Document:

Exhibit 10.57

                                February 20, 2004

Bank of America, N.A., as
Bank of America Facility Agent
The Hearst Tower
214 N. Tryon Street
NC1-027-19-01
Charlotte, NC 28255

Attn:    Banc of America Securities, LLC,
         Global Structured Finance; Portfolio Management

Ladies and Gentlemen:

         Pursuant to Section 2.03 of the  Warehouse  Note  Purchase and Security
Agreement, dated as of May 1, 2003 (as amended, the "Warehouse Note Purchase and
Security   Agreement"),   among  Nelnet   Education  Loan  Funding,   Inc.  (the
"Borrower"), Wells Fargo Bank Minnesota, National Association, as trustee, Wells
Fargo Bank Minnesota,  National Association, as eligible lender trustee, YC SUSI
Trust,  as a conduit lender,  Bank of America,  N.A., as a facility agent and an
alternate lender,  Gemini  Securitization  Corp., as a conduit lender,  Deutsche
Bank AG, New York Branch,  as a facility agent and an alternate  lender,  Barton
Capital Corporation,  as a conduit lender, Societe Generale, as a facility agent
and an alternate lender, and Bank of America, N.A., as administrative agent, the
Borrower  hereby  request that the Bank of America  Facility  Group increase its
Commitment  under the  Warehouse  Note  Purchase  and  Security  Agreement  from
$350,000,000 to $600,000,000 effective on March 1, 2004. Please acknowledge your
acceptance,  as the Bank of  America  Facility  Agent on  behalf  of the Bank of
America  Facility  Group, of this increase in the Commitment of Bank of America,
N.A., as Alternate  Lender,  for the Bank of America Facility Group by executing
and returning this letter to us. Your execution of this letter shall  constitute
the  written  evidence  that the Bank of  America  Facility  Group has agreed to
increase its Commitment  pursuant to Section 2.03 of the Warehouse Note Purchase
and Security Agreement.

         On the  effective  date of such  increase,  being  March 1,  2004,  the
Borrower  will provide Bank of America,  N.A.,  as the Bank of America  Facility
Agent,  with a  replacement  Senior  Note in the  maximum  principal  amount  of
$570,000,000 and a replacement  Subordinate Note in the maximum principal amount
of $30,000,000  in exchange for the existing  Senior Note and  Subordinate  Note
issued to the Bank of America Facility Group.
<PAGE>

         Capitalized terms used in this letter and not defined herein shall have
the meanings  assigned to such terms in the Warehouse Note Purchase and Security
Agreement.

                                      Very truly yours,

                                      NELNET EDUCATION LOAN FUNDING, INC.

                                      By  /s/ Terry J. Heimes
                                          -----------------------------------
                                          Terry J. Heimes, President

ACCEPTED AND AGREED TO:

BANK OF AMERICA, N.A.,
as Bank of America Facility Agent

By /s/ Shelley Harper
   -------------------------------
Title:  /s/ Principal
        --------------------------

cc:      Wells Fargo Bank Minnesota, National Association
         6th and Marquette Avenue
         Minneapolis, Minnesota  55479-0069
         Attn: Corporate Trust Department

                                       2Exhibit 10.58

                                February 20, 2004

Societe Generale
181 West Madison Street
Suite 3400
Chicago, IL 60602
Attn: Securitization

Ladies and Gentlemen:

         Pursuant to Section 2.03 of the  Warehouse  Note  Purchase and Security
Agreement, dated as of May 1, 2003 (as amended, the "Warehouse Note Purchase and
Security   Agreement"),   among  Nelnet   Education  Loan  Funding,   Inc.  (the
"Borrower"), Wells Fargo Bank Minnesota, National Association, as trustee, Wells
Fargo Bank Minnesota,  National Association, as eligible lender trustee, YC SUSI
Trust,  as a conduit lender,  Bank of America,  N.A., as a facility agent and an
alternate lender,  Gemini  Securitization  Corp., as a conduit lender,  Deutsche
Bank AG, New York Branch,  as a facility agent and an alternate  lender,  Barton
Capital Corporation,  as a conduit lender, Societe Generale, as a facility agent
and an alternate lender, and Bank of America, N.A., as administrative agent, the
Borrower  hereby request that the Societe  Generale  Facility Group increase its
Commitment  under the  Warehouse  Note  Purchase  and  Security  Agreement  from
$350,000,000 to $600,000,000 effective on March 1, 2004. Please acknowledge your
acceptance,  as the  Societe  Generale  Facility  Agent on behalf of the Societe
Generale Facility Group, of this increase in the Commitment of Societe Generale,
as Alternate  Lender,  for the Societe Generale  Facility Group by executing and
returning this letter to us. Your execution of this letter shall  constitute the
written evidence that the Societe Generale Facility Group has agreed to increase
its  Commitment  pursuant to Section  2.03 of the  Warehouse  Note  Purchase and
Security Agreement.

         On the  effective  date of such  increase,  being  March 1,  2004,  the
Borrower will provide Societe Generale,  as the Societe Generale Facility Agent,
with a replacement  Senior Note in the maximum  principal amount of $570,000,000
and  a  replacement   Subordinate  Note  in  the  maximum  principal  amount  of
$30,000,000 in exchange for the existing Senior Note and Subordinate Note issued
to the Societe Generale Facility Group.
<PAGE>

         Capitalized terms used in this letter and not defined herein shall have
the meanings  assigned to such terms in the Warehouse Note Purchase and Security
Agreement.

                                     Very truly yours,

                                     NELNET EDUCATION LOAN FUNDING, INC.

                                     By  /s/ Terry J. Heimes
                                         --------------------------------
                                         Terry J. Heimes, President

ACCEPTED AND AGREED TO:

SOCIETE GENERALE,
as Societe Generale Facility Agent

By /s/ Paul Schmeider
   -------------------------------

Title:  /s/ Director
        --------------------------

cc:      Wells Fargo Bank Minnesota, National Association
         6th and Marquette Avenue
         Minneapolis, Minnesota  55479-0069
         Attn: Corporate Trust Department

         Societe Generale
         1221 Avenue of the Americas
         New York, NY 10020
         Attn: Paul Schmieder

                                       2Exhibit 10.59

                    Lease Assignment and Assumption Agreement

This Lease  Assignment and Assumption  Agreement  ("Agreement")  is entered into
between MES - Maine Education Services. ("MES") as assignor and Nelnet Corporate
Services,  Inc.  ("Nelnet")  as  assignee,  with the  consent of One City Center
Associates ("Landlord"), and is effective as of the 1st day of February, 2004.

WHEREAS,  Landlord and MES are parties to that  certain "One City Center  Office
Lease  Agreement" (the "Lease") dated as of January 1, 2000,  whereby MES leases
the 11th  floor of One City  Center,  Portland,  Maine.  A copy of the  Lease is
attached as Exhibit A and incorporated herein by this reference; and,

WHEREAS,   MES  wishes  to  assign  its   rights  and   obligations   under  the
aforementioned Lease to Nelnet; and,

WHEREAS,  Nelnet is willing to accept such assignment and assume such rights and
obligations; and,

WHEREAS, Landlord consents to such assignment and assumption;

NOW, THEREFORE,  in consideration of the terms and conditions of this Assignment
and Assumption Agreement, the parties agree as follows:

     1.  Assignment.  Pursuant  to Article  13 of the Lease,  MES may assign the
         Lease with  Landlord's  consent.  Accordingly,  MES hereby  assigns all
         right, title and interest in and to the Lease to Nelnet.

     2.  Assumption.  Nelnet  has  received  a copy of the Lease  and  agrees to
         assume and undertake  payment of rent and all other  obligations of MES
         thereunder as of the effective date of this Agreement,  for the benefit
         of Landlord and MES.

     3.  Consent.  Landlord  hereby  expressly  consents to the  assignment  and
         assumption contemplated by this Agreement. A copy of Landlord's written
         consent is attached hereto and incorporated herein as Exhibit "B".

     4.  Sublease.  The existing  Sublease  between MES and Johnson & McCaa LLC,
         dated as of October  22,  2001  shall  remain in effect  between  those
         parties, subordinate to Nelnet's rights as Tenant under the Lease.

     5.  Binding  Authority.  This  Agreement is binding on all  successors  who
         lawfully  succeed  to the  rights or take the  place of MES,  Nelnet or
         Landlord.

                                       1
<PAGE>
                                                                   Exhibit 10.59

WHEREFORE,  the parties have executed this Agreement  below as of the date first
written above.

MES - Maine Education Services, Assignor

By:  /s/ Darren J. Hurlburt
     ---------------------------------------

Name:      /s/ Darren J. Hurlburt
           ---------------------------------

Title:     /s/ Vice President/Secretary
           ---------------------------------

NELNET CORPORATE SERVICES, INC., Assignee

By:  /s/ Edward P. Martinez
     ---------------------------------------

Name:      /s/ Edward P. Martinez
           ---------------------------------

Title:     /s/ Executive Director, Secretary
           ---------------------------------

                                       2Exhibit 10.60

                             OPERATING AGREEMENT FOR
                      PREMIERE CREDIT OF NORTH AMERICA, LLC
                      AN INDIANA LIMITED LIABILITY COMPANY

                                Table of Contents

EXPLANATORY STATEMENT

DEFINITIONS

         A.       "Agreement"
         B.       "Bankruptcy"
         C.       "Company"
         D.       "Dissolution"
         E.       "Expulsion"
         F.       "Member"
         G.       "Membership Interest"
         H.       "Membership Rights"
         I.       "Persons"
         J.       "Resignation"
         K.       "Retirement"

Section 1. Articles of Organization

Section 2. Term of This Agreement

Section 3. Contributions

         3.1      Original Contributions
         3.2      Capital Accounts
         3.3      Liability for Contributions
         3.4      Compromise of a Member's Liability
         3.5      Additional Contributions

Section 4. Profit and Loss

         4.1      Allocation of Profits and Losses
         4.2      Allocation of Taxable Items
         4.3      Special Allocations of Income
         4.4      Other Allocation Rules

                                      -i-
<PAGE>
                                                                   Exhibit 10.60

Section 5. Distributions of Cash

Section 6. Distributions upon Resignation

Section 7. Distributions in Kind

Section 8. Management of the Company

         8.1      Management by David A. Hoeft, Todd J. Wolfe and the Managers
         8.2      Replacement of Manager
         8.3      Rights Upon Additional Ownership
         8.4      Duties of Managers
         8.5      Certain Powers of Managers
         8.6      Number of Managers
         8.7      Regular Meetings
         8.8      Special Meetings
         8.9      Notice
         8.10     Quorum
         8.11     Manner of Acting
         8.12     Informal Action by Managers
         8.13     Participation by Electronic Means
                  8.14     Resignation
         8.15     Removal
         8.16     Committees
         8.17     Compensation
         8.18     Presumption of Assent
         8.19     Transactions with Company and Otherwise

Section 9.  Voting Trust

Section 10. Members

         10.1     l Members
         10.2     Admission of New Members
         10.3     Annual Meeting
         10.4     Special Meetings
         10.5     Place of Meetings
         10.6     Notice of Meetings

                                      -ii-
<PAGE>

                                                                   Exhibit 10.60

         10.7     Meeting of all Members
         10.8     Quorum
         10.9     Manner of Acting
         10.10    Proxies
         10.11    Voting by Certain Members
         10.12    Action by Members Without a Meeting
         10.13    Voting by Ballot
         10.14    Waiver of Notice

Section 11. Banking

Section 12. Books; Fiscal Year; Audits

Section 13. Membership Interest and Membership Rights
              of a Deceased, Incompetent, or Dissolved Member

Section 14. Transfer of Membership Interest and Membership Rights

         14.1     Call Option
         14.2     Put Option
         14.3     Process for Exercise of Call and Put
         14.4     Offer to Purchase ("Cherry Pie")
         14.5     Rights of Refusal

Section 15. Expulsion of a Member

         15.1     Right of Members to Expel
         15.2     Voting Requirements for Expulsion of Members
         15.3     Consequences of Cessation of Membership
         15.4     Right of Company to Require Certain Former Members to Sell
                  their Company Interests to Company

Section 16. Death, Bankruptcy, Retirement, or Resignation of a Member

         16.1     Purchase of Membership Interest
         16.2     Consequences of Bankruptcy, Retirement or Resignation

Section 17.       Certain Tax Aspects Incident to Transactions
                  Contemplated by This Agreement

                                     -iii-
<PAGE>

                                                                   Exhibit 10.60

Section 18. The Member's Value

Section 19. Delivery of Evidence of Interest

Section 20. Notices

Section 21. Additional Members

Section 22. Dissolution and Termination

         22.1     Dissolution
         22.2     Filing of Statement of Intent to Dissolve
         22.3     Effect of Filing of Dissolving Statement
         22.4     Distribution of Assets upon Dissolution
         22.5     Articles of Dissolution
         22.6     Filing of Articles of Dissolution
         22.7     Managers' Responsibility

Section 23. Power of Attorney

Section 24. Governing Law

Section 25 Miscellaneous Provisions

         25.1     Inurnment
         25.2     No Limit on Personal Activities
         25.3     Further Assurances
         25.4     Gender and Headings
         25.5     Entire Agreement
         25.6     Severability
         25.7     Waiver of Action for Partition
         25.8     Amendments
         25.9     Execution of Additional Instruments
         25.10    Title to Company Properties
         25.11    Company Interests
         25.12    Waivers
         25.13    Rights and Remedies Cumulative
         25.14    Legend on Certificates
         25.15    Company Seal
         25.16    Arbitration

                                      -iv-
<PAGE>

                                                                   Exhibit 10.60

         25.17    Not for Benefit of Creditors

CERTIFICATE

                                      -v-
<PAGE>

                                                                   Exhibit 10.60

                             OPERATING AGREEMENT FOR
                      PREMIERE CREDIT OF NORTH AMERICA, LLC
                      AN INDIANA LIMITED LIABILITY COMPANY

         THIS  OPERATING  AGREEMENT  is  effective  as of this 28 day of January
2004,  (the  "Effective  Date") by and among the members of  PREMIERE  CREDIT OF
NORTH AMERICA,  LLC, an Indiana Limited Liability  Company (the "Company"),  who
have signed this Operating Agreement and a Subscription Agreement agreeing to be
obligated by the terms of this Operating Agreement.

                              Explanatory Statement

         This Operating  Agreement governs the relationship among members of the
Company  and  between  the  Company  and the  members,  pursuant  to the Indiana
Business Flexibility Act, as amended from time to time (the "Act").

         In consideration of their mutual promises,  covenants,  and agreements,
the parties hereto do hereby promise, covenant, and agree as follows:

                                   Definitions

         Throughout this Operating  Agreement,  and unless the context otherwise
requires,  the word or words set forth below within the quotation marks shall be
deemed to mean the words which follow them:

         A. "Agreement" This Operating Agreement.

         B.  "Bankruptcy"  The  filing by a Member of a  petition  commencing  a
voluntary case under the Bankruptcy  Code; a general  assignment by a Member for
the benefit of  creditors;  an admission in writing by a Member of his inability
to pay his debts as they become due;  the filing by a Member of any  petition or
answer in any proceeding  seeking for himself,  or consenting to, or acquiescing
in,  any  insolvency,  receivership,   composition,  readjustment,  liquidation,
dissolution,  or similar  relief  under any present or future  statute,  law, or
regulation,  or the filing by a Member of an answer or other pleading  admitting
or failing to deny,  or to contest,  the  material  allegations  of the petition
filed  against  him in any such  proceeding;  the seeking or  consenting  to, or
acquiescence  by a Member in,  the  appointment  of any  trustee,  receiver,  or
liquidator of him, or any part of his property;  and the commencement  against a
Member of an involuntary  case under the Bankruptcy  Code, or a proceeding under
any   receivership,    composition,   readjustment,   liquidation,   insolvency,
dissolution,  or like law or statute,  which case or proceeding is not dismissed
or vacated within 60 days.
<PAGE>

                                                                   Exhibit 10.60

         C. "Company" PREMIERE CREDIT OF NORTH AMERICA,  LLC, an Indiana Limited
Liability Company.

         D.  "Dissolution" (1) in the case of a Member who is acting as a Member
by virtue of being a trustee of a trust,  the  termination of the trust (but not
merely the substitution of a new trustee); (2) in the case of a Member that is a
partnership,  the dissolution and commencement of winding up of the partnership;
(3) in the case of a Member that is a  corporation,  the filing of a certificate
of dissolution,  or its equivalent, for the corporation or the revocation of its
charter;  (4) in the case of a limited liability company, the filing of articles
of dissolution,  or its equivalent,  for the limited liability  company,  or the
involuntary  dissolution by a nonappealable  order of the district court; or (5)
in the case of an estate,  the  distribution  by the  fiduciary  of the estate's
entire Membership Interest.

         E.  "Expulsion" The final decision of expulsion of a Member as provided
in this Operating Agreement.

         F. "Member" Each of the persons signatory hereto by signing either this
Agreement or a Subscription  Agreement  agreeing to be obligated by the terms of
this  Agreement,  and any  other  person  or  persons  who may  subsequently  be
designated  as a Member of this  Company  pursuant to the further  terms of this
Agreement.

         G.  "Membership  Interest"  The share of  profits  and  losses,  gains,
deductions, credits, cash, assets, and other distributions of a Member.

         H. "Membership  Rights" The rights of a Member which are comprised of a
Member's"  (1)  Membership  Interest,  and  (2)  right  to  participate  in  the
management of the Company.

         I. "Persons" Individuals, partnerships, corporations, limited liability
companies,  unincorporated associations,  trusts, estates, and any other type of
entity.

         J. "Resignation" The decision or determination of a Member to no longer
continue as a Member, upon written notice to the Company.

         K.  "Retirement"  The  withdrawal  from the Company upon such terms and
events as are provided in this Operating Agreement, which will permit withdrawal
of a  Member  without  violating  or  breaching  the  terms  of  this  Operating
Agreement.

                                      -2-
<PAGE>

                                                                   Exhibit 10.60

Section 1.  Articles of Organization.

         The Articles of  Organization  of this Company,  as they may be amended
from  time to time by the  members,  are  hereby  adopted  and  incorporated  by
reference in this Operating Agreement. In the event of any inconsistency between
the Articles of  organization  and this  Operating  Agreement,  the terms of the
Articles of Organization shall govern.

         The  purposes  for which the  Company is formed are: to own and collect
certain debts and,  specifically  student loans,  and any and all other business
that LLC's may conduct under the Act.

Section 2.  Term of This Agreement.

         The term of this Operating Agreement shall be co-terminus with the term
of the Company.  This Operating  Agreement shall terminate upon the voluntary or
involuntary dissolution of the Company or the expiration of its term as provided
in the Articles of Organization.

Section 3.  Contributions.

         3.1 Original  Contributions.  The original capital contributions to the
Company of each of the Members shall be made in accordance with their respective
Subscription  Agreements,   which  shall  be  effective  with  their  respective
execution and delivery of the  Subscription  Agreements,  the terms of which are
hereby incorporated by reference as if fully set forth herein.

         3.2  Capital Accounts.

         A separate capital account  ("Capital  Account") will be maintained for
each Member in  accordance  with  section  704(b) of the  Internal  Revenue Code
("Code") and  Treasury  Regulations  section  1.703-1(b)(2)(iv).  Each  Member's
Capital Account will be increased by (1) the amount of money  contributed by him
to the Company;  (2) the fair market value of property contributed by him to the
Company  (net of  liabilities  secured  by such  contributed  property  that the
Company is  considered  to assume or take  subject to under  section  752 of the
Code);  and (3)  allocations  to him of  income  and  gain as set  forth in such
Regulations,  taking  into  account  adjustments  to reflect  book  value.  Each
Member's  Capital  Account  will  be  decreased  by  (1)  the  amount  of  money
distributed  to him by the  Company;  (2) the  fair  market  value  of  property
distributed  to  him  by  the  Company  (net  of  liabilities  secured  by  such
distributed  property  that he is  considered to assume or take subject to under
section 752 of the Code);  (3) allocations to him of  expenditures  described in
section  705(a)(2)(B) of the Code; and (4) allocations to the account of Company
loss  and  deduction  as set  forth in such  Regulations,  taking  into  account
adjustments to reflect a book value.

         In the event of a permitted  sale or exchange of a Membership  Interest
in the Company,  the Capital Account of the transferor  shall become the Capital
Account of the transferee to the extent it relates to the transferred  Interest.
The parties  acknowledge  however that such action will not impact the tax basis
of the transferor.

                                      -3-
<PAGE>

                                                                   Exhibit 10.60

         The manner in which Capital  Accounts are to be maintained  pursuant to
this  Section 3.2 is intended to comply with the  requirements  of Code  section
704(b) and the Treasury Regulations promulgated thereunder. If in the opinion of
the Managers the manner in which Capital Accounts are to be maintained  pursuant
to the  preceding  provisions of this Section 3.2 should be modified in order to
comply with Code Section 704(b) and the Treasury  Regulations  thereunder,  then
notwithstanding  anything to the contrary contained in the preceding  provisions
of this Section 3.2, the Managers may alter the method in which Capital Accounts
are  maintained,  and the Managers  shall have the right to amend this Agreement
without  action by the Members to reflect any such change in the manner in which
Capital  Accounts  are  maintained;  provided,  however,  that any change in the
manner of maintaining  Capital  Accounts shall not materially alter the economic
agreement between or among the members.

         Upon liquidation of the Company (or any Member's Membership  Interest),
liquidating  distributions  will be calculated  in accordance  with the positive
Capital Account balances of the Members, as determined after taking into account
all Capital Account  adjustments for the Company's taxable year during which the
liquidation  occurs.  Liquidation  proceeds  will be paid to all  Members  (upon
liquidation of the Company) or to the liquidating  Member (if the Company elects
to continue its business)  within 60 days of the end of the taxable year (or, if
later, within 90 days after the date of the liquidation).

         If any Member has a deficit  balance in his Capital  Account  following
the liquidation of his interest in the Company,  as determined after taking into
account all Capital Account  adjustments  for the Company's  taxable year during
which the  liquidation  occurs,  upon being so  notified  and  requested  by the
Company,  he is unconditionally  obligated to restore the amount of such deficit
balance to the  Company  within 60 days of the end of the  taxable  year (or, if
later, within 90 days after the date of such liquidation).

         3.3  Liability  for  Contributions.  Each  Member is  obligated  to the
Company to perform his Subscription Agreement and any other promise contained in
this  Operating  Agreement to contribute  cash or property or perform  services,
even if he is unable to  perform  because  of  death,  disability,  or any other
reason. If a Member does not make the contribution  required by the Subscription
Agreement or this Operating Agreement,  the Member is obligated at the option of
the Company to contribute  cash equal to that portion of the value, as stated in
the Subscription Agreement, or such contribution that has not been made.

         3.4 Compromise of a Member's  Liability.  The obligation of a Member to
make a  contribution  to the  Company  may be  compromised  only by a consent in
writing of all of the Members of the Company.

                                      -4-
<PAGE>

                                                                   Exhibit 10.60

         3.5 Additional Contributions. No addition capital contributions must be
made by the Members.

Section 4. Profit and Loss.

         4.1  Allocation of Profits and Losses.  The  percentages  of Membership
Rights and Membership  Interests of each of the Members in the Company as of the
effective date of this Agreement shall be as follows and as stated on Exhibit A.

                  Member            Membership Interest

                  Nelnet, Inc.              50%
                  Todd J. Wolfe             25.15
                  David A. Hoeft            18.85
                  Tina D. Mercer            6.0

                  Additional  contributions  by  the  Members  provided  for  in
Section 3.5 of this  Agreement  shall not alter the  allocations  of profits and
losses provided immediately above and shall not constitute loans to the Company,
but  may  constitute  additional  contributions  by  each  such  Member  for tax
computation  purposes if such  treatment is required by applicable  tax laws and
regulations.

         4.2  Allocation of Taxable Items
Unless otherwise determined in accordance with Section 4.3 hereof, the Company's
profits or losses for any fiscal  year shall be  allocated  among the Members in
accordance with their respective Membership Interests.

         4.3  Special  Allocations  of Income - Income of the  Company  shall be
allocated  among the Members on such basis and in such proportion as the Members
may from time to time  agree and may be on a basis and in  amounts  at  variance
with their respective Membership interests.

         4.4  Other Allocation Rules -
         (a) To determine the profits,  losses,  or any other items allocable to
any period,  profits,  losses, and any such other items shall be determined on a
daily,  monthly,  or other  basis,  as  determined  by the  Managers,  using any
permissible  method under Internal  Revenue Code Section 706 and the Regulations
thereunder.

         (b) The  Members  are  aware  of the  income  tax  consequences  of the
allocations  made by this  section  4.2 and  hereby  agree  to be  bound  by the
provisions of this section 4.2 in reporting  their shares of Company  income and
loss for income tax purposes.

                                      -5-
<PAGE>

                                                                   Exhibit 10.60

Section 5. Distributions.of Cash.

Distributions  shall be  distributed at such times and in such amounts as may be
determined  by Todd J. Wolfe and David A. Hoeft,  as they may determine in their
sole  discretion,  among all of the Members in accordance with their  respective
Membership Interests on the date of the distribution.

Section 6. Distributions upon Resignation.

         Upon resignation of a Member, the resigning Member shall be entitled to
receive  only the  distributions  to which he is entitled  under this  Operating
Agreement, as provided in Section 16.

Section 7. Distributions in Kind.

         A Member, regardless of the nature of his contribution, has no right to
demand and  receive  any  distribution  from the  Company in any form other than
cash.  A Member  shall not be required to accept  in-kind  distributions  to the
extent  that  the  percentage  of each  asset  distributed  to him  exceeds  the
percentage  which is equal to the percentage in which he shares in distributions
pursuant  which is equal to the  percentage in which he shares in  distributions
pursuant to Section 5.1.

Section 8. Management of the Company.

         8.1  Management by David A. Hoeft,  Todd J. Wolfe and the Managers.  So
long as they  collectively  own (a) at least  thirty-five  percent  (35%) of the
Interests of the Company if the  reduction in their  Interests of the Company is
due to their  exercise  of the Put (as  defined  in  Section 14 below) or (b) at
least twenty  percent  (20%) of the Interests of the Company if the reduction in
their  Interests is due to Nelnet's  exercise of the Call (as defined in Section
14 below), Hoeft and Wolfe shall be responsible for the day to day operations of
the Company Business, including employment decisions (other than with respect to
their own employment),  operations decisions, and policy decisions. The Managing
Board shall  consist of four members,  shall meet on at least a quarterly  basis
and shall oversee the Company Business with the authority of a Board of Managers
under the Indiana  Business  Flexibility Act as amended.  The initial members of
the Managing Board are: Cheryl Watson and Chuck Hosea on behalf of Nelnet; Hoeft
and Wolfe.  Approval of the Managing Board will be required for any  expenditure
in excess of two hundred fifty thousand  dollars  ($250,000),  and such approval
shall  require the  affirmative  vote of three of the  Managing  Board  members.
Should any member of the Managing Board be removed, resign or otherwise cease to
participate  thereon,  said member shall be replaced as set forth in Section 8.2
below, except as provided in Section 8.3 below.

         8.2 Replacement of Managers.

              8.2.1 Except as provided in Section 8.3 below,  if a member of the
                    Managing Board  representing  Nelnet is removed,  resigns or
                    otherwise  ceases to

                                      -6-
<PAGE>

                                                                   Exhibit 10.60

                    participate,  Nelnet  shall  propose a  replacement  member,
                    whose  appointment  shall be approved by the majority of the
                    Managing  Board,   such  approval  not  to  be  unreasonably
                    withheld. For any period in which Nelnet has only one member
                    of the Managing  Board said member shall  represent  both of
                    Nelnet's votes on the Managing Board.

              8.2.2 Except as provided  in Section 8.3 below,  if Hoeft or Wolfe
                    is removed, resigns or otherwise ceases to participate,  the
                    other of Hoeft or Wolfe shall propose a replacement  member,
                    whose  appointment  shall be approved by the majority of the
                    Managing  Board,   such  approval  not  to  be  unreasonably
                    withheld.  For any  period  in  which  only  Hoeft  or Wolfe
                    remains on the Managing Board with Nelnet's representatives,
                    said member shall represent two votes on the Managing Board.

         8.3  Rights  Upon  Additional  Ownership.  If at any  time  under  this
              Agreement,  either (a) Nelnet or (b) all non-Nelnet members in the
              aggregate,  (either (a) or (b) hereafter  referred to for purposes
              of this Section as "the Majority"):

              8.3.1 Owns eighty  percent  (80%) of the Interests of the Company,
                    the  Majority  shall be  entitled  to have three of the four
                    representatives on the Managing Board representing it and in
                    such case  shall be  entitled  if it so chooses to remove an
                    existing Manager to exercise this right, and the replacement
                    provisions of Section 8.2 shall not apply; or

              8.3.2 Owns ninety  percent  (90%) of the Interests of the Company,
                    the   Majority   shall   be   entitled   to  have  all  four
                    representatives on the Managing Board representing it and in
                    such case shall be  entitled  if it so chooses to remove one
                    or more existing  Managers to exercise  this right,  and the
                    replacement provisions of Section 8.2 shall not apply.

         8.4 Duties of Managers.  A Manager of the Company  shall perform his or
her  duties  as a  manager,  including  his or her  duties  as a  member  of any
committee upon which he or she may serve,  in good faith,  in a manner he or she
reasonably  believes to be in the best  interests of the Company,  and with such
care as an ordinarily  prudent person in a like position would use under similar
circumstances.  In performing his or her duties,  a Manager shall be entitled to
rely on  information,  opinions,  reports,  or statements,  including  financial
statements  and other  financial  data,  in each case  prepared or  presented by
persons and groups listed in  paragraphs  (a), (b), and (c) of this Section 8.4;
but he or she shall not be  considered  to be acting in good  faith if he or she
has knowledge  concerning  the matter in question that would cause such reliance
to be unwarranted. A person who so performs his or her duties shall not have any
liability by reason of being or having been a Manager of the Company.

                                      -7-
<PAGE>

                                                                   Exhibit 10.60

         Those persons and groups upon whose information, opinions, reports, and
statements a Manager is entitled to rely are:

                  (a) One or more  employees or other agents of the Company whom
the Manager  reasonably  believes to be reliable  and  competent  in the matters
presented;

                  (b)  Counsel,  public  accountants,  or  other  persons  as to
matters  which  the  Manager  reasonably  believes  to be within  such  persons'
professional or expert competence; and

                  (c) A committee  appointed by the Managers upon which they may
or may not serve,  duly  designated  in  accordance  with the  provision of this
Operating  Agreement  as to  matters  within  its  designated  authority,  which
committee the Managers reasonably believe to merit confidence.

         8.5  Certain  Powers  of  Managers.   Without   limiting  the  specific
reservation  of control  to Todd J.  Wolfe and David A. Hoeft of Section  8.1 of
this Agreement,  but subject to the monetary  limitations  therein, the Managers
shall have but not  necessarily  be limited  to, the  following  authority  when
acting on behalf of the Company:

         (a) to acquire real property from any persons,  firms,  or corporations
         as the Managers may determine;  provided, however, that the acquisition
         is upon  reasonable  terms  and  conditions.  The fact that a Member is
         directly or indirectly  affiliated  or connected  with any such person,
         firm, or corporation  shall not prohibit the Managers from dealing with
         that person, firm, or corporation;

         (b)  to  borrow  money  for  the  Company  from  banks,  other  lending
         institutions,  the Members,  or Affiliates of the Members on such terms
         as they deem appropriate, and, in connection therewith, to hypothecate,
         encumber,  and grant security interests in the assets of the Company to
         secure repayment of the borrowed sums. Except as otherwise  provided in
         the Act, no debt shall be  contracted  or  liability  incurred by or on
         behalf of the Company except by the Company's Managers.

         (c) To purchase  liability and other insurance to protect the Company's
         property and business;

         (d) To hold and own any Company real and/or personal  properties in the
         name of the Company;

                                      -8-
<PAGE>

                                                                   Exhibit 10.60

         (e) To invest any Company funds  temporarily (by way of example but not
         limitation)  in time  deposits,  short-term  governmental  obligations,
         commercial  paper, or other investments  having a prudently  obtainable
         yield;

         (f) Upon the affirmative  vote of the Members holding a majority of all
         Membership   Interests,   to  sell  or  otherwise  dispose  of  all  or
         substantially  all of the  assets  of the  Company  as part of a single
         transaction or plan so long as such  disposition is not in violation of
         or causes a default under any other  agreement to which the Company may
         be bound;

         (g) To execute on behalf of the Company all  instruments and documents,
         including,   without  limitation,   checks;  drafts;  notes  and  other
         negotiable instruments; deeds of trust; security agreements;  financing
         statements;  documents  providing  for the  acquisition,  mortgage,  or
         disposition  of the  Company's  property;  assignments;  bills of sale;
         leases;  partnership agreements; and any other instruments or documents
         necessary,  in the  opinion of the  Managers,  to the  business  of the
         Company

         (h) To  maintain  reserves  for the purpose of paying  property  taxes,
         mortgage installments, and any and all other types of costs or expenses
         as required or desired by the Managers

         (i) To employ  accountants,  legal counsel,  managing agents,  or other
         experts to perform services for the Company and to compensate them from
         Company funds;

         (j) To contract with themselves or other persons or entities whether or
         not affiliated  with any Manager for management,  consulting,  or other
         services;

         (k) To  enter  into  any and all  other  agreements  on  behalf  of the
         Company, with any other person or entity for any purpose, in such forms
         as the Managers may approve; provided,  however, that a Manager may not
         enter into any agreement  which may reasonably  obligate the Company to
         expend sums in excess of $250,000  unless the approval of a majority of
         Managing Board is first obtained; and

         (l) To do and perform all other acts as may be necessary or appropriate
         to the conduct of the Company's business, including paying the fees and
         expenses  described in this Operating  Agreement and delegating  duties
         and authority to others when deemed necessary or appropriate.

         8.6 Number of Managers. The number of Managers of the Company initially
shall be four (4). The number of the  Managers  shall be fixed from time to time
by unanimous  vote of the Members,  but in no instance  shall there be less than
one Manager. Managers need not be residents

                                      -9-
<PAGE>

                                                                   Exhibit 10.60

of the State of  Indiana,  but must be natural  persons,  and be or be acting on
behalf of Members of the Company.

         8.7  Regular  Meetings.  A regular  meeting of  Managers  shall be held
without the requirement of any other notice  immediately  after, and at the same
place  as,  the  annual  meeting  of  Members.  The  Managers  may  provide,  by
resolution,  the time and place,  either within or without the State of Indiana,
for the holding of additional  regular  meetings  without other notice than such
resolution.

         8.8 Special Meetings. Special meetings of the Managers may be called by
or at the request of any one Manager.  The person  calling a special  meeting of
the  Managers  may fix any place  within  the State of  Indiana as the place for
holding  any  special  meeting of the  Managers,  so long as the place is one to
which all Managers can conveniently travel.

         8.9 Notice.  Written notice of any special meeting of Managers shall be
given as follows:

         By mail to each  Manager at his  business  address at least  three days
prior to the meeting; or

         By personal delivery at least twenty-four hours prior to the meeting to
the business address of each Manager,  or in the event such notice is given on a
Saturday,  Sunday,  or holiday,  to the residence  address of each  Manager.  If
mailed, such notice shall be deemed to be delivered when deposited in the United
States mail, so addressed,  with postage thereon prepaid.  If notice be given by
telegram,  such  notice  shall be deemed to be  delivered  when the  telegram is
delivered to the telegraph company. Any Manager may waive notice of any meeting.
The  attendance of a Manager at any meeting shall  constitute a waiver of notice
of such  meeting,  except  where a Manager  attends a  meeting  for the  express
purpose of objecting to the  transaction of any business  because the meeting is
not lawfully  called or convened.  Neither the business to be transacted at, nor
the purpose of, any regular or special meeting of the Managers need be specified
in the notice or waiver of notice of such meeting.

         When any notice is required to be given to a Manger,  a waiver  thereof
in writing signed by such Manager,  whether before, at, or after the time stated
therein, shall constitute the giving of such notice.

         8.10 Quorum.  A majority of the number of Managers fixed by or pursuant
to Section 8.2 of this Agreement  shall  constitute a quorum for the transaction
of business at any meeting of the  Managers,  but if less than such  majority is
present at a meeting, a majority of the Managers present may adjourn the meeting
from time to time without further notice.

         8.11 Manner of Acting.  The act of the majority of the Managers present
at a meeting at which a quorum is present shall be the act of the Managers.

                                      -10-
<PAGE>

                                                                   Exhibit 10.60

         8.12 Informal  Action by Managers.  Any action required or permitted to
be taken  at a  meeting  of the  Managers  or any  committee  designated  by the
Managers  may be taken  without a meeting if the action is  evidenced  by one or
more written  consents  describing  the action taken,  signed by each Manager or
committee  member,  and  delivered to the person  having  custody of the Company
records for  inclusion  in the minutes or for filing  with the  records.  Action
taken under this  section is effective  when all  Managers or committee  members
have  signed the  consent,  unless the consent  specifies a different  effective
date.  Such  consent has the same force and effect as an  unanimous  vote of the
Managers or committee members and may be stated as such in any document.

         8.13  Participation  by Electronic  Means. Any Manager or any committee
designed  by the  Managers  may  participate  in a meeting  of the  Managers  or
committee by means of telephone conference or similar  communications  equipment
by which all  persons  participating  in the  meeting can hear each other at the
same  time.  Such  participation  shall  constitute  presence  in  person at the
meeting.

         8.14 Resignation.  Any Manager of the Company may resign at any time by
giving written notice to the Company.  The resignation of any Manager shall take
effect  upon  receipt  of  notice  thereof  or at such  later  time as  shall be
specified  in  such  notice;  and,  unless  otherwise  specified  therein,   the
acceptance of such resignation shall not be necessary to make it effective. When
one or more Managers shall resign, effective at a future date, a majority of the
Managers then in office, shall have power to fill the vacancy or vacancies to be
created  by the  resignations,  the  vote  thereon  to  take  effect  when  such
resignation or resignations shall become effective.

         8.15 Removal.  Any Manager or Managers of the Company may be removed at
any time,  with or without  cause,  by a vote of  holders  of a majority  of the
Membership Interests then entitled to vote.

         8.16 Committees.  By resolution  adopted by a majority of the Managers,
the Managers may designate two or more Managers to constitute a committee, which
shall have such  authority in the  management  of the  Company,  as the Managers
shall designate.

         8.17  Compensation.  By resolution of a majority vote of the Membership
Interests of the Members,  and  irrespective of any personal  interest of any of
the Managers,  each Manager may be paid his  expenses,  if any, of attendance at
each meeting of the  Managers,  and may be paid a stated  salary as Manager or a
fixed sum for  attendance  at each  meeting  of the  Managers  or both.  No such
payment  shall  preclude  any  Manager  from  serving  the  Company in any other
capacity and receiving compensation therefore.

                                      -11-
<PAGE>

                                                                   Exhibit 10.60

         8.18  Presumption of Assent. A Manager of the Company who is present at
a meeting of the Managers or committee thereof, at which action on any matter is
taken,  shall be  presumed  to have  assented  to the action  taken  unless such
Manager  objects at the  beginning of such meeting to the holding of the meeting
or to the transacting of business at the meeting,  unless his dissent is entered
in the minutes of the  meeting,  or unless he shall file his written  dissent to
such action with the  presiding  officer of the meeting  before the  adjournment
thereof  or  shall  forward  such  dissent  by  registered  mail to the  Company
immediately  after the  adjournment of the meeting.  Such right to dissent shall
not apply to a Manager who voted in favor of such action.

         8.19 Transactions with Company.  A Manager or Member may lend money to,
act as surety for, and transact  other  business with the Company and shall have
the same rights and  obligations  with respect  thereto as a person who is not a
Manager of the Company,  except that nothing  contained in this Section shall be
construed to relieve a Manager from any of his duties to the Company.

Section 9. Voting Trust.  David Hoeft, Todd J. Wolfe and Tina D. Mercer may form
a voting trust for the purposes of pooling  their  membership,  but not Manager,
votes.

Section 10. Members.

         10.1  Members.  The Members of this Company  shall be those persons who
either have  signed  this  Operating  Agreement  or have  signed this  Operating
Agreement and are duly admitted by the Members.

         10.2  Admission  of  New  Members.  A  person  may  be  admitted  as an
additional member upon the written consent of all Members.

         10.3 Annual Meeting. The annual meeting of the Members shall be held on
the second Monday of February each year,  commencing with the year 2004 , at the
hour of 10:00 a.m.  local time, or at such other time on such other day as shall
be fixed by the  Managers,  for the  transaction  of such  business  as may come
before the  meeting.  If the day fixed for the annual  meeting  shall be a legal
holiday  in the  State  of  Indiana,  such  meeting  shall  be held on the  next
succeeding business day. .

         10.4 Special Meetings. Special meetings of the Members, for any purpose
or  purposes,  unless  otherwise  prescribed  by  statute,  may be called by the
Managers, or any Member or Members who individually or collectively own at least
ten percent (10%) of the Membership Interests in the Company.

         10.5 Place of Meetings.  The Managers may designate  any place,  either
within or  outside  of the State of  Indiana,  as the place of  meeting  for any
annual  meeting  or for  any  special  meeting

                                      -12-
<PAGE>

                                                                   Exhibit 10.60

called by the Managers.  If no designation  is made, or if a special  meeting be
otherwise  called,  the place of meeting  shall be the  principal  office of the
Company in the State of Indiana.

         10.6 Notice of Meeting. Written notice stating the place, day, and hour
of the  meeting of Members  and,  in case of a special  meeting,  the purpose or
purposes for which the meeting is called,  shall be delivered  not less than ten
nor more than fifty days before the date of the meeting, either personally or by
mail,  by or at the  direction  of the  Managers  or other  persons  calling the
meeting,  to each Member of record entitled to vote at such meeting.  If mailed,
such notice shall be deemed to be delivered  when deposited in the United States
mail,  addressed  to the Member at his address as it appears on the books of the
Company, with postage thereon prepaid. If three successive letters mailed to the
last-known  address of any Member of record are  returned as  undeliverable,  no
further notices to such Member shall be necessary until another address for such
Member is delivered in writing to the Company.

         10.7  Meeting of All Members.  If all of the Members  shall meet at any
time and place, either within or outside of the State of Indiana, and consent to
the  holding of a meeting at such time and place,  such  meeting  shall be valid
without  call or notice,  and at such  meeting  any action of the Members may be
taken.

         10.8  Quorum.  A majority of the  Membership  Interests  of the Members
entitled to vote,  represented in person or by proxy,  shall constitute a quorum
at any meeting of Members.  In the  absence of a quorum at any such  meeting,  a
majority of the Membership  Interests of the Members so represented  may adjourn
the meeting  from time to time for a period not to exceed  thirty  days  without
further  notice.  However,  if the  adjournment  is for more than thirty days, a
notice of the adjourned meeting shall be given to each Member of record entitled
to vote at the  meeting.  At such  adjourned  meeting at which a quorum shall be
present or  represented,  any business may be  transacted  which might have been
transacted at the meeting as originally  noticed.  The Members present at a duly
organized  meeting  may  continue  to  transact   business  until   adjournment,
notwithstanding  the  withdrawal  during  such  meeting  of that  percentage  of
Membership  Interests  of the  Members  whose  absence  would  cause less than a
quorum.

         10.9 Manner of Acting. If a quorum is present,  the affirmative vote of
the  majority of the  Membership  Interests  of the Members  represented  at the
meeting  and  entitled  to vote on the  subject  matter  shall be the act of the
Members.

         10.10 Proxies.  At all meetings of Members, a Member may vote in person
or  by  proxy  executed  in  writing  by  the  Member  or by a  duly  authorized
attorney-in-fact.  Such proxy shall be filed with the  Company  before or at the
time of the meeting.  No proxy shall be valid after eleven  months from the date
of its execution, unless otherwise provided in the proxy.

         10.11 Voting by Certain Members.

                                      -13-
<PAGE>

                                                                   Exhibit 10.60

                  10.11.1   Membership   Interests   owned  in  the  name  of  a
corporation may be voted by such officer,  agent, or proxy as the Bylaws of such
corporation may prescribe, or, in the absence of such provision, as the Board of
Directors of such corporation may determine.

                  10.11.2  Membership  Interests owned in the name of a deceased
person, a minor ward, or an incompetent person may be voted by an administrator,
an executor, a court appointed guardian,  or a conservator,  either in person or
by proxy without a transfer of such  Membership  Interests into the name of such
administrator,  executor,  court appointed guardian, or conservator.  Membership
Interests owned in the name of a trustee may be voted by him either in person or
by proxy, but no trustee shall be entitled to vote Membership  Interests held by
him without a transfer of such Membership Interests into his name.

                  10.11.3  Membership  Interests owned in the name of a receiver
may be voted by such  receiver  and  Membership  Interests  held by or under the
control of a receiver may be voted by such receiver  without a transfer  thereof
into the  receiver's  name, if authority so to do is contained in an appropriate
order of the court by which the receiver was appointed.

                  10.11.4 No Member  shall be entitled to pledge any  Membership
Interest.

                  10.11.5 If Membership  Interests are owned in the names of two
or more persons, whether fiduciaries,  members of a partnership,  joint tenants,
tenants in common,  tenants by the  entirety,  or  otherwise,  or if two or more
persons have the same  fiduciary  relationship  respecting  the same  Membership
Interests,  voting  with  respect  to the  Membership  Interests  shall have the
following effect:

                           (a) If only one person votes, his act binds all;

                           (b) If two  or  more  persons  vote,  the  act of the
majority so voting binds all;

                           (c) If two or more  persons  vote,  but  the  vote is
evenly split on any  particular  matter,  each  faction may vote the  Membership
Interest  in  question  proportionately,  or any person  voting  the  Membership
Interest  of a  beneficiary,  if  any,  may  apply  to any  court  of  competent
jurisdiction in the State of Indiana to appoint an additional person to act with
the persons so voting the Membership  Interest.  The  Membership  Interest shall
then be voted  as  determined  by a  majority  of such  persons  and the  person
appointed by the court. If a tenancy is held in unequal interests, a majority or
even split for the purpose of this  subparagraph (c) shall be a majority or even
split in interest.

                                      -14-
<PAGE>

                                                                   Exhibit 10.60

         10.12 Action by Members Without a Meeting. Action required or permitted
to be taken at a meeting of Members may be taken without a meeting if the action
is evidenced by one or more written consents describing the action taken, signed
by each Member  entitled to vote,  and  delivered to the Manager for filing with
the Company  records.  Action  taken under this  section is  effective  when all
Members entitled to vote have signed the consent, unless the consent specifies a
different effective date.

         10.13  Voting by Ballot.  Voting on any question or in any election may
be by voice vote unless a Manager or any Members  shall demand that voting be by
ballot.

         10.14 Waiver of Notice.  When any notice is required to be given to any
Member,  a waiver  thereof in  writing  signed by the  person  entitled  to such
notice,  whether  before,  at,  or  after  the  time  stated  therein,  shall be
equivalent  to the  giving of such  notice.  The  attendance  of a Member at any
meeting  shall  constitute a waiver of notice,  waiver of objection to defective
notice of such  meeting,  and a waiver of  objection to the  consideration  of a
particular  mater at the meeting  unless the  Member,  at the  beginning  of the
meeting,  objects to the holding of the meeting,  the transaction of business at
the  meeting,  or the  consideration  of a  particular  matter at the time it is
presented at the meeting.

Section 11. Banking.

         All revenues of the Company shall be deposited regularly in the Company
savings and checking  accounts at such bank or banks as shall be selected by the
Managers in accordance with Section 8 of this  Agreement,  and the signatures of
such  Managers  as shall be  determined  in  accordance  with  Section 8 of this
Agreement  shall be honored for banking  purposes,  including  the  extension of
credit to, or the borrowing of money by or on behalf of, the Company.

Section 12. Books; Fiscal Year; Audits.

         Accurate  and complete  books of account  shall be kept by the Managers
and entries promptly made therein of all of the transactions of the Company, and
such  books  of  account  shall  be  open at all  times  to the  inspection  and
examination  of the Manager and  Members.  At the  discretion  of the  Managers,
compilation,  review,  or audit of the Company,  as shall be  determined  by the
Managers in accordance with Section 8 of this  Agreement,  may be made as of the
closing of each fiscal year of the Company by the  accountants who shall then be
engaged by the Company.

Section  13.   Membership   Interest  and  Membership   Rights  of  a  Deceased,
Incompetent, or Dissolved Member.

                                      -15-
<PAGE>

                                                                   Exhibit 10.60

         If a  Member  who  is  an  individual  dies  or a  court  of  competent
jurisdiction  adjudges  him  to be  incompetent  to  manage  his  person  or his
property, the Member's executor, administrator,  guardian, conservator, or other
legal  representative  may exercise  all of the Member's  rights and receive the
benefits of the  Member's  Membership  Interest  for the purpose of settling the
Member's  estate  or  administering  the  Member's  property.  If a Member  is a
corporation, trust, partnership,  limited liability company, or other entity and
is  dissolved or  terminated,  the powers of that Member may be exercised by its
legal representative or successor.

Section 14. Transfer of Membership Interest and Membership Rights.

         14.1 Call Option.  From and after seventy-two (72) months following the
         Effective  Date,  Nelnet  shall have a "call"  option  (the  "Call") to
         acquire up to one hundred percent (100%)  ownership of the Company at a
         price equal to ten times the higher of (i) the most  recent  three-year
         (3-year)  average after tax net income (the parties  recognize that the
         Company does not have tax impact,  but for purposes of the calculations
         in this Section 14 "after tax net income" will be calculated  using the
         corporate tax rate of forty percent (40%)) of the Company or (ii) after
         tax net income of the most  recent year prior to the  purchase,  either
         amount being  multiplied by the percentage of ownership being acquired,
         and excluding any extraordinary and nonrecurring  items plus any future
         real estate  purchased  by  Company,  valued at the  original  purchase
         price,  less  depreciation,  less debt in proportion to the  Membership
         Interests  at the  time of  selling  but  excluding  herefrom  the real
         property situated at 2002 Wellesley Blvd. Indianapolis, Indiana.

         14.2 Put  Option.  From and  after  sixty  (60)  months  following  the
         Closing, the Company will have a "put" option (the "Put") for Nelnet to
         acquire up to one  hundred  percent  (100%)  ownership  of Company at a
         price equal to ten (10) times  after tax net income over the  Company's
         most recent three-year  (3-year) average,  such amount being multiplied
         by the  percentage  of ownership  being  acquired,  and  excluding  any
         extraordinary  and  nonrecurring  items  plus any  future  real  estate
         purchased  by Company,  valued at the  original  purchase  price,  less
         depreciation,  less debt in proportion to the  Membership  Interests at
         the time of selling but excluding  herefrom the real property  situated
         at 2002 Wellesley Blvd. Indianapolis, Indiana.

         14.3 Process for Exercise of Call and Put.  The Member  exercising  the
         Call or Put Option  ("Exercising  Member") shall give written notice of
         same to the other Members and the Company at the addresses set forth in
         section 20 below.  Such notice  shall  specify the price of the Option,
         and within thirty (30) days after the notice is given, the parties,  as
         appropriate,  shall execute such documents and  instruments  reasonably
         required to effectuate  the Option at the purchase  price as calculated
         using  the  formula  in (a) or (b)  above  and on the  other  terms  as
         specified in the notice, and the closing of such transaction shall take
         place as soon as practicable  but in any event not more than

                                      -16-
<PAGE>

                                                                   Exhibit 10.60

         sixty (60) days following receipt of the notice.  At such closing,  the
         selling parties shall sell and transfer their entire equity interest to
         the appropriate purchasing party free and clear of all liens, claims or
         encumbrances,  other than the Operating  Agreement,  as amended by this
         provision.

         14.4 Offer to Purchase  ("Cherry Pie").  From and after thirty-six (36)
         months following the Effective Date, a member, (hereinafter referred to
         as the "Offeror  Member")  shall have the right  exercisable by written
         notice (the  "Offer") to any or all of the other  Members (the "Offeree
         Members"),  to offer to buy the Offeree Members' entire equity interest
         in the Company at a purchase price and upon the other terms  determined
         by the Offeror Members and specified in the Offer.  The Offeree Members
         must elect by written  notice (the "Notice of Election") to the Offeror
         Member  not less than  twenty  (20) days  after  receipt  of the Offer,
         either (i) to sell the Offeree  Members'  entire equity interest in the
         Company to the Offeror  Member at the  purchase  price and on the other
         terms  specified in the Offer, or (ii) to offer to purchase the Offeror
         Member's  entire  equity  interest in the  Company at a purchase  price
         equal to the price set forth in the Offer. Not later than ten (10) days
         after the  Notice of  Election,  the  parties,  as  appropriate,  shall
         execute such documents and instruments  reasonably required to sell and
         transfer  either the  Offeror  Member's  or the  Offeree  Members'  (as
         applicable) entire equity interest in the Company at the purchase price
         and on the other terms as  specified  in the Offer,  and the closing of
         such sale shall take place as soon as practicable  but in any event not
         more than one hundred eighty (180) days following receipt of the Notice
         of Election. At such closing, the selling party shall sell and transfer
         its entire equity interest to the appropriate purchasing party free and
         clear of all liens,  claims or encumbrances,  other than this Operating
         Agreement.

         For the purposes of this section 14.4,  if the Offeror is Nelnet,  Inc.
         then the Offer  must be made to all other  then  existing  Members  and
         Membership  Interests.  If the Offeree is Nelnet, Inc. the Offeror must
         consist  of all of the  other  then  existing  Members  and  Membership
         Interests.

         14.5 Rights of Refusal.

              14.5.1  First Right of Refusal.  Hoeft and Wolfe shall each have a
              first right of refusal to acquire the  ownership  interests of any
              other  Member  should the Member wish to sell such  interests.  In
              order to exercise this first right of refusal, the Member desiring
              to  sell,  transfer  or  assign  all of any  part of the  Member's
              interest to a third  party shall  communicate  such  intention  in
              writing to the other Members and the Company  stating the purchase
              price  proposed  for  the  transfer.  Such  notice  shall  be  via
              registered  or certified  mail,  return  receipt  requested to the
              address  for each of the other  Members  and to the  office of the
              Company and shall state the action the

                                      -17
<PAGE>

                                                                   Exhibit 10.60

              Member  intends to take and the terms of the  transaction.  Within
              thirty (30) days after  receiving this notice,  Hoeft or Wolfe, as
              applicable,  may  purchase  at his  option  all or any part of the
              interest  described in the notice for the purchase price stated in
              the notice.

              14.5.2  Second  Right of Refusal.  If the offer  contained  in the
              notice  described  above is not  accepted  by Hoeft or  Wolfe,  as
              applicable,  within  thirty  (30) days from the date of receipt of
              the notice,  then Nelnet may exercise a second right of refusal to
              purchase the  Interest,  at a price  determined by the formula set
              forth in Section 14 hereof.  Such right shall be exercised  within
              thirty (30) days of the expiration of Hoeft or Wolfe's first right
              of refusal period.

Section 15. Expulsion of a Member.

         15.1 Right of members to expel a member.  A member may be expelled from
membership  in the Company by vote of the  Managers in  accordance  with Section
15.2:

                  a.       If the member materially  breaches this Agreement and
                           fails to cure the  breach  within a  reasonable  time
                           after   receiving   notice  of  breach  (if  cure  is
                           possible);

                  b.       The member is convicted of a felony;

                  c.       The member  engages in fraudulent or illegal  actions
                           in  relation to the  business or internal  affairs of
                           the Company; or

                  d.       The member's  action or omission make it unlawful for
                           that  member  to  be  an  owner  of a  licensed  debt
                           collection  company  in  any  jurisdiction  that  the
                           Company is  required  to be  licensed,  or a member's
                           actions  or  omissions,  in  the  discretion  of  the
                           Majority  of the  disinterested  Board  of  Managers,
                           jeopardizes  any  license  or  contract  held  by the
                           Company.

         15.2 Voting  requirements  for  expulsions of members.  A member may be
expelled  from  membership  in the Company if a  circumstance  described in 15.1
above exists and the disinterested Managers vote as follows:

                  a.       Company  has  four  or  more  Managers.  If,  at  the
                           relevant   time,   the  Company  has  at  least  four
                           managers, a member may be expelled by the affirmative
                           vote of 2 of 3 Managers if one Member is  interested;
                           or 3 of 4 Managers if no Manager is interested. or

                                      -18-
<PAGE>

                                                                   Exhibit 10.60

                  b.       If  Nelnet  is  the  Member  in  question,  then  the
                           Managers of the Company representing Hoeft and Wolfe,
                           must vote unanimously.

         15.3  Consequences  of  cessation  of  membership.  Immediately  upon a
member's ceasing to be a member,  the member shall cease to have any right, duty
or liability as a member;  provided that,  except as otherwise  provided in this
agreement:

                  a.       The member shall continue to own the member's Company
                           interest  and to have all the rights of an owner of a
                           Company interest.

                  b.       The  member  shall  continue  to be  subject  to  all
                           liabilities  accrued by the member before  ceasing to
                           be a member.

         15.4 Right of Company to require  certain  former members to sell their
Company  interests to the Company.  The Company may require a member to promptly
sell the member's  membership  to the Company  based on the formula set forth in
section 14.2(b) and upon other reasonable purchase terms:

                  a.       If the member becomes bankrupt;

                  b.       If the member becomes a party to a divorce proceeding
                           and the other  members  determine  reasonably  and in
                           good faith that it is likely that as a result of that
                           proceeding,  all or any  of the  member's  membership
                           rights will be awarded to the member's spouse;

                  c.       If the member resigns from the LLC;

                  d.       If the member  incurs a Total  Disability  within the
                           meaning of Article 6.2; or

                  e.       if the member is expelled hereunder.

Section 16. Death, Bankruptcy, Retirement, or Resignation of a Member.

         16.1  Purchase  of  Membership  Interest.  Upon the Death,  Bankruptcy,
Retirement or Resignation of any member (the "Withdrawing  Member"), the Company
shall be  dissolved  and  terminated  unless  there are at least  two  remaining
Members and the  business of the Company is  continued by the consent of all the
remaining  Members within ninety days after death,  bankruptcy,  retirement,  or
resignation. If the business of the Company is continued, the Withdrawing Member
(or in the case of death, the Member's representative) must offer to sell to the
Company or to the

                                      -19-
<PAGE>

                                                                   Exhibit 10.60

Members at the value as  determined  by Section  14(b) above,  and in accordance
with the  procedures  outlined in Section  14(c) of this  Agreement,  all of the
Membership Interest and Membership Rights (the "Withdrawing  Member's Interest")
owned by the  Withdrawing  Member  in the  Company  on the  date of such  Death,
Bankruptcy, Retirement, or Resignation (the "Withdrawal Date").

         16.2 Consequences of Bankruptcy, Retirement, or Resignation. Retirement
of a member shall not be considered to be a breach or default of this  Agreement
so long as a Member  retires  with the  written  consent  of a  majority  of the
Membership  Interests  of  the  Members  ("Permitted  Retirement").  Bankruptcy,
Resignation,  and Retirement, other than Permitted Retirement, of a Member shall
be regarded as a breach and default of this Agreement.

Section 17. Certain Tax Aspects  Incident to  Transactions  Contemplated by This
Agreement.

         It is the intention of the parties that the Purchase  Price or Member's
Value shall constitute and be considered as made in exchange for the interest of
a partner in partnership  property,  including good will,  within the meaning of
Section 736(b) of the Internal Revenue Code of 1986, as amended.

Section 18. The Member's Value.

 The term "  Member's  Value,"  as used in this  Agreement,  shall be the dollar
amount equal to the sum obtained by multiplying (a) the percentage of Membership
Interest and  Membership  Rights owned by a Member by (b) the Total Value of the
Company, as determined in accordance with Section 14(b).

Section 19. Delivery of Evidence of Interest.

         On the closing  date,  upon payment of the  Purchase  Price or Member's
Value for the  Purchase of the Interest  hereunder,  the  Offering  Member,  the
personal representatives of the Decedent or the Heir, the Withdrawing Member, or
the  personal  representative  of the  Withdrawing  Member  (in the event of the
bankruptcy  of the  Withdrawing  Member),  as the  case may be,  shall  execute,
acknowledge,  seal,  and deliver to the  Purchasing  Person such  instrument  or
instruments   of  transfer  to  evidence  the  purchase  of  the  Interest  (the
"Instrument of Transfer")  that shall be reasonably  requested by counsel to the
Purchasing Person in form and substance reasonably satisfactory to such counsel.
If a tender of the Purchase Price or Member's Value, shall be refused, or if the
Instrument of Transfer shall not be delivered  contemporaneously with the tender
of the Aggregate  Purchase Price, then the purchasing person shall be appointed,
and  the  same  is   hereby   irrevocably   constituted   and   appointed,   the
attorney-in-fact  with full power and authority to execute,  acknowledge,  seal,
and deliver the Instrument of Transfer.

                                      -20-
<PAGE>

                                                                   Exhibit 10.60

Section 20. Notices.

         Any and all notices, offers, acceptances, requests, certifications, and
consents  provided for in this Agreement  shall be in writing and shall be given
and be deemed to have been  given  when  personally  delivered  against a signed
receipt or mailed by registered or certified mail, return receipt requested,  to
the last address which the  addressee  has given to the Company.  The address of
each Member is set forth on his Subscription  Agreement adopting and agreeing to
be bound by the terms of this  Agreement  or under his  signature  at the end of
this  Agreement,  and each Member  agrees to notify the Company of any change of
address. The address of the Company shall be its principal office.

Section 21.  Additional Members.

         From the date of the formation of the Company, any individual or entity
acceptable  to the Members by their  unanimous  vote may become a Member in this
Company by the sale of new Company  Membership  Interests for such consideration
as the members by their unanimous vote shall determine,  or as a transferee of a
Member's  Membership  Interest or any portion thereof,  subject to the terms and
conditions  of  this  Agreement.  No  new  Members  shall  be  entitled  to  any
retroactive  allocation  of profits or losses to the new Member for that portion
of the Company's tax year in which a new Member was admitted.

Section 22.  Dissolution and Termination.

         22.1  Dissolution.

                  (a) The Company shall be dissolved  upon the occurrence of any
of the following events:

                           (i) when the  period  fixed for the  duration  of the
Company shall expire;

                           (ii)  by  the  unanimous  written  agreement  of  all
Members; or

                           (iii)  upon  the  death,   retirement,   resignation,
bankruptcy, transfer to a non-Member of a Membership Interest, or dissolution of
a Member,  or the  occurrence of any other event which  terminates the continued
membership  of a Member in the Company,  unless there are at least two remaining
Members and the  business of the Company is  continued by the consent of all the
remaining Members within ninety days after the termination.

                                      -21-
<PAGE>

                                                                   Exhibit 10.60

                  (b) As soon as possible following the occurrence of any of the
events specified in this Section  effecting the dissolution of the Company,  the
Company shall execute a statement of intent to dissolve in such form as shall be
prescribed in the Indiana Secretary of State.

         22.2  Filing of Statement of Intent to Dissolve.

         Duplicate  originals of the  statement  of intent to dissolve  shall be
delivered to the Indiana Secretary of State.

         22.3  Effect of Filing of Dissolving Statement.

         Upon the filing with the Indiana  Secretary  of State of a statement of
intent to dissolve,  the Company  shall cease to carry on its  business,  except
insofar as may be necessary for the winding up of its business, but its separate
existence shall continue until articles of dissolution  have been filed with the
Secretary of State or until a decree  dissolving the Company has been entered by
a court of competent jurisdiction.

         22.4  Distribution of Assets upon Dissolution.

                  (a) In settling accounts after dissolution, the liabilities of
the Company shall be entitled to payment in the following order:

                           (i)  To   creditors,   including   Members   who  are
creditors,  to the  extent  otherwise  permitted  by  law,  in  satisfaction  of
liabilities of the Company other than  liabilities for  distributions to members
under the Act;

                           (ii) To members and former  members of the Company in
satisfaction of liabilities for distributions under the Act;

                           (iii) To  members  of the  Company  for the return of
their contributions and as distributions in the proportions in which the Members
share in distributions.

                  (b) Members  will share in Company  assets in respect to their
claims  for  capital  and  in  respect  to  their  claims  for  profits  or  for
compensation  by  way  of  income  on  their  contributions,   respectively,  in
proportion to the respective amounts of the claims.

         22.5  Articles  of  Dissolution.   When  all  debts,  liabilities,  and
obligations  have been paid and  discharged or adequate  provision has been made
therefor and all of the remaining  property and assets have been  distributed to
the Members, articles of dissolution shall be executed in duplicate and verified
by the  person  signing  the  articles,  which  articles  shall  set  forth  the
information required by the Act.

                                      -22-
<PAGE>

                                                                   Exhibit 10.60

         22.6  Filing of Articles of Dissolution.

                  (a) Duplicate  originals of such articles of dissolution shall
be delivered to the Indiana Secretary of State.

                  (b)  Upon the  filing  of the  articles  of  dissolution,  the
existence  of the Company  shall  cease,  except to the purpose of suits,  other
proceedings,  and appropriate  action as provided in the Act. The Managers shall
thereafter  be trustees for the Members and creditors of the Company and as such
shall have  authority  to  distribute  any  Company  property  discovered  after
dissolution,  convey real estate, and take such other action as may be necessary
on behalf of and in the name of the Company.

         22.7 Managers' Responsibility. Upon dissolution, each Member shall look
solely to the assets of the Company for the return of his Capital  Contribution.
If the Company  property  remaining  after the payment or discharge of the debts
and liabilities of the Company is  insufficient to return the cash  contribution
of each  member,  such Member  shall have no  recourse  against a manager or any
other Member.  The winding up of the affairs of the Company and the distribution
of its assets shall be conducted  exclusively  by the  Managers,  who are hereby
authorized  to take all  actions  necessary  to  accomplish  such  distribution,
including,  without  limitation,  selling any Company  assets the managers  deem
necessary or  appropriate to sell. In the event of removal or resignation of all
Managers and the failure to appoint a new Manager, the winding up of the affairs
of the Company and the  distribution  of its assets  shall be  conducted by such
persons or entities  as may be selected by a vote of Members  holding a majority
of the Member's Interests in the Company's capital, which persons are authorized
to do any and all acts and things authorized by law for these purposes.

Section 23. Power of Attorney.

         23.1  Unless  otherwise  prohibited  by the  Act,  each  Member  hereby
irrevocably designates and appoints each Manager of the Company or any successor
Manager  with full  power of  substitution,  to be his agent and true and lawful
attorney-in-fact  for him and in his  name,  place,  and  stead,  to  implement,
execute, acknowledge, file, and record:

                  (a) This Operating Agreement and any separate Certificates and
Agreements,  as well as amendments thereto, which under the laws of the State of
Indiana  or the laws of any other  state are  required  to be filed,  or which a
Manager deems it advisable to file;

                  (b) Any other  instrument or document which may be required to
effect the  qualification  and continuation of the Company under the laws of any
state or any governmental agency, or which a Manager deems it advisable to file;

                                      -23-
<PAGE>

                                                                   Exhibit 10.60

                  (c) Any instrument or document which may be required to effect
the  admission of an  additional  or  substituted  Member,  or  dissolution  and
termination  of  the  Company  (provided  such   continuation,   admission,   or
dissolution  and termination are in accordance with the terms of the Agreement),
or to reflect any change in the amount of contributions of Members;

                  (d)  Any and  all  documents  required  to  acquire,  finance,
refinance, convey, or sell the assets of the Company;

                  (e) Any nonmaterial amendment to this Agreement;

                  (f) Any  amendment to the Company's  articles of  organization
when:

                           (i) There is a change in the name of the  Company  or
in the amount or the character of Capital Contributions;

                           (ii)  There  is a  change  in  the  character  of the
business of the Company;

                           (iii) There is a false or erroneous  statement in the
articles of organization; or

                           (iv)  There is a change  in the time as stated in the
articles of organization for the dissolution of the Company.

                  (g) Any other  instrument  necessary to conduct the operations
of the Company.

         23.2  The foregoing power of attorney:

                  (a) is a special  power of attorney  coupled with an interest,
is irrevocable, and shall survive the death or incapacity of a Member;

                  (b) may be  exercised  by a Manager,  acting  alone,  for each
Member by listing  all of the Members  executing  any  instrument  with a single
signature of the Manager, acting as attorney-in-fact for all of them;

                  (c) shall  survive  the  assignment  by a Member of all or any
portion  of his  Membership  Interest  in the  Company  except  that,  where the
assignee of such  Membership  Interest  in the Company  owned by such Member has
been  approved  by the  Members for  admission  to the Company as a  substituted
Member,  the special power of attorney shall survive the assignment for the sole
purpose of enabling the Manager to execute, acknowledge, and file any instrument
or document necessary to effect such substitution; and

                                      -24-
<PAGE>

                                                                   Exhibit 10.60

                  (d) shall in no way cause a Member to be liable in any  manner
for the acts or omissions of a Manager.

         Each Member hereby agrees to be bound by any actions taken by a Manager
acting in good faith pursuant to this power of attorney;  and each Member hereby
waives any and all  defenses  which may be  available  to  contest,  negate,  or
disaffirm  the  action of a Manager  taken in good  faith  under  such  power of
attorney.

         Any  substituted or additional  Member,  upon admission to the Company,
shall be deemed to ratify and  reaffirm the  appointment  of a Manager as his or
her true and lawful attorney for the purposes and on the same terms as set forth
hereinabove.

Section 24. Governing Law.

         It is the intent of the parties  hereto that all questions with respect
to the construction of this Agreement and the rights, duties,  obligations,  and
liabilities of the parties shall be determined in accordance with the applicable
provisions of the laws of the State of Indiana.

Section 25. Miscellaneous Provisions.

         25.1 Inurement.  This agreement shall be binding upon, and inure to the
benefit  of, all  parties  hereto,  their  personal  and legal  representatives,
guardians,  successors,  and assigns to the extent, but only to the extent, that
assignment is provided for in accordance  with, and permitted by, the provisions
of this Agreement.

         25.2 No Limit on Personal Activities. Nothing herein contained shall be
construed  to limit in any  manner  the  Members  or  their  respective  agents,
servants,  and  employees,  in carrying out their own  respective  businesses or
activities;  provided,  however,  that such  businesses or activities  shall not
directly or  indirectly  be in  competition  with the business or purpose of the
Company.

         25.3 Further  Assurances.  The Members and the Company  agree that they
and each of them will take  whatever  action or actions are deemed by counsel to
the  Company  to be  reasonably  necessary  or  desirable  from  time to time to
effectuate  the  provisions  or  intent of this  Agreement,  and to that end the
Members and the Company agree that they will  execute,  acknowledge,  seal,  and
deliver any further  instruments  or  documents  which may be  necessary to give
force and effect to this Agreement or any of the provisions  hereof, or to carry
out the intent of this Agreement, or any of the provisions hereof.

         25.4  Gender  and  Headings.  Throughout  this  Agreement,  where  such
meanings  would be  appropriate:  (a) the  masculine  gender  shall be deemed to
include the feminine and the neuter

                                      -25-
<PAGE>

                                                                   Exhibit 10.60

and vice versa,  and (b) the singular  shall be deemed to include the plural and
vice versa. The headings herein are inserted only as a matter of convenience and
reference,  and in no way define or describe  the scope of the  Agreement or the
intent of any provisions thereof.

         25.5 Entire Agreement.  This Agreement and the Subscription  Agreements
of each of the Members and  exhibits  attached  hereto and thereto set forth all
(and are  intended by all  parties  hereto to be an  integration  of all) of the
promises,    agreements,    conditions,    understandings,    warranties,    and
representations  among the parties hereto with respect to the Company, and there
are  no  promises,  agreements,  conditions,   understandings,   warranties,  or
representations,  oral or written,  express or implied, among them other than as
set forth herein.

         25.6  Severability.  Nothing  contained  in  this  Agreement  shall  be
construed as requiring  the  commission of any act contrary to law. In the event
that there is any  conflict  between any  provision  of this  Agreement  and any
statute,  law,  ordinance,  or  regulation  contrary to which the Members or the
Company have no legal right to contract,  the latter shall prevail,  but in such
event the  provisions of this  Agreement  thus  affected  shall be curtailed and
limited only to the extent necessary to conform with said requirement of law. In
the  event  that any  part,  article,  section,  paragraph,  or  clause  of this
Agreement shall be held to be indefinite,  invalid, or otherwise  unenforceable,
the entire Agreement shall not fail on account  thereof,  and the balance of the
Agreement shall continue in full force and effect.

         25.7 Waiver of Action for  Partition.  Each Member  irrevocably  waives
during the term of the Company any right that he may have to maintain any action
for partition with respect to the property of the Company.

         25.8  Amendments.  Amendments  to this  Agreement  which  (a) are of an
inconsequential  nature  and do not  affect  the  rights of the  Members  in any
material respect; or (b) are required or contemplated by this Agreement;  or (c)
are in the opinion of counsel to the Company necessary to maintain the status of
the Company as a partnership  for federal income tax purposes,  may be made by a
Manager through the use of the powers of attorney granted herein. Any amendments
made  pursuant to part (c) of this Section 25.8 shall be deemed  effective as of
the date of this Operating Agreement.  In its discretion,  any amendment to this
Operating  Agreement may be proposed to the Members by a Manager.  . The Manager
shall submit to the Members any such proposed amendment together with an opinion
of counsel as to the legality of such  amendment and the  recommendation  of the
Manager as to its adoption.  A vote of an amendment to this Operating  Agreement
shall be taken within  thirty (30) days  thereof  unless  otherwise  extended by
applicable laws and/or regulations.  A proposed amendment shall become effective
at such  time as it has been  approved  by  Members  holding a  majority  of all
Membership  Interests in Company Capital.  Notwithstanding any provision in this
Operating  Agreement to the contrary,  any amendment to this Operating Agreement
which would  adversely  affect the federal  income tax  treatment to be afforded
Members, or adversely affect the liabilities of Members, or change the method of
allocation of

                                      -26-
<PAGE>

                                                                   Exhibit 10.60

profit and loss or distribution of distributable cash as provided herein,  shall
require the  approval of all Members.  Copies of any  amendments  not  requiring
approval shall be sent to the Members.

         25.9 Execution of Additional Instruments.  Each Member hereby agrees to
execute and deliver to a Manager within five days after receipt of the Manager's
written  request  therefor,  such other and further  statements  of interest and
holdings, designations, powers of attorney, and other instruments as the Manager
deems necessary to comply with any laws, rules, or regulations.

         25.10  Title to Company  Properties.  Title to all  Company  properties
shall be held in the name of the Company.

         25.11 Company  Interests.  Each of the Members and any  substituted  or
additional  members  admitted hereby covenant,  acknowledge,  and agree that all
Membership  Interests in the Company shall for all purposes be deemed personalty
and shall not be deemed realty or any interest in the real property owned by the
Company.

         25.12  Waivers.  The failure of any party to seek redress for violation
of or to insist upon the strict performance of any covenant or condition of this
Operating  Agreement  shall not  prevent a  subsequent  act,  which  would  have
originally  constituted  a  violation,  from  having the  effect of an  original
violation.

         25.13 Rights and Remedies Cumulative.  The rights and remedies provided
by this  Operating  Agreement  are  cumulative  and the use of any one  right or
remedy by any  party  shall  not  preclude  or waive the right to use any or all
other  remedies.  Said  rights and  remedies  are given in addition to any other
rights the parties may have by law, statute, ordinance, or otherwise.

         25.14 Legend on Certificates.  The Membership  Interests of Members may
not be sold,  transferred,  or  assigned  for  value  to any  person  except  in
accordance with the provisions of this Operating  Agreement  applicable thereto.
An  appropriate   legend  noting   restrictions  on  transfer  shall  be  placed
conspicuously on the face of all certificates  representing Membership Interests
and a notation  restricting  transfer will be placed in the books and records of
the Company.  All transferees of Membership  Interests will be treated similarly
and  corresponding  notations will be placed on new  certificates for Membership
Interests issued upon transfer as well as in the Company records.

         25.15  Company  Seal.  The Members  shall  provide a Company seal which
shall be  circular  in form and shall  have  inscribed  thereon  the name of the
Company and the state of organization and the words "COMPANY SEAL."

         25.16    Dispute Resolution; Arbitration.

         (a) Dispute  Resolution.  The Members agree that any dispute arising in
         connection with the interpretation of this Agreement or the performance
         of any Member  under  this

                                      -27-
<PAGE>

                                                                   Exhibit 10.60

         Agreement or otherwise  relating to this  Agreement  will be treated in
         accordance with the procedures set forth in this Section,  prior to the
         resort by any Member to  arbitration  or litigation in connection  with
         such dispute.  The dispute will be referred for  resolution  first to a
         designated  representative  of  each  Member.  Such  procedure  will be
         invoked by a Member  presenting to the other(s) a Notice of Request for
         Resolution  of Dispute (a "Notice")  identifying  the issues in dispute
         sought to be addressed hereunder. A telephone or personal conference of
         those  designees  will be held  within  ten (10)  business  days  after
         delivery of the  Notice.  In the event that the  telephone  or personal
         conference  between these  individuals  does not take place or does not
         resolve  the  dispute,  either  Member may refer the dispute to binding
         arbitration pursuant to the arbitration provisions set forth below.

         (b) Arbitration. All claims or disputes between the Members arising out
         of or  relating  to this  Agreement  will  be  decided  by  arbitration
         pursuant  to  the   Commercial   Arbitration   Rules  of  the  American
         Arbitration  Association  currently  in effect and in  accordance  with
         Title 9 of the United States Code,  unless the Members  mutually  agree
         otherwise  in  writing.  Notice of the demand for  arbitration  must be
         filed in  writing  with the other  Member or  Members  and must be made
         within three  business  days after the meeting of  designees  set forth
         above has concluded. All statutes of limitation,  which would otherwise
         be applicable in a judicial  action brought by a Member,  will apply to
         any arbitration or reference proceeding hereunder. The arbitration will
         be decided by a single  arbitrators  selected  by the  Members.  If the
         Members cannot agree on a single  arbitrator each Member will select an
         arbitrator and those two  arbitrators  will select a third  arbitrator.
         Arbitration  will  be  initiated  in the  locale  chosen  by the  party
         initiating the proceeding.  Said  arbitration  will occur within thirty
         (30) consecutive days after the Member demanding  arbitration  delivers
         the written demand on the other Member(s)  unless the Members  mutually
         agree  otherwise in writing.  The award  rendered by the  arbitrator(s)
         will be final,  and judgment may be entered upon it in accordance  with
         applicable  law in any court  having  jurisdiction  thereof.  Except by
         written  consent  of the  Members,  no  arbitration  arising  out of or
         relating to this Agreement may include, by consolidation, joinder or in
         any other  manner,  any person or entity  not a party to the  Agreement
         under which such arbitration  arises. The arbitration  agreement herein
         among the Members will be specifically enforceable under applicable law
         in any court having  jurisdiction  thereof.  No Member will appeal such
         award nor seek review,  modification,  or vacation of such award in any
         court  or  regulatory   agency.  The  arbitrators  will  award  to  the
         prevailing Member, if any, as determined by the arbitrators, all of its
         Costs and Fees. "Costs and Fees" mean all reasonable pre-award expenses
         of the  arbitration,  including the arbitrators'  fees,  administrative
         fees,  travel  expenses,  out-of-pocket  expenses,  such as copying and
         telephone, court costs, witness fees and attorneys' fees.

         25.17 Not for Benefit of Creditors.  The  provisions of this  Agreement
are intended only for the regulation of relations among Members and the Company.
This Agreement is not intended

                                      -28-
<PAGE>

                                                                   Exhibit 10.60

for the  benefit  of  non-Member  creditors  and does not grant any rights to or
confer any  benefits on  non-Member  creditors  or any other person who is not a
Member, a Manager, or an officer.

                                   CERTIFICATE

         We hereby certify that the foregoing Operating Agreement, consisting of
29 pages,  excluding the Table of Contents,  constitutes the Operating Agreement
of Premiere  Credit of North  America,  Limited  Liability  Company,  an Indiana
Limited Liability  Company,  adopted by the Members of the Company as of January
28, 2004.

                                  Nelnet, Inc.
                                  121 S. 13th Street, Suite 201
                                  Lincoln, NE 68508

                                  By:      /s/ Charles Hosea
                                           -------------------------------------
                                           Charles Hosea, Executive Director

                                  /s/ Todd J. Wolfe
                                  ----------------------------------------------
                                  Todd J. Wolfe
                                  P.O. Box 19309
                                  Indianapolis, IN 46219

                                  /s/ David A. Hoeft
                                  ----------------------------------------------
                                  David A. Hoeft
                                  P.O. Box 19309
                                  Indianapolis, IN 46219

                                  /s/ Tina D. Mercer
                                  ----------------------------------------------
                                  Tina D. Mercer

                                      -29-
<PAGE>

                                                                   Exhibit 10.60

                                    Exhibit A

                      Premiere Credit of North America, LLC

MEMBER                              MEMBERSHIP INTEREST

David A. Hoeft                      18.85%

Todd J. Wolfe                       25.15%

Tina D. Mercer                       6.0%

Nelnet, Inc.                        50%

                                      -30-

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