Document:

Exhibit 4.4

                                                                  EXECUTION COPY

                             THIRD TERMS SUPPLEMENT

                                     TO THE

                                 TRUST AGREEMENT

                            DATED AS OF MAY 15, 1998

                                     between

                                    EMT CORP.
                                    as Issuer

                                       and

                           BANK ONE TRUST COMPANY, NA

                                   as Trustee

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

                          Dated as of September 1, 1999

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

                                    Securing

                                  $175,000,000

                         STUDENT LOAN ASSET-BACKED NOTES

                            AUCTION RATE CERTIFICATES

                      1999 SENIOR SERIES A-7, A- 8 and A-9

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                  THIRD TERMS SUPPLEMENT, dated as of September 1, 1999, between
EMT CORP., an Indiana corporation (the "Issuer") acting through KEYBANK INDIANA,
N.A. not in its individual capacity but solely as eligible lender trustee (the
"Eligible Lender Trustee") pursuant to a certain trust agreement, dated as of
May 15, 1998, by and between the Issuer and the Eligible Lender Trustee (the
"Eligible Lender Trust Agreement"), and BANK ONE TRUST COMPANY, NA (successor to
NBD Bank, N.A.), a national banking association, duly established, existing and
authorized to accept and execute trusts of the character herein set out under
and by virtue of the laws of the United States of America, with its designated
trust office in Indianapolis, Indiana, (the "Trustee"), as Trustee under a Trust
Agreement dated as of May 15, 1998, as amended and supplemented to the date
hereof including by this Third Terms Supplement, by and between the Issuer and
such Trustee (the "Trust Agreement").

                              PRELIMINARY STATEMENT

         Sections 2.1 and 7.1 of the Trust Agreement provide, among other
things, that the Issuer and the Trustee may enter into an instrument
constituting a Supplemental Trust Agreement supplemental to the Trust Agreement
for the purpose of authorizing one or more Series of Notes and to specify
certain terms of such Series of Notes. The Issuer has duly authorized the
execution and delivery of three Series of Senior Notes in an aggregate principal
amount not to exceed $175,000,000 to be known as the Issuer's Student Loan
Asset-Backed Notes, Auction Rate Certificates, 1999 Senior Series A-7 in the
aggregate principal amount of $60,000,000 (the "Series A-7 Notes"), 1999 Senior
Series A-8 in the aggregate principal amount of $60,000,000 (the Series A-8
Notes ) and the 1999 Senior Series A-9 in the aggregate principal amount of
$55,000,000 (the "Series A-9 Notes"). The Series A-7 Notes, the Series A-8 Notes
and the Series A-9 Notes are sometimes referred to herein as the "Series
1999-I", Notes and are sometimes referred to herein as the "1999-I Notes." The
Issuer and the Trustee are executing and delivering this Third Terms Supplement
as a subsequent Supplemental Trust Agreement in order to provide for the 1999-I
Notes.

                                   ARTICLE I.

                                   DEFINITIONS

                  Capitalized terms used in this Third Terms Supplement and not
otherwise defined herein shall have the meaning set forth for such term in the
Trust Agreement.

                   "ALL HOLD RATE" means the Applicable LIBOR Rate less .20%.

                   "APPLICABLE LIBOR RATE" means, with respect to the Notes (i)
for Auction Periods of 35 days or less, One-Month LIBOR, (ii) for Auction
Periods of more than 35 days but less than 91 days, Three-Month LIBOR, (iii) for
Auction Periods of more than 90 days but less than 181 days, Six-Month LIBOR,
and (iv) for Auction Periods of more than 180 days One-Year LIBOR. As used in
this definition and otherwise herein, the terms ONE-MONTH LIBOR,
  THREE-MONTH LIBOR, SIX-MONTH LIBOR or ONE-YEAR LIBOR mean the rate of interest
per annum equal to the rate per annum at which United States dollar deposits
having a maturity of one month, three months, six months or one year,
respectively, are offered to prime banks in

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the London interbank market which appear on the Reuters Screen LIBOR Page as of
approximately 11:00 a.m., in London time, on the Series Rate Determination Date.
If at least two such quotations appear, One-Month LIBOR, Three-Month, LIBOR
Six-Month LIBOR or One-Year LIBOR, respectively, will be the arithmetic mean
(rounded upwards, if necessary, to the nearest one-hundredth of one percent) of
such offered rates. If fewer than two such quotes appear, One-Month LIBOR,
Three-Month LIBOR, Six-Month LIBOR or One-Year LIBOR respectively, with respect
to such Series Interest Period will be determined at approximately 11:00 a.m.,
London time, on such Series Rate Determination Date on the basis of the rate at
which deposits in United States dollars having a maturity of one month, three
months, six months or one year, respectively, are offered to prime banks in the
London interbank market by four major banks in the London interbank market
selected by the Auction Agent or the Trustee, as applicable, and in a principal
amount of not less than U.S. $1,000,000 and that is representative for a single
transaction in such market at such time. The Auction Agent or the Trustee, as
applicable, are to request the principal London office of each of such banks to
provide a quotation of its rate. If at least two quotations are provided,
One-Month LIBOR, Three-Month LIBOR, Six-Month LIBOR or One-Year LIBOR,
respectively, will be the arithmetic mean (rounded upwards, if necessary, to the
nearest one-hundredth of one percent) of such offered rates. If fewer than two
quotations are provided, One-Month LIBOR, Three-Month LIBOR, Six-Month LIBOR or
One-Year LIBOR, respectively, with respect to such Series Interest Period will
be the arithmetic mean (rounded upwards if necessary to the nearest
one-hundredth of one percent) of the rates quoted at approximately 11:00 a.m.,
New York City time on such Determination Date by three major banks in New York,
New York selected by the Auction Agent or the Trustee, as applicable, for loans
in United States dollars to leading European banks having a maturity of one
month, three months, six months or one year, respectively, and in a principal
amount equal to an amount of not less than U.S. $1,000,000 and that is
representative for a single transaction in such market at such time; provided,
however, that if the banks selected as aforesaid are not quoting as mentioned in
this sentence, One-Month LIBOR, Three-Month LIBOR, Six-Month LIBOR or One-Year
LIBOR, respectively, in effect for the applicable Series Interest Period will be
One-Month LIBOR, Three-Month LIBOR, Six Month LIBOR or One-Year LIBOR,
respectively, in effect for the immediately preceding Series Interest Period.

                   "AUCTION" means the implementation of the Auction Procedures
on an Auction Date.

                   "AUCTION AGENCY AGREEMENT" means the initial Auction Agency
Agreement unless and until a substitute Auction Agency Agreement is entered
into, after which "Auction Agency Agreement" shall mean such substitute Auction
Agency Agreement.

                   "AUCTION AGENT" means IBJ Whitehall Bank & Trust Company, a
New York banking corporation, its successors and assigns, as the initial Auction
Agent under the initial Auction Agency Agreement unless and until a substitute
Auction Agency Agreement becomes effective, after which "Auction Agent" shall
mean the substitute Auction Agent.

                   "AUCTION AGENT FEE" has the meaning set forth in the Auction
Agency Agreement.
                                        2

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                   "AUCTION AGENT FEE RATE" has the meaning set forth in the
Auction Agency Agreement.

                   "AUCTION DATE" means, initially, October 26, 1999 with
respect to the Series A-7 Notes, November 2 1999 with respect to the Series A-8
Notes and November 9, 1999 with respect to the Series A-9 Notes and thereafter,
the Business Day immediately preceding the first day of each Auction Period for
each respective Series, other than:

                           (a)      with respect to any Series of Notes, each
                                    Auction Period commencing after the
                                    ownership of such Series of Notes is no
                                    longer maintained in Book-Entry Form by the
                                    Securities Depository;

                           (b)      each Auction Period commencing after an
                                    during the continuance of an Event of
                                    Default; or

                           (c)      each Auction Period commencing less than two
                                    Business Days after the cure or waiver of a
                                    Event of Default.

Notwithstanding the foregoing, the Auction Date for one or more Auction Periods
may be changed pursuant to Section 2.5.6 of this Terms Supplement.

                   "AUCTION PERIOD" means, with respect to each Series of 1999-I
Notes, the Series Interest Period applicable to such Series of Notes during
which time the related Series Interest Rate is determined pursuant to Section
2.5.1 hereof, which Auction Period (after the Initial Period for such Series)
initially shall consist generally of 28 days and may be adjusted pursuant to
Section 2.5.6 hereof.

                   "AUCTION PERIOD ADJUSTMENT" means an adjustment to the
Auction Period as provided in Section 2.5.6 hereof.

                   "AUCTION PROCEDURES" means the procedures set forth in
Section 2.5.1 hereof by which the Auction Rate is determined.

                   "AUCTION RATE" means the rate of interest per annum that
results from implementation of the Auction Procedures and is determined as
described in Section 2.5.1 (c)(iii) hereof.

                   "AUTHORIZED DENOMINATIONS" means, with respect to any Series
of 1999-I Notes, $50,000 and integral multiples of $50,000 in excess thereof.

                   "AVAILABLE 1999-1 NOTES" has the meaning set forth in Section
2.5.l(c)(i)(A) hereof.

                   "BID" has the meaning set forth in Section 2.5.1 (a)(i)
hereof.

                   "BID AUCTION Rate" has the meaning set forth in Section 2.5.1
(c)(i) hereof.
                                        3

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                   "BIDDER" has the meaning set forth in Section 2.5.1 (a)(i)
hereof.

                   "BOND EQUIVALENT YIELD" means, in respect of any security the
"bond equivalent yield," the rate for which is quoted in THE WALL STREET JOURNAL
on a bank discount basis, a yield (expressed as a percentage) for such security
which appears on Telerate United States Treasury and Money Market Composite Page
0223, rounded up to the nearest one one-hundredth of one percent.

                   "BOOK-ENTRY FORM" or "BOOK-ENTRY SYSTEM" means a form or
system under which (i) the beneficial right to principal and interest may be
transferred only through a book entry, (ii) physical securities in registered
form are issued only to a Securities Depository or its nominee as registered
owner with the securities "immobilized" to the custody of the Securities
Depository, and (iii) the book entry is the record that identifies the owners of
beneficial interests in that principal and interest.

                   "BROKER-DEALER" means PaineWebber Incorporated or any other
broker or dealer (each as defined in the Securities Exchange Act of 1934, as
amended), commercial bank or other entity permitted by law to perform the
functions required of a Broker-Dealer set forth in the Auction Procedures that
(a) is a Participant (or an affiliate of a Participant), (b) has been appointed
as such by the Trustee pursuant to Section 2.5.5 hereof or the Issuer pursuant
to the Trust Agreement and (c) has entered into a Broker-Dealer Agreement that
is in effect on the date of reference.

                   "BROKER-DEALER AGREEMENT" means each agreement between the
Auction Agent and a Broker-Dealer, and approved by the Issuer, pursuant to which
the Broker-Dealer agrees to participate in Auctions as set forth in the Auction
Procedures, as from time to time amended or supplemented. Each Broker-Dealer
Agreement shall be in substantially the form of the Broker-Dealer Agreement
dated as of September 1, 1999 between IBJ Whitehall Bank & Trust Company, as
Auction Agent, and PaineWebber Incorporated, as Broker-Dealer.

                   "BROKER-DEALER Fee" has the meaning set forth in the
Broker-Dealer Agreement.

                   "BROKER-DEALER FEE RATE" has the meaning set forth in the
Broker-Dealer Agreement.

                   "BUSINESS DAY" Means any day on which the New York Stock
Exchange is open for trading and any day other than a Saturday, a Sunday or a
day on which banking institutions or trust companies in New York or Indiana are
authorized or obligated by law, regulation or executive order to remain closed.

                   "CLOSING DATE" means, with respect to the 1999-I Notes,
September 29, 1999, the date of initial issuance and delivery of the 1999-I
Notes hereunder.

                   "EXISTING NOTE OWNER" means (i) with respect to and for the
purpose of dealing with the Auction Agent in connection with an Auction, a
Person who is a Broker-Dealer listed in the Existing Note Owner Registry at the
close of business on the Business Day immediately preceding such Auction and
(ii) with respect to and for the purpose of dealing with the Broker-Dealer in
connection with an Auction, a Person who is a beneficial owner of Notes.

                                        4

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                   "EXISTING NOTE OWNER REGISTRY" means the registry of Persons
who are owners of the Notes, maintained by the Auction Agent as provided in the
Auction Agency Agreement.

                   "FINAL MATURITY DATE" means December 1, 2030 for each Series
of 1999-I Notes.

                   "HOLD ORDER" has the meaning set forth in Section 2.5.1
(a)(i) hereof.

                   "INTEREST RATE" means, with respect to a Series of 1999-I
Notes, the rate of interest per annum borne by such Series as of the time
referred to, including, without limitation, the related Series Initial Rate and
the related Series Interest Rate.

                   "LIBOR DETERMINATION Date" means the Business Day prior to
the commencement of each Interest Period.

                   "LONDON BANKING DAY" means any Business Day on which dealings
in deposits in United States dollars are transacted in the London interbank
market.

                   "MARKET AGENT" means PaineWebber Incorporated, New York, New
York, in such capacity hereunder, or any successor to it in such capacity
hereunder.

                   "MAXIMUM AUCTION RATE" means, with respect to a Series of
Notes, (i) for Auction Periods of 35 days or less, either (A) One-Month LIBOR
plus 1.50% (if both ratings assigned by the Rating Agencies to the Series of
Notes, are "AAA" OR BETTER) OR (B) ONE-MONTH LIBOR plus 2.50% (if both of the
ratings assigned by the Rating Agencies to the Series of Notes, are "Aa3" or
"AA-" or better) or (C) One-Month LIBOR plus 3.50% (if any one of the ratings
assigned by the Rating Agencies to the Series of Notes is less than "AA-") or
(ii) for Auction Periods of greater than 35 days, either (X) the greater of the
Applicable LIBOR Rate, plus 1.50% (if both of the ratings assigned by the Rating
Agencies to the Series of Notes, are "AAA" or better) or (Y) the greater of the
APPLICABLE LIBOR RATE, plus 2.50% (if both ratings assigned by the Rating
Agencies to the Series of Notes, are "Aa3" or "AA-" or better) or (Z) the
greater of the Applicable LIBOR Rate plus 3.50% (if any one of the ratings
assigned by the Rating Agencies to the Series of Notes is less than "AA-"). For
purposes of the Auction Agent and the Auction Procedures, the ratings referred
to in this definition shall be the last ratings of which the Auction Agent has
been given notice pursuant to the Auction Agency Agreement.

                   "NET LOAN RATE" means the rate of interest per annum (rounded
to the next highest one one-hundredth of one percent) equal to the applicable
United States Treasury Security Rate, plus 1.50%. For Auction Periods of 180
days or less, the applicable United States Treasury Security Rate is for 91-day
United States Treasury securities and for Auction Periods of more than 180 days,
the applicable United States Treasury Security Rate is for one-year United
States Treasury securities. The foregoing notwithstanding, if the Auction Rate
shall exceed the Net Loan Rate computed as set forth above, the Net Loan Rate
shall be re-computed to the rate of interest per annum (rounded to the next
highest one one-hundredth of one percent) equal to (i) the weighted average
interest rate of the Loans (after giving effect to all applicable interest
subsidy payments, special allowance payments rebate fees on consolidation Loans
and reductions pursuant to borrower incentives or similar programs, if any) as
of the last day of the prior calendar quarter, less (ii) any applicable expenses
(but in no event in an amount in excess of 1.5% of the principal amount of the
Outstanding Notes) during such period. The prior

                                       5
<PAGE>

sentence may be modified upon receipt of a Rating Confirmation. The latter
method of calculating the Net Loan Rate shall only be applied if the rate so
calculated is greater than the resultant rate in the first paragraph hereof.

                   "NINETY-ONE DAY UNITED STATES TREASURY BILL RATE" means that
rate of interest per annum equal to the Bond Equivalent Yield - 91-Day T-Bill on
the 91-Day United States Treasury Bills sold at the last auction thereof that
immediately precedes the Series Rate Adjustment Date for the Series of 1999-1
Notes to which the Net Loan Rate applies.

                   "NON-PAYMENT Rate" means One-Month LIBOR plus 1.50%.

                   "NOTE OWNERS' AUCTION RATE INTEREST CARRYOVER" means, as to
any Series of Notes, with respect to any Series Interest Period for which the
Series Interest Rate for such Series Interest Period is the Net Loan Rate, the
amount equal to the excess, if any, of (a) the amount of interest on such Series
of Notes that would have accrued in respect of the related Series Interest
Period had interest been calculated based on the applicable Auction Rate over
(b) the amount of interest on such Series of Notes actually accrued in respect
of such Series Interest Period at the Net Loan Rate, together with the unpaid
portion of any such excess from prior Series Interest Periods (and interest
accrued thereon, to the extent permitted by law, at the applicable rate
calculated based on One-Month LIBOR); PROVIDED, however, that, with respect to
any Series of Notes on the related Final Maturity Date, the portion of the Note
Owners' Auction Rate Interest Carryover allocable to such Series of Notes will
be equal to the lesser of (i) the portion allocable to such Series of Notes of
the Note Owners' Auction Rate Interest Carryover on such date determined as
described above and (ii) the amount of funds, if any, required and available to
be distributed with respect to such Series of Notes on such date pursuant to
Section 5.3(B). EIGHTH of the Trust Agreement.

                   "NOTICE OF FEE RATE CHANGE" means a notice of a change in the
Auction Agent Fee Rate or the Broker-Dealer Fee Rate substantially in the form
of Exhibit E to the Auction Agency Agreement.

                   "ORDER" has the meaning set forth in Section 2.5.1 (a)(i)
hereof.

                   "PAYMENT DEFAULT" means, with respect to any Series of 1999-1
Notes, a default in the due and punctual payment of interest on or principal of
a 1999-I Note of such Series on the related Series Payment Date or Final
Maturity Date, as applicable.

                  "RECORD DATE" means, with respect to a Series of 1999-I Notes,
one Business Day prior to the related Auction Date.

                   "SELL ORDER" has the meaning set forth in Section 2.5.1
(a)(i) hereof.

                  "SENIOR NOTES" means Notes that are Senior Obligations.

                   "SENIOR SUBORDINATE NOTES" means Notes that are Senior
Subordinate Obligations.

                                        6

<PAGE>

                   "SERIES INITIAL PERIOD" means, as to a Series of 1999-I
Notes, the period commencing on the Closing Date and continuing through the day
immediately preceding the Series Initial Rate Adjustment Date for such Series.

                   "SERIES INITIAL RATE" means the rate per annum for the Series
A-7 Notes, the rate per annum for the Series A-8 Notes and the rate per annum
for the Series A-9 Notes, as set forth in the Exhibits to the Purchase
Agreement.

                   "SERIES INITIAL RATE ADJUSTMENT DATE" means, (i) with respect
to the Series A-7 Notes, October 27, 1999, (ii) with respect to the Series A-8
Notes, November 3, 1999and (iii) with respect to the Series A-9 Notes, November
10, 1999.

                   "SERIES INTEREST PERIOD" means, with respect to a Series of
1999-1 Notes, the applicable Series Initial Period and each period commencing on
a Series Rate Adjustment Date for such Series and ending on the day before (i)
the next Series Rate Adjustment Date for such Series or (ii) the Final Maturity
Date of such Series as, applicable.

                   "SERIES INTEREST RATE" means each variable rate of interest
per annum borne by a Series of the 1999-I Notes for each Auction Period and
determined in accordance with the provisions of Sections 2.4 and 2.5 hereof;
provided, however, that in the event of a Payment Default the Series Interest
Rate shall equal the Non-Payment Rate; provided, further, however that such
Series Interest Rate shall in no event exceed the Series Interest Rate
Limitation.

                   "SERIES INTEREST RATE LIMITATION" means, with respect to each
Series of 1999-I Notes, a rate equal to 17.0% per annum.

                   "SERIES PAYMENT DATE" means the day immediately following
each Auction Date for such Series and on the maturity or redemption date
thereof.

                   "SERIES RATE ADJUSTMENT DATE" means the date on which a
Series Interest Rate is effective and means, with respect to a Series of 1999-1
Notes, the date of commencement of each Auction Period.

                   "SERIES RATE DETERMINATION DATE" means, with respect to a
Series of 1999-I Notes, the Auction Date or if no Auction Date is applicable to
such Series, the Business Day immediately preceding the date of commencement of
an Auction Period.

                   "SUBMISSION DEADLINE" means 1:00 p.m., eastern time, on any
Auction Date or such other time on any Auction Date by which Broker-Dealers are
required to submit Orders to the Auction Agent as specified by the Auction Agent
from time to time.

                   "SUBMITTED BID" has the meaning set forth in Section 2.5.1
(c)(i) hereof.

                   "SUBMITTED HOLD ORDER" has the meaning set forth in Section
2.5.1 (c)(i) hereof.

                   "SUBMITTED ORDER" has the meaning set forth in Section 2.5
(c)(1) hereof.

                   "SUBMITTED SELL ORDER" HAS the meaning set forth in Section
2.5.1 (c)(i) hereof.

                                        7

<PAGE>

                    "SUFFICIENT BIDS" has the meaning set forth in Section 2.5.1
(c)(i) hereof.

                   "TELERATE PAGE 3750" means the display page so designated on
the Dow Jones Telerate Service (or such other page as may replace that page on
that service for the purpose of displaying comparable rates or prices).

                   "THIRD TERMS SUPPLEMENT" means this Third Terms Supplement as
from time to time amended or supplemented.

                   "UNITED STATES TREASURY SECURITY Rate" means, for purposes of
calculating the Net Loan Rate applicable to the particular Notes, that rate of
interest per annum equal to the Bond Equivalent Yield on the applicable United
States Treasury Securities sold at the last auction thereof that immediately
precedes the Series Rate Adjustment Date for such Notes.

                                   ARTICLE II.

                        AUTHORIZATION TERMS AND ISSUANCE

                  SECTION 2.1. AUTHORIZATION OF 1999-I NOTES. There is hereby
authorized the borrowing of funds, and to evidence such borrowing there are
hereby authorized three Series of Senior Notes, designated (i) the "EMT Corp.
Student Loan Asset-Backed Notes, Auction Rate Certificates, 1999 Senior Series
A-7" in the aggregate principal amount of $60,000,000, (ii) the "EMT Corp.
Student Loan Asset-Backed Notes, Auction Rate Certificates, 1999 Senior Series
A-8" in the aggregate principal amount of $60,000,000 and (iii) the "EMT Corp.
Student Loan Asset-Backed Notes, Auction Rate Certificates, 1999 Series A-9" in
the aggregate principal amount of $55,000,000.

                  SECTION 2.2. PURPOSE. The 1999-I Notes are authorized to
finance the acquisition by the Issuer of Loans, and to make deposits to the
trust Accounts required hereby.

                  SECTION 2.3. Terms OF 1999-I NOTES GENERALLY. The 1999-I Notes
shall be issued in fully registered form, in substantially the form set forth in
Exhibit A hereof, with such variations, omissions and insertions as may be
required by the circumstances, as may be required or permitted by the Trust
Agreement and this Third Terms Supplement, or be consistent with the Trust
Agreement and this Third Terms Supplement and necessary or appropriate to
conform to the rules and requirements of any governmental authority or any usage
or requirement of law with respect thereto.

                  The 1999-1 Notes may be issued only in Authorized
Denominations. The 1999-I Notes shall be dated as of the Closing Date. Each
Series of Notes shall mature on its Final Maturity Date. The Series A-7 Notes
shall be numbered consecutively from 1 upwards with the prefix A-7 preceding
each number. The Series A-8 Notes shall be numbered consecutively from 1 upwards
with the prefix A-8 preceding each number. The Series A-9 Notes shall be
numbered consecutively from 1 upwards with the prefix A-9 preceding each number.
The 1999-I Notes shall be issued to a Securities Depository for use in a
Book-Entry System in accordance with the provisions of Section 2.7 of the Trust
Agreement.

                                        8

<PAGE>

                  Interest on each 1999-1 Note shall accrue on the Outstanding
Amount of such 1999-I Note until such 1999-I Note has been paid in full or
payment has been duly provided for, as the case may be, and shall accrue from
the later of the initial date thereof or the most recent Note Interest Payment
Date to which interest has been paid or duly provided for. Each 1999-1 Note
shall bear interest at an interest rate determined in accordance with the
provisions and subject to the limitations set forth herein, and interest on each
Series of 1999-I Notes shall be paid for the related Series Initial Period and
each Series Interest Period for such Series thereafter on each applicable Series
Payment Date.

                  Principal will be paid on the then Outstanding Series of
1999-1 Notes on each applicable Series Payment Date as set forth in Section 3.1
hereof. The Notes are subject to redemption, in whole or in part, at the option
of the Issuer, on the applicable Series Payment Date at a price of par plus
accrued interest, upon not less than ten days prior written notice to the Owners
of such Notes.

                  SECTION 2.4 1999-I NOTES. During the related Series Initial
Period, each Series of 1999-1 Notes shall bear interest at the Series Initial
Rate for such Series. Thereafter, except with respect to an Auction Period
Adjustment, each Series of 1999-I Notes shall bear interest at a Series Interest
Rate based on a 28-day Auction Period.

                  For each Series of 1999-I Notes during the Series Initial
Period for such Series and each Auction Period thereafter, interest at the
Series Interest Rate shall accrue daily and shall be computed for the actual
number of days elapsed on the basis of a year consisting of 365/366 days, as
applicable.

                  The Series Interest Rate to be borne by each Series of 1999-I
Notes after such Series Initial Period for each Auction Period prior to an
Auction Period Adjustment, if any, shall be determined as herein described. Each
such Auction Period shall commence on and include the day following the
expiration of the immediately preceding Auction Period and terminate on and
include the Auction Date for the next succeeding Auction Period, subject to
adjustment as described below; provided, however, that in the case of the
Auction Period that immediately follows the Series Initial Period for a Series
of 1999-I Notes, such Auction Period shall commence on the Series Initial Rate
Adjustment Date for such Series.

                  The Series Interest Rate on each Series of 1999-I Notes for
each Auction Period shall be the lesser of the (i) Net Loan Rate in effect for
such Auction Period and (ii) the Auction Rate in effect for such Auction Period
as determined in accordance with Section 2.5.1 hereof; provided, however, that
such Series Interest Rate shall in no event exceed the Series Interest Rate
Limitation, and further provided that if, on any Series Rate Determination Date,
an Auction is not held for any reason, then the Series Interest Rate on such
Series of 1999-1 Notes for the next succeeding Auction Period shall be the Net
Loan Rate.

                  Notwithstanding the foregoing:

                  (a) if the ownership of a Series of 1999-I Notes is no longer
maintained in Book-Entry Form, the Series Interest Rate on the 1999-I Notes of
such Series for any Series Interest Period commencing after the delivery of
certificates representing 1999-I Notes of such

                                        9

<PAGE>

Series pursuant to Section 2.15 of the Trust Agreement shall equal the lesser of
(i) the Maximum Auction Rate and (ii) the Net Loan Rate on the Business Day
immediately preceding the first day of such subsequent Series Interest Period;
or

                  (b) if a Payment Default shall have occurred, the Series
Interest Rate on each Series of 1999-I Notes of the Series Interest Period for
such Series commencing on or immediately after such Payment Default and for each
Series Interest Period thereafter, to and including the Series Interest Period,
if any, during which, or commencing less than two Business Days after, such
Payment Default is cured in accordance with this Third Terms Supplement, shall
equal the applicable Non-Payment Rate on the first day of each such Series
Interest Period.

                  In accordance with Section 2.5.1 (c) (ii) hereof, the Auction
Agent shall promptly give written notice to the Trustee of each Series Interest
Rate (unless the Series Interest Rate is the Non Payment Rate) and either the
Auction Rate or the Net Loan Rate, as the case may be, when such rate is not the
Series Interest Rate applicable to each Series of 1999-I Notes. The Trustee
shall notify the Note Owners of 1999-I Notes of the Series Interest Rate
applicable to each such Series of 1999-I Notes for each Auction Period on the
second Business Day of such Auction Period.

                  Notwithstanding any other provision of the 1999-I Notes or
this Third Terms Supplement and except for the occurrence of a Payment Default,
interest payable on each 1999-I Note for an Auction Period shall never exceed
for such Auction Period the amount of interest payable at the Net Loan Rate
(subject to the Series Interest Rate Limitation) in effect for such Auction
Period.

                  If the Auction Rate for a Series of 1999-1 Notes is greater
than the Net Loan Rate, then the Series Interest Rate applicable to such Series
of 1999-I Notes for that Series Interest Period will be the Net Loan Rate. If
the Series Interest Rate applicable to such Series of 1999-1 Notes for any
Series Interest Period is the Net Loan Rate, the Trustee shall determine the
Note Owners' Auction Rate Interest Carryover, if any, with respect to such
1999-I Notes for such Series Interest Period. Such determination of the Note
Owners' Auction Rate Interest Carryover shall be made separately for each Series
of 1999-I Notes. Note Owners' Auction Rate Interest Carryover shall bear
interest calculated at a rate equal to One-Month LIBOR (as determined by the
Auction Agent, provided the Trustee has received notice of One-Month LIBOR from
the Auction Agent, and if the Trustee shall not have received such notice from
the Auction Agent, then as determined by the Trustee) from the Series Payment
Date for the Series Interest Period with respect to which such Note Owners'
Auction Rate Interest Carryover was calculated, until paid. For purposes of this
Third Terms Supplement, any reference to "principal" or "interest" herein shall
not include within the meaning of such words Note Owners' Auction Rate Interest
Carryover or any interest accrued on any such Note Owners' Auction Rate Interest
Carryover. Such Note Owners' Auction Rate Interest Carryover shall be separately
calculated for each 1999-I Note of such Series by the Trustee during such Series
Interest Period in sufficient time for the Trustee to give notice to each Note
Owner of such Note Owners' Auction Rate Interest Carryover as required in the
next succeeding sentence. On the Series Payment Date for a Series Interest
Period with respect to which such Note Owners' Auction Rate Interest Carryover
for a Series of 1999-I Notes has been calculated by the Trustee, the Trustee
shall give written notice to each Note Owner of the applicable Series of the
Note Owners' Auction Rate Interest Carryover

                                       10

<PAGE>

applicable to each Note Owner's 1999-I Note of such Series, which written notice
may be included in any other written statement sent by the Trustee to such Note
Owner, and shall be mailed on such Series Payment Date by first-class mail,
postage prepaid, to each such Note Owner at such Note Owner's address as it
appears on the registration books maintained by the Registrar. Such notice shall
state, in addition to such Note Owners' Auction Rate Interest Carryover, that,
unless and until a 1999-1 Note of such Series has been paid in full or has been
deemed no longer Outstanding (after which all accrued Note Owners' Auction Rate
Interest Carryover (and all accrued interest thereon) that remains unpaid shall
be cancelled and no Note Owners' Auction Rate Interest Carryover (and interest
accrued thereon) shall be paid with respect to a 1999-I Note of such Series),
(i) the Note Owners' Auction Rate Interest Carryover (and interest accrued
thereon calculated at a rate equal to One-Month LIBOR) shall be paid by the
Trustee on a 1999-I Note of such Series on the first occurring Series Payment
Date for such Series for a subsequent Series Interest Period if and to the
extent that (1) during such Series Interest Period no additional Note Owners'
Auction Rate Interest Carryover is accruing on such Series of 1999-I Notes and
(2) moneys are available pursuant to the terms of this Third Terms Supplement in
an amount sufficient to pay all or a portion of such Note Owners' Auction Rate
Interest Carryover and (ii) interest shall accrue on the Note Owners' Auction
Rate Interest Carryover at a rate equal to One-Month LIBOR until such Note
Owners' Auction Rate Interest Carryover is paid in full or is cancelled.

                  Subject to the payment priorities set forth in Section 5.3(B)
of the Trust Agreement, the Note Owners' Auction Rate Interest Carryover for a
Series of 1999-1 Notes shall be paid by the Trustee on Outstanding 1999-I Notes
of such Series on the Series Payment Date for such Series following the first
occurring Series Payment Date for a subsequent Series Interest Period if and to
the extent that (i) during such Series Interest Period no additional Note
Owners' Auction Rate Interest Carryover is accruing on such Series of 1999-1
Notes and (ii) moneys are available pursuant to the terms of this Third Terms
Supplement in an amount sufficient to pay all or a portion of such Note Owners'
Auction Rate Interest Carryover. Any Note Owners' Auction Rate Interest
Carryover (and any interest accrued thereon) on any 1999-I Note which is due and
payable on a Series Payment Date on which such 1999-I Note is to be paid in full
or deemed no longer Outstanding under this Third Terms Supplement on said Series
Payment Date, shall be paid to the Note Owner thereof on said Series Payment
Date to the extent that moneys are available therefor in accordance with the
provisions of this Third Terms Supplement; provided, however, that any Note
Owners' Auction Rate Interest Carryover (and any interest accrued thereon) which
is not yet due and payable on said Series Payment Date shall be cancelled with
respect to said 1999-I Note that is to be paid in full or deemed no longer
outstanding under this Third Terms Supplement on said Series Payment Date and
shall not be paid on any succeeding Series Payment Date. To the extent that any
portion of the Note Owners' Auction Rate Interest Carryover for a Series of
1999-1 Notes remains unpaid after payment of a portion thereof, such unpaid
portion of the Note Owners' Auction Rate Interest Carryover shall be paid in
whole or in part as required hereunder until fully paid by the Trustee on the
next occurring Series Payment Date or Dates, as necessary, for a subsequent
Series Interest Period or Periods for such Series, if and to the extent that the
conditions in the second preceding sentence are satisfied. On any Series Payment
Date on which the Trustee pays only a portion of the Note Owners' Auction Rate
Interest Carryover on a 1999-I Note of such Series, the Trustee shall give
written notice in the manner set forth in the immediately preceding paragraph to
the Note Owner of such 1999-I Note
                                       11

<PAGE>

receiving such partial payment of the Note Owners' Auction Rate Interest
Carryover remaining unpaid on such 1999-I Note.

                  The Note Interest Payment Date in such subsequent Series
Interest Period on which such Note Owners' Auction Rate Interest Carryover for a
Series of 1999-I Notes shall be paid shall be determined by the Trustee in
accordance with the provisions of the immediately preceding paragraph, and the
Trustee shall make payment of the Note Owners' Auction Rate Interest Carryover
in the same manner as, and from the same Account from which, it pays interest on
the 1999-1 Notes on a Series Payment Date.

                  In the event that the Auction Agent no longer determines, or
fails to determine, when required, the Series Interest Rate with respect to a
Series of 1999-I Notes, or, if for any reason such manner of determination shall
be held to be invalid or unenforceable, the Series Interest Rate for the next
succeeding Series Interest Period, which Period shall be an Auction Period for
such Series of 1999-I Notes, shall be the Net Loan Rate as determined by the
Trustee (which is responsible for notifying the Auction Agent of such Net Loan
Rate) for such next succeeding Auction Period.

                  SECTION 2.5. SERIES INTEREST RATE.

                  SECTION 2.5.1. DETERMINING THE INTEREST RATE.

                  By purchasing 1999-1 Notes, whether in an Auction or
otherwise, each purchaser of the 1999-1 Notes, or its Broker-Dealer, must agree
and shall be deemed by such purchase to have agreed (i) to participate in
Auctions on the terms described herein, (ii) to have its beneficial ownership of
the 1999-I Notes maintained at all times in Book-Entry Form for the account of
its Participant, which in turn will maintain records of such beneficial
ownership and (iii) to authorize such Participant to disclose to the Auction
Agent such information with respect to such beneficial ownership as the Auction
Agent may request.

                  So long as the ownership of a Series of 1999-1 Notes is
maintained in Book-Entry Form, an Existing Note Owner may sell, transfer or
otherwise dispose of 1999-I Notes of such Series only pursuant to a Bid or Sell
Order placed in an Auction or otherwise sell, transfer or dispose of 1999-1
Notes through a Broker-Dealer provided that, in the case of all transfers other
than pursuant to Auctions, such Existing Note Owner, its Broker-Dealer or its
Participant advises the Auction Agent of such transfer. Auctions shall be
conducted on each Auction Date, if there is an Auction Agent on such Auction
Date, in the following manner (such procedures to be applicable separately to
each Series of the 1999-I Notes):

                           (a) (i) Prior to the Submission Deadline on each
Auction Date relating to a Series of 1999-I Notes:

                                   (A) each  Existing  Note  Owner  of  the
         applicable  Series  of  1999-I  Notes  may  submit  to a
         Broker-Dealer by telephone or otherwise any information as to:

                                            (1) the principal  amount of
                  Outstanding  1999-I Notes of such Series,  if any, owned by
                  such Existing Note Owner which such Existing

                                       12

<PAGE>

                  Note Owner desires to continue to own without regard to the
                  Series Interest Rate for the next succeeding Auction Period;

                                            (2) the  principal amount of
                  Outstanding  1999-I Notes of such Series if any, which
                  such Existing Note Owner offers to sell if the Series Interest
                  Rate for the next succeeding Auction Period shall be less than
                  the rate per annum specified by such Existing Note Owner;
                  and/or

                                            (3) the principal amount of
                  Outstanding  1999-I Notes of such Series if any, owned by
                  such Existing Note Owner which such Existing Note Owner offers
                  to sell without regard to the Series Interest Rate for the
                  next succeeding Auction Period;

                  and

                                    (B) one or more  Broker-Dealers may contact
                  potential Note Owners' to determine the principal amount of
                  1999-1 Notes of such Series which each potential Note Owner
                  offers to purchase, if the Series Interest Rate for the next
                  succeeding Auction Period shall not be less than the rate per
                  annum specified by such potential Note Owner.

                  The statement of an Existing Note Owner or a potential Note
Owner referred to in (A) or (B) of this paragraph (i) is herein referred to as
an "Order," and each Existing Note Owner and each potential Note Owner placing
an Order is herein referred to as a "Bidder"; an order described in clause
(A)(1) is herein referred to as a "Hold Order"; an Order described in clauses
(A)(2) and (B) is herein referred to as a "Bid"; and an Order described in
clause (A)(3) is herein referred to as a "Sell Order."

                                    (ii)    (A) Subject to the provisions of
         Section 2.5. l(b) hereof, a Bid by an Existing Note Owner shall
         constitute an irrevocable offer to sell:

                                            (1) the  principal  amount of
                  Outstanding  1999-I  Notes  specified  in such Bid if the
                  Series Interest Rate determined as provided in this Section
                  2.5.1 shall be less than the rate specified therein; or

                                            (2) such principal amount, or a
                  lesser  principal  amount of Outstanding  1999-I Notes to
                  be determined as set forth in Section 2.5.l(d)(i)(D) hereof,
                  if the Series Interest Rate determined as provided in this
                  Section 2.5.1 shall be equal to the rate specified therein; or

                                            (3) such principal amount, or a
                  lesser  principal  amount of Outstanding  1999-1 Notes to
                  be determined as set forth in Section 2.5 l(d)(ii)(C) hereof,
                  if the rate specified therein shall be higher than the Series
                  Interest Rate and Sufficient Bids have not been made.

                                   (B)  Subject to the  provisions  of Section
         2.5.1 (b) hereof,  a Sell Order by an Existing  Note Owner shall
         constitute an irrevocable offer to sell:

                                       13

<PAGE>

                                            (1) the principal amount of
                 Outstanding 1999-I Notes specified in such Sell Order; or

                                            (2) such principal amount or a
                  lesser  principal amount of Outstanding  1999-I Notes set
                  forth in Section 2.5.1(d)(ii)(C) hereof, if Sufficient Bids
                  have not been made.

                                    (C)  Subject to the  provisions  of Section
         2.5.1 (b) hereof,  a Bid by a potential  Note Owner shall constitute an
         irrevocable offer to purchase.

                                            (1) the  principal  amount of
                  Outstanding  1999-I  Notes  specified  in such Bid if the
                  Series Interest Rate determined as provided in this Section
                  2.5.1 shall be higher than the rate specified in such Bid; or

                                            (2) such principal  amount,  or a
                  lesser  principal  amount of Outstanding  1999-I Notes
                  set forth in Section 2.5.1(d)(i)(E) hereof, if the Series
                  Interest Rate determined as provided in this Section 2.5.1
                  shall be equal to the rate specified in such Bid.

                           (b) (i) Each Broker-Dealer  shall submit in writing
to the Auction Agent prior to the Submission Deadline of each Auction Date all
Orders obtained by such Broker-Dealer and shall specify with respect to each
such Order;

                                    (A) the name of the Bidder placing such
                 Order;

                                    (B) the  aggregate  principal  amount  and
                 Series of 1999-1  Notes that are the  subject of such
                 Order;

                                    (C) to the extent that such Bidder is an
                 Existing Note Owner:

                                            (1) the principal amount and Series
                  of 1999-I Notes, if any, subject to any Hold Order
                  placed by such Existing Note Owner;

                                            (2) the principal  amount and Series
                  of 1999-I Notes, if any,  subject to any Bid placed by such
                  Existing Note Owner and the rate specified in such Bid; and

                                            (3) the principal  amount and Series
                  of 1999-I Notes, if any,  subject to any Sell Order placed by
                  such Existing Note Owner;

                  and

                                    (D)(i)  to the  extent  such  Bidder is a
         potential  Note  Owner,  the rate  specified  in such potential Note
         Owner's Bid.

                                    (iii) If any rate  specified  in any Bid
         contains  more than three  figures to the right of the decimal point,
         the Auction Agent shall round such rate up to the next higher one
         thousandth (.001) of one percent.

                                       14

<PAGE>

                                    (iii) If an Order or orders covering all
                  Outstanding 1999-I Notes of the applicable Series owned by an
                  Existing Note Owner is not submitted to the Auction Agent
                  prior to the Submission Deadline, the Auction Agent shall deem
                  a Hold Order to have been submitted on behalf of such Existing
                  Note Owner covering the principal amount of Outstanding 1999-I
                  Notes owned by such Existing Note Owner and not subject to an
                  Order submitted to the Auction Agent.

                                    (iv) None of the Issuer, the Trustee nor the
                  Auction Agent shall be responsible for an failure of a
                  Broker-Dealer to submit an Order to the Auction Agent on
                  behalf of any Existing Note Owner or potential Note Owner.

                                    (v) If any Existing Note Owner submits
                  through a Broker-Dealer to the Auction Agent one or more
                  Orders covering in the aggregate more than the principal
                  amount of the Series of Outstanding 1999-I Notes owned by such
                  Existing Note Owner, such Orders shall be considered valid as
                  follows and in the following order of priority:

                                    (A) All Hold Orders shall be considered
         valid, but only up to the aggregate  principal  amount of
         the Series of Outstanding 1999-1 Notes owned by such Existing Note
         Owner, and if the aggregate principal amount of the Series of 1999-I
         Notes subject to such Hold Orders exceeds the aggregate principal
         amount of the Series of 1999-1 Notes owned by such Existing Note Owner,
         the aggregate principal amount of the Series of Notes subject to each
         such Hold Order shall be reduced pro rata so that the aggregate
         principal amount of the Series of 1999-I Notes subject to such Hold
         Order equals the aggregate principal amount of the Series of
         Outstanding 1999-1 Notes owned by such Existing Note Owner.

                                   (B) (1) any Bid shall be considered valid up
                 to an amount equal to the excess of the principal amount of the
                 Series of Outstanding 1999-I Notes owned by such Existing Note
                 Owner over the aggregate principal amount of the Series of
                 1999-I Notes subject to any Hold Order referred to in clause
                 (A) of this paragraph (v);

                                            (2)  subject to  subclause  (1) of
                  this  clause  (B), if more than one Bid with the same
                  rate is submitted on behalf of such Existing Note Owner and
                  the aggregate principal amount of the Series of Outstanding
                  1999-I Notes subject to such Bids is greater than such excess,
                  such Bids shall be considered valid up to an amount equal to
                  such excess;

                                            (3)      subject to subclauses (1)
                  and (2) of this clause (B), if more than one Bid
                  with different rates are submitted on behalf of such Existing
                  Note Owner, such Bids shall be considered valid first in the
                  ascending order of their respective rates until the highest
                  rate is reached at which such excess exists and then at such
                  rate up to the amount of such excess; and

                                       15

<PAGE>

                                            (4) in any such event,  the amount
                  of Outstanding  1999-I Notes, if any, subject to Bids
                  not valid under this clause (B) shall be treated as the
                  subject of a Bid by a potential Note Owner at the rate therein
                  specified; and

                                   (C) All Sell  Orders  shall  be  considered
         valid up to an  amount  equal to the  excess  of the
         principal amount of the Series of Outstanding 1999-1 Notes owned by
         such Existing Note Owner over the aggregate principal amount of the
         Series of 1999-1 Notes subject to Hold Orders referred to in clause (A)
         of this paragraph (v) and valid Bids referred to in clause (B) of this
         paragraph (v).

                                   (vi) If more than one Bid for a Series of
         1999-1 Notes is  submitted  on behalf of any  potential
         Note Owner, each Bid submitted shall be a separate Bid with the rate
         and principal amount therein specified.

                                   (vii) An  Existing  Note Owner of a Series
         of 1999-I  Notes that  offers to  purchase  additional
         1999-I Notes of the same Series is, for purposes of such offer treated
         as a potential Note Owner.

                                   (viii)  Any Bid or  Sell  Order  submitted
         by an  Existing  Note  Owner  covering  an  aggregate principal amount
         of 1999-I Notes not equal to an Authorized Denomination shall be
         rejected and shall be deemed a Hold Order. Any Bid submitted by a
         potential Note Owner covering an aggregate principal amount of 1999-1
         Notes not equal to an Authorized Denomination shall be  rejected.

                                   (ix) Any Bid  specifying  a rate higher than
         the  Maximum  Auction  Rate will (a) be treated as a
         Sell Order if submitted by an Existing Note Owner and (b) not be
         accepted if submitted by a potential Note Owner.

                                   (x) Any Bid  submitted  by an Existing  Note
         Owner or a potential  Note Owner  specifying  a rate lower than the
         All Hold Rate shall be treated as a Bid specifying the All Hold Rate.

                                   (xi) Any Order submitted in an Auction by
         Broker-Dealer to the Auction Agent at the Submission Deadline on an
         Auction Date shall be irrevocable.

                  (c) (i) Not earlier than the Submission Deadline on each
Auction Date, the Auction Agent shall assemble all valid Orders submitted or
deemed submitted to it by the Broker-Dealers (each such Order as submitted or
deemed submitted by a Broker-Dealer being herein referred to individually as a
"Submitted Hold Order," a "Submitted Bid" or a "Submitted Sell Order," as the
case may be, or as a "Submitted Order," and collectively as "Submitted Hold
Orders," "Submitted Bids" or "Submitted Sell Orders," as the case may, be or as
"Submitted Orders") and shall determine for the applicable Series of 1999-1
Notes:

                                   (A) the excess of the total principal
         amount of Outstanding  1999-I Notes of such Series over the
         sum of the aggregate principal amount of Outstanding 1999-I Notes of
         such Series subject to Submitted Hold Orders (such excess being herein
         referred to as the "Available 1999-I Notes" of such Series), and

                                       16

<PAGE>

                                    (B) from the Submitted Orders whether:

                                            (1) the aggregate  principal
                  amount of Outstanding  1999-I Notes of such Series subject
                  to Submitted Bids by potential Note Owners specifying one or
                  more rates equal to or lower than the Maximum Auction Rate;

         exceeds or is equal to the sum of:

                                            (2) the aggregate  principal
                  amount of Outstanding  1999-I Notes of such Series subject
                  to Submitted Bids by Existing Note Owners specifying one or
                  more rates higher than the Maximum Auction Rate; and

                                            (3) the aggregate  principal
                  amount of Outstanding  1999-I Notes of such Series subject
                  to submitted Sell Orders;

         (in the event such excess or such equality exists other than because
         all of the Outstanding 1999-I Notes of such Series are subject to
         Submitted Hold Orders, such Submitted Bids described in subclause (1)
         above shall be referred to collectively as "Sufficient Bids"; and

                                   (C) if Sufficient Bids exist, the "Bid
         Auction Rate", which shall be the lowest rate specified
         in such Submitted Bids such that if:

                                            (1) (x) each  Submitted Bid
                  from Existing  Note Owners  specifying  such lowest rate and
                  (y) all other Submitted Bids from Existing Note Owners'
                  specifying lower rates were rejected, thus entitling such
                  Existing Note Owners' to continue to own the principal amount
                  of 1999-1 Notes subject to such Submitted Bids; and

                                            (2) (x) each such Submitted Bid
                  from potential Note Owners  specifying  such lowest rate
                  and (y) all other Submitted Bids from potential Note
                  Owners specifying lower rates were accepted;

         the result would be that such Existing Note Owners described in
         subclause (1) above would continue to own an aggregate principal amount
         of Outstanding 1999-I Notes of the applicable Series which when added
         to the aggregate principal amount of Outstanding 1999-I Notes of such
         Series to be purchased by such potential Note Owners described in
         subclause (2) above, would equal not less than the Available 1999-I
         Notes of such Series.

                                   (ii)  Promptly  after  the  Auction
         Agent  has  made  the  determinations  pursuant  to  Section
         2.5.l(c)(i) hereof, the Auction Agent shall advise the Trustee of the
         Net Loan Rate, the Maximum Auction Rate and the All Hold Rate and the
         components thereof on the Auction Date and, based on such
         determinations, the Auction Rate for the next succeeding Series
         Interest Period for such Series of 1999-I Notes as follows:

                                   (A) if  Sufficient  Bids exist,  that
         the Auction  Rate for the next  succeeding  Series  Interest
         Period for such Series shall be equal to the Bid Auction Rate so
         determined;

                                       17

<PAGE>

                                   (B) if Sufficient  Bids do not exist
         (other than because all of the  Outstanding  1999-I Notes of
         such Series are subject to Submitted Hold Orders), that the Auction
         Rate for the next succeeding Series Interest Period shall be equal to
         the Maximum Auction Rate, or

                                   (C) if all  Outstanding  1999-1 Notes
         of such Series are subject to Submitted  Hold Orders,  that
         the Auction Rate for the next succeeding Series Interest Period shall
         be equal to the All Hold Rate.

                                   (iii)  Promptly  after the Auction
         Agent has determined the Auction Rate, the Auction Agent shall
         determine and advise the Trustee of the applicable Series Interest
         Rate, which rate shall be the lesser of (a) the Auction Rate and (b)
         the Net Loan Rate; provided, however, that in no event shall the Series
         Interest Rate exceed the Series Interest Rate Limitation.

                           (d) Existing Note Owners of the applicable
Series shall continue to own the principal amount of 1999-I Notes of such Series
that are subject to Submitted Hold Orders. If the Net Loan Rate is equal to or
greater than the Bid Auction Rate and if Sufficient Bids have been received by
the Auction Agent, the Bid Auction Rate will be the Series Interest Rate and
Submitted Bids and Submitted Sell Orders will be accepted or rejected and the
Auction Agent will take such other action as described below in subparagraph
(i).

                  If the Net Loan Rate is less than the Auction Rate, the Net
Loan Rate will be the Series Interest Rate. If the Auction Rate and the Net Loan
Rate are both greater than the Series Interest Rate Limitation, the Series
Interest Rate shall be equal to the Series Interest Rate Limitation. If the
Auction Agent has not received Sufficient Bids (other than because all of the
Outstanding 1999-I Notes are subject to Submitted Hold Orders), the Series
Interest Rate will be the lesser of the Maximum Auction Rate and the Net Loan
Rate. In any of the cases described above, Submitted Orders will be accepted or
rejected and the Auction Agent will take such other action as described below in
subparagraph (ii).

                                   (i) if  Sufficient  Bids have been made
         and the Net Loan Rate is equal to or greater than the Bid
         Auction Rate (in which case the Series Interest Rate shall be the Bid
         Auction Rate), all Submitted Sell Orders shall be accepted and subject
         to the provisions of paragraphs (iv) and (v) of this Section 2.5.l(d),
         Submitted Bids shall be accepted or rejected as follows in the
         following order of priority and all other Submitted Bids shall be
         rejected:

                                   (A) Existing Note Owners' Submitted Bids
         specifying any rate that is higher than the Series Interest Rate shall
         be accepted, thus requiring each such Existing Note Owner to sell the
         aggregate principal amount of 1999-I Notes subject to such Submitted
         Bids;

                                   (B) Existing Note Owners' Submitted Bids
         specifying any rate that is lower than the Series Interest Rate shall
         be rejected, thus entitling each such Existing Note Owner to continue
         to own the aggregate principal amount of 1999-I Notes subject to such
         Submitted Bids;

                                       18

<PAGE>

                                   (C) Potential Note Owners' Submitted Bids
         specifying any rate that is lower than the Series Interest Rate shall
         be accepted;

                                   (D) Each Existing Note Owners' Submitted Bid
         specifying a rate that is equal to the Series Interest Rate shall be
         rejected, thus entitling such Existing Note Owner to continue to own
         the aggregate principal amount of 1999-1 Notes subject to such
         Submitted Bid, unless the aggregate principal amount of Outstanding
         1999-I Notes subject to all such Submitted Bids shall be greater than
         the principal amount of 1999-I Notes of the applicable Series (the
         "remaining principal amount") equal to the excess of the Available
         1999-I Notes of such Series over the aggregate principal amount of
         1999-I Notes of such Series subject to Submitted Bids described in
         clauses (B) and (C) of this Section 2.5.l(d) (i), in which event such
         Submitted Bid of such Existing Note Owner shall be rejected in part,
         and such Existing Note Owner shall be entitled to continue to own the
         principal amount of 1999-I Notes subject to such Submitted Bid, but
         only in an amount equal to the aggregate principal amount of 1999-I
         Notes of such Series obtained by multiplying the remaining principal
         amount by a fraction, the numerator of which shall be the principal
         amount of Outstanding 1999-1 Notes of such Series owned by such
         Existing Note Owner subject to such Submitted Bid and the denominator
         of which shall be the sum of the principal amount of Outstanding 1999-I
         Notes of such Series subject to such Submitted Bids made by all such
         Existing Note Owners that specified a rate equal to the Series Interest
         Rate; and

                                   (E) Each potential Note Owner's Submitted
         Bid specifying a rate that is equal to the Series Interest Rate shall
         be accepted, but only in an amount equal to the principal amount of
         1999-1 Notes of the applicable Series obtained by multiplying the
         excess of the aggregate principal amount of Available 1999-I Notes of
         such Series over the aggregate principal amount of 1999-I Notes of such
         Series subject to Submitted Bids described in clauses (B), (C) and (D)
         of this Section 2.5.1 (d) (i) by a fraction the numerator of which
         shall be the aggregate principal amount of Outstanding 1999-I Notes of
         such Series subject to such Submitted Bid and the denominator of which
         shall be the sum of the principal amount of Outstanding 1999-I Notes of
         such Series subject to Submitted Bids made by all such potential Note
         Owners that specified a rate equal to the Series Interest Rate.

                                   (ii) If  Sufficient  Bids have not been made
         (other than because all of the Outstanding 1999-I Notes of the
         applicable Series are subject to submitted Hold Orders), or if the Net
         Loan Rate is less than the Bid Auction Rate (in which case the Series
         Interest Rate shall be the Net Loan Rate), or if the Series Interest
         Rate Limitation applies subject to the provisions of Section
         2.5.1(d)(iv) hereof, Submitted Orders shall be accepted or rejected as
         follows in the following order of priority and all other Submitted Bids
         shall be rejected:

                                   (A) Existing Note Owners' Submitted Bids
         specifying any rate that is equal to or lower than the Series Interest
         Rate shall be rejected, thus entitling such Existing Note Owners to
         continue to own the aggregate principal amount of 1999-I Notes subject
         to such Submitted Bids;

                                       19

<PAGE>

                                    (B) Potential Note Owners' Submitted Bids
         specifying (1) any rate that is equal to or lower than the Series
         Interest Rate shall be accepted and (2) any rate that is higher than
         the Series Interest Rate shall be rejected; and

                                    (C) each Existing Note Owner's Submitted Bid
         specifying any rate that is higher than the Series Interest Rate and
         the Submitted Sell Order of each Existing Note Owner shall be accepted,
         thus entitling each Existing Note Owner that submitted any such
         Submitted Bid or Submitted Sell Order to sell the 1999-I Notes subject
         to such Submitted Bid or Submitted Sell Order, but in both cases only
         in an amount equal to the aggregate principal amount of 1999-I Notes of
         the applicable Series obtained by multiplying the aggregate principal
         amount of 1999-I Notes subject to Submitted Bids described in clause
         (B) of this Section 2.5.1(d) (ii) by a fraction the numerator of which
         shall be the aggregate principal amount of Outstanding 1999-I Notes of
         such Series owned by such Existing Note Owner subject to such submitted
         Bid or Submitted Sell Order and the denominator of which shall be the
         aggregate principal amount of Outstanding 1999-I Notes of such Series
         subject to all such Submitted Bids and Submitted Sell Orders.

                                    (iii)   If all Outstanding 1999-I Notes of
         such Series are subject to Submitted Hold Orders all Submitted Bids
         shall be rejected.

                                    (iv) If,  as a result of the  procedures
         described in paragraph (i) or (11) of this Section 2.5.l(d), any
         Existing Note Owner would be entitled or required to sell, or any
         potential Note Owner would be entitled or required to purchase, a
         principal amount of 1999-1 Notes of the applicable Series that is not
         equal to an Authorized Denomination, the Auction Agent shall, in such
         manner as in its sole discretion it shall determine, round up or down
         the principal amount of 1999-I Notes to be purchased or sold by any
         Existing Note Owner or potential Note Owner so that the principal
         amount of 1999-I Notes purchased or sold by each Existing Note Owner or
         potential Note Owner shall be equal to an Authorized Denomination or an
         integral multiple of $50,000 in excess thereof.

                                    (v) If, as a result of the procedures
         described in paragraph (ii) of this Section 2.5.1(d),  any
         potential Note Owner would be entitled or required to purchase less
         than an Authorized Denomination of 1999-I Notes of the applicable
         Series, the Auction Agent shall, in such manner as in its sole
         discretion it shall determine, allocate 1999-I Notes of such Series for
         purchase among potential Note Owners so that only 1999-I Notes in
         Authorized Denominations or integral multiples of $50,000 in excess
         thereof are purchased by any potential Note Owner, even if such
         allocation results in one or more of such potential Note Owners not
         purchasing an 1999-I Notes.

                      (e) Based on the result of each Auction, the Auction Agent
shall determine the aggregate principal amount of 1999-I Notes of the applicable
Series to be purchased and the aggregate principal amount of 1999-I Notes of the
applicable Series to be sold by potential Note Owners and Existing Note Owners
on whose behalf each Broker-Dealer submitted Bids or Sell Orders and, with
respect to each Broker-Dealer, to the extent that such aggregate principal
amount of 1999-I Notes to be sold differs from such aggregate principal

                                     20

<PAGE>

amount of 1999-I Notes to be purchased, determine to which other Broker-Dealer
or Broker-Dealers acting for one or more purchasers such Broker-Dealer shall
deliver, or from which other Broker-Dealer or Broker-Dealers acting for one or
more sellers such Broker-Dealer shall receive, as the case may be, 1999-I Notes.

                           (f) Any  calculation by the Auction Agent,  or the
Trustee, as applicable, of the Series Interest Rate, One-Month LIBOR,
Three-Month LIBOR, the Maximum Auction Rate, the All Hold Rate, the Net Loan
Rate and the Non-Payment Rate shall, in the absence of manifest error, be
binding on all other parties.

                           (g) PAYMENT DEFAULTS The Trustee shall determine not
later than 2:00 p.m., eastern time, on the Business Day next succeeding a Note
Interest Payment Date, whether a Payment Default has occurred. If a Payment
Default has occurred, the Trustee shall, not later than 2:15 p.m., eastern time,
on such Business Day, send a notice thereof in substantially the form of Exhibit
B attached hereto to the Auction Agent, by telecopy or similar means and, if
such Payment Default is cured, the Trustee shall immediately send a notice in
substantially the form of Exhibit C attached hereto to the Auction Agent by
telecopy or similar means.

                  SECTION 2.5.2. CALCULATION OF MAXIMUM AUCTION RATE, ALL HOLD
RATE, NET LOAN RATE, ONE-MONTH LIBOR, THREE-MONTH LIBOR AND NON-PAYMENT RATE.
The Issuer shall calculate the Net Loan Rate and inform the Auction Agent
thereof in writing no later than the Business Day preceding each Auction Date.
The Auction Agent shall calculate the Net Loan Rate, the Maximum Auction Rate,
the All Hold Rate and One-Month LIBOR or Three-Month LIBOR, as the case may be,
on each Auction Date and shall notify the Trustee and the Issuer and the
Broker-Dealers of the Net Loan Rate, the Maximum Auction Rate, the All Hold Rate
and One-Month LIBOR or Three-Month LIBOR, as the case may be, as provided in the
Auction Agency Agreement. If the ownership of the 1999-I Notes is no longer
maintained in Book-Entry Form by the Securities Depository, the Trustee shall
calculate the Maximum Auction Rate, and the Issuer will report to the Trustee in
writing the Net Loan Rate, on the Business Day immediately preceding the first
day of each Series Interest Period commencing after the delivery of certificates
representing the 1999-I Notes pursuant to Section 2.15 of the Trust Agreement.
If a Payment Default shall have occurred, the Trustee shall calculate the
Non-Payment Rate on the Series Rate Determination Date for (i) each Series
Interest Period commencing after the occurrence and during the continuance of
such Payment Default and (ii) any Series Interest Period commencing less than
two Business Days after the cure of any Payment Default. The Auction Agent shall
determine One-Month LIBOR or Three-Month LIBOR, as applicable, for each Series
Interest Period other than the Series Initial Interest Period; provided, that if
the ownership of the 1999-I Notes is no longer maintained in Book-Entry Form, or
if a Payment Default has occurred, then the Trustee shall determine One-Month
LIBOR or Three-Month LIBOR, as applicable, for each such Series Interest Period.
The determination by the Trustee or the Auction Agent, as the case may be, of
One-Month LIBOR or Three-Month LIBOR, as applicable, shall (in the absence of
manifest error) be final and binding upon all parties. If calculated or
determined by the Auction Agent, the Auction Agent shall promptly advise the
Trustee and the Issuer of One-Month LIBOR or Three-Month LIBOR, as applicable.

                  SECTION 2.5.3 NOTIFICATION OF RATES, AMOUNTS AND NOTE INTEREST
PAYMENT DATES.

                                      21

<PAGE>

                           (a) Certain notices are to be given as described
below.

                           (b) Promptly after the Closing Date and after the
beginning of each subsequent Series Interest Period and in any event at least 10
days prior to any Series Payment Date, as the case may be, the Trustee shall
confirm with the Auction Agent so long as no Payment Default has occurred and is
continuing and the ownership of the 1999-I Notes is maintained in Book-Entry
Form by the Securities Depository, (1) the date of such next Note Interest
Payment Date and (2) the amount payable to the Auction Agent on the Auction Date
pursuant to Section 2.5.2(b) hereof.

                       If any day scheduled to be a Series Payment Date shall be
changed after the Trustee shall have given the notice or confirmation referred
to in the preceding sentence, the Trustee shall not later than 9:15 a.m.,
eastern time, on the Business Day next preceding the earlier of the new Series
Payment Date or the old Series Payment Date by such means as the Trustee deems
practicable, give notice of such change to the Auction Agent, so long as no
Payment Default has occurred and is continuing and the ownership of the 1999-1
Notes is maintained in Book-Entry Form by the Securities Depository.

                  SECTION 2.5.4. AUCTION AGENT.

                           (a) IBJ  Whitehall  Bank & Trust Company is hereby
appointed as Initial Auction Agent to serve as agent for the Issuer in
connection with Auctions. The Trustee and the Issuer will, and the Trustee is
hereby directed, to enter into the initial Auction Agency Agreement with IBJ
WHITEHALL BANK & TRUST COMPANY, as the initial Auction Agent. Any substitute
Auction Agent shall be (i) a bank, national banking association or trust company
duly organized under the laws of the United States of America or any state or
territory thereof having its principal place of business in the Borough of
Manhattan, New York, or such other location as approved by the Trustee and the
Market Agent in writing and having a combined capital stock or surplus of at
least $50,000,000, or (ii) a member of the National Association of Securities
Dealers, Inc., having a capitalization of at least $50,000,000, and, in either
case, authorized by law to perform all the duties imposed upon it hereunder and
under the Auction Agency Agreement. The Auction Agent may at any time resign and
be discharged of the duties and obligations created by this Third Terms
Supplement by giving at least 90 days, notice to the Trustee, the Issuer, the
Market Agent. The Auction Agent may be removed at any time by the Trustee upon
the written direction of the Note Owners of 66-2/3% of the aggregate principal
amount of the 1999-I Notes (and any subsequently issued Series of Notes, but in
no event less than 66-2/3% of the aggregate principal amount of any Senior
Notes) then outstanding, by an instrument signed by such Note Owners or their
attorneys and filed with the Auction Agent, the Issuer, the Market Agent and the
Trustee upon at least 90 days, notice. The Auction Agent may be removed by the
Issuer in its sole discretion at any time. Neither resignation nor removal of
the Auction Agent pursuant to the preceding three sentences shall be effective
until and unless a substitute Auction Agent who is reasonably acceptable to the
Trustee has been appointed and has accepted such appointment. If required by the
Issuer or the Market Agent, with the Trustee's consent, a substitute Auction
Agency Agreement shall be entered into with a substitute Auction Agent.
Notwithstanding the foregoing, the Auction Agent may terminate the Auction
Agency Agreement if, within 25 days after notifying the Trustee, the Issuer and
the Market Agent in

                                       22

<PAGE>

writing that it has not received payment of any Auction Agent Fee due it in
accordance with the terms of the Auction Agency Agreement, the Auction Agent
does not receive such payment.

                           (b) If the Auction  Agent shall  resign or be removed
or be dissolved, or if the property or affairs of the Auction Agent shall be
taken under the control of any state or federal court or administrative body
because of bankruptcy or insolvency, or for any other reason, the Trustee, at
the direction of the Issuer (after receipt of a certificate from the Market
Agent confirming that any proposed substitute Auction Agent meets the
requirements described in the immediately preceding paragraph), shall use its
best efforts to appoint a substitute Auction Agent.

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

                           (d) In the event of a change in the Auction Agent Fee
Rate pursuant to of the Auction Agency Agreement, the Auction Agent shall give a
Notice of Fee Rate Change to the Trustee and the Issuer in accordance with the
Auction Agency Agreement.

                  SECTION 2.5.5. BROKER-DEALERS.

                           (a) The Auction Agent will enter into a Broker-Dealer
Agreement with PaineWebber Incorporated, as the initial Broker-Dealer. An
Authorized Officer of the Issuer may, from time to time, approve one or more
additional persons to serve as Broker-Dealers under Broker-Dealer Agreements and
shall be responsible for providing such Broker-Dealer Agreements to the Trustee
and the Auction Agent, provided, however that while PaineWebber Incorporated is
serving as a Broker-Dealer, PaineWebber Incorporated shall have the right to
consent to the approval of any additional Broker-Dealers, which consent will not
be unreasonably withheld. The Auction Agent shall have entered into a
Broker-Dealer Agreement with each Broker-Dealer prior to the participation of
any such Broker-Dealer in any Auction.

                         (b) Any Broker-Dealer may be removed at any time at the
request of an Authorized Officer of the Issuer, but there shall, at all times,
be at least one Broker-Dealer appointed and acting as such.

                  SECTION 2.5.6. CHANGES IN AUCTION PERIOD OR PERIODS.

                           (a) While any of the 1999-I Notes are Outstanding,
the Issuer may, from time to time, convert the length of one or more Auction
Periods (an "Auction Period Adjustment") in order to conform with then current
market practice with respect to similar securities or to accommodate economic
and financial factors that may affect or be relevant to the length of the
Auction Period and the Series Interest Rate borne by the 1999-I Notes. The
Issuer shall not initiate an Auction Period Adjustment unless it shall have
received the written consent of the Market Agent, which consent shall not be
unreasonably withheld, not less than three days nor more than 20 days prior to
the effective date of an Auction Period Adjustment. The Issuer

                                        23

<PAGE>

shall initiate the Auction Period Adjustment by giving written notice by Issuer
Order to the Trustee, the Auction Agent, the Market Agent, Fitch, S&P and the
Securities Depository in substantially the form of, or containing substantially
the information contained in, Exhibit D to this Third Terms Supplement at least
10 days prior to the Auction Date for such Auction Period.

                           (b) Any such adjusted Auction Period shall not be
less than 7 days nor more than 365 days.

                           (c) An Auction Period  Adjustment shall take effect
only if (A) the Trustee and the Auction Agent receive by 11:00 a.m., eastern
time, on the Business Day before the Auction Date for the first such Auction
Period, an Issuer's Certificate in substantially the form attached as, or
containing substantially the same information contained in, Exhibit E to this
Third Terms Supplement, authorizing the Auction Period Adjustment specified in
such certificate along with a copy of the written consent of the Market Agent
described above in subparagraph (a) above and (B) Sufficient Bids exist as of
the Auction on the Auction Date for such first Auction Period. If the condition
referred to in (A) above is not met, the Series Interest Rate for the next
Auction Period shall be determined pursuant to the above provisions of this
Section 2.5 and the Auction Period shall be the Auction Period determined
without reference to the proposed change. If the condition referred to in (A) is
met but the condition referred to in (B) above is not met, the Series Interest
Rate for the next Auction Period shall be the lesser of the Maximum Auction Rate
and the Net Loan Rate and the Auction Period shall be the Auction Period
determined without reference to the proposed change.

                  In connection with any Auction Period Adjustment, the Auction
Agent shall provide such further notice to such parties as is specified in
Section 2.5 of the Auction Agency Agreement.

                  SECTION 2.5.7. CHANGES IN THE AUCTION DATE. The Market Agent,
with the written consent of an Authorized Officer of the Issuer, may specify an
earlier Auction Date (but in no event more than five Business Days earlier) than
the Auction Date that would otherwise be determined in accordance with the
definition of "Auction Date" in Section 1.1 of this Third Terms Supplement with
respect to one or more specified Auction Periods in order to conform with then
current market practice with respect to similar securities or to accommodate
economic and financial factors that may affect or be relevant to the day of the
week constituting an Auction Date and the Series Interest Rate borne on the
1999-I Notes. The Market Agent shall deliver a written request for consent to
such change in the Auction Date to the Issuer not less than three days nor more
than 20 days prior to the effective date of such change together with a
certificate demonstrating the need for change in reliance on such factors. The
Market Agent shall provide notice of its determination to specify an earlier
Auction Date for one or more Auction Periods by means of a written notice
delivered at least 10 days prior to the proposed changed Auction Date to the
Trustee, the Auction Agent, the Issuer an the Securities Depository. Such notice
shall be substantially in the form of, or contain substantially the information
contained in Exhibit F to this Third Terms Supplement.

                  In connection with any change described in this Section 2.5.7,
the Auction Agent shall provide such further notice to such parties as is
specified in Section 2.5 of the Auction Agency Agreement.

                                       24

<PAGE>

                  SECTION 2.6. ADDITIONAL PROVISIONS REGARDING THE SERIES
INTEREST RATES ON THE 1999-I NOTES. The determination of a Series Interest Rate
by the Auction Agent or any other Person pursuant to the provisions of the
applicable Section of this Article II shall be conclusive and binding on the
Note Owners of the Series of 1999-I Notes to which such Series Interest Rate
applies, and the Issuer and the Trustee may rely thereon for all purposes.

                  In no event shall the cumulative amount of interest paid or
payable on a Series of 1999-1 Notes (including interest calculated as provided
herein, plus any other amounts that constitute interest on the 1999-I Notes of
such Series under applicable law, which are contracted for, charged, reserved,
taken or received pursuant to the 1999-I Notes of such Series or related
documents) calculated from the date of issuance of the 1999-I Notes of such
Series through any subsequent day during the term of the 1999-I Notes of such
Series or otherwise prior to payment in full of the 1999-I Notes of such Series
exceed the amount permitted by applicable law. If the applicable law is ever
judicially interpreted so as to render usurious any amount called for under the
1999-1 Notes of such Series or related documents, or otherwise contracted for,
charged, reserved, taken or received in connection with the 1999-I Notes of such
Series, or if the acceleration of the maturity of the 1999-I Notes of such
Series results in payment to or receipt by the Note Owner or any former Note
Owner of the 1999-1 Notes of such Series of any interest in excess of that
permitted by applicable law, then, notwithstanding any provision of the 1999-I
Notes of such Series or related documents to the contrary, all excess amounts
theretofore paid or received with respect to the 1999-I Notes of such Series
shall be credited on the principal balance of the 1999-I Notes of such Series
(or, if the 1999-I Notes of such Series have been paid or would thereby be paid
in full, refunded by the recipient thereof), and the provisions of the 1999-I
Notes of such Series and related documents shall automatically and immediately
be deemed paid and the amounts thereafter collectible hereunder and thereunder
reduced, without the necessity of the execution of any new document, so as to
comply with the applicable law, but so as to permit the recovery of the fullest
amount otherwise called for under the 1999-1 Notes of such Series and under the
related documents.

                  SECTION 2.7. QUALIFICATIONS OF MARKET AGENT. The Market Agent
shall be a member of the National Association of Securities Dealers, Inc., have
a capitalization of at least $50,000,000 and be authorized by law to perform all
the duties imposed upon it by this Third Terms Supplement. The Market Agent may
resign and be discharged of the duties and obligation created by this Third
Terms Supplement by giving at least 30 days notice to the Issuer and the
Trustee, provided that such resignation shall not be effective until the
appointment of a successor market agent by the Issuer and the acceptance of such
appointment by such successor market agent. The Market Agent may be replaced at
the direction of the Issuer by an instrument signed by an Authorized Officer of
the Issuer, filed with the Market Agent and the Trustee at least 30 days before
the effective date of such replacement, provided that such replacement shall not
be effective until the appointment of a successor Market Agent by the Issuer and
the acceptance of such appointment by such successor Market Agent.

                  In the event that the Market Agent shall be removed or be
dissolved, or if the property or affairs of the Market Agent shall be taken
under the control of any state or federal court or administrative body because
of bankruptcy or insolvency, or for any other reason, and there is no Market
Agent and the Issuer shall not have appointed its successor as Market Agent, the
Trustee, notwithstanding the provisions of the first paragraph of this Section,
shall be deemed

                                       25

<PAGE>

to be the Market Agent for all purposes of this Third Terms Supplement until the
appointment by the Issuer of the successor Market Agent. Nothing in this Section
shall be construed as conferring on the Trustee additional duties other than as
set forth herein.

                                  ARTICLE III.

                                  DISTRIBUTIONS

                  SECTION 3.1. DISTRIBUTIONS OF INTEREST AND PRINCIPAL. The
Trustee shall make distributions from and to the several Trust Accounts in the
manner provided for in the Trust Agreement.

                  On the first Business Day of each calendar quarter after
December 1, 2003 ( or such later date to which the Recycling Period is extended
upon receipt of a Rating Confirmation), the Issuer shall determine the amounts
on deposit in the Revenue Account and the Loan Account which will be available
for distribution after payment, in the following order of priority, of (a) the
amounts required to be paid in Section 5.3(B)(FIRST) through (EIGHTH) of the
Trust Agreement, (b) the amounts and in the order required to be paid in Section
3.1 of the First Terms Supplement with respect to the Senior Notes and
thereafter (c) the amounts and in the order required to be paid in Section 3.1
of the Second Terms Supplement with respect to the Senior Notes, and shall apply
such remaining amounts as follows and in the following order of priority
(subject to any Supplemental Trust Agreement with respect to Additional Notes
providing for a priority for such Additional Notes):

                                    (i)     to pay principal on 1999 Series A-7
         Notes, in integral multiples of $50,000;

                                    (ii)    to pay principal on 1999 Series A-8
         Notes, in integral multiples of $50,000;

                                    (iii)   to pay principal on 1999 Series A-9
         Notes, in integral multiples of $50,000; and

                                    (iv)    thereafter, to pay principal on any
         Subordinate Notes in accordance with their terms.

The Issuer shall notify the Trustee (not later than 30 days, or such lesser
period as the Trustee shall determine to be acceptable, prior to the applicable
Series Payment Date) of the amount that will be applied to the payment of
principal of each Series of Notes and the Series Payment Dates occurring during
such calendar quarter on which such principal shall be paid.

                  SECTION 3.2. SELECTION OF NOTES TO RECEIVE PAYMENTS OF
PRINCIPAL. With respect to the Series of Notes entitled to receive payments of
principal, the specific Notes of such Series that will receive payments of
principal on each applicable Note Interest Payment Date will be selected no
later than 15 days prior to the related Series Payment Date by the Securities
Depository, pursuant to the Note Depository Agreement entered into with respect
to the 1999-I Notes, by lot in such manner as the Securities Depository in its
discretion may determine and

                                  26

<PAGE>

which may provide for the selection for payment of principal in minimum
denominations of $50,000, and integral multiples in excess thereof.

                  Notice of the specific Notes to receive payments of principal
is to be given by the Trustee by first-class mail, postage prepaid, mailed not
less than 15 days but no more than 30 days before the applicable Note Interest
Payment Date at the address of the applicable Note Owner appearing on the
registration books. Any defect in or failure to give such mailed notice shall
not affect the validity of proceedings for the payment of any other Notes not
affected by such failure or defect. All notices of payment are to state: (i) the
applicable Series Payment Date; (ii) the amount of principal to be paid, and
(iii) the specific Notes of such Series to be paid.

                  The Trustee shall notify in writing, substantially in the form
of Exhibit D to the Auction Agency Agreement, the Auction Agent when any notice
of principal payment of Notes is sent to the Securities Depository not later
than 11:00 a.m., on the date such notice is sent.

                                   ARTICLE IV.

                                  MISCELLANEOUS

                  SECTION 4.1. AUTHORITY FOR THIS THIRD TERMS SUPPLEMENT. This
Third Terms Supplement is adopted pursuant to the provisions of the Trust
Agreement.

                  SECTION 4 2. COUNTERPARTS. This Third Terms Supplement may be
simultaneously executed in several counterparts, each of which shall be an
original and all of which shall constitute but one and the same instrument.

                  SECTION 4.3. Third TERMS SUPPLEMENT CONSTITUTES A SECURITY
AGREEMENT. This Third Terms Supplement constitutes a security agreement for the
purposes of the Uniform Commercial Code.

                  SECTION 4.4. GOVERNING LAW. This Third Terms Supplement shall
be governed by and construed in accordance with the laws of the State of
Indiana.

                  SECTION 4.5. REPORTS TO RATING AGENCIES. Section 6.13(B)(i) of
the Trust Agreement is hereby amended and replaced in its entirety to read as
follows: "any investment to be made pursuant to 6,7 or 8 of Investment
Securities."

                  SECTION 4.6. RATIFICATION OF TRUST AGREEMENT. As supplemented
by this Third Terms Supplement, the Trust Agreement is in all respects ratified
and confirmed, and the Trust Agreement as so supplemented by this Third Terms
Supplement shall be read, taken and construed as one and the same instrument.
Each addition to and amendment of the Trust Agreement contained herein is solely
for purposes of the 1999-I Notes, and shall have no effect on any other Series
of Notes issued pursuant to the Trust Agreement. If any term of this Third Terms
Supplement conflicts with any term of the Trust Agreement, this Third Terms
Supplement shall control for purposes of the 1999-I Notes.

                  SECTION 4.7. RECYCLING Period. Absent receipt of Rating
Confirmations permitting otherwise, during the recycling period, which ends
December 1, 2003, amounts

                                           27

<PAGE>

representing the proceeds of the 1998 Notes or the 1999-I Notes shall only be
applied to the financing of Eligible Loans with the following characteristics:

                                            (1) the percentage of recycled Loans
                  that are consolidation Loans shall not exceed 20%;

                                            (2) the  percentage of recycled
                  Loans that are made to students of two-year  schools or
                  proprietary schools shall not exceed 10%;

                                            (3) the  percentage  of  recycled
                  Loans  that are  unsubsidized  Stafford  loans not in
                  repayment status shall not exceed 10%; and

                                            (4) the provisions of Section 6.7(B)
                  (4)(i) of the Trust Agreement notwithstanding,  such
                  proceeds may be applied to the financing of Loans originated
                  after July 1, 1998, provided that the percentage of recycled
                  Loans that are originated after July 1, 1998 shall not exceed
                  40% of all such recycled Loans.

                                       28

<PAGE>

                  IN WITNESS WHEREOF, the parties hereto have caused this Third
Terms Supplement to be duly executed as of the day and year first above written.

                                         EMT CORP.

                                         By: /s/ Garrett A. Varner
                                         ---------------------------------
                                         Garrett A. Varner,
                                         Title: Treasurer

                                         BANK ONE TRUST COMPANY, NA, not in
                                         its individual capacity but solely as
                                         Trustee,

                                         By: /s/ Terri Hawkins
                                            -------------------------------
                                               Name: Terri Hawkins
                                               Title: Assistant Vice President

<PAGE>

                                    EXHIBIT A

                             [FORM OF 1999-I NOTES]

                                    EMT CORP.
                        STUDENT LOAN ASSET - BACKED NOTES
                            AUCTION RATE CERTIFICATES

                            [1999 SENIOR SERIES A-__]

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER (AS DEFINED BELOW)
OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE "ACT") OR ANY STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THIS
NOTE, AGREES THAT THIS NOTE MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY
IN ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES LAWS AND (1) TO A PERSON WHOM
THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WHICH
PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL
BUYER TO WHOM NOTICE IS GIVEN THAT THE RESALE, PLEDGE OR OTHER TRANSFER IS BEING
MADE IN RELIANCE ON RULE 144A OR TO AN INSTITUTIONAL "ACCREDITED INVESTOR" AS
DEFINED IN RULE 501(A)(1), (2), (3) OR (7) OF REGULATION D PROMULGATED UNDER THE
ACT, OR (2) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT.

THIS NOTE IS NOT GUARANTEED OR INSURED BY ANY GOVERNMENTAL AGENCY.

NO A-__-__                                                        $____________

                    FINAL           DATED        INTEREST
      SERIES       MATURITY          DATE          RATE                CUSIP
      ------       --------          ----          ----                -----

                                        A-l

<PAGE>

         DATE
                                           auction rate as
                                           herein provided

REGISTERED NOTE OWNER:             CEDE & CO.
                      -------------------------------------------------

PRINCIPAL AMOUNT:
                      -------------------------------------------------

                                       A-2

<PAGE>

                  EMT Corp., an Indiana corporation (the "Issuer"), for value
received, promises to pay, from the sources herein described, to the registered
Note Owner identified above, or registered assigns, upon presentation and
surrender hereof at the designated Trust Office of Bank One Trust Company, NA,
as Trustee, or at the designated office of any successor, the Principal Amount
identified above on the Final Maturity Date identified above, and to pay to the
registered Note Owner hereof, interest and principal hereon in lawful money of
the United States of America at the Series Interest Rate on the dates as
provided herein. Unless otherwise defined in this 1999-I Note, capitalized terms
used in this 1999-I Note shall have the respective meanings given to such terms
in the Trust Agreement dated as of May 15, 1998, as amended and supplemented to
September 1, 1999, including by the Third Terms Supplement dated as of September
1, 1999, (the "Third Terms Supplement" and, together, the "Trust Agreement")
between the Issuer and such Trustee.

                  This 1999-I Note is one of a duly authorized issue of notes of
the Issuer designated as "EMT Corp. Student Loan Asset-Backed Notes, Auction
Rate Certificates, [1999 Senior Series A-__ ]" (herein referred to by specific
Series as the "1999 Series _______ Notes" and collectively with certain other
Notes issued simultaneously therewith, as the "1999-I Notes"), in the aggregate
principal amount of $_____________issued under the Trust Agreement. The 1999-1
Notes are issued to finance the acquisition of Loans and to make certain
deposits to the trust Accounts.

                  The Trust Agreement provides for the issuance, from time to
time, under the conditions, limitations and restrictions set forth therein, of
additional notes, for the purpose of providing additional funds for the
financing of Loans (said additional notes, together with 1999-1 Notes, being
collectively referred to herein as the "Notes").

                  The Notes are secured under the Trust Agreement which,
together with certain other documents, assigns to the Trustee for the benefit of
the Note Owners (and certain others, as their interest may appear) all the
rights and remedies of the Issuer under certain Loans and rights under various
contracts providing for the issuance, guarantee and servicing of such Loans.
Reference is hereby made to the Trust Agreement for the provisions, among
others, with respect to the custody and application of the proceeds of the
Notes, definitions of certain capitalized terms used in this 1999-I Note, the
nature and the extent of the liens and security of the Trust Agreement, the
collection and disposition of revenues, the funds charged with and pledged to
the payment of the principal of and the interest on the Notes, the terms and
conditions under which additional Notes may be issued, the rights, duties and
immunities of the Trustee, the rights of the registered owners of the Notes, and
the rights and obligations of the Issuer. By the acceptance of this 1999-I Note,
the registered owner hereof assents to all of the provisions of the Trust
Agreement.

                  The unpaid principal amount hereof from time to time
outstanding shall bear interest at a Series Interest Rate, as described below,
payable on each applicable Series Payment Date to the extent of interest accrued
on the principal then outstanding, such interest to accrue from the later of the
date hereof or the date through which interest has been paid or duly provided
for. Interest at a Series Interest Rate established pursuant to the Third Terms
Supplement shall be computed for the actual number of days elapsed on the basis
of a year consisting of 365/366 days, as applicable.

                                       A-3

<PAGE>

                  During the Series Initial Period, this 1999-I Note shall bear
interest at the Series Initial Rate for the 1999-I Notes of this Series.
Thereafter until an Auction Period Adjustment, if any, this 1999-I Note shall
bear interest at a Series Interest Rate based on an Auction Period that shall,
until adjusted pursuant to the Third Terms Supplement, generally consist of 28
days, all as determined in the Third Terms Supplement.

                  The Series Interest Rate to be borne by this 1999-I Note after
the Series Initial Period for each Auction Period, if any, or, an Auction Period
Adjustment, if any, shall be the lesser of (i) the Net Loan Rate in effect for
such Auction Period and (ii) the Auction Rate determined in accordance with the
applicable provisions of the Third Terms Supplement.

                  In no event shall the Series Interest Rate on this 1999-1 Note
exceed 17.0% per annum.

                  The Series Interest Period, including, without limitation, an
Auction Period, the applicable Series Interest Rate, the method of determining
the applicable Series Interest Rate on each of the 1999-I Notes and the Auction
Procedures related thereto, including, without limitation, required notices
thereof to the Note Owners or Existing Note Owners of the 1999-1 Notes, an
Auction Period Adjustment, a change in the Auction Date and the Note Interest
Payment Dates will be determined in accordance with the terms, conditions and
provisions of the Third Terms Supplement and the Auction Agency Agreement, to
which terms, conditions and provisions specific reference is hereby made, and
all of which terms, conditions and provisions are hereby specifically
incorporated herein by reference.

                  If the Auction Rate for the 1999-1 Notes is greater than the
Net Loan Rate, then the Series Interest Rate applicable to the 1999-I Notes for
that Series Interest Period will be the Net Loan Rate. If the Series Interest
Rate applicable to the 1999-I Notes for any Series Interest Period is the Net
Loan Rate, the Trustee shall determine the Note Owners' Auction Rate Interest
Carryover, if any, with respect to the 1999-I Notes for such Series Interest
Period. Such Note Owners' Auction Rate Interest Carryover shall bear interest
calculated at a rate equal to One-Month LIBOR from the Note Interest Payment
Date for each Series Interest Period with respect to which such Note Owners'
Auction Rate Interest Carryover was calculated until paid. For purposes of this
1999-I Note, any reference to "principal" or "interest" herein shall not include
within the meaning of such words Note Owners' Auction Rate Interest Carryover or
any interest accrued on any such Note Owners' Auction Rate Interest Carryover.
Such Note Owners' Auction Rate Interest Carryover shall be separately calculated
for each 1999-I Note by the Trustee during such Series Interest Period in
sufficient time for the Trustee to give notice to each Note Owner of such Note
Owners' Auction Rate Interest Carryover as required in the next succeeding
sentence. On the Note Interest Payment Date for a Series Interest Period with
respect to which such Note Owners' Auction Rate Interest Carryover has been
calculated by the Trustee, the Trustee shall give written notice to each Note
Owner of the Note Owners' Auction Rate Interest Carryover applicable to such
Note Owner's 1999-I Note, which written notice may accompany the payment of
interest by check made to each such Note Owner on such Note Interest Payment
Date or otherwise shall be mailed on such Note Interest Payment Date by first
class mail, postage prepaid, to each such Note Owner at such Note Owner's
address as it appears on the registration books maintained by the Registrar.
Such notice shall state, in addition to such Note Owners' Auction Rate Interest
Carryover, that, unless and until a 1999-I Note has been

                                       A-4

<PAGE>

paid in full or has been deemed no longer outstanding under the Third Terms
Supplement (after which no Note Owners' Auction Rate Interest Carryover (and all
accrued interest thereon) shall be paid with respect to a 1999-I Note), (i) the
Note Owners' Auction Rate Interest Carryover (and interest accrued thereon
calculated on the basis of One-Month LIBOR) shall be paid by the Trustee on a
1999-I Note on the first occurring Note Interest Payment Date for a subsequent
Series Interest Period if and to the extent that (1) during such Series Interest
Period no additional Note Owners' Auction Rate Interest Carryover is accruing on
the 1999-1 Notes and (2) moneys are available on such Note Interest Payment Date
pursuant to the terms of the Trust Agreement in an amount sufficient to pay all
or a portion of such Note Owners' Auction Rate Interest Carryover and (ii)
interest shall accrue on the Note Owners' Auction Rate Interest Carryover at a
rate equal to One-Month LIBOR until such Note Owners' Auction Rate Interest
Carryover is paid in full or is cancelled.

                  The Note Owners' Auction Rate Interest Carryover for the
1999-1 Notes shall be paid by the Trustee on Outstanding 1999-1 Notes on the
first occurring Series Payment Date for a subsequent Series Interest Period if
and to the extent that (i) during such Series Interest Period, no additional
Note Owners' Auction Rate Interest Carryover is accruing on the 1999-I Notes and
(ii) on such Series Payment Date there are sufficient moneys available pursuant
to the terms of the Third Terms Supplement to pay all or a portion of the Note
Owners' Auction Rate Interest Carryover due on the 1999-I Notes on such Series
Payment Date. Any Note Owners' Auction Rate Interest Carryover (and any interest
accrued thereon) on any 1999-1 Note which is due and payable on any Series
Payment Date, on which such 1999-I Note is deemed no longer Outstanding under
the Trust Agreement on said Series Payment Date, shall be paid to the Note Owner
thereof on the next Series Payment Date to the extent that moneys are available
therefor in accordance with the Trust Agreement; provided, however, that any
Note Owners' Auction Rate Interest Carryover (and any interest accrued thereon)
which is not yet due and payable on said Series Payment Date shall be cancelled
with respect to said 1999-I Note that is to be deemed no longer Outstanding
under the Trust Agreement on said Series Payment Date and shall not be paid on
any succeeding Series Payment Date. To the extent that any portion of the Note
Owners' Auction Rate Interest Carryover remains unpaid after payment of a
portion thereof, such unpaid portion of the Note Owners' Auction Rate Interest
Carryover shall be paid in whole or in part until fully paid by the Trustee on
the next occurring Series Payment Date or Dates, as necessary, for a subsequent
Series Interest Period or Periods, if and to the extent that the conditions in
the immediately preceding sentence are satisfied.

                  The Series Payment Date in such subsequent Series Interest
Period on which such Note Owners' Auction Rate Interest Carryover for the 1999-I
Notes shall be paid shall be determined by the Trustee in accordance with the
provisions of the immediately preceding paragraph, and the Trustee shall make
payment of the Note Owners' Auction Rate Interest Carryover in the same manner
as, and from the same account from which, it pays interest on the 1999-I Notes
on a Series Payment Date as provided for in the Trust Agreement.

                  The principal of and interest on the 1999-I Notes and Note
Owners' Auction Rate Interest Carryover on the 1999-I Notes (and interest
accrued thereon), if any, are special limited obligations of the Issuer, payable
solely from certain revenues derived by the Issuer from certain assets of the
Issuer, including certain notes evidencing Loans.

                                       A-5

<PAGE>

                  Distributions of principal will made on each Series Payment
Date to the respective Series of Notes in the manner described in the Trust
Agreement. The Notes are subject to redemption, in whole or in part, at the
option of the Issuer, on the applicable Series Payment Date at a price of par
plus accrued interest, upon not less than ten days prior written notice to the
Owners of such Notes.

                  FAILURE TO PAY PRINCIPAL OF OR INTEREST ON A SUBORDINATE NOTE,
WHEN DUE, SHALL NOT GIVE RISE TO AN EVENT OF DEFAULT IF ALL PAYMENTS OF
PRINCIPAL OF AND INTEREST ON OUTSTANDING SENIOR NOTES HAVE BEEN MADE.

                  If an Event of Default as defined in the Trust Agreement
occurs, the principal of and interest on all Notes issued under the Trust
Agreement may be declared due and payable upon the conditions and in the manner
and with the effect provided in the Trust Agreement. The Trust Agreement and the
rights and obligations of the Issuer, the Trustee and the Note Owner hereof may
be modified or amended in the manner and subject to the conditions set forth in
the Trust Agreement.

                  The Note Owner of this 1999-I Note shall have no right to
enforce the provisions of the Trust Agreement or to institute action to enforce
the covenants therein, or to take any action with respect to any Event of
Default under the Trust Agreement, or to institute, appear in, or defend any
suit or other proceeding with respect thereto, except as provided in the Trust
Agreement.

                  The transfer of this 1999-I Note may be registered only upon
surrender hereof to the Trustee together with an assignment duly executed by the
registered owner or its attorney or legal representative in such form as shall
be satisfactory to the Trustee. Upon any such registration of transfer of this
1999-1 Note and subject to the payment of any fees and charges as provided by
the Trust Agreement, the Issuer shall execute and the Trustee shall authenticate
and deliver in exchange for this 1999-I Note a new 1999-1 Note or Notes
registered in the name of the transferee, in any denomination or denominations
authorized by the Trust Agreement, of the same maturity and Series and in an
aggregate principal amount equal to the unredeemed principal amount of this
1999-1 Note and bearing the same interest as this 1999-I Note.

                  In any case where the date fixed for the payment of principal
of or interest on this 1999-I Note shall not be a Business Day, then payment of
such principal or interest need not be made on such date but may be made on the
next succeeding Business Day with the same force and effect as if made on the
date fixed for the payment thereof.

                  It is hereby certified, recited and declared that all acts,
conditions and things required to have happened, to exist and to have been
performed precedent to and in the execution an delivery of the Trust Agreement
and issuance of this 1999-1 Note have happened, do exist and have been performed
in due time, form and manner as required by law.

                  This 1999-1 Note shall not be valid or become obligatory for
any purpose or be entitled to any security or benefit under the Trust Agreement
until the certificate of authentication hereon shall have been manually signed
by the Trustee.
                                       A-6

<PAGE>

                  IN WITNESS WHEREOF, the Issuer has caused this 1999-I Note to
be executed in its name by the manual or facsimile signature of an Authorized
Officer and the manual or facsimile signature of its Secretary, and has caused
its corporate seal or a facsimile thereof to be hereto affixed.

                                             EMT CORP., as Issuer

                                             By:
                                                --------------------------------
                                                 Garrett A. Varner
                                                 Treasurer

 (SEAL)

Attest:

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

                          CERTIFICATE OF AUTHENTICATION

                  This Note is one of the 1999-I Notes designated in and issued
under the provisions of the within mentioned Trust Agreement.

Bank One Trust Company, NA
Indianapolis, Indiana, as
Trustee

By:
   ---------------------------------
     Authorized Representative

Date of Authentication:

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

                                      A-7

<PAGE>

                                   ASSIGNMENT

                  FOR VALUE RECEIVED the undersigned hereby sells, assigns and
transfers unto __________________________, the within Note and irrevocably
appoints ____________________, attorney-in-fact, to transfer the within Note on
the books kept for registration thereof. with full power of substitution in the
premises.

Dated:_____________________                   _________________________________

NOTICE:           The signature to this       Signature Guaranteed:
assignment must correspond with the
name as it appears upon the face of the       __________________________________
within Note in every particular, without
any alteration whatsoever.

Name and Address:________________________

Tax Identification Number or
Social Security Number(s):_______________________________

                            END OF FORM OF 1999 NOTE

                                        A-8

<PAGE>

                                    EXHIBIT B

                                    EMT CORP.

                        STUDENT LOAN ASSET-BACKED NOTES,

                            AUCTION RATE CERTIFICATES

                            [1999 SENIOR SERIES A-__]

                            NOTICE OF PAYMENT DEFAULT
                            -------------------------

                  NOTICE IS HEREBY GIVEN that an Event of Default has occurred
and is continuing with respect to the Notes identified above. The next Auction
for the 1999-I Notes will not be held The Auction Rate for the 1999-I Notes for
the next succeeding Series Interest Period shall be the Non-Payment Rate.

                                             ----------------------------------
                                              as Trustee

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

                                       B-1

<PAGE>

                                    EXHIBIT C

                                    EMT CORP.

                        STUDENT LOAN ASSET-BACKED NOTES,

                            AUCTION RATE CERTIFICATES

                            [1999 SENIOR SERIES A-__]

                        NOTICE OF CURE OF PAYMENT DEFAULT
                        ---------------------------------

                  NOTICE IS HEREBY GIVEN that an Event of Default with respect
to the Notes identified above has been waived or cured. The next Series Payment
Date is _____________________ and the next Auction Date is ____________________.

                                        ______________________________________
                                         as Trustee

Dated:                                   By:__________________________________
                                             Name:
                                             Title:

                                         C-1

<PAGE>

                                    EXHIBIT D

                                    EMT CORP.

                        STUDENT LOAN ASSET-BACKED NOTES,

                            AUCTION RATE CERTIFICATES

                            [1999 SENIOR SERIES A-__]

                  NOTICE OF PROPOSED AUCTION PERIOD ADJUSTMENT
                  --------------------------------------------

                  Notice is hereby given that the Issuer proposes to change the
length of one or more Auction Periods pursuant to the Third Terms Supplement to
the Trust Agreement as follows:

                  1. The change shall take effect on the Series Payment Date for
the current Auction Period and the date of commencement of the next Auction
Period (the "Effective Date").

                  2. The Auction Period Adjustment in Paragraph 1 shall take
place only if (A) the Trustee and the Auction Agent receive by 11:00 a.m.,
eastern time, on the Business Day before the Auction Date for the Auction Period
commencing on the Effective Date, a certificate from the Market Agent as
required by the Third Terms Supplement authorizing the change in length of one
or more Auction Periods and (B) Sufficient Bids exist on the Auction Date for
the Auction Period commencing on the Effective Date.

                  3. If the condition referred to in (A) above is not met, the
Auction Rate for the Auction Period commencing on the Effective Date will be
determined pursuant to the Auction Procedures and the Auction Period shall be
the Auction Period determined without reference to the proposed change. If the
condition referred to in (A) is met but the condition referred to in (B) above
is not met, the Auction Rate for the Auction Period commencing on the Effective
Date shall be the Maximum Auction Rate and the Auction Period shall be the
Auction Period determined without reference to the proposed change.

                  4. It is hereby represented, upon advice of the Auction Agent
for the Notes described herein, that there were Sufficient Bids for such Notes
at the Auction immediately preceding the date of this Notice.

                                       D-1

<PAGE>

                  5. Terms not defined in this Notice shall have the meanings
set forth in the Third Terms Supplement entered into in connection with the
captioned Notes.

                                           EMT CORP., as Issuer

Dated:                                     By:  _______________________________

                                       D-2

<PAGE>

                                    EXHIBIT E

                                    EMT CORP.

                        STUDENT LOAN ASSET-BACKED NOTES,

                            AUCTION RATE CERTIFICATES

                            [1999 SENIOR SERIES A-__]

                  NOTICE ESTABLISHING AUCTION PERIOD ADJUSTMENT
                  ---------------------------------------------

                  Notice is hereby given that the Issuer hereby establishes new
lengths for one or more Auction Periods pursuant to the Third Terms Supplement
to the Trust Agreement:

                  1. The change shall take effect on ________________, the
Series Payment Date for the current Auction Period and the date of commencement
of the next Auction Period (the "Effective Date").

                  2. For the Auction Period commencing on the Effective Date,
the Note Interest Payment Date shall be ____________________, or the next
succeeding Business Day if such date is not a Business Day.

                  3. For Auction Periods occurring after the Auction Period the
Note Interest Payment Dates shall be [ _______________________ (date) and every
____________________ (number) ________________ (day of week) thereafter] [every
________________ (number) _________________ (day of week) after the date set
forth in paragraph 2 above], or the next Business Day if any such day is not a
Business Day; provided, however, that the length of subsequent Auction Periods
shall be subject to further change hereafter as provided in Section 2.5.7 of the
Third Terms Supplement.

                  4. The changes described in paragraphs 2 and 3 above shall
take place only upon delivery of this Notice and the satisfaction of other
conditions set forth in the Third Terms Supplement and our prior notice dated
regarding the proposed change.

                  5. Terms not defined in this Notice shall have the meanings
set forth in the Third Terms Supplement relating to the captioned Notes.

                                      EMT CORP.

                                      By:
                                         ---------------------------------------

Dated:                                By:

                                       E-1

<PAGE>

                                    EXHIBIT F

                                    EMT CORP.

                        STUDENT LOAN ASSET-BACKED NOTES,

                            AUCTION RATE CERTIFICATES

                            [1999 SENIOR SERIES A-__]

                        NOTICE OF CHANGE IN AUCTION DATE
                        --------------------------------

                  Notice is hereby given by PAINEWEBBER INCORPORATED, as Market
Agent for the captioned Notes, that with respect to the captioned Notes the
Auction Date is hereby changed as follows:

                  1. With respect to the captioned Notes, the definition of
"Auction Date" shall be deemed amended by substituting "_________________
(number) Business Day" in the second line thereof.

                  2. This change shall take effect on ____________________ which
shall be the Auction Date for the Auction Period commencing on
________________________.

                  3. The Auction Date for the captioned Notes shall be subject
to further change hereafter as provided in the Third Terms Supplement.

                  4. Terms not defined in this Notice shall have the meanings
set forth in the Third Terms Supplement relating to the captioned Notes.

                                              PAINEWEBBER INCORPORATED, as
                                              Market Agent

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

                                       F-1

<PAGE>

                                TABLE OF CONTENTS

                                                                            PAGE

ARTICLE I.             DEFINITIONS                                             1
ARTICLE 11.            AUTHORIZATION, TERMS AND ISSUANCE                       9
       Section 2.1.      Authorization of 1999-I Notes                         9
       Section 2.2.      Purposes                                              9
       Section 2.3.      Terms of 1999-I Notes Generally                       9
       Section 2.4.      1999-I Notes                                         10
       Section 2.5.      Series Interest Rate                                 14
       Section 2.6.      Additional Provisions Regarding the Series Interest
                         Rates on the 1999-I Notes                            26
       Section 2.7.      Qualifications of Market Agent                       27
ARTICLE III.           DISTRIBUTIONS                                          27
       Section 3.1.      Distributions of Interest and Principal              27
       Section 3.2.      Selection of Notes to Receive Payments of Principal  28
ARTICLE IV.            MISCELLANEOUS                                          29
       Section 4.1.      Authority for This Third Terms Supplement            29
       Section 4.2.      Counterparts                                         29
       Section 4.3.      Third Terms Supplement Constitutes a Security
                         Agreement                                            29
       Section 4.4.      Governing Law                                        29
       Section 4.5.      Reports to Rating Agencies                           29
       Section 4.5.      Ratification of Trust Agreement                      29
       Section 4.7.      Recycling Period                                     29

                                       -i-Exhibit 4.5

                                                                  Execution Copy

                             FOURTH TERMS SUPPLEMENT

                                     TO THE

                                 TRUST AGREEMENT

                            DATED AS OF MAY 15, 1998

                                     between

                                    EMT CORP.
                                    as Issuer
                                       and

                          BANK ONE TRUST COMPANY, N.A.

                                   as Trustee

                            Dated as of April 1, 2000

                                    Securing

                                  $375,000,000

                  STUDENT LOAN ASSET-BACKED AUCTION RATE NOTES

                      2000 SENIOR SERIES A-10 through A-15
                                       and
                       2000 SENIOR SUBORDINATE SERIES B-2

<PAGE>

                                TABLE OF CONTENTS

                                                                            PAGE

ARTICLE I.               DEFINITIONS                                           1
ARTICLE 11.              AUTHORIZATION, TERMS AND ISSUANCE                     9
       Section 2.1.      Authorization of 2000 Notes                           9
       Section 2.2.      Purposes                                              9
       Section 2.3.      Terms of 2000 Notes Generally                         9
       Section 2.4.      2000 Notes                                           10
       Section 2.5.      Series Interest Rate                                 14
       Section 2.6.      Additional Provisions Regarding the Series Interest
                         Rates on the 2000 Notes                              26
       Section 2.7.      Qualifications of Market Agent                       27
ARTICLE III.             DISTRIBUTIONS                                        27
       Section 3.1.      Distributions of Interest and Principal              27
       Section 3.2.      Selection of Notes to Receive Payments of Principal  28
ARTICLE IV.              MISCELLANEOUS                                        29
       Section 4.1.      Authority for This Fourth Terms Supplement           29
       Section 4.2.      Counterparts                                         29
       Section 4.3.      Fourth Terms Supplement Constitutes a Security
                         Agreement                                            29
       Section 4.4.      Governing Law                                        29
       Section 4.5.      Reports to Rating Agencies                           29
       Section 4.5.      Ratification of Trust Agreement                      29
       Section 4.7.      Recycling Period                                     29

                                       -i-

<PAGE>

                  FOURTH TERMS SUPPLEMENT, dated as of April 1, 2000 between EMT
CORP., an Indiana corporation (the "Issuer") acting through KEYBANK INDIANA,
N.A. not in its individual capacity but solely as eligible lender trustee (the
"Eligible Lender Trustee") pursuant to a certain trust agreement, dated as of
May 15, 1998, by and between the Issuer and the Eligible Lender Trustee (the
"Eligible Lender Trust Agreement"), and BANK ONE TRUST COMPANY, N.A. (successor
to NBD Bank, N.A.), a national banking association, duly established, existing
and authorized to accept and execute trusts of the character herein set out
under and by virtue of the laws of the United States of America, with its
designated trust office in Indianapolis, Indiana, (the "Trustee"), as Trustee
under a Trust Agreement dated as of May 15, 1998, as amended and supplemented to
the date hereof including by this Fourth Terms Supplement, by and between the
Issuer and such Trustee (the "Trust Agreement").

                              PRELIMINARY STATEMENT

         Sections 2.1 and 7.1 of the Trust Agreement provide, among other
things, that the Issuer and the Trustee may enter into an instrument
constituting a Supplemental Trust Agreement supplemental to the Trust Agreement
for the purpose of authorizing one or more Series of Notes and to specify
certain terms of such Series of Notes. The Issuer has duly authorized the
execution and delivery of six Series of Senior Notes in an aggregate principal
amount not to exceed $375,000,000 to be known as the Issuer's Student Loan
Asset-Backed Auction Rate Notes, 2000 Senior Series A-10 in the aggregate
principal amount of $70,000,000 (the "Series A-10 Notes"), 2000 Senior Series
A-11 in the aggregate principal amount of $70,000,000 (the "Series A-11 Notes"),
2000 Senior Series A-12 in the aggregate principal amount of $70,000,000 (the
"Series A-12 Notes"), 2000 Senior Series A-13 in the aggregate principal amount
of $50,000,000 (the "Series A-13 Notes"), 2000 Senior Series A-14 in the
aggregate principal amount of $50,000,000 (the "Series A-14 Notes") and 2000
Senior Series A-15 in the aggregate principal amount of $50,000,000 (the "Series
A-15 Notes"). The Series A-10 Notes, Series A-11 Notes, Series A-12 Notes,
Series A-13 Notes, Series A-14 Notes and Series A-15 Notes are referred to
herein as the 2000 Senior Notes. The Issuer has also duly authorized the
execution and delivery of a Series of Senior Subordinate Notes in an aggregate
principal amount of $15,000,000 to be known as the Issuer's Student Loan
Asset-Backed Auction Rate Notes 2000 Senior Subordinate Series B-2 (the "Series
B-2 Notes" and, collectively with the 2000 Senior Notes, the "2000 Notes"). The
Issuer and the Trustee are executing and delivering this Fourth Terms Supplement
as a subsequent Supplemental Trust Agreement in order to provide for the 2000
Notes.

                                   ARTICLE I.

                                   DEFINITIONS

                  Capitalized terms used in this Fourth Terms Supplement and not
otherwise defined herein shall have the meaning set forth for such term in the
Trust Agreement.

                   "ALL HOLD Rate" means the Applicable LIBOR Rate less .20%.

                   "APPLICABLE LIBOR RATE" means, with respect to the Notes (i)
for Auction Periods of 35 days or less, One-Month LIBOR, (ii) for Auction
Periods of more than 35 days but

<PAGE>

less than 91 days, Three-Month LIBOR, (iii) for Auction Periods of more than 90
days but less than 181 days, Six-Month LIBOR, and (iv) for Auction Periods of
more than 180 days, One-Year LIBOR. As used in this definition and otherwise
herein, the terms "ONE-MONTH LIBOR," "THREE-MONTH LIBOR," "SIX-MONTH LIBOR" or
"ONE-YEAR LIBOR" mean the rate of interest per annum equal to the rate per annum
at which United States dollar deposits having a maturity of one-month, three
months, six months or one year, respectively, are offered to prime banks in the
London interbank market which appear on Telerate Page 3750 as of approximately
11:00 a.m., London time, on the Series Rate Determination Date. If such rate
does not appear on Telerate Page 3750, the rate for that day will be determined
on the basis of the Reuters Screen LIBOR Page. If at least two such quotations
appear on Telerate Page 3750, One-Month LIBOR, Three-Month LIBOR, Six-Month
LIBOR or One-Year LIBOR, respectively, will be the arithmetic mean (rounded
upwards, if necessary, to the nearest one-hundredth of one percent) of such
offered rates. If fewer than two such quotes appear, One-Month LIBOR,
Three-Month LIBOR, Six-Month LIBOR or One-Year LIBOR, respectively, with respect
to such Series Interest Period will be determined at approximately 11:00 a.m.,
London time, on such Series Rate Determination Date on the basis of the rate at
which deposits in United States dollars having a maturity of one month, three
months, six months or one year, respectively, are offered to prime banks in the
London interbank market by four major banks in the London interbank market
selected by the Auction Agent or the Trustee, as applicable, and in a principal
amount of not less than U.S. $1,000,000 and that is representative for a single
transaction in such market at such time. The Auction Agent or the Trustee, as
applicable, are to request the principal London office of each of such banks to
provide a quotation of its rate. If at least two quotations are provided,
One-Month LIBOR, Three-Month LIBOR, Six-Month LIBOR or One-Year LIBOR,
respectively, will be the arithmetic mean (rounded upwards, if necessary, to the
nearest one-hundredth of one percent) of such offered rates. If fewer than two
quotations are provided, One-Month LIBOR, Three-Month LIBOR, Six-Month LIBOR or
One-Year LIBOR, respectively, with respect to such Series Interest Period will
be the arithmetic mean (rounded upwards, if necessary, to the nearest
one-hundredth of one percent) of the rates quoted at approximately 11:00 a.m.,
New York City time on such Series Rate Determination Date by three major banks
in New York, New York selected by the Auction Agent or the Trustee, as
applicable, for loans in United States dollars to leading European banks having
a maturity of one month, three months, six months or one year, respectively, and
in a principal amount equal to an amount of not less than U.S. $1,000,000 and
that is representative for a single transaction in such market at such time;
provided, however, that if the banks selected as aforesaid are not quoting as
mentioned in this sentence, One-Month LIBOR, Three-Month LIBOR, Six-Month LIBOR
or One-Year LIBOR, respectively, in effect for the applicable Series Interest
Period will be One-Month LIBOR, Three-Month LIBOR, Six-Month LIBOR or One-Year
LIBOR, respectively, in effect for the immediately preceding Series Interest
Period.

                    "AUCTION" means the implementation of the Auction Procedures
on an Auction Date.

                    "AUCTION AGENCY AGREEMENT" means the initial Auction Agency
Agreement unless and until a substitute Auction Agency Agreement is entered into
after which "Auction Agency Agreement' shall mean such substitute Auction Agency
Agreement.
                                        2

<PAGE>

                  "AUCTION AGENT" means Bankers Trust Company, a New York
banking CORPORATION, its successors and assigns, as the initial Auction Agent
under the initial Auction Agency Agreement unless and until a substitute Auction
Agency Agreement becomes effective, after which "Auction Agent" shall mean the
substitute Auction Agent.

                  "AUCTION AGENT FEE" has the meaning set forth in the Auction
Agency Agreement.

                  "AUCTION AGENT FEE Rate" has the meaning set forth in the
Auction Agency Agreement.

                  "AUCTION DATE" means, initially, April 26, 2000 with respect
to the Series A-10 Notes, April 28, 2000 with respect to the Series A-11 Notes,
May 11, 2000 with respect to the Series A-12 Notes, April 25, 2000 with respect
to the Series A-13 Notes, April 26 2000 with respect to the Series A-14 Notes,
April 25, 2000 with respect to the Series A-15 Notes and May 11, 2000 with
respect to the Series B-2 Notes and thereafter, the Business Day immediately
preceding the first day of each Auction Period for each respective Series, other
than:

                    (a)  with respect to any Series of Notes, each Auction
                         Period commencing after the ownership of such Series of
                         Notes is no longer maintained in Book-Entry Form by the
                         Securities Depository;

                    (b)  each Auction Period commencing after and during the
                         continuance of a Payment Default; or

                    (c)  each Auction Period commencing less than two Business
                         Days after the cure or waiver of a Payment Default.

Notwithstanding the foregoing, the Auction Date for one or more Auction Periods
may be changed pursuant to Section 2.5.6 of this Terms Supplement.

                    "AUCTION PERIOD" means, with respect to each Series of 2000
Notes, the Series Interest Period applicable to such Series of Notes during
which time the related Series Interest Rate is determined pursuant to Section
2.5.1 hereof, which Auction Period (after the Initial Period for such Series)
initially shall consist of 7 days with respect to the Series A-10 Notes and
Series A-11 Notes and 28 days with respect to the Series A-12 Notes, Series A-13
Notes, Series A-14 Notes, Series A-15 Notes and Series B-2 Notes and may be
adjusted pursuant to Section 2.5.6 hereof.

                    "AUCTION PERIOD ADJUSTMENT" means an adjustment to the
Auction Period as provided in Section 2.5.6 hereof.

                    "AUCTION PROCEDURES" means the procedures set forth in
Section 2.5.1 hereof by which the Auction Rate is determined.

                                        3

<PAGE>

                   "AUCTION RATE" means the rate of interest per annum that
 results from implementation of the Auction Procedures and is determined as
 described in Section 2.5.1 (c)(ii) hereof.

                   "AUTHORIZED DENOMINATIONS" means, with respect to any Series
of 2000 Notes, $50,000 and integral multiples of $50,000 in excess thereof.

                   "AVAILABLE 2000 NOTES" has the meaning set forth in Section
2.5.1 (c)(i)(A) hereof.

                    "BID" has the meaning set forth in Section 2.5.1 (a)(i)
hereof.

                   "BID AUCTION RATE" has the meaning set forth in Section 2.5.1
(c)(i) hereof.

                   "BIDDER" has the meaning set forth in Section 2.5.l(a)(i)
hereof.

                   "BOND EQUIVALENT YIELD" means, in respect of any security,
the bond equivalent yield the rate for which is quoted in The Wall Street
Journal on a bank discount basis, a yield (expressed as a percentage) for such
security which appears on Telerate United States Treasury and Money Market
Composite Page 0223, rounded up to the nearest one one-hundredth of one percent.

                   "BOOK-ENTRY FORM" or "BOOK-ENTRY SYSTEM" means a form or
system under which (i) the beneficial right to principal and interest may be
transferred only through a book entry, (ii) physical securities in registered
form are issued only to a Securities Depository or its nominee as registered
owner, with the securities "immobilized" to the custody of the Securities
Depository, and (iii) the book entry is the record that identifies the owners of
beneficial interests in that principal and interest.

                   "BROKER-DEALER" means Salomon Smith Barney Inc. with respect
to the Series A-10, Series A-11, Series A- 12 and Series B-2 Notes, PaineWebber
Incorporated with respect to the Series A-13 and Series A-14 Notes and Dain
Rauscher Incorporated with respect to the Series A-15 Notes or any other broker
or dealer (each as defined in the Securities Exchange Act of 1934, as amended),
commercial bank or other entity permitted by law to perform the functions
required of a Broker-Dealer set forth in the Auction Procedures that (a) is a
Participant (or an affiliate of a Participant), (b) has been appointed as such
by the Trustee pursuant to Section 2.5.5 hereof or the Issuer pursuant to the
Trust Agreement and (c) has entered into a Broker-Dealer Agreement that is in
effect on the date of reference.

                   "BROKER-DEALER AGREEMENT" means each agreement between the
Auction Agent and a Broker-Dealer, and approved by the Issuer, pursuant to which
the Broker-Dealer agrees to participate in Auctions as set forth in the Auction
Procedures, as from time to time amended or supplemented. Each Broker-Dealer
Agreement shall be in substantially the form of the Broker-Dealer Agreements
dated as of April 1, 2000 between Bankers Trust Company, as Auction Agent, and
the applicable Broker-Dealer.

                   "BROKER-DEALER FEE" has the meaning set forth in the
Broker-Dealer Agreement.
                                       4
<PAGE>

                   "BROKER-DEALER FEE Rate" has the meaning set forth in the
applicable Broker-Dealer Agreement.

                    "BUSINESS DAY" means any day on which the New York Stock
Exchange is open for trading and any day other than a Saturday, a Sunday or a
day on which banking institutions or trust companies in New York or Indiana are
authorized or obligated by law, regulation or executive order to remain closed.

                    "CLOSING DATE" means, with respect to the 2000 Notes, April
13, 2000, the date of initial issuance and delivery of the 2000 Notes hereunder.

                    "EXISTING NOTE OWNER" means (i) with respect to and for the
purpose of dealing with the Auction Agent in connection with an Auction, a
Person who is a Broker-Dealer listed in the Existing Note Owner Registry at the
close of business on the Business Day immediately preceding such Auction and
(ii) with respect to and for the purpose of dealing with the Broker-Dealer in
connection with an Auction, a Person who is a beneficial owner of Notes.

                    "EXISTING NOTE OWNER REGISTRY" means the registry of Persons
who are owners of the Notes, maintained by the Auction Agent as provided in the
Auction Agency Agreement.

                    "FINAL MATURITY DATE" means December 1, 2030 for each Series
of 2000 Notes.

                    "FOURTH TERMS SUPPLEMENT" means this Fourth Terms
Supplement, as from time to time amended or supplemented.

                    "HOLD ORDER" has the meaning set forth in Section 2.5.1
(a)(i) hereof.

                    "INTEREST RATE" means, with respect to a Series of 2000
Notes, the rate of interest per annum borne by such Series as of the time
referred to, including, without limitation, the related Series Initial Rate and
the related Series Interest Rate.

                    "MARKET AGENT" means Salomon Smith Barney Inc. with respect
to the Series A-10 Notes, Series A-11 Notes, Series A-12 Notes and Series B-2
Notes, PaineWebber Incorporated with respect to the Series A-13 Notes and Series
A-14 Notes and Dain Rauscher Incorporated with respect to the Series A- 15
Notes, in such capacity hereunder, or any successor to any of them in such
capacity hereunder.

                    "MAXIMUM AUCTION RATE" means, with respect to a Series of
Notes, (i) for Auction Periods of 35 days or less, either (A) One-Month LIBOR
plus 1.50% (if both ratings assigned by the Rating Agencies to the Series of
Notes, are "AAA") or (B) One-Month LIBOR plus 2.50% (if both of the ratings
assigned by the Rating Agencies to the Series of Notes, are "AA-" or better) or
(C) One-Month LIBOR plus 3.50% (if any one of the ratings assigned by the Rating
Agencies to the Series of Notes is less than "AA-" ) or (ii) for Auction Periods
of greater than 35 days, either (X) the Applicable LIBOR Rate plus 1.50% (if
both of the ratings assigned by the Rating Agencies to the Series of Notes are
"AAA") or (Y) the Applicable LIBOR Rate plus 2.50% (if both ratings assigned by
the Rating Agencies to the Series of Notes, are "AA-" or better) or (Z) the
Applicable LIBOR Rate plus 3.50% (if any one of the ratings assigned by the
Rating Agencies to the Series of Notes is less than "AA-"). For purposes of the
Auction Agent

                                        5

<PAGE>

and the Auction Procedures, the ratings referred to in this definition shall be
the last ratings of which the Auction Agent has been given notice pursuant to
the Auction Agency Agreement.

                    "NET LOAN RATE" means the rate of interest per annum
(rounded to the next highest one one-hundredth of one percent) equal to the
applicable United States Treasury Security Rate, plus 1.50% For Auction Periods
of 180 days or less, the applicable United States Treasury Security Rate is for
91-day United States Treasury securities and for Auction Periods of more than
180 days, the applicable United States Treasury Security Rate is for one-year
United States Treasury securities. The foregoing notwithstanding, if the Auction
Rate shall exceed the Net Loan Rate computed as set forth above, the Net Loan
Rate shall be re-computed to the rate of interest per annum (rounded to the next
highest one one-hundredth of one percent) equal to (i) the weighted average
interest rate of the Loans (after giving effect to all applicable interest
subsidy payments special allowance payments, rebate fees on consolidation Loans
and reductions pursuant to borrower incentives or similar programs, if any) as
of the last day of the prior calendar quarter, less (ii) any applicable expenses
(but in no event in an amount in excess of 1.5% of the principal amount of the
Outstanding Notes) during such period. The prior sentence may be modified upon
receipt of a Rating Confirmation. The latter method of calculating the Net Loan
Rate shall only be applied if the rate so calculated is greater than the
resultant rate in the second sentence hereof.

                    "NINETY-ONE DAY UNITED STATES TREASURY BILL RATE" means that
rate of interest per annum equal to the Bond Equivalent Yield - 91-Day T-Bill on
the 91-Day United States Treasury Bills sold at the last auction thereof that
immediately precedes the Series Rate Adjustment Date for the Series of 2000
Notes to which the Net Loan Rate applies.

                    "NON-PAYMENT RATE" means One-Month LIBOR plus 1.50%.

                    "NOTE OWNERS" AUCTION RATE INTEREST CARRYOVER" means, as to
any Series of Notes with respect to any Series Interest Period for which the
Series Interest Rate for such Series Interest Period is the Net Loan Rate the
amount equal to the excess, if any, of (a) the amount of interest on such Series
of Notes that would have accrued in respect of the related Series Interest
Period had interest been calculated based on the applicable Auction Rate over
(b) the amount of interest on such Series of Notes actually accrued in respect
of such Series Interest Period at the Net Loan Rate, together with the unpaid
portion of any such excess from prior Series Interest Periods (and interest
accrued thereon to the extent permitted by law at the applicable rate calculated
based on One-Month LIBOR); PROVIDED, HOWEVER, that, with respect to any Series
of Notes, on the related Final Maturity Date the portion of the Note Owners'
Auction Rate Interest Carryover allocable to such Series of Notes will be equal
to the lesser of (i) the portion allocable to such Series of Notes of the Note
Owners' Auction Rate Interest Carryover on such date determined as described
above and (ii) the amount of funds, if any, required and available to be
distributed with respect to such Series of Notes on such date pursuant to
Section 5.3(B) EIGHTH of the Trust Agreement.

                    "NOTICE OF FEE RATE CHANGE" means a notice of a change in
the Auction Agent Fee Rate or the Broker-Dealer Fee Rate substantially in the
form of Exhibit E to the Auction Agency Agreement.

                                        6

<PAGE>

                    "ORDER" has the meaning set forth in Section 2.5.1 (a)(i)
hereof.

                    "PAYMENT DEFAULT" means, with respect to any Series of 2000
Notes, a default in the due and punctual payment of interest on or principal of
a 2000 Note of such Series on the related Series Payment Date or Final Maturity
Date, as applicable.

                   "RECORD DATE" means, with respect to a Series of 2000 Notes,
one Business Day prior to the related Auction Date.

                   "REUTERS SCREEN LIBOR PAGE" means the display designated as
page 'LIBOR' on the Reuters Monitor Money Rates Service (or such other page as
may replace the LIBOR page for the purposes of displaying London interbank
offered rates of major banks).

                    "SELL ORDER" has the meaning set forth in Section 2.5.1
(a)(i) hereof.

                    "SENIOR NOTES" means Notes that are Senior Obligations such
as the 2000 Senior Notes.

                    "SENIOR SUBORDINATE NOTES" means Notes that are Senior
Subordinate Obligations such as the Series B-2 Notes.

                    "SERIES INITIAL PERIOD" means, as to a Series of 2000 Notes,
the period commencing on the Closing Date and continuing through the day
immediately preceding the Series Initial Rate Adjustment Date for such Series.

                    "SERIES INITIAL RATE" means the rates per annum for each
Series of the 2000 Notes as set forth in the Exhibits to the Purchase Agreement.

                    "SERIES INITIAL RATE ADJUSTMENT DATE" means (i) with respect
to the Series A-10 Notes, April 27, 2000, (ii) with respect to the Series A-11
Notes, April 29, 2000, (iii) with respect to the Series A-12 Notes, May 12,
2000, (iv) with respect to the Series A-13 Notes, April 26, 2000, (v) with
respect to the Series A-14 Notes, April 27, 2000, (vi) with respect to the
Series A-15 Notes, APRIL 26, 2000 and (vii) with respect to the Series B-2
Notes, May 12, 2000.

                    "SERIES INTEREST PERIOD" means, with respect to a Series of
2000 Notes, the applicable Series Initial Period and each period commencing on a
Series Rate Adjustment Date for such Series and ending on the day before (i) the
next Series Rate Adjustment Date for such Series or (ii) the Final Maturity Date
of such Series, as applicable.

                    "SERIES INTEREST RATE" means each variable rate of interest
per annum. borne by a Series of the 2000 Notes for each Auction Period and
determined in accordance with the provisions of Sections 2.4 and 2.5 hereof;
provided, however, that in the event of a Payment Default the Series Interest
Rate shall equal the Non-Payment Rate; provided, further, however that such
Series Interest Rate shall in no event exceed the Series Interest Rate
Limitation.

                    "SERIES INTEREST RATE LIMITATION" means, with respect to
each Series of 2000 Notes, a rate equal to 17.0% per annum.

                                        7

<PAGE>

                    "SERIES PAYMENT DATE" means the day immediately following
each Auction Date for such Series, and on the maturity or redemption date
thereof.

                    "SERIES RATE ADJUSTMENT DATE" means the date on which a
Series Interest Rate is effective, and means, with respect to a Series of 2000
Notes, the date of commencement of each Auction Period.

                    "SERIES RATE DETERMINATION DATE" means, with respect to a
Series of 2000 Notes, the Auction Date, or if no Auction Date is applicable to
such Series, the Business Day immediately preceding the date of commencement of
an Auction Period.

                    "SUBMISSION DEADLINE" means 1:00 p.m. eastern time, on any
Auction Date or such other time on any Auction Date by which Broker-Dealers are
required to submit Orders to the Auction Agent as specified by the Auction Agent
from time to time.

                    "SUBMITTED BID" has the meaning set forth in Section 2.5.1
(c)(i) hereof.

                    "SUBMITTED HOLD ORDER" has the meaning set forth in Section
2.5.1 (c)(i) hereof.

                    "SUBMITTED ORDER" has the meaning set forth in Section 2.5.
(c)(i) hereof.

                    "SUBMITTED SELL ORDER" has the meaning set forth in Section
2.5.1 (c)(i) hereof.

                    "SUFFICIENT BIDS" has the meaning set forth in Section
2.5.1 (c)(i) hereof.

                    "TELERATE PAGE 3750" means the display page so designated on
the [Telerate, Inc., formerly Dow Jones] Telerate Service (or such other page as
may replace that page on that service for the purpose of displaying comparable
rates or prices).

                    "UNITED STATES TREASURY SECURITY RATE" means, for purposes
of calculating the Net Loan Rate applicable to the particular Notes, that rate
of interest per annum equal to the Bond Equivalent Yield on the applicable
United States Treasury Securities sold at the last auction thereof that
immediately precedes the Series Rate Adjustment Date for such Notes.

                                   ARTICLE II.

                        AUTHORIZATION, TERMS AND ISSUANCE

                  SECTION 2.1. AUTHORIZATION OF 2000 NOTES. There is hereby
authorized the borrowing of funds, and to evidence such borrowing there are
hereby authorized six Series of Senior Notes, designated (i) the "EMT Corp.
Student Loan Asset-Backed Auction Rate Notes, 2000 Senior Series A-10" in the
aggregate principal amount of $70,000,000, (ii) the "EMT Corp. Student Loan
Asset-Backed Auction Rate Notes, 2000 Senior Series A-11" in the aggregate
principal amount of $70 000,000, (iii) the "EMT Corp. Student Loan Asset-Backed
Auction Rate Notes, 2000 Series A-12" in the aggregate principal amount of
$70,000,000, (iv) the "EMT Corp. Student Loan Asset-Backed Auction Rate Notes
2000 Senior Series A-13" in the aggregate principal amount of $50,000,000, (v)
the "EMT Corp. Student Loan Asset-Backed Auction Rate Notes, 2000 Senior Series
A-14" in the aggregate principal amount of $50,000,000,

                                        8

<PAGE>

 (vi) the "EMT Corp. Student Loan Asset-Backed Auction Rate Notes, 2000 Senior
 Series A-15" in the aggregate principal amount of $50,000,000 and (vii) the
 "EMT Corp. Student Loan Asset-Backed Auction Rate Notes, 2000 Senior
 Subordinate Series B-2" in the aggregate principal amount of $15,000,000.

                  SECTION 2.2. PURPOSES. The 2000 Notes are authorized to
finance the acquisition by the Issuer of Loans and to make deposits to the trust
Accounts required hereby.

                  SECTION 2.3. TERMS OF 2000 NOTES GENERALLY. The 2000 Notes
shall be issued in fully registered form, in substantially the form set forth in
Exhibit A hereof with such variations, omissions and insertions as may be
required by the circumstances, as may be required or permitted by the Trust
Agreement and this Fourth Terms Supplement, or be consistent with the Trust
Agreement and this Fourth Terms Supplement and necessary or appropriate to
conform to the rules and requirements of any governmental authority or any usage
or requirement of law with respect thereto.

                  The 2000 Notes may be issued only in Authorized Denominations.
The 2000 Notes shall be dated as of the Closing Date. Each Series of Notes shall
mature on its Final Maturity Date. The Series A-10 Notes shall be numbered
consecutively from 1 upwards with the prefix A-10 preceding each number. The
Series A-11 Notes shall be numbered consecutively from 1 upwards with the prefix
A- 11 preceding each number. The Series A-12 Notes shall be numbered
consecutively from 1 upwards with the prefix A-12 preceding each number. The
Series A-13 Notes shall be numbered consecutively from 1 upwards with the prefix
A-13 preceding each number. The Series A-14 Notes shall be numbered
consecutively from 1 upwards with the prefix A-14 preceding each number. The
Series A-15 Notes shall be numbered consecutively from 1 upwards with the prefix
A-15 preceding each number. The Series B-2 Notes shall be numbered consecutively
from 1 upwards with the prefix B-2 preceding each number. The 2000 Notes shall
be issued to a Securities Depository for use in a Book-Entry System in
accordance with the provisions of Section 2.7 of the Trust Agreement.

                  Interest on each 2000 Note shall accrue on the Outstanding
Amount of such 2000 Note until such 2000 Note has been paid in full or payment
has been duly provided for, as the case may be, and shall accrue from the later
of the initial date thereof or the most recent Note Interest Payment Date to
which interest has been paid or duly provided for. Each 2000 Note shall bear
interest at an interest rate determined in accordance with the provisions and
subject to the limitations set forth herein, and interest on each Series of 2000
Notes shall be paid for the related Series Initial Period and each Series
Interest Period for such Series thereafter on each applicable Series Payment
Date.

                  Principal will be paid on the then Outstanding Series of 2000
Notes on each applicable Series Payment Date as set forth in Section 3.1 hereof.
The Notes are subject to redemption, in whole or in part, at the option of the
Issuer on the applicable Series Payment Date at a price of par plus accrued
interest, upon not less than ten days prior written notice to the Owners of such
Notes.

                  SECTION 2.4. 2000 NOTES. During the related Series Initial
Period, each Series of 2000 Notes shall bear interest at the Series Initial Rate
for such Series. Thereafter,

                                        9

<PAGE>

except with respect to an Auction Period Adjustment, each of the Series A-10
Notes and Series A-11 Notes shall bear interest at a Series Interest Rate based
on a 7-day Auction Period and each of the Series A-12 Notes, Series A-13 Notes,
Series A-14 Notes, Series A-15 Notes and Series B-2 Notes shall bear interest at
a Series Interest Rate based on a 28-day Auction Period.

                  For each Series of 2000 Notes during the Series Initial Period
for such Series and each Auction Period thereafter, interest at the Series
Interest Rate shall accrue daily and shall be computed for the actual number of
days elapsed on the basis of a year consisting of 365/366 days, as applicable.

                  The Series Interest Rate to be borne by each Series of 2000
Notes after such Series Initial Period for each Auction Period prior to an
Auction Period Adjustment, if any, shall be determined as herein described. Each
such Auction Period shall commence on and include the day following the
expiration of the immediately preceding Auction Period and terminate on and
include the Auction Date for the next succeeding Auction Period, subject to
adjustment as described below; provided, however, that in the case of the
Auction Period that immediately follows the Series Initial Period for a Series
of 2000 Notes, such Auction Period shall commence on the Series Initial Rate
Adjustment Date for such Series.

                  The Series Interest Rate on each Series of 2000 Notes for each
Auction Period shall be the lesser of the (i) Net Loan Rate in effect for such
Auction Period and (ii) the Auction Rate in effect for such Auction Period as
determined in accordance with Section 2.5.1 hereof; provided, however, that such
Series Interest Rate shall in no event exceed the Series Interest Rate
Limitation, and further provided that if, on any Series Rate Determination Date
an Auction is not held for any reason, then the Series Interest Rate on such
Series of 2000 Notes for the next succeeding Auction Period shall be the Net
Loan Rate.

                  Notwithstanding the foregoing:

                  (a) if the ownership of a Series of 2000 Notes is no longer
maintained in Book-Entry Form, the Series Interest Rate on the 2000 Notes of
such Series for any Series Interest Period commencing after the delivery of
certificates representing 2000 Notes of such Series pursuant to Section 2.15 of
the Trust Agreement shall equal the lesser of (i) the Maximum Auction Rate and
(ii) the Net Loan Rate on the Business Day immediately preceding the first day
of such subsequent Series Interest Period; or

                  (b) if a Payment Default shall have occurred, the Series
Interest Rate on each Series of 2000 Notes of the Series Interest Period for
such Series commencing on or immediately after such Payment Default, and for
each Series Interest Period thereafter, to and including the Series Interest
Period, if any, during which, or commencing less than two Business Days after
such Payment Default is cured in accordance with this Fourth Terms Supplement,
shall equal the applicable Non-Payment Rate on the first day of each such Series
Interest Period.

                  In accordance with Section 2.5.1 (c) (11) hereof, the Auction
Agent shall promptly give written notice to the Trustee of each Series Interest
Rate (unless the Series Interest Rate is the Non-Payment Rate) and either the
Auction Rate or the Net Loan Rate, as the case may be, when such rate is not the
Series Interest Rate, applicable to each Series of 2000 Notes. The

                                       10

<PAGE>

 Trustee shall notify the Note Owners of 2000 Notes of the Series Interest Rate
 applicable to each such Series of 2000 Notes for each Auction Period on the
 second Business Day of such Auction Period.

                  Notwithstanding any other provision of the 2000 Notes or this
Fourth Terms Supplement and except for the occurrence of a Payment Default,
interest payable on each 2000 Note for an Auction Period shall never exceed for
such Auction Period the amount of interest payable at the Net Loan Rate (subject
to the Series Interest Rate Limitation) in effect for such Auction Period.

                  If the Auction Rate for a Series of 2000 Notes is greater than
the Net Loan Rate, then the Series Interest Rate applicable to such Series of
2000 Notes for that Series Interest Period will be the Net Loan Rate. If the
Series Interest Rate applicable to such Series of 2000 Notes for any Series
Interest Period is the Net Loan Rate, the Trustee shall determine the Note
Owners' Auction Rate Interest Carryover, if any, with respect to such 2000 Notes
for such Series Interest Period. Such determination of the Note Owners' Auction
Rate Interest Carryover shall be made separately for each Series of 2000 Notes.
Note Owners' Auction Rate Interest Carryover shall bear interest calculated at a
rate equal to One-Month LIBOR (as determined by the Auction Agent, provided the
Trustee has received notice of One-Month LIBOR from the Auction Agent, and if
the Trustee shall not have received such notice from the Auction Agent, then as
determined by the Trustee) from the Series Payment Date for the Series Interest
Period with respect to which such Note Owners' Auction Rate Interest Carryover
was calculated, until paid. For purposes of this Fourth Terms Supplement any
reference to "principal" or "interest" herein shall not include within the
meaning of such words Note Owners' Auction Rate Interest Carryover or any
interest accrued on any such Note Owners' Auction Rate Interest Carryover. Such
Note Owners' Auction Rate Interest Carryover shall be separately calculated for
each 2000 Note of such Series by the Trustee during such Series Interest Period
in sufficient time for the Trustee to give notice to each Note Owner of such
Note Owners' Auction Rate Interest Carryover as required in the next succeeding
sentence. On the Series Payment Date for a Series Interest Period with respect
to which such Note Owners' Auction Rate Interest Carryover for a Series of 2000
Notes has been calculated by the Trustee, the Trustee shall give written notice
to each Note Owner of the applicable Series of the Note Owners' Auction Rate
Interest Carryover applicable to each Note Owner's 2000 Note of such Series,
which written notice may be included in any other written statement sent by the
Trustee to such Note Owner and shall be mailed on such Series Payment Date by
first-class mail, postage prepaid, to each such Note Owner at such Note Owner's
address as it appears on the registration books maintained by the Registrar Such
notice shall state, in addition to such Note Owners' Auction Rate Interest
Carryover that, unless and until a 2000 Note of such Series has been paid in
full or has been deemed no longer Outstanding (after which all accrued Note
Owners' Auction Rate Interest Carryover (and all accrued interest thereon) that
remains unpaid shall be cancelled and no Note Owners' Auction Rate Interest
Carryover (and interest accrued thereon) shall be paid with respect to a 2000
Note of such Series), (i) the Note Owners' Auction Rate Interest Carryover (and
interest accrued thereon calculated at a rate equal to One-Month LIBOR) shall be
paid by the Trustee on a 2000 Note of such Series on the first occurring Series
Payment Date for such Series for a subsequent Series Interest Period if and to
the extent that (1) during such Series Interest Period no additional Note
Owners' Auction Rate Interest Carryover is accruing on such Series of 2000 Notes
and (2) moneys are available pursuant to the terms of this Fourth Terms
Supplement in an amount

                                       11

<PAGE>

sufficient to pay all or a portion of such Note Owners' Auction Rate Interest
Carryover and (ii) interest shall accrue on the Note Owners' Auction Rate
Interest Carryover at a rate equal to One-Month LIBOR until such Note Owners'
Auction Rate Interest Carryover is paid in full or is cancelled.

                  Subject to the payment priorities set forth in Section 5.3(B)
of the Trust Agreement, the Note Owners' Auction Rate Interest Carryover for a
Series of 2000 Notes shall be paid by the Trustee on Outstanding 2000 Notes of
such Series on the Series Payment Date for such Series following the first
occurring Series Payment Date for a subsequent Series Interest Period if and to
the extent that (i) during such Series Interest Period no additional Note
Owners' Auction Rate Interest Carryover is accruing on such Series of 2000 Notes
and (ii) moneys are available pursuant to the terms of this Fourth Terms
Supplement in an amount sufficient to pay all or a portion of such Note Owners'
Auction Rate Interest Carryover. Any Note Owners' Auction Rate Interest
Carryover (and any interest accrued thereon) on any 2000 Note which is due and
payable on a Series Payment Date on which such 2000 Note is to be paid in full
or deemed no longer Outstanding under this Fourth Terms Supplement on said
Series Payment Date shall be paid to the Note Owner thereof on said Series
Payment Date to the extent that moneys are available therefor in accordance with
the provisions of this Fourth Terms Supplement; provided, however, that any Note
Owners' Auction Rate Interest Carryover (and any interest accrued thereon) which
is not yet due and payable on said Series Payment Date shall be cancelled with
respect to said 2000 Note that is to be paid in full or deemed no longer
outstanding under this Fourth Terms Supplement on said Series Payment Date and
shall not be paid on any succeeding Series Payment Date. To the extent that any
portion of the Note Owners' Auction Rate Interest Carryover for a Series of 2000
Notes remains unpaid after payment of a portion thereof, such unpaid portion of
the Note Owners' Auction Rate Interest Carryover shall be paid in whole or in
part as required hereunder until fully paid by the Trustee on the next occurring
Series Payment Date or Dates, as necessary, for a subsequent Series Interest
Period or Periods for such Series if and to the extent that the conditions in
the second preceding sentence are satisfied. On any Series Payment Date on which
the Trustee pays only a portion of the Note Owners' Auction Rate Interest
Carryover on a 2000 Note of such Series, the Trustee shall give written notice
in the manner set forth in the immediately preceding paragraph to the Note Owner
of such 2000 Note receiving such partial payment of the Note Owners' Auction
Rate Interest Carryover remaining unpaid on such 2000 Note.

                  The Note Interest Payment Date in such subsequent Series
Interest Period on which such Note Owners' Auction Rate Interest Carryover for a
Series of 2000 Notes shall be paid shall be determined by the Trustee in
accordance with the provisions of the immediately preceding paragraph, and the
Trustee shall make payment of the Note Owners' Auction Rate Interest Carryover
in the same manner as and from the same Account from which it pays interest on
the 2000 Notes on a Series Payment Date.

                  In the event that the Auction Agent no longer determines, or
fails to determine, when required, the Series Interest Rate with respect to a
Series of 2000 Notes, or if for any reason such manner of determination shall be
held to be invalid or unenforceable the Series Interest Rate for the next
succeeding Series Interest Period, which Period shall be an Auction Period for
such Series of 2000 Notes, shall be the Net Loan Rate as determined by the
Trustee
                                       12

<PAGE>

 (which is responsible for notifying the Auction Agent of such Net Loan Rate)
for such next succeeding Auction Period.

                   SECTION 2.5. SERIES INTEREST RATE.

                   SECTION 2.5.1. DETERMINING THE INTEREST RATE.

                  By purchasing 2000 Notes, whether in an Auction or otherwise,
each purchaser of the 2000 Notes, or its Broker-Dealer, must agree and shall be
deemed by such purchase to have agreed (i) to participate in Auctions on the
terms described herein, (ii) to have its beneficial ownership of the 2000 Notes
maintained at all times in Book-Entry Form for the account of its Participant,
which in turn will maintain records of such beneficial ownership and (iii) to
authorize such Participant to disclose to the Auction Agent such information
with respect to such beneficial ownership as the Auction Agent may request.

                  So long as the ownership of a Series of 2000 Notes is
maintained in Book-Entry Form, an Existing Note Owner may sell, transfer or
otherwise dispose of 2000 Notes of such Series only pursuant to a Bid or Sell
Order placed in an Auction or otherwise sell, transfer or dispose of 2000 Notes
through a Broker-Dealer; provided that, in the case of all transfers other than
pursuant to Auctions, such Existing Note Owner, its Broker-Dealer or its
Participant advises the Auction Agent of such transfer. Auctions shall be
conducted on each Auction Date, if there is an Auction Agent on such Auction
Date, in the following manner (such procedures to be applicable separately to
each Series of the 2000 Notes):

                           (a) (i) Prior to the Submission Deadline on each
Auction Date relating to a Series of 2000 Notes:

                                    (A) each  Existing  Note  Owner  of  the
         applicable  Series  of  2000  Notes  may  submit  to  a Broker-Dealer
         by telephone or otherwise any information as to:

                                             (1) the principal  amount of
                  Outstanding  2000 Notes of such Series,  if any, owned by
                  such Existing Note Owner which such Existing Note Owner
                  desires to continue to own without regard to the Series
                  Interest Rate for the next succeeding Auction Period;

                                             (2) the principal amount of
                  Outstanding  2000 Notes of such Series,  if any, which such
                  Existing Note Owner offers to sell if the Series Interest Rate
                  for the next succeeding Auction Period shall be less than the
                  rate per annum specified by such Existing Note Owner; and/or

                                             (3) the principal  amount of
                  Outstanding  2000 Notes of such Series,  if any, owned by
                  such Existing Note Owner which such Existing Note Owner offers
                  to sell without regard to the Series Interest Rate for the
                  next succeeding Auction Period;

                  and

                                       13
<PAGE>

                                    (B) one or more  Broker-Dealers  may
          contact potential  Note Owners to determine  the principal
          amount of 2000 Notes of such Series which each potential Note Owner
          offers to purchase if the Series Interest Rate for the next succeeding
          Auction Period shall not be less than the rate per annum specified by
          such potential Note Owner.

                  The statement of an Existing Note Owner or a potential Note
Owner referred to in (A) or (B) of this paragraph (i) is herein referred to as
an "Order," and each Existing Note Owner and each potential Note Owner placing
an Order is herein referred to as a "Bidder"; an order described in clause
(A)(1) is herein referred to as a "Hold Order"; an Order described in clauses
(A)(2) and (B) is herein referred to as a "Bid"; and an Order described in
clause (A)(3) is herein referred to as a "Sell Order."

                                     (ii)    (A) Subject to the provisions of
          Section 2.5.1 (b) hereof, a Bid by an Existing Note Owner shall
          constitute an irrevocable offer to sell:

                                             (1) the principal  amount of
                  Outstanding 2000 Notes specified in such Bid if the Series
                  Interest Rate determined as provided in this Section 2.5.1
                  shall be less than the rate specified therein; or

                                             (2) such principal  amount,  or
                  a lesser  principal amount of Outstanding 2000 Notes to
                  be determined as set forth in Section 2.5.1(d)(i)(D) hereof,
                  if the Series Interest Rate determined as provided in this
                  Section 2.5.1 shall be equal to the rate specified therein; or

                                             (3) such principal  amount,  or
                  a lesser  principal amount of Outstanding 2000 Notes to
                  be determined as set forth in Section 2.5.1 (d)(ii)(C) hereof,
                  if the rate specified therein shall be higher than the Series
                  Interest Rate and Sufficient Bids have not been made.

                                    (B) Subject to the  provisions  of Section
         2.5.1 (b) hereof,  a Sell Order by an Existing  Note Owner shall
         constitute an irrevocable offer to sell:

                                             (1) the principal amount of
                  Outstanding 2000 Notes specified in such Sell Order; or

                                             (2) such principal  amount,  or
                  a lesser principal amount of Outstanding 2000 Notes set
                  forth in Section 2.5.1 (d)(ii)(C) hereof, if Sufficient Bids
                  have not been made.

                                    (C)  Subject to the  provisions  of
         Section  2.5.1 (b) hereof,  a Bid by a potential  Note Owner
         shall constitute an irrevocable offer to purchase:

                                             (1) the principal  amount of
                  Outstanding 2000 Notes specified in such Bid if the Series
                  Interest Rate determined as provided in this Section 2.5.1
                  shall be higher than the rate specified in such Bid; or

                                       14

<PAGE>

                                              (2) such principal  amount, or
                   a lesser principal amount of Outstanding 2000 Notes set
                   forth in Section 2.5.l(d)(i)(E) hereof, if the Series
                   Interest Rate determined as provided in this Section 2.5.1
                   shall be equal to the rate specified in such Bid.

                           (b) (i) Each  Broker-Dealer  shall  submit  in
writing to the Auction Agent prior to the Submission Deadline of each Auction
Date all Orders obtained by such Broker-Dealer and shall specify with respect to
each such Order:

                                  (A) the name of the Bidder placing such Order;

                                  (B) the aggregate principal amount and Series
                   of 2000 Notes that are the subject of such Order;

                                  (C) to the extent that such Bidder is an
                   Existing Note Owner:

                                             (1) the principal amount and
                   Series of 2000 Notes, if any, subject to any Hold Order
                   placed by such Existing Note Owner;

                                             (2) the principal  amount and
                   Series of 2000 Notes,  if any,  subject to any Bid placed
                   by such Existing Note Owner and the rate specified in such
                   Bid; and

                                             (3) the principal  amount and
                   Series of 2000 Notes,  if any,  subject to any Sell Order
                   placed by such Existing Note Owner;

                   and

                                    (D) (i) to the  extent  such  Bidder is
                   a  potential  Note  Owner,  the rate  specified  in such
                   potential Note Owner's Bid.

                                    (ii) If any rate  specified  in any Bid
         contains  more than  three  figures to the right of the decimal
         point, the Auction Agent shall round such rate up to the next
         higher one thousandth (.001) of one percent.

                                    (iii) If an Order or orders covering all
         Outstanding  2000 Notes of the applicable  Series owned by an
         Existing Note Owner is not submitted to the Auction Agent prior
         to the Submission Deadline, the Auction Agent shall deem a Hold Order
         to have been submitted on behalf of such Existing Note Owner covering
         the principal amount of Outstanding 2000 Notes owned by such Existing
         Note Owner and not subject to an Order submitted to the Auction Agent.

                                    (iv) None of the Issuer,  the Trustee
         nor the Auction Agent shall be responsible  for an failure
         of a Broker-Dealer to submit an Order to the Auction Agent on behalf of
         any Existing Note Owner or potential Note Owner.

                                    (v)      If any Existing Note Owner
         submits through a Broker-Dealer to the Auction Agent one or
         more Orders covering in the aggregate more than the

                                       15

<PAGE>

          principal amount of the Series of Outstanding 2000 Notes owned by such
          Existing Note Owner, such Orders shall be considered valid as follows
          and in the following order of priority:

                                    (A) All Hold Orders shall be considered
         valid, but only up to the aggregate  principal amount of the
         Series of Outstanding 2000 Notes owned by such Existing Note Owner,
         and if the aggregate principal amount of the Series of 2000 Notes
         subject to such Hold Orders exceeds the aggregate principal amount of
         the Series of 2000 Notes owned by such Existing Note Owner, the
         aggregate principal amount of the Series of Notes subject to each such
         Hold Order shall be reduced pro rata so that the aggregate principal
         amount of the Series of 2000 Notes subject to such Hold Order equals
         the aggregate principal amount of the Series of Outstanding 2000 Notes
         owned by such Existing Note Owner.

                                    (B) (1) any Bid shall be considered valid up
                 to an amount equal to the excess of the principal amount of the
                 Series of Outstanding 2000 Notes owned by such Existing Note
                 Owner over the aggregate principal amount of the Series of 2000
                 Notes subject to any Hold Order referred to in clause (A) of
                 this paragraph (v);

                                             (2)  subject to  subclause  (1)
                  of this  clause (B), if more than one Bid with the same
                  rate is submitted on behalf of such Existing Note Owner and
                  the aggregate principal amount of the Series of Outstanding
                  2000 Notes subject to such Bids is greater than such excess,
                  such Bids shall be considered valid up to an amount equal to
                  such excess;

                                             (3)      subject to subclauses
                  (1)  and (2) of this clause, (B) if more than one Bid
                  with different rates are submitted on behalf of such Existing
                  Note Owner, such Bids shall be considered valid first in the
                  ascending order of their respective rates until the highest
                  rate is reached at which such excess exists and then at such
                  rate up to the amount of such excess; and

                                             (4) in any such event,  the
                  amount of Outstanding  2000 Notes, if any,  subject to Bids
                  not valid under this clause (B) shall be treated as the
                  subject of a Bid by a potential Note Owner at the rate therein
                  specified; and

                                    (C) All Sell  Orders  shall be  considered
         valid up to an  amount  equal to the  excess  of the principal
         amount of the Series of Outstanding 2000 Notes owned by such
         Existing Note Owner over the aggregate principal amount of the Series
         of 2000 Notes subject to Hold Orders referred to in clause (A) of this
         paragraph (v) and valid Bids referred to in clause (B) of this
         paragraph (v).

                                    (vi) If more than one Bid for a Series
         of 2000  Notes is  submitted  on behalf of any  potential
         Note Owner, each Bid submitted shall be a separate Bid with the rate
         and principal amount therein specified.

                                             16

<PAGE>

                                    (vii) An Existing Note Owner of a Series of
         2000 Notes that offers to purchase  additional  2000 Notes of the same
         Series is, for purposes of such offer, treated as a potential Note
         Owner.

                                    (viii)  Any Bid or Sell  Order  submitted
         by an  Existing  Note  Owner  covering  an  aggregate principal amount
         of 2000 Notes not equal to an Authorized Denomination shall be rejected
         and shall be deemed a Hold Order. Any Bid submitted by a potential Note
         owner covering an aggregate principal amount of 2000 Notes not equal to
         an Authorized Denomination shall be rejected.

                                    (ix) Any Bid  specifying  a rate higher than
         the Maximum  Auction  Rate will (a) be treated as a
         Sell Order if submitted by an Existing Note Owner and (b) not be
         accepted if submitted by a potential Note Owner.

                                    (x) Any Bid  submitted  by an Existing
         Note Owner or a  potential  Note Owner  specifying  a  rate
         lower than the All Hold Rate shall be treated as a Bid specifying the
         All Hold Rate.

                                    (xi)     Any Order submitted in an
          Auction by Broker-Dealer to the Auction Agent at the
          Submission Deadline on an Auction Date shall be irrevocable.

                           (c) (i) Not earlier than the  Submission  Deadline
on each Auction Date, the Auction Agent shall assemble all valid Orders
submitted or deemed submitted to it by the Broker-Dealers (each such Order as
submitted or deemed submitted by a Broker-Dealer being herein referred to
individually as a "Submitted Hold Order," a "Submitted Bid" or a "Submitted Sell
Order," as the case may be, or as a "Submitted Order," and collectively as
"Submitted Hold Orders," "Submitted Bids" or "Submitted Sell Orders," as the
case may be, or as "Submitted Orders") and shall determine for the applicable
Series of 2000 Notes:

                                    (A) the excess of the total  principal
         amount of Outstanding  2000 Notes of such Series over the
         sum of the aggregate principal amount of Outstanding 2000 Notes of such
         Series subject to Submitted Hold Orders (such excess being herein
         referred to as the "Available 2000 Notes" of such Series), and

                                    (B) from the Submitted Orders whether:

                                             (1) the aggregate  principal
                  amount of Outstanding 2000 Notes of such Series subject to
                  Submitted Bids by potential Note Owners specifying one or more
                  rates equal to or lower than the Maximum Auction Rate;

          exceeds or is equal to the sum of:

                                             (2) the aggregate  principal
                  amount of Outstanding 2000 Notes of such Series subject to
                  Submitted Bids by Existing Note Owners specifying one or more
                  rates higher than the Maximum Auction Rate; and

                                             (3) the aggregate  principal
                  amount of Outstanding 2000 Notes of such Series subject to
                  submitted Sell Orders;

                                       17

<PAGE>

          (in the event such excess or such equality exists, other than because
          all of the Outstanding 2000 Notes of such Series are subject to
          Submitted Hold Orders, such Submitted Bids described in subclause (1)
          above shall be referred to collectively as "Sufficient Bids"; and

                                    (C) if Sufficient Bids exist, the "Bid
Auction Rate", which shall be the lowest rate specified
         in such Submitted Bids such that if:

                                             (1) (x) each  Submitted Bid
                  from Existing Note Owners  specifying  such lowest rate and
                  (y) all other Submitted Bids from Existing Note Owners
                  specifying lower rates were rejected, thus entitling such
                  Existing Note Owners to continue to own the principal amount
                  of 2000 Notes subject to such Submitted Bids; and

                                             (2) (x) each such Submitted Bid
                  from potential Note Owners  specifying such lowest rate
                  and (y) all other Submitted Bids from potential Note Owners
                  specifying lower rates were accepted;

          the result would be that such Existing Note Owners described in
          subclause (1) above would continue to own an aggregate principal
          amount of Outstanding 2000 Notes of the applicable Series which when
          added to the aggregate principal amount of Outstanding 2000 Notes of
          such Series to be purchased by such potential Note Owners described in
          subclause (2) above, would equal not less than the Available 2000
          Notes of such Series.

                                    (ii)  Promptly  after  the  Auction
         Agent has  made the  determinations  pursuant  to  Section
         2.5.l(c)(i) hereof, the Auction Agent shall advise the Trustee of the
         Net Loan Rate, the Maximum Auction Rate and the All Hold Rate and the
         components thereof on the Auction Date and, based on such
         determinations, the Auction Rate for the next succeeding Series
         Interest Period for such Series of 2000 Notes as follows:

                                    (A) if Sufficient  Bids exist,  that the
         Auction Rate for the next  succeeding  Series  Interest Period for
         such Series shall be equal to the Bid Auction Rate so determined;

                                    (B) if  Sufficient  Bids do not exist
         (other than because all of the  Outstanding  2000 Notes of
         such Series are subject to Submitted Hold Orders), that the Auction
         Rate for the next succeeding Series Interest Period shall be equal to
         the Maximum Auction Rate, or

                                    (C) if all Outstanding 2000 Notes of
         such Series are subject to Submitted Hold Orders,  that the
         Auction Rate for the next succeeding Series Interest Period shall be
         equal to the All Hold Rate.

                                    (iii)  Promptly after the Auction Agent
         has determined the Auction Rate, the Auction Agent shall
         determine and advise the Trustee of the applicable Series Interest
         Rate, which rate shall be the lesser of (a) the Auction Rate and (b)
         the Net Loan Rate; provided, however, that in no event shall the Series
         Interest Rate exceed the Series Interest Rate Limitation.

                                       18

<PAGE>

                           (d) Existing Note Owners of the  applicable
Series shall continue to own the principal amount of 2000 Notes of such Series
that are subject to Submitted Hold Orders. If the Net Loan Rate is equal to or
greater than the Bid Auction Rate and if Sufficient Bids have been received by
the Auction Agent, the Bid Auction Rate will be the Series Interest Rate, and
Submitted Bids and Submitted Sell Orders will be accepted or rejected and the
Auction Agent will take such other action as described below in subparagraph
(i).

                  If the Net Loan Rate is less than the Auction Rate, the Net
Loan Rate will be the Series Interest Rate. If the Auction Rate and the Net Loan
Rate are both greater than the Series Interest Rate Limitation, the Series
Interest Rate shall be equal to the Series Interest Rate Limitation. If the
Auction Agent has not received Sufficient Bids (other than because all of the
Outstanding 2000 Notes are subject to Submitted Hold Orders), the Series
Interest Rate will be the lesser of the Maximum Auction Rate and the Net Loan
Rate. In any of the cases described above, Submitted Orders will be accepted or
rejected and the Auction Agent will take such other action as described below in
subparagraph (ii).

                                    (i) if Sufficient  Bids have been made
         and the Net Loan Rate is equal to or greater than the Bid
         Auction Rate (in which case the Series Interest Rate shall be the Bid
         Auction Rate), all Submitted Sell Orders shall be accepted and subject
         to the provisions of paragraphs (iv) and (v) of this Section 2.5.l(d),
         Submitted Bids shall be accepted or rejected as follows in the
         following order of priority, and all other Submitted Bids shall be
         rejected:

                                    (A) Existing Note Owners' Submitted Bids
         specifying any rate that is higher than the Series Interest Rate
         shall be accepted, thus requiring each such Existing Note
         Owner to sell the aggregate principal amount of 2000 Notes subject to
         such Submitted Bids;

                                    (B) Existing Note Owners' Submitted Bids
         specifying any rate that is lower than the Series Interest
         Rate shall be rejected, thus entitling each such Existing Note
         Owner to continue to own the aggregate principal amount of 2000 Notes
         subject to such Submitted Bids;

                                    (C) Potential Note Owners' Submitted Bids
         specifying any rate that is lower than the Series Interest Rate shall
         be accepted;

                                    (D) Each  Existing  Note  Owners'
         Submitted  Bid  specifying  a rate that is equal to the Series
         Interest Rate shall be rejected, thus entitling such Existing Note
         Owner to continue to own the aggregate principal amount of 2000 Notes
         subject to such Submitted Bid, unless the aggregate principal amount of
         Outstanding 2000 Notes subject to all such Submitted Bids shall be
         greater than the principal amount of 2000 Notes of the applicable
         Series (the "remaining principal amount") equal to the excess of the
         Available 2000 Notes of such Series over the aggregate principal amount
         of 2000 Notes of such Series subject to Submitted Bids described in
         clauses (B) and (C) of this Section 2.5.1(d) (i), in which event such
         Submitted Bid of such Existing Note Owner shall be rejected in part,
         and such Existing Note Owner shall be entitled to continue to own the
         principal amount of 2000 Notes subject to such Submitted Bid, but only
         in an amount equal to the

                                       19

<PAGE>

          aggregate principal amount of 2000 Notes of such Series obtained by
          multiplying the remaining principal amount by a fraction, the
          numerator of which shall be the principal amount of Outstanding 2000
          Notes of such Series owned by such Existing Note Owner subject to such
          Submitted Bid and the denominator of which shall be the sum of the
          principal amount of Outstanding 2000 Notes of such Series subject to
          such Submitted Bids made by all such Existing Note Owners that
          specified a rate equal to the Series Interest Rate; and

                                    (E) Each potential Note Owner's Submitted
         Bid specifying a rate that is equal to the Series Interest Rate
         shall be accepted, but only in an amount equal to the
         principal amount of 2000 Notes of the applicable Series obtained by
         multiplying the excess of the aggregate principal amount of Available
         2000 Notes of such Series over the aggregate principal amount of 2000
         Notes of such Series subject to Submitted Bids described in clauses
         (B), (C) and (D) of this Section 2.5.1 (d) (i) by a fraction the
         numerator of which shall be the aggregate principal amount of
         Outstanding 2000 Notes of such Series subject to such Submitted Bid and
         the denominator of which shall be the sum of the principal amount of
         Outstanding 2000 Notes of such Series subject to Submitted Bids made by
         all such potential Note Owners that specified a rate equal to the
         Series Interest Rate.

                                    (ii) If  Sufficient  Bids have not
         been made (other than  because  all of the  Outstanding  2000
         Notes of the applicable Series are subject to submitted Hold Orders),
         or if the Net Loan Rate is less than the Bid Auction Rate (in which
         case the Series Interest Rate shall be the Net Loan Rate) or if the
         Series Interest Rate Limitation applies subject to the provisions of
         Section 2.5.1 (d)(iv) hereof, Submitted Orders shall be accepted or
         rejected as follows in the following order of priority and all other
         Submitted Bids shall be rejected:

                                    (A) Existing  Note Owners'  Submitted
         Bids specifying any rate that is equal to or lower than the
         Series Interest Rate shall be rejected, thus entitling such Existing
         Note Owners to continue to own the aggregate principal amount of 2000
         Notes subject to such Submitted Bids;

                                    (B) Potential Note Owners' Submitted Bids
         specifying (1) any rate that is equal to or lower
         than the Series Interest Rate shall be accepted and (2) any rate that
         is higher than the Series Interest Rate shall be rejected; and

                                    (C) each Existing Note Owner's Submitted Bid
         specifying any rate that is higher than the Series Interest Rate and
         the Submitted Sell Order of each Existing Note Owner shall be accepted,
         thus entitling each Existing Note Owner that submitted any such
         Submitted Bid or Submitted Sell Order to sell the 2000 Notes subject to
         such Submitted Bid or Submitted Sell Order, but in both cases only in
         an amount equal to the aggregate principal amount of 2000 Notes of the
         applicable Series obtained by multiplying the aggregate principal
         amount of 2000 Notes subject to Submitted Bids described in clause (B)
         of this Section 2.5.1 (d) (ii) by a fraction the numerator of which
         shall be the aggregate principal amount of Outstanding 2000 Notes of
         such Series owned by such Existing Note Owner subject to such submitted
         Bid or Submitted Sell Order and

                                       20

<PAGE>

          the denominator of which shall be the aggregate principal amount of
          Outstanding 2000 Notes of such Series subject to all such Submitted
          Bids and Submitted Sell Orders.

                                     (iii)    If all Outstanding 2000 Notes
          of such Series are subject to Submitted Hold Orders all Submitted
          Bids shall be rejected.

                                    (iv) If,  as a result of the  procedures
         described in paragraph (i) or (ii) of this Section 2.5.l(d), any
         Existing Note Owner would be entitled or required to sell, or any
         potential Note Owner would be entitled or required to purchase, a
         principal amount of 2000 Notes of the applicable Series that is not
         equal to an Authorized Denomination, the Auction Agent shall, in such
         manner as in its sole discretion it shall determine, round up or down
         the principal amount of 2000 Notes to be purchased or sold by any
         Existing Note Owner or potential Note Owner so that the principal
         amount of 2000 Notes purchased or sold by each Existing Note Owner or
         potential Note Owner shall be equal to an Authorized Denomination or an
         integral multiple of $50,000 in excess thereof.

                                    (v) If, as a result of the  procedures
         described in paragraph (ii) of this Section 2.5.1 (d), any potential
         Note Owner would be entitled or required to purchase less than an
         Authorized Denomination of 2000 Notes of the applicable Series, the
         Auction Agent shall, in such manner as in its sole discretion it shall
         determine, allocate 2000 Notes of such Series for purchase among
         potential Note Owners so that only 2000 Notes in Authorized
         Denominations or integral multiples of $50,000 in excess thereof are
         purchased by any potential Note Owner, even if such allocation results
         in one or more of such potential Note Owners not purchasing an 2000
         Notes.

                           (e) Based on the result of each  Auction,  the
Auction Agent shall determine the aggregate principal amount of 2000 Notes of
the applicable Series to be purchased and the aggregate principal amount of 2000
Notes of the applicable Series to be sold by potential Note Owners and Existing
Note Owners on whose behalf each Broker-Dealer submitted Bids or Sell Orders
and, with respect to each Broker-Dealer, to the extent that such aggregate
principal amount of 2000 Notes to be sold differs from such aggregate principal
amount of 2000 Notes to be purchased, determine to which other Broker-Dealer or
Broker-Dealers acting for one or more purchasers such Broker-Dealer shall
deliver, or from which other Broker-Dealer or Broker-Dealers acting for one or
more sellers such Broker-Dealer shall receive, as the case may be, 2000 Notes.

                           (f) Any  calculation  by the Auction Agent, or the
Trustee, as applicable, of the Series Interest Rate, One-Month LIBOR,
Three-Month LIBOR, the Maximum Auction Rate, the All Hold Rate, the Net Loan
Rate and the Non-Payment Rate shall, in the absence of manifest error, be
binding on all other parties.

                           (g)  PAYMENT  DEFAULTS.  The Trustee  shall determine
not later than 2:00 p.m., eastern time, on the Business Day next succeeding a
Note Interest Payment Date, whether a Payment Default has occurred. If a Payment
Default has occurred, the Trustee shall, not later than 2:15 p.m., eastern time,
on such Business Day, send a notice thereof in substantially the form of Exhibit
B attached hereto to the Auction Agent, by telecopy or similar means and, if

                                       21

<PAGE>

 such Payment Default is cured, the Trustee shall immediately send a notice in
 substantially the form of Exhibit C attached hereto to the Auction Agent by
 telecopy or similar means.

                  SECTION 2.5.2. CALCULATION OF MAXIMUM AUCTION RATE, ALL HOLD
RATE, NET LOAN RATE, ONE-MONTH LIBOR, THREE-MONTH LIBOR AND NON-PAYMENT RATE.
The Issuer shall calculate the Net Loan Rate and inform the Auction Agent
thereof in writing no later than the Business Day preceding each Auction Date.
The Auction Agent shall calculate the Net Loan Rate, the Maximum Auction Rate,
the All Hold Rate and One-Month LIBOR or Three-Month LIBOR, as the case may be,
on each Auction Date and shall notify the Trustee and the Issuer and the
Broker-Dealers of the Net Loan Rate, the Maximum Auction Rate, the All Hold Rate
and One-Month LIBOR or Three-Month LIBOR, as the case may be, as provided in the
Auction Agency Agreement. If the ownership of the 2000 Notes is no longer
maintained in Book-Entry Form by the Securities Depository, the Trustee shall
calculate the Maximum Auction Rate and the Issuer will report to the Trustee in
writing the Net Loan Rate on the Business Day immediately preceding the first
day of each Series Interest Period commencing after the delivery of certificates
representing the 2000 Notes pursuant to Section 2.15 of the Trust Agreement. If
a Payment Default shall have occurred, the Trustee shall calculate the
Non-Payment Rate on the Series Rate Determination Date for (i) each Series
Interest Period commencing after the occurrence and during the continuance of
such Payment Default and (ii) any Series Interest Period commencing less than
two Business Days after the cure of any Payment Default. The Auction Agent shall
determine One-Month LIBOR or Three-Month LIBOR, as applicable, for each Series
Interest Period other than the Series Initial Interest Period; provided, that if
the ownership of the 2000 Notes is no longer maintained in Book-Entry Form, or
if a Payment Default has occurred, then the Trustee shall determine One-Month
LIBOR or Three-Month LIBOR, as applicable, for each such Series Interest Period.
The determination by the Trustee or the Auction Agent, as the case may be, of
One-Month LIBOR or Three-Month LIBOR, as applicable, shall (in the absence of
manifest error) be final and binding upon all parties. If calculated or
determined by the Auction Agent, the Auction Agent shall promptly advise the
Trustee and the Issuer of One-Month LIBOR or Three-Month LIBOR, as applicable.

                  SECTION 2.5.3. NOTIFICATION OF RATES, AMOUNTS AND NOTE
INTEREST PAYMENT DATES.

                           (a) Certain notices are to be given as described
below.

                           (b) Promptly after the Closing Date and after the
beginning of each subsequent Series Interest Period, and in any event at least
10 days prior to any Series Payment Date, as the case may be, the Trustee shall
confirm with the Auction Agent, so long as no Payment Default has occurred and
is continuing and the ownership of the 2000 Notes is maintained in Book-Entry
Form by the Securities Depository, (1) the date of such next Note Interest
Payment Date and (2) the amount payable to the Auction Agent on the Auction
Date.

                           If any day scheduled to be a Series Payment Date
shall be changed after the Trustee shall have given the notice or confirmation
referred to in the preceding sentence, the Trustee shall not later than 9:15
a.m., eastern time, on the Business Day next preceding the earlier of the new
Series Payment Date or the old Series Payment Date, by such means as the Trustee
deems practicable, give notice of such change to the Auction Agent so long as no

                                       22

<PAGE>

Payment DEFAULT has occurred and is continuing and the ownership of the 2000
Notes is maintained in Book-Entry Form by the Securities Depository.

                   SECTION 2.5.4. AUCTION AGENT.

                           (a) Bankers Trust Company is hereby  appointed as
Initial Auction Agent to serve as agent for the Issuer in connection with
Auctions. The Trustee and the Issuer will, and the Trustee is hereby directed
to, enter into the initial Auction Agency Agreement with Bankers Trust Company,
as the initial Auction Agent. Any substitute Auction Agent shall be (i) a bank,
national banking association or trust company duly organized under the laws of
the United States of America or any state or territory thereof having its
principal place of business in the Borough of Manhattan, New York or such other
location as approved by the Trustee and the Market Agent in writing and having a
combined capital stock or surplus of at least $50,000,000, or (ii) a member of
the National Association of Securities Dealers, Inc. having a capitalization of
at least $50,000,000, and in either case, authorized by law to perform all the
duties imposed upon it hereunder and under the Auction Agency Agreement. The
Auction Agent may at any time resign and be discharged of the duties and
obligations created by this Fourth Terms Supplement by giving at least 90 days'
notice to the Trustee, the Issuer, and the Market Agents. The Auction Agent may
be removed at any time by the Trustee upon the written direction of the Note
Owners of 66-2/3% of the aggregate principal amount of the 2000 Notes (and any
subsequently issued Series of Notes, but in no event less than 66-2/3% of the
aggregate principal amount of any Senior Notes) then outstanding, by an
instrument signed by such Note Owners or their attorneys and filed with the
Auction Agent, the Issuer, the applicable Market Agent and the Trustee upon at
least 90 days, notice. The Auction Agent may be removed by the Issuer in its
sole discretion at any time. Neither resignation nor removal of the Auction
Agent pursuant to the preceding three sentences shall be effective until and
unless a substitute Auction Agent who is reasonably acceptable to the Trustee
has been appointed and has accepted such appointment. If required by the Issuer
or the applicable Market Agent, with the Trustee's consent, a substitute Auction
Agency Agreement shall be entered into with a substitute Auction Agent.
Notwithstanding the foregoing, the Auction Agent may terminate the Auction
Agency Agreement if, within 25 days after notifying the Trustee, the Issuer, and
the applicable Market Agent in writing that it has not received payment of any
Auction Agent Fee due it in accordance with the terms of the Auction Agency
Agreement, the Auction Agent does not receive such payment.

                           (b) If the Auction  Agent shall  resign or be removed
or be dissolved, or if the property or affairs of the Auction Agent shall be
taken under the control of any state or federal court or administrative body
because of bankruptcy or insolvency, or for any other reason, the Trustee, at
the direction of the Issuer (after receipt of a certificate from the applicable
Market Agent confirming that any proposed substitute Auction Agent meets the
requirements described in the immediately preceding paragraph), shall use its
best efforts to appoint a substitute Auction Agent.

                           (c) The Auction Agent is acting as agent for the
Issuer in connection with Auctions. In the absence of bad faith or negligence on
its part, the Auction Agent shall not be liable for any action taken, suffered
or omitted in good faith or for any error of judgment made by it in the
performance of its duties under the Auction Agency Agreement. The Auction Agent

                                       23

<PAGE>

shall not be liable for any error of judgment made in good faith unless the
Auction Agent shall have been negligent in ascertaining the pertinent facts.

                           (d) In the event of a change in the Auction Agent Fee
Rate pursuant to of the Auction Agency Agreement, the Auction Agent shall give a
Notice of Fee Rate Change to the Trustee and the Issuer in accordance with the
Auction Agency Agreement.

                   SECTION 2.5.5. BROKER-DEALERS.

                           (a) The Auction  Agent will enter into a
Broker-Dealer Agreement with Salomon Smith Barney Inc. as the initial
Broker-Dealer with respect to the 2000 Series A-10, Series A-11 Series, A-12
and Series B-2 Notes, PaineWebber Incorporated, as the initial Broker-Dealer
with respect to the 2000 Series A-13 and Series A-14 Notes and Dain Rauscher
Incorporated, as the initial Broker-Dealer with respect to the 2000 Series A-15
Notes. An Authorized Officer of the Issuer may, from time to time, approve one
or more additional persons to serve as Broker-Dealers under Broker-Dealer
Agreements and shall be responsible for providing such Broker-Dealer Agreements
to the Trustee and the Auction Agent; provided, however (i) that while Salomon
Smith Barney Inc. is serving as a Broker-Dealer with respect to the 2000 Series
A-10, Series A-11, Series A-12 and Series B-2 Notes, Salomon Smith Barney Inc.
shall have the right to consent to the approval of any additional Broker-Dealers
therefor, (ii) that while PaineWebber Incorporated is serving as a Broker-Dealer
with respect to the 2000 Series A-13 and Series A-14 Notes, PaineWebber
Incorporated shall have the right to consent to the approval of any additional
Broker-Dealers therefor and (iii) that while Dain Rauscher Incorporated is
serving as Broker-Dealer with respect to the 2000 Series A-15 Notes, Dain
Rauscher Incorporated shall have the right to consent to the approval of any
additional Broker-Dealer therefor, which consent in any event will not be
unreasonably withheld. The Auction Agent shall have entered into a Broker-Dealer
Agreement with each Broker-Dealer prior to the participation of any such
Broker-Dealer in any Auction.

                           (b) Any Broker-Dealer may be removed at any time, at
the request of an Authorized Officer of the Issuer, but there shall, at all
times, be at least one Broker-Dealer appointed and acting as such.

                   SECTION 2.5.6. CHANGES IN AUCTION PERIOD OR PERIODS.

                           (a) While any of the 2000 Notes are  Outstanding,
the Issuer may, from time to time, convert the length of one or more Auction
Periods (an "Auction Period Adjustment") in order to conform with then current
market practice with respect to similar securities or to accommodate economic
and financial factors that may affect or be relevant to the length of the
Auction Period and the Series Interest Rate borne by the 2000 Notes. The Issuer
shall not initiate an Auction Period Adjustment unless it shall have received
the written consent of the Market Agent, which consent shall not be unreasonably
withheld, not less than three days nor more than 20 days prior to the effective
date of an Auction Period Adjustment. The Issuer shall initiate the Auction
Period Adjustment by giving written notice by Issuer Order to the Trustee, the
Auction Agent, the Market Agent Fitch S&P and the Securities Depository in
substantially the form of, or containing substantially the information contained
in, Exhibit D to this Fourth Terms Supplement at least 10 days prior to the
Auction Date for such Auction Period.

                                       24

<PAGE>

                           (b) Any such adjusted Auction Period shall not be
less than 7 days nor more than 365 days.

                           (c) An Auction  Period  Adjustment  shall take
effect only if (A) the Trustee and the Auction Agent receive, by 11:00 a.m.,
eastern time, on the Business Day before the Auction Date for the first such
Auction Period, an Issuer's Certificate in substantially the form attached as,
or containing substantially the same information contained in, Exhibit E to this
Fourth Terms Supplement, authorizing the Auction Period Adjustment specified in
such certificate along with a copy of the written consent of the Market Agent
described above in subparagraph (a) above and (B) Sufficient Bids exist as of
the Auction on the Auction Date for such first Auction Period. If the condition
referred to in (A) above is not met, the Series Interest Rate for the next
Auction Period shall be determined pursuant to the above provisions of this
Section 2.5 and the Auction Period shall be the Auction Period determined
without reference to the proposed change. If the condition referred to in (A) is
met but the condition referred to in (B) above is not met, the Series Interest
Rate for the next Auction Period shall be the lesser of the Maximum Auction Rate
and the Net Loan Rate and the Auction Period shall be the Auction Period
determined without reference to the proposed change.

                  In connection with any Auction Period Adjustment, the Auction
Agent shall provide such further notice to such parties as is specified in
Section 2.5 of the Auction Agency Agreement.

                  SECTION 2.5.7. CHANGES IN THE AUCTION DATE. The Market Agent,
with the written consent of an Authorized Officer of the Issuer, may specify an
earlier Auction Date (but in no event more than five Business Days earlier) than
the Auction Date that would otherwise be determined in accordance with the
definition of "Auction Date" in Section 1.1 of this Fourth Terms Supplement with
respect to one or more specified Auction Periods in order to conform with then
current market practice with respect to similar securities or to accommodate
economic and financial factors that may affect or be relevant to the day of the
week constituting an Auction Date and the Series Interest Rate borne on the 2000
Notes. The Market Agent shall deliver a written request for consent to such
change in the Auction Date to the Issuer not less than three days nor more than
20 days prior to the effective date of such change together with a certificate
demonstrating the need for change in reliance on such factors. The Market Agent
shall provide notice of its determination to specify an earlier Auction Date for
one or more Auction Periods by means of a written notice delivered at least 10
days prior to the proposed changed Auction Date to the Trustee, the Auction
Agent, the Issuer and the Securities Depository. Such notice shall be
substantially in the form of, or contain substantially the information contained
in, Exhibit F to this Fourth Terms Supplement.

                  In connection with any change described in this Section 2.5.7,
the Auction Agent shall provide such further notice to such parties as is
specified in Section 2.5 of the Auction Agency Agreement.

                  SECTION 2.6. ADDITIONAL PROVISIONS REGARDING THE SERIES
INTEREST RATES ON THE 2000 NOTES. The determination of a Series Interest Rate by
the Auction Agent or any other Person pursuant to the provisions of the
applicable Section of this Article II shall be conclusive

                                       25

<PAGE>

 and binding on the Note Owners of the Series of 2000 Notes to which such Series
 Interest Rate applies, and the Issuer and the Trustee may rely thereon for all
 purposes.

                  In no event shall the cumulative amount of interest paid or
payable on a Series of 2000 Notes (including interest calculated as provided
herein, plus any other amounts that constitute interest on the 2000 Notes of
such Series under applicable law which are contracted for, charged, reserved,
taken or received pursuant to the 2000 Notes of such Series or related
documents) calculated from the date of issuance of the 2000 Notes of such Series
through any subsequent day during the term of the 2000 Notes of such Series or
otherwise prior to payment in full of the 2000 Notes of such Series exceed the
amount permitted by applicable law. If the applicable law is ever judicially
interpreted so as to render usurious any amount called for under the 2000 Notes
of such Series or related documents or otherwise contracted for, charged,
reserved, taken or received in connection with the 2000 Notes of such Series, or
if the acceleration of the maturity of the 2000 Notes of such Series results in
payment to or receipt by the Note Owner, or any former Note Owner of the 2000
Notes of such Series of any interest in excess of that permitted by applicable
law, then, notwithstanding any provision of the 2000 Notes of such Series or
related documents to the contrary, all excess amounts theretofore paid or
received with respect to the 2000 Notes of such Series shall be credited on the
principal balance of the 2000 Notes of such Series (or, if the 2000 Notes of
such Series have been paid or would thereby be paid in full, refunded by the
recipient thereof), and the provisions of the 2000 Notes of such Series and
related documents shall automatically and immediately be deemed paid and the
amounts thereafter collectible hereunder and thereunder reduced, without the
necessity of the execution of any new document so as to comply with the
applicable law, but so as to permit the recovery of the fullest amount otherwise
called for under the 2000 Notes of such Series and under the related documents.

                  SECTION 2.7. QUALIFICATIONS OF MARKET AGENT. The Market Agent
shall be a member of the National Association of Securities Dealers, Inc., have
a capitalization of at least $50,000,000 and be authorized by law to perform all
the duties imposed upon it by this Fourth Terms Supplement. The Market Agent may
resign and be discharged of the duties and obligation created by this Fourth
Terms Supplement by giving at least 30 days' notice to the Issuer and the
Trustee, provided that such resignation shall not be effective until the
appointment of a successor market agent by the Issuer and the acceptance of such
appointment by such successor market agent. The Market Agent may be replaced at
the direction of the Issuer by an instrument signed by an Authorized Officer of
the Issuer, filed with the Market Agent and the Trustee at least 30 days before
the effective date of such replacement, provided that such replacement shall not
be effective until the appointment of a successor Market Agent by the Issuer and
the acceptance of such appointment by such successor Market Agent.

                  In the event that the Market Agent shall be removed or be
dissolved, or if the property or affairs of the Market Agent shall be taken
under the control of any state or federal court or administrative body because
of bankruptcy or insolvency, or for any other reason, and there is no Market
Agent and the Issuer shall not have appointed its successor as Market Agent, the
Trustee, notwithstanding the provisions of the first paragraph of this Section,
shall be deemed to be the Market Agent for all purposes of this Fourth Terms
Supplement until the appointment by the Issuer of the successor Market Agent.
Nothing in this Section shall be construed as conferring on the Trustee
additional duties other than as set forth herein.

                                       26

<PAGE>

                                  ARTICLE III.

                                  DISTRIBUTIONS

                   SECTION 3.1. DISTRIBUTIONS OF INTEREST AND PRINCIPAL. The
 Trustee shall make distributions from and to the several Trust Accounts in the
 manner provided for in the Trust Agreement.

                  On the first Business Day of each calendar quarter after
December 1, 2003 ( or such later date to which the Recycling Period is extended
upon receipt of a Rating Confirmation), the Issuer shall determine the amounts
on deposit in the Revenue Account and the Loan Account which will be available
for distribution after payment, in the following order of priority, of (a) the
amounts required to be paid in Section 5.3(B)(FIRST) through (EIGHTH) of the
Trust Agreement, (b) the amounts and in the order required to be paid in Section
3.1 of the First Terms Supplement with respect to the Senior Notes and
thereafter (c) the amounts and in the order required to be paid in Section 3.1
of the Second Terms Supplement with respect to the Senior Notes and thereafter
(d) the amounts and in the order required to be paid in Section 3.1 of the Third
Supplement with respect to the Senior Notes, and (e) shall apply such remaining
amounts as follows and in the following order of priority (subject to any
Supplemental Trust Agreement with respect to Additional Notes providing for a
priority for such Additional Notes):

                           (i) to pay principal on 2000 Series A-10 Notes, in
                  integral multiples of $50,000;

                           (ii) to pay principal on 2000 Series A-11 Notes, in
                  integral multiples of $50,000;

                           (iii) to pay principal on 2000 Series A-12 Notes, in
                  integral multiples of $50,000;

                           (iv) to pay principal on 2000 Series A-13 Notes, in
                  integral multiples of $50,000;

                           (v) to pay principal on 2000 Series A-14 Notes, in
                  integral multiples of $50,000;

                           (vi) to pay principal on 2000 Series A-15 Notes, in
                  integral multiples of $50,000;

                           (vii) to pay principal on 1998 Senior Subordinate
                  Notes Series B, in integral multiples of $50,000; and

                           (viii) to pay principal on Series B-2 Notes, in
                  integral multiples of $50,000.

The Issuer shall notify the Trustee (not later than 30 days, or such lesser
period as the Trustee shall determine to be acceptable, prior to the applicable
Series Payment Date) of the amount that

                                       27

<PAGE>

 will be applied to the payment of principal of each Series of Notes and the
 Series Payment Dates occurring during such calendar quarter on which such
 principal shall be paid.

                  SECTION 3.2. SELECTION OF NOTES TO RECEIVE PAYMENTS OF
PRINCIPAL. With respect to the Series of Notes entitled to receive payments of
principal, the specific Notes of such Series that will receive payments of
principal on each applicable Note Interest Payment Date will be selected no
later than 15 days prior to the related Series Payment Date by the Securities
Depository, pursuant to the Note Depository Agreement entered into with respect
to the 2000 Notes, by lot in such manner as the Securities Depository in its
discretion may determine and which may provide for the selection for payment of
principal in minimum denominations of $50,000, and integral multiples in excess
thereof.

                  Notice of the specific Notes to receive payments of principal
is to be given by the Trustee by first-class mail, postage prepaid, mailed not
less than 15 days but no more than 30 days before the applicable Note Interest
Payment Date at the address of the applicable Note Owner appearing on the
registration books. Any defect in or failure to give such mailed notice shall
not affect the validity of proceedings for the payment of any other Notes not
affected by such failure or defect. All notices of payment are to state: (i) the
applicable Series Payment Date, (ii) the amount of principal to be paid, and
(iii) the specific Notes of such Series to be paid.

                  The Trustee shall notify in writing, substantially in the form
of Exhibit D to the Auction Agency Agreement, the Auction Agent when any notice
of principal payment of Notes is sent to the Securities Depository not later
than 11:00 a.m., on the date such notice is sent.

                                   ARTICLE IV.

                                  MISCELLANEOUS

                  SECTION 4.1. AUTHORITY FOR THIS FOURTH TERMS SUPPLEMENT. This
Fourth Terms Supplement is adopted pursuant to the provisions of the Trust
Agreement.

                  SECTION 4.2. COUNTERPARTS. This Fourth Terms Supplement may be
simultaneously executed in several counterparts, each of which shall be an
original and all of which shall constitute but one and the same instrument.

                  SECTION 4.3. FOURTH TERMS SUPPLEMENT CONSTITUTES A SECURITY
AGREEMENT. This Fourth Terms Supplement constitutes a security agreement for the
purposes of the Uniform Commercial Code.

                  SECTION 4.4. GOVERNING LAW. This Fourth Terms Supplement shall
be governed by and construed in accordance with the laws of the State of
Indiana.

                  SECTION 4.5. REPORTS TO RATING AGENCIES. Section 6.13(B)(i) of
the Trust Agreement is hereby amended and replaced in its entirety to read as
follows: "any investment to be made pursuant to 6, 7 or 8 of Investment
Securities."

                  SECTION 4.6. RATIFICATION OF TRUST AGREEMENT. As supplemented
by this Fourth Terms Supplement, the Trust Agreement is in all respects ratified
and confirmed, and the

                                       28

<PAGE>

Trust Agreement as so supplemented by this Fourth Terms Supplement shall be
read, taken and construed as one and the same instrument. Each addition to and
amendment of the Trust Agreement contained herein is solely for purposes of the
2000 Notes, and shall have no effect on any other Series of Notes issued
pursuant to the Trust Agreement. If any term of this Fourth Terms Supplement
conflicts with any term of the Trust Agreement, this Fourth Terms Supplement
shall control for purposes of the 2000 Notes.

                  SECTION 4.7. RECYCLING Period. Absent receipt of Rating
Confirmations permitting otherwise, during the recycling period, which ends
December 1, 2003, amounts representing the proceeds of the 1998 Notes the 1999-I
Notes or the 2000 Notes shall only be applied to the financing of Eligible Loans
with the following characteristics:

                                    (1) the percentage of recycled Loans that
                  are consolidation Loans shall not exceed 15%;

                                    (2) the percentage of recycled Loans that
                  are made to students of two-year schools or proprietary
                  schools shall not exceed 10%;

                                    (3) the percentage of recycled Loans that
                  are unsubsidized Stafford loans not in repayment status shall
                  not exceed 10%; and

                                    (4) the provisions of Section 6.7(B)(4)(i)
                  of the Trust Agreement notwithstanding, such proceeds may be
                  applied to the financing of Loans originated after July
                  1,1998, provided that the percentage of recycled Loans that
                  are originated after July 1, 1998 shall not exceed 40% of all
                  such recycled Loans.

                                       29

<PAGE>

                  IN WITNESS WHEREOF, the parties hereto have caused this Fourth
Terms Supplement to be duly executed as of the day and year first above written.

                                    EMT CORP.

                                    By: /s/ Garrett A. Varner
                                        --------------------------------
                                    Name:  Garrett A. Varner
                                    Title: Treasurer

                                    BANK ONE TRUST COMPANY, N.A., not in its
                                    individual capacity but solely as Trustee,

                                    By:/s/ Terri Hawkins
                                       ---------------------------
                                    Name: Terri Hawkins
                                    Title: Assistant Vice President

                                       30
<PAGE>

                                    EXHIBIT A

                              [FORM OF 2000 NOTES)

                                    EMT CORP.
                  STUDENT LOAN ASSET-BACKED AUCTION RATE NOTES

                            [2000 SENIOR SERIES A-__]
                                        -
                      [2000 SENIOR SUBORDINATE SERIES B-2]

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER (AS DEFINED BELOW)
OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE "ACT") OR ANY STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING THIS
NOTE, AGREES THAT THIS NOTE MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY
IN ACCORDANCE WITH ANY APPLICABLE STATE SECURITIES LAWS AND (1) TO A PERSON WHOM
THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER WHICH
PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL
BUYER TO WHOM NOTICE IS GIVEN THAT THE RESALE, PLEDGE OR OTHER TRANSFER IS BEING
MADE IN RELIANCE ON RULE 144A OR TO AN INSTITUTIONAL "ACCREDITED INVESTOR" AS
DEFINED IN RULE 501(A)(1), (2), (3) OR (7) OF REGULATION D PROMULGATED UNDER THE
ACT, OR (2) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT.

                                       A-1

<PAGE>

THIS NOTE IS NOT GUARANTEED OR INSURED BY ANY GOVERNMENTAL
AGENCY.

NO A-_-_[B-2-___]

                    FINAL
                  MATURITY           DATED         INTEREST
    SERIES          DATE              DATE           RATE              CUSIP
    ------          ----              ----           ----              -----
                  December 1,    April 13, 2000   Auction rate as
                  2030                            herein provided

REGISTERED NOTE OWNER:              CEDE & CO.
                      ---------------------------------------------------

PRINCIPAL AMOUNT: -------------------------------------------------------

                                       A-2

<PAGE>

                  EMT Corp., an Indiana corporation (the "Issuer"), for value
received, promises to pay, from the sources herein described, to the registered
Note Owner identified above, or registered assigns, upon presentation and
surrender hereof at the designated Trust Office of Bank One Trust Company, N.A.,
as Trustee, or at the designated office of any successor, the Principal Amount
identified above on the Final Maturity Date identified above, and to pay to the
registered Note Owner hereof, interest and principal hereon in lawful money of
the United States of America at the Series Interest Rate on the dates as
provided herein. Unless otherwise defined in this 2000 Note, capitalized terms
used in this 2000 Note shall have the respective meanings given to such terms in
the Trust Agreement dated as of May 15, 1998, as amended and supplemented to
April 1, 2000, including by the Fourth Terms Supplement dated as of April 1,
2000, (the "Fourth Terms Supplement" and, together, the "Trust Agreement")
between the Issuer and such Trustee.

                  This 2000 Note is one of a duly authorized issue of notes of
the Issuer designated as "EMT Corp. Student Loan Asset-Backed Auction Rate
Notes, [2000 Senior Series A- ]" or [2000 Senior Subordinate Series B-2] (herein
referred to by specific Series as the "2000 Series Notes" and collectively with
certain other Notes issued simultaneously therewith, as the "2000 Notes"), in
the aggregate principal amount of $ __________________issued under the Trust
Agreement. The 2000 Notes are issued to finance the acquisition of Loans and
to make certain deposits to the Trust Accounts.

                  The Trust Agreement provides for the issuance, from time to
time, under the conditions, limitations and restrictions set forth therein, of
additional notes, for the purpose of providing additional funds for the
financing of Loans (said additional notes, together with 2000 Notes, being
collectively referred to herein as the "Notes").

                  The Notes are secured under the Trust Agreement which,
together with certain other documents, assigns to the Trustee for the benefit of
the Note Owners (and certain others, as their interest may appear) all the
rights and remedies of the Issuer under certain Loans and rights under various
contracts providing for the issuance, guarantee and servicing of such Loans.
Reference is hereby made to the Trust Agreement for the provisions, among
others, with respect to the custody and application of the proceeds of the
Notes, definitions of certain capitalized terms used in this 2000 Note, the
nature and the extent of the liens and security of the Trust Agreement, the
collection and disposition of revenues, the funds charged with and pledged to
the payment of the principal of and the interest on the Notes, the terms and
conditions under which additional Notes may be issued, the rights duties and
immunities of the Trustee, the rights of the registered owners of the Notes and
the rights and obligations of the Issuer. By the acceptance of this 2000 Note,
the registered owner hereof assents to all of the provisions of the Trust
Agreement.

                  The unpaid principal amount hereof from time to time
outstanding shall bear interest at a Series Interest Rate, as described below,
payable on each applicable Series Payment Date to the extent of interest accrued
on the principal then outstanding, such interest to accrue from the later of the
date hereof or the date through which interest has been paid or duly provided
for. Interest at a Series Interest Rate established pursuant to the Fourth Terms
Supplement shall be computed for the actual number of days elapsed on the basis
of a year consisting of 365/366 days, as applicable.

                                       A-3

<PAGE>

                   During the Series Initial Period, this 2000 Note shall bear
 interest at the Series Initial Rate for the 2000 Notes of this Series.
 Thereafter until an Auction Period Adjustment, if any, this 2000 Note shall
 bear interest at a Series Interest Rate based on an Auction Period that shall,
 until adjusted pursuant to the Fourth Terms Supplement, consist of _ days, all
 as determined in the Fourth Terms Supplement.

                   The Series Interest Rate to be borne by this 2000 Note after
 the Series Initial Period for each Auction Period, if any, or, an Auction
 Period Adjustment, if any, shall be the lesser of (i) the Net Loan Rate in
 effect for such Auction Period and (ii) the Auction Rate determined in
 accordance with the applicable provisions of the Fourth Terms Supplement.

                   In no event shall the Series Interest Rate on this 2000 Note
exceed 17.0% per annum.

                   The Series Interest Period, including, without limitation, an
 Auction Period, the applicable Series Interest Rate, the method of determining
 the applicable Series Interest Rate on each of the 2000 Notes and the Auction
 Procedures related thereto, including, without limitation, required notices
 thereof to the Note Owners or Existing Note Owners of the 2000 Notes, an
 Auction Period Adjustment, a change in the Auction Date and the Note Interest
 Payment Dates will be determined in accordance with the terms, conditions and
 provisions of the Fourth Terms Supplement and the Auction Agency Agreement, to
 which terms, conditions and provisions specific reference is hereby made, and
 all of which terms, conditions and provisions are hereby specifically
 incorporated herein by reference.

                   If the Auction Rate for the 2000 Notes is greater than the
 Net Loan Rate, then the Series Interest Rate applicable to the 2000 Notes for
 that Series Interest Period will be the Net Loan Rate. If the Series Interest
 Rate applicable to the 2000 Notes for any Series Interest Period is the Net
 Loan Rate, the Trustee shall determine the Note Owners' Auction Rate Interest
 Carryover, if any, with respect to the 2000 Notes for such Series Interest
 Period. Such Note Owners' Auction Rate Interest Carryover shall bear interest
 calculated at a rate equal to One-Month LIBOR from the Note Interest Payment
 Date for each Series Interest Period with respect to which such Note Owners'
 Auction Rate Interest Carryover was calculated until paid. For purposes of this
 2000 Note, any reference to "principal" or "interest" herein shall not include
 within the meaning of such words Note Owners' Auction Rate Interest Carryover
 or any interest accrued on any such Note Owners' Auction Rate Interest
 Carryover. Such Note Owners' Auction Rate Interest Carryover shall be
 separately calculated for each 2000 Note by the Trustee during such Series
 Interest Period in sufficient time for the Trustee to give notice to each Note
 Owner of such Note Owners' Auction Rate Interest Carryover as required in the
 next succeeding sentence. On the Note Interest Payment Date for a Series
 Interest Period with respect to which such Note Owners' Auction Rate Interest
 Carryover has been calculated by the Trustee, the Trustee shall give written
 notice to each Note Owner of the Note Owners' Auction Rate Interest Carryover
 applicable to such Note Owner's 2000 Note, which written notice may accompany
 the payment of interest by check made to each such Note Owner on such Note
 Interest Payment Date or otherwise shall be mailed on such Note Interest
 Payment Date by first class mail, postage prepaid, to each such Note Owner at
 such Note Owner's address as it appears on the registration books maintained by
 the Registrar. Such notice shall state, in addition to such Note Owners'
 Auction Rate Interest Carryover, that, unless and until a 2000 Note has been
 paid in full or has

                                       A-4

<PAGE>

been deemed no longer outstanding under the Fourth Terms Supplement (after which
no Note Owners' Auction Rate Interest Carryover (and all accrued interest
thereon) shall be paid with respect to a 2000 Note), (i) the Note Owners'
Auction Rate Interest Carryover (and interest accrued thereon calculated on the
basis of One-Month LIBOR) shall be paid by the Trustee on a 2000 Note on the
first occurring Note Interest Payment Date for a subsequent Series Interest
Period if and to the extent that (1) during such Series Interest Period no
additional Note Owners' Auction Rate Interest Carryover is accruing on the 2000
Notes and (2) moneys are available on such Note Interest Payment Date pursuant
to the terms of the Trust Agreement in an amount sufficient to pay all or a
portion of such Note Owners' Auction Rate Interest Carryover and (ii) interest
shall accrue on the Note Owners' Auction Rate Interest Carryover at a rate equal
to One-Month LIBOR until such Note Owners' Auction Rate Interest Carryover is
paid in full or is cancelled.

                   The Note Owners' Auction Rate Interest Carryover for the 2000
Notes shall be paid by the Trustee on Outstanding 2000 Notes on the first
occurring Series Payment Date for a subsequent Series Interest Period if and to
the extent that (i) during such Series Interest Period no additional Note
Owners' Auction Rate Interest Carryover is accruing on the 2000 Notes and (ii)
on such Series Payment Date there are sufficient moneys available pursuant to
the terms of the Fourth Terms Supplement to pay all or a portion of the Note
Owners' Auction Rate Interest Carryover due on the 2000 Notes on such Series
Payment Date. Any Note Owners' Auction Rate Interest Carryover (and any interest
accrued thereon) on any 2000 Note which is due and payable on any Series Payment
Date on which such 2000 Note is deemed no longer Outstanding under the Trust
Agreement on said Series Payment Date shall be paid to the Note Owner thereof on
the next Series Payment Date to the extent that moneys are available therefor in
accordance with the Trust Agreement; provided, however, that any Note Owners'
Auction Rate Interest Carryover (and any interest accrued thereon) which is not
yet due and payable on said Series Payment Date shall be cancelled with respect
to said 2000 Note that is to be deemed no longer Outstanding under the Trust
Agreement on said Series Payment Date and shall not be paid on any succeeding
Series Payment Date. To the extent that any portion of the Note Owners' Auction
Rate Interest Carryover remains unpaid after payment of a portion thereof, such
unpaid portion of the Note Owners' Auction Rate Interest Carryover shall be paid
in whole or in part until fully paid by the Trustee on the next occurring Series
Payment Date or Dates, as necessary, for a subsequent Series Interest Period or
Periods, if and to the extent that the conditions in the immediately preceding
sentence are satisfied.

                   The Series Payment Date in such subsequent Series Interest
Period on which such Note Owners' Auction Rate Interest Carryover for the 2000
Notes shall be paid shall be determined by the Trustee in accordance with the
provisions of the immediately preceding paragraph, and the Trustee shall make
payment of the Note Owners' Auction Rate Interest Carryover in the same manner
as, and from the same account from which, it pays interest on the 2000 Notes on
a Series Payment Date as provided for in the Trust Agreement.

                   The principal of and interest on the 2000 Notes and Note
Owners' Auction Rate Interest Carryover on the 2000 Notes (and interest accrued
thereon), if any, are special limited obligations of the Issuer payable solely
from certain revenues derived by the Issuer from certain assets of the Issuer,
including certain notes evidencing Loans.

                                          A-5

<PAGE>

                  Distributions of principal will made on each Series Payment
Date to the respective Series of Notes in the manner described in the Trust
Agreement. The Notes are subject to redemption, in whole or in part, at the
option of the Issuer, on the applicable Series Payment Date at a price of par
plus accrued interest, upon not less than ten days prior written notice to the
Owners of such Notes.

                  FAILURE TO PAY PRINCIPAL OF OR INTEREST ON A SENIOR
SUBORDINATE NOTE, WHEN DUE, SHALL NOT GIVE RISE TO AN EVENT OF DEFAULT IF ALL
PAYMENTS OF PRINCIPAL OF AND INTEREST ON OUTSTANDING SENIOR NOTES HAVE BEEN
MADE.

                  If an Event of Default as defined in the Trust Agreement
occurs, the principal of and interest on all Notes issued under the Trust
Agreement may be declared due and payable upon the conditions and in the manner
and with the effect provided in the Trust Agreement. The Trust Agreement and the
rights and obligations of the Issuer, the Trustee and the Note Owner hereof may
be modified or amended in the manner and subject to the conditions set forth in
the Trust Agreement.

                  The Note Owner of this 2000 Note shall have no right to
enforce the provisions of the Trust Agreement or to institute action to enforce
the covenants therein, or to take any action with respect to any Event of
Default under the Trust Agreement, or to institute, appear in or defend any suit
or other proceeding with respect thereto, except as provided in the Trust
Agreement.

                  The transfer of this 2000 Note may be registered only upon
surrender hereof to the Trustee together with an assignment duly executed by the
registered owner or its attorney or legal representative in such form as shall
be satisfactory to the Trustee. Upon any such registration of transfer of this
2000 Note and subject to the payment of any fees and charges as provided by the
Trust Agreement, the Issuer shall execute and the Trustee shall authenticate and
deliver in exchange for this 2000 Note a new 2000 Note or Notes registered in
the name of the transferee, in any denomination or denominations authorized by
the Trust Agreement, of the same maturity and Series and in an aggregate
principal amount equal to the unredeemed principal amount of this 2000 Note and
bearing the same interest as this 2000 Note.

                  In any case where the date fixed for the payment of principal
of or interest on this 2000 Note shall not be a Business Day, then payment of
such principal or interest need not be made on such date but may be made on the
next succeeding Business Day with the same force and effect as if made on the
date fixed for the payment thereof.

                  It is hereby certified, recited and declared that all acts,
conditions and things required to have happened, to exist and to have been
performed precedent to and in the execution an delivery of the Trust Agreement
and issuance of this 2000 Note have happened, do exist and have been performed
in due time, form and manner as required by law.

                  This 2000 Note shall not be valid or become obligatory for any
purpose or be entitled to any security or benefit under the Trust Agreement
until the certificate of authentication hereon shall have been manually signed
by the Trustee.

                                       A-6

<PAGE>

                  IN WITNESS WHEREOF, the Issuer has caused this 2000 Note to be
executed in its name by the manual or facsimile signature of an Authorized
Officer and the manual or facsimile signature of its Secretary, and has caused
its corporate seal or a facsimile thereof to be hereto affixed.

                                          EMT CORP., as Issuer

                                          By:
                                             ---------------------------------
                                              Garrett A. Varner
                                              Treasurer

  (SEAL)

Attest:

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

                          CERTIFICATE OF AUTHENTICATION

                  This Note is one of the 2000 Notes designated in and issued
under the provisions of the within mentioned Trust Agreement.

Bank One Trust Company, N.A.
Indianapolis, Indiana, as
Trustee

By:
   -------------------------------------
     Authorized Representative

Date of Authentication:

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

                                      A-7
<PAGE>

                                   ASSIGNMENT

                  FOR VALUE RECEIVED the undersigned hereby sells, assigns and
transfers unto ___________________________, the within Note and irrevocably
appoints ________________________, attorney-in-fact, to transfer the within Note
on the books kept for registration thereof, with full power of substitution in
the premises.

Dated:
      -------------------------                 -------------------------------

NOTICE:   The signature to this                  Signature Guaranteed:
assignment must correspond with the
name as it appears upon the face of the         -------------------------------
within Note in every particular, without
any alteration whatsoever.

Name and Address:________________________

Tax Identification Number or
Social Security Number(s):_______________________________

                            END OF FORM OF 2000 NOTE

                                       A-8

<PAGE>

                                    EXHIBIT B

                                    EMT CORP.

                  STUDENT LOAN ASSET-BACKED AUCTION RATE NOTES

                            [2000 SENIOR SERIES A-___]
                                        -
                      [2000 SENIOR SUBORDINATE SERIES B-2]

                            NOTICE OF PAYMENT DEFAULT
                            -------------------------

                  NOTICE IS HEREBY GIVEN that an Event of Default has occurred
and is continuing with respect to the Notes identified above. The next Auction
for the 2000 Notes will not be held. The Auction Rate for the 2000 Notes for the
next succeeding Series Interest Period shall be the Non-Payment Rate.

                                                   ----------------------------
                                                   as Trustee

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

                                       B-1

<PAGE>

                                    EXHIBIT C

                                    EMT CORP.

                  STUDENT LOAN ASSET-BACKED AUCTION RATE NOTES

                            [2000 SENIOR SERIES A-__]

                      [2000 SENIOR SUBORDINATE SERIES B-2]
                      ------------------------------------

                        NOTICE OF CURE OF PAYMENT DEFAULT

                  NOTICE IS HEREBY GIVEN that an Event of Default with respect
to the Notes identified above has been waived or cured. The next Series Payment
Date is and the next Auction Date is ____________________.

                                                 -------------------------------
                                                 as Trustee

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

                                       C-1

<PAGE>

                                    EXHIBIT D

                                    EMT CORP.

                  STUDENT LOAN ASSET-BACKED AUCTION RATE NOTES

                            [2000 SENIOR SERIES A-__]
                      [2000 SENIOR SUBORDINATE SERIES B-2]

                  NOTICE OF PROPOSED AUCTION PERIOD ADJUSTMENT
                  --------------------------------------------

                  Notice is hereby given that the Issuer proposes to change the
length of one or more Auction Periods pursuant to the Fourth Terms Supplement to
the Trust Agreement as follows:

                  1. The change shall take effect on the Series Payment Date for
the current Auction Period and the date of commencement of the next Auction
Period (the "Effective Date").

                  2. The Auction Period Adjustment in Paragraph 1 shall take
place only if (A) the Trustee and the Auction Agent receive, by 11:00 a.m.,
eastern time, on the Business Day before the Auction Date for the Auction Period
commencing on the Effective Date, a certificate from the Market Agent, as
required by the Fourth Terms Supplement authorizing the change in length of one
or more Auction Periods and (B) Sufficient Bids exist on the Auction Date for
the Auction Period commencing on the Effective Date.

                  3. If the condition referred to in (A) above is not met, the
Auction Rate for the Auction Period commencing on the Effective Date will be
determined pursuant to the Auction Procedures and the Auction Period shall be
the Auction Period determined without reference to the proposed change. If the
condition referred to in (A) is met but the condition referred to in (B) above
is not met, the Auction Rate for the Auction Period commencing on the Effective
Date shall be the Maximum Auction Rate and the Auction Period shall be the
Auction Period determined without reference to the proposed change.

                  4. It is hereby represented, upon advice of the Auction Agent
for the Notes described herein, that there were Sufficient Bids for such Notes
at the Auction immediately preceding the date of this Notice.

                                       D-1

<PAGE>

                  5. Terms not defined in this Notice shall have the meanings
set forth in the Fourth Terms Supplement entered into in connection with the
captioned Notes.

                                         EMT CORP., as Issuer

Dated:                                   By:____________________________________

                                       D-2

<PAGE>

                                    EXHIBIT E

                                    EMT CORP.

                  STUDENT LOAN ASSET-BACKED AUCTION RATE NOTES

                            [2000 SENIOR SERIES A- ]
                                        -
                      [2000 SENIOR SUBORDINATE SERIES B-2]

                  NOTICE ESTABLISHING AUCTION PERIOD ADJUSTMENT
                  ---------------------------------------------

                  Notice is hereby given that the Issuer hereby establishes new
lengths for one or more Auction Periods pursuant to the Fourth Terms Supplement
to the Trust Agreement:

                  1. The change shall take effect on __________________, the
Series Payment Date for the current Auction Period and the date of commencement
of the next Auction Period (the "Effective Date").

                  2. For the Auction Period commencing on the Effective Date,
the Note Interest Payment Date shall be _____________________, or the next
succeeding Business Day if such date is not a Business Day.

                  3. For Auction Periods occurring after the Auction Period, the
Note Interest Payment Dates shall be [_____________________ (date) and every
___________________ (number) ______________ (day of week) thereafter] [every
____________________ (number) ______________ (day of week) after the date set
forth in paragraph 2 above], or the next Business Day if any such day is not a
Business Day; provided, however, that the length of subsequent Auction Periods
shall be subject to further change hereafter as provided in Section 2.5.7 of the
Fourth Terms Supplement.

                  4. The changes described in paragraphs 2 and 3 above shall
take place only upon delivery of this Notice and the satisfaction of other
conditions set forth in the Fourth Terms Supplement and our prior notice dated
___________________________ regarding the proposed change.

                  5. Terms not defined in this Notice shall have the meanings
set forth in the Fourth Terms Supplement relating to the captioned Notes.

                                           EMT CORP.

                                            By:
                                              _____________________________

Dated:                                      By:

                                      E-1

<PAGE>

                                    EXHIBIT F

                                    EMT CORP.

                  STUDENT LOAN ASSET-BACKED AUCTION RATE NOTES

                            [2000 SENIOR SERIES A-__]

                      [2000 SENIOR SUBORDINATE SERIES B-2]

                        NOTICE OF CHANGE IN AUCTION DATE
                        --------------------------------

                  Notice is hereby given by ________________________, as Market
Agent for the captioned Notes, that with respect to the captioned Notes, the
Auction Date is hereby changed as follows:

                  1. With respect to the captioned Notes, the definition of
"Auction Date" shall be deemed amended by substituting "___________________
(number) Business Day" in the second line thereof.

                  2. This change shall take effect on ______________which shall
be the Auction Date for the Auction Period commencing on __________________.

                  3. The Auction Date for the captioned Notes shall be subject
to further change hereafter as provided in the Fourth Terms Supplement.

                  4. Terms not defined in this Notice shall have the meanings
set forth in the Fourth Terms Supplement relating to the captioned Notes.

                                         ____________________________, as Market
                                         Agent

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

                                       F-1

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