Document:

EXHIBIT 10.70

                       AMENDMENT NO. 1 TO CREDIT AGREEMENT

               THIS AMENDMENT NO. 1 TO CREDIT AGREEMENT (this "Amendment"),
entered into as of September 24, 2004, is by and among NELNET, INC. ("NELNET"),
a corporation duly organized and validly existing under the laws of the State of
Nebraska and formerly known as Nelnet Loan Services, Inc., NATIONAL EDUCATION
LOAN NETWORK, INC. ("NETWORK"), a corporation duly organized and validly
existing under the laws of the State of Nevada and formerly known as Nelnet,
Inc. (NETWORK and NELNET, herein individually a "Borrower" and collectively
"Borrowers"), and M&I MARSHALL & ILSLEY BANK ("M&I"), SUNTRUST BANK, FIRST
NATIONAL BANK OF OMAHA and FIFTH THIRD BANK (individually "Bank" and
collectively the "Banks") and M&I, in its capacity as agent for the Banks (the
"Agent").

                              W I T N E S S E T H:

               WHEREAS, the Borrowers, the Agent and the Banks are parties to
that certain Credit Agreement dated as of September 25, 2003 (the "Credit
Agreement"), pursuant to which the Banks have agreed to make certain loans to
the Borrower upon the terms and subject to the conditions set forth therein; and

               WHEREAS, the Borrowers have issued to the Banks their CP Notes
(the "Existing CP Notes"), each dated September 25, 2003, in the aggregate
principal amount of $35,000,000 and their Revolving Notes (the "Revolving
Notes"), each dated September 25, 2003, in the aggregate principal amount of
$35,000,000; and

               WHEREAS, as of the date of this Amendment there are no
outstanding Loans under the Credit Agreement; and

               WHEREAS, the Borrowers have requested that the Agent and the
Banks modify the terms and conditions of the Credit Agreement, including to: (a)
extend the term of this Agreement to September 23, 2005; (b) increase the
aggregate CP Commitment, (c) amend the Applicable Rate, (d) amend certain
covenants of the Borrowers, and (e) make certain other modifications to the
Credit Agreement; and

               WHEREAS, the Agent and the Banks are agreeable to such
modifications on the terms and subject to the conditions set forth herein;

               NOW, THEREFORE, in consideration of the terms and conditions
contained herein, the parties hereto hereby agree as follows:

                1. DEFINITIONS. All capitalized terms used and not otherwise
defined herein shall have the meanings given to such terms by the Credit
Agreement.

                2. COMMERCIAL PAPER FACILITY. The Borrowers request that the
aggregate commitment of the Banks to make CP Loans pursuant to Article II of the
Credit Agreement be increased to an aggregate CP Commitment of $50,000,000,
allocated among the Banks as set forth in Exhibit A hereto. Any loans made
pursuant any Bank's CP Commitment shall be evidenced by the new CP Note of the
Borrowers in favor of such Bank in the form of Exhibit B annexed hereto (each a
"New CP Note" and, collectively, the "New CP Notes") to be dated September 24,
2004. The New CP Notes shall be issued in the aggregate principal amount of
$50,000,000 in substitution for and replacement of, but not as a novation of,
the Existing CP Notes, and shall be executed by the Borrowers and delivered to
the Banks against return of the Existing CP Notes to the Borrowers.

                3. AMENDMENTS TO CREDIT AGREEMENT. Upon satisfaction of the
conditions set forth in Section 6 below and effective as of the date hereof, the
Credit Agreement shall be amended as follows:

                a.      All references to the Credit Agreement in the Credit
                        Agreement and in any of the Notes or Loan Documents
                        shall refer to the Credit Agreement as amended hereby.

                b.      All references in the Credit Agreement to the CP Notes
                        issued thereunder and the Loans evidenced thereby shall
                        refer to the New CP Notes issued hereunder and the Loans
                        evidenced thereby.

                c.      The following definitions shall be added to Section A of
                        the Credit Agreement, reading as follows:

                                "Amendment No. 1" means that certain Amendment
                        No. 1 to Credit Agreement, dated as of September 24,
                        2004, among the Borrowers, the Agent and the Banks.

                                "Amendment No. 1 Closing Date" means September
                        24, 2004.

                                "Exchange Act" means the Securities Exchange Act
                        of 1934, as amended, and the rules and regulations
                        issued thereunder.

                d.      The definition of "Consolidated Tangible Net Worth" set
                        forth in Section A of the Credit Agreement shall be
                        amended by replacing the reference in clause (b) thereof
                        to "December 31, 2002" with a reference to "December 31,
                        2003" and by amending clause (d) thereof in its entirety
                        to read as follows:

                        minus (d) the amount of deferred income tax assets;

                e.      The definition of "Funded Debt" set forth in Section A
                        of the Credit Agreement shall be amended in its entirety
                        to read as follows:

                                       2
<PAGE>

                                "Funded Debt" means, at the time of
                        determination, all the Debt of Borrowers and the Regular
                        Subsidiaries under this Agreement, including the
                        Revolving Credit Facility under Article I, outstanding
                        Commercial Paper and CP Loans under Article II, and all
                        other Debt of any Borrower or Regular Subsidiary,
                        measured on a consolidated basis, that has actually been
                        funded and is outstanding at such time, whether or not
                        such amount is due or payable at such time.

                f.      The definition of "Maturity Date" set forth in Section A
                        of the Credit Agreement shall be amended in its entirety
                        to read as follows:

                                "Maturity Date" means September 23, 2005 (364
                        days from the Amendment No. 1 Closing Date).

                g.      The definition of "Permissible Withdrawal Amount" set
                        forth in Section A of the Credit Agreement shall be
                        amended in its entirety to read as follows:

                                "Permissible Withdrawal Amount" means, with
                        respect to any Asset Securitization as of a date of
                        determination, the amount of assets which have been
                        withdrawn under the terms of the Securitization
                        Documents relating to that Asset Securitization during
                        the four fiscal quarters then ending from the funds
                        securing the securities backed by such assets and held
                        by or on behalf of the trustee or other collateral agent
                        for such securities; provided, however, that the
                        Permissible Withdrawal Amount shall not include any
                        amounts permitted to be withdrawn under the terms of
                        such Securitization Documents only for limited purposes
                        relating to such Asset Securitization, including the
                        payment of debt service, administrative expenses,
                        servicing fees and expenses, and other fees and expenses
                        directly related to that Asset Securitization and the
                        securities backed by such assets.

                h.      The definition of "Termination Date" set forth in
                        Section A of the Credit Agreement shall be amended to
                        delete the reference to Section 2.1 and insert in its
                        place a reference to Section 1.1.

                i.      The second sentence of Section 3.3 of the Credit
                        Agreement shall be amended to read in its entirety as
                        follows:

                                The term "Applicable Rate" means the Adjusted
                        Libor Rate plus one and three quarters percent (1.75%)
                        per annum.

                j.      Section 3.10 of the Credit Agreement shall be amended in
                        its entirety to read as follows:

                             Section 3.10.  Facility Fee.

                                       3
<PAGE>

                             Borrowers agree, jointly and severally, to pay to
                      the Agent for the pro rata benefit of the Banks a facility
                      fee calculated at a per annum rate equal to one-quarter of
                      one percent (0.25%): (i) for the period from and including
                      the Closing Date through the Termination Date, on the
                      amount of the Revolving Commitment, payable in arrears on
                      the Quarterly Payment Dates (prorated for the first
                      quarter if less than a full quarter) and on the
                      Termination Date and (ii) for the period from and
                      including the Amendment No. 1 Closing Date through the
                      Maturity Date, on the amount of the CP Commitment, payable
                      in advance on the Amendment No. 1 Closing Date.

                k.      Section 7.1(a) of the Credit Agreement shall be amended
                        to insert the following proviso at the end thereof:

                        provided, however, that for any annual period for which
                        NELNET is required, pursuant to the Exchange Act, to
                        file an annual report on Form 10-K with the Securities
                        and Exchange Commission, the requirements of this
                        Section 7.1(a) will be deemed satisfied if the Borrowers
                        provide a copy of the report so filed within the time
                        such report is required to be filed with the Securities
                        and Exchange Commission;

                l.      Section 7.1(b) of the Credit Agreement shall be amended
                        to insert the following proviso at the end thereof:

                        provided, however, that for any quarterly period for
                        which NELNET is required, pursuant to the Exchange Act,
                        to file a quarterly report on Form 10-Q with the
                        Securities and Exchange Commission, the requirements of
                        this Section 7.1(b) will be deemed satisfied if the
                        Borrowers provide a copy of the report so filed within
                        the time such report is required to be filed with the
                        Securities and Exchange Commission;

                m.      Section 8.1 of the Credit Agreement shall be amended to:

                        i.      remove "and" at the end of subsection (i);

                        ii.     replace "." with "; and" at the end of
                                subsection (j); and

                        iii.    add a new subsection (k) reading in its entirety
                                as follows:

                                (k) Other unsecured Debt in an aggregate amount
                        outstanding from time to time not to exceed the lesser
                        of (i) 50% of the Consolidated Tangible Net Worth of
                        Borrowers and their Subsidiaries as of the most recent
                        date for which financial statements are then required to
                        have been delivered and (ii) $185,000,000; provided that
                        (u) the Borrowers shall have provided 30 days advance
                        written notice to the Agent of their intention to incur
                        any such Debt, (w) the Borrower shall have provided
                        prior to the incurrence of such Debt a certificate
                        signed by an appropriate officer of each Borrower
                        demonstrating compliance with this subsection (k) and
                        compliance with the financial covenants set forth in
                        Article IX of this Agreement on a pro forma basis, after
                        giving effect to the proposed incurrence of Debt, as of
                        the most recent date for which financial statements are
                        then required to have been delivered, (x) the Agent and
                        the Banks shall be satisfied that such incurrence of
                        Debt will not result in a downgrade in the Standard &
                        Poor's Rating Group's rating of the unsecured long-term
                        debt of the Borrowers and their Subsidiaries, (y) the
                        terms and conditions of each instrument, document and
                        agreement evidencing or governing such Debt shall be no
                        more restrictive than the terms and conditions of the
                        Loan Documents, and (z) no Default or Event of Default
                        shall have occurred and be continuing or would result
                        therefrom.

                                       4
<PAGE>

                n.      Section 8.4 of the Credit Agreement shall be amended by
                        replacing the proviso therein with the following:

                        PROVIDED, HOWEVER, that if no Default exists or would
                        result after giving pro forma effect thereto, (a) Parent
                        may declare and pay dividends on account of its Equity
                        Interests and (b) Parent may redeem, purchase, retire,
                        or otherwise acquire its Equity Interests, provided that
                        the aggregate amount paid by Parent for the redemption,
                        purchase, retirement or other acquisition of its Equity
                        Interests, plus the aggregate amount of the prepayments
                        made under the permissions of Section 8.10 during any
                        twelve-month period ending during the term of this
                        Agreement, shall not exceed an aggregate amount equal to
                        One Million Dollars ($1,000,000).

                o.      Section 8.5(i)(ii) of the Credit Agreement shall be
                        amended in its entirety to read as follows:

                                (ii) Consideration. Either (a) the
                        consideration, regardless of form, including assumption
                        of debt, given by the purchaser in connection with the
                        transaction, shall not exceed, when aggregated with all
                        other transactions under this subsection during the
                        preceding 12 months, 15% of the Consolidated Tangible
                        Net Worth of Borrowers and their Subsidiaries as of the
                        most recent date for which financial statements are then
                        required to have been delivered or (b) no Loan
                        Obligations are outstanding hereunder; provided,
                        however, that purchases of portfolios of Student Loans
                        in the normal course of business, without any payment of
                        goodwill, going concern value or the like shall not be
                        counted for purposes of the 15% limit;

                p.      Section 8.10 of the Credit Agreement shall be amended in
                        its entirety to read as follows:

                                Section 8.10. Prepayment or Payment of Debt.

                                       5
<PAGE>

                                Neither Borrower shall prepay, and shall not
                        permit any Regular Subsidiary to prepay, any Debt,
                        except (i) the Obligations and (ii) if no Default exists
                        or would result therefrom, Borrowers and their
                        respective Regular Subsidiaries may pay any Debt if the
                        aggregate amount of the payment made under the
                        permissions of this Section 8.10 during any twelve-month
                        period ending during the term of this Agreement, plus
                        the aggregate amount paid by Borrowers for the
                        redemption, purchase, retirement or other acquisition of
                        its Equity Interests under the permissions of Section
                        8.4 during such twelve-month period, shall not exceed an
                        aggregate amount equal to One Million Dollars
                        ($1,000,000). In addition, provided that Borrowers
                        deliver a certificate to Banks certifying that no
                        Default or Event of Default exists.

                q.      Section 9.1 of the Credit Agreement shall be amended in
                        its entirety to read as follows:

                                Section 9.1. Consolidated Tangible Net Worth.

                                Borrowers and their Subsidiaries will at all
                        times maintain Consolidated Tangible Net Worth in an
                        amount not less than the sum of (a) Two Hundred Fifty
                        Million Dollars ($250,000,000) plus (b) seventy-five
                        percent (75%) of the positive Consolidated Net Income of
                        Borrowers and their Subsidiaries for each fiscal quarter
                        to have completely elapsed since December 31, 2003.

                r.      Section 9.4 of the Credit Agreement shall be amended in
                        its entirety to read as follows:

                                Section 9.4. Minimum Loan Loss Reserve to Total
                        Student Loans.

                                At the end of each fiscal quarter beginning with
                        the quarter ended September 30, 2004, Borrowers and
                        their Subsidiaries will maintain a Loan Loss Reserve of
                        at least 0.040% of Total Student Loans.

                s.      Exhibit D to the Credit Agreement (Compliance
                        Certificate) shall be amended in its entirety such that
                        it is replaced by Exhibit C to this Amendment.

                t.      Exhibit H to the Credit Agreement (Schedule of Banks)
                        shall be amended in its entirety such that it is
                        replaced by Exhibit A to this Amendment.

                u.      Schedule 6.14 to the Credit Agreement (Subsidiaries)
                        shall be amended in its entirety such that it is
                        replaced by Exhibit D to this Amendment.

                4. Conditions: Notwithstanding the foregoing, this Amendment
shall not become effective unless and until (x) this Amendment has been approved
in writing by the Borrowers, the Agent and the Banks; and (y) the Borrowers
shall have delivered each of the following to the Agent, in form and substance
satisfactory to the Agent and the Banks:

                a.      Resolutions of the Board of Directors of each Borrower
                        and each Obligated Party certified by its Secretary or
                        an Assistant Secretary which authorize its execution,
                        delivery, and performance of the Amendment and the New
                        CP Notes or the Guaranty, as applicable;

                                       6
<PAGE>

                b. A certificate of incumbency for each Borrower and each
        Obligated Party certified by its Secretary or an Assistant Secretary
        certifying the name of each of its officers (i) who is authorized to
        sign the Amendment and the New CP Notes to which it is or is to be a
        party (including the certificates contemplated herein) together with
        specimen signatures of each such officer and (ii) who will, until
        replaced by other officers duly authorized for that purpose, act as its
        representative for the purposes of signing documents and giving notices
        and other communications in connection with the Amendment, the Credit
        Agreement and the transactions contemplated hereby and thereby;

                c. The certificate of incorporation of each Borrower and each
        Obligated Party certified by the Secretary of State of the state of its
        incorporation and dated a current date;

                d. The bylaws of each Borrower and each Obligated Party
        certified by its Secretary or an Assistant Secretary;

                e. Certificates of the appropriate government officials of the
        state of incorporation of each Borrower and each Obligated Party as to
        their respective existence, authority to do business and good standing,
        as applicable, in such states, each dated a current date;

                f. The New CP Notes executed by each Borrower;

                g. A favorable opinion of legal counsel to Borrowers and the
        Obligated Parties as to such matters as the Bank may reasonably request;

                h. The Acknowledgment of Guarantors attached hereto, executed by
        each party to the Guaranty;

                i. A Subsidiary Joinder Agreement, in the form attached hereto
        as Exhibit E, executed by any Regular Subsidiary of either Borrower that
        is not currently party to the Guaranty.

                j. Payment to the Agent of a fee pursuant to the fee letter
        between the Borrowers and the Agent;

                k. Payment to the Agent of the $125,000 facility fee for the CP
        Commitment pursuant to Section 3.10(ii);

                l. Payment of all other fees and expenses payable by the
        Borrowers pursuant to the Credit Agreement as amended hereby; and

                m. Such other documents as the Agent or its counsel may
        reasonably request.

                5. OTHER FACILITIES. Each of the Borrowers represents and
warrants to the Agent and the Banks that each of the Bank of America Facility
and the F&M Facility has been terminated and paid in full and that there is no
F&M Replacement Facility in effect.

                                       7
<PAGE>

                6. REPRESENTATIONS AND WARRANTIES. Each of the Borrowers repeats
and reaffirms the representations and warranties set forth in Article VI of the
Credit Agreement, except to the extent that such representations and warranties
relate solely to an earlier date. Each of the Borrowers also represents and
warrants that the execution, delivery and performance of this Amendment, and the
documents required herein, are within the corporate powers of such Borrower,
have been duly authorized by all necessary corporate action and do not and will
not (i) require any consent or approval of the shareholders such Borrower; (ii)
violate any provision of the articles of incorporation or by-laws of such
Borrower or of any law, rule, regulation, order, writ, judgment, injunction,
decree, determination or award presently in effect having applicability to such
Borrower or any subsidiary of such Borrower; (iii) require the consent or
approval of, or filing a registration with, any governmental body, agency or
authority; or (iv) result in any breach of or constitute a default under, or
result in the imposition of any lien, charge or encumbrance upon any property of
such Borrower or any subsidiary of such Borrower pursuant to, any indenture or
other agreement or instrument under which such Borrower or any subsidiary of
such Borrower is a party or by which it or its properties may be bound or
affected. This Amendment constitutes legal, valid and binding obligations of
each Borrower enforceable in accordance with its terms, except as such
enforceability may be limited by bankruptcy or similar laws affecting the
enforceability of creditors' rights generally.

                7. OBLIGATIONS ENFORCEABLE, ETC. Each Borrower acknowledges and
agrees that its obligations under the Credit Agreement and the Notes are not
subject to any offset, defense or counterclaim assertable by such Borrower and
that the Credit Agreement, the Notes and the Loan Documents are valid, binding
and fully enforceable according to their respective terms. Except as expressly
provided above, the Credit Agreement and the Loan Documents shall remain in full
force and effect, and this Amendment shall not release, discharge or satisfy any
present or future debts, obligations or liabilities to the Agent and the Banks
of either Borrower or of any debtor, guarantor or other person or entity liable
for payment or performance of any of such debts, obligations or liabilities of
either Borrower, or any security interest, lien or other collateral or security
for any of such debts, obligations or liabilities of either Borrower or such
debtors, guarantors, or other persons or entities, or waive any default, and the
Agent and the Banks expressly reserve all of their rights and remedies with
respect to each Borrower and all such debtors, guarantors or other persons or
entities, and all such security interests, liens and other collateral and
security. This is an amendment and not a novation. Without limiting the
generality of the foregoing, all present and future debts, obligations and
liabilities of the Borrowers under the Credit Agreement, as amended, are and
shall continue to be secured by the Security Agreements given by the Borrowers,
and shall continue to be guaranteed by the Guaranty given by the Guarantors.

                8. FEES AND EXPENSES. Each Borrower shall be responsible for the
payment of all fees and out-of-pocket disbursements incurred by the Agent in
connection with the preparation, execution and delivery of this Amendment. Each
Borrower further acknowledges and agrees that such Borrower is and shall be
responsible for the payment of other fees, expenses, costs and charges arising
under or relating to the Loan Agreement, as amended hereby, and the Loan
Documents, as set forth in Section 11.1 of the Credit Agreement.

                                       8
<PAGE>

                9. LIMITATION OF LIABILITY. None of the Agent, the Banks, or any
Affiliate, officer, director, employee, attorney, or agent thereof, shall have
any liability with respect to, and each Borrower and each Obligated Party hereby
waives, releases, and agrees not to sue any of them upon, any claim for any
special, indirect, incidental, consequential, exemplary or punitive damages
suffered or incurred by either Borrower or any Obligated Party in connection
with, arising out of, or in any way related to, this Amendment, the Credit
Agreement or any of the other Loan Documents, or any of the transactions
contemplated by this Amendment, the Credit Agreement or any of the other Loan
Documents.

                10. SURVIVAL. All representations and warranties made or deemed
made in this Amendment in any document, statement, or certificate furnished in
connection with this Amendment shall survive the execution and delivery of this
Agreement and the making of the Loans under the Credit Agreement, and no
investigation by the Banks or any closing shall affect the representations and
warranties or the right of the Banks to rely upon them.

                11. ENTIRE AGREEMENT. THIS AMENDMENT AND THE OTHER LOAN
DOCUMENTS REFERRED TO HEREIN EMBODY THE FINAL, ENTIRE AGREEMENT AMONG THE
PARTIES HERETO AND SUPERSEDE ANY AND ALL PRIOR COMMITMENTS, AGREEMENTS,
REPRESENTATIONS, AND UNDERSTANDINGS, WHETHER WRITTEN OR ORAL, RELATING TO THE
SUBJECT MATTER HEREOF AND MAY NOT BE CONTRADICTED OR VARIED BY EVIDENCE OF
PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OF THE
PARTIES HERETO. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES
THERETO.

                12. GOVERNING LAW; SUBMISSION TO JURISDICTION. This Amendment
shall be governed by, and construed in accordance with, the laws of the State of
Wisconsin and applicable laws of the United States of America. BORROWERS AND
EACH OBLIGATED PARTY HEREBY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF THE
UNITED STATES FEDERAL COURTS SITTING IN MILWAUKEE COUNTY, WISCONSIN, FOR THE
PURPOSES OF ALL LEGAL PROCEEDINGS ARISING OUT OF OR RELATING TO THIS AMENDMENT,
ANY LOAN DOCUMENT, OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. BORROWERS
AND EACH OBLIGATED PARTY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY
LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE
OF ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT AND ANY CLAIM THAT ANY SUCH
PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.
EACH BORROWER AND EACH OBLIGATED PARTY AGREES THAT SERVICE OF PROCESS UPON IT
MAY BE MADE BY CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED, AT ITS
ADDRESS SPECIFIED OR DETERMINED IN ACCORDANCE WITH THE PROVISIONS OF SECTION
11.13 OF THE CREDIT AGREEMENT. NOTHING IN THIS AMENDMENT OR ANY LOAN DOCUMENT
SHALL AFFECT THE RIGHT OF THE AGENT OR THE BANKS TO SERVE PROCESS IN ANY OTHER
MANNER PERMITTED BY LAW OR SHALL LIMIT THE RIGHT OF THE AGENT OR THE BANKS TO
BRING ANY ACTION OR PROCEEDING AGAINST EITHER BORROWER OR ANY OBLIGATED PARTY OR
WITH RESPECT TO ANY OF THEIR RESPECTIVE PROPERTIES IN COURTS IN OTHER
JURISDICTION. ANY ACTION OR PROCEEDING BY EITHER BORROWER OR ANY OBLIGATED PARTY
AGAINST THE AGENT OR THE BANKS SHALL BE BROUGHT ONLY IN A FEDERAL COURT LOCATED
IN MILWAUKEE COUNTY, WISCONSIN.

                                       9
<PAGE>

                13. COUNTERPARTS. This Amendment may be executed in one or more
counterparts, each of which shall be deemed an original, but all of which
together shall constitute one and the same agreement.

                14. SEVERABILITY. Any provision of this Amendment held by a
court of competent jurisdiction to be invalid or unenforceable shall not impair
or invalidate the remainder of this Amendment and the effect thereof shall be
confined to the provision held to be invalid or illegal.

                15. CONSTRUCTION. Each Borrower, each Obligated Party, and the
Banks acknowledge that each of them has had the benefit of legal counsel of its
own choice and has been afforded an opportunity to review this Amendment and the
New CP Notes with its legal counsel and that this Amendment and the New CP Notes
shall be construed as if jointly drafted by the parties hereto.

                16. WAIVER OF JURY TRIAL. TO THE FULLEST EXTENT PERMITTED BY
APPLICABLE LAW, EACH OF THE PARTIES HERETO AND EACH OBLIGATED PARTY HEREBY
IRREVOCABLY AND EXPRESSLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION,
PROCEEDING, OR COUNTERCLAIM (WHETHER BASED UPON CONTRACT, TORT, OR OTHERWISE)
ARISING OUT OF OR RELATING TO THIS AMENDMENT, ANY OF THE LOAN DOCUMENTS OR THE
TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY OR THE ACTIONS OF THE AGENT OR ANY
BANK IN THE NEGOTIATION, ADMINISTRATION, OR ENFORCEMENT HEREOF OR THEREOF.

                17. MISCELLANEOUS. This Amendment is solely for the benefit of
the parties hereto and their permitted successors and assigns. No other person
or entity shall have any rights under, or because of the existence of, this
Amendment.

                                       10
<PAGE>

               IN WITNESS WHEREOF, this Amendment has been duly executed as of
the day and year first above written.

                                  NELNET, INC.

                                  By:        /s/ Terry J. Heimes
                                      ------------------------------------
                                      Its:
                                            ------------------------------

                                  NATIONAL EDUCATION LOAN NETWORK, INC.

                                  By:        /s/ Terry J. Heimes
                                      ------------------------------------
                                      Its:
                                            ------------------------------

                                  M&I MARSHALL & ILSLEY BANK, for itself and
                                  as Agent

                                  By:        /s/ PD Koepl
                                      ------------------------------------
                                      Its:   Senior Vice President
                                      ------------------------------------

                                  And:       /s/ Brendan Moran
                                      ------------------------------------
                                      Its:   Assistant Vice President
                                      ------------------------------------

                                  SUNTRUST BANK

                                  By:        /s/ Dawn Dorsey
                                      ------------------------------------
                                      Its:   Vice President
                                            ------------------------------

                                  FIRST NATIONAL BANK OF OMAHA

                                  By:        /s/ Brock Taylor
                                      ------------------------------------
                                      Its:   Officer
                                            ------------------------------

                                  FIFTH THIRD BANK

                                  By:        /s/ Mike Mendenhall
                                      ------------------------------------
                                      Its:   Corporate Banking Officer
                                      ------------------------------------

                                       11
<PAGE>

                          ACKNOWLEDGEMENT OF GUARANTORS

               The undersigned Guarantors hereby consent to the foregoing
Amendment No. 1 to Credit Agreement (the "AMENDMENT"), and agree that their
Guaranty Agreement dated September 25, 2003 in favor of the Agent for the
benefit of the Secured Parties (the "Guaranty"), and all collateral or security
therefor, shall remain in full force and effect notwithstanding the amendments
made above and that the references to the "Credit Agreement" in the Guaranty
shall refer to the Credit Agreement as amended by the Amendment.

               Dated September 24, 2004.

                                        CHARTER ACCOUNT SYSTEMS, INC.
                                        CLASSCREDIT, INC.
                                        EFS, INC.
                                        EFS SERVICES, INC.
                                        GUARANTEC, LLP
                                        IDAHO FINANCIAL ASSOCIATES, INC.
                                        INTUITION, INC.
                                        NATIONAL HIGHER EDUCATIONAL
                                           LOAN PROGRAM, INC.
                                        NELNET CANADA, INC.
                                        NELNET CORPORATE SERVICES, INC.
                                           (f/k/a Nelnet Corporation)
                                        NELNET GUARANTEE SERVICES, INC.
                                        NELNET MARKETING SOLUTIONS, INC.
                                        STUDENT PARTNER SERVICES, INC.
                                        UFS SECURITIES, LLC

                                        By:        /s/ Terry J. Heimes
                                            ------------------------------------
                                            Their:     Chief Financial Officer
                                                    ----------------------------

                                        SHOCKLEY FINANCIAL CORP.

                                        By:        /s/ Mark Portz
                                            ------------------------------------
                                            Its:   President
                                                  ------------------------------

                                       12
<PAGE>
<TABLE>
<CAPTION>

                                                          EXHIBIT A

                                                       SCHEDULE OF BANKS

                                                                           Commercial  Commercial
                                                   Revolving   Revolving     Paper        Paper      Total         Total
                                                  Commitment  Percentage   Commitment  Percentage  Commitment    Commitment
        Bank             Address for Notice         Amount     Interest      Amount     Interest     Amount      Percentage
-------------------  -------------------------   ------------ ----------- ------------ ---------- ------------  -----------
<S>                  <C>                         <C>               <C>    <C>              <C>    <C>               <C>
M&I Marshall &       770 North Water Street      $17,500,000       50%    $17,500,000      35%    $35,000,000       41.2%
Ilsley Bank          Milwaukee, WI  53202

First National Bank  1620 Dodge Street, Stop      $7,500,000     21.4%    $12,500,000      25%    $20,000,000       23.5%
of Omaha             1196
                     Omaha, NE  68197

SunTrust Bank        76 South Laura Street,       $5,000,000     14.3%    $10,000,000      20%    $15,000,000      17.65%
                     20th Floor
                     Jacksonville, FL  32202

Fifth Third Bank     38 Fountain Square Plaza     $5,000,000     14.3%    $10,000,000      20%    $15,000,000      17.65%
                     MD 109046
                     Indianapolis, IN  46204

        Total                                    $35,000,000      100%    $50,000,000     100%    $85,000,000        100%
</TABLE>

                                       13
<PAGE>

                                    EXHIBIT B

                                 PROMISSORY NOTE
                             COMMERCIAL PAPER LOANS

$__________                                                  September __, 2004

               FOR VALUE RECEIVED, the undersigned, NELNET, INC. and NATIONAL
EDUCATION LOAN NETWORK, INC. ("Borrowers"), hereby, jointly and severally,
promise to pay to the order of ________________________ (the "Bank"), at the
Principal Office (defined in the Credit Agreement referred to below), in lawful
money of the United States of America and in immediately available funds, the
principal amount of _______________ Million Dollars ($__________) or such lesser
amount as shall equal the aggregate unpaid principal amount of the CP Loans made
by the Bank to Borrowers under the Credit Agreement referred to below, on the
dates and in the principal amounts provided in the Credit Agreement, and to pay
interest on the unpaid principal amount of each such Loan, at such office, in
like money and funds, for the period commencing on the date of such Loan until
such Loan shall be paid in full, at the rates per annum and on the dates
provided in the Credit Agreement.

               Borrowers hereby authorize the Bank to record in its records the
amount of each Loan made to Borrowers by the Bank and all payments of principal
in respect to each such Loan, which records shall, in the absence of manifest
error, be conclusive as to the outstanding principal amount of all such Loans;
provided, however, that the failure to make such records with respect to any
such Loan or payment shall not limit or otherwise affect the obligations of
Borrowers under the Credit Agreement or this Note.

               This Note is one of the CP Notes referred to in the Credit
Agreement dated as of September 25, 2003, among Borrowers, the Bank, M&I
Marshall & Ilsley Bank, as Agent (the "Agent"), and certain other Lenders, as
amended by Amendment No. 1 to Credit Agreement, dated as of September 24, 2004,
among Borrowers, the Bank, the Agent, and certain other Lenders (such Credit
Agreement, as the same may be further amended or otherwise modified from time to
time, being referred to herein as the "Credit Agreement"), and evidences Loans
made by the Bank thereunder. The Credit Agreement, among other things, contains
provisions for acceleration of the maturity of this Note upon the happening of
certain stated events and for prepayments of CP Loans prior to the maturity of
this Note upon the terms and conditions specified in the Credit Agreement.
Capitalized terms used in this Note have the respective meanings assigned to
them in the Credit Agreement.

                                       14
<PAGE>

               This Note shall be governed by and construed in accordance with
the laws of the State of Wisconsin and the applicable laws of the United States
of America. This Note is performable in Milwaukee County, Wisconsin. Borrowers
and each surety, guarantor, endorser, and other party ever liable for payment of
any sums of money payable on this Note jointly and severally waive notice,
presentment, demand for payment, protest, notice of protest and non-payment or
dishonor, notice of acceleration, notice of intent to accelerate, notice of
intent to demand, diligence in collecting, grace, and all other formalities of
any kind except for those specifically provided for in the Credit Agreement, and
consent to all extensions without notice for any period or periods of time and
partial payments, before or after maturity, and any impairment of any collateral
securing this Note, all without prejudice to the holder. The holder shall
similarly have the right to deal in any way, at any time, with one or more of
the foregoing parties without notice to any other party, and to grant any such
party any extensions of time for payment of any of said indebtedness, or to
release or substitute any such party or part or all of the collateral securing
this Note, or to grant any other indulgences or forbearances whatsoever, without
notice to any other party and without in any way affecting the personal
liability of any party hereunder.

                                         NELNET, INC.

                                         By:
                                                -----------------------------
                                                Name:
                                                       ----------------------
                                                       Authorized Officer

                                         NATIONAL EDUCATION LOAN NETWORK, INC.

                                         By:
                                                -----------------------------
                                                Name:
                                                       ----------------------
                                                       Authorized Officer

                                       15
<PAGE>

                                    EXHIBIT C

                             Compliance Certificate

                                       16
<PAGE>

                             COMPLIANCE CERTIFICATE
                                     for the
                        quarter ending ________ __, ____

To:     M&I Marshall & Ilsley Bank
        777 North Water Street
        Milwaukee, Wisconsin  53202
        Attention:  _______________

Ladies and Gentlemen:

               This Compliance Certificate (the "Certificate") is being
delivered pursuant to Section 7.1(e) of that certain Credit Agreement dated as
of September 25, 2003 (as amended, the "Agreement"), among NELNET, INC.,
NATIONAL EDUCATION LOAN NETWORK, INC. (together, the "Borrowers"), and M&I
Marshall & Ilsley Bank, SunTrust Bank, First National Bank of Omaha and Fifth
Third Bank (the "Banks"). All capitalized terms, unless otherwise defined
herein, shall have the same meanings as in the Credit Agreement. All the
calculations set forth below shall be made pursuant to the terms of the Credit
Agreement.

               The undersigned, a financial officer of Borrowers authorized
under certified resolutions delivered to the Banks, in his capacity as such
financial officer and not in his individual capacity, does hereby certify to the
Bank that:
<TABLE>
<CAPTION>

------ ---------------------------------------------------------------------- ------ --------- -------
 <S>     <C>                                                                   <C>      <C>      <C>
1.     DEFAULT.
------ ---------------------------------------------------------------------- ------ --------- -------
       No Default exists under this Agreement, or, if a Default exists, I have
       described on the attached Exhibit "A "the nature thereof and the steps
       taken or proposed to remedy such Default.
------ -----------------------------------------------------------------------------------------------
                                                                                         Compliance
------ ----------------------------------------------------------------------------- -----------------
2.     SECTION 7.1 - Reporting Requirements.
------ ----------------------------------------------------------------------------- ----- ----- -----
                   (a)  Annual audited financial statements of Borrowers on a
                        consolidated and consolidating basis within
                        90 days after the end of each fiscal year end or 10-K
                        (together with Compliance Certificate).                       Yes    No   N/A
------ ---- ------ ---- ------------------------------------------------------------ ----- ----- -----
                   (b)  Quarterly unaudited financial statements of Borrowers
                        and their respective Subsidiaries on a
                        consolidated and consolidating basis within 45 days
                        after each fiscal quarter end or 10-Q (together with
                        Compliance Certificate).                                      Yes    No   N/A
------ ---- ------ ---- ------------------------------------------------------------ ----- ----- -----
                   (c)  Report listing Permissible Withdrawal Amounts and SLIMS
                        Commitment Amounts.                                           Yes    No   N/A
------ ---- ------ ---- ------------------------------------------------------------ ----- ----- -----
                   (d)  Annual Forecast                                               Yes    No   N/A
------ ---- ------ ---- ------------------------------------------------------------ ----- ----- -----
                   (e)  Report on Borrowers' and Subsidiaries' Student Loan
                        portfolio within 45 days after each fiscal quarter ends.      Yes    No   N/A
------ ---- ------ ---- ------------------------------------------------------------ ----- ----- -----
                   (f)  Annual audit report, SAS 70 report, servicer attestation
                        reports and lender attestation report.                        Yes    No   N/A
------ ---- ------ ---- ------------------------------------------------------------ ----- ----- -----
                   (g)  Student Loan and DOE and Guaranty Agency audit reports
                        within 45 days after each fiscal quarter ends.                Yes    No   N/A
------ ---- ------ ---- ------------------------------------------------------------ ----- ----- -----
                   (h)  Other                                                         Yes    No   N/A
------ ---- ------ ---- ------------------------------------------------------------ ----- ----- -----

                                       17
<PAGE>

3.     SECTION 7.12 -Servicing Performance.
------ ----------------------------------------------------------------------------- ----- ----- -----
       Has the guarantee applicable to any Student Loans owned or by either
       Borrower or any Subsidiary been reduced below 98%?                             Yes    No
------ ----------------------------------------------------------------------------- ----- ----- -----
4.     SECTION 8.5 - Investments.
------ ----------------------------------------------------------------------------- ----- ----- -----
                   (a)  Basket of loans to officers, directors,           $ 100,000
                        agents and employees
------ ---- ------ ---- ----------------------------------------------- ------------ ----- ----- -----
                   (b)  Actual outstanding principal amount of loans      $ ______
                        to officers etc.
------ ---- ------ ---- ------------------------------------------------------------ ----- ----- -----
                   (c) Total Acquisitions during period [Describe]
------ ---- ------ ---- ----------------------------------------------- ------------ ----- ----- -----
                   (d)  Other investments pursuant to Section 8.5(k)
                        made in previous periods                           $ ______
------ ---- ------ ---- ----------------------------------------------- ------------ ----- ----- -----
                   (e)  Other Investments in Subject Period [specify]      $ ______
------ ---- ------ ---- ----------------------------------------------- ------------ ----- ----- -----
                   (f)  Sum of (c) minus (d) plus (e) plus (f)             $ ______
 ------ ---- ------ ---- ----------------------------------------------- ------------ ----- ----- -----
                   (g)  5% of Borrowers' consolidated net assets at        $ ______
                        book value
------ ---- ------ ---- ----------------------------------------------- ------------ ----- ----- -----
                   (h)  Is (g) greater than (f)?                                      Yes    No
------ ---- ------ ---- ------------------------------------------------------------ ----- ----- -----

5.     SECTION 9.1 - Consolidated Tangible Net Worth.
------ ----------------------------------------------------------------------------- ----- ----- -----
                   (a) Beginning Consolidated Tangible Net Worth. $250,000,000
------ ---- ------ ---- ----------------------------------------------- ------------ ----- ----- -----
                   (b) 75% of Borrowers' and Subsidiaries positive
                        GAAP consolidated net income (for each             $ ______
                        completed fiscal quarter since December 31,
                        2003)
------ ---- ------ ---- ----------------------------------------------- ------------ ----- ----- -----
                   (c)  Required Consolidated Net Worth (the sum of        $ ______
                        (a) plus (b))
------ ---- ------ ---- ----------------------------------------------- ------------ ----- ----- -----
                   (d) Actual Consolidated Tangible Net Worth as of quarter end:
------ ---- ------ ---- ------------------------------------------------------------ ----- ----- -----
                        (i)  Stockholders equity                           $ ______
------ ---- ----------- ----------------------------------------------- ------------ ----- ----- -----
                        (ii) Increase in stockholder's equity due          $ ______
                         to write-up
------ ---- ----------- ----------------------------------------------- ------------ ----- ----- -----
                        (iii) Intangibles                                  $ ______
------ ---------------- ----------------------------------------------- ------------ ----- ----- -----
                        (iv) Deferred income tax assets                    $ ______
------ ---------------- ----------------------------------------------- ------------ ----- ----- -----
                        (v)  Securities not marketable                     $ ______
------ ---------------- ----------------------------------------------- ------------ ----- ----- -----
                        (vi) Cash held in sinking fund or other            $ ______
                             similar fund
------ ---------------- ----------------------------------------------- ------------ ----- ----- -----
                        (vii) Shares of capital stock                      $ ______
------ ---------------- ----------------------------------------------- ------------ ----- ----- -----
                        (viii) Minority interests                          $ ______
------ ---------------- ----------------------------------------------- ------------ ----- ----- -----
                        (ix)  Sum of (ii) through (viii)                   $ ______
------ ---------------- ----------------------------------------------- ------------ ----- ----- -----
                        (x)  (i) minus (ix)                                $ ______
------ ---------------- ----------------------------------------------- ------------ ----- ----- -----
                   (e) Is (x) greater than (c)?                                       Yes    No
------ ----------------------------------------------------------------------------- ----- ----- -----
6.     SECTION 9.2 - Maximum Leverage Ratio.
------ ----------------------------------------------------------------------------- ----- ----- -----
       1.               Calculation of Funded Debt
------ ---- ----------- ----------------------------------------------- ------------ ----- ----- -----
                   (a)  Revolving Loans plus interest                      $ ______
------ ---- ------ ---- ----------------------------------------------- ------------ ----- ----- -----
                   (b)  Commercial Paper outstanding                       $ ______
------ ---- ------ ---- ----------------------------------------------- ------------ ----- ----- -----
                   (c)  CP Loans plus interest                             $ ______
------ ---- ------ ---- ----------------------------------------------- ------------ ----- ----- -----
                   (d)  Other funded Debt, including interest              $ ______
------ ---- ------ ---- ----------------------------------------------- ------------ ----- ----- -----
                   (e)  Funded Debt (Sum of (a) through (d))               $ ______
------ ---- ------ ---- ----------------------------------------------- ------------ ----- ----- -----

                                       18
<PAGE>

------ ---- ------ ---- ----------------------------------------------- ------------ ----- ----- -----
       2.               Calculation of Leverage Denominator
------ ---- ------ ---- ----------------------------------------------- ------------ ----- ----- -----

------ ---- ------ ---- ----------------------------------------------- ------------ ----- ----- -----
            2.1         Calculation of Adjusted EBTDA
------ ---- ------ ---- ----------------------------------------------- ------------ ----- ----- -----
                   (a)  Borrowers and Regular Subsidiaries' EBTDA (as      $ ______
                        described on Schedule 1)
------ ---- ------ ---- ----------------------------------------------- ------------ ----- ----- -----
                   (b)  Pro Forma EBTDA as Prior Target or                 $ ______
                        attributable to Prior Target Assets (as
                        described on Schedule 2)
------ ---- ------ ---- ----------------------------------------------- ------------ ----- ----- -----
                   (c)  Prior Company or Prior Asset EBTDA (as             $ ______
                        detailed on Schedule 3)
------ ---- ------ ---- ----------------------------------------------- ------------ ----- ----- -----
                   (d)  Amount paid under participation agreements         $ ______
------ ---- ------ ---- ----------------------------------------------- ------------ ----- ----- -----
                   (e)  Other adjustments approved by Agreement            $ ______
------ ---- ------ ---- ----------------------------------------------- ------------ ----- ----- -----
                   (f)  Adjusted EBTDA sum of (a) and (b) minus (c)        $ ______
                        and (f) and plus or minus (e)
------ ---- ------ ---- ----------------------------------------------- ------------ ----- ----- -----

------ ---- ------ ---- ----------------------------------------------- ------------ ----- ----- -----
            2.2         Calculation of SLIMS Difference
------ ---- ------ ---- ----------------------------------------------- ------------ ----- ----- -----

------ ---- ------ ---- ----------------------------------------------- ------------ ----- ----- -----
                   (a)  Permissible Withdrawal Amount for each Asset       $ ______
                        Securitization
------ ---- ------ ---- ----------------------------------------------- ------------ ----- ----- -----
                                                                           $ ------
------ ---- ----------- ----------------------------------------------- ------------ ----- ----- -----
                                                                           $ ------
------ ---- ----------- ----------------------------------------------- ------------ ----- ----- -----
                                                                           $ ------
------ ---- ----------- ----------------------------------------------- ------------ ----- ----- -----
                   (b)  Aggregate Permissible Withdrawal Amount sum of     $ ______
                        all items in (a)
------ ---- ------ ---- ----------------------------------------------- ------------ ----- ----- -----
                   (c)  SLIMS Commitment Amount for each Asset             $ ______
                        Securitization described in (a) representing       $ ______
                        sum of (1) required payments, (2) amounts          $ ______
                        required to be transferred and (3) pledged or      $ ______
                        secured amounts
------ ---- ------ ---- ----------------------------------------------- ------------ ----- ----- -----
                   (d)  Aggregate SLIMS Commitment Amount sum of all       $ ______
                        items in (c)
------ ---- ------ ---- ----------------------------------------------- ------------ ----- ----- -----
                   (e)  SLIMS Difference [if (b) - (d) is negative         $ ______
                        number, enter 0]
------ ---- ------ ---- ----------------------------------------------- ------------ ----- ----- -----
            2.3         Calculation of Leverage Denominator
------ ---- ------ ---- ----------------------------------------------- ------------ ----- ----- -----

------ ---- ------ ---- ----------------------------------------------- ------------ ----- ----- -----
                   (a)  Sum of 2.1(f) and 2.2(e)                           $ ______
------ ---- ------ ---- ----------------------------------------------- ------------ ----- ----- -----
            2.4         Calculation of ratios
------ ---- ------ ---- ----------------------------------------------- ------------ ----- ----- -----

------ ---- ------ ---- ----------------------------------------------- ------------ ----- ----- -----
                   (a)  Line 1(e) / 2.3 (a)                                $ ______
------ ---- ------ ---- ----------------------------------------------- ------------ ----- ----- -----
                   (b)  Maximum ratio                                     2.25 to 1
------ ---- ------ ---- ----------------------------------------------- ------------ ----- ----- -----
                   (c)  Is line 2.4(b) less than 2.4(a)?                              Yes    No
------ ---- ------ ---- ----------------------------------------------- ------------ ----- ----- -----
7.     MINIMUM LOAN LOSS RESERVE TO TOTAL STUDENT LOANS
------ ---- ------ ---- ----------------------------------------------- ------------ ----- ----- -----
                   (a)  Total Student Loans                                $ ______
------ ---- ------ ---- ----------------------------------------------- ------------ ----- ----- -----
                   (b)  Reserves for bad loans                             $ ______
------ ---- ------ ---- ----------------------------------------------- ------------ ----- ----- -----
                   (c)  Minimum % required                                   0.040%
------ ---- ------ ---- ----------------------------------------------- ------------ ----- ----- -----
                   (d)  (b) / (a) times 100 (to convert to %)
------ ---- ------ ---- ----------------------------------------------- ------------ ----- ----- -----
                   (e) Is (d) greater than (c)?                                       Yes   No
------ ---- ------ ---- ----------------------------------------------- ------------ ----- ----- -----

                                       19
<PAGE>

8.     ATTACHED SCHEDULES
------ -----------------------------------------------------------------------------------------------
       Attached hereto as schedules are the calculations supporting the
       computations set forth above in this Certificate. All information
       contained herein and on the attached schedules is true and correct.
------ -----------------------------------------------------------------------------------------------
9.     FINANCIAL STATEMENTS.
------ -----------------------------------------------------------------------------------------------
       The financial statements attached hereto were prepared in accordance with
       GAAP and fairly present (subject to year end audit adjustments) the
       financial conditions and the results of the operations of the Persons
       reflected thereon, at the date and for the periods indicated therein.
------ -----------------------------------------------------------------------------------------------
10.    CONFLICT.
------ -----------------------------------------------------------------------------------------------
       In the event of any conflict between this compliance certificate and the
       Credit Agreement, the Credit Agreement shall control.
------ -----------------------------------------------------------------------------------------------

               IN WITNESS WHEREOF, the undersigned has executed this Certificate effective this _____
day of ________, ____.
</TABLE>

                                  BORROWERS:

                                  NELNET, INC.

                                  By:
                                      ------------------------------------
                                      Name:
                                             ----------------------
                                             Authorized Officer

                                  NATIONAL EDUCATION LOAN NETWORK, INC.

                                  By:
                                      ------------------------------------
                                      Name:
                                             ----------------------
                                             Authorized Officer

                                       20
<PAGE>

                                   Schedule 1
                                       to
                             Compliance Certificate

                                BORROWERS' EBTDA

          CONSOLIDATED NET INCOME OF BORROWERS AND REGULAR SUBSIDIARIES

(a)  GAAP consolidated net income                                     $_________
(b)  Income of others not received                                    $_________
(c)  Investments to fund deficits or loss                             $_________
(d)  Income subject to restrictions                                   $_________
(e)  Income of a Target for periods prior to Acquisition              $_________
(f)  Gains realized upon the sale or refinancing of assets            $_________
(g)  Increases in book value of assets acquired                       $_________
(h)  Other extraordinary, non recurring, non-operating or
     non-cash gains                                                   $_________
(i)  Sum of (b) through (h)                                           $_________
(j)  Line (a) minus line (i)                                          $_________
(k)  Plus provisions for tax                                          $_________
(1)  Less benefit from tax                                            $_________
(m)  Plus amortization                                                $_________
(n)  Plus depreciation                                                $_________
(o)  Minus other non-cash credits                                     $_________
(p)  Plus interest and admin on SLIMS 2 and 3                         $_________
(p)  Borrowers' and the Regular Subsidiaries' EBTDA:  (j) plus (k),
     (m), (n) and (p) and less (l) and (o)                            $_________

                                       21
<PAGE>

                                   Schedule 2
                                       to
                             Compliance Certificate

                          Prior Target and Asset EBTDA

                                       22
<PAGE>

                                   Schedule 3
                                       to
                             Compliance Certificate

                               Prior Company EBTDA

                                       23
<PAGE>

                                    EXHIBIT D

                                  Subsidiaries

                                       24
<PAGE>

                                    EXHIBIT E

                          Subsidiary Joinder Agreement

                                       25
<PAGE>

                          SUBSIDIARY JOINDER AGREEMENT

               This SUBSIDIARY JOINDER AGREEMENT (the "Agreement") dated as of
September 24, 2004 is executed by the undersigned (each an "Obligated Party")
for the benefit of M&I MARSHALL AND ILSLEY BANK, as agent for itself and the
other Secured Parties, in connection with that certain Credit Agreement dated
September 25, 2003, among NELNET, INC., NATIONAL EDUCATION LOAN NETWORK, INC.
(together the "Borrowers") and M&I MARSHALL & ILSLEY BANK, SUNTRUST BANK, FIRST
NATIONAL BANK OF OMAHA and FIFTH THIRD BANK (formerly known as Fifth Third Bank,
Indiana) (the "Banks"), as amended by that certain Amendment No. 1 to Credit
Agreement dated as of September 24, 2004 (as modified to date, and as it may be
further modified from time to time, the "Credit Agreement", and capitalized
terms not otherwise defined herein being used herein as defined in the Credit
Agreement).

               Each Obligated Party is a newly formed or newly acquired
Subsidiary (but not a Special Purpose Vehicle) and is required to execute this
Agreement pursuant to the Credit Agreement.

               NOW THEREFORE, in consideration of the premises and other good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, each Obligated Party hereby agrees as follows:

        Each Obligated Party hereby assumes all the obligations of a "Guarantor"
under the Guaranty and agrees that it is a "Guarantor" and bound as a
"Guarantor" under the terms of the Guaranty as if it had been an original
signatory thereto. In accordance with the forgoing and for valuable
consideration, the receipt and adequacy of which are hereby acknowledged, each
Obligated Party irrevocably and unconditionally guarantees to the Agent and the
Secured Parties the full and prompt payment and performance of the Guaranteed
Indebtedness (as defined in the Guaranty) upon the terms and conditions set
forth in the Guaranty.

        This Agreement shall be deemed to be part of, and a modification to, the
Guaranty and shall be governed by all the terms and provisions of the Guaranty,
which terms are incorporated herein by reference, are ratified and confirmed and
shall continue in full force and effect as valid and binding agreements of each
Obligated Party enforceable against such Obligated Party. Each Obligated Party
hereby waives notice of the Agent's or any Secured Party's acceptance of this
Agreement.

                            [Signature page follows]

                                       26
<PAGE>

               IN WITNESS WHEREOF, each Obligated Party has executed this
Agreement as of the day and year first written above.

                                    Obligated Party:

                                    NATIONAL EDUCATION LOAN OF NEW ENGLAND, INC.

                                    By:        /s/ Terry J. Heimes
                                        ------------------------------------
                                        Name:  Terry J. Heimes
                                              ------------------------------
                                        Title: Chief Financial Officer
                                               -----------------------------

                                    BST HOLDINGS, INC.

                                    By:        /s/ Terry J. Heimes
                                        ------------------------------------
                                        Name:  Terry J. Heimes
                                              ------------------------------
                                        Title: Chief Financial Officer
                                               -----------------------------

                                       27Exhibit 10-13 Shlemon Emp Agmt

Exhibit
10.13

 

CARRABBA'S
ITALIAN GRILL, INC.

Officer
Employment Agreement

THIS
EMPLOYMENT AGREEMENT (the “Agreement”) is made and entered into effective
April 27,
2000, by and
among STEVEN T.
SHLEMON, whose
address is PO Box
10028, Tampa, FL 33679-0028
(hereinafter referred to as “Employee”),
OS
RESTAURANT SERVICES, INC., a
Delaware corporation having
its principal office at 2202 N. West Shore Boulevard, 5th Floor,
Tampa, Florida 33607 (hereinafter
referred to as the
“Employer”) and CARRABBA'S
ITALIAN GRILL, INC., a
Florida corporation having
its principal office at 2202 N. West Shore Boulevard, 5th Floor,
Tampa, Florida 33607 (the “Company”).

W I T N E
S S E T H:

This
Agreement is made and entered into under the following
circumstances:

A. WHEREAS,
the Company and the Employer are affiliates of Outback Steakhouse, Inc. (“OSI”);
and

B.  WHEREAS,
the Company is engaged in the business of owning and operating restaurants known
as “Carrabba's
Italian Grill®”
utilizing a restaurant operating system and trademarks owned by or licensed to
the Company; and

C.  WHEREAS,
the Company and the Employer are parties to that certain Master Employment
Services Agreement (the “Services Agreement”) dated effective as of January
01, 2001,
pursuant to which the Employer agreed to hire and lease to the Company
operations employees necessary for the operation of the Company’s Carrabba's
Italian Grill®
restaurants; and

D.  WHEREAS,
pursuant to the Services Agreement, the Employer desires, on the terms and
conditions stated herein, to employ Employee and lease Employee to the Company
as President of the
Company; and

E.  WHEREAS,
the Employee desires, on the terms and conditions stated herein, to be employed
by the Employer and leased to the Company as President.

NOW,
THEREFORE, in consideration of the foregoing recitals, and of the premises,
covenants, terms and conditions contained herein, the parties hereto agree as
follows:

1.  Employment
and Term.
Subject
to earlier termination as provided for in Section
8 hereof,
the Employer hereby employs the Employee, and the Employee hereby accepts
employment with the Employer, to be leased to the Company as President of the
Company for a term commencing on April 27,
2000 and
expiring five
(5)
thereafter (“Term of Employment”). Such
Term of Employment shall be automatically renewed for successive renewal terms
of one (1) year each unless either party elects not to renew by giving written
notice to the other party not less than sixty (60) days prior to the start of
any renewal term.

2.  Representations
and Warranties. The
Employee hereby represents and warrants to the Employer and the Company that the
Employee (i) is not subject to any written nonsolicitation
or noncompetition agreement affecting the Employee’s employment with the
Employer and the Company (other than any prior agreement with the Company), (ii)
is not subject to any written confidentiality or nonuse/nondisclosure agreement
affecting the Employee’s employment with the Employer and the Company (other
than any prior agreement with the Company), and (iii) has brought to the
Employer and the Company no trade secrets, confidential business information,
documents, or other personal property of a prior employer.

3.  Duties. As
President of the
Company, the Employee shall: 

(a)  diligently
and faithfully perform all of the duties and functions as may be assigned to the
Employee in such capacity by the Board of Directors, Chief Executive Officer or
President of the Employer or the Company; and

(b)  not to
create a situation that results in termination for “cause” as that term is
defined in Section
8 hereof.
The Employee shall be required hereunder to devote one hundred percent (100%) of
the Employee’s full business time and effort to the business affairs of the
Employer and the Company. The Employee shall be responsible for directly
reporting to the President of the Employer and the Company on all matters for
which the Employee is responsible.

Employee
shall: (i) devote the Employee’s entire business time, attention, and energies
to the business of the Company and the Employer, (ii) faithfully and competently
perform the Employee’s duties hereunder, and (iii) not create a situation
constituting Cause as defined in Section
8. The
Employee shall not, during the term of this Agreement, engage in any other
business activity; provided,
however, that the
Employee shall be permitted to invest the Employee’s personal assets and manage
the Employee’s personal investment portfolio in such a form and manner as will
not require any business services on Employee’s part to any third party
or
conflict with the provisions of Section
9,
Section
10 or
Section 14 hereof,
or conflict with any published policy of the Employer, the Company or their
affiliates, including but not limited to the insider trading policy of the
Company or its affiliates.

Notwithstanding
anything to the contrary herein, the parties acknowledge and agree that the
Employee shall, during the term of this Agreement and at the request of the
Employer or the Company, also serve as an officer of any subsidiary or affiliate
of the Employer, the Company or OSI as the Employer or the Company shall
request. In such capacity, Employee shall be responsible generally for all
aspects of such office. All terms, conditions, rights and obligations of this
Agreement shall be applicable to Employee while serving in such office as though
Employee and such subsidiary or affiliate of the Employer, the Company or OSI
had separately entered into this Agreement, except that the Employee shall not
be entitled to any compensation, vacation, fringe benefits, automobile allowance
or other remuneration of any kind whatsoever from such subsidiary or affiliate
of the Employer, the Company or OSI.

4.  Compensation.
During
the Term of Employment, the Employee shall be entitled to an annual base salary
equal to at least the annual salary of Employee on the effective date hereof,
payable in equal biweekly installments by the Employer, to be reviewed annually
by the Employer.

5.  Vacation.
Employee
shall be entitled to three
(3) weeks
paid vacation (selected by Employee, but subject to the reasonable business
requirements of the Company and the Employer as determined by Employee’s
supervisor) during each full year during the Term of Employment. Vacation
granted but not used in any year shall be forfeited at the end of such one-year
period and may not be carried over to any subsequent year.

6.  Fringe
Benefits.
In
addition to any other rights the Employee may have hereunder, the Employee shall
also be entitled to receive those fringe benefits, including, but not limited
to, complimentary food, life insurance, medical benefits, etc., if any,
as may be provided by the Employer to similar employees of the Employer. The
Employee shall not be entitled to any benefits of any kind provided by the
Company to its employees.

7.  Automobile
Allowance; Expenses.

(a) During
the Term of Employment, the Employer shall pay to Employee a monthly automobile
allowance in the amount of FOUR
HUNDRED AND 00/100 DOLLARS
($400.00). Such
automobile allowance shall be in lieu of reimbursement by the Employer or the
Company of the costs to Employee of purchasing and maintaining an automobile,
and all operational expenses, including, without limitation, mileage, repairs,
insurance, etc., in connection therewith; provided, however, that the Employer
or the Company shall reimburse Employee for the cost of gasoline used in
conducting the Company business. Employee shall, at all times during the Term of
Employment, maintain an automobile for use in connection with the performance of
Employee’s duties and shall maintain in full force and effect, at all times,
with the Employer and the Company as additional loss payees, at least
TWO
HUNDRED FIFTY THOUSAND AND 00/100 DOLLARS
($250,000.00) in
property damage and FIVE
HUNDRED THOUSAND AND 00/100 DOLLARS
($500,000.00) in
personal liability automobile insurance, with an additional ONE
MILLION DOLLARS
($1,000,000.00)
personal liability umbrella. Such
insurance shall be written with an insurance carrier reasonably acceptable to
the Employer and the Company and shall provide that such insurance cannot be
changed, cancelled or permitted to expire without at least ten (10) days prior
written notice to the Employer and the Company.

(b) Subject
to approval by the Chief Financial Officer of the Company and the Employer and
compliance with the Company’s and the Employer’s policies, the Employee may
incur reasonable expenses on behalf of and in furtherance of the business of the
Company and the Employer. Upon approval of such expenses by the Chief Financial
Officer, the Company or the Employer, as applicable, shall promptly reimburse
the Employee for all such expenses upon presentation by the Employee, from time
to time, of appropriate receipts or vouchers for such expenses that are
sufficient in form and substance to satisfy all federal tax requirements for the
deductibility of such expenses by the Company or the Employer, as
applicable.

8. Termination.
Notwithstanding
the provisions of Section
1 hereof,
the Term of Employment shall terminate prior to the end of the period of time
specified in Section
1,
immediately upon:

(a)  The death
of the Employee; or

(b)  The
Employee’s Disability during the Term of Employment. For purposes of this
Agreement, the term “Disability” shall mean the inability of the Employee,
arising out of any medically determinable physical or mental impairment, to
perform the services required of the Employee hereunder for a period of ninety
(90) consecutive days; or

(c)  The
existence of Cause. For purposes of this Agreement, the term “Cause” shall be
defined as:

(i) Failure
of the Employee to perform the duties assigned to the Employee in a manner
satisfactory to the Employer, in its sole discretion; provided, however, that
the Term of Employment shall not be terminated pursuant to this
subparagraph (i) unless the Employer first gives the Employee a written
notice (“Notice of Deficiency”). The Notice of Deficiency shall specify the
deficiencies in the Employee’s performance of the Employee’s duties. The
Employee shall have a period of thirty (30) days, commencing on receipt of the
Notice of Deficiency, in which to cure the deficiencies contained in the Notice
of Deficiency. In the event the Employee does not cure the deficiencies to the
satisfaction of the Employer, in its sole discretion, within such thirty (30)
day period (or if during such thirty (30) day period the Employer determines
that the Employee is not making reasonable, good faith efforts to cure the
deficiencies to the 

 

satisfaction
of the Employer, in its sole discretion, within such thirty (30) day period (or
if during such thirty (30) day period the Employer determines that the Employee
is not making reasonable, good faith efforts to cure the deficiencies to the
satisfaction of the Employer), the Employer shall have the right to immediately
terminate the Term of Employment. The provisions of this subparagraph (i)
may be invoked by the Employer any number of times and cure of deficiencies
contained in any Notice of Deficiency shall not be construed as a waiver of this
subparagraph (i) nor prevent the Employer from issuing any subsequent
Notices of Deficiency; or

 

 

(ii) Any
dishonesty by the Employee in the Employee’s dealings with the Company or the
Employer, the commission of fraud by the Employee, negligence in the performance
of the duties of the Employee, insubordination, willful misconduct, or the
conviction (or plea of guilty or nolo contendere) of the Employee of any felony,
or any other crime involving dishonesty or moral turpitude; or

(iii) Any
violation of any covenant or restriction contained in Section
9, Section 10, Section 12 or
Section 14 hereof;
or

 

             (iv)  Any
violation of any material published policy of the Employer, the Company or their
affiliates (material published policies include, but are not limited to, the
Company’s discrimination and harassment policy, responsible alcohol policy and
insider trading policy).

 

              (d)  At the
election of the Employer, upon the sale of a majority ownership interest in the
Employer or the Company or substantially all of the assets of the Employer or
the Company; or

 

              (e)  At the
election of the Employer, upon the determination by the Company to cease the
Company’s business operations.

For all
purposes of this Agreement, termination for Cause shall be deemed to have
occurred in the event of the Employee’s resignation when, because of existing
facts and circumstances, subsequent termination for Cause can be reasonably
foreseen.

In the
event of termination of this Agreement pursuant to this Section
8, the
Employee or the Employee’s estate, as appropriate, shall be entitled to receive
(in addition to any fringe benefits payable upon death in the case of the
Employee’s death) the base salary provided for herein up to and including the
effective date of termination, prorated on a daily basis. 

9. Noncompetition.

(a)  During
Term. During
the Employee’s employment with the Employer, the Employee shall not,
individually or jointly with others, directly or indirectly, whether for the
Employee’s own account or for that of any other person or entity, engage in or
own or hold any ownership interest in any person or entity engaged in a
restaurant business, and the Employee shall not act as an officer, director,
employee, partner, independent contractor, consultant, principal, agent,
proprietor, or in any other capacity for, nor lend any assistance (financial or
otherwise) or cooperation to any such person or entity. 

(b)  Post
Term. For a
continuous period of two (2) years commencing on termination of the
Employee’s employment with the Employer, regardless of any termination pursuant
to Section
8 or any
voluntary termination or resignation by the
Employee, the Employee
shall not, individually or jointly with others, directly or indirectly, whether
for the
Employee’s own account or for that of any other person or entity, engage in or
own or hold any ownership interest in any person or entity engaged in a
restaurant business with a theme, décor, menu or style of or featured cuisine
the same as or substantially similar to that of any restaurant owned or operated
by the Employer, the Company, OSI or any of their affiliates, and

 

that is
located or intended to be located anywhere within a radius of thirty (30) miles
of any restaurant owned or operated by the Employer, the Company, OSI or any of
their affiliates, or any proposed restaurant to be owned or operated by any of
the foregoing, and Employee shall not act as an officer, director, employee,
partner, independent contractor, consultant, principal, agent, proprietor, or in
any other capacity for, nor lend any assistance (financial or otherwise) or
cooperation to, any such person, or entity. For purposes of this Section
9(b),
Restaurants owned or operated by the Employer, the Company or OSI shall include
restaurants operated or owned by an affiliate of the Employer, the Company or
OSI, any successor entity to the Employer, the Company or OSI, and any entity in
which the Employer, the Company, OSI or any of their affiliates has an interest,
including but not limited to, an interest as a franchisor. The term “proposed
restaurant” shall include all locations for which the Employer, the Company,
OSI, or their franchisees or affiliates is conducting active, bona fide
negotiations to secure a fee or leasehold interest with the intention of
establishing a restaurant thereon.

(c)  Limitation.
Notwithstanding subsections
(a) and
(b), it
shall not be a violation of this Section
9 for
Employee to own a one percent (1%) or smaller interest in any corporation
required to file periodic reports with the Securities and Exchange Commission
pursuant to the Securities Exchange Act of 1934, as amended, or successor
statute. 

10. Nondisclosure;
Nonsolicitation; Nonpiracy.
Except in
the performance of Employee’s duties hereunder, at no time during the Term of
Employment, or at any time thereafter, shall Employee, individually or jointly
with others, for the benefit of Employee or any third party, publish, disclose,
use, or authorize anyone else to publish, disclose, or use, any secret or
confidential material or information relating to any aspect of the business or
operations of the Employer, the Company, OSI or their affiliates, including,
without limitation, any secret or confidential information relating to the
business, customers, trade or industrial practices, trade secrets, technology,
recipes or know-how of any of the Employer, the Company, OSI or their
affiliates. Moreover, during the Employee’s employment with the Company and for
two (2) years thereafter, Employee shall not offer employment to any employee of
the Employer, the Company, OSI, their franchisees or affiliates, or otherwise
solicit or induce any employee of the Employer, the Company, OSI, their
franchisees or affiliates to terminate their employment, nor shall Employee act
as an officer, director, employee, partner, independent contractor, consultant,
principal, agent, proprietor, owner or part owner, or in any other capacity, for
any person or entity that solicits or otherwise induces any employee of the
Employer, the Company, OSI, their franchisees or affiliates to terminate their
employment.

11. Employer
or Company Property: Employee Duty to Return. All
Employer or Company products, recipes, product specifications, training
materials, employee selection and testing materials, marketing and advertising
materials, special event, charitable and community activity materials, customer
correspondence, internal memoranda, products and designs, sales information,
project files, price lists, customer and vendor lists, prospectus reports,
customer or vendor information, sales literature, territory printouts, call
books, notebooks, textbooks, and all other like information or products,
including all copies, duplications, replications, and derivatives of such
information or products, now in the possession of Employee or acquired by
Employee while in the employ of the Employer or the Company, shall be the
exclusive property of the Employer and the Company and shall be returned to the
Employer or the Company no later than the date of Employee’s last day of work
with the Employer or the Company.

12. Inventions,
Ideas, Processes, and Designs. All
inventions, ideas, recipes, processes, programs, software, and designs
(including all improvements) (i) conceived or made by Employee during the course
of Employee’s employment with the Employer or the Company (whether or not
actually conceived during regular business hours) and for a period of six (6)
months subsequent to the termination or expiration of such employment and (ii)
related to the business of the Employer or the Company, shall be disclosed in
writing promptly to the Employer and the Company and shall be the sole and
exclusive property of the Employer and the Company. An

 

invention,
idea, recipe, process, program, software or design (including an improvement)
shall be deemed “related to the business of the Employer or the Company” if (a)
it was made with equipment, supplies, facilities, or confidential information of
the Employer or the Company, (b) results from work performed by Employee for the
Employer or the Company, or (c) pertains to the current business or demonstrably
anticipated research or development work of the Employer or the Company.
Employee shall cooperate with the Employer and the Company and their attorneys
in the preparation of patent and copyright applications for such developments
and, upon request, shall promptly assign all such inventions, ideas, recipes,
processes, and designs to the Employer or the Company. The decision to file for
patent or copyright protection or to maintain such development as a trade secret
shall be in the sole discretion of the Employer and the Company, and Employee
shall be bound by such decision. Employee shall provide, on the back of this
Employment Agreement, a complete list of all inventions, ideas, recipes,
processes, and designs if any, patented or unpatented, copyrighted or
non-copyrighted, including a brief description, that the Employee made or
conceived prior to Employee’s employment with the Employer and the Company and
that therefore are excluded form the scope of this Agreement.

13. Employer’s
and Company’s Promise to Give Employee Trade Secrets and
Training. In
return for Employee’s agreement not to use or disclose Employer’s or the
Company’s trade secrets, training, systems and confidential proprietary business
methods, Employer and the Company unconditionally promise to give Employee
within ninety (90) days of the signing of this contract trade secrets,
specialized training and other confidential proprietary business
methods.

Specifically,
Employer and the Company unconditionally promise to give Employee one-on-one
training from executives, trainers and senior employees of Employer, the Company
or their affiliates. Further, the training will include training and information
concerning procedures and confidential proprietary methods Employer and the
Company use to obtain and retain business from their customer base, operations
in Employer’s and the Company’s home office, marketing and sales techniques, and
information regarding the confidential information listed in Section
12(b) of this
Agreement. Further, after the ninety (90) days, as Employer and the Company
develop (during Employee’s employment with Employer) additional trade secrets,
employee surveys and analyses, financial data and other confidential proprietary
business methods and overall marketing plans and strategies, Employer and the
Company promise to continue to provide, on a periodic basis, said confidential
information and additional training and analysis from their executives, trainers
and/or senior employees to Employee for so long as Employee is employed by
Employer as President.

14. Employee’s
Promise Not to Disclose Trade Secrets and Confidential
Information. Employee
understands and agrees that Employer and the Company will provide unique and
specialized training and confidential information concerning Employer’s and the
Company’s business operations, including, but not limited to, recipes, product
specifications, restaurant operating techniques and procedures, marketing
techniques and procedures, financial data, processes, vendors and other
information that was developed and maintained at considerable effort and expense
to Employer and the Company, for the Employer’s and the Company’s sole and
exclusive use, and which if used by the Employer’s or the Company’s competitors
would give them an unfair business advantage. Employee believes the
unconditional promise to provide said information is sufficient consideration
for Employee’s promise to adhere to the restrictive covenants of Section
9, Section 10,
Section
12 and
Section
14 of this
Agreement. 

15. Restrictive
Covenants: Consideration; Non-Estoppel; Independent Agreements; and
Non-Executory Agreements.
The
restrictive covenants of
Section 9, Section 10, Section 12 and
Section 14 of this
Agreement are given and made by Employee to induce the Employer to employ the
Employee and to enter into this Agreement with the Employee, and Employee hereby
acknowledges that employment with the Employer is sufficient consideration for
these restrictive covenants.

The
restrictive covenants of Section
9, Section 10, Section 12 and
Section 14 of this
Agreement shall be construed as agreements independent of any other provision in
this Agreement, and the existence of any claim or cause of action of Employee
against the Employer or the Company, whether predicated upon this Agreement or
otherwise, shall not constitute a defense to the enforcement of any restrictive
covenant. The Employer and the Company have fully performed all obligations
entitling them to the restrictive covenants of Section
9, Section 10, Section 12 and
Section 14 of this
Agreement, and those restrictive covenants therefore are not executory or
otherwise subject to rejection under the Bankruptcy Code.

The
refusal or failure of the Employer or the Company to enforce any restrictive
covenant of Section
9, Section 10, Section 12 or
Section 14 of this
Agreement (or any similar agreement) against any other employee, agent, or
independent contractor, for any reason, shall not constitute a defense to the
enforcement by the Employer or the Company of any such restrictive covenant, nor
shall it give rise to any claim or cause of action by Employee against the
Employer or the Company.

16. Reasonableness
of Restrictions; Reformation; Enforcement. The
parties hereto recognize and acknowledge that the geographical and time
limitations contained in Section
9, Section 10, Section 12 and
Section 14 hereof
are reasonable and properly required for the adequate protection of the
Company’s and the Employer’s interests. Employee acknowledges that the Company
is the owner or the licensee of the Carrabba's
Italian Grill®
trademarks, and the owner or the licensee of the Carrabba's
Italian Grill®
restaurant operating system and will provide to Employee training in and
confidential information concerning the Carrabba's
Italian Grill®
restaurant operating system in reliance on the covenants contained in
Section
9, Section 10, Section 12 and
Section 14 hereof.
It is agreed by the parties hereto that if any portion of the restrictions
contained in Section
9, Section 10, Section 12 or
Section 14 are held
to be unreasonable, arbitrary, or against public policy, then the restrictions
shall be considered divisible, both as to the time and to the geographical area,
with each month of the specified period being deemed a separate period of time
and each radius mile of the restricted territory being deemed a separate
geographical area, so that the lesser period of time or geographical area shall
remain effective so long as the same is not unreasonable, arbitrary, or against
public policy. The parties hereto agree that in the event any court of competent
jurisdiction determines the specified period or the specified geographical area
of the restricted territory to be unreasonable, arbitrary, or against public
policy, a lesser time period or geographical area that is determined to be
reasonable, nonarbitrary, and not against public policy may be enforced against
Employee. If Employee shall violate any of the covenants contained herein and if
any court action is instituted by the Company or the Employer to prevent or
enjoin such violation, then the period of time during which the Employee’s
business activities shall be restricted, as provided in this Agreement, shall be
lengthened by a period of time equal to the period between the date of the
Employee’s breach of the terms or covenants contained in this Agreement and the
date on which the decree of the court disposing of the issues upon the merits
shall become final and not subject to further appeal.

In the
event it is necessary for the Company or the Employer to initiate legal
proceedings to enforce, interpret or construe any of the covenants contained in
Section
9, Section 10, Section 12 or
Section 14 hereof,
the prevailing party in such proceedings shall be entitled to receive from the
non-prevailing party, in addition to all other remedies, all costs, including
reasonable attorneys’ fees, of such proceedings including appellate
proceedings.

17. Specific
Performance.
Employee
agrees that a breach of any of the covenants contained in Section
9, Section 10, Section 12 or
Section 14 hereof
will cause irreparable injury to the Company and the Employer for which the
remedy at law will be inadequate and would be difficult to ascertain and
therefore, in the event of the breach or threatened breach of any such
covenants, the Company and the Employer shall be entitled, in addition to any
other rights and remedies they may have at law or in equity, to obtain an
injunction to restrain Employee from any threatened or actual activities in
violation of any such covenants. Employee hereby consents

 

and
agrees that temporary and permanent injunctive relief may be granted in any
proceedings that might be brought to enforce any such covenants without the
necessity of proof of actual damages, and in the event the Company or the
Employer does apply for such an injunction, Employee shall not raise as a
defense thereto that the Company or the Employer has an adequate remedy at
law.

18. Assignability.
This
Agreement and the rights and duties created hereunder, shall not be assignable
or delegable by Employee. The Employer and the Company shall have the right,
without Employee’s knowledge or consent, to assign this Agreement, in whole or
in part and any or all of the rights and duties hereunder, including but not
limited to the restrictive covenants of Section
9, Section 10, Section 11, Section 12 and
Section
14 hereof
to any person, including but not limited to any affiliate of the Employer, the
Company, any affiliate of the Company, or any successor to the Company’s
interest in the Carrabba's
Italian Grill®
restaurants, and Employee shall be bound by such assignment. Any assignee or
successor may enforce any restrictive covenant of this Agreement.

19. Effect
of Termination.
The
termination of this Agreement, for whatever reason, or the expiration of this
Agreement shall not extinguish those obligations of Employee specified in
Section
9,
Section
10,
Section
11, Section 12 and
Section
14 hereof.
The restrictive covenants of Section
9, Section 10, Section 11, Section 12 and
Section 14 shall
survive the termination or expiration of this Agreement. The termination or
expiration of this Agreement shall extinguish the right of any party to bring an
action, either in law or in equity, for breach of this Agreement by any other
party.

20. Captions;
Terms.
The
captions of this Agreement are for convenience only, and shall not be construed
to limit, define, or modify the substantive terms hereof.

21. Acknowledgments.
Employee hereby acknowledges that the Employee has been provided with a copy of
this Agreement for review prior to signing it, that the Employee has been given
the opportunity to have this Agreement reviewed by Employee’s attorney prior to
signing it, that the Employee understands the purposes and effects of this
Agreement, and that the Employee has been given a signed copy of this Agreement
for Employee’s own records.

22. Notices.
All
notices or other communications provided for herein to be given or sent to a
party by the other party shall be deemed validly given or sent if in writing and
mailed, postage prepaid, by certified United States mail, return receipt
requested, addressed to the parties at their addresses hereinabove set forth.
Any party may give notice to the other party at any time, by the method
specified above, of a change in the address at which, or the person to whom,
notice is to be addressed.

23. Severability.
Each
section, subsection, and lesser Section of this Agreement constitutes a separate
and distinct undertaking, covenant, or provision hereof. In the event that any
provision of this Agreement shall be determined to be invalid or unenforceable,
such provision shall be deemed limited by construction in scope and effect to
the minimum extent necessary to render the same valid and enforceable, and, in
the event such a limiting construction is impossible, such invalid or
unenforceable provision shall be deemed severed from this Agreement, but every
other provision of this Agreement shall remain in full force and
effect.

24. Waiver.
The
failure of a party to enforce any term, provision, or condition of this
Agreement at any time or times shall not be deemed a waiver of that term,
provision, or condition for the future, nor shall any specific waiver of a term,
provision, or condition at one time be deemed a waiver of such term, provision,
or condition for any future time or times.

25. Parties.
This
Agreement shall be binding upon, and shall inure to the benefit of, the parties
hereto and their legal representatives, and proper successors or assigns, as the
case may be.

26. Governing
Law.
The
validity, interpretation, and performance of this Agreement shall be governed by
the laws of the State of Florida without giving effect to the principles of
comity or conflicts of laws thereof.

27. Consent
to Personal Jurisdiction and Venue.
Employee
hereby consents to personal jurisdiction and venue, for any action brought by
the Employer or the Company arising out of a breach or threatened breach of this
Agreement or out of the relationship established by this Agreement, exclusively
in the United States District Court for the Middle District of Florida, Tampa
Division, or in the Circuit Court in and for Hillsborough County, Florida;
Employee hereby agrees that any action brought by Employee, alone or in
combination with others, against the Employer or the Company, whether arising
out of this Agreement or otherwise, shall be brought exclusively in the United
States District Court for the Middle District of Florida, Tampa Division, or in
the Circuit Court in and for Hillsborough County, Florida. 

28. Affiliate.
Whenever
used in this Agreement, the term “affiliate” shall mean, with respect to any
entity, all persons or entities (i) controlled by the entity, (ii) that control
the entity, or (iii) that are under common control with the entity.

29. Cooperation.
Employee shall cooperate fully with all reasonable requests for information and
participation by the Employer or the Company, their agents, or their attorneys,
in prosecuting or defending claims, suits, and disputes brought on behalf of or
against one or both of them and in which Employee is involved or about which
Employee has knowledge.

30. Amendments. No
change, modification, or termination of any of the terms, provisions, or
conditions of this Agreement shall be effective unless made in writing and
signed or initialed by all signatories to this Agreement.

31. WAIVER
OF JURY TRIAL.
ALL
PARTIES TO THIS AGREEMENT KNOW AND UNDERSTAND THAT THEY HAVE A CONSTITUTIONAL
RIGHT TO A JURY TRIAL. THE PARTIES ACKNOWLEDGE THAT ANY DISPUTE OR CONTROVERSY
THAT MAY ARISE OUT OF THIS AGREEMENT WILL INVOLVE COMPLICATED AND DIFFICULT
FACTUAL AND LEGAL ISSUES.

THE
PARTIES HEREBY WAIVE ANY RIGHT TO TRIAL BY JURY IN ANY PROCEEDING ARISING OUT OF
OR RELATING TO THIS AGREEMENT OR ANY OF THE CONTEMPLATED TRANSACTIONS, WHETHER
NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT, TORT OR
OTHERWISE. THE PARTIES AGREE THAT ANY OF THEM MAY FILE A COPY OF THIS PARAGRAPH
WITH ANY COURT AS WRITTEN EVIDENCE OF THE KNOWING, VOLUNTARY AND BARGAINED-FOR
AGREEMENT AMONG THE PARTIES IRREVOCABLY TO WAIVE TRIAL BY JURY AND THAT ANY
PROCEEDING WHATSOEVER BETWEEN THEM RELATING TO THIS AGREEMENT OR ANY OF THE
CONTEMPLATED TRANSACTIONS SHALL INSTEAD BE TRIED IN A COURT OF COMPETENT
JURISDICTION BY A JUDGE SITTING WITHOUT A JURY.

THE
PARTIES INTEND THIS WAIVER OF THE RIGHT TO A JURY TRIAL BE AS BROAD AS POSSIBLE.
BY THEIR SIGNATURES BELOW, THE PARTIES PROMISE, WARRANT AND REPRESENT THAT THEY
WILL NOT PLEAD FOR, REQUEST OR OTHERWISE SEEK TO HAVE A 

 

JURY
TO RESOLVE ANY AND ALL DISPUTES THAT MAY ARISE BY, BETWEEN OR AMONG
THEM.

32. Entire
Agreement; Counterparts.
This
Agreement and the agreements referred to herein constitute the entire agreement
between the parties hereto concerning the subject matter hereof, and supersede
all prior memoranda, correspondence, conversations, negotiations and agreements.
This Agreement may be executed in several identical counterparts that together
shall constitute but one and the same Agreement.

IN
WITNESS WHEREOF, the undersigned have executed this Agreement as of the date
first written above.

	 	 	
      “EMPLOYEE”
	 
				
	
      _____________________________
	 	
      ________________________________
	 
	
      Witness
	 	
      STEVEN
      T. SHLEMON
	 
				
	
      _____________________________
	 	 	 
	
      Witness
	 	 	 
				
				
	 	 	
      “EMPLOYER”
	 
				
				
	
      Attest:
	 	
      OS
      RESTAURANT SERVICES, INC.,
      Delaware corporation
	 
				
	 	 	 	 
				
	 	 	 	 
				
	
      By:____________________________
	 	
      By:____________________________
	 
	
          
      JOSEPH J. KADOW, Secretary
	 	
          
      ROBERT S. MERRITT,
      Senior
      Vice President
	 
				
	 	 	 	 
				
	 	 	
      “COMPANY”
	 
				
				
	
      Attest:
	 	
      CARRABBA'S
      ITALIAN GRILL, INC., a
      Florida corporation
	 
				
				
	 	 	 	 
				
	
      By:____________________________
	 	
      By:____________________________
	 
	
          
      JOSEPH J. KADOW, Secretary
	 	
          
      ROBERT S. MERRITT,
      Senior
      Vice President

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