Document:

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                                                                 EXECUTION COPY

                           CASH COLLATERAL AGREEMENT

     CASH COLLATERAL AGREEMENT, dated as of February 19, 2003, among RFM 2,
LLC, a Delaware limited liability company (the "Pledgor"), JPMORGAN CHASE
BANK, as Administrative Agent (in such capacity, the "Secured Party") for the
benefit of itself and the Lenders parties to the Credit Agreement referred to
below, and THE NORTHERN TRUST COMPANY, as Securities Intermediary (in such
capacity, the "Securities Intermediary").

                             Preliminary Statement

          Pursuant to Section 6.05 of the Credit Agreement, dated as of June 3,
1999, among RCN CORPORATION, RCN TELECOM SERVICES OF PENNSYLVANIA, INC. (now
known as Telecom Services, Inc.), RCN CABLE SYSTEMS, INC. (now known as RCN
Telecom Services, Inc.), JAVANET, INC. (now known as UNET Holding, Inc.), RCN
FINANCIAL MANAGEMENT, INC., UNET HOLDING, INC., INTERPORT COMMUNICATIONS CORP.
(now known as UNET Holding, Inc.) and ENET HOLDING, INC. (now known as RCN
Internet Services, Inc.) (collectively, the "Borrowers"), the lenders party
thereto (the "Lenders"), and JPMORGAN CHASE BANK, formerly THE CHASE MANHATTAN
BANK, as Administrative Agent and Collateral Agent (as amended, supplemented or
otherwise modified from time to time, the "Credit Agreement"), the Pledgor has
agreed to enter into this Agreement for the benefit of the Secured Party and the
Lenders:

          1.   Defined Terms. (a) Capitalized terms not otherwise defined
herein shall have the meanings set forth in the Credit Agreement.

          (b) As used herein, the following terms shall have the following
meanings:

     "Agreement": this Cash Collateral Agreement, as the same may be amended,
modified or otherwise supplemented from time to time.

     "Cash Collateral": the collective reference to:

          (a) all cash, instruments, securities, other financial assets and
     funds deposited from time to time in the Cash Collateral Account,
     including, without limitation, an amount equal to the Net Proceeds of all
     sales, transfers or other dispositions of assets to the extent required
     under the Credit Agreement;

          (b) all investments of funds in the Cash Collateral Account and all
     instruments, securities and other financial assets evidencing such
     investments;

          (c) all interest, dividends, cash, instruments, securities and other
     financial assets and other property received in respect of, or as proceeds
     of, or in substitution or exchange for, any of the foregoing; and

          (d) any security entitlement to any of the foregoing.

     "Cash Collateral Account": account no. 2612652 in the name of the Pledgor
established at the office of the Securities Intermediary at 50 South La Salle
Street, Chicago, IL 60675,

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Attention: Mark Cosentino, for the benefit of the Secured Party designated "RFM
2, LLC-JPMORGAN CHASE BANK" with such abbreviations as may be required to
comply with the Securities Intermediary's operating systems.

     "Collateral": the collective reference to the Cash Collateral and the
Cash Collateral Account.

     "Contractual Obligation": as to any Person, any provision of any security
issued by such Person or of any agreement, instrument or other undertaking to
which such Person is a party or by which any of its property is bound.

     "Custody Agreement": as defined in Section 7.

     "Governmental Authority": the government of the United States of America,
any other nation or any political subdivision thereof, whether state or local,
any agency, authority, instrumentality, regulatory body, court, central bank or
other entity exercising executive, legislative, judicial, taxing, regulatory or
administrative powers or functions of or pertaining to government.

     "Investment Manager": the collective reference to Thomas Weisel Partners
LLC, Mellon Bond Associates (together with its successors) and UBS Paine Weber
and any other entity designated in writing as an "Investment Manager" by the
Secured Party and the Pledgor to the Securities Intermediary. As of the date of
this Agreement, Thomas Weisel Partners LLC is the acting Investment Manager
with respect to the Cash Collateral Account.

     "Permitted Investments": investments that comply with the Investment
Policy Guidelines attached hereto as Exhibit A.

     "Person": any natural person, corporation, limited liability company,
trust, joint venture, association, company, partnership, Governmental Authority
or other entity.

     "Requirement of Law": as to any Person, the Certificate of Incorporation
and By-Laws or other organizational or governing documents of such Person, and
any law, treaty, rule or regulation or determination of an arbitrator or a
court or other Governmental Authority, in each case applicable to or binding
upon such Person or any of its property or to which such Person or any of its
property is subject.

     "Secured Obligations": the collective reference to the Obligations and all
obligations and liabilities of the Pledgor which may arise under or in
connection with this Agreement.

     "UCC": the Uniform Commercial Code in effect in the State of New York or
any other applicable jurisdiction from time to time.

          2.  Grant of Security Interest.  As collateral security for the
prompt and complete payment and performance when due (whether at the stated
maturity, by acceleration or otherwise) of the Secured Obligations, the Pledgor
hereby grants to the Secured Party, for the ratable benefit of the Lenders, a
security interest in the Collateral.

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     3.   Establishment and Maintenance of Cash Collateral Account. (a) The
Securities Intermediary hereby confirms that (i) the Securities Intermediary
has established the Cash Collateral Account, (ii) the Cash Collateral Account
is a "Securities Account" as such term is defined in Section 8-501(a) of the
UCC, (iii) the Securities Intermediary shall, subject to the terms of this
Agreement, treat the Pledgor as entitled to exercise the rights that comprise
any financial asset credited to the account, (iv) all property delivered to the
Securities Intermediary pursuant to this Agreement will be promptly credited to
the Cash Collateral Account, and (v) all securities or other property
underlying any financial assets credited to the Cash Collateral Account shall
be registered in the name of the Securities Intermediary, endorsed to the
Securities Intermediary or in blank or credited to another securities account
maintained in the name of the Securities Intermediary and in no case will any
financial asset credited to the Cash Collateral Account be registered in the
name of the Pledgor, payable to the order of the Pledgor or specially indorsed
to the Pledgor except to the extent the foregoing have been specially endorsed
to the Securities Intermediary or in blank.

     (b)  The Cash Collateral Account shall be maintained until the Secured
Obligations have been paid and performed in full and the Commitments have been
terminated.

     (c)  The Collateral shall be subject to the dominion and control of the
Secured Party. Neither the Pledgor nor the Investment Manager shall have any
right of withdrawal from the Cash Collateral Account.

     (d)  The Pledgor agrees that all financial assets or other instruments or
securities deposited to the Cash Collateral Account shall at all times be cash
or constitute Permitted Investments; provided, that with respect to the
financial assets and other instruments or securities deposited into the Cash
Collateral Account on the date hereof, which shall constitute "Permitted
Investments" as defined in the Credit Agreement, the Pledgor shall have 60 days
to comply with this provision.

     4.   "Financial Assets" Election. The Securities Intermediary hereby
agrees that each item of property (whether investment property, financial
asset, security, instrument or cash) credited to the Cash Collateral Account
shall be treated as a "financial asset" within the meaning of Section
8-102(a)(9) of the UCC.

     5.   Control of Cash Collateral Account. (a) If at any time the Securities
Intermediary shall receive an "entitlement order" (within the meaning of Section
8-102(a)(8) of the UCC) issued by the Secured Party and relating to the Cash
Collateral Account, the Securities Intermediary shall comply with such
entitlement order without further consent by the Pledgor or any other Person.

     (b)  The Securities Intermediary agrees that it will take all instructions
with respect to the Cash Collateral Account solely from the Secured Party;
provided that, until such time as the Securities Intermediary receives a
written notice from the Secured Party to the contrary as provided for in
Section 12, the Investment Manager (and only the Investment Manager) shall be
entitled to invest the financial assets deposited to the Cash Collateral
Account in Permitted Investments in accordance with, and subject to the
provisions of, Section 12. The

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Securities Intermediary shall have no duty or responsibility to determine or
monitor whether any investment entered into by the Investment Manager is or
continues to be a Permitted Investment.

     6.  Subordination of Lien; Waiver of Set-Off.  In the event that the
Securities Intermediary has or subsequently obtains by agreement, operation of
law or otherwise a security interest in the Cash Collateral Account or any
security entitlement credited thereto, the Securities Intermediary hereby agrees
that such security interest shall be subordinate to the security interest of the
Secured Party. The financial assets and other items deposited to the Cash
Collateral Account will not be subject to deduction, set-off, banker's lien, or
any other right in favor of any person other than the Secured Party (except that
the Securities Intermediary may set off all amounts due to it in respect of its
customary fees and expenses for the routine maintenance and operation of the
Cash Collateral Account).

     7.   Conflict with other Agreements. There are no other agreements entered
into between the Securities Intermediary and the Pledgor with respect to the
Cash Collateral Account other than the Custody Agreement dated April 2002 (the
"Custody Agreement"). The terms of the Custody Agreement, including but not
limited to those governing investment of cash, exercise of investment authority
by the Investment Manager, delivery and receipt of securities, cash or other
property by the Securities Intermediary in settlement of purchases, sales or
other transfers or upon redemptions, maturities, tenders and other corporate
actions and payment of the fees and expenses of the Securities Intermediary as
custodian, shall continue to apply to the Cash Collateral Account, except to the
extent specifically otherwise provided in this Agreement. In the event of any
conflict between this Agreement (or any portion thereof) and any other agreement
(including, without limitation, the Custody Agreement) now existing or hereafter
entered into, the terms of this Agreement shall prevail.

     8.   Notice of Adverse Claims.  Except for the claims and interests of the
Secured Party and of the Pledgor in the Cash Collateral Account, the Securities
Intermediary does not know of any claim to, or interest in, the Cash Collateral
Account or in any "financial asset" (as defined in Section 8-102(a) of the UCC)
credited thereto, other than the Securities Intermediary's lien under the
Custody Agreement for advances to cover overdrafts arising in the normal course
of investment activities for the Cash Collateral Account. If any person asserts
any lien, encumbrance or adverse claim (including any writ, garnishment,
judgment, warrant of attachment, execution or similar process) against the Cash
Collateral Account or in any financial asset carried therein, the Securities
Intermediary will promptly notify the Secured Party and the Pledgor thereof.

     9.   Representations and Warranties of the Pledgor.  The Pledgor represents
and warrants to the Secured Party that:

     (a)       The Pledgor has the power and authority and the legal right to
execute and deliver, to perform its obligations under, and to grant the security
interest in the Collateral pursuant to, this Agreement and has taken all
necessary action to authorize its execution, delivery and performance of, and
grant of the security interest in the Collateral pursuant to, this Agreement.

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     (b)  This Agreement constitutes a legal, valid and binding obligation of
the Pledgor enforceable against the Pledgor in accordance with its terms and
creates in favor of the Secured Party a perfected, first priority security
interest in the Collateral, enforceable in accordance with its terms, except in
each case as affected by bankruptcy, insolvency, fraudulent conveyance,
reorganization, moratorium and other similar laws relating to or affecting
creditors' rights generally, general equitable principles (whether considered in
a proceeding in equity or at law) and an implied covenant of good faith and fair
dealing.

     (c)  The execution, delivery and performance of this Agreement will not
violate any provision of any Requirement of Law or Contractual Obligation of the
Pledgor and will not result in the creation or imposition of any Lien on any of
the properties or revenues of the Pledgor pursuant to any Requirement of Law or
Contractual Obligation of the Pledgor, except as contemplated hereby.

     (d)  No consent or authorization of, filing with, or other act by or in
respect of, any arbitrator or Governmental Authority and no consent of any other
Person (including, without limitation, any member or creditor of the Pledgor),
is required in connection with the execution, delivery, performance, validity or
enforceability of this Agreement by or against the Pledgor.

     (e)  No litigation, investigation or proceeding of or before any arbitrator
or Governmental Authority is pending or, to the knowledge of the Pledgor,
threatened by or against the Pledgor or against any of its properties or
revenues with respect to this Agreement or any of the transactions contemplated
hereby.

     10.  Covenants of the Pledgor. The Pledgor covenants and agrees with the
Secured Party that:

     (a)  Except as expressly permitted by the terms of the Credit Agreement,
the Pledgor will not sell, assign, transfer, exchange, or otherwise dispose of,
or grant any option with respect to, the Collateral, or create, incur or permit
to exist any Lien or option in favor of, or any claim of any Person with respect
to, any of the Collateral, or any interest therein, except for the security
interest created by this Agreement.

     (b)  The Pledgor will maintain the security interest created by this
Agreement as a first priority, perfected security interest and defend the right,
title and interest of the Secured Party in and to the Collateral against the
claims and demands of all Persons whomsoever. At any time and from time to time,
upon the request of the Secured Party, and at the sole expense of the Pledgor,
the Pledgor will promptly and duly execute and deliver such further instruments
and documents and take such further actions as the Secured Party reasonably may
request for the purposes of obtaining or preserving the full benefits of this
Agreement and of the rights and powers herein granted, including, without
limitation, the filing of financing statements under the UCC.

     (c)  The Pledgor will send a statement summarizing all outstanding
investments made pursuant to Section 12 hereof to the Secured Party semimonthly.

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          11.  Representations, Warranties and Covenants of the Securities
Intermediary. The Security Intermediary hereby makes the following
representations, warranties and covenants:

          (a)  The Cash Collateral Account has been established as set forth
herein and the Cash Collateral Account will be maintained in the manner set
forth herein until termination of this Agreement. The Securities Intermediary
shall not change the name or account number of the Cash Collateral Account
without the prior written consent of the Secured Party.

          (b)  No financial asset is or will be registered in the name of the
Pledgor, payable to its order, or specially endorsed to it, except to the
extent such financial asset has been endorsed to the Securities Intermediary or
in blank.

          (c)  This Agreement is the valid and legally binding obligation of
the Securities Intermediary.

          (d)  The Securities Intermediary has not entered into, and until the
termination of this Agreement will not enter into, any agreement with any other
Person relating to the Cash Collateral Account and/or any of the financial
assets credited thereto pursuant to which it has agreed to comply with
entitlement orders (as defined in Section 8-102(a)(8) of the UCC) of such
Person. The Securities Intermediary has not entered into any other agreement
with the Pledgor or the Secured Party purporting to limit or condition the
obligation of the Securities Intermediary to comply with entitlement orders as
set forth in Section 5 hereof.

          (e)  The Securities Intermediary will promptly send copies of all
statements, confirmations and other correspondence (including, without
limitation, with respect to all investments made pursuant to Section 12 hereof)
concerning the Cash Collateral Account and/or any financial assets credit
thereto simultaneously to each of the Pledgor and the Secured Party at the
address set forth in Section 18 of this Agreement.

          12.  Investment of Cash Collateral. (a) Until such time as the
Securities Intermediary received a written notice from the Secured Party to the
contrary, the Investment Manager shall have the sole investment responsibility
for the financial assets in the Cash Collateral Account. The Pledgor shall have
no right to make any investments. All investments (i) shall constitute Permitted
Investments, (ii) shall be credited to and maintained within the Cash Collateral
Account and (iii) shall be made in such a manner that the books and records of
the Securities Intermediary indicate clearly that such investment has been
credited to and maintained within the Cash Collateral Account. The Securities
Intermediary shall have no responsibility to monitor any investment decision.

          (b)  Upon receiving a notice from the Secured Party referred to in
clause (a) above and subject to final settlement of transactions already
initiated, the Securities Intermediary shall take direction as to investments
solely from the Secured Party and shall no longer take any instructions from
the Investment Manager with respect to the Cash Collateral Account. The
Securities Intermediary shall not honor any direction to invest, exercise any
voting or other rights, or any settlement instructions, from the Investment
Manager with respect to the Cash
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Collateral Account, without prior written permission of the Secured Party and
shall act solely upon the Secured Party's written instructions with respect to
the Cash Collateral Account, which instructions may include a transfer of the
Collateral to the Secured Party.

     (c) Neither the Secured Party nor the Securities Intermediary shall have
any responsibility to the Pledgor for any loss or liability arising in respect
of such investments of the Cash Collateral (including, without limitation, as a
result of the liquidation of any portion thereof before maturity).

     (d) The Pledgor will pay or reimburse each of the Secured Party and the
Securities Intermediary for any and all costs, expenses and liabilities
incurred by it in connection with this Agreement, the maintenance and operation
of the Cash Collateral Account and the investment of the Cash Collateral, and
any investment charges or other fees in connection with maintenance of the Cash
Collateral Account.

     13. Remedies. (a) Upon the occurrence of an Event of Default, if Cash
Collateral remains in the Cash Collateral Account, the Secured Party may,
without notice of any kind, except for notices required by law which may not be
waived, apply the Cash Collateral, after deducting all reasonable costs and
expenses of every kind incurred in respect thereof or in any way relating to the
Cash Collateral or the rights of the Secured Party hereunder, including, without
limitation, reasonable attorneys' fees and disbursements of counsel to the
Secured Party, to the payment in whole or in part of the Secured Obligations,
and only after such application and after the payment by the Secured Party of
any other amount required by any provision of law, including, without
limitation, Section 9-608(a)(1)(C) of the UCC, need the Secured Party account
for the surplus, if any, to the Pledgor. In addition to the rights, powers and
remedies granted to it under this Agreement and in any other agreement securing,
evidencing or relating to the Secured Obligations, the Secured Party shall have
all the rights, powers and remedies available at law, including, without
limitation, the rights and remedies of a secured party under the UCC. To the
extent permitted by law, the Pledgor waives presentment, demand, protest and all
notices of any kind and all claims, damages and demands it may acquire against
the Secured Party arising out of the exercise by it of any rights hereunder.

     (b) The Pledgor shall remain liable for any deficiency if the proceeds of
any sale or other disposition of the Collateral are insufficient to pay the
Secured Obligations, and the fees and disbursements of any attorneys employed
by the Secured Party to collect such deficiency and any other expenses incurred
by the Secured Party in connection with such collection.

     14. Secured Party's Appointment as Attorney-in-Fact. (a) The Pledgor hereby
irrevocably constitutes and appoints the Secured Party and any officer or agent
of the Secured Party, with full power of substitution, as its true and lawful
attorney-in-fact with full irrevocable power and authority in the place and
stead of the Pledgor and in the name of the Pledgor or in the Secured Party's
own name, from time to time in the Secured Party's discretion, for the purpose
of carrying out the terms of this Agreement, to take any and all appropriate
action and to execute any and all documents and instruments which may be
necessary or desirable to accomplish the

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purposes of this Agreement, including, without limitation, any financing
statements, endorsements, assignments or other instruments of transfer.

          (b)  The Pledgor hereby ratifies all that said attorneys shall
lawfully do or cause to be done pursuant to the power of attorney granted in
Section 14(a). All powers, authorizations and agencies contained in this
Agreement are coupled with an interest and are irrevocable until this Agreement
is terminated and the security interests created hereby are released.

          15.  Duty of the Secured Party. The Secured Party's sole duty with
respect to the custody, safekeeping and physical preservation of any Collateral
in its possession, under Section 9-207 of the UCC or otherwise, shall be to
comply with the specific duties and responsibilities set forth herein. The
powers conferred on the Secured Party in this Agreement are solely for the
protection of the Secured Party's interests in the Collateral and shall not
impose any duty upon the Secured Party to exercise any such powers. Neither the
Secured Party nor its directors, officers, employees or agents shall be liable
for any action lawfully taken or omitted to be taken by any of them under or
in connection with the Collateral or this Agreement, except for its or their
gross negligence or willful misconduct as finally determined by a court of
competent jurisdiction.

          16.  Filing of Financing Statements. Pursuant to applicable law, the
Pledgor authorizes the Secured Party to file financing statements with respect
to the Collateral in such form and in such filing offices as the Secured Party
reasonably determines appropriate to perfect the security interests of the
Secured Party under this Agreement.

          17.  Termination. At such time as the Secured Obligations shall have
been paid in full, the Commitments have been terminated and no Letters of
Credit shall be outstanding, this Agreement and all obligations (other than
those expressly stated to survive termination) of the parties hereunder shall
terminate. The Secured Party will notify the Securities Intermediary upon the
termination of this Agreement.

          18.  Notices. All notices and other communications provided for
herein shall be in writing and shall be delivered by hand or overnight courier
service, mailed by certified or registered mail or sent by telecopy, as follows:

          (a)  if to the Pledgor, to it in care of RCN Corporation, 105
Carnegie Center, Princeton, New Jersey 08540, telecopy: (212) 450-4800,
Attention: Chief Financial Officer, (Telecopy No. 609-951-8637);

          (b)  if to the Secured Party, to JPMorgan Chase Bank, 270 Park
Avenue, New York, New York 10017, Attention of David Mallett (Telecopy No.
(212) 270-4584) and Dorothy Vena (Telecopy No. (212) 270-4164); and

          (c)  if to the Securities Intermediary, to The Northern Trust
Company, 50 South La Salle Street, Chicago, IL 60675, Attention of Mark
Cosentino (Telecopy No. (312) 630-6062).

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     Any party hereto may change its address or telecopy number for notices and
other communications hereunder by notice to the other parties hereto. All
notices and other communications given to any party hereto in accordance with
the provisions of this Agreement shall be deemed to have been given on the date
of delivery.

     The Securities Intermediary may conclusively rely on a direction which it
believes in good faith is from a person or persons having authority to take
such action. The Securities Intermediary shall incur no liability to the
Secured Party, the Pledgor or the Cash Collateral Account for acting on any
instruction, direction or other communication on which the Securities
Intermediary is authorized to rely pursuant to this Agreement, or for any delay
in delivery or non-delivery or error in transmission (other than in the case of
gross negligence or willful misconduct).

     19. Severability. Any provision of this Agreement that is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction.

     20. Amendments in Writing; No Waiver; Cumulative Remedies. (a) None of the
terms or provisions of this Agreement may be waived, amended, supplemented or
otherwise modified except by a written instrument executed by the Pledgor, the
Secured Party and the Securities Intermediary, provided that any provision of
this Agreement may be waived by the Secured Party in a letter or agreement
executed by the Secured Party or by telex or facsimile transmission from the
Secured Party.

     (b)   The Secured Party shall not by any act (except by a written
instrument pursuant to Section 20(a) hereof) of delay, indulgence, omission or
otherwise be deemed to have waived any right or remedy hereunder or to have
acquiesced in any Default or Event of Default or in any breach of any of the
terms and conditions hereof. No failure to exercise, nor any delay in
exercising, on the part of the Secured Party, any right, power or privilege
hereunder shall operate as a waiver thereof. No single or partial exercise of
any right, power or privilege hereunder shall preclude any other or further
exercise thereof or the exercise of any other right, power or privilege. A
waiver by the Secured Party of any right or remedy hereunder on any one
occasion shall not be construed as a bar to any right or remedy which the
Secured Party would otherwise have on any future occasion.

     (c)   The rights and remedies herein provided are cumulative, may be
exercised singly or concurrently and are not exclusive of any other rights or
remedies provided by law.

     21. Section Headings. The section headings used in this Agreement are for
convenience of reference only and are not to affect the construction hereof or
be taken into consideration in the interpretation hereof.
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     22. Successors and Assigns. This Agreement and the Cash Collateral Account
shall be binding upon the successors and assigns of the Pledgor and the
Securities Intermediary and shall insure to the benefit of the Secured Party
and its successors and assigns.

     23. Indemnity and Expenses. (a) The Pledgor agrees to indemnify each of the
Secured Party and the Securities Intermediary, from and against any and all
claims, losses and liabilities in any way relating to, growing out of or
resulting from this Agreement and the transactions contemplated hereby
(including, without limitation, enforcement of this Agreement), except to the
extent such claims, losses or liabilities result solely from such party's gross
negligence or willful misconduct as finally determined by a court of competent
jurisdiction.

     (b) The Pledgor shall pay to each of the Secured Party and the Securities
Intermediary upon demand the amount of any and all costs and expenses,
including the reasonable fees and expenses of its counsel and of any experts
and agents, that the Secured Party or the Securities Intermediary may incur in
connection with (i) the administration of this Agreement, (ii) the custody,
preservation, use or operation of, or the sale of, collection from, or other
realization upon, any of the Collateral, (iii) the exercise or enforcement of
any of the rights of the Secured Party or the Securities Intermediary
hereunder, or (iv) the failure by the Pledgor to perform or observe any of the
provisions hereof.

     (c) The agreements in this Section 23 shall survive termination of this
Agreement.

     24. Governing Law. Both this Agreement and the Cash Collateral Account
shall be governed by, and construed and interpreted in accordance with, the law
of the State of New York. For purposes of the UCC, New York shall be deemed to
be the Security Intermediary's jurisdiction and the Cash Collateral Account (as
well as the securities entitlements related thereto) shall be governed by the
laws of the State of New York.

     25. Securities Intermediary, (a) Under no circumstances shall the
Securities Intermediary be responsible for (i) determining whether a default
exists under the Credit Agreements, (ii) the use that either the Pledgor or the
Secured Party makes of any withdrawn assets or funds or (iii) monitoring the
value of the Cash Collateral Account or of any securities originally a part of
or added to the Cash Collateral Account.

     (b) The duties and responsibilities of the Securities Intermediary under
this Agreement shall be limited to those expressly set forth in this Agreement,
and no implied duties may be imputed to it by the terms of this Agreement or
otherwise. The Securities Intermediary shall not be subject to, nor obliged to
recognize, any other agreement governing the rights or duties of the other
parties to this Agreement, even though reference thereto may be made in this
Agreement. Without limiting the generality of the foregoing, Securities
Intermediary shall have no responsibility for, and shall not be charged with
any knowledge of, the terms of the Credit Agreement.

     (c) The Securities Intermediary shall have no duty to furnish valuations
of any assets at any time held hereunder, other than the valuations that may
appear in the Securities
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Intermediary's periodic statements furnished to the parties pursuant to Section
11(3). In performing any such valuations, the Securities Intermediary may rely
on information furnished by outside sources believed to be reliable, but the
Securities Intermediary shall not be responsible for the accuracy of any
valuations furnished by an outside provider selected by the Securities
Intermediary in the exercise of ordinary care.

     (d)  The Securities Intermediary shall not be responsible for any losses
incurred in liquidating securities or other property to satisfy a distribution
request hereunder or for the validity, enforceability, perfection or priority
of any lien, charge, security interest or other encumbrance claimed by any
Person against, in or with respect to the Collateral, the Cash Collateral
Account or any asset thereof.

     (e)  The Securities Intermediary shall be fully protected in relying
without investigation upon any written notice, demand, certificate or other
document which it in good faith believes to be genuine, as to the truth and
accuracy of the statements made therein, the identity and authority of the
persons executing the same and the validity of any signature thereon.

     (f)  The Securities Intermediary shall not be personally liable for any
act taken or omitted by it under this Agreement in good faith and in the
exercise of its own best judgment (other than in the case of gross negligence
or willful misconduct). In no event shall the Securities Intermediary be (i)
liable to any person for punitive, special, indirect or consequential damages
of any kind, even if the Securities Intermediary has been advised of the
possibility thereof, or (ii) responsible for any delay in performance; or
non-performance, of any obligation hereunder to the extent that the same is due
to forces beyond its reasonable control, including but not limited to delays,
errors or interruptions caused by the Pledgor, the Secured Party or third
parties, any industrial, judicial, governmental, civil or military action, acts
of terrorism, insurrection or revolution, nuclear fusion, fission or radiation,
failure or fluctuation in electrical power, heat, light, air conditioning or
telecommunications equipment, or acts of God.

<PAGE>
     IN WITNESS WHEREOF, the Pledgor, the Secured Party and the Securities
Intermediary have caused this Cash Collateral Agreement to be duly executed and
delivered as of the date first above written.

                              RFM 2, LLC, as the Pledgor

                              By: RCN CORPORATION, as its sole member

                              By:  /s/ W. Terrell Wingfield
                                   ----------------------------------
                                   Name:  W. Terrell Wingfield
                                   Title: Executive Vice President,
                                          General Counsel & Corporate
                                          Secretary

                              JPMORGAN CHASE BANK, as the Secured Party

                              By:
                                   -----------------------------------
                                   Name:
                                   Title:

                              THE NORTHERN TRUST COMPANY, as the
                              Securities Intermediary

                              By:
                                   -----------------------------------
                                   Name:
                                   Title:

<PAGE>
     IN WITNESS WHEREOF, the Pledgor, the Secured Party and the Securities
Intermediary have caused this Cash Collateral Agreement to be duly executed and
delivered as of the date first above written.

                              RFM 2, LLC, as the Pledgor

                              By: RCN CORPORATION, as its sole member

                              By:
                                   ----------------------------------
                                   Name:
                                   Title:

                              JPMORGAN CHASE BANK, as the Secured Party

                              By:  /s/ David M. Mallett
                                   -----------------------------------
                                   Name: David M. Mallett
                                   Title: Vice President

                              THE NORTHERN TRUST COMPANY, as the
                              Securities Intermediary

                              By:
                                   -----------------------------------
                                   Name:
                                   Title:

<PAGE>
     IN WITNESS WHEREOF, the Pledgor, the Secured Party and the Securities
Intermediary have caused this Cash Collateral Agreement to be duly executed and
delivered as of the date first above written.

                              RFM 2, LLC, as the Pledgor

                              By: RCN CORPORATION, its sole member

                              By:
                                   ----------------------------------
                              Name:
                              Title:

                              JPMORGAN CHASE BANK, as the Secured Party

                              By:
                                   -----------------------------------
                              Name:
                              Title:

                              THE NORTHERN TRUST COMPANY, as the
                              Securities Intermediary

                              By:   /s/ Marc E. Cosentino
                                   -----------------------------------
                                   Name: Marc E. Cosentino
                                   Title: Vice President
                                          The Northern Trust Company

<PAGE>
                                                                       EXHIBIT A

                          INVESTMENT POLICY GUIDELINES

I.   ELIGIBLE INVESTMENTS

     The portfolio of investments will be limited to:

            (a)  Obligations issued by the U.S. Treasury.

            (b)  Obligations guaranteed by the U.S. Government or issued by the
                 following Federal agencies (collectively, the "Permitted
                 Federal Agencies"): (i) the Government National Mortgage
                 Association ("Ginne Mae"), (ii) the Student Loan Marketing
                 Association ("Sallie Mae"), (iii) the Federal National Mortgage
                 Association ("Fannie Mae"), (iv) the Federal Home Loan Mortgage
                 Corp. ("Freddie Mac") and (v) the Federal Home Loan Bank.

            (c)  Obligations of foreign and domestic commercial banks and bank
                 holding companies limited to bankers' acceptances, certificates
                 of deposit, negotiable Eurodollar time deposits and longer-term
                 notes issued by banks and Bank Holding companies.

            (d)  Obligations of U.S. corporations including commercial paper,
                 asset-backed commercial paper, master notes, floating rate
                 notes, medium term notes and corporate bonds.

            (e)  Reverse and Repurchase Agreements with major banks and
                 authorized dealers fully collateralized by U.S. Government or
                 Permitted Federal Agency securities. The market value of the
                 collateral securities, when marked to market must be equal to
                 or greater than the face value of the agreement. During the
                 time a reverse repurchase agreement is outstanding the term of
                 the reinvested proceeds may not exceed the term of the reverse
                 repurchase agreements.

            (f)  Asset-Backed Securities and Structured Notes: Securities
                 backed by receivables or other assets that are expected to
                 provide predictable cash flows. The average life of the
                 security may not exceed one (1) year at the time of purchase.

            (g)  Money-market funds (intended solely for temporary housing of
                 cash or interest).

            (h)  The portfolio MAY NOT invest in Mortgage-Backed Securities.

<PAGE>

II.  Maturity Limits

     The following maturity guidelines will apply to individual investments and
     to the portfolio as a whole:

          (a)  The weighted average maturity of the portfolio is not to exceed
               ONE (1) YEAR.

          (b)  The final maturity of any investment is not to exceed TWO (2)
               YEARS, with the exception of Asset-Backed Securities, where the
               average life will be used in lieu of final maturity and will be
               limited to less than one (1) year.

          (c)  All investments with maturities greater than THIRTEEN (13) MONTHS
               will NOT EXCEED 20% of the portfolio.

III. Concentration Limits

          (a)  Obligations of the U.S. Government and the Permitted Federal
               Agencies: no limits at time of purchase.

          (b)  Obligations of Commercial Banks and Bank Holding Companies: WITH
               ANY ONE ISSUER, NOT TO EXCEED 3%.

          (c)  Obligations of U.S. Corporations: with any one issuer, NOT TO
               EXCEED 3%.

          (d)  Reverse and Repurchase Agreements: with any one issuer not to
               exceed the greater of 10% or $5,000,000.

          (e)  Asset-Backed Securities and Structured Notes: with any one issuer
               or trust, NOT TO EXCEED 3%.

IV.  Credit Quality

     In all categories, emphasis will be on securities of high quality. Assigned
     credit ratings will be from Moody's Investor Service ("Moody's") and
     Standard & Poor's Corporation ("S&P"). Holdings are subject to the
     following limitations:

          (a)  Long term debt of foreign and domestic commercial banks and bank
               holding companies: at least A2 by Moody's and A by S&P.

          (b)  Commercial paper: rated at least A1 BY MOODY'S AND P1 BY S&P.

          (c)  Repurchase agreements: underlying collateral meets all previous
               requirements. Collateral value must exceed 102% of repo proceeds.

          (d)  Other Corporate Debt: Rated at least A2 BY MOODY'S AND A BY S&P.

          (e)  Asset-backed Securities and Structured Notes: Rated Aaa by
               Moody's or AAA by S&P.
<PAGE>
V.   OTHER LIMITATIONS

     Investments in securities other than allowed in Section I are prohibited.
<PAGE>
                                                                  EXECUTION COPY

     FIRST AMENDMENT, dated as of March 5, 2003 (this "Amendment"), to the Cash
Collateral Agreement, dated as of February 19, 2003 (as amended, supplemented
or otherwise modified from time to time, the "Cash Collateral Agreement"),
among RFM 2, LLC, a Delaware limited liability company (the "Pledgor"),
JPMORGAN CHASE BANK, as Administrative Agent (in such capacity, the "Secured
Party") for the benefit of itself and the Lenders parties to the Credit
Agreement referred to below, and THE NORTHERN TRUST COMPANY, as Securities
Intermediary (in such capacity, the "Securities Intermediary").

     WHEREAS, pursuant to Section 6.05 of the Credit Agreement, dated as of
June 3, 1999, among RCN CORPORATION, RCN TELECOM SERVICES OF PENNSYLVANIA, INC.
(now known as Telecom Services, Inc.), RCN CABLE SYSTEMS, INC. (now known as
RCN Telecom Services, Inc.), JAVANET, INC. (now known as UNET Holding, Inc.),
RCN FINANCIAL MANAGEMENT, INC., UNET HOLDING, INC., INTERPORT COMMUNICATIONS
CORP. (now known as UNET Holding, Inc.) and ENET HOLDING, INC. (now known as
RCN Internet Services, Inc.)(collectively, the "Borrowers"), the lenders party
thereto (the "Lenders"), and JPMORGAN CHASE BANK, formerly THE CHASE MANHATTAN
BANK, as Administrative Agent and Collateral Agent (as amended, supplemented or
otherwise modified from time to time, the "Credit Agreement"), the Pledgor
entered into the Cash Collateral Agreement for the benefit of the Secured Party
and the Lenders; and

     WHEREAS the parties to the Cash Collateral Agreement have requested that a
certain provision of the Cash Collateral Agreement be modified in the manner
provided for in this Amendment.

     NOW, THEREFORE, the parties hereto hereby agree as follows:

     1.  Defined Terms.  Capitalized terms used and not defined herein shall
have the meanings given to them in the Cash Collateral Agreement, as amended
hereby.

     2.  Amendment to the Cash Collateral Agreement.

     The definition of the term "Investment Manager" in Section 1 of the Cash
Collateral Agreement is hereby amended by deleting such term in its entirety
and inserting in its place the following:

                         "Investment Manager":  the collective
                    reference to Thomas Weisel Partners LLC, Mellon
                    Bond Associates (together with its successors) and
                    any other entity designated in writing as an
                    "Investment Manager" by the Secured Party and the
                    Pledgor to the Securities Intermediary. As of the
                    date of this Agreement, Thomas Weisel Partners LLC
                    is the acting Investment Manager with respect to
                    the Cash Collateral Account."

<PAGE>
                                                                               2

          3.   No Other Amendments: Confirmation. Except as expressly amended
hereby, the provisions of the Cash Collateral Agreement are and shall remain in
full force and effect.

          4.   Representations and Warranties. The Pledgor hereby represents
and warrants to the Secured Party that, as of the date hereof, all
representations and warranties of the Pledgor, the Secured Party and the
Securities Intermediary set forth in the Cash Collateral Agreement are true and
correct in all material respects.

          5.   Conditions Precedent to Effectiveness. This Amendment shall
become effective when the Secured Party shall have received counterparts hereof
duly executed and delivered by the Pledgor and the Securities Intermediary.

          6.   Expenses. The Pledgor agrees to reimburse each of the Secured
Party and the Securities Intermediary for its out-of-pocket expenses in
connection with this Amendment, including the reasonable fees, charges and
disbursements of its legal counsel.

          7.   Governing Law; Counterparts.

               (a)  This Amendment and the rights and obligations of the
parties hereto shall be governed by, and construed and interpreted in
accordance with, the laws of the State of New York.

               (b)  This Amendment may be executed by one or more of the
parties to this Amendment on any number of separate counterparts, and all of
said counterparts taken together shall be deemed to constitute one and the same
instrument. This Amendment may be delivered by facsimile transmission of the
relevant signature pages hereof.

             [THE REMAINDER OF THIS PAGE LEFT INTENTIONALLY BLANK]
<PAGE>
          IN WITNESS WHEREOF, the parties hereto have caused this Amendment to
be duly executed and delivered by their duly authorized officers as of the day
and year first above written.

                                    RFM 2, LLC, as the Pledgor

                                    By: RCN CORPORATION, as its sole member

                                    By:     /s/ Timothy J. Stoklosa
                                         ___________________________________
                                         Name:  Timothy J. Stoklosa
                                         Title: Executive Vice President

                                    JPMORGAN CHASE BANK, as the Secured Party

                                    By:
                                         ___________________________________
                                         Name:
                                         Title:

                                    THE NORTHERN TRUST COMPANY, as the
                                    Securities Intermediary

                                    By:
                                         ___________________________________
                                         Name:
                                         Title:
<PAGE>
'                                                                              3

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

                                   RFM 2, LLC, as the Pledgor

                                   By: RCN CORPORATION, as its sole member

                                   By:
                                       -------------------------------
                                       Name:
                                       Title:

                                   JPMORGAN CHASE BANK, as the Secured Party

                                   By: Mary Ellen Egbert
                                       -------------------------------
                                       Name:  Mary Ellen Egbert
                                       Title: Managing Director

                                   THE NORTHERN TRUST COMPANY, as the
                                   Securities Intermediary

                                   By:
                                       --------------------------------
                                       Name:
                                       Title:
<PAGE>
                                                                               3

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

                                       RFM 2, LLC, as the Pledgor

                                       By: RCN CORPORATION, as its sole member

                                       By:
                                           -------------------------------------
                                           Name:
                                           Title:

                                       JPMORGAN CHASE BANK, as the Secured Party

                                       By:
                                           -------------------------------------
                                           Name:
                                           Title:

                                       THE NORTHERN TRUST COMPANY, as the
                                       Securities Intermediary

                                       By: Patricia Somerville
                                           -------------------------------------
                                           Name:  Patricia Somerville
                                           Title: Vice President<PAGE>

                                                                   EXHIBIT 10.95

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

                             BROKER-DEALER AGREEMENT

                                      among

                             BANKERS TRUST COMPANY,
                                as Auction Agent,

                       NELNET STUDENT LOAN CORPORATION-2,
                                    as Issuer

                                       and

                         BANC OF AMERICA SECURITIES LLC,
                                as Broker-Dealer

                                   Relating to

                        NELNET Student Loan Corporation-2
                     Taxable Student Loan Asset-Backed Notes
              $100,000,000 Senior Class 2000A-12 Auction Rate Notes
              $100,000,000 Senior Class 2000A-13 Auction Rate Notes

                            Dated as of June 1, 2000

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

<PAGE>

         THIS BROKER-DEALER AGREEMENT dated as of June 1, 2000 among NELNET
STUDENT LOAN CORPORATION-2 ("NELNET-2"), BANKERS TRUST COMPANY, a New York
banking corporation (together with its successors and assigns, the "Auction
Agent") not in its individual capacity but solely as agent of Zions First
National Bank, as trustee (the "Trustee") under an Indenture of Trust dated as
of June 1, 2000 (the "Original Indenture") and the Series 2000 Supplemental
Indenture of Trust dated as of June 1, 2000 (the "2000 Supplemental Indenture,"
and together with the Original Indenture, the "Indenture"), each by and between
NELNET-2 and the Trustee pursuant to authority granted to it in the Auction
Agency Agreement dated as of June 1, 2000, among NELNET-2, 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").

         NELNET-2 will issue (a) $100,000,000 of its Taxable Student Loan
Asset-Backed Notes, Senior Class 2000A-12, maturing on December 1, 2032, as
Auction Rate Notes and (b) $100,000,000 of its Taxable Student Loan Asset-Backed
Notes, Senior Class 2000A-13, maturing December 1, 2032, as Auction Rate Notes
(collectively, the "Auction Rate Notes").

         The Indenture provides that the interest rate on the Auction Rate Notes
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, NELNET-2, 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.

         "Auction Agency Agreement" shall mean the Auction Agency Agreement
dated as of June 1, 2000, among NELNET-2, the Trustee and the Auction Agent
relating to the Auction Rate Notes.

<PAGE>

         "Auction Procedures" shall mean the Auction Procedures that are set
forth in Appendix A to the 2000 Supplement 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 Auction Rate Notes.

         "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 Auction Rate Notes 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 2000 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 2000 Supplemental Indenture.

         SECTION 2.02. PREPARATION FOR EACH AUCTION.

                  (a)      Not later than 10:30 a.m. on each Auction Date for
         the Auction Rate Notes, the Auction Agent shall advise BD by telephone
         of the All-Hold Rate, the Net Loan Rate, the Applicable LIBOR 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 Auction Rate Notes
         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
         Auction Rate Notes and the aggregate principal amount of Auction Rate
         Notes 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-2 and BD, unless the failure to disclose such
         information would be

                                        3

<PAGE>

         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.

                  (a)      The Auction Agent shall conduct Auctions for the
         Auction Rate Notes 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.

            TIME                                         EVENT
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, the Net
                                       Loan Rate, the Applicable LIBOR 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 2000 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 2000 Supplemental Indenture.
                                       Submitted Bids and Submitted Sell Orders
                                       are accepted and rejected in whole or in
                                       part and Auction Rate Notes are allocated
                                       as provided in Section 2.02 of Appendix A
                                       to the 2000 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 2000
                                       Supplemental Indenture. Auction Agent
                                       gives notice of Auction results as set
                                       forth in Section 2.04(a) hereof.

                  (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 Auction Rate Notes, made through BD by an Existing Holder
         to another person other than pursuant to an Auction and (ii) a

                                        4

<PAGE>

         written notice, substantially in the form attached hereto as Exhibit D,
         of the failure of any Auction Rate Notes to be transferred to or by any
         person that purchased or sold Auction Rate Notes 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 Article 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 Auction Rate Notes) 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 Auction Rate Notes 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 Auction Rate Notes subject to valid Hold
Orders (determined in accordance with Appendix A to the 2000 Supplemental
Indenture) submitted to the Auction Agent by BD and (iii) the principal amount
of the Auction Rate Notes deemed to be subject to Hold Orders by Existing
Holders pursuant to Appendix A to the 2000 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 Auction Rate Notes through BD transfers those
Auction Rate Notes to another Person other than pursuant to an Auction, then the
Broker-Dealer for the Auction Rate Notes 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

                                        5

<PAGE>

BD, then such Broker-Dealer shall be the Broker-Dealer for such Auction Rate
Notes. 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 NELNET-2, at NELNET-2'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-2 and the Auction Agent, the prevailing rate,
NELNET-2 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 Auction Rate Notes that was accepted
         in whole or in part fails to instruct its Participant to deliver the
         Auction Rate Notes subject to such Bid or Sell Order against payment
         therefor, BD shall instruct such Participant to deliver such Auction
         Rate Notes 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 Auction Rate Notes that is less than
         the principal amount of the Auction Rate Notes 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 Auction
         Rate Notes 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-2
         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 Auction Rate Notes or to pay for Auction Rate Notes
         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,

                                        6

<PAGE>

         the Auction Agency Agreement and Appendix A to the 2000 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 Auction
         Rate Notes, 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
         Auction Rate Notes, or any Prospectus Supplement or other offering
         material used in connection with the offer and sale of the Auction Rate
         Notes.

                                        7

<PAGE>

                                   ARTICLE IV

                                  MISCELLANEOUS

         SECTION 4.01. TERMINATION. Any party may terminate this Agreement at
any time upon five days prior notice to the other party. This Agreement shall
automatically terminate upon the delivery of certificates representing the
Auction Rate Notes pursuant to Section 2.02(c) of Appendix A to the 2000
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:                 Banc of America Securities LLC
                                              NC1-005-12-03
                                              Interstate Tower
                                              121 West Trade Street
                                              Charlotte, North Carolina  28255
                                              Attention: Mary Lou Haraburd
                                              Telephone: (704) 386-7777
                                              Telecopy: (704) 386-0249

         If to the Auction Agent, addressed:  Bankers Trust Company Four Albany
                                              Street New York, New York 10006
                                              Attention: Auction Rate Securities
                                              Telephone: 212-250-6850 Telecopy:
                                              212-250-6215

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,

                                        8

<PAGE>

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.

         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.

                                        BANKERS TRUST COMPANY, as Auction Agent

                                        By /s/ Melissa M. Reynolds
                                           ____________________________________
                                        Name  Melissa M. Reynolds
                                              _________________________________
                                        Title Vice President
                                              _________________________________

                                        BANC OF AMERICA SECURITIES LLC, as
                                        Broker-Dealer

                                        By  /s/ Christopher G. Cronk
                                           ____________________________________
                                        Name  Christopher G. Cronk
                                              _________________________________
                                        Title Vice President
                                              _________________________________

                                        NELNET STUDENT LOAN CORPORATION-2, as
                                        Issuer

                                        By /s/ Ronald W. Page
                                           ____________________________________
                                           Ronald W. Page, 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 Auction Rate Notes, if any, to be sold by such
                  Existing Holder;

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

                           (v)      if the aggregate principal amount of Auction
                  Rate Notes 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 Auction Rate Notes 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 Auction
                  Rate Notes and the principal amount of Auction Rate Notes 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 Auction Rate
                  Notes to be purchased by all Potential Holders on whose behalf
                  such Broker-Dealer submitted a Bid exceeds the amount of
                  Auction Rate Notes 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 Auction Rate Notes and the principal
                  amount of Auction Rate Notes to be sold to one or more
                  Potential Holders on

<PAGE>

                  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 Auction Rate Notes 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 Auction
                  Rate Notes to be purchased pursuant to such Bid against
                  receipt of such principal amount of Auction Rate Notes;

                           (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 Auction Rate
                  Notes 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 Auction
         Rate Notes 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 (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 Auction Rate Notes to such Broker-Dealer following
                  such Auction pursuant to (b)(iii) above the amount necessary,
                  including accrued interest, if any, to purchase such Auction
                  Rate Notes against receipt of such Auction Rate Notes, and (B)
                  deliver such Auction Rate Notes 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 Auction Rate Notes to be purchased pursuant to
                  (b)(ii) above against receipt of such Auction Rate Notes, and
                  (B) deliver such Auction Rate Notes 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 Auction Rate Notes in
         an Auction fails to deliver such Auction Rate Notes (by authorized
         book-entry), a Broker-Dealer may deliver to the Potential Holder on
         behalf of which it submitted a Bid that was accepted a principal amount
         of Auction Rate Notes that is less than the principal amount of Auction
         Rate Notes that otherwise was to be purchased by such Potential Holder.
         In such event, the principal amount of Auction Rate Notes to be so
         delivered shall be determined solely by such Broker-Dealer. Delivery of
         such lesser principal amount of Auction Rate Notes shall constitute
         good delivery. Notwithstanding the foregoing terms of this paragraph
         (f), any delivery or nondelivery of Auction Rate Notes which shall
         represent any departure

                                       A-3

<PAGE>

         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-4

<PAGE>

                                   EXHIBIT B-1

                                   ORDER FORM

                   (Submit only one Order on this Order Form)

                        NELNET Student Loan Corporation-2
                     Taxable Student Loan Asset-Backed Notes
              $100,000,000 Senior Class 2000A-12 Auction Rate Notes
              $100,000,000 Senior Class 2000A-13 Auction Rate Notes

                            Maturing December 1, 2032
                             ("Auction Rate Notes")

<PAGE>

                                   EXHIBIT B-2

                                  TRANSFER FORM

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

                        NELNET Student Loan Corporation-2
                     Taxable Student Loan Asset-Backed Notes
              $100,000,000 Senior Class 2000A-12 Auction Rate Notes
              $100,000,000 Senior Class 2000A-13 Auction Rate Notes

                            Maturing December 1, 2032
                             ("Auction Rate Notes")

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
$_________* Auction Rate Notes to ___________.

                                          [NAME OF EXISTING HOLDER]

                                          BANC OF AMERICA SECURITIES LLC

                                          [NAME OF PARTICIPANT]

                                          By ___________________________________
                                          Name _________________________________
                                          Title_________________________________

-----------------------
*Auction Rate Notes may only be transferred in units of $50,000.

<PAGE>

                                    EXHIBIT C

                         NOTICE OF A FAILURE TO DELIVER

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

                        NELNET Student Loan Corporation-2
                     Taxable Student Loan Asset-Backed Notes
              $100,000,000 Senior Class 2000A-12 Auction Rate Notes
              $100,000,000 Senior Class 2000A-13 Auction Rate Notes

                            Maturing December 1, 2032
                             ("Auction Rate Notes")

                             COMPLETE EITHER 1 OR 2

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

         2.       We are a Broker-Dealer for _______________ (the "Seller"),
which sold $_____________* of the Auction Rate Notes in the Auction held on
_______________ to the purchaser of such Auction Rate Notes.

         We hereby notify you that (check one) --

_____ the Seller failed to deliver such Auction Rate Notes to the Purchaser

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

                                          BANC OF AMERICA SECURITIES LLC

                                          By ___________________________________
                                          Name _________________________________
                                          Title_________________________________

------------------------
*Auction Rate Notes may only be transferred in units of $50,000.

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