rate is not equal to the
         prevailing rate, the Trustee, at the direction of the Issuer, shall
         change the Broker-Dealer Fee Rate pursuant to the terms of the Auction
         Agency Agreement and shall notify the Auction Agent and BD thereof. Any
         change in the Broker-Dealer Fee Rate shall be effective on the Auction
         Date next succeeding such change.

         SECTION 2.06. SETTLEMENT.

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

                  (b)      None of the Auction Agent, the Trustee or the Issuer
         shall have any responsibility or liability with respect to the failure
         of an Existing Note Holder, a Potential Note Holder or a Participant or
         any of them to deliver ARS or to pay for ARS sold or purchased pursuant
         to the Auction Procedures or otherwise. The Auction Agent shall have no
         responsibility for any adjustment to fees paid pursuant to Section 2.05
         hereof as a result of any failure described in this Section 2.06(b).

                                       7
<PAGE>

                                   ARTICLE III

                                THE AUCTION AGENT

         SECTION 3.01. DUTIES AND RESPONSIBILITIES.

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

                  (b)      The Auction Agent undertakes to perform such duties
         and only such duties as are specifically set forth in this Agreement,
         and no implied covenants or obligations shall be read into this
         Agreement against the Auction Agent.

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

         SECTION 3.02. RIGHTS OF THE AUCTION AGENT.

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

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

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

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

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

                                       8
<PAGE>

                                   ARTICLE IV

                                  MISCELLANEOUS

         SECTION 4.01. TERMINATION. Any party may terminate this Agreement at
any time upon five days' prior notice to the other party. This Agreement shall
automatically terminate upon the delivery of certificates representing the ARS
pursuant to Article II of the Trust Agreement or upon termination of the Auction
Agency Agreement.

         SECTION 4.02. PARTICIPANT IN SECURITIES DEPOSITORY. Either (a) BD is,
and shall remain for the term of this Agreement, a member of, or Participant in,
the Securities Depository; or (b) BD may designate a Participant to act on BD's
behalf for purposes of this Agreement. If BD wishes to designate a different
Participant to act on its behalf, BD shall give the Auction Agent at least two
Business Days' prior notice thereof.

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

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

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

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

                                       9
<PAGE>

         If to the Issuer:       EMT Corp.
                                 c/o Nelnet, Inc.
                                 121 South 13th Street, Suite 301
                                 Lincoln, Nebraska 68508
                                 Telephone: (402) 458-2303
                                 Facsimile: (402) 458-2399
                                 Attention: Treasurer

         with a copy to:         EMT Corp.
                                 8425 Woodfield Crossing Boulevard, Suite 510
                                 Indianapolis, Indiana 46240
                                 Telephone: (317) 469-2254
                                 Facsimile: (317) 469-2088

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

         SECTION 4.04. ENTIRE AGREEMENT. This Agreement contains the entire
agreement between the parties relating to the subject matter hereof, and there
are no other representations, endorsements, promises, agreements or
understandings, oral, written or inferred, between the parties relating to the
subject matter hereof.

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

         SECTION 4.06. AMENDMENT; WAIVER.

                  (a)      This Agreement shall not be deemed or construed to be
         modified, amended, rescinded, cancelled or waived, in whole or in part,
         except by a written instrument signed by a duly authorized
         representative of each party hereto. The provisions herein regarding
         auction procedures may be amended from time to time to conform to
         industry or market practices solely upon the written consent of the
         parties hereto and upon written notice of such amendment to the
         affected Holders of such ARS and no prior written consent of any such
         Holder shall be required in connection with such amendment.

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

         SECTION 4.07. SUCCESSORS AND ASSIGNS. This Agreement shall be binding
upon, inure to the benefit of, and be enforceable by, the respective successors
and permitted assigns of each of BD and the Auction Agent. This Agreement may
not be assigned by either party hereto absent the prior written consent of the
other party; provided, however, that this Agreement may be

                                       10
<PAGE>

assigned by the Auction Agent to a successor Auction Agent selected by the
Trustee at the direction of the Issuer without the consent of BD.

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

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

                                   ARTICLE V

                                 GOVERNING LAW

         This Agreement shall be governed by and construed in accordance with
the laws of the State of New York.

                                       11
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed and delivered by their proper and duly authorized officers as of
the date first above written.

                                        DEUTSCHE BANK TRUST COMPANY
                                        AMERICAS, as Auction Agent

                                        By /s/ Linda Reale
                                           _____________________________________
                                        Name Linda Reale
                                             ___________________________________
                                        Title   VP
                                             __________________________________

                                        J.P. MORGAN SECURITIES INC.

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

                                        UFS SECURITIES, L.L.C.

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

                                       12
<PAGE>

                                    EXHIBIT A

                              SETTLEMENT PROCEDURES

         Capitalized terms used herein shall have the respective meanings
specified in the First Terms Supplement to the Trust Agreement.

                  (a)      On each Auction Date, the Auction Agent is required
         to notify by telephone the Broker-Dealers that participated in the
         Auction held on such Auction Date and submitted an Order on behalf of
         any Existing Note Holder or Potential Note Holder of:

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

                           (ii)     whether Sufficient Clearing Bids existed for
                  the determination of the Auction Rate;

                           (iii)    if such Broker-Dealer submitted a Bid or a
                  Sell Order on behalf of an Existing Note Holder, whether such
                  Bid or Sell Order was accepted or rejected, in whole or in
                  part, and the principal amount of ARS, if any, to be sold by
                  such Existing Note Holder;

                           (iv)     if such Broker-Dealer submitted a Bid on
                  behalf of a Potential Note Holder, whether such Bid was
                  accepted or rejected, in whole or in part, and the principal
                  amount of ARS, if any, to be purchased by such Potential Note
                  Holder;

                           (v)      if the aggregate principal amount of ARS to
                  be sold by all Existing Note Holders on whose behalf such
                  Broker-Dealer submitted Bids or Sell Orders is different from
                  the aggregate principal amount of ARS to be purchased by all
                  Potential Note Holders on whose behalf such Broker-Dealer
                  submitted a bid, the name or names of one or more other
                  Broker-Dealers (and the Agent Member, if any, of each such
                  other Broker-Dealer) and the principal amount of ARS to be (A)
                  purchased from one or more Existing Note Holders on whose
                  behalf such other Broker-Dealers submitted Bids or Sell
                  Orders, or (B) sold to one or more Potential Note Holders on
                  whose behalf such other Broker-Dealers submitted Bids; and

                           (vi)     the scheduled Auction Date of the next
                  succeeding Auction.

                  (b)      On each Auction Date, each Broker-Dealer that
         submitted an Order on behalf of any Existing Note Holder or Potential
         Note Holder is required to:

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

<PAGE>

                           (ii)     instruct each Existing Note Holder on whose
                  behalf such Broker-Dealer submitted a Bid that was accepted,
                  in whole or in part, to instruct such Bidder's Agent Member,
                  to pay to such Broker-Dealer (or its Agent Member) through the
                  Securities Depository the amount necessary, including accrued
                  interest, if any, to purchase the principal amount of ARS to
                  be purchased pursuant to such Bid against receipt of such
                  principal amount of ARS;

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

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

                           (v)      advise each Existing Note Holder on whose
                  behalf such Broker-Dealer submitted an Order of the scheduled
                  Auction Date of the next succeeding Auction; and

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

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

                  (d)      On the Business Day immediately succeeding the
         Auction Date, the Securities Depository will execute the transactions
         described above, debiting and crediting the accounts of the respective
         Agent Members as necessary to effect the purchases and sales of ARS as
         determined in the Auction.

                                      A-2

<PAGE>

                                    EXHIBIT B

                                   ORDER FORM

                   (Submit only one Order on this Order Form)

                                  $350,000,000
                                    EMT CORP.
                         Student Loan Asset-Backed Notes
                             1998 Senior Series A-1
                             1998 Senior Series A-2
                             1998 Senior Series A-3
                             1998 Senior Series A-4
                        1998 Senior Subordinate Series B

                             Auction Rate Securities
                                     ("ARS")

                  $__________       1998 __________    Series __________

<PAGE>

                                    EXHIBIT C

                                  TRANSFER FORM

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

                                  $350,000,000
                                    EMT CORP.
                         Student Loan Asset-Backed Notes
                             1998 Senior Series A-1
                             1998 Senior Series A-2
                             1998 Senior Series A-3
                             1998 Senior Series A-4
                        1998 Senior Subordinate Series B

                             Auction Rate Securities
                                     ("ARS")

         We are (check one):

         _____ the Existing Note Holder named below;

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

         _____ the Participant for such Existing Note Holder.

         We hereby notify you that such Existing Note Holder has transferred
$_________ *ARS to _________________.

                                           [NAME OF EXISTING NOTE HOLDER]

                                           By __________________________________
                                           Name ________________________________
                                           Title _______________________________

                                           [NAME OF BROKER-DEALER]

                                           By __________________________________
                                           Name ________________________________
                                           Title _______________________________

--------------
* ARS may only be transferred in units of $50,000.

<PAGE>

                                           [NAME OF PARTICIPANT]

                                           By __________________________________
                                           Name ________________________________
                                           Title _______________________________

                                      C-2

<PAGE>

                                    EXHIBIT D

                         NOTICE OF A FAILURE TO DELIVER

    (To be used only for failure to deliver ARS sold pursuant to an Auction)

                                  $350,000,000
                                    EMT Corp.
                         Student Loan Asset-Backed Notes
                             1998 Senior Series A-1
                             1998 Senior Series A-2
                             1998 Senior Series A-3
                             1998 Senior Series A-4
                        1998 Senior Subordinate Series B

                             Auction Rate Securities
                                     ("ARS")

         Complete either I. or II.

         I.       We are a Broker-Dealer for ____________________ (the
                  "Purchaser"), which purchased $__________* of the ARS in the
                  Auction held on __________ from the seller of such ARS.

         II.      We are a Broker-Dealer for ____________________ (the
                  "Seller"), which sold $__________ of the ARS in the Auction
                  held on __________, to the purchaser of such ARS.

         We hereby notify you that (check one):

         _____ the seller failed to deliver such ARS to the Purchaser; or

         _____ the purchaser failed to make payment to the Seller upon delivery
of such ARS.

                                           [NAME OF BROKER-DEALER]

                                           By __________________________________
                                           Name ________________________________
                                           Title _______________________________

------------------
* ARS may only be transferred in units of $50,000.<PAGE>

                                                                  EXHIBIT 10.119

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

                             BROKER-DEALER AGREEMENT

                                     between

                      DEUTSCHE BANK TRUST COMPANY AMERICAS,
                                as Auction Agent

                                       and

                         BANC OF AMERICA SECURITIES LLC,
                                as Broker-Dealer

                                  Relating to:

                                  $175,000,000
                                    EMT Corp.
                         Student Loan Asset-Backed Notes
                             1999 Senior Series A-7
                             1999 Senior Series A-8
                             1999 Senior Series A-9

                          Dated as of October 15, 2002

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

<PAGE>

                                TABLE OF CONTENTS

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

                                            DEFINITIONS AND RULES OF CONSTRUCTION

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

                                                          ARTICLE II

                                                         THE AUCTION

Section 2.01.     Purpose: Incorporation by Reference of Auction Procedures and Settlement Procedures.......     3
Section 2.02.     Preparation for Each Auction..............................................................     3
Section 2.03.     Auction Schedule: Method of Submission of Orders..........................................     4
Section 2.04.     Notices...................................................................................     5
Section 2.05.     Service Charge To Be Paid to BD...........................................................     6
Section 2.06.     Settlement................................................................................     7

                                                         ARTICLE III

                                                      THE AUCTION AGENT

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

                                                          ARTICLE IV

                                                        MISCELLANEOUS

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

                                                          ARTICLE V

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

<PAGE>

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

                                       ii

<PAGE>

                             BROKER-DEALER AGREEMENT

         BROKER-DEALER AGREEMENT (the "Agreement") dated as of October 15, 2002
between DEUTSCHE BANK TRUST COMPANY AMERICAS (successor to IBJ Whitehall Bank &
Trust Company) (together with its successors and assigns, the "Auction Agent"),
appointed as such pursuant to the provisions of a Trust Agreement dated as of
May 15, 1998 (the "Trust Agreement") as amended and supplemented to September 1,
1999, by the Third Terms Supplement dated as of September 1, 1999 (the "Third
Terms Supplement" and the Trust Agreement, as so amended and supplemented,
referred to herein as the "Trust Agreement") between Zions First National Bank
(successor to Bank One Trust Company, N.A.) (the "Trustee"), as trustee and EMT
Corp. (the "Issuer") pursuant to authority granted to it in the Auction Agency
Agreement dated as of September 1, 1999 between the Trustee and the Auction
Agent hereinafter defined, and BANC OF AMERICA SECURITIES LLC (together with its
successors and assigns hereinafter referred to as "BD").

         WHEREAS, the Issuer has issued $175,000,000 aggregate principal amount
of Student Loan Asset-Backed Notes consisting of $60,000,000 aggregate principal
amount of 1999 Senior Series A-7, $60,000,000 aggregate principal amount of 1999
Senior Series A-8 and $55,000,000 aggregate principal amount of 1999 Senior
Series A-9 (hereinafter referred to as the "Auction Rate Certificates" or the
"ARCs"). The ARCs have been issued pursuant to the Trust Agreement; and

         WHEREAS, the Trust Agreement provides that the Series Interest Rate on
each Series of the ARCs for each Auction Period after the Series Initial Period
shall be, except as otherwise provided in the Trust Agreement, equal to the
lesser of (a) the Net Loan Rate in effect for such Series Interest Period, and
(b) the Auction Rate that the Auction Agent advises has resulted on the Auction
Date from the implementation of the Auction Procedures. Pursuant to Section
2.9(a) or (b) of the Auction Agency Agreement, the Auction Agent has entered
into this Agreement; and

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

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

                                    ARTICLE I

                      DEFINITIONS AND RULES OF CONSTRUCTION

         SECTION 1.01. TERMS DEFINED BY REFERENCE TO THE TRUST AGREEMENT.
Capitalized terms not defined herein shall have the respective meanings
specified in or pursuant to the Trust Agreement and the Auction Agency
Agreement.

<PAGE>

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

         "Auction" has the meaning specified in Section 2.01 hereof.

         "Auction Agency Agreement" means the Auction Agency Agreement dated as
of September 1, 1999 between the Trustee and the Auction Agent relating to the
ARCs.

         "Auction Procedures" means the Auction Procedures that are set forth in
Article II of the Third Terms Supplement.

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

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

         "Broker-Dealer Agreement" means this Agreement and any substantially
similar agreement between the Auction Agent and a Broker-Dealer.

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

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

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

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

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

                  (d)      In case of any conflict between the provisions of
         this Agreement and the provisions of the Third Terms Supplement, the
         Third Terms Supplement shall control.

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

                                        2

<PAGE>

                                   ARTICLE II

                                   THE AUCTION

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

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

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

                  (c)      BD agrees to act as, and assumes the obligations of
         and limitations and restrictions placed upon, a Broker-Dealer under
         this Agreement. BD understands that other persons meeting the
         requirements specified in the definition of "Broker-Dealer" contained
         in Section 2.5.6 of the Third Terms Supplement may execute
         Broker-Dealer Agreements and participate as Broker-Dealers in Auctions.

                  (d)      BD and other Broker-Dealers may participate in
         Auctions for their own accounts. However, the Issuer may, by notice to
         BD and all other Broker-Dealers given no later than 3:00 p.m. on the
         Business Day next preceding an Auction, prohibit all (but not less than
         all) Broker-Dealers from submitting Bids for their own account in such
         Auction and, if so specified in such notice, all future Auctions until
         such notice is withdrawn, but the Broker-Dealers may continue to submit
         Hold and Sell orders for their own accounts and Bids on behalf of
         customers. The Auction Agent shall have no duty or liability with
         respect to enforcement of this subsection.

         SECTION 2.02. PREPARATION FOR EACH AUCTION.

                  (a)      Not later than 9:30 a.m. on each Auction Date for a
         Series of the ARCs, the Auction Agent shall advise BD by telephone of
         the Applicable LIBOR Rate and the United States Treasury Security Rate
         and not later than 9:30 a.m. on each Auction Date for the ARCs, the
         Auction Agent shall advise BD of the Net Loan Rate, the All Hold Rate
         and the Maximum Auction Rate.

                  (b)      In the event that the Auction Date for any Auction
         shall be changed after the Auction Agent has given the notice referred
         to in paragraph (a)(vi) of the Settlement Procedures, the Auction
         Agent, by such means as the Auction Agent deems practicable, shall give
         notice of such change to BD not later than the earlier of 9:15 a.m. on
         the new Auction Date and 9:15 a.m. on the old Auction Date. Thereafter,
         BD shall promptly notify customers of BD that BD believes are Existing
         Note Holders of such change in the Auction Date.

                                        3

<PAGE>

                  (c)      The Auction Agent from time to time may request that
         BD provide it with a list of the respective customers BD believes are
         Existing Note Holders of a Series of the ARCs and the aggregate
         principal amounts of ARCs of such Series specifically owned by each
         such customer. BD shall comply with any such request, and the Auction
         Agent shall keep confidential any such information, including
         information received as to the identity of Bidders in any Auction, and
         shall not disclose any such information so provided to any person other
         than the Trustee, the Issuer and BD; provided that the Auction Agent
         reserves the right to disclose any such information if it is advised by
         its counsel that such failure would be unlawful.

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

                  (a)      The Auction Agent shall conduct Auctions for each
         Series of the ARCs in accordance with the schedule set forth below.
         Such schedule may be changed at any time by the Auction Agent with
         consent of the Trustee, at the direction of the Issuer, which consent
         shall not be unreasonably withheld or delayed. The Auction Agent shall
         give written notice of any such change to BD. Such notice shall be
         received prior to the close of business on the Business Day next
         preceding the first Auction Date on which any such change shall be
         effective.

<TABLE>
<CAPTION>
           TIME                                        EVENT
<S>                                 <C>
By 9:00 a.m.                        Market Agent provides Auction Agent with the
                                    Applicable LIBOR Rate and the United States
                                    Treasury Security Rate.

By 9:30 a.m.                        Auction Agent notifies the Trustee and the
                                    Broker-Dealers of the Net Loan Rate, the All
                                    Hold Rate and the Maximum Auction Rate and
                                    the Applicable LIBOR Rate and the United
                                    States Treasury Security Rate used in
                                    determining such rates, as set forth in
                                    Section 2.02(a) hereof.

9:30 a.m.-1:00 p.m.                 Auction Agent assembles information
                                    communicated to it by Broker-Dealers as
                                    provided in Article II of the Third Terms
                                    Supplement. Submission Deadline is 1:00 p.m.

Not earlier than 1:00 p.m.          Auction Agent makes determinations pursuant
                                    to Article II of the Third Terms Supplement.
                                    Submitted Bids and Submitted Sell Orders are
                                    accepted and rejected in whole or in part
                                    and principal amounts of ARCs are allocated
                                    as provided in Article II of the Third Terms
                                    Supplement.

Not later than 3:00 p.m.            Auction Agent advises the Trustee of the
                                    Series Interest Rate for the next Auction
                                    Period and of results of the Auction as
                                    provided in Article II of the Third Terms
                                    Supplement. Auction Agent gives notice of
                                    Auction results as set forth in Section
                                    2.04(a) hereof.
</TABLE>

                                        4

<PAGE>

                  (b)      BD agrees to maintain a list of Potential Note
         Holders and to contact the Potential Note Holders on such list on or
         prior to each Auction Date for the purpose of participating in the
         Auction on such Auction Date.

                  (c)      BD shall submit Orders to the Auction Agent in
         writing in substantially the form attached hereto as Exhibit B. BD
         shall submit a separate Order to the Auction Agent for each Potential
         Note Holder or Existing Note Holder on whose behalf BD is submitting an
         Order and shall not net or aggregate the Orders of Potential Note
         Holders or Existing Note Holders on whose behalf BD is submitting
         Orders.

                  (d)      BD shall deliver to the Auction Agent (i) a written
         notice, substantially in the form attached hereto as Exhibit C, of
         transfers of ARCs, made through BD by an Existing Note Holder to
         another person other than pursuant to an Auction; and (ii) a written
         notice, in substantially the form attached hereto as Exhibit D, of the
         failure of any ARCs to be transferred to or by any person that
         purchased or sold ARCs through BD pursuant to an Auction. The Auction
         Agent is not required to give effect to any notice with respect to an
         Auction unless it is received by the Auction Agent by 3:00 p.m. on the
         Business Day next preceding the applicable Auction Date.

                  (e)      BD agrees to handle its customers' Orders in
         accordance with its duties under applicable securities laws and rules.

                  (f)      [Reserved.]

                  (g)      Prior to or concurrently with the execution and
         delivery of the Auction Agent Agreement, BD shall provide the Auction
         Agent with a list of the Existing Note Holders of the ARCs who have
         agreed to purchase such ARCs through BD, if any. In order to verify the
         accuracy and authenticity of the lists of Existing Note Holders so
         provided, the Auction Agent may confirm those lists of the Existing
         Note Holders to the respective Broker-Dealers who provided the original
         lists within 10 Business Days of the Auction Agent's receipt thereof.

                  (h)      BD and other Broker-Dealers may submit Orders in
         Auctions for their own accounts; provided, however, that any
         Broker-Dealer that is an affiliate of the Issuer must submit at the
         next Auction therefor a Sell Order covering all ARCs held for its own
         account. The Auction Agent shall have no duty or liability with respect
         to monitoring or enforcing the requirements of this Section 2.03(h).

         SECTION 2.04. NOTICES.

                  (a)      On each Auction Date, the Auction Agent shall notify
         BD by telephone of the results of the Auction as set forth in paragraph
         (a) of the Settlement Procedures. By approximately 10:30 a.m. on the
         Business Day next succeeding such Auction Date, the Auction Agent shall
         notify BD in writing, if previously so requested, of the disposition of
         all Orders submitted by BD in the Auction held on such Auction Date.

                  (b)      BD shall notify each Existing Note Holder or
         Potential Note Holder on whose behalf BD has submitted an Order as set
         forth in paragraph (b) of the Settlement

                                        5

<PAGE>

         Procedures and take such other action as is required of BD pursuant to
         the Settlement Procedures.

                  (c)      The Auction Agent shall deliver to BD after receipt
         all notices and certificates which the Auction Agent is required to
         deliver to BD pursuant to Section 2 of the Auction Agency Agreement at
         the times and in the manner set forth in the Auction Agency Agreement.

         SECTION 2.05. SERVICE CHARGE TO BE PAID TO BD.

                  (a)      On the first Business Day in the month of December
         2002 and, thereafter, on the first Business Day of each month during
         the term of this Agreement, the Auction Agent shall pay to BD from
         moneys received from the Trustee pursuant to Section 3.5(b) of the
         Auction Agency Agreement, an amount for each Series of ARCs equal to
         the product of (i) a fraction, the numerator of which is the number of
         days in the preceding month and the denominator of which is 365/366
         days, as applicable; times (ii) the Broker-Dealer Fee Rate; times (iii)
         the sum, on the Auction Date for such Series of ARCs during such
         preceding month of (A) the aggregate principal amount of the ARCs
         placed by BD in such Auction that were (1) the subject of Submitted
         Bids of Existing Note Holders submitted by BD and continued to be held
         as a result of such submission; and (2) the subject of Submitted Bids
         of Potential Note Holders submitted by BD and purchased as a result of
         such submission; (B) the aggregate principal amount of the ARCS subject
         to valid Hold Orders (determined in accordance with the Third Terms
         Supplement) submitted to the Auction Agent by BD; and (C) the principal
         amount of the ARCs deemed to be subject to Hold Orders by Existing Note
         Holders pursuant to the Third Terms Supplement that were acquired by
         such Existing Note Holders through BD; provided, however, with respect
         to Notes with an Auction Period of more than 35 days, the
         Broker-Dealers shall be entitled to payment on the first Business Day
         of the month immediately succeeding each Auction Date for such Series
         and the numerator referred to in Section 2.05(a)(i) shall be the number
         of days in such Auction Period or the Series Initial Period, as
         applicable. For purposes of clause (iii)(C) of the foregoing sentence,
         if any Existing Note Holder who acquired ARCs through BD transfers
         those ARCs to another person other than pursuant to an Auction, then
         the Broker-Dealer for the ARCs so transferred shall continue to be BD;
         provided, however, that if the transfer was effected by, or if the
         transferee is, a Broker-Dealer other than BD, then such Broker-Dealer
         shall be the Broker-Dealer for such ARCs. If for any reason an Auction
         is not held on an Auction Date, there shall be no Broker-Dealer Fee
         applicable with respect to such Auction Date. The Broker-Dealer Fee
         shall be payable solely out of amounts received by the Auction Agent
         pursuant to the Third Terms Supplement.

                  (b)      The Broker-Dealer Fee Rate shall be the prevailing
         rate received by broker-dealers for rendering comparable services to
         others. The Auction Agent shall advise the Trustee and the Issuer, at
         their request, at least annually of such then current prevailing rate.
         If the then current Broker-Dealer Fee Rate is not equal to the
         prevailing rate, the Trustee, at the direction of the Issuer, shall
         change the Broker-Dealer Fee Rate pursuant to the terms of the Auction
         Agency Agreement and shall notify the Auction Agent and BD thereof. Any
         change in the Broker-Dealer Fee Rate shall be effective on

                                        6

<PAGE>

         the Auction Date next succeeding such change. The initial Broker-Dealer
         Fee Rate shall be 0.25% per annum.

         SECTION 2.06. SETTLEMENT.

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

                  (b)      None of the Auction Agent, the Trustee or the Issuer
         shall have any responsibility or liability with respect to the failure
         of an Existing Note Holder, a Potential Note Holder or a Participant or
         any of them to deliver ARCs or to pay for ARCs sold or purchased
         pursuant to the Auction Procedures or otherwise. The Auction Agent
         shall have no responsibility for any adjustment to fees paid pursuant
         to Section 2.05 hereof as a result of any failure described in this
         Section 2.06(b).

                                   ARTICLE III

                                THE AUCTION AGENT

         SECTION 3.01. DUTIES AND RESPONSIBILITIES.

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

                  (b)      The Auction Agent undertakes to perform such duties
         and only such duties as are specifically set forth in this Agreement,
         and no implied covenants or obligations shall be read into this
         Agreement against the Auction Agent.

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

                                        7

<PAGE>

         SECTION 3.02. RIGHTS OF THE AUCTION AGENT.

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

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

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

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

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

                                   ARTICLE IV

                                  MISCELLANEOUS

         SECTION 4.01. TERMINATION. Any party may terminate this Agreement at
any time upon five days' prior notice to the other party. This Agreement shall
automatically terminate upon the delivery of certificates representing the ARCs
pursuant to Article II of the Trust Agreement or upon termination of the Auction
Agency Agreement.

         SECTION 4.02. PARTICIPANT IN SECURITIES DEPOSITORY. Either (a) BD is,
and shall remain for the term of this Agreement, a member of, or Participant in,
the Securities Depository; or (b) BD may designate a Participant to act on BD's
behalf for purposes of this Agreement. If BD wishes to designate a different
Participant to act on its behalf, BD shall give the Auction Agent at least two
Business Days' prior notice thereof.

         SECTION 4.03. COMMUNICATIONS. Except for (a) communications authorized
to be made by telephone pursuant to this Agreement or the Auction Procedures;
and (b) communications in connection with the Auctions (other than those
expressly required to be in writing), all notices, requests and other
communications to any party hereunder shall be in writing (including

                                        8

<PAGE>

facsimile or similar writing) and shall be given to such party, addressed to it,
at its address or facsimile number set forth below:

         If to BD:                         Banc of America Securities LLC
                                           NC1-005-12-03
                                           121 West Trade Street, 12th Floor
                                           Charlotte, North Carolina 28255
                                           Telephone: (704) 386-4520
                                           Facsimile: (704) 386-1193
                                           Attention: Short Term Underwriting
                                           and Trading

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

         If to the Issuer:                 EMT Corp.
                                           c/o Nelnet, Inc.
                                           121 S. 13th Street, Suite 301
                                           Lincoln, NE 68508
                                           Telephone: (402) 458-2303
                                           Facsimile: (402) 458-2399
                                           Attention: Treasurer

                                           With copies to:
                                           EMT Corp.
                                           8425 Woodfield Crossing Blvd.
                                           Suite 510
                                           Indianapolis, Indiana 46240
                                           Telephone: (317) 469-2088
                                           Facsimile: (317) 469-2254

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

         SECTION 4.04. ENTIRE AGREEMENT. This Agreement contains the entire
agreement between the parties relating to the subject matter hereof, and there
are no other representations, endorsements, promises, agreements or
understandings, oral, written or inferred, between the parties relating to the
subject matter hereof.

                                        9

<PAGE>

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

         SECTION 4.06. AMENDMENT; WAIVER.

                  (a)      This Agreement shall not be deemed or construed to be
         modified, amended, rescinded, cancelled or waived, in whole or in part,
         except by a written instrument signed by a duly authorized
         representative of each party hereto. The provisions herein regarding
         auction procedures may be amended from time to time to conform to
         industry or market practices solely upon the written consent of the
         parties hereto and upon written notice of such amendment to the
         affected Holders of such ARCs and no prior written consent of any such
         Holder shall be required in connection with such amendment.

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

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

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

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

                                    ARTICLE V

                                  GOVERNING LAW

         This Agreement shall be governed by and construed in accordance with
the laws of the State of New York.

                                       10

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed and delivered by their proper and duly authorized officers as of
the date first above written.

                                          DEUTSCHE BANK TRUST COMPANY AMERICAS,
                                          as Auction Agent

                                          By /s/ Linda Reale
                                             ___________________________________
                                          Name Linda Reale
                                               _________________________________
                                          Title  VP
                                               _________________________________

                                          BANC OF AMERICA SECURITIES LLC

                                          By /s/ Christopher G. Cronk
                                             ___________________________________
                                             Christopher G. Cronk, Principal

                                       11
<PAGE>

                                    EXHIBIT A

                              SETTLEMENT PROCEDURES

         Capitalized terms used herein shall have the respective meanings
specified in the Third Terms Supplement to the Trust Agreement.

                  (a)      On each Auction Date, the Auction Agent is required
         to notify by telephone the Broker-Dealers that participated in the
         Auction held on such Auction Date and submitted an Order on behalf of
         any Existing Note Holder or Potential Note Holder of:

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

                           (ii)     whether Sufficient Clearing Bids existed for
                  the determination of the Auction Rate;

                           (iii)    if such Broker-Dealer submitted a Bid or a
                  Sell Order on behalf of an Existing Note Holder, whether such
                  Bid or Sell Order was accepted or rejected, in whole or in
                  part, and the principal amount of ARCs, if any, to be sold by
                  such Existing Note Holder;

                           (iv)     if such Broker-Dealer submitted a Bid on
                  behalf of a Potential Note Holder, whether such Bid was
                  accepted or rejected, in whole or in part, and the principal
                  amount of ARCs, if any, to be purchased by such Potential Note
                  Holder;

                           (v)      if the aggregate principal amount of ARCs to
                  be sold by all Existing Note Holders on whose behalf such
                  Broker-Dealer submitted Bids or Sell Orders is different from
                  the aggregate principal amount of ARCs to be purchased by all
                  Potential Note Holders on whose behalf such Broker-Dealer
                  submitted a bid, the name or names of one or more other
                  Broker-Dealers (and the Agent Member, if any, of each such
                  other Broker-Dealer) and the principal amount of ARCs to be
                  (A) purchased from one or more Existing Note Holders on whose
                  behalf such other Broker-Dealers submitted Bids or Sell
                  Orders, or (B) sold to one or more Potential Note Holders on
                  whose behalf such other Broker-Dealers submitted Bids; and

                           (vi)     the scheduled Auction Date of the next
                  succeeding Auction.

                  (b)      On each Auction Date, each Broker-Dealer that
         submitted an Order on behalf of any Existing Note Holder or Potential
         Note Holder is required to:

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

<PAGE>

                           (ii)     instruct each Existing Note Holder on whose
                  behalf such Broker-Dealer submitted a Bid that was accepted,
                  in whole or in part, to instruct such Bidder's Agent Member,
                  to pay to such Broker-Dealer (or its Agent Member) through the
                  Securities Depository the amount necessary, including accrued
                  interest, if any, to purchase the principal amount of ARCs to
                  be purchased pursuant to such Bid against receipt of such
                  principal amount of ARCs;

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

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

                           (v)      advise each Existing Note Holder on whose
                  behalf such Broker-Dealer submitted an Order of the scheduled
                  Auction Date of the next succeeding Auction; and

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

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

                  (d)      On the Business Day immediately succeeding the
         Auction Date, the Securities Depository will execute the transactions
         described above, debiting and crediting the accounts of the respective
         Agent Members as necessary to effect the purchases and sales of ARCs as
         determined in the Auction.

                                      A-2

<PAGE>

                                    EXHIBIT B

                                   ORDER FORM

                   (Submit only one Order on this Order Form)

                                  $175,000,000
                                    EMT Corp.

                         Student Loan Asset-Backed Notes
                             1999 Senior Series A-7
                             1999 Senior Series A-8
                             1999 Senior Series A-9

                            Auction Rate Certificates
                                    ("ARCs")

                  $__________ 1999 __________ Series __________

<PAGE>

                                    EXHIBIT C

                                  TRANSFER FORM

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

                                  $175,000,000
                                    EMT Corp.
                         Student Loan Asset-Backed Notes
                             1999 Senior Series A-7
                             1999 Senior Series A-8
                             1999 Senior Series A-9

                            Auction Rate Certificates
                                    ("ARCs")

         We are (check one):

                  _____ the Existing Note Holder named below;

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

                  _____ the Participant for such Existing Note Holder.

         We hereby notify you that such Existing Note Holder has transferred
$__________* ARCs to ____________________.

                                                [NAME OF EXISTING NOTE HOLDER]

                                                By______________________________
                                                Name____________________________
                                                Title___________________________

                                                [NAME OF BROKER-DEALER]

                                                By______________________________
                                                Name____________________________
                                                Title___________________________

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

*ARCs may only be transferred in units of $50,000.

<PAGE>

                                                [NAME OF PARTICIPANT]

                                                By______________________________
                                                Name____________________________
                                                Title___________________________

                                      C-2

<PAGE>

                                    EXHIBIT D

                         NOTICE OF A FAILURE TO DELIVER

    (To be used only for failure to deliver ARCs sold pursuant to an Auction)

                                  $175,000,000
                                    EMT Corp.
                         Student Loan Asset-Backed Notes
                             1999 Senior Series A-7
                             1999 Senior Series A-8
                             1999 Senior Series A-9

                            Auction Rate Certificates
                                    ("ARCs")

         Complete either I. or II.

         I.       We are a Broker-Dealer for ____________________ (the
                  "Purchaser"), which purchased $__________* of the ARCs in the
                  Auction held on __________ from the seller of such ARCs.

         II.      We are a Broker-Dealer for ____________________ (the
                  "Seller"), which sold $__________ of the ARCs in the Auction
                  held on __________, to the purchaser of such ARCs.

         We hereby notify you that (check one):

         _____ the seller failed to deliver such ARCs to the Purchaser; or

         _____ the purchaser failed to make payment to the Seller upon delivery
         of such ARCs.

                                                [NAME OF BROKER-DEALER]

                                                By______________________________
                                                Name____________________________
                                                Title___________________________

--------------------
* ARCs may only be transferred in units of $50,000.

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