Document:

<PAGE>
                                                                   Exhibit 10.20

                              CONSULTING AGREEMENT

      CONSULTING AGREEMENT (the "Consulting Agreement"), dated as of March 31,
2003 (the "Effective Date"), among Collegiate Funding Services, LLC, a Virginia
limited liability company (the "Company"), EdPro, LLC, a Mississippi limited
liability company ("EdPro"), and Malcolm B. Lightsey ("Lightsey").

                                    RECITALS

      A.    The Company is acquiring the business of originating, disbursing and
servicing student loans (the "Business") from Lightsey and a corporation
Lightsey controls pursuant to the terms of an Asset Purchase Agreement dated as
of March 28, 2003 (the "Asset Purchase Agreement"), among the Company, CFS
Servicing, LLC (the "Purchaser"), a Delaware limited liability company and a
wholly owned subsidiary of the Company, Lightsey and SunTech, Inc., a
Mississippi corporation ("SunTech"). Capitalized terms used but not defined
herein shall have the meaning set forth in the Asset Purchase Agreement.

      B.    The Company desires to retain Lightsey for certain consulting
services after the closing of the sale contemplated by the Asset Purchase
Agreement. Lightsey represents that he is the sole member and owner of EdPro, a
management company. The Company acknowledges that Lightsey, through his
relationship with EdPro, will provide consulting services as provided herein. It
is acknowledged that all references in this Consulting Agreement to Lightsey
providing services or references discussing payment for those services are
referring to services provided to the Company through EdPro and all payments for
such services will be made directly to EdPro. It is also understood that
Lightsey will be providing all the services described herein on behalf of EdPro
and that no other person will supply the services. It is also acknowledged that,
except as otherwise provided herein, Lightsey will be personally providing all
such services and that Lightsey shall provide services only to the Company.

      C.    Pursuant to the terms of the Asset Purchase Agreement, the parties
have agreed to enter into this Consulting Agreement on the terms and conditions
set forth below.

      NOW, THEREFORE, in consideration of the premises and covenants, and other
good and valuable consideration, the receipt and sufficiency of which are
acknowledged and on the terms and subject to the conditions contained herein,
intending to be legally bound, the parties agree as follows:

      1.    Consulting Relationship. The Company agrees to retain Lightsey as an
independent consultant to the Company and Lightsey accepts such retention.
Lightsey agrees to provide the following services (the "Services") to the
Company, the Purchaser and their subsidiaries:
<PAGE>
      a.    travel to and communicate with current or prospective clients to
            handle matters regarding the Business and the Company's capabilities
            and ensure an orderly transition of Business for existing customers;

      b.    assist in communicating the status of the transition to employees of
            the Business in coordination with the Company;

      c.    advise and assist in the development of a detailed integration plan
            for the Business, a key component of which will be an operating
            budget for the Business;

      d.    advise and assist in the selection of a lead manager of the Business
            if requested to do so by the Company;

      e.    otherwise provide information and knowledge concerning the Business
            and its contracts, operations, and finances; and

      f.    provide such services during normal business hours and complete
            assignments according to a mutually agreeable schedule. Lightsey
            does not have to be physically present at SunTech's offices except
            when his presence is necessary to perform the specific services
            requested.

In the event that Lightsey shall become physically or mentally disabled such
that he is incapable of performing the Services for a period in excess of 180
days, the Services may be provided by another person selected by EdPro and
acceptable to the Company in its sole discretion, provided that Joy Lightsey
shall be acceptable to the Company.

      2.    Term of Engagement. The term of this Consulting Agreement shall be
for the initial period commencing on the Closing Date and ending on the second
anniversary of the Closing Date (the "Term"), unless Lightsey is earlier
terminated as provided in Section 6. This Term may be extended upon the written
agreement of the parties.

      3.    Compensation. As full compensation for all services to be rendered
by Lightsey to the Company and its subsidiaries and affiliates in all capacities
during the Term (other than those amounts to which Lightsey may be entitled by
virtue of the acquisition of the Business pursuant to the Asset Purchase
Agreement), Lightsey shall receive the following compensation and benefits:

      3.1   Fee. The compensation for the services to be rendered hereunder,
which the Company agrees to pay or cause to be paid to Lightsey and Lightsey
agrees to accept, shall be (a) $1,350,000 for the period commencing upon the
Closing Date and ending on the first anniversary of such date, and (b)
$1,000,000 for the period commencing on the first anniversary of the Closing
Date and ending upon the second anniversary of such date, in each case payable
quarterly in arrears. Lightsey shall also be reimbursed for his reasonable and
documented out-of-pocket expenses relating to the provision of services (to the
extent such services are requested by the Company) hereunder. At the sole and
<PAGE>
absolute discretion of the Company, $250,000 (the "Escrow Amount") of the
compensation which the Company agrees to pay or cause to be paid for the final
payment to Lightsey under this Section 3.1(b) shall be (i) placed and held in
escrow on behalf of Lightsey and SunTech (the "Sellers" and individually, each
"Seller") in accordance with the terms of the Escrow Agreement by and among the
Company, Sellers and Wells Fargo Bank Minnesota, N.A., as escrow agent (the
"Escrow Agent") which Escrow Amount shall be available for Purchaser in the
event that Sellers fail to pay any amounts due as a result of claims for
indemnification pursuant to Section 8(b)(iv) of the Asset Purchase Agreement
("Tax Liability"), (ii) retained by Seller to compensate it for any
out-of-pocket tax liability it has incurred, or (iii) paid to Lightsey in
accordance with this Consulting Agreement. Lightsey agrees to include the Escrow
Amount as ordinary income received at the time such amount is paid into escrow.
Any and all interest accrued and paid or dividends or similar return accrued
after payment of expenses incurred in connection with the investment,
reinvestment or sale of the Escrow Amount shall be distributed to Lightsey, in
each case payable quarterly in arrears. In the event the Escrow Amount is placed
in escrow in accordance with clause (i) above, Purchaser shall instruct the
Escrow Agent to deliver to Lightsey the remaining Escrow Amount, if any, on
April 15, 2006, except that such Escrow Amount shall be retained by the Escrow
Agent in the event that any Seller, individually or together, or the Company or
any of its affiliates is being audited with respect to the recharacterization by
a governmental authority of any compensation arrangement for services provided
to Sellers (the "Audit"), in which case the Escrow Amount, if any, shall be
delivered to Lightsey upon resolution of the Audit to the extent there is no
liability on the part of the Company or any of its affiliates, and to the
Company to the extent of any liability on the part of the Company or any of its
affiliates.

      3.2   Insurance Coverage. Lightsey acknowledges that he shall not be an
employee of the Company and will not be entitled to participate in any employee
benefit plans or other benefits or conditions of employment available to the
employees of the Company. In consideration of the foregoing, the Company will
make a one-time, lump sum payment to Lightsey as soon as practicable after the
execution of this Agreement equal to $25,000, which Lightsey shall promptly use
to purchase a life and/or disability insurance policy. Taxes. It is intended
that the fees paid and payments made hereunder shall constitute revenues to
Lightsey. To the extent consistent with applicable law, the Company will not
withhold any amounts therefrom as federal income tax withholding from wages or
as employee contributions under the Federal Insurance Contributions Act or any
other state or federal laws. Lightsey shall be solely responsible for the
payment of any federal, state or local income or payroll taxes in respect of
amounts paid to Lightsey hereunder and shall hold the Company, its officers,
directors and employees harmless from any liability arising from Lightsey's
failure to make any such payments.

      4.    Confidential Information

      4.1   It is understood that as a result of his prior services to the
Business being acquired by the Company pursuant to the Asset Purchase Agreement,
Lightsey has been and shall be a consultant to the Company and afforded access
to confidential and/or
<PAGE>
proprietary information of the Company. In consideration of the Company's
agreement to acquire the Business and to retain Lightsey as a consultant and to
continue to make available to him information, including confidential and/or
proprietary information, relating to the Company and the Business, Lightsey
agrees that any nonpublic information Lightsey learns or acquires, in whatever
manner and from whatever source, in the course of his involvement with the
Company, whether as a consultant or otherwise, is "Confidential Information"
owned solely by the Company. Confidential Information includes but is not
necessarily limited to: nonpublic information and knowledge pertaining to the
day to day operations of the Business, including price, cost, revenue, profit
and other financial information; data and data compilations; formulas,
processes, techniques, methods of doing business; computer software; research
and development, including negative information; information about and listings
of the Company's affiliates, officers, employees, agents and representatives,
distributors, customers, vendors, competitors, and markets; and information
disclosed to the Company in confidence. Confidential Information does not
include information that is or that becomes generally known within the Company's
line of business. Lightsey further agrees that any valuable, proprietary
information that provides the Company with a competitive advantage and which the
Company retains as trade secret ("Trade Secret") that Lightsey learns or
acquires, in whatever manner and from whatever source, in the course of his
involvement with the Company will be maintained by Lightsey in secrecy in
perpetuity.

      4.2   Lightsey agrees he shall not use the Confidential Information or
Trade Secrets except for the sole benefit of the Company and strictly incidental
to, and solely in furtherance and within the scope of, the Consulting Agreement,
that he shall not, unless required to do so by law, disclose, furnish, divulge,
or otherwise directly or indirectly communicate Confidential Information or
Trade Secrets to any third party without the express prior written consent of
the Chief Executive Officer of the Company, and that he shall take all
reasonable precautions to safeguard the Confidential Information and Trade
Secrets against unauthorized use or disclosure. If reasonable doubt may exist as
to whether particular information is Confidential Information or a Trade Secret
subject to this Section, Lightsey shall consult with the Chief Executive Officer
of the Company before making any use or disclosure of such information which may
constitute a breach of this Section, and Lightsey agrees to abide by the
determination of the Chief Executive Officer of the Company. Lightsey further
agrees to adhere strictly to any of the Company's policies and procedures
regarding the use and protection of Confidential Information.

      4.3   Lightsey agrees that all files, letters, memoranda, reports,
records, data, sketches, drawings, notebooks, program listings or other written,
photographic, electronic, or other tangible documents or material containing
Confidential Information, whether created by Lightsey or others, either before
the Company acquired the Business from Lightsey and the corporations he controls
(except as specifically set forth in the Asset Purchase Agreement) or after
which shall come into his custody or possession, shall be and are the exclusive
property of the Company and subject to the terms of this Section 4. Lightsey
shall immediately return and deliver to the Company, without making or retaining
any copies or derivations, any such documents and things, as well as any
<PAGE>
other equipment, supplies or other documents and things owned by the Company
upon either (i) a request by the Company or (ii) termination of Lightsey's
status as a consultant of the Company.

      5.    Discoveries are Property of the Company

      5.1   All discoveries, developments, designs, improvements, inventions,
programs, promotional or advertising materials or ideas, processes, techniques,
know-how, data, formulae or other information of possible technical or
commercial importance relating to the Business ("Developments") shall be the
sole property of the Company. The Company shall be the sole owner of all
patents, copyrights, trademarks, trade secrets and other proprietary rights
arising from Developments.

      5.2   Lightsey agrees to assign and does hereby assign to the Company all
Developments that are made or conceived by Lightsey alone, or with others,
during the term of the Consulting Agreement. Lightsey agrees to assist the
Company in every necessary way to obtain or enforce any patents, copyrights,
trademarks or any proprietary rights relating to the Developments and to execute
all documents necessary to give the Company full legal ownership to such
Developments, and Lightsey agrees to continue this assistance after termination
of the Consulting Agreement.

      5.3   During the term of the Consulting Agreement, Lightsey agrees to
report all Developments developed, solely or jointly, for the purpose of
determining the Company's rights in the Developments.

      5.4   Lightsey hereby designates and appoints the Company and its duly
authorized officers and agents as his agents and attorneys-in-fact to execute
and file any certificates, applications or documents and to do all other lawful
acts necessary to protect the Company's rights in the Developments. Lightsey
expressly acknowledges that the foregoing power of attorney is coupled with an
interest and is therefore irrevocable and shall survive Lightsey's death or
incompetency.

      6.    Termination.

      6.1   Termination with Cause. If Lightsey is convicted of a felony or any
offense involving commission of an act of willful misconduct, fraud or
embezzlement against the Company or any affiliate thereof, or materially
breaches any material affirmative or negative covenants or undertakings
hereunder, provided that the Company shall provide written notice of such breach
and allow Lightsey ten business days to cure such breach, under the Asset
Purchase Agreement or the Non-competition Agreement dated of even date herewith
between the Company and Lightsey (the "Non-competition Agreement"), the Company
may at any time by written notice to Lightsey terminate this Consulting
Agreement immediately and Lightsey shall have no right to receive any
compensation or benefit hereunder on and after the date of such notice.
<PAGE>
      6.2   Termination without Cause. Either the Company or Lightsey may
terminate this Consulting Agreement at any time, with or without cause, upon
written notice to the other party. If the Company terminates this Consulting
Agreement pursuant to this Section 6.2, the Company shall continue to pay to
Lightsey the amounts provided for in Section 3.1 on the dates on which such
payments would be made had the Consulting Agreement not been so terminated. If
Lightsey terminates this Consulting Agreement pursuant to this Section 6.2,
Lightsey shall have no right to receive any compensation or benefit hereunder on
and after the date of such notice.

      6.3   Termination on Termination of the Asset Purchase Agreement In the
            event that the Asset Purchase Agreement is terminated for any reason
prior to the Closing Date, this Consulting Agreement shall automatically
terminate and be of no force and effect and Lightsey shall have no right to
receive any compensation or benefit hereunder on and after the date of such
termination.

      7.    Other Provisions.

      7.1   Independent Contractor. Lightsey shall be deemed for all purposes to
be an independent contractor and not an employee of the Company. Lightsey will
provide services hereunder as a consultant of EdPro, as referenced in Section B
of the Recitals hereto. Nothing in this Consulting Agreement shall establish an
agency, partnership, joint venture or employee relationship between the Company
and Lightsey, and Lightsey shall not be authorized to bind the Company
contractually or otherwise in his capacity as an independent contractor.

      7.2   Notices. Any notice or other communication required or which may be
given hereunder shall be in writing and shall be delivered personally, sent by
facsimile or confirmed electronic mail, or sent by certified, registered or
express mail, postage prepaid, to the parties at the following addresses, or at
such other addresses as shall be specified by the parties by like notice, and
shall be deemed given when so delivered personally, sent by facsimile or
confirmed electronic mail, or if mailed, three days after the date of mailing,
as follows:

      (i)   if to the Company, to:

            Collegiate Funding Services, LLC
            100 Riverside Parkway
            Suite 125
            Fredericksburg, Virginia 22406
            Attn: J. Barry Morrow, Chief Executive Officer
            Fax No.: (540) 374-2021

            with a copy (which shall not constitute notice) to:

            Collegiate Funding Services, LLC
            100 Riverside Parkway
<PAGE>
            Suite 125
            Fredericksburg, Virginia 22406
            Attn: Charles L. Terribile, Executive Vice President
            and General Counsel
            Fax No.: (540) 368-5959

      (ii)  if to Lightsey, to:

            Mr. Malcolm B. Lightsey
            103 St. Andrews Drive
            Jackson, Mississippi 39211

            with a copy (which shall not constitute notice) to:

            Eugene A. Simmons, Esquire
            Wells, Moore, Simmons & Hubbard, PLLC
            P.O. Box 1970
            Jackson, Mississippi 39215-1970
            Fax No.: (601) 355-5850

      (iii) if to EdPro, to:

            EdPro, LLC
            c/o Mr. Malcolm B. Lightsey
            103 St. Andrews Drive
            Jackson, Mississippi 39211

      7.3   Entire Agreement. This Consulting Agreement contains the entire
agreement between the parties with respect to the subject matter hereof and
supersedes all prior contracts and other agreements, written or oral, with
respect thereto.

      7.4   Waivers and Amendments. This Consulting Agreement may be amended,
modified, superseded, canceled, renewed or extended, and the terms and
conditions hereof may be waived, only by a written instrument signed by the
parties or, in the case of a waiver, by the party waiving compliance. No delay
on the part of any party in exercising any right, power or privilege hereunder
shall operate as a waiver thereof, nor shall any waiver on the part of any party
of any right, power or privilege hereunder, nor any single or partial exercise
of any right, power or privilege hereunder preclude any other or further
exercise thereof or the exercise of any other right, power or privilege
hereunder.

      7.5   Governing Law; Jurisdiction. This Consulting Agreement shall be
governed by, and construed in accordance with and subject to, the laws of the
Commonwealth of Virginia applicable to agreements made and to be performed
entirely within such Commonwealth. No suit, action or proceeding with respect to
this Consulting Agreement may be brought in any court or before any similar
authority other than (i) a federal court located in the Commonwealth of Virginia
or (ii) if no such court has
<PAGE>
jurisdiction over any such suit, action or proceeding, any other court of
competent jurisdiction in the Commonwealth of Virginia. Each of the Parties
submits to the exclusive jurisdiction of such courts in any such suit, action or
proceeding arising out of or relating to this Consulting Agreement and agrees
that all claims in respect of the suit, action or proceeding may be heard and
determined in any such court. Each Party also agrees not to bring any action or
proceeding arising out of or relating to this Consulting Agreement in any other
court. Each of the Parties waives any defense of inconvenient forum to the
maintenance of any suit, action or proceeding so brought and waives any bond,
surety, or other security that might be required of any other Party with respect
thereto.

      7.6   Binding Effect; Benefit. This Consulting Agreement shall inure to
the benefit of and be binding upon the parties hereto and any successors and
assigns permitted by Section 7.7 hereof. Nothing in this Consulting Agreement,
expressed or implied, is intended to confer on any person other than the parties
hereto or their successors and permitted assigns, any rights, remedies,
obligations or liabilities under or by reason of this Consulting Agreement.

      7.7   Assignment. Neither the Company nor Lightsey may assign this
Consulting Agreement, or his or its respective rights and obligations hereunder,
without the consent of the other; provided, however, that (a) the Company may
assign this Consulting Agreement and its rights, together with its obligations,
hereunder in connection with any sale, transfer or other disposition of all or
substantially all of its assets or business, whether by merger, consolidation or
otherwise (provided that the assignee agrees to undertake the obligations of the
Company hereunder) and (b) the Company may assign its rights hereunder to any
person whom the Company may assign its rights (or otherwise acquire the Acquired
Assets) under the Asset Purchase Agreement.

      7.8   Survival. Without limiting any other provision of this Agreement,
Lightsey's obligations pursuant to Sections 4 and 5 of this Consulting Agreement
shall be obligations of each of Lightsey individually and EdPro and shall
survive any termination of this Consulting Agreement without limitation in
duration.

      7.9   Counterparts. This Consulting Agreement may be executed in two or
more counterparts, each of which shall be deemed an original but all of which
together shall constitute one and the same instrument.

      7.10  Headings. The headings in this Consulting Agreement are for
reference purposes only and shall not in any way affect the meaning or
interpretation of this Consulting Agreement.

                            [Signature Pages Follow]
<PAGE>
      IN WITNESS WHEREOF, the parties have executed this Consulting Agreement as
of the date first above written.

                                       COLLEGIATE FUNDING SERVICES, LLC

                                       By:  /s/ J. Barry Morrow
                                            ---------------------------
                                            Name: J. Barry Morrow
                                            Title: President
<PAGE>
      IN WITNESS WHEREOF, the parties have executed this Consulting Agreement as
of the date first above written.

                                       By:  /s/ Malcolm B. Lightsey
                                            ---------------------------
                                            MALCOLM B. LIGHTSEY, Individually

                                       EDPRO, LLC

                                       By:  /s/ Malcolm B. Lightsey
                                            ---------------------------
                                            Malcolm B. Lightsey, its sole member<PAGE>

                                                                  EXHIBIT 10.21

                                     FORM OF

                             BROKER-DEALER AGREEMENT

                                     between

                              THE BANK OF NEW YORK,
                                as Auction Agent

                                       and

                              UBS PAINEWEBBER INC.,
                                as Broker-Dealer

                         Dated as of ___________________

                                $_______________
               COLLEGIATE FUNDING SERVICES EDUCATION LOAN TRUST I
                         STUDENT LOAN ASSET-BACKED NOTES
                           Series 200__-_ Senior Notes
                         Series 200__ Subordinate Notes

<PAGE>

                             BROKER-DEALER AGREEMENT

      THIS BROKER-DEALER AGREEMENT dated as of _______________ between THE BANK
OF NEW YORK (together with its successors and assigns, the "Auction Agent"),
U.S. BANK, NATIONAL ASSOCIATION, as trustee (the "Trustee"), under the First
Supplemental Indenture of Trust, dated as of November 1, 2000 (the "Supplemental
Indenture") which is supplemental to the Indenture of' Trust, dated November 1,
2001, between COLLEGIATE FUNDING SERVICES EDUCATION LOAN TRUST I (the "Issuer")
and the Trustee, pursuant to authority granted to it in the Auction Agent
Agreement dated as of November 1, 2000, between the Trustee and the Auction
Agent (the "Auction Agent Agreement"), and UBS PAINEWEBBER INC. (together with
its successors and assigns hereinafter referred to as "BD").

      The Issuer has issued its Student Loan Asset-Backed Notes as follows:
$____________ aggregate principal amount of Series 200__-_ Senior Notes and
$_________ Series 200__ Subordinate Notes, all maturing ____________, as Auction
Rate Certificates - ARCs(R)( collectively the "ARCs").

      The Supplemental Indenture provides that the interest rate on the ARCs for
each Interest Period after the Initial Interest Period shall, except under
certain conditions, equal the Auction Rate which the Auction Agent advises
results from implementation of the Auction Procedures. Pursuant to Section
2.09(a) of the Auction Agent Agreement, the Auction Agent has entered into this
Agreement.

      The Auction Procedures require the participation of one or more
Broker-Dealers.

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

                                    ARTICLE I

                      DEFINITIONS AND RULES OF CONSTRUCTION

      SECTION 1.01. TERMS DEFINED BY REFERENCE TO THE SUPPLEMENTAL INDENTURE AND
AUCTION AGENT AGREEMENT. Capitalized terms not defined herein shall have the
respective meanings specified in or pursuant to the Supplemental Indenture and
the Auction Agent 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:

      "Auction" shall have the meaning specified in Section 2.01 hereof.

      "Auction Agent Agreement" shall mean the Auction Agent Agreement dated as
of November 1, 2001, among the Trustee, Collegiate Funding Services Education
Loan Trust I and the Auction Agent relating to the ARCs.

------------------------
(R)ARCs is a registered trdemark of USB Paine Webber Inc.

<PAGE>

      "Auction Procedures" shall mean the Auction Procedures that are set forth
in Section 4 of the Supplemental Indenture.

      "Authorized Officer" shall mean each Vice President, Assistant Vice
President and Assistant Treasurer of the Auction Agent assigned to its Dealing
and Trading 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" shall mean 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" shall mean this Agreement and any substantially
similar agreement between the Auction Agent and a Broker-Dealer.

      "Owner" shall be a registered owner of any ARCs.

      "Settlement Procedures" shall mean 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) All references herein to a particular time of day shall be to New York
City time.

                                   ARTICLE II

                                   THE AUCTION

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

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

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

<PAGE>

      (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 1 of the Supplemental
Indenture may, with the prior written consent of the Market Agent, 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 Auction Agent may by notice to BD and all other
Broker-Dealers prohibit all Broker-Dealers from submitting Bids in Auctions for
their own accounts, provided that Broker-Dealers may continue to submit Hold
Orders and Sell Orders. The Auction Agent shall have no duty or liability with
respect to monitoring or enforcing the requirements of this Section 2.01(d).

      (e) BD agrees to act as, and assumes the obligations of, and limitations
and restrictions placed upon, a Broker-Dealer under this Broker-Dealer
Agreement, and to otherwise act as, and assume the obligations of and
limitations and restrictions placed upon, a Broker-Dealer under Section 4 of the
Supplemental Indenture.

SECTION 2.02. PREPARATION FOR EACH AUCTION.

      (a) Not later than 10:30 a.m. on each Auction Date for the ARCs, the
Auction Agent shall advise BD by telephone of the All Hold Rate, the Maximum
Rate, One-Month LIBOR and the Applicable LIBOR-Based 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 earliest of (i) 9:15 a.m. on the new Auction Date, (ii) 9:15 a.m.
on the old Auction Date and (iii) 9:15 a.m. on the next Interest Payment Date.
Thereafter, BD shall promptly notify customers of BD that BD believes are
Existing Owners of such change in the Auction Date.

      (c) The Auction Agent from time to time may request BD to provide it with
the aggregate principal amounts of ARCs specifically held by each such BD as an
Existing Owner. 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 Existing Owners and Potential Owners in any Auction, and
shall not disclose any such information so provided to any person other than the
Trustee, the Issuer and BD, unless the failure to disclose such information
would be unlawful or if the failure to do so would expose the Auction Agent to
any loss, liability, claim or damage for which the Auction Agent shall not have
been previously adequately indemnified.

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

      (a) The Auction Agent shall conduct Auctions for the ARCs in accordance
with the schedule set forth below. Such schedule may be changed at any time by
the Auction Agent with the consent of the Trustee, which consent shall not be
unreasonably withheld or delayed. The Auction Agent shall give 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 such change
shall be effective.

<PAGE>

<TABLE>
<CAPTION>
         Time                                       Event
-------------------------    ---------------------------------------------------
<S>                          <C>
By 9:00 a.m.                 Auction Agent obtains One-Month LIBOR and the
                             Applicable LIBOR-Based Rate.

By 10:30 a.m.                Auction Agent advises the Trustee and the
                             Broker-Dealers of the applicable All Hold Rate, the
                             applicable Maximum Rate, One-Month LIBOR and the
                             Applicable LIBOR-Based Rate.

9:30 a.m.-1:00 p.m.          Auction Agent assembles information communicated to
                             it by Broker-Dealers as provided in Section 4(b)(i)
                             of the Supplemental Indenture. Submission Deadline
                             is 1:00 p.m.

Not earlier than 1:00 p.m.   Auction Agent makes determinations pursuant to
                             Section 4(c)(i) of the Supplemental Indenture.
                             Submitted Bids and Submitted Sell Orders are
                             accepted and rejected in whole or in part and ARCs
                             are allocated as provided in Section 4(d) and (e)
                             of the Supplemental Indenture.

By approximately 3:00 p.m.   Auction Agent advises the Trustee of results of
                             Auction as provided in Section 4(c)(ii) of the
                             Supplemental Indenture and of the Auction Rate for
                             the next Interest Period. Auction Agent gives
                             notice of Auction results as set forth in Section
                             2.04(a) hereof.
</TABLE>

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

      (c) 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 Owner to another person other than pursuant to an
Auction, and (ii) a written notice, substantially in 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 accept any notice delivered pursuant to the terms of the
foregoing sentence with respect to an Auction unless it is received by the
Auction Agent by 3:00 p.m. on the Business Day next preceding the applicable
Auction Date.

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

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. If requested by BD, the Auction Agent shall as soon as practicable
on the Business Day next succeeding such Auction Date, 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.

<PAGE>

      (b) BD shall notify each Existing Owner or Potential Owner 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 Agent Agreement at the times and in the manner set
forth in the Auction Agent Agreement.

      SECTION 2.05. SERVICE CHARGE TO BE PAID TO BD. On each Interest Payment
Date, for the term of this Agreement, the Auction Agent shall pay to BD, from
funds the Auction Agent has received from the Issuer pursuant to Section 5(b) of
the Supplemental Indenture, a service charge for the succeeding Interest Period,
an amount equal to the product of (a) a fraction, the numerator of which is the
number Of days in each AuctiOn Period occurring during such Interest Period (or,
in the case of the initial period, the actual number of days elapsed since the
date of delivery of the ARCs) and the denominator of which is 360, times (b) the
Broker-Dealer Fee Rate, times (c) the sum of (i) the sum of the aggregate
principal amount of the ARCs that were (A) the subject of Submitted Bids of
Existing Owners submitted by BD and continued to be held as a result of such
submission and (B) the subject of Submitted Bids of Potential Owners submitted
by BD and purchased as a result of such submission and (ii) the aggregate
principal amount of the ARCs subject to valid Hold Ordei_s(determined in
accordance with Section 4(c)(i) of the Supplemental Indenture) submitted to the
Auction Agent by BD and (iii) the principal amount of the ARCs deemed to be
subject to Hold Orders by Existing Owners pursuant to Section 4(b)(iii) of the
Supplemental Indenture that were acquired by such Existing Owners through BD, in
the Auction for such Auction Period. For purposes of subclause (c)(iii) of the
foregoing sentence, if any Existing Owner 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 Rate shall be .25 of 1% per annum.

SECTION 2.06. SETTLEMENT.

      (a) If any Existing Owner 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 Owner 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 Owner. 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 non-delivery in accordance with the
terms of Section 2.03(c) hereof. The Auction Agent shall have no duty or
liability with respect to monitoring or enforcing requirements of this Section
2.06(a).

      (b) Neither the Auction Agent, the Trustee nor the Issuer shall have any
responsibility or liability with respect to the failure of an Existing Owner, a
Potential Owner or a

<PAGE>

Participant or any of them to deliver ARCs or to pay for ARCs sold or purchased
pursuant to the Auction Procedures or otherwise.

                                   ARTICLE III

                                THE AUCTIONAGENT

SECTION 3.01. DUTIES AND RESPONSIBILITIES.

      (a) The AucTIon Agent Is acting solely as Agent for the TrusTee hereunder
and owes no fiduciary duties to any Person by reason of this Agreement.

      (b) Notwithstanding Section 3.01(a) above, the Auction Agent undertakes to
perform such duties and only such duties as are specifically set forth in this
Agreement and the Auction Agent Agreement, and no implied covenants or
obligations shall be read into this Agreement against the Auction Agent by
reason of anything set forth in the Offering Memorandum or any other offering
material employed in connection with the offer and sale of the ARCs, or
otherwise.

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

SECTION 3.02. RIGHTS OF THE AUCTION AGENT.

      (a) The Auction Agent may rely and shall be protected in acting or
refraining from acting upon any communication authorized by this Agreement and
upon any written instruction, notice, request, direction, consent, report,
certificate, share certificate or other instrument, paper or document believed
by it to be genuine. The Auction Agent shall not be liable for acting upon any
telephone communication authorized by this 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 willful misconduct or negligence on the part of any agent or
attorney appointed by it with due care hereunder.

      (e) The Auction Agent makes no representation as to the validity, adequacy
or accuracy of this Agreement, the Auction Agent Agreement, the ARCs or any
Offering

<PAGE>

Memorandum or other offering material used in connection with the offer and sale
of the ARCs or otherwise.

                                   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 Section 17(c) of the Supplemental Indenture or upon termination of
the Auction Agent Agreement.

      SECTION 4.02. PARTICIPANT IN DEPOSITORY. Either (a) BD is, and shall
remain for the term of this Agreement, a member of, or Participant in, the
Depository, or (b) BD may designate a Participant to act on BDs 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, addressed:     UBS PaineWebber Inc.
                               1285 Avenue of the Americas
                               15th Floor
                               New York, New York 10019
                               Attention: Manager, Short Term Desk
                               Telephone: 212-713-4692
                               Telecopy: 212-713-3797

      If to the Auction
      Agent, addressed:        The Bank of New York
                               Corporate Trust Division
                               5 Penn Plaza, 13th Floor
                               New York, New York 10001
                               Attention: Dealing and Trading Group Auction Desk
                                          Thomas Bogert
                               Telephone: 212-896-7518
                               Telecopy: 212-896-7173

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.

<PAGE>

      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, canceled or waived, in whole or in part, except by a written
instrument signed by a duly authorized representative of the party to be
charged.

      (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 fight 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 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.

<PAGE>

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

                                      THE BANK OF NEW YORK,
                                      as Auction Agent

                                      By:  __________________________
                                      Its: __________________________

                                      UBS PAINEWEBBER INC.,
                                      as Broker-Dealer

                                      By:  __________________________
                                      Its: First Vice President

<PAGE>

                                                                    Exhibit A to
                                                         BROKER-DEALER AGREEMENT

                              SETTLEMENT PROCEDURES

      Capitalized terms used herein shall have the respective meanings specified
in the Supplemental Indenture and the Broker-Dealer Agreement.

      (a) Not later than 3:00 p.m., New York City time, on each Auction Date if
the Applicable Interest Rate is the Auction Rate, 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 Owner or
Potential Owner of:

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

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

            (iii) if such Broker-Dealer (a "Seller's Broker-Dealer") submitted a
                  Bid or a Sell Order on behalf of an Existing Owner, 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 Owner;

            (iv)  if such Broker-Dealer (a "Buyer's Broker-Dealer") submitted a
                  Bid on behalf of a Potential Owner, 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
                  Owner;

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

<PAGE>

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

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

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

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

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

            (iii)   in the case of a Broker-Dealer that is a Seller's
                    Broker-Dealer, instruct each Existing Owner on whose behalf
                    such Seller's Broker-Dealer submitted a Sell Order that was
                    accepted, in whole or in part, or a Bid that was accepted,
                    in whole or in part, to instruct such Existing Owner's
                    Participant to deliver to such Broker-Dealer (or its
                    Participant) 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 Owner on whose behalf such
                    Broker-Dealer submitted an Order and each Potential Owner on
                    whose behalf such Broker-Dealer submitted a Bid of the
                    Applicable Interest Rate for the next Interest Period;

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

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

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

<PAGE>

      (d) On each Auction Date:

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

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

            (iii) each Buyer's Broker-Dealer that is not a Participant in the
                  Securities Depository shall instruct its Participant to (A)
                  pay through the Securities Depository to a Seller's
                  Broker-Dealer (or its Participant) identified to such Buyer's
                  Broker-Dealer pursuant to (a)(vi) above the amount necessary,
                  to purchase the ARCs to be purchased pursuant to (b)(ii) above
                  against receipt of such ARCs, and (B) deliver such ARCs
                  through the Securities Depository to the Participant of the
                  purchaser thereof against payment therefor.

      (e) On the first Business Day of the Interest Period next following each
Auction Date:

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

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

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

      (f) If an Existing Owner selling ARCs in an Auction fails to deliver such
ARCs (by authorized book-entry), a Broker-Dealer may deliver to the Potential
Owner on behalf of which it submitted a Bid that was accepted a principal amount
of ARCs that is less than the principal amount of ARCs that otherwise was to be
purchased by such Potential Owner (but only in an Authorized Denomination). In
such event, the principal amount of ARCs to be so delivered shall be determined
solely by such Broker-Dealer (but only in Authorized Denominations). Delivery of
such lesser principal amount of ARCs shall constitute good delivery.
Notwithstanding the foregoing terms of this paragraph (f), any delivery or
nondelivery of ARCs, which shall represent any departure from the results of an
Auction, as determined by the Auction Agent, shall be of no

<PAGE>

effect unless and until the Auction Agent shall have been notified of such
delivery or nondelivery in accordance with the provisions of the Auction Agent
and the Broker-Dealer Agreement. Neither the Trustee nor the Auction Agent will
have any responsibility or liability with respect to the failure of a Potential
Owner, Existing Owner or their respective Broker-Dealer or Participant to take
delivery of or deliver, as the case may be, the principal amount of the ARCs
purchased or sold pursuant to an Auction or otherwise.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00067-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00067-of-00352.parquet"}]]