Document:

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                                                                  EXHIBIT 10.110

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                             BROKER-DEALER AGREEMENT

                                  by and among

                      DEUTSCHE BANK TRUST COMPANY AMERICAS,
                                as Auction Agent,

                       NELNET STUDENT LOAN CORPORATION-1,
                                    as Issuer

                                       and

                         BANC OF AMERICA SECURITIES LLC,
                                as Broker-Dealer

                                   Relating to

                        NELNET Student Loan Corporation-1
                     Taxable Student Loan Asset-Backed Notes
     $70,000,000 Subordinate Class 1998B-5 Auction Rate Securities(sm) (ARS(sm))

                          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 Indenture................................................     1
Section 1.02.         Terms Defined Herein.......................................................................     1
Section 1.03.         Rules of Construction......................................................................     2

                                                             ARTICLE II

                                                             THE AUCTION

Section 2.01.         Purpose: Incorporation by Reference of Auction Procedures and Settlement Procedures........     2
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............................................................     5
Section 2.06.         Settlement.................................................................................     6

                                                             ARTICLE III

                                                          THE AUCTION AGENT

Section 3.01.         Duties and Responsibilities................................................................     6
Section 3.02.         Rights of the Auction Agent................................................................     7

                                                             ARTICLE IV

                                                            MISCELLANEOUS

Section 4.01.         Termination................................................................................     7
Section 4.02.         Participant in Depository..................................................................     7
Section 4.03.         Communications.............................................................................     8
Section 4.04.         Entire Agreement...........................................................................     8
Section 4.05.         Benefits...................................................................................     8
Section 4.06.         Amendment: Waiver..........................................................................     8
Section 4.07.         Successors and Assigns.....................................................................     9
Section 4.08.         Severability...............................................................................     9
Section 4.09.         Execution in Counterparts..................................................................     9
Section 4.10.         Governing Law..............................................................................     9
</TABLE>

EXHIBIT A        SETTLEMENT PROCEDURES
EXHIBIT B-1      ORDER FORM

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EXHIBIT B-2    TRANSFER FORM
EXHIBIT C      NOTICE OF A FAILURE TO DELIVER

                                       ii

<PAGE>

                             BROKER-DEALER AGREEMENT

         THIS BROKER-DEALER AGREEMENT dated as of October 15, 2002 by and among
NELNET STUDENT LOAN CORPORATION-1 (formerly known as Union Financial Services-1,
Inc.) ("Nelnet"), DEUTSCHE BANK TRUST COMPANY AMERICAS (together with its
successors and assigns, the "Auction Agent"), not in its individual capacity but
solely as agent of Zions First National Bank, as successor trustee (the
"Trustee") under a Second Amended and Restated Indenture of Trust dated as of
November 1, 1996, as amended (the "Amended Indenture") and the Series 1998
Supplemental Indenture of Trust dated as of December 15, 1998 (the "1998
Supplemental Indenture," and together with the Amended Indenture, the
"Indenture"), each by and between Nelnet and the Trustee pursuant to authority
granted to it in the Auction Agency Agreement dated as of December 15, 1998,
among Nelnet, the Trustee and the Auction Agent (the "Auction Agency
Agreement"), and BANC OF AMERICA SECURITIES LLC (together with its successors
and assigns hereinafter referred to as "BD").

         WHEREAS, Nelnet has previously issued $70,000,000 of its Taxable
Student Loan Asset-Backed Notes, Subordinate Class 1998B-5, maturing December 1,
2032, as Auction Rate Securities(sm) (the "ARS(sm)"); and

         WHEREAS, the Indenture provides that the interest rate on the ARS for
each Interest Period after the Initial Period shall, except under certain
conditions, equal the Auction Rate which the Auction Agent advises as the result
of implementation of the Auction Procedures. Pursuant to Section 2.09 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, Nelnet, 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 INDENTURE. Capitalized
terms not defined herein shall have the respective meanings specified in or
pursuant to the Indenture 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:

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

<PAGE>

         "Auction Agency Agreement" means the Auction Agency Agreement dated as
of December 15, 1998, among Nelnet, the Trustee and the Auction Agent relating
to the ARS.

         "Auction Procedures" means the Auction Procedures that are set forth in
Appendix A to the 1998 Supplemental Indenture.

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

         "BD Officer" means each officer or employee of BD designated as a "BD
Officer" for purposes of this Agreement.

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

         "Holder" means the beneficial owner of any ARS.

         "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)      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 ARS Rate for the next Interest Period. Each
         periodic operation of such procedures is hereinafter referred to as an
         "Auction."

                                       2

<PAGE>

                  (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.

                  (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 the 1998 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. BD agrees to act as, and assume the
         obligations of and limitations and restrictions placed upon, a
         Broker-Dealer under Appendix A to the 1998 Supplemental Indenture.

         SECTION 2.02. PREPARATION FOR EACH AUCTION.

                  (a)      Not later than 10:30 a.m. on each Auction Date for
         the ARS, the Auction Agent shall advise BD by telephone of the All-Hold
         Rate and the Maximum 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. the next Interest Payment Date.
         Thereafter, BD shall promptly notify customers of BD that BD believes
         are Existing Holders 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 ARS specifically
         held by each such BD as an Existing Holder and with a list of BD's
         respective customers that BD believes are beneficial owners of ARS and
         the aggregate principal amount of ARS beneficially 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 Existing Holders and Potential Holders
         in any Auction, and shall not disclose any such information so provided
         to any person other than the Trustee, Nelnet and BD, unless the failure
         to disclose such information would be unlawful or if the failure to do
         so would

                                       3

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         expose the Auction Agent to any loss, liability, claim or damage for
         which the Auction Agent shall not have previously received adequate
         indemnification satisfactory to it.

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

                  (a)      The Auction Agent shall conduct Auctions for the ARS
         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 any such change
         shall be effective.

<TABLE>
<CAPTION>
           TIME                                          EVENT
<S>                                    <C>
By 9:00 a.m.                           Auction Agent obtains One-Month LIBOR

By 10:30 a.m.                          Auction Agent advises the Broker-Dealers
                                       of the applicable All-Hold Rate and the
                                       applicable Maximum Rate, as set forth in
                                       Section 2.03(b)(i) of the Auction Agency
                                       Agreement.

9:30 a.m. - 12:30 p.m.                 Auction Agent assembles information
                                       communicated to it by Broker-Dealers as
                                       provided in Section 2.02 of Appendix A to
                                       the 1998 Supplemental Indenture.
                                       Submission Deadline is 12:30 p.m.

Not earlier than 12:30 p.m.            Auction Agent makes determinations
                                       pursuant to Section 2.02 of Appendix A to
                                       the 1998 Supplemental Indenture.
                                       Submitted Bids and Submitted Sell Orders
                                       are accepted and rejected in whole or in
                                       part and ARS are allocated as provided in
                                       Section 2.02 of Appendix A to the 1998
                                       Supplemental Indenture.

By approximately 3:00 p.m.             Auction Agent advises the Trustee of
but no later than the                  results of Auction and of the Auction
close of business                      Rate for the next Interest Period as
                                       provided in Appendix A to the 1998
                                       Supplemental Indenture. 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
         Holder or Existing Holder on whose behalf BD is submitting an Order and
         shall not net or aggregate the Orders of Potential Holders or Existing
         Holders 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 ARS, made through BD by an Existing Holder 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 ARS to

                                       4

<PAGE>

         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 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.

                  (b)      BD shall notify each Existing Holder or Potential
         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. On each Interest Payment
Date, for the term of this Agreement, the Auction Agent shall pay to BD,
pursuant to Section 3.05(b) of the Auction Agency Agreement, a service charge
for the succeeding Interest Period in an amount equal to the sum of 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
Interest Period, the actual number of days elapsed since the date of delivery of
the ARS) 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
ARS that were (A) the subject of Submitted Bids of Existing Holders submitted by
BD and continued to be held as a result of such submission and (B) the subject
of Submitted Bids of Potential Holders submitted by BD and purchased as a result
of such submission; (ii) the aggregate principal amount of the ARS subject to
valid Hold Orders (determined in accordance with Appendix A to the 1998
Supplemental Indenture) submitted to the Auction Agent by BD; and (iii) the
principal amount of the ARS deemed to be subject to Hold Orders by Existing
Holders pursuant to Appendix A to the 1998 Supplemental Indenture that were
acquired by such Existing Holders through BD in the Auction for such Auction
Period. For purposes of clause (c)(iii) of the foregoing sentence, if any
Existing 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

                                       5

<PAGE>

respect to such Auction Date. The Broker-Dealer Fee Rate shall be .25 of 1% per
annum. The Broker-Dealer Fee shall be payable solely out of amounts received by
the Auction Agent pursuant to the Indenture.

         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 Nelnet, at Nelnet's request, at least annually of its view of such
then current prevailing rate. If the then current Broker-Dealer Fee Rate is not,
in the opinion of Nelnet and the Auction Agent, the prevailing rate, Nelnet
shall change the Broker-Dealer Fee Rate pursuant to the terms hereof and shall
notify the Auction Agent and the Broker-Dealer in writing 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 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 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 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(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 Nelnet
         shall have any responsibility or liability with respect to the failure
         of an Existing Holder, a Potential 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.

                                   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 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, the Auction Agency Agreement
         and Appendix A to the 1998 Supplemental Indenture, and no implied
         duties, covenants or obligations shall be read into this Agreement
         against the Auction Agent by reason of anything set forth in the
         Prospectus Supplement or any

                                       6

<PAGE>

         other offering material employed in connection with the offer and sale
         of the ARS, 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 conclusively rely and shall be
         fully 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 such
         Persons.

                  (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, or for the supervision of, any agent or
         attorney appointed by it with due care hereunder.

                  (e)      The Auction Agent makes no representation as to the
         adequacy or accuracy of this Broker-Dealer Agreement, the Auction
         Agency Agreement (except as provided in Section 3.01(d) thereof), the
         ARS, or any Prospectus Supplement or other offering material used in
         connection with the offer and sale of the ARS.

                                   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 Section 2.02(c) of Appendix A to the

                                       7

<PAGE>

1998 Supplemental Indenture, the occurrence of a Payment Default or upon
termination of the Auction Agency 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 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:                          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: 201-593-5447
                                            Attention: Corporate Trust & Agency
                                            Services

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.

                                       8

<PAGE>

         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 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
         right or remedy with respect to any subsequent breach.

                  (c)      The Auction Agent may, but shall have no obligation
         to, execute and deliver any amendment or modification hereto which
         affects the Auction Agent's rights, powers or immunities hereunder.

         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.

         SECTION 4.10. GOVERNING LAW. This Agreement shall be governed by and
construed in accordance with the laws of the State of New York.

                                       9

<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.

                                          DEUTSCHE BANK TRUST COMPANY
                                          AMERICAS, as Auction Agent

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

                                          BANC OF AMERICA SECURITIES LLC, as
                                          Broker-Dealer

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

                                          NELNET STUDENT LOAN
                                          CORPORATION-1, as Issuer

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

                                       10

<PAGE>

                                    EXHIBIT A

                              SETTLEMENT PROCEDURES

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

                  (a)      Not later than 3:00 p.m. 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 Holder or Potential Holder
         of:

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

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

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

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

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

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

<PAGE>

                           (vii)    unless previously provided, a list of all
                  Applicable ARS 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 Holder or Potential Holder
         shall:

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

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

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

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

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

                           (vi)     advise each Potential Holder on whose behalf
                  such Broker-Dealer submitted a Bid that was accepted, in whole
                  or in part, of the next 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 ARS
         received by it pursuant to paragraph (b)(iii) above, among the
         Potential Holders, if any, on whose behalf such Broker-Dealer submitted
         Bids, the Existing Holders, if any, on whose behalf such Broker-Dealer
         Submitted Bids or Sell Orders in such Auction, and any Broker-Dealers
         identified to it by the Auction Agent following such Auction pursuant
         to paragraph (a)(v) or (a)(vi) above.

                                       A-2

<PAGE>

                  (d)      On each Auction Date:

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

                           (ii)     each Seller's Broker-Dealer that is not a
                  Participant in DTC shall instruct its Participant to (A) pay
                  through DTC to the Participant of the Existing Holder
                  delivering ARS to such Broker-Dealer following such Auction
                  pursuant to paragraph (b)(iii) above the amount necessary,
                  including accrued interest, if any, to purchase such ARS
                  against receipt of such ARS; and (B) deliver such ARS through
                  DTC 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 DTC shall instruct its Participant to (A) pay
                  through DTC to a Seller's Broker-Dealer (or its Participant)
                  identified following such Auction pursuant to paragraph
                  (a)(vi) above the amount necessary, including accrued
                  interest, if any, to purchase the ARS to be purchased pursuant
                  to paragraph (b)(ii) above against receipt of such ARS; and
                  (B) deliver such ARS through DTC to the Participant of the
                  purchaser thereof against payment therefor.

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

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

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

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

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

                                       A-3

<PAGE>

         unless and until the Auction Agent shall have been notified of such
         delivery or non-delivery in accordance with the provisions of the
         Auction Agent and the Broker-Dealer Agreement.

                                      A-4

<PAGE>

                                   EXHIBIT B-1

                                   ORDER FORM

                   (Submit only one Order on this Order Form)

                        NELNET Student Loan Corporation-1
                     Taxable Student Loan Asset-Backed Notes
          $70,000,000 Subordinate Class 1998B-5 Auction Rate Securities

                             Auction Rate Securities
                            Maturing December 1, 2032
                                     ("ARS")

<PAGE>

                                   EXHIBIT B-2

                                  TRANSFER FORM

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

                        NELNET Student Loan Corporation-1
                     Taxable Student Loan Asset-Backed Notes
          $70,000,000 Subordinate Class 1998B-5 Auction Rate Securities

                             Auction Rate Securities
                            Maturing December 1, 2032
                                     ("ARS")

We are (check one):

_____    the Existing Holder named below; or

_____    the Broker-Dealer for such Existing Holder; or

_____    the Participant for such Existing Holder.

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

--------------------------------
* ARS may only be transferred in units of $100,000.

<PAGE>

                                              [NAME OF EXISTING HOLDER]

                                              By________________________________
                                              Name______________________________
                                              Title_____________________________

                                              [NAME OF BROKER-DEALER]

                                              By________________________________
                                              Name______________________________
                                              Title_____________________________

                                              [NAME OF PARTICIPANT]

                                              By________________________________
                                              Name______________________________
                                              Title_____________________________

                                       2

<PAGE>

                                    EXHIBIT C

                         NOTICE OF A FAILURE TO DELIVER

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

                        NELNET Student Loan Corporation-1
                     Taxable Student Loan Asset-Backed Notes
          $70,000,000 Subordinate Class 1998B-5 Auction Rate Securities

                             Auction Rate Securities
                            Maturing December 1, 2032
                                     ("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 $100,000.<PAGE>

                                                                  EXHIBIT 10.111

                             BROKER-DEALER AGREEMENT

                                      among

                      DEUTSCHE BANK TRUST COMPANY AMERICAS,
                                as Auction Agent,

                       NELNET STUDENT LOAN CORPORATION-1,
                                    as Issuer

                                       and

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

                                   Relating to
                        NELNET Student Loan Corporation-1
                     Taxable Student Loan Asset-Backed Notes
     $70,000,000 Senior Class 1999A-13 Auction Rate Certificate Notes (ARCs)
     $70,000,000 Senior Class 1999A-14 Auction Rate Certificate Notes (ARCs)
     $70,000,000 Senior Class 1999A-15 Auction Rate Certificate Notes (ARCs)
     $68,700,000 Senior Class 1999A-16 Auction Rate Certificate Notes (ARCs)

                          Dated as of October 15, 2002

<PAGE>

<TABLE>
<S>                                                                                                         <C>
                                                         ARTICLE I

                                           DEFINITIONS AND RULES OF CONSTRUCTION

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

                                                         ARTICLE II

                                                        THE AUCTION

Section 2.01.      Purpose: Incorporation by Reference of Auction Procedures and Settlement Procedures...   2
Section 2.02.      Preparation for Each Auction..........................................................   3
Section 2.03.      Auction Schedule: Method of Submission of Orders......................................   3
Section 2.04.      Notices...............................................................................   5
Section 2.05.      Service Charge to Be Paid to BD.......................................................   5
Section 2.06.      Settlement............................................................................   6

                                                        ARTICLE III

                                                     THE AUCTION AGENT

Section 3.01.      Duties and Responsibilities...........................................................   6
Section 3.02.      Rights of the Auction Agent...........................................................   6

                                                         ARTICLE IV

                                                        MISCELLANEOUS

Section 4.01.      Termination...........................................................................   7
Section 4.02.      Participant in Depository.............................................................   7
Section 4.03.      Communications........................................................................   7
Section 4.04.      Entire Agreement......................................................................   8
Section 4.05.      Benefits..............................................................................   8
Section 4.06.      Amendment: Waiver.....................................................................   8
Section 4.07.      Successors and Assigns................................................................   9
Section 4.08.      Severability..........................................................................   9
Section 4.09.      Execution in Counterparts.............................................................   9
Section 4.10.      Governing Law.........................................................................   9
</TABLE>

EXHIBIT A SETTLEMENT PROCEDURES
EXHIBIT B-1 ORDER FORM
EXHIBIT B-2 TRANSFER FORM
EXHIBIT C NOTICE OF A FAILURE TO DELIVER

<PAGE>

         THIS BROKER-DEALER AGREEMENT dated as of October 15, 2002 among NELNET
STUDENT LOAN CORPORATION-1 (formerly known as Union Financial Services-1, Inc.)
("UFS-1"), DEUTSCHE BANK TRUST COMPANY AMERICAS, (together with its successors
and assigns, the "Auction Agent") not in its individual capacity but solely as
agent of Zions First National Bank, as successor trustee (the "Trustee") under a
Second Amended and Restated Indenture of Trust dated as of November 1, 1996, as
previously amended (the "Amended Indenture") and the Series 1999 Supplemental
Indenture of Trust dated as of July 1, 1999 (the "1999 Supplemental Indenture,"
and together with the Amended Indenture, the "Indenture"), each by and between
UFS-1 and the Trustee pursuant to authority granted to it in the Auction Agency
Agreement dated as of July 1, 1999, among UFS-1, the Trustee and the Auction
Agent (the "Auction Agency Agreement"), J.P. MORGAN SECURITIES INC. and UFS
SECURITIES, L.L.C. (together with their successors and assigns hereinafter
collectively referred to as "BD").

         UFS-1 previously issued (a) $70,000,000 of its Taxable Student Loan
Asset-Backed Notes, Senior Class 1999A-13, maturing on December 1, 2032, as
Auction Rate Certificate Notes, (b) $70,000,000 of its Taxable Student Loan
Asset-Backed Notes, Senior Class 1999A-14, maturing December 1, 2032, as Auction
Rate Certificate Notes, (c) $70,000,000 of its Taxable Student Loan Asset-Backed
Notes, Senior Class 1999A-15, maturing December 1, 2032, as Auction Rate
Certificate Notes, and (d) $68,700,000 of its Taxable Student Loan Asset-Backed
Notes, Senior Class 1999A-16, maturing December 1, 2032, as Auction Rate
Certificate Notes (collectively, the "ARCs").

         The Indenture provides that the interest rate on the ARCs for each
Interest Period after the Initial Period shall, except under certain conditions,
equal the Auction Rate which the Auction Agent advises as the result of
implementation of the Auction Procedures. Pursuant to Section 2.09(a) of the
Auction Agency 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, UFS-1, 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 INDENTURE. Capitalized
terms not defined herein shall have the respective meanings specified in or
pursuant to the Indenture 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:

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

<PAGE>

         "Auction Agency Agreement" shall mean the Auction Agency Agreement
dated as of July 1, 1999, among UFS-1, the Trustee and the Auction Agent
relating to the ARCs.

         "Auction Procedures" shall mean the Auction Procedures that are set
forth in Appendix A to the 1999 Supplemental Indenture.

         "Authorized Officer" shall mean each Managing Director, Vice President,
Assistant Vice President, Secretary, Assistant Secretary and Assistant Treasurer
of the Auction Agent assigned to its Corporate Trust and Agency Group and every
other officer or employee of the Auction Agent designated as an Authorized
Officer for purposes of this Agreement.

         "BD Officer" shall mean each officer or employee of BD designated as a
"BD Officer" for purposes of this Agreement.

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

         "Holder" shall mean the beneficial 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."

                                        2
<PAGE>

         (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.

         (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 the 1999 Supplemental Indenture 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 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. BD agrees to act as, and assume the obligations of and
limitations and restrictions placed upon, a Broker-Dealer under Appendix A to
the 1999 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 and the
Maximum 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. the next Interest Payment Date.
Thereafter, BD shall promptly notify customers of BD that BD believes are
Existing Holders 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 Holder and with a list of BD's respective customers that BD
believes are beneficial owners of ARCs and the aggregate principal amount of
ARCs beneficially 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 Existing Holders and
Potential Holders in any Auction, and shall not disclose any such information so
provided to any person other than the Trustee, UFS-1 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 previously received adequate indemnification
satisfactory to it.

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

                                       3
<PAGE>

         (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 any such change shall be effective.

<TABLE>
<CAPTION>
         TIME                                         EVENT
<S>                                 <C>
By 9:00 a.m.                        Auction Agent obtains One-Month LIBOR

By 10:30 a.m.                       Auction Agent advises the Broker-Dealers of
                                    the applicable All-Hold Rate and the
                                    applicable Maximum Rate, as set forth in
                                    Section 2.03(b)(i) of the Auction Agency
                                    Agreement.

9:30 a.m. - 1:00 p.m.               Auction Agent assembles information
                                    communicated to it by Broker Dealers as
                                    provided in Section 2.02 of Appendix A to
                                    the Supplemental Indenture. Submission
                                    Deadline is 1:00 p.m.

Not earlier than 1:00 p.m.          Auction Agent makes determinations pursuant
                                    to Section 2.02 of Appendix A to the 1999
                                    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 2.02 of
                                    Appendix A to the 1999 Supplemental
                                    Indenture.

By approximately 3:00 p.m.          Auction Agent advises the Trustee of results
the but no later than the           of Auction and of Auction Rate for the next
close of business                   Interest Period as provided in Appendix A to
                                    the 1999 Supplemental Indenture. 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 Holder or Existing Holder on
whose behalf BD is submitting an Order and shall not net or aggregate the Orders
of Potential Holders or Existing Holders 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 Holder 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.

                                       4
<PAGE>

         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.

         (b)      BD shall notify each Existing Holder or Potential 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. On each Interest Payment
Date, for the term of this Agreement, the Auction Agent shall pay to BD,
pursuant to Section 3.05(b) of the Auction Agency Agreement, a service charge
for the succeeding Interest Period in an amount equal to the sum of 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
Interest 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 Holders submitted
by BD and continued to be held as a result of such submission and (B) the
subject of Submitted Bids of Potential Holders submitted by BD and purchased as
a result of such submission and (ii) the aggregate principal amount of the ARCs
subject to valid Hold Orders (determined in accordance with Appendix A to the
1999 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
Holders pursuant to Appendix A to the 1999 Supplemental Indenture that were
acquired by such Existing Holders through BD in the Auction for such Auction
Period. For purposes of subclause (c)(iii) of the foregoing sentence, if any
Existing 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 Rate shall
be .25 of 1% per annum. The Broker-Dealer Fee shall be payable solely out of
amounts received by the Auction Agent pursuant to the Indenture.

         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 UFS-1, at UFS-1's request, at least annually of its view of such
then current prevailing rate. If the then current Broker-Dealer Fee Rate is not,
in the opinion of UFS-1 and the Auction Agent, the prevailing rate, UFS-1 shall
change the Broker-Dealer Fee Rate pursuant to the terms hereof and shall notify
the Auction Agent and the Broker-Dealer in writing thereof. Any change in the
Broker-Dealer Fee Rate shall be effective on the Auction Date next succeeding
such change.

                                       5
<PAGE>

         SECTION 2.06. SETTLEMENT.

         (a)      If any Existing 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 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 Holder. Notwithstanding the
foregoing terms of this Section 2.06(a), any delivery or non-delivery 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 UFS-1 shall have
any responsibility or liability with respect to the failure of an Existing
Holder, a Potential 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.

                                  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 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, the Auction Agency Agreement and Appendix A to the 1999
Supplemental Indenture, and no implied duties, covenants or obligations shall be
read into this Agreement against the Auction Agent by reason of anything set
forth in the Prospectus Supplement 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 conclusively rely and shall be fully
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

                                       6
<PAGE>

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 such Persons.

         (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, or for the
supervision of, any agent or attorney appointed by it with due care hereunder.

         (e)      The Auction Agent makes no representation as to the adequacy
or accuracy of this Broker-Dealer Agreement, the Auction Agency Agreement
(except as provided in Section 3.01(d) thereof), the ARCs, or any Prospectus
Supplement or other offering material used in connection with the offer and sale
of the ARCs.

                                   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 2.02(c) of Appendix A to the 1999 Supplemental Indenture,
the occurrence of a Payment Default or upon termination of the Auction Agency
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 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, addressed:            J.P. Morgan Securities Inc.
                                         270 Park Avenue, 10th Floor

                                       7
<PAGE>

<TABLE>
<S>                                      <C>
                                         New York, New York 10017
                                         Attention: Kevin C. O'Connor
                                         Telephone: (212) 834-7182
                                         Telecopy: (212) 834-6737

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

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

         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 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 right or remedy with
respect to any subsequent breach.

         (c)      The Auction Agent may, but shall have no obligation to,
execute and deliver any amendment or modification hereto which affects the
Auction Agent's rights, powers or immunities hereunder.

                                       8
<PAGE>

         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.

         SECTION 4.10. GOVERNING LAW. This Agreement shall be governed by and
construed in accordance with the laws of the State of New York.

                                       9
<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.

                                    DEUTSCHE BANK TRUST COMPANY
                                    AMERICAS, as Auction Agent

                                    By   /s/ Linda Reale
                                         _______________________________________
                                    Name     Linda Reale
                                         _______________________________________
                                    Title    VP
                                         ______________________________________

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

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

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

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

                                    NELNET STUDENT LOAN CORPORATION 1,
                                    as Issuer

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

                                       10
<PAGE>

                                    EXHIBIT A

                              SETTLEMENT PROCEDURES

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

         (a)      Not later than 3:00 p.m. 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 Holder or Potential Holder of:

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

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

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

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

         (v)      if the aggregate principal amount of ARCs to be sold by all
Existing Holders on whose behalf such Broker-Dealer submitted Bids or Sell
Orders is different than the aggregate principal amount of ARCs to be purchased
by all Potential Holders on whose behalf such Broker-Dealer submitted a Bid, the
name or names of one or more other Buyer's Broker-Dealers (and 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 Holders on whose behalf such
Broker-Dealer acted by one or more Potential Holders on whose behalf each of
such other Buyer's Broker-Dealers acted; and

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

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

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

<PAGE>

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

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

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

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

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

         (vi)     advise each Potential Holder on whose behalf such
Broker-Dealer submitted a Bid that was accepted, in whole or in part, of the
next 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 pursuant to paragraph (b)(iii) above,
among the Potential Holders, if any, on whose behalf such Broker-Dealer
submitted Bids, the Existing Holders, if any, on whose behalf such Broker-Dealer
Submitted Bids or Sell Orders in such Auction, and any Broker-Dealers identified
to it by the Auction Agent following such Auction pursuant to paragraph (a)(v)
or (a)(vi) above.

         (d)      On each Auction Date:

         (i)      each Potential Holder and Existing Holder 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 in DTC
shall instruct its Participant to (A) pay through DTC to the Participant of the
Existing Holder 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)

                                      A-2
<PAGE>

deliver such ARCs through DTC to a Buyer's Broker-Dealer (or its Participant)
identified to such Seller's Broker-Dealer pursuant to (a)(v) above against
payment therefor; and

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

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

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

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

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

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

                                      A-3
<PAGE>

                                   EXHIBIT B-1

                                   ORDER FORM

                   (Submit only one Order on this Order Form)

                        NELNET Student Loan Corporation-1
                     Taxable Student Loan Asset-Backed Notes
       [$70,000,000 Senior Class 1999A-13 Auction Rate Certificate Notes]
       [$70,000,000 Senior Class 1999A-14 Auction Rate Certificate Notes]
       [$70,000,000 Senior Class 1999A-15 Auction Rate Certificate Notes]
       [$68,700,000 Senior Class 1999A-16 Auction Rate Certificate Notes]

                            Maturing December 1, 2032
                                    ("ARCs")

<PAGE>

                                   EXHIBIT B-2

                                  TRANSFER FORM

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

                        NELNET Student Loan Corporation-1
                     Taxable Student Loan Asset-Backed Notes
       [$70,000,000 Senior Class 1999A-13 Auction Rate Certificate Notes]
       [$70,000,000 Senior Class 1999A-14 Auction Rate Certificate Notes]
       [$70,000,000 Senior Class 1999A-15 Auction Rate Certificate Notes]
       [$68,700,000 Senior Class 1999A-16 Auction Rate Certificate Notes]

                            Maturing December 1, 2032
                                    ("ARCs")

         We are (check one):

         _________the Existing Holder named below; or

         _________the Broker-Dealer for such Existing Holder; or

         _________the Participant for such Existing Holder.

         We hereby notify you that such Existing Holder has transferred
$_________* ARCs to __________________.

                                    [NAME OF EXISTING HOLDER]

                                    [NAME OF BROKER-DEALER]

                                    [NAME OF PARTICIPANT]

                                    By _________________________________________
                                    Name _______________________________________
                                    Title ______________________________________

<PAGE>

                                    EXHIBIT C

                         NOTICE OF A FAILURE TO DELIVER

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

                        NELNET Student Loan Corporation-1
                     Taxable Student Loan Asset-Backed Notes
       [$70,000,000 Senior Class 1999A-13 Auction Rate Certificate Notes]
       [$70,000,000 Senior Class 1999A-14 Auction Rate Certificate Notes]
       [$70,000,000 Senior Class 1999A-15 Auction Rate Certificate Notes]
       [$68,700,000 Senior Class 1999A-16 Auction Rate Certificate Notes]

                            Maturing December 1, 2032
                                    ("ARCs")

                             COMPLETE EITHER 1 OR 2

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

         2.       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

         _________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 $100,000.

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