Exhibit 4.3
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SERIES 2000 SUPPLEMENTAL INDENTURE OF TRUST
by and between
NELNET STUDENT LOAN CORPORATION-2
and
ZIONS FIRST NATIONAL BANK,
as Trustee
Authorizing the Issuance of
$1,000,000,000
NELNET Student Loan Corporation-2
Taxable Student Loan Asset-Backed Notes
Series 2000
Dated as of June 1, 2000
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TABLE OF CONTENTS
Page
ARTICLE I
DEFINITIONS AND USE OF PHRASES...................................................... 1
ARTICLE II
SERIES 2000 NOTE DETAILS, FORM OF SERIES 2000 NOTES, REDEMPTION OF
SERIES 2000 NOTES AND USE OF PROCEEDS OF SERIES 2000 NOTES
Section 2.01. Series 2000 Note Details.......................................... 4
Section 2.02. Redemption of the Series 2000 Notes............................... 6
Section 2.03. Delivery of Series 2000 Notes..................................... 8
Section 2.04. Trustee's Authentication Certificate.............................. 8
Section 2.05. Deposit of Series 2000 Note Proceeds.............................. 9
Section 2.06. Forms of Series 2000 Notes........................................ 9
ARTICLE III
GENERAL PROVISIONS
Section 3.01. Date of Execution................................................. 9
Section 3.02. Laws Governing.................................................... 9
Section 3.03. Severability...................................................... 9
Section 3.04. Exhibits.......................................................... 9
ARTICLE IV
APPLICABILITY OF INDENTURE.......................................................... 9
APPENDIX A CERTAIN TERMS AND PROVISIONS OF THE AUCTION RATE NOTES
EXHIBIT A-l FORM OF SERIES 2000A SENIOR (ARCs)
EXHIBIT A-2 FORM OF SERIES 2000B SUBORDINATE (ARCs)
EXHIBIT B SERIES 2000 CLOSING CASH FLOW PROJECTIONS
EXHIBIT C NOTICE OF PAYMENT DEFAULT
EXHIBIT D NOTICE OF CURE OF PAYMENT DEFAULT
EXHIBIT E NOTICE OF PROPOSED CHANGE IN LENGTH OF ONE OR MORE AUCTION PERIODS
EXHIBIT F NOTICE ESTABLISHING CHANGE IN LENGTH OF ONE OR MORE AUCTION PERIODS
EXHIBIT G NOTICE OF CHANGE IN AUCTION DATE
SERIES 2000 SUPPLEMENTAL INDENTURE OF TRUST
THIS SERIES 2000 SUPPLEMENTAL INDENTURE OF TRUST (this "Supplemental
Indenture") dated as of June 1, 2000, is by and between NELNET STUDENT LOAN
CORPORATION-2, a corporation duly organized and existing under the laws of the
State of Nevada (the "Issuer"), and ZIONS FIRST NATIONAL BANK, a national
banking association duly organized and operating under the laws of the United
States of America (together with its successors, the "Trustee"), as successor
trustee hereunder (all capitalized terms used in these preambles, recitals and
granting clauses shall have the same meanings assigned thereto in Article I
hereof);
W I T N E S S E T H:
WHEREAS, the Issuer has previously entered into an Indenture of Trust
dated as of June 1, 2000 (the "Original Indenture," and together with this
Supplemental Indenture, the "Indenture"), between the Issuer and the Trustee;
WHEREAS, the Issuer desires to enter into this Supplemental Indenture
in order to issue Notes pursuant to the terms of the Original Indenture,
including Section 2.08 thereof;
WHEREAS, the Issuer represents that it is duly created as a corporation
under the laws of the State and that by proper action it has duly authorized the
issuance of $1,000,000,000 of its Taxable Student Loan Asset-Backed Notes,
Series 2000 consisting of two Classes, designated as Senior Class 2000A (the
"Series 2000A Notes") and Subordinate Class 2000B (the "Series 2000B Notes," and
together with the Series 2000A Notes, the "Series 2000 Notes"), and it has by
proper corporate action authorized the execution and delivery of this
Supplemental Indenture;
WHEREAS, the Series 2000 Notes constitute Notes as defined in the
Indenture;
WHEREAS, the Trustee has agreed to accept the trusts herein created
upon the terms herein set forth; and
NOW, THEREFORE, it is mutually covenanted and agreed as follows:
ARTICLE I
DEFINITIONS AND USE OF PHRASES
All words and phrases defined in Article I of the Indenture shall have
the same meaning in this Supplemental Indenture, except as otherwise appears in
this Article. In addition, the following terms have the following meanings in
this Supplemental Indenture unless the context clearly requires otherwise:
"Authorized Denominations" means $50,000 and any integral multiple
thereof.
"Class 2000A-1 Notes" means the $50,000,000 NELNET Student Loan
Corporation-2, Taxable Student Loan Asset-Backed Notes, Senior Class 2000A-1
Auction Rate Notes.
"Class 2000A-2 Notes" means the $50,000,000 NELNET Student Loan
Corporation-2, Taxable Student Loan Asset-Backed Notes, Senior Class 2000A-2
Auction Rate Notes.
"Class 2000A-3 Notes" means the $50,000,000 NELNET Student Loan
Corporation-2, Taxable Student Loan Asset-Backed Notes, Senior Class 2000A-3
Auction Rate Notes.
"Class 2000A-4 Notes" means the $50,000,000 NELNET Student Loan
Corporation-2, Taxable Student Loan Asset-Backed Notes, Senior Class 2000A-4
Auction Rate Notes.
"Class 2000A-5 Notes" means the $50,000,000 NELNET Student Loan
Corporation-2, Taxable Student Loan Asset-Backed Notes, Senior Class 2000A-5
Auction Rate Notes.
"Class 2000A-6 Notes" means the $50,000,000 NELNET Student Loan
Corporation-2, Taxable Student Loan Asset-Backed Notes, Senior Class 2000A-6
Auction Rate Notes.
"Class 2000A-7 Notes" means the $50,000,000 NELNET Student Loan
Corporation-2, Taxable Student Loan Asset-Backed Notes, Senior Class 2000A-7
Auction Rate Notes.
"Class 2000A-8 Notes" means the $75,000,000 NELNET Student Loan
Corporation-2, Taxable Student Loan Asset-Backed Notes, Senior Class 2000A-8
Auction Rate Notes.
"Class 2000A-9 Notes" means the $75,000,000 NELNET Student Loan
Corporation-2, Taxable Student Loan Asset-Backed Notes, Senior Class 2000A-9
Auction Rate Notes.
"Class 2000A-10 Notes" means the $75,000,000 NELNET Student Loan
Corporation-2, Taxable Student Loan Asset-Backed Notes, Senior Class 2000A-10
Auction Rate Notes.
"Class 2000A-11 Notes" means the $75,000,000 NELNET Student Loan
Corporation-2, Taxable Student Loan Asset-Backed Notes, Senior Class 2000A-11
Auction Rate Notes.
"Class 2000A-12 Notes" means the $100,000,000 NELNET Student Loan
Corporation-2, Taxable Student Loan Asset-Backed Notes, Senior Class 2000A-12
Auction Rate Notes.
"Class 2000A-13 Notes" means the $100,000,000 NELNET Student Loan
Corporation-2, Taxable Student Loan Asset-Backed Notes, Senior Class 2000A-13
Auction Rate Notes.
"Class 2000A-14 Notes" means the $100,000,000 NELNET Student Loan
Corporation-2, Taxable Student Loan Asset-Backed Notes, Senior Class 2000A-14
Auction Rate Notes.
"Class 2000B-1 Notes" means the $50,000,000 NELNET Student Loan
Corporation-2, Taxable Student Loan Asset-Backed Notes, Subordinate Class
2000B-1 Auction Rate Notes.
"Date of Issuance" means, with respect to the Series 2000 Notes, June
1, 2000.
"Rating Agency" means, collectively, Fitch IBCA, Inc., Standard &
Poor's Ratings Services and ▇▇▇▇▇'▇ Investors Service, Inc.
"Series 2000A Notes" means, collectively, the Class 2000A-1 Notes, the
Class 2000A-2 Notes, the Class 2000A-3 Notes, the Class 2000A-4 Notes, the Class
2000A-5 Notes, the Class
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2000A-6 Notes, the Class 2000A-7 Notes, the Class 2000A-8 Notes, the Class
2000A-9 Notes, the Class 2000A-10 Notes, the Class 2000A-11 Notes, the Class
2000A-12 Notes, the Class A-13 Notes and the Class 2000 A-14 Notes.
"Series 2000B Notes" means the Class 2000B-1 Notes.
"Series 2000 Notes" means the NELNET Student Loan Corporation-2,
Taxable Student Loan Asset-Backed Notes, Series 2000 issued pursuant to the
Indenture and this Supplemental Indenture in the aggregate principal amount of
$1,000,000,000 consisting of the Series 2000A Notes and the Series 2000B Notes.
"Series 2000 Reserve Fund Requirement" means 0.75% of the Notes
outstanding; provided, however, that so long as any Notes remain Outstanding
there shall be at least $500,000 on deposit in the Reserve Fund.
"Servicer" means NELnet, Inc., a Nevada corporation, and their
successors and assigns.
"Servicing Agreement" means, collectively, (i) the Servicing Agreement
dated as of June 1, 2000, as supplemented and amended from time to time, between
the Issuer and the Servicer, (ii) the Loan Subservicing Agreement dated as of
June 1, 2000, as supplemented and amended from time to time, between the
Servicer and UNIPAC Service Corporation, as subservicer and (iii) the Loan
Sub-Servicing Agreement dated as of June 1, 2000, as supplemented and amended
from time to time, between the Servicer and InTuition, Inc., as subservicer.
"Subservicer" means, collectively, UNIPAC Service Corporation and
InTuition, Inc., and their successors and assigns.
"Underwriter" means, collectively, PaineWebber Incorporated, ▇▇▇▇▇▇▇
▇▇▇▇▇ Barney Inc., Banc of America Securities LLC, ▇▇▇▇▇▇▇ Lynch, Pierce, ▇▇▇▇▇▇
& ▇▇▇▇▇ Incorporated. ▇.▇. ▇▇▇▇▇▇ Securities Inc. and Mellon Financial Markets,
Inc.
Words importing the masculine gender include the feminine gender. Words
importing persons include firms, associations and corporations. Words importing
the singular number include the plural number and vice versa. Additional terms
are defined in the body of this Supplemental Indenture and the Appendices
hereto.
In the event that any term or provision contained herein with respect
to the Series 2000 Notes shall conflict with or be inconsistent with any term or
provision contained in the Indenture, the terms and provisions of this
Supplemental Indenture shall govern.
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ARTICLE II
SERIES 2000 NOTE DETAILS,
FORM OF SERIES 2000 NOTES,
REDEMPTION OF SERIES 2000 NOTES
AND USE OF PROCEEDS OF SERIES 2000 NOTES
SECTION 2.01. SERIES 2000 NOTE DETAILS.
(a) The aggregate principal amount of the Series 2000
Notes which may be initially authenticated and delivered under this
Supplemental Indenture is limited to $1,000,000,000 except for Series
2000 Notes authenticated and delivered upon transfer of, or in exchange
for, or in lieu of Notes pursuant to Sections 2.03 and 2.04 of the
Indenture. The Series 2000 Notes shall be issued in fifteen (15)
separate subclasses (each a "subclass") consisting of $50,000,000 of
Class 2000A-1 Notes, $50,000,000 of Class 2000A-2 Notes, $50,000,000 of
Class 2000A-3 Notes, $50,000,000 of Class 2000A-4 Notes, $50,000,000 of
Class 2000A-5 Notes, $50,000,000 of Class 2000A-6 Notes, $50,000,000 of
Class 2000A-7 Notes, $75,000,000 of Class 2000A-8 Notes, $75,000,000 of
Class 2000A-9 Notes, $75,000,000 of Class 2000A-10 Notes, $75,000,000
of Class 2000A-11 Notes, $100,000,000 of Class 2000A-12 Notes,
$100,000,000 of Class 2000A-13 Notes, $100,000,000 of Class 2000A-14
Notes and $50,000,000 of Class 2000B-1 Notes. The Series 2000 Notes
shall be issuable only as fully registered notes in the Authorized
Denominations. The Series 2000 Notes of each subclass shall each be
lettered "R" and shall be numbered separately from 1 upwards,
respectively.
The Series 2000 Notes (collectively, the "Auction Rate Notes")
shall be dated their Date of Issuance and shall bear interest from
their Date of Issuance, payable on each Interest Payment Date (as
defined in Appendix A to this Supplemental Indenture), except that
Auction Rate Notes which are issued upon transfer, exchange or other
replacement shall bear interest from the most recent Interest Payment
Date to which interest has been paid, or if no interest has been paid,
from the date of the Auction Rate Notes. The Series 2000 Notes shall
mature on December 1, 2032. Interest on the Auction Rate Notes shall be
computed on the basis of a 360-day year and actual days elapsed. The
terms of and definitions related to the Auction Rate Notes are found in
Article I hereof and Appendix A to this Supplemental Indenture.
The principal of the Series 2000 Notes due at its Stated
Maturity or redemption in whole shall be payable at the Principal
Office of the Trustee, or such other location as directed by the
Trustee, or at the Principal Office of its successor in trust upon
presentation and surrender of the Series 2000 Notes. Payment of
interest and principal paid subject to a redemption on any Series 2000
Note shall be made to the Registered Owner thereof by check or draft
mailed on the Interest Payment Date by the Trustee to the Registered
Owner at his address as it last appears on the registration books kept
by the Trustee at the close of business on the Record Date for such
interest payment date, but any such interest not so timely paid or duly
provided for shall cease to be payable to the Registered Owner thereof
at the close of business on the Record Date and shall be payable to the
Registered Owner thereof at the close of business on a special record
date
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(a "Special Record Date") for the payment of any such defaulted
interest. Such Special Record Date shall be fixed by the Trustee
whenever moneys become available for payment of the defaulted interest,
and notice of such Special Record Date shall be given to the Registered
Owners of the Series 2000 Notes not less than 10 days prior thereto by
first-class mail to each such Registered Owner as shown on the
Trustee's registration books on the date selected by the Trustee,
stating the date of the Special Record Date and the date fixed for the
payment of such defaulted interest. Payment of interest to the
Securities Depository or its nominee shall, and at the written request
addressed to the Trustee of any other Registered Owner owning at least
$1,000,000 principal amount of the Series 2000 Notes, payments of
interest shall, be paid by wire transfer within the United States to
the bank account number filed no later than the Record Date or Special
Record Date with the Trustee for such purpose. All payments on the
Series 2000 Notes shall be made in lawful money of the United States of
America.
(b) Except as otherwise provided in this Section, the
Series 2000 Notes in the form of one global note for each Stated
Maturity date shall be registered in the name of the Securities
Depository or its nominee and ownership thereof shall be maintained in
book-entry form by the Securities Depository for the account of the
Agent Members. Initially, each Series 2000 Note shall be registered in
the name of CEDE & Co., as the nominee of The Depository Trust Company.
Except as provided in subsection (d) of this Section, the Series 2000
Notes may be transferred, in whole but not in part, only to the
Securities Depository or a nominee of the Securities Depository or to
a successor Securities Depository selected or approved by the Issuer
or to a nominee of such successor Securities Depository. Each global
note shall bear a legend substantially to the following effect: "Except
as otherwise provided in the Indenture, this global note may be
transferred, in whole but not in part, only to another nominee of the
Securities Depository (as defined in the Indenture) or to a successor
Securities Depository or to a nominee of a successor Securities
Depository."
(c) Except as otherwise provided herein, the Issuer and
the Trustee shall have no responsibility or obligation with respect to
(i) the accuracy of the records of the Securities Depository or any
Agent Member with respect to any beneficial ownership interest in the
Series 2000 Notes, (ii) the delivery to any Agent Member, beneficial
owner of the Series 2000 Notes or other Person, other than the
Securities Depository, of any notice with respect to the Series 2000
Notes or (iii) the payment to any Agent Member, beneficial owner of the
Series 2000 Notes or other Person, other than the Securities
Depository, of any amount with respect to the principal of or interest
on the Series 2000 Notes. So long as the certificates for the Series
2000 Notes issued under this Supplemental Indenture are not issued
pursuant to subsection (d) of this Section the Issuer and the Trustee
may treat the Securities Depository as, and deem the Securities
Depository to be, the absolute owner of the Series 2000 Notes for all
purposes whatsoever, including, without limitation, (A) the payment of
principal of and interest on such Series 2000 Notes, (B) giving notices
of redemption and other matters with respect to such Series 2000 Notes
and (C) registering transfers with respect to such Series 2000 Notes.
In connection with any notice or other communication to be provided to
the Registered Owners pursuant to this Supplemental Indenture by the
Issuer or the Trustee with respect to any consent or other action to be
taken by the Registered Owners, the
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Issuer or the Trustee, as the case may be, shall establish a record
date for such consent or other action and, if the Securities Depository
shall hold all of the Series 2000 Notes, give the Securities Depository
notice of such record date not less than 15 calendar days in advance of
such record date to the extent possible. Such notice to the Securities
Depository shall be given only when the Securities Depository is the
sole Registered Owner.
(d) If at any time the Securities Depository notifies the
Issuer and the Trustee that it is unwilling or unable to continue as
Securities Depository with respect to any or all of the Series 2000
Notes or if at any time the Securities Depository shall no longer be
registered or in good standing under the Securities Exchange Act or
other applicable statute or regulation and a successor Securities
Depository is not appointed by the Issuer within 90 days after the
Issuer receives notice or becomes aware of such condition, as the case
may be, subsections (b) and (c) of this Section shall no longer be
applicable and the Issuer shall execute and the Trustee shall
authenticate and deliver certificates representing the Series 2000
Notes as provided below. In addition, the Issuer may determine at any
time that the Series 2000 Notes shall no longer be represented by
global certificates and that the provisions of subsections (b) and (c)
of this Section shall no longer apply to the Series 2000 Notes. In such
event, the Issuer shall execute and the Trustee shall authenticate and
deliver certificates representing the Series 2000 Notes as provided
below. Certificates for the Series 2000 Notes issued in exchange for a
global certificate pursuant to this subsection shall be registered in
such names and authorized denominations as the Securities Depository,
pursuant to instructions from the Agent Members or otherwise, shall
instruct in writing to the Issuer and the Trustee, and upon which
written instructions the Trustee may rely without investigation. The
Trustee shall promptly deliver such certificates representing the
Series 2000 Notes to the Persons in whose names such Notes are so
registered.
SECTION 2.02. REDEMPTION OF THE SERIES 2000 NOTES.
(a) MANDATORY REDEMPTION. Subject to the provisions of
Section 2.02(d) hereof, the Series 2000 Notes are subject to mandatory
redemption (a) in whole or in part, on the first Interest Payment Date
after December 1, 2000, at a redemption price equal to the principal
amount thereof plus interest accrued, if any, to the date of redemption
thereof from moneys deposited in the Acquisition Fund on the Date of
Issuance which have not been used to finance Eligible Loans by December
1, 2000 and (b) at the direction of the Issuer, in whole or in part, on
any Interest Payment Date, at a redemption price equal to the principal
amount thereof plus interest accrued, if any, to the date of redemption
thereof from moneys representing Recoveries of Principal deposited in
the Acquisition Fund after June 1, 2003, unless such date can be
extended without affecting the Rating on any of the Notes, as evidenced
by a Rating Confirmation.
(b) OPTIONAL REDEMPTIONS AND OPTIONAL PURCHASE.
(i) Optional Redemption of Series 2000 Notes.
Subject to the provisions of Section 2.02(d) hereof, the
Series 2000 Notes are subject to redemption at the option of
the Issuer, from funds received by the Trustee
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constituting interest on Financed Eligible Loans remaining in
the Revenue Fund after all other prior required payments have
been made from the Revenue Fund, in whole or in part, on any
Interest Payment Date, at a redemption price equal to the
principal amount thereof being redeemed, plus interest
accrued, if any, to the date of redemption.
(ii) Extraordinary Optional Redemption of Series
2000 Notes. Subject to the provisions of Section 2.02(d)
hereof, the Series 2000 Notes shall also be subject to
extraordinary optional redemption, at the option of the
Issuer, from any unallocated and available moneys in the Trust
Estate, at a redemption price equal to the principal amount of
the Series 2000 Notes being redeemed, plus accrued interest to
the date of redemption, without premium in whole or in part on
any Interest Payment Date, if the Issuer reasonably determines
that it is unable to acquire Financed Eligible Loans, that the
rate of return on Financed Eligible Loans has materially
decreased, or that the costs of administering the Trust Estate
have placed unreasonable burdens upon the ability of the
Issuer to perform its obligations under the Indenture.
(iii) Optional Purchase of Series 2000 Notes.
Subject to the provisions of Section 2.02(d) hereof, the
Issuer may purchase or cause to be purchased all of the Series
2000 Notes on any Interest Payment Date on which the aggregate
current principal balance of the Series 2000 Notes shall be
less than or equal to 20% of the initial aggregate principal
balance of the Series 2000 Notes on their Date of Issuance, at
a purchase price equal to the aggregate current principal
balance of such Series 2000 Notes, plus accrued interest on
the Series 2000 Notes through the day preceding the Interest
Payment Date on which the purchase occurs. The amount
deposited pursuant to this subsection (iv) shall be paid to
the Registered Owners on the related Interest Payment Date
following the date of such deposit. All Series 2000 Notes
which are purchased pursuant to this subsection (iv) shall be
delivered by the Issuer upon such purchase to, and be canceled
by, the Trustee and be disposed of in a manner satisfactory to
the Trustee and the Issuer.
(c) NOTICE OF REDEMPTION AND PURCHASE. The Trustee shall
cause notice of any redemption or purchase to be given by mailing a
copy of the notice by first-class mail to the Registered Owner of any
Series 2000 Notes, and the Auction Agent, designated for redemption or
purchase in whole or in part, at their address as the same shall last
appear upon the registration books, in each case not less than 15 days
poor to the redemption or purchase date; provided, however, that
failure to give such notice, or any defect therein, shall not affect
the validity of any proceedings for the redemption or purchase date of
such Series 2000 Notes for which no such failure or defect occurs.
(d) PARTIAL REDEMPTION.
(i) If less than all of the Series 2000 Notes
are to be redeemed pursuant to Section 2.02(a) or 2.02(b)
hereof, the subclass of Series 2000 Notes to be redeemed shall
be redeemed as directed by an Issuer Order. If less than all
of
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the Series 2000 Notes of any Stated Maturity of any subclass
of the Series 2000 Notes are to be redeemed, the Series 2000
Notes of the same Stated Maturity to be redeemed shall be
selected by lot in such manner as the Trustee shall determine.
Notwithstanding the foregoing, Class 2000B-1 Notes shall only
be redeemed if after the redemption of such Class 2000B-1
Notes, the Aggregate Market Value of the Trust Estate will
equal at least 105% of the aggregate principal amount of all
Notes Outstanding.
(ii) In case a Series 2000 Note is of a
denomination larger than an Authorized Denomination, a portion
of such Note (in an Authorized Denomination) may be redeemed.
Upon surrender of any Series 2000 Note for redemption in part
only, the Issuer shall execute and the Trustee shall
authenticate and deliver to the Registered Owner thereof, the
cost of which shall be paid by the Issuer, a new Series 2000
Note or Series 2000 Notes of the same series, maturity and of
authorized denominations, in an aggregate principal amount
equal to the unredeemed portion of the Series 2000 Note
surrendered.
SECTION 2.03. DELIVERY OF SERIES 2000 NOTES. Upon the execution and
delivery of this Supplemental Indenture, the Issuer shall execute and deliver to
the Trustee and the Trustee shall authenticate the Series 2000 Notes and deliver
them to The Depository Trust Company and as hereinafter in this Section
provided.
Prior to the delivery by the Trustee of any of the Series 2000 Notes,
there shall have been filed with or delivered to the Trustee the following:
(a) A resolution duly adopted by the Issuer, certified by
the Secretary or other Authorized Officer thereof, authorizing the
execution and delivery of this Supplemental Indenture and the issuance
of the Series 2000 Notes.
(b) Duly executed copies of this Supplemental Indenture
and a copy of the Indenture.
(c) Rating letters from each Rating Agency pursuant to
Section 2.08(b)(ii) of the Original Indenture.
(d) An opinion of Note Counsel pursuant to Section
2.08(b)(iii) of the Original Indenture.
SECTION 2.04. TRUSTEE'S AUTHENTICATION CERTIFICATE. The Trustee's
authentication certificate upon the Series 2000 Notes shall be substantially in
the forms provided in Exhibits A-l and A-2 hereof. No Series 2000 Note shall be
secured hereby or entitled to the benefit hereof, or shall be valid or
obligatory for any purpose, unless a certificate of authentication,
substantially in such form, has been duly executed by the Trustee; and such
certificate of the Trustee upon any Series 2000 Note shall be conclusive
evidence and the only competent evidence that such Bond has been authenticated
and delivered hereunder. The Trustee's certificate of authentication shall be
deemed to have been duly executed by it if manually signed by an authorized
officer of the Trustee, but it shall not be necessary that the
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same person sign the certificate of authentication on all of the Series 2000
Notes issued hereunder.
SECTION 2.05. DEPOSIT OF SERIES 2000 NOTE PROCEEDS. Upon the issuance
and delivery of the Series 2000 Notes, the Trustee shall deposit the net
proceeds thereof (i.e., net of Underwriters' discount and a management fee of
$3,250,000):
(a) an amount equal to $986,190,000 shall be deposited to
the Acquisition Fund;
(b) an amount equal to $3,060,000 shall be deposited to
the Revenue Fund; and
(c) an amount equal to $7,500,000 shall be deposited to
the Reserve Fund.
SECTION 2.06. FORMS OF SERIES 2000 NOTES. The Series 2000 Notes shall
be in substantially the form set forth in Exhibit A-1 and A-2 hereto, each with
such variations, omissions and insertions as may be necessary.
ARTICLE III
GENERAL PROVISIONS
SECTION 3.01. DATE OF EXECUTION. Although this Supplemental Indenture
for convenience and for the purpose of reference is dated as of June 1, 2000.
SECTION 3.02. LAWS GOVERNING. It is the intent of the parties hereto
that this Supplemental Indenture shall in all respects be governed by the laws
of the State.
SECTION 3.03. SEVERABILITY. Of any covenant, agreement, waiver, or part
thereof in this Supplemental Indenture contained be forbidden by any pertinent
law or under any pertinent law be effective to render this Supplemental
Indenture invalid or unenforceable or to impair the lien hereof, then each such
covenant, agreement, waiver, or part thereof shall itself be and is
hereby declared to be wholly ineffective, and this Supplemental Indenture shall
be construed as if the same were not included herein.
SECTION 3.04. EXHIBITS. The terms of the Exhibits attached to this
Supplemental Indenture are incorporated herein in all particulars.
ARTICLE IV
APPLICABILITY OF INDENTURE
The provisions of the Indenture are hereby ratified, approved and
confirmed, except as otherwise expressly modified by this Supplemental
Indenture. The representations, warranties and covenants contained in the
Indenture (except as expressly modified herein) are hereby reaffirmed with the
same force and effect as if fully set forth herein and made again as of the date
hereof.
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IN WITNESS WHEREOF, the Issuer has caused this Supplemental Indenture
to be executed in its corporate name and behalf by the Secretary, and the
Trustee, to evidence its acceptance of the trusts hereby created, has caused
this Supplemental Indenture to be executed in its corporate name and behalf, all
in multiple counterparts, each of which shall be deemed an original, and the
Issuer and the Trustee have caused this Supplemental Indenture to be dated as of
the date herein above first shown, although actually executed on the dates shown
in the acknowledgments hereafter appearing.
NELNET STUDENT LOAN
CORPORATION-2
By /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇▇
----------------------------------------
▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇▇
President
ZIONS FIRST NATIONAL BANK, as Trustee
By /s/ ▇▇▇▇▇ ▇. ▇▇▇▇
----------------------------------------
▇▇▇▇▇ ▇. ▇▇▇▇
Vice President
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APPENDIX A
CERTAIN TERMS AND PROVISIONS OF
THE AUCTION RATE NOTES
ARTICLE I
DEFINITIONS
Except as provided below in this Section, all terms which are defined
in Article I of the Indenture and Article I of this Supplemental Indenture shall
have the same meanings, respectively, in this Appendix A as such terms are given
in the Indenture and Article I of this Supplemental Indenture. In addition, the
following terms shall have the following respective meanings:
"All Hold Rate" means the Applicable LIBOR Rate less .20%; provided
that in no event shall the applicable All Hold Rate be greater than the
applicable Maximum Rate.
"Applicable LIBOR Rate" means, (a) for Auction Periods of 35 days or
less, One-Month LIBOR, (b) for Auction Periods of more than 35 days but less
than 91 days, Three-Month LIBOR, (c) for Auction Periods of more than 90 days
but less than 181 days, Six-Month LIBOR, and (d) for Auction Periods of more
than 180 days, One-Year LIBOR.
"Auction" means the implementation of the Auction Procedures on an
Auction Date.
"Auction Agent" means the Initial Auction Agent under the Initial
Auction Agent Agreement unless and until a Substitute Auction Agent Agreement
becomes effective, after which "Auction Agent" shall mean the Substitute Auction
Agent.
"Auction Agent Agreement" means the Initial Auction Agent Agreement
unless and until a Substitute Auction Agent Agreement is entered into, after
which "Auction Agent Agreement" shall mean such Substitute Auction Agent
Agreement.
"Auction Agent Fee" has the meaning set forth in the Auction Agent
Agreement.
"Auction Date" means, initially, June 14, 2000 with respect to the
Class 2000A-1 Notes, June 27, 2000 with respect to the Class 2000A-2 Notes, July
5, 2000 with respect to the Class 2000A-3 Notes, July 11, 2000 with respect to
the Class 2000A-4 Notes, July 18, 2000 with respect to the Class 2000A-5 Notes,
June 19, 2000 with respect to the Class 2000A-6 Notes, June 26, 2000 with
respect to the Class 2000A-7 Notes, June 27, 2000 with respect to the Class
2000A-8 Notes, July 5, 2000 with respect to the Class 2000A-9 Notes, July 11,
2000 with respect to the Class 2000A-10 Notes, July 18, 2000 with respect to the
Class 2000A-11 Notes, July 10, 2000 with respect to the Class 2000A-12 Notes,
July 17, 2000 with respect to the Class 2000A-13 Notes, June 29, 2000 with
respect to the Class 2000A-14 Notes and June 26, 2000 with respect to the Class
2000B-1 Notes, and thereafter, the Business Day immediately preceding the first
day of each Auction Period for each respective Subclass, other than:
(a) each Auction Period commencing after the ownership of
the applicable Auction Rate Notes is no longer maintained in Book-entry
Form by the Securities Depository;
(b) each Auction Period commencing after and during the
continuance of a Payment Default; or
(c) each Auction Period commencing less than two Business
Days after the cure or waiver of a Payment Default.
Notwithstanding the foregoing, the Auction Date for one or more Auction Periods
may be changed pursuant to Section 2.02(h) of this Appendix A.
"Auction Rate Notes" means, collectively, the Series 2000 Notes.
"Auction Note Interest Rate" means each variable rate of interest per
annum borne by an Auction Rate Note for each Auction Period and determined in
accordance with the provisions of Sections 2.01 and 2.02 of this Appendix A;
provided, however, that in the event of a Payment Default, the Auction Note
Interest Rate shall equal the applicable Non-Payment Rate; provided, further,
however that such Auction Note Interest Rate shall in no event exceed the lesser
of the Net Loan Rate and the Maximum Rate.
"Auction Period" means the Interest Period applicable to the Auction
Rate Notes during which time the Interest Rate is determined pursuant to Section
2.02(a) of this Appendix A, which Auction Period (after the Initial Period for
such Subclass) initially shall consist generally of seven days for the Class
2000A-1 Notes and 28 days for the Class 2000A-2 Notes, the Class 2000A-3 Notes,
the Class 2000A-4 Notes, the Class 2000A-5 Notes, the Class 2000A-6 Notes, the
Class 2000A-7 Notes, the Class 2000A-8 Notes, the Class 2000A-9 Notes, the Class
2000A-10 Notes, the Class 2000A-11 Notes, the Class 2000A-12 Notes, the Class
2000A-13 Notes, the Class 2000A-14 Notes and the Class 2000B-1 Notes, as the
same may be adjusted pursuant to Section 2.02(g) of this Appendix A.
"Auction Period Adjustment" means an adjustment to the Auction Period
as provided in Section 2.02(g) of this Appendix A.
"Auction Procedures'" means the procedures set forth in Section 2.02(a)
of this Appendix A by which the Auction Rate is determined.
"Auction Rate" means the rate of interest per annum that results from
implementation of the Auction Procedures and is determined as described in
Section 2.02(a)(iii)(B) of this Appendix A.
"Authorized Denominations" means $50,000 and any integral multiple
thereof.
"Available Auction Rate Notes" has the meaning set forth in Section
2.02(a)(iii)(A)(l) of this Appendix A.
"Bid" has the meaning set forth in Section 2.02(a)(i)(A) of this
Appendix A.
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"Bid Auction Rate" has the meaning set forth in Section 2.02(a)(iii)(A)
of this Appendix A.
"Bidder" has the meaning set forth in Section 2.02(a)(i)(A) of this
Appendix A.
"Bond Equivalent Yield" means, in respect of any security the rate for
which is quoted in The Wall Street Journal on a bank discount basis, the "bond
equivalent yield" (expressed as a percentage) for such security which appears on
Telerate's United States Treasury and Money Market Composite Page 0223, rounded
up to the nearest one one-hundredth of one percent.
"Book-entry Form" or "Book-entry System" means a form or system under
which (a) the beneficial right to principal and interest may be transferred only
through a book entry, (b) physical securities in registered form are issued only
to a Securities Depository or its nominee as registered owner, with the
securities "immobilized" to the custody of the Securities Depository, and (c)
the book entry is the record that identifies the owners of beneficial interests
in that principal and interest.
"Broker-Dealer" means, collectively, PaineWebber Incorporated, ▇▇▇▇▇▇▇
▇▇▇▇▇ ▇▇▇▇▇▇ Inc., Banc of America Securities LLC and ▇▇▇▇▇▇▇ Lynch, Pierce,
▇▇▇▇▇▇ & ▇▇▇▇▇ Incorporated or any other broker or dealer (each as defined in
the Securities Exchange Act of 1934, as amended), commercial bank or other
entity permitted by law to perform the functions required of a Broker-Dealer set
forth in the Auction Procedures that (a) is a Participant (or an affiliate of a
Participant), (b) has been appointed as such by the Issuer pursuant to Section
2.02(f) of this Appendix A, and (c) has entered into a Broker-Dealer Agreement
that is in effect on the date of reference.
"Broker-Dealer Agreement" means each agreement between the Auction
Agent and a Broker-Dealer, and approved by the Issuer, pursuant to which the
Broker-Dealer agrees to participate in Auctions as set forth in the Auction
Procedures, as from time to time amended or supplemented. Each Broker-Dealer
Agreement shall be in substantially the form of the Broker-Dealer Agreements,
each dated as of June 1, 2000, among the Issuer, Bankers Trust Company, as
Auction Agent, and the Broker-Dealers.
"Broker-Dealer Fee" has the meaning set forth in the Auction Agent
Agreement.
"Broker-Dealer Fee Rate" has the meaning set forth in the Auction Agent
Agreement.
"Business Day" means any day other than April 14 and 15, December 30
and 31, a Saturday, Sunday, holiday or day on which banks located in the City of
New York, New York, or the New York Stock Exchange, the Trustee or the Auction
Agent, are authorized or permitted by law or executive order to close or such
other date as may be agreed to in writing by the Auction Agent, the
Broker-Dealers and the Issuer.
"Carry-over Amount" means the excess, if any, of (a) the amount of
interest on an Auction Rate Note that would have accrued with respect to the
related Interest Period at the applicable Auction Rate over (b) the amount of
interest on such Auction Rate Note actually accrued with respect to such Auction
Rate Note with respect to such Interest Period based on the Net Loan Rate,
together with the unreduced portion of any such excess from prior Interest
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Periods; provided that any reference to "principal" or "interest" in the
Supplemental Indenture and in this Appendix A and the Auction Rate Notes shall
not include within the meanings of such words any Carry-over Amount or any
interest accrued on any Carry-over Amount.
"Closing Date" means the Date of Issuance of the Auction Rate Notes
(June 1, 2000).
"Commercial Paper Dealer" means PaineWebber Incorporated., its
successors and assigns, and any other commercial paper dealer appointed pursuant
to Section 2.02(c) of this Appendix A.
"Effective Interest Rate" means, with respect to any Financed Eligible
Loan, the interest rate per annum payable by the borrower as of the last day of
the calendar quarter borne by such Financed Eligible Loan after giving effect to
any reduction in such interest rate pursuant to borrower incentives, (a) less
all accrued rebate fees on such Financed Eligible Loan constituting
Consolidation Loans paid during such calendar quarter expressed as a percentage
per annum and (b) plus all accrued Interest Benefit Payments and Special
Allowance Payments applicable to such Financed Eligible Loan during such
calendar quarter expressed as a percentage per annum.
"Eligible Carry-over Make-Up Amount" means, with respect to each
Interest Period relating to the Auction Rate Notes as to which, as of the first
day of such Interest Period, there is any unpaid Carry-over Amount, an amount
equal to the lesser of (a) interest computed on the principal balance of the
Auction Rate Notes in respect to such Interest Period at a per annum rate equal
to the excess, if any, of the Net Loan Rate over the Auction Rate, together with
the unreduced portion of any such excess from prior Interest Periods and (b) the
aggregate Carry-over Amount remaining unpaid as of the first day of such
Interest Period together with interest accrued and unpaid thereon through the
end of such Interest Period.
"Existing Owner" means (a) with respect to and for the purpose of
dealing with the Auction Agent in connection with an Auction, a Person who is a
Broker-Dealer listed in the Existing Owner Registry at the close of business on
the Business Day immediately preceding the Auction Date for such Auction and (b)
with respect to and for the purpose of dealing with the Broker-Dealer in
connection with an Auction, a Person who is a beneficial owner of Auction Rate
Notes.
"Existing Owner Registry" means the registry of Persons who are owners
of the Auction Rate Notes, maintained by the Auction Agent as provided in the
Auction Agent Agreement.
"Hold Order" has the meaning set forth in Section 2.02(a)(i)(A) of this
Appendix A.
"Initial Auction Agent" means Bankers Trust Company, a New York banking
corporation, its successors and assigns.
"Initial Auction Agent Agreement" means, collectively, the Auction
Agent Agreement dated as of June 1, 2000, by and among the Issuer, the Trustee
and the Initial Auction Agent, including any amendment thereof or supplement
thereto.
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"Initial Period" means, as to Auction Rate Notes, the period commencing
on the Closing Date and continuing through the day immediately preceding the
Initial Rate Adjustment Date for such Auction Rate Notes.
"Initial Rate" means 6.620% for the Class 2000A-1 Notes, 6.650% for the
Class 2000A-2 Notes, 6.650% for the Class 2000A-3 Notes, 6.650% for the Class
2000A-4 Notes, 6.650% for the Class 2000A-5 Notes, 6.650% for the Class 2000A-6
Notes, 6.650% for the Class 2000A-7 Notes, 6.649% for the Class 2000A-8 Notes,
6.670% for the Class 2000A-9 Notes, 6.670% for the Class 2000A-10 Notes, 6.670%
for the Class 2000A-11 Notes, 6.700% for the Class 2000A-12 Notes, 6.700% for
the Class 2000A-13 Notes, 6.610% for the Class 2000A-14 Notes and 6.750% for the
Class 2000B-1 Notes.
"Initial Rate Adjustment Date" means, with respect to the Class 2000A-1
Notes, June 15, 2000; with respect to the Class 2000A-2 Notes, June 28, 2000;
with respect to the Class 2000A-3 Notes, July 6, 2000; with respect to the Class
2000A-4 Notes, July 12, 2000; with respect to the Class 2000A-5 Notes, July 19,
2000; with respect to the Class 2000A-6 Notes, June 20, 2000; with respect to
the Class 2000A-7 Notes, June 27, 2000; with respect to the Class 2000A-8 Notes,
June 28, 2000; with respect to the Class 2000A-9 Notes, July 6, 2000; with
respect to the Class 2000A-10 Notes, July 12, 2000; with respect to the Class
2000A-11 Notes, July 19, 2000; with respect to the Class 2000A-12 Notes, July
11, 2000; with respect to the Class 2000A-13 Notes, July 18, 2000; with respect
to the Class 2000A-14 Notes, June 30, 2000; and with respect to the Class
2000B-1 Notes, June 27, 2000.
"Interest Payment Date" means (a) so long as the Auction Rate Notes
bear interest at an Auction Note Interest Rate for an Interest Period of not
greater than 180 days, the Business Day immediately following the expiration of
the Initial Period for such Subclass, and each related Auction Period thereafter
and (b) if and for so long as the Auction Rate Notes bear interest at an Auction
Note Interest Rate for an Interest Period of greater than 180 days, each January
1 and June 1.
"Interest Period" means, with respect to the Auction Rate Notes, the
Initial Period and each period commencing on an Interest Rate Adjustment Date
for such Subclass and ending on the day before (a) the next Interest Rate
Adjustment Date for such Subclass or (b) the Stated Maturity of such Subclass,
as applicable.
"Interest Rate Adjustment Date" means the date on which an Auction Note
Interest Rate is effective, and means, with respect to the Auction Rate Notes,
the date of commencement of each Auction Period.
"Interest Rate Determination Date" means, with respect to the Auction
Rate Notes, the Auction Date, or if no Auction Date is applicable to such
Subclass, the Business Day immediately preceding the date of commencement of an
Auction Period.
"Maximum Rate" means the least of (a) either (i) the Applicable LIBOR
Rate plus 1.50% (if the ratings assigned by the Rating Agency to the Auction
Rate Notes are "Aa3" and "AA-," respectively, or better) or (ii) the Applicable
LIBOR Rate plus 2.50% (if any one of the ratings assigned by the Rating Agency
to the Auction Rate Notes is less than "Aa3" or "AA-,"
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respectively), (b) 18% and (c) the highest rate the Issuer may legally pay, from
time to time, as interest on the Auction Rate Notes. For purposes of the Auction
Agent and the Auction Procedures, the ratings referred to in this definition
shall be the last ratings of which the Auction Agent has been given written
notice pursuant to the Auction Agent Agreement.
"Net Loan Rate" means, respect to any Interest Period applicable to the
Auction Rate Notes, the greater of (a) the rate of interest per annum (rounded
to the next highest one one-hundredth of one percent) equal to the applicable
United States Treasury Security Rate plus 1.50% or (b) the rate of interest per
annum (rounded to the next highest one-hundredth of one percent) equal to (i)
the weighted average Effective Interest Rate of the Financed Eligible Loans for
the calendar quarter immediately preceding such Interest Period, as determined
by the Issuer on the last day of such calendar quarter, less (ii) the Program
Expense Percentage, as determined by the Issuer on the last day of each calendar
year. In making the determinations in (b)(i) and (ii) of this definition of "Net
Loan Rate," the Issuer shall take into account as an increase to such Net Loan
Rate the receipt of any Reciprocal Payment and as a decrease to any Issuer
Derivative Payment. The determinations made by the Issuer in (b)(i) and (ii) of
this definition of "Net Loan Rate" shall be given in writing to the Auction
Agent, the Trustee and the Broker-Dealers immediately upon their respective
calculation dates.
"Non-Payment Rate" means One-Month LIBOR plus 1.50%.
"One-Month LIBOR," "Three-Month LIBOR," "Six-Month LIBOR" or "One-Year
LIBOR," means the offered rate, as determined by the Auction Agent or Trustee,
as applicable, of the Applicable LIBOR Based Rate for United States dollar
deposits which appears on Telerate Page 3750, as reported by Bloomberg Financial
Markets Commodities News (or such other page as may replace Telerate Page 3750
for the purpose of displaying comparable rates) as of approximately 11:00 a.m.,
London time, on the LIBOR Determination Date; provided, that if on any
calculation date, no rate appears on Telerate Page 3750 as specified above, the
Auction Agent or Trustee, as applicable, shall determine the arithmetic mean of
the offered quotations of four major banks in the London interbank market, for
deposits in United States dollars for the respective periods specified above to
the banks in the London interbank market as of approximately 11:00 a.m., London
time, on such calculation date and in a principal amount of not less than
$1,000,000 that is representative of a single transaction in such market and at
such time, unless fewer than two such quotations are provided, in which case,
the Applicable LIBOR Based Rate shall be the arithmetic mean of the offered
quotations that leading banks in New York City selected by the Auction Agent or
Trustee, as applicable, are quoting on the relevant LIBOR Determination Date for
loans in United States dollars to leading European banks in a principal amount
of not less than $1,000,000 that is representative of a single transaction in
such market at such time. All percentages resulting from such calculations shall
be rounded upwards, if necessary, to the nearest one-hundredth of one percent.
"Order" has the meaning set forth in Section 2.02(a)(i)(A) of this
Appendix A.
"Payment Default" means, with respect to the Auction Rate Notes, (a) a
default in the due and punctual payment of any installment of interest on such
Auction Rate Notes, or (b) a default in the due and punctual payment of any
interest on and principal of such Auction Rate Notes at their maturity.
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"Potential Owner" means any Person (including an Existing Owner that is
(a) a Broker-Dealer when dealing with the Auction Agent and (b) a potential
beneficial owner when dealing with a Broker-Dealer) who may be interested in
acquiring Auction Rate Notes (or, in the case of an Existing Owner thereof, an
additional principal amount of Auction Rate Notes).
"Program Expense Percentage" means, the percentage that all Program
Expenses estimated for the next 12 months represent of the principal amount of
the Notes, which as of June 1, 2000 is 1.05%, and which the Issuer shall
calculate annually on the last day of each calendar year. Any adjustment in the
Program Expense Percentage shall be effective beginning on the first Interest
Rate Determination Date following each such calculation.
"PSA" means the Public Securities Association, its successors and
assigns.
"Quarterly Average Auction Rate" means the simple average of the
Auction Rates for the Auction Dates preceding the current Auction Date by 91
days or less, including the current Auction Date.
"Quarterly Average T-▇▇▇▇ Rate" means the simple average of the Bond
Equivalent Yields of 91-day Treasury bills auctioned in the 91 days preceding
(but not including) the current Auction Date.
"Regular Record Date" means the Business Day next preceding the
applicable Auction Date.
"S&P" means Standard & Poor's Ratings Services, a Division of The
▇▇▇▇▇▇-▇▇▇▇ Companies, Inc., its successors and assigns.
"Sell Order" has the meaning set forth in Section 2.02(a)(i)(A) of this
Appendix A.
"Submission Deadline" means 1:00 p.m., eastern time, on any Auction
Date or such other time on any Auction Date by which Broker-Dealers are required
to submit Orders to the Auction Agent as specified by the Auction Agent from
time to time.
"Submitted Bid" has the meaning set forth in Section 2.02(a)(iii)(A) of
this Appendix A.
"Submitted Hold Order" has the meaning set forth in Section 2.02(a)
(iii)(A) of this Appendix A.
"Submitted Order" has the meaning set forth in Section 2.02(a)(iii)(A)
of this Appendix A.
"Submitted Sell Order" has the meaning set forth in Section 2.02(a)
(iii)(A) of this Appendix A.
"Substitute Auction Agent" means the Person with whom the Issuer and
the Trustee enter into a Substitute Auction Agent Agreement.
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"Substitute Auction Agent Agreement" means an auction agent agreement
containing terms substantially similar to the terms of the Initial Auction Agent
Agreement, whereby a Person having the qualifications required by Section
2.02(e) of this Appendix A agrees with the Trustee and the Issuer to perform the
duties of the Auction Agent under this Appendix A.
"Sufficient Bids" has the meaning set forth in Section 2.02(a)(iii)(A)
of this Appendix A.
"United States Treasury Security Rate" means, for purposes of
calculating the Net Loan Rate applicable to the Auction Rate Notes, that rate of
interest per annum equal to the Bond Equivalent Yield on the applicable United
States Treasury securities sold at the last auction thereof that immediately
precedes the Interest Rate Adjustment Date for the Auction Rate Notes.
"Variable Rate" means the variable rate of interest per annum,
including the Initial Rate, borne by each Subclass of Auction Rate Notes during
the Initial Period for such Subclass, and each Interest Period thereafter as
such rate of interest is determined in accordance with the provisions of Article
II of this Appendix A.
ARTICLE II
TERMS AND ISSUANCE
SECTION 2.01. AUCTION RATE AND CARRY-OVER AMOUNTS. During the Initial
Period, the Auction Rate Notes shall bear interest at the Initial Rate for such
Subclass. Thereafter, and except with respect to an Auction Period Adjustment,
the Auction Rate Notes shall bear interest at an Auction Note Interest Rate
based on a 7-day or 28-day Auction Period for the Auction Rate Notes, as
determined pursuant to this Section 2.01 and Section 2.02 of this Appendix A.
For the Auction Rate Notes during the Initial Period and each Auction
Period thereafter, interest at the applicable Auction Rate Notes Interest Rate
shall accrue daily and shall be computed for the actual number of days elapsed
on the basis of a year consisting of 360 days.
The Auction Note Interest Rate to be borne by the Auction Rate Notes
after such Initial Period for each Auction Period until an Auction Period
Adjustment, if any, shall be determined as described below. Each such Auction
Period after the Initial Period shall commence on and include the day following
the expiration of the immediately preceding Auction Period and terminate on and
include the (i) third Business Day of the following week in the case of the
Class 2000A-1 Notes, (ii) second Business Day of the following fourth week in
the case of the Class 2000A-2 Notes, the Class 2000A-3 Notes, the Class 2000A-4
Notes, the Class 2000A-5 Notes, the Class 2000A-8 Notes, the Class 2000A-9
Notes, the Class 2000A-10 Notes and the Class 2000A-11 Notes, (iii) first
Business Day of the following fourth week in the case of the Class 2000A-6
Notes, the Class 2000A-7 Notes, the Class 2000A-12 Notes, the Class 2000A-13
Notes and the Class 2000B-1 Notes and (iv) third Business Day of the following
fourth week in the case of the Class 2000A-14 Notes; provided, however, that in
the case of the Auction Period that immediately follows the Initial Period for
the Auction Rate Notes, such Auction Period shall commence on the Initial Rate
Adjustment Date. The Auction Note Interest Rate of the Auction Rate Notes for
each Auction Period shall be the Auction Rate in effect for such Auction Period
as determined in accordance with Section 2.02(a) of this Appendix A; provided
that if, on any Interest Rate Determination Date, an Auction is not held for any
reason, then the Auction Note
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Interest Rate on such Auction Rate Notes for the next succeeding Auction Period
shall be the applicable Maximum Rate.
Notwithstanding the foregoing:
(a) if the ownership of an Auction Rate Note is no longer
maintained in Book-entry Form, the Auction Note Interest Rate on the
Auction Rate Notes for any Interest Period commencing after the
delivery of certificates representing Auction Rate Notes pursuant to
this Supplemental Indenture shall equal the lesser of (i) the Maximum
Rate and (ii) the Net Loan Rate on the Business Day immediately
preceding the first day of such subsequent Interest Period; or
(b) if a Payment Default shall have occurred, the Auction
Note Interest Rate on the Auction Rate Notes for the Interest Period
commencing on or immediately after such Payment Default, and for each
Interest Period thereafter, to and including the Interest Period, if
any, during which, or commencing less than two Business Days after,
such Payment Default is cured, shall equal the applicable Non-Payment
Rate on the first day of each such Interest Period.
In accordance with Section 2.02(a)(iii)(B) and (C) of this Appendix A,
the Auction Agent shall promptly give written notice to the Trustee and the
Issuer of each Auction Note Interest Rate (unless the Auction Note Interest Rate
is the applicable Non-Payment Rate) and the Maximum Rate when such rate is not
the Auction Note Interest Rate, applicable to the Auction Rate Notes. The
Trustee shall notify the Registered Owners and the Issuer of Auction Rate Notes
of the applicable Auction Note Interest Rate applicable to such Auction Rate
Notes for each Auction Period not later than the third Business Day of such
Auction Period. Notwithstanding any other provision of the Auction Rate Notes or
this Supplemental Indenture and except for the occurrence of a Payment Default,
interest payable on the Auction Rate Notes for an Auction Period shall never
exceed for such Auction Period the amount of interest payable at the applicable
Maximum Rate in effect for such Auction Period.
If the Auction Rate for the Auction Rate Notes is greater than the Net
Loan Rate, then the Variable Rate applicable to such Auction Rate Notes for that
Interest Period will be the Net Loan Rate. If the Variable Rate applicable to
such Auction Rate Notes for any Interest Period is the Net Loan Rate, the
Trustee shall determine the Carry-over Amount, if any, with respect to such
Auction Rate Notes for such Interest Period. Such Carry-over Amount shall bear
interest calculated at a rate equal to One-Month LIBOR (as determined by the
Auction Agent, provided the Trustee has received notice of One-Month LIBOR from
the Auction Agent, and if the Trustee shall not have received such notice from
the Auction Agent, then as determined by the Trustee) from the Interest Payment
Date for the Interest Period with respect to which such Carry-over Amount was
calculated, until paid. Any payment in respect of Carry-over Amount shall be
applied, first, to any accrued interest payable thereon and, second, in
reduction of such Carry-over Amount. For purposes of this Supplemental Indenture
and this Appendix A, any reference to "principal" or "interest" herein shall not
include within the meaning of such words Carry-over Amount or any interest
accrued on any such Carry-over Amount. Such Carry-over Amount shall be
separately calculated for each Auction Rate Note by the Trustee during such
Interest Period in sufficient time for the Trustee to give notice to each
Registered Owner of such Carry-over
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Amount as required in the next succeeding sentence. Not less than four days
before the Interest Payment Date for an Interest Period with respect to which
such Carry-over Amount has been calculated by the Trustee, the Trustee shall
give written notice to each Registered Owner the Auction Agent and the Issuer of
the Carry-over Amount applicable to each Registered Owner's Auction Rate Note,
which written notice may accompany the payment of interest by check made to each
such Registered Owner on such Interest Payment Date or otherwise shall be mailed
on such Interest Payment Date by first-class mail, postage prepaid, to each such
Registered Owner at such Registered Owner's address as it appears on the
registration records maintained by the Registrar. Such notice shall state, in
addition to such Carry-over Amount, that, unless and until an Auction Rate Note
has been redeemed (other than by optional redemption), after which all accrued
Carry-over Amounts (and all accrued interest thereon) that remains unpaid shall
be canceled and no Carry-over Amount (and interest accrued thereon) shall be
paid with respect to an Auction Rate Note, (a) the Carry-over Amount (and
interest accrued thereon calculated at a rate equal to One-Month LIBOR) shall be
paid by the Trustee on an Auction Rate Note on the earliest of (i) the date of
defeasance of the Auction Rate Notes or (ii) the first occurring Interest
Payment Date (or on the date of any such optional redemption) if and to the
extent that (A) the Eligible Carry-over Make-Up Amount with respect to such
subsequent Interest Period is greater than zero, and (B) moneys are available
pursuant to the terms of the Indenture in an amount sufficient to pay all or a
portion of such Carry-over Amount (and interest accrued thereon), and (b)
interest shall accrue on the Carry-over Amount at a rate equal to One-Month
LIBOR until such Carry-over Amount is paid in full or is cancelled.
The Carry-over Amount (and interest accrued thereon) for Auction Rate
Notes shall be paid by the Trustee on Outstanding Auction Rate Notes on the
earliest of (a) the date of defeasance of any of the Auction Rate Notes or (b)
the first occurring Interest Payment Date if and to the extent that (i) the
Eligible Carry-over Make-Up Amount with respect to such Interest Period is
greater than zero, and (ii) on such Interest Payment Date there are sufficient
moneys in the Revenue Fund to pay all interest due on the Auction Rate Notes on
such Interest Payment Date. Any Carry-over Amount (and any interest accrued
thereon) on any Auction Rate Note which is due and payable on an Interest
Payment Date, which Auction Rate Note is to be redeemed (other than by optional
redemption) on said Interest Payment Date, shall be paid to the Registered Owner
thereof on said Interest Payment Date to the extent that moneys are available
therefor in accordance with the provisions of this Appendix A; provided,
however, that any Carry-over Amount (and any interest accrued thereon) which is
not yet due and payable on said Interest Payment Date shall be cancelled with
respect to said Auction Rate Note that is to be redeemed (other than by optional
redemption) on said Interest Payment Date and shall not be paid on any
succeeding Interest Payment Date. To the extent that any portion of the
Carry-over Amount (and any interest accrued thereon) remains unpaid after
payment of a portion thereof, such unpaid portion shall be paid in whole or in
part as required hereunder until fully paid by the Trustee on the earliest of
(a) the date of defeasance of any of the Auction Rate Notes or (b) the next
occurring Interest Payment Date or Dates, as necessary, if and to the extent
that the conditions in the second preceding sentence are satisfied. On any
Interest Payment Date on which the Trustee pays only a portion of the Carry-over
Amount (and any interest accrued thereon) on Auction Rate Notes, the Trustee
shall give written notice in the manner set forth in the immediately preceding
paragraph to the Registered Owner of such Auction Rate Note receiving such
partial payment of the Carry-over Amount remaining unpaid on such Auction Rate
Note.
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The Interest Payment Date or other date on which such Carry-over Amount
(or any interest accrued thereon) for Auction Rate Notes shall be paid shall be
determined by the Trustee in accordance with the provisions of the immediately
preceding paragraph, and the Trustee shall make payment of the Carry-over Amount
(and any interest accrued thereon) in the same manner as, and from the same Fund
from which, it pays interest on the Auction Rate Notes on an Interest Payment
Date. Any payment of Carry-over Amounts (and interest accrued thereon) shall
reduce the amount of Eligible Carry-Over Make-Up Amount.
In the event that the Auction Agent no longer determines, or fails to
determine, when required, the Auction Note Interest Rate with respect to Auction
Rate Notes, or, if for any reason such manner of determination shall be held to
be invalid or unenforceable, the Auction Note Interest Rate for the next
succeeding Interest Period, which Interest Period shall be an Auction Period,
for Auction Rate Notes shall be the applicable Maximum Rate as determined by the
Auction Agent for such next succeeding Auction Period, and if the Auction Agent
shall fail or refuse to determine the Maximum Rate, the Maximum Rate shall be
determined by the securities dealer appointed by the Issuer capable of making
such a determination in accordance with the provisions of this Appendix A and
written notice of such determination shall be given by such securities dealer to
the Trustee.
SECTION 2.02. AUCTION RATE.
(a) DETERMINING THE AUCTION RATE. By purchasing Auction
Rate Notes, whether in an Auction or otherwise, each purchaser of the
Auction Rate Notes, or its Broker-Dealer, must agree and shall be
deemed by such purchase to have agreed (x) to participate in Auctions
on the terms described herein, (y) to have its beneficial ownership of
the Auction Rate Notes maintained at all times in Book-entry Form for
the account of its Participant, which in turn will maintain records of
such beneficial ownership and (z) to authorize such Participant to
disclose to the Auction Agent such information with respect to such
beneficial ownership as the Auction Agent may request.
So long as the ownership of Auction Rate Notes is maintained
in Book-entry Form by the Securities Depository, an Existing Owner may
sell, transfer or otherwise dispose of Auction Rate Notes only pursuant
to a Bid or Sell Order placed in an Auction or otherwise sell, transfer
or dispose of Auction Rate Notes through a Broker-Dealer, provided
that, in the case of all transfers other than pursuant to Auctions,
such Existing Owner, its Broker-Dealer or its Participant advises the
Auction Agent of such transfer. Auctions shall be conducted on each
Auction Date, if there is an Auction Agent on such Auction Date, in the
following manner:
(i) (A) Prior to the Submission Deadline on each
Auction Date;
(1) each Existing Owner of Auction Rate
Notes may submit to a Broker-Dealer by telephone or
otherwise any information as to:
a. the principal amount of
Outstanding Auction Rate Notes, if any,
owned by such Existing Owner which
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such Existing Owner desires to continue to
own without regard to the Auction Note
Interest Rate for the next succeeding
Auction Period;
b. the principal amount of
Outstanding Auction Rate Notes, if any,
which such Existing Owner offers to sell if
the Auction Note Interest Rate for the next
succeeding Auction Period shall be less than
the rate per annum specified by such
Existing Owner; and/or
c. the principal amount of
Outstanding Auction Rate Notes, if any,
owned by such Existing Owner which such
Existing Owner offers to sell without regard
to the Auction Note Interest Rate for the
next succeeding Auction Period;
and
(2) one or more Broker-Dealers may
contact Potential Owners to determine the principal
amount of Auction Rate Notes which each Potential
Owner offers to purchase, if the Auction Note
Interest Rate for the next succeeding Auction Period
shall not be less than the rate per annum specified
by such Potential Owner.
The statement of an Existing Owner or a Potential
Owner referred to in (1) or (2) of this paragraph (A) is
herein referred to as an "Order," and each Existing Owner and
each Potential Owner placing an Order is herein referred to as
a "Bidder"; an Order described in clause (1)a is herein
referred to as a "Hold Order"; an Order described in clauses
(1)b and (2) is herein referred to as a "Bid"; and an Order
described in clause (1)c is herein referred to as a "Sell
Order."
(B) (1) Subject to the provisions of
Section 2.02(a)(ii) of this Appendix A, a Bid by an
Existing Owner shall constitute an irrevocable offer
to sell:
a. the principal amount of
Outstanding Auction Rate Notes specified in
such Bid if the Auction Note Interest Rate
determined as provided in this Section
2.02(a) shall be less than the rate
specified therein; or
b. such principal amount, or
a lesser principal amount of Outstanding
Auction Rate Notes to be determined as set
forth in Section 2.02(a)(iv)(A)(4) of this
Appendix A, if the Auction Note Interest
Rate determined as provided in this Section
2.02(a) shall be equal to the rate specified
therein; or
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c. such principal amount, or
a lesser principal amount of Outstanding
Auction Rate Notes to be determined as set
forth in Section 2.02(a)(iv)(B)(3) of this
Appendix A, if the rate specified therein
shall be higher than the applicable Maximum
Rate and Sufficient Bids have not been made.
(2) Subject to the provisions of
Section 2.02(a)(ii) of this Appendix A, a Sell Order
by an Existing Owner shall constitute an irrevocable
offer to sell:
a. the principal amount of
Outstanding Auction Rate Notes specified in
such Sell Order; or
b. such principal amount, or
a lesser principal amount of Outstanding
Auction Rate Notes set forth in Section
2.02(a)(iv)(B)(3) of this Appendix A, if
Sufficient Bids have not been made.
(3) Subject to the provisions of
Section 2.02(a)(ii) of this Appendix A, a Bid by a
Potential Owner shall constitute an irrevocable offer
to purchase:
a. the principal amount of
Outstanding Auction Rate Notes specified in
such Bid if the Auction Note Interest Rate
determined as provided in this Section
2.02(a) shall be higher than the rate
specified in such Bid; or
b. such principal amount, or
a lesser principal amount of Outstanding
Auction Rate Notes set forth in Section
2.02(a)(iv)(A)(5) of this Appendix A, if the
Auction Note Interest Rate determined as
provided in this Section 2.02(a) shall be
equal to the rate specified in such Bid.
(ii) (A) Each Broker-Dealer shall submit in writing
to the Auction Agent prior to the Submission Deadline on each
Auction Date all Orders obtained by such Broker-Dealer and
shall specify with respect to each such Order:
(1) the name of the Bidder placing such
Order;
(2) the aggregate principal amount of
Auction Rate Notes that are the subject of such
Order;
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(3) to the extent that such Bidder is
an Existing Owner:
a. the principal amount of
Auction Rate Notes, if any, subject to any
Hold Order placed by such Existing Owner;
b. the principal amount of
Auction Rate Notes, if any, subject to any
Bid placed by such Existing Owner and the
rate specified in such Bid; and
c. the principal amount of
Auction Rate Notes, if any, subject to any
Sell Order placed by such Existing Owner;
and
(4) to the extent such Bidder is a
Potential Owner, the rate specified in such Potential
Owner's Bid.
(B) If any rate specified in any Bid contains
more than three figures to the right of the decimal point, the
Auction Agent shall round such rate up to the next higher one
thousandth of 1%.
(C) If an Order or Orders covering all
Outstanding Auction Rate Notes owned by an Existing Owner is
not submitted to the Auction Agent prior to the Submission
Deadline, the Auction Agent shall deem a Hold Order to have
been submitted on behalf of such Existing Owner covering the
principal amount of Outstanding Auction Rate Notes owned by
such Existing Owner and not subject to an Order submitted to
the Auction Agent.
(D) Neither the Issuer, the Trustee nor the
Auction Agent shall be responsible for any failure of a
Broker-Dealer to submit an Order to the Auction Agent on
behalf of any Existing Owner or Potential Owner.
(E) If any Existing Owner submits through a
Broker-Dealer to the Auction Agent one or more Orders covering
in the aggregate more than the principal amount of Outstanding
Auction Rate Notes owned by such Existing Owner, such Orders
shall be considered valid as follows and in the following
order of priority:
(1) All Hold Orders shall be considered
valid, but only up to the aggregate principal amount
of Outstanding Auction Rate Notes owned by such
Existing Owner, and if the aggregate principal amount
of Auction Rate Notes subject to such Hold Orders
exceeds the aggregate principal amount of Auction
Rate Notes owned by such Existing Owner, the
aggregate principal amount of Auction Rate Notes
subject to each such Hold Order
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shall be reduced pro rata so that the aggregate
principal amount of Auction Rate Notes subject to
such Hold Order equals the aggregate principal amount
of Outstanding Auction Rate Notes owned by such
Existing Owner.
(2) a. Any Bid shall be
considered valid up to an amount equal to
the excess of the principal amount of
Outstanding Auction Rate Notes owned by such
Existing Owner over the aggregate principal
amount of Auction Rate Notes subject to any
Hold Order referred to in clause (A) of this
paragraph (v);
b. subject to subclause (1)
of this clause (B), if more than one Bid
with the same rate is submitted on behalf of
such Existing Owner and the aggregate
principal amount of Outstanding Auction Rate
Notes subject to such Bids is greater than
such excess, such Bids shall be considered
valid up to an amount equal to such excess;
c. subject to subclauses (1)
and (2) of this clause (B), if more than one
Bid with different rates are submitted on
behalf of such Existing Owner, such Bids
shall be considered valid first in the
ascending order of their respective rates
until the highest rate is reached at which
such excess exists and then at such rate up
to the amount of such excess; and
d. in any such event, the
amount of Outstanding Auction Rate Notes, if
any. subject to Bids not valid under this
clause (B) shall be treated as the subject
of a Bid by a Potential Owner at the rate
therein specified; and
(3) All Sell Orders shall be considered
valid up to an amount equal to the excess of the
principal amount of Outstanding Auction Rate Notes
owned by such Existing Owner over the aggregate
principal amount of Auction Rate Notes subject to
Hold Orders referred to in clause (1) of this
paragraph (v) and valid Bids referred to in clause
(2) of this paragraph (E).
(F) If more than one Bid for Auction Rate Notes
is submitted on behalf of any Potential Owner, each Bid
submitted shall be a separate Bid with the rate and principal
amount therein specified.
(G) An Existing Owner that offers to purchase
additional Auction Rate Notes is, for purposes of such offer,
treated as a Potential Owner.
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(H) Any Bid or Sell Order submitted by an
Existing Owner covering an aggregate principal amount of
Auction Rate Notes not equal to an Authorized Denomination
shall be rejected and shall be deemed a Hold Order. Any Bid
submitted by a Potential Owner covering an aggregate principal
amount of Auction Rate Notes not equal to an Authorized
Denomination shall be rejected.
(I) Any Bid specifying a rate higher than the
applicable Maximum Rate will (l)be treated as a Sell Order if
submitted by an Existing Owner and (2) not be accepted if
submitted by a Potential Owner.
(J) Any Order submitted in an Auction by a
Broker-Dealer to the Auction Agent prior to the Submission
Deadline on any Auction Date shall be irrevocable.
(iii) (A) Not earlier than the Submission Deadline on
each Auction Date, the Auction Agent shall assemble all valid
Orders submitted or deemed submitted to it by the
Broker-Dealers (each such Order as submitted or deemed
submitted by a Broker-Dealer being herein referred to
individually as a "Submitted Hold Order," a "Submitted Bid" or
a "Submitted Sell Order," as the case may be, or as a
"Submitted Order," and collectively as "Submitted Hold
Orders," "Submitted Bids" or "Submitted Sell Orders," as the
case may be, or as "Submitted Orders") and shall determine:
(1) the excess of the total principal
amount of Outstanding Auction Rate Notes over the sum
of the aggregate principal amount of Outstanding
Auction Rate Notes subject to Submitted Hold Orders
(such excess being herein referred to as the
"Available Auction Rate Notes"), and
(2) from the Submitted Orders whether:
a. the aggregate principal
amount of Outstanding Auction Rate Notes
subject to Submitted Bids by Potential
Owners specifying one or more rates equal to
or lower than the applicable Maximum Rate;
exceeds or is equal to the sum of:
b. the aggregate principal
amount of Outstanding Auction Rate Notes
subject to Submitted Bids by Existing Owners
specifying one or more rates higher than the
applicable Maximum Rate; and
c. the aggregate principal
amount of Outstanding Auction Rate Notes
subject to Submitted Sell Orders;
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(in the event such excess or such equality exists,
other than because all of the Outstanding Auction
Rate Notes are subject to Submitted Hold Orders, such
Submitted Bids described in subclause a. above shall
be referred to collectively as "Sufficient Bids");
and
(3) if Sufficient Bids exist, the Bid
Auction Rate, which shall be the lowest rate
specified in such Submitted Bids such that if:
a. (x) each Submitted Bid
from Existing Owners specifying such lowest
rate and (y) all other Submitted Bids from
Existing Owners specifying lower rates were
rejected, thus entitling such Existing
Owners to continue to own the principal
amount of Auction Rate Notes subject to such
Submitted Bids; and
b. (x) each such Submitted
Bid from Potential Owners specifying such
lowest rate and (y) all other Submitted Bids
from Potential Owners specifying lower rates
were accepted;
the result would be that such Existing Owners
described in subclause a. above would continue to own
an aggregate principal amount of Outstanding Auction
Rate Notes which, when added to the aggregate
principal amount of Outstanding Auction Rate Notes to
be purchased by such Potential Owners described in
subclause b. above, would equal not less than the
Available Auction Rate Notes.
(B) Promptly after the Auction Agent has made
the determinations pursuant to Section 2.02(a)(iii)(A) of this
Appendix A, the Auction Agent shall advise the Trustee, the
Broker-Dealers and the Issuer of the Net Loan Rate, Maximum
Rate and the All Hold Rate and the components thereof on the
Auction Date and, based on such determinations, the Auction
Rate for the next succeeding Interest Period as follows:
(1) if Sufficient Bids exist, that the
Auction Rate for the next succeeding Interest Period
shall be equal to the Bid Auction Rate so determined;
(2) if Sufficient Bids do not exist
(other than because all of the Outstanding Auction
Rate Notes are subject to Submitted Hold Orders),
that the Auction Rate for the next succeeding
Interest Period shall be equal to the applicable
Maximum Rate; or
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(3) if all Outstanding Auction Rate
Notes are subject to Submitted Hold Orders, that the
Auction Rate for the next succeeding Interest Period
shall be equal to the applicable All Hold Rate.
(C) Promptly after the Auction Agent has
determined the Auction Rate, the Auction Agent shall determine
and advise the Trustee of the Auction Note Interest Rate,
which rate shall be the lesser of (x) the Auction Rate and (y)
the Net Loan Rate; provided, however, that in no event shall
the Auction Note Interest Rate exceed the applicable Maximum
Rate.
(iv) Existing Owners shall continue to own the principal
amount of Auction Rate Notes that are subject to Submitted Hold Orders.
If the Net Loan Rate is equal to or greater than the Bid Auction Rate
and if Sufficient Bids have been received by the Auction Agent, the Bid
Auction Rate will be the Auction Note Interest Rate, and Submitted Bids
and Submitted Sell Orders will be accepted or rejected and the Auction
Agent will take such other action as described below in subparagraph
(A).
If the Net Loan Rate is less than the Auction Rate, the Net
Loan Rate will be the Auction Note Interest Rate. If the Auction Rate
and the Net Loan Rate are both greater than the applicable Maximum
Rate, the Auction Note Interest Rate shall be equal to the applicable
Maximum Rate. If the Auction Agent has not received Sufficient Bids
(other than because all of the Outstanding Auction Rate Notes are
subject to Submitted Hold Orders), the Auction Note Interest Rate will
be the lesser of the Net Loan Rate and the applicable Maximum Rate. In
any of the cases described above, Submitted Orders will be accepted or
rejected and the Auction Agent will take such other action as described
below in subparagraph (B).
(A) If Sufficient Bids have been made and the
Net Loan Rate is equal to or greater than the Bid Auction
Rate, and if the applicable Maximum Rate does not apply (in
which case the Auction Note Interest Rate shall be the Bid
Auction Rate), all Submitted Sell Orders shall be accepted
and, subject to the provisions of clauses (4) and (5) of this
Section 2.02(a)(iv), Submitted Bids shall be accepted or
rejected as follows in the following order of priority, and
all other Submitted Bids shall be rejected:
(1) Existing Owners' Submitted Bids
specifying any rate that is higher than the Auction
Note Interest Rate shall be accepted, thus requiring
each such Existing Owner to sell the aggregate
principal amount of Auction Rate Notes subject to
such Submitted Bids;
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(2) Existing Owners' Submitted Bids
specifying any rate that is lower than the Auction
Note Interest Rate shall be rejected, thus entitling
each such Existing Owner to continue to own the
aggregate principal amount of Auction Rate Notes
subject to such Submitted Bids;
(3) Potential Owners' Submitted Bids
specifying any rate that is lower than the Auction
Note Interest Rate shall be accepted;
(4) Each Existing Owners' Submitted Bid
specifying a rate that is equal to the Auction Note
Interest Rate shall be rejected, thus entitling such
Existing Owner to continue to own the aggregate
principal amount of Auction Rate Notes subject to
such Submitted Bid, unless the aggregate principal
amount of Outstanding Auction Rate Notes subject to
all such Submitted Bids shall be greater than the
principal amount of Auction Rate Notes (the
"remaining principal amount") equal to the excess of
the Available Auction Rate Notes over the aggregate
principal amount of Auction Rate Notes subject to
Submitted Bids described in clauses (2) and (3) of
this Section 2.02(a)(iv)(D)(l), in which event such
Submitted Bid of such Existing Owner shall be
rejected in part, and such Existing Owner shall be
entitled to continue to own the principal amount of
Auction Rate Notes subject to such Submitted Bid, but
only in an amount equal to the aggregate principal
amount of Auction Rate Notes obtained by multiplying
the remaining principal amount by a fraction, the
numerator of which shall be the principal amount of
Outstanding Auction Rate Notes owned by such Existing
Owner subject to such Submitted Bid and the
denominator of which shall be the sum of the
principal amount of Outstanding Auction Rate Notes
subject to such Submitted Bids made by all such
Existing Owners that specified a rate equal to the
Auction Note Interest Rate, subject to the provisions
of Section 2.02(a)(iv)(D) of this Appendix A; and
(5) Each Potential Owner's Submitted
Bid specifying a rate that is equal to the Auction
Note Interest Rate shall be accepted, but only in an
amount equal to the principal amount of Auction Rate
Notes obtained by multiplying the excess of the
aggregate principal amount of Available Auction Rate
Notes over the aggregate principal amount of Auction
Rate Notes subject to Submitted Bids described in
clauses (2), (3) and (4) of this Section
2.02(a)(iv)(A) by a fraction the numerator of which
shall be the aggregate principal amount of
Outstanding Auction Rate Notes subject to such
Submitted Bid and the denominator of which shall be
the sum of the principal amount of Outstanding
Auction Rate Notes subject to Submitted Bids made by
all such Potential
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Owners that specified a rate equal to the Auction
Note Interest Rate, subject to the provisions of
Section 2.02(a)(iv)(D) of this Appendix A.
(B) If Sufficient Bids have not been made (other
than because all of the Outstanding Auction Rate Notes are
subject to submitted Hold Orders), or if the Net Loan Rate is
less than the Bid Auction Rate (in which case the Auction Note
Interest Rate shall be the Net Loan Rate) or if applicable
Maximum Rate applies, subject to the provisions of Section
2.02(a)(iv)(D) of this Appendix A, Submitted Orders shall be
accepted or rejected as follows in the following order of
priority and all other Submitted Bids shall be rejected:
(1) Existing Owners' Submitted Bids
specifying any rate that is equal to or lower than
the Auction Note Interest Rate shall be rejected,
thus entitling such Existing Owners to continue to
own the aggregate principal amount of Auction Rate
Notes subject to such Submitted Bids;
(2) Potential Owners' Submitted Bids
specifying (x) any rate that is equal to or lower
than the Auction Note Interest Rate shall be accepted
and (y) any rate that is higher than the Auction
Note Interest Rate shall be rejected; and
(3) each Existing Owner's Submitted Bid
specifying any rate that is higher than the Auction
Note Interest Rate and the Submitted Sell Order of
each Existing Owner shall be accepted, thus entitling
each Existing Owner that submitted any such Submitted
Bid or Submitted Sell Order to sell the Auction Rate
Notes subject to such Submitted Bid or Submitted Sell
Order, but in both cases only in an amount equal to
the aggregate principal amount of Auction Rate Notes
obtained by multiplying the aggregate principal
amount of Auction Rate Notes subject to Submitted
Bids described in clause (2)(x) of this Section
2.02(a)(iv)(B) by a fraction the numerator of which
shall be the aggregate principal amount of
Outstanding Auction Rate Notes owned by such Existing
Owner subject to such submitted Bid or Submitted Sell
Order and the denominator of which shall be the
aggregate principal amount of Outstanding Auction
Rate Notes subject to all such Submitted Bids and
Submitted Sell Orders.
(C) If all Auction Rate Notes are subject to
Submitted Hold Orders, all Submitted Bids shall be rejected.
(D) If. as a result of the procedures described
in paragraph (A) or (B) of this Section 2.02(a)(iv), any
Existing Owner would be entitled or required to sell, or any
Potential Owner would be entitled or required to
A-1-20
purchase, a principal amount of Auction Rate Notes that is not
equal to an Authorized Denomination, the Auction Agent shall,
in such manner as in its sole discretion it shall determine,
round up or down the principal amount of Auction Rate Notes to
be purchased or sold by any Existing Owner or Potential Owner
so that the principal amount of Auction Rate Notes purchased
or sold by each Existing Owner or Potential Owner shall be
equal to an Authorized Denomination.
(E) If, as a result of the procedures described
in paragraph (B) of this Section 2.02(a)(iv), any Potential
Owner would be entitled or required to purchase less than an
Authorized Denomination of Auction Rate Notes, the Auction
Agent shall, in such manner as in its sole discretion it shall
determine, allocate Auction Rate Notes for purchase among
Potential Owners so that only Auction Rate Notes in Authorized
Denominations are purchased by any Potential Owner, even if
such allocation results in one or more of such Potential
Owners not purchasing any Auction Rate Notes.
(v) Based on the result of each Auction, the Auction
Agent shall determine the aggregate principal amount of Auction Rate
Notes to be purchased and the aggregate principal amount of Auction
Rate Notes to be sold by Potential Owners and Existing Owners on whose
behalf each Broker-Dealer submitted Bids or Sell Orders and, with
respect to each Broker-Dealer, to the extent that such aggregate
principal amount of Auction Rate Notes to be sold differs from such
aggregate principal amount of Auction Rate Notes to be purchased,
determine to which other Broker-Dealer or Broker-Dealers acting for one
or more purchasers such Broker-Dealer shall deliver, or from which
other Broker-Dealer or Broker-Dealers acting for one or more sellers
such Broker-Dealer shall receive, as the case may be, Auction Rate
Notes.
(vi) Any calculation by the Auction Agent or the Trustee,
as applicable, of the Auction Note Interest Rate, the Maximum Rate, the
All Hold Rate, the Net Loan Rate and the Non-Payment Rate shall, in the
absence of manifest error, be binding on all other parties.
(vii) Notwithstanding anything in this Appendix A to the
contrary, (A) no Auction for the Auction Rate Notes for an Auction
Period of less than 180 days will be held on any Auction Date hereunder
on which there are insufficient moneys in the Revenue Fund to pay, or
otherwise held by the Trustee under the Indenture and available to pay,
the principal of and interest due on the Auction Rate Notes on the
Interest Payment Date immediately following such Auction Date, and (B)
no Auction will be held on any Auction Date hereunder during the
continuance of a Payment Default. The Trustee shall promptly notify the
Auction Agent of any such occurrence.
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(b) APPLICATION OF INTEREST PAYMENTS FOR THE AUCTION RATE NOTES.
(i) The Trustee shall determine not later than 2:00 p.m.,
eastern time, on the Business Day next succeeding an Interest Payment
Date, whether a Payment Default has occurred. If a Payment Default has
occurred, the Trustee shall, not later than 2:15 p.m., eastern time, on
such Business Day, send a notice thereof in substantially the form of
Exhibit C attached hereto to the Auction Agent by telecopy or similar
means and, if such Payment Default is cured, the Trustee shall
immediately send a notice in substantially the form of Exhibit D
attached hereto to the Auction Agent by telecopy or similar means.
(ii) Not later than 2:00 p.m., eastern time, on each
anniversary of the Closing Date, the Trustee shall pay to the Auction
Agent, in immediately available funds out of amounts in the Revenue
Fund, an amount equal to the Auction Agent Fee as set forth in the
Auction Agent Agreement. Not later than 2:00 p.m., eastern time, on
each Auction Date, the Trustee shall pay to the Auction Agent, in
immediately available funds out of amounts in the Revenue Fund, an
amount equal to the Broker-Dealer Fee as calculated in the Auction
Agent Agreement. The Trustee shall, from time to time at the request of
the Auction Agent and at the direction of an Authorized Officer,
reimburse the Auction Agent for its reasonable expenses as provided in
the Auction Agent Agreement, such expenses to be paid out of amounts in
the Revenue Fund.
(c) CALCULATION OF MAXIMUM RATE, ALL HOLD RATE, NET LOAN RATE,
APPLICABLE LIBOR RATE, AND NON-PAYMENT RATE. The Auction Agent shall calculate
the applicable Maximum Rate, Net Loan Rate, Applicable LIBOR Rate, and All Hold
Rate, as the case may be, on each Auction Date and shall notify the Trustee and
the Broker-Dealers of the applicable Maximum Rate, Net Loan Rate, Applicable
LIBOR Rate, and All Hold Rate, as the case may be, as provided in the Auction
Agent Agreement; provided, that if the ownership of the Auction Rate Notes is no
longer maintained in Book-entry Form, or if a Payment Default has occurred, then
the Trustee shall determine the applicable Maximum Rate, Net Loan Rate,
Applicable LIBOR Rate, All Hold Rate and Non-Payment Rate for each such Interest
Period. If the ownership of the Auction Rate Notes is no longer maintained in
Book-entry Form by the Securities Depository, the Trustee shall calculate the
applicable Maximum Rate and the Net Loan Rate on the Business Day immediately
preceding the first day of each Interest Period after the delivery of
certificates representing the Auction Rate Notes pursuant to the Indenture. If a
Payment Default shall have occurred, the Trustee shall calculate the Non-Payment
Rate on the Interest Rate Determination Date for (i) each Interest Period
commencing after the occurrence and during the continuance of such Payment
Default and (ii) any Interest Period commencing less than two Business Days
after the cure of any Payment Default. The determination by the Trustee or the
Auction Agent, as the case may be, of the applicable Maximum Rate, Net Loan
Rate, Applicable LIBOR Rate, All Hold Rate and Non-Payment Rate shall (in the
absence of manifest error) be final and binding upon all parties. If calculated
or determined by the Auction Agent, the Auction Agent shall promptly advise the
Trustee of the applicable Maximum Rate, Net Loan Rate, Applicable LIBOR Rate,
and All Hold Rate.
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(d) NOTIFICATION OF RATES, AMOUNTS AND PAYMENT DATES.
(i) By 12:00 noon, eastern time, on the Business Day
following each Regular Record Date, the Trustee shall determine the
aggregate amounts of interest distributable on the next succeeding
Interest Payment Date to the beneficial owners of Auction Rate Notes.
(ii) At least four days prior to any Interest Payment
Date, the Trustee shall:
(A) confirm with the Auction Agent, so long as
no Payment Default has occurred and is continuing and the
ownership of the Auction Rate Notes is maintained in
Book-entry Form by the Securities Depository, (l)the date of
such next Interest Payment Date and (2) the amount payable to
the Auction Agent on the Auction Date pursuant to Section
2.02(b)(ii) of this Appendix A;
(B) pursuant to Section 2.01 of this Appendix A,
advise the Registered Owners of a Subclass of Auction Rate
Notes of any Carry-over Amount accruing on such Auction Rate
Notes; and
(C) advise the Securities Depository, so long as
the ownership of the Auction Rate Notes is maintained in
Book-entry Form by the Securities Depository, upon request, of
the aggregate amount of interest distributable on such next
Interest Payment Date to the beneficial owners of each
Subclass of the Auction Rate Notes.
If any day scheduled to be an Interest Payment Date shall be changed
after the Trustee shall have given the notice or confirmation referred to in
clause (i) of the preceding sentence, the Trustee shall, not later than 11:15
a.m.. eastern time, on the Business Day next preceding the earlier of the new
Interest Payment Date or the old Interest Payment Date, by such means as the
Trustee deems practicable, give notice of such change to the Auction Agent, so
long as no Payment Default has occurred and is continuing and the ownership of
the Auction Rate Notes is maintained in Book-entry Form by the Securities
Depository.
(e) AUCTION AGENT.
(i) Bankers Trust Company is hereby appointed as Initial
Auction Agent to serve as agent for the Issuer in connection with
Auctions. The Trustee and the Issuer will, and the Trustee is hereby
directed to, enter into the Initial Auction Agent Agreement with
Bankers Trust Company, as the Initial Auction Agent. Any Substitute
Auction Agent shall be (A) a bank, national banking association or
trust company duly organized under the laws of the United States of
America or any state or territory thereof having its principal place of
business in the Borough of Manhattan, New York, or such other location
as approved by the Trustee in writing and having a combined capital
stock or surplus of at least $50,000,000, or (B) a member of the
National Association of Securities Dealers,
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Inc., having a capitalization of at least $50,000,000, and, in either
case, authorized by law to perform all the duties imposed upon it
hereunder and under the Auction Agent Agreement. The Auction Agent may
at any time resign and be discharged of the duties and obligations
created by this Appendix A by giving at least 90 days' notice to the
Trustee, each Broker-Dealer and the Issuer. The Auction Agent may be
removed at any time by the Trustee upon the written direction of an
Authorized Officer or the Registered Owners of 51% of the aggregate
principal amount of the Auction Rate Notes then Outstanding, and if by
such Registered Owners, by an instrument signed by such Registered
Owners or their attorneys and filed with the Auction Agent, the Issuer
and the Trustee upon at least 90 days' written notice. Neither
resignation nor removal of the Auction Agent pursuant to the preceding
two sentences shall be effective until and unless a Substitute Auction
Agent has been appointed and has accepted such appointment. If required
by the Issuer, a Substitute Auction Agent Agreement shall be entered
into with a Substitute Auction Agent. Notwithstanding the foregoing,
the Auction Agent may terminate the Auction Agent Agreement if, within
25 days after notifying the Trustee, each Broker-Dealer and the Issuer
in writing that it has not received payment of any Auction Agent Fee
due it in accordance with the terms of the Auction Agent Agreement, the
Auction Agent does not receive such payment.
(ii) If the Auction Agent shall resign or be removed or be
dissolved, or if the property or affairs of the Auction Agent shall be
taken under the control of any state or federal court or administrative
body because of bankruptcy or insolvency, or for any other reason, the
Trustee at the direction of an Authorized Officer, shall use its best
efforts to appoint a Substitute Auction Agent.
(iii) The Auction Agent is acting as agent for the Issuer
in connection with Auctions. In the absence of bad faith, negligent
failure to act or negligence on its part, the Auction Agent shall not
be liable for any action taken, suffered or omitted or any error of
judgment made by it in the performance of its duties under the Auction
Agent Agreement and shall not be liable for any error of judgment made
in good faith unless the Auction Agent shall have been negligent in
ascertaining (or failing to ascertain) the pertinent facts.
(f) BROKER-DEALERS.
(i) The Auction Agent will enter into Broker-Dealer
Agreements with PaineWebber Incorporated, ▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ Inc.,
Banc of America Securities LLC and ▇▇▇▇▇▇▇ Lynch, Pierce, ▇▇▇▇▇▇ &
▇▇▇▇▇ Incorporated, as the initial Broker-Dealers. An Authorized
Officer may, from time to time, approve one or more additional persons
to serve as Broker-Dealers under Broker-Dealer Agreements and shall be
responsible for providing such Broker-Dealer Agreements to the Trustee
and the Auction Agent.
A-1-24
(ii) Any Broker-Dealer may be removed at any time, at the
request of an Authorized Officer, but there shall, at all times, be at
least one Broker-Dealer appointed and acting as such.
(g) CHANGES IN AUCTION PERIOD OR PERIODS AND CERTAIN PERCENTAGES.
(i) While any of the Auction Rate Notes are Outstanding,
the Issuer may, from time to time, change the length of one or more
Auction Periods (an "Auction Period Adjustment"), in order to conform
with then current market practice with respect to similar securities or
to accommodate economic and financial factors that may affect or be
relevant to the length of the Auction Period and the interest rate
borne by the Auction Rate Notes. The Issuer shall not initiate an
Auction Period Adjustment unless it shall have received the written
consent of the applicable Broker-Dealer, which consent shall not be
unreasonably withheld, not later than nine days prior to the Auction
Date for such Auction Period. The Issuer shall initiate the Auction
Period Adjustment by giving written notice by Issuer Order to the
Trustee, the Auction Agent, the applicable Broker-Dealer, each Rating
Agency and the Securities Depository in substantially the form of, or
containing substantially the information contained in, Exhibit E
attached hereto at least 10 days prior to the Auction Date for such
Auction Period.
(ii) Any such adjusted Auction Period shall not be less
than 7 days nor more than 366 days.
(iii) An Auction Period Adjustment shall take effect only
if (A) the Trustee and the Auction Agent receive, by 11:00 a.m.,
eastern time, on the Business Day before the Auction Date for the first
such Auction Period, an Issuer Certificate in substantially the form
attached as, or containing substantially the same information contained
in, Exhibit F attached hereto, authorizing the Auction Period
Adjustment specified in such certificate along with a copy of the
written consent of the applicable Broker-Dealer and, (B) Sufficient
Bids exist as of the Auction on the Auction Date for such first Auction
Period. If the condition referred to in (A) above is not met, the
applicable Auction Note Interest Rate for the next Auction Period shall
be determined pursuant to the above provisions of this Section 2.02 and
the Auction Period shall be the Auction Period determined without
reference to the proposed change. If the condition referred to in (A)
is met but the condition referred in (B) above is not met, the
applicable Auction Note Interest Rate for the next Auction Period shall
be the applicable Maximum Rate and the Auction Period shall be the
Auction Period determined without reference to the proposed change.
In connection with any Auction Period Adjustment, the Auction
Agent shall provide such further notice to such parties as is specified
in Section 2.03 of the Auction Agent Agreement.
(h) CHANGES IN THE AUCTION DATE. The applicable Broker-Dealer,
with the written consent of an Authorized Officer and, if applicable, upon
receipt of the opinion of Note Counsel as required below, may specify an
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earlier Auction Date (but in no event more than five Business Days
earlier) than the Auction Date that would otherwise be determined in
accordance with the definition of "Auction Date" in Section 1.01 of
this Appendix A with respect to one or more specified Auction Periods
in order to conform with then current market practice with respect to
similar securities or to accommodate economic and financial factors
that may affect or be relevant to the day of the week constituting an
Auction Date and the interest rate borne on the Auction Rate Notes. The
applicable Broker-Dealer shall deliver a written request for consent to
such change in the length of the Auction Date to the Issuer at least 14
days prior to the effective date of such change. If the Issuer shall
have delivered such written consent to the applicable Broker-Dealer,
such Broker-Dealer shall provide notice of its determination to specify
an earlier Auction Date for one or more Auction Periods by means of a
written notice delivered at least 10 days prior to the proposed changed
Auction Date to the Trustee, the Auction Agent, the Issuer, each Rating
Agency and the Securities Depository. Such notice shall be
substantially in the form of, or contain substantially the information
contained in, Exhibit G attached hereto.
In connection with any change described in this Section
2.02(h), the Auction Agent shall provide such further notice to such
parties as is specified in Section 2.03 of the Auction Agent Agreement.
Section 2.03. Additional Provisions Regarding the Interest Rates on the
Auction Rate Notes. The determination of a Variable Rate by the Auction Agent or
any other Person pursuant to the provisions of the applicable Section of this
Article II shall be conclusive and binding on the Registered Owners of the
Auction Rate Notes to which such Variable Rate applies, and the Issuer and the
Trustee may rely thereon for all purposes.
In no event shall the cumulative amount of interest paid or payable on
the Auction Rate Notes (including interest calculated as provided herein, plus
any other amounts that constitute interest on the Auction Rate Notes under
applicable law, which are contracted for, charged, reserved, taken or received
pursuant to the Auction Rate Notes or related documents) calculated from the
Date of Closing of the Auction Rate Notes through any subsequent day during the
term of the Auction Rate Notes or otherwise prior to payment in full of the
Auction Rate Notes exceed the amount permitted by applicable law. If the
applicable law is ever judicially interpreted so as to render usurious any
amount called for under the Auction Rate Notes or related documents or otherwise
contracted for, charged, reserved, taken or received in connection with the
Auction Rate Notes, or if the redemption or acceleration of the maturity of the
Auction Rate Notes results in payment to or receipt by the Registered Owner or
any former Registered Owner of the Auction Rate Notes of any interest in excess
of that permitted by applicable law, then, notwithstanding any provision of the
Auction Rate Notes or related documents to the contrary, all excess amounts
theretofore paid or received with respect to the Auction Rate Notes shall be
credited on the principal balance of the Auction Rate Notes (or, if the Auction
Rate Notes have been paid or would thereby be paid in full, refunded by the
recipient thereof), and the provisions of the Auction Rate Notes and related
documents shall automatically and immediately be deemed reformed and the amounts
thereafter collectible hereunder and thereunder reduced, without the necessity
of the execution of any new document, so as to comply with the applicable law,
but so as to permit the recovery of the fullest amount otherwise called for
under the Auction Rate Notes and under the related documents.
▇-▇-▇▇
▇▇▇▇▇▇▇ ▇-▇
FORM OF SENIOR NOTES
EXCEPT AS OTHERWISE PROVIDED IN THE INDENTURE, THIS GLOBAL NOTE MAY BE
TRANSFERRED, IN WHOLE BUT NOT IN PART, ONLY TO ANOTHER NOMINEE OF THE SECURITIES
DEPOSITORY (AS DEFINED HEREIN) OR TO A SUCCESSOR SECURITIES DEPOSITORY OR TO A
NOMINEE OF A SUCCESSOR SECURITIES DEPOSITORY.
NELNET STUDENT LOAN CORPORATION-2
TAXABLE STUDENT LOAN ASSET-BACKED NOTE
SENIOR CLASS 2000A-|1] [2] [3] [4] [5] [6] [7] [8] [9] [10] [11] [12] [13] [14]
AUCTION RATE NOTES
REGISTERED NO. R-____ REGISTERED $______________
MATURITY DATE INTEREST RATE ORIGINAL ISSUE DATE CUSIP NO.
December 1, 2032 Variable June 1, 2000 ____________
PRINCIPAL SUM:________________________________________________AND 00/100 DOLLARS
REGISTERED OWNER: CEDE & CO.
NELNET STUDENT LOAN CORPORATION-2, a corporation organized under the
corporation laws of the State of Nevada (the "Issuer," which term includes any
successor corporation under the Indenture of Trust, dated as of June 1, 2000 (as
amended, the "Original Indenture") and the Series 2000 Supplemental Indenture of
Trust dated as of June 1, 2000 (as amended, the "Series 2000 Supplemental
Indenture," and together with the Original Indenture, the "Indenture"), each
between the Issuer and Zions First National Bank, as trustee (the "Trustee,"
which term includes any successor trustee under the Indenture)) for value
received, hereby promises to pay to the Registered Owner (stated above) or
registered assigns, the Principal Sum of (stated above), but solely from the
revenues and receipts hereinafter specified and not otherwise, on the Maturity
Date specified above (subject to the right of prior redemption hereinafter
described), upon presentation and surrender of this note at the Principal Office
of the Trustee, as paying agent, trustee, authenticating agent and registrar for
the Notes, or a duly appointed successor paying agent, and to pay interest in
arrears on said Principal Sum, but solely from the revenues and receipts
hereinafter specified and not otherwise, to the Registered Owner hereof from the
most recent Interest Payment Date to which interest has been paid hereon, until
the payment of said principal sum in full.
Any capitalized words and terms used as defined words and terms in this
note and not otherwise defined herein shall have the meanings given them in the
Indenture.
This note shall bear interest at an Auction Rate, all as determined in
Appendix A of the Series 2000 Supplemental Indenture.
The principal of and interest on this note are payable in lawful money
of the United States of America. If the specified date for any payment of
principal or interest accrued to such specified date shall be a day other than a
Business Day then such payment may be made on the next succeeding Business Day,
with the same force and effect as if made on the specified date for such payment
without additional interest.
Interest payable on this note shall be computed on the assumption that
each year contains 360 days and actual days elapsed.
This note is one of a series of notes of the Issuer designated Taxable
Student Loan Asset-Backed Notes, Senior Class 2000A-[l][2][3][4][5][6][7][8][9]
[10][11][12][13][14] Auction Rate Notes, dated the Original Issue Date, in the
aggregate original principal amount of $___________________ (the "Class 2000A-
[1][2][3][4][5][6][7][8][9][10][11][12][13][14] Notes") which have been
authorized by the Issuer under a certain resolution, and issued by the Issuer
pursuant to the Indenture. The Issuer is, simultaneously with the Class 2000A-
[1][2][3][4][5][6][7][8][9][10]][11][12][13][14] Notes, issuing $_______________
of its Taxable Student Loan Asset-Backed Notes, Senior Class 2000A Notes in
fourteen subclasses (together with the Class 2000A-[1][2][3][4][5][6][7][8][9]
[10]][11][12][13][14] Notes, the "Class A Notes") and $50,000,000 of its Taxable
Student Loan Asset-Backed Notes, Senior Class 2000B-1 Notes (the "Class B
Notes"). The proceeds of such notes have been used by the Issuer, together with
other moneys of the Issuer, for the purpose of providing funds to finance the
acquisition of student loans, fund a reserve fund and to pay certain costs and
expenses in connection with the issuance of such notes. The Indenture provides
for the issuance of additional notes (the "Additional Notes") which may be
secured on a parity with or subordinate to the Class A Notes or the Class B
Notes as determined by the Issuer. The Class A Notes, the Class B Notes and any
Additional Notes are collectively referred to herein as the "Notes."
MANDATORY REDEMPTION, OPTIONAL REDEMPTION AND EXTRAORDINARY REDEMPTION.
This note is subject to mandatory redemption, optional redemption and
extraordinary redemption, all as described in the Indenture.
OPTIONAL PURCHASE. The Issuer may purchase or cause to be purchased all
of the Notes on any Interest Payment Date on which the aggregate current
principal balance of the Notes shall be less than or equal to 20% of the initial
aggregate principal balance of the Notes on the Date of Issuance, at a purchase
price equal to the aggregate current principal balance of such Notes, plus
accrued interest on the Notes through the day preceding the Interest Payment
Date on which the purchase occurs.
NOTICE OF REDEMPTION OR PURCHASE. Notice of the call for redemption
shall be given by the Trustee by mailing a copy of the notice at least 15 days
prior to the redemption or purchase date to the Registered Owners of the Notes
to be redeemed in whole or in part at the address of such Registered Owner last
showing on the registration books. Failure to give such notice or any defect
therein shall not affect the validity of any proceedings for the redemption or
purchase of such Auction Rate Notes for which no such failure or defect occurs.
All Notes called for
A-1-2
redemption or purchase will cease to bear interest after the specified
redemption or purchase date, provided funds for their payment are on deposit at
the place of payment at the time. If less than all Notes are to be redeemed or
purchased, Notes shall be selected for redemption or purchase as provided in the
Indenture.
The Indenture provides that the Issuer may enter into a derivative
product between the Issuer and a derivative provider (a "Reciprocal Payor"), as
originally executed and as amended or supplemented, or other interest rate hedge
agreement between the Issuer and a Reciprocal Payor, as originally executed and
as amended or supplemented. Payments due to a Reciprocal Payor from the Issuer
pursuant to the applicable Derivative Product are referred to herein as "Issuer
Derivative Payments," and may be secured on a parity with any series of Bonds.
The principal of and interest on the Class A Notes and any Additional
Notes issued on a parity with the Class A Notes and any Issuer Derivative
Payments secured on a parity with the Class A Notes are payable on a superior
basis to such payments on the Class B Notes and any Additional Notes issued on a
parity or subordinate to the Class B Notes; provided, however, that current
principal and interest may be paid on the Class B Notes and any Additional Notes
issued on a parity with the Class B Notes or subordinate to the Class B Notes if
all principal and interest payments due and owing at such time on the Class A
Notes and any Additional Notes issued on a parity with the Class A Notes and any
Issuer Derivative Payments secured on a parity with the Class A Notes have been
previously made or provided for as provided in the Indenture.
Reference is hereby made to the Indenture, copies of which are on file
in the Principal Office of the Trustee, and to all of the provisions of which
any Registered Owner of this note by his acceptance hereof hereby assents, for
definitions of terms; the description of and the nature and extent of the
security for the Notes; the Issuer's student loan origination and acquisition
program; the revenues and other money pledged to the payment of the principal of
and interest on the Notes; the nature and extent and manner of enforcement of
the pledge; the conditions upon which the Indenture may be amended or
supplemented with or without the consent of the Registered Owners of the Notes
and any Reciprocal Payor; the rights and remedies of the Registered Owner hereof
with respect hereto and thereto, including the limitations upon the right of a
Registered Owner hereof to institute any suit, action, or proceeding in equity
or at law with respect hereto and thereto; the rights, duties, and obligations
of the Issuer and the Trustee thereunder; the terms and provisions upon which
the liens, pledges, charges, trusts, and covenants made therein may be
discharged at or prior to the stated maturity or earlier redemption of this
note, and this note thereafter shall no longer be secured by the Indenture or be
deemed to be Outstanding, as defined in the Indenture, thereunder; and for the
other terms and provisions thereof.
THE NOTES ARE LIMITED OBLIGATIONS OF THE ISSUER, PAYABLE SOLELY FROM,
AND FURTHER SECURED BY, THE TRUST ESTATE, AS DEFINED IN THE INDENTURE.
No recourse, either directly or indirectly, shall be had for the
payment of the principal of and interest on this note or any claim based hereon
or in respect hereof or of the Indenture, against the Trustee, or any
incorporator, director, officer, employee, or agent of the Issuer, nor against
the State of Nevada, or any official thereof, but the obligation to pay all
amounts required
A-1-3
by the Indenture securing this note and the obligation to do and perform the
covenants and acts required of the Issuer therein and herein shall be and remain
the responsibility and obligation of said Issuer, limited as herein set forth.
Subject to the restrictions specified in the Indenture, this note is
transferable on the Note Register kept for that purpose by the Trustee, as
registrar, upon surrender of this note for transfer at the principal office of
the Trustee, duly endorsed by, or accompanied by a written instrument of
transfer in form satisfactory to the Trustee duly executed by, the Registered
Owner hereof or his attorney duly authorized in writing, and thereupon one or
more new Notes of the same series, Stated Maturity, of authorized denominations,
bearing interest at the same rate, and for the same aggregate principal amount
will be issued to the designated transferee or transferees. At the option of the
Registered Owner, any Note may be exchanged for other Notes in authorized
denominations upon surrender of the Note to be exchanged at the principal office
of the Trustee. Upon any such presentation for exchange, one or more new Notes
of the same series, Stated Maturity, in authorized denominations, bearing
interest at the same rate, and for the same aggregate principal amount as the
Note or Notes so surrendered will be issued to the Registered Owner of the Note
or Notes so surrendered; and the Note or Notes so surrendered shall thereupon be
cancelled by the Trustee.
Notwithstanding the foregoing, so long as the ownership of the Notes is
maintained in book-entry form by The Depositor Trust Company (the "Securities
Depository") or a nominee thereof, this note may be transferred in whole but
not in part only to the Securities Depository or a nominee thereof or to a
successor Securities Depository or its nominee.
The Issuer, the Trustee, and any agent of either of them shall treat
the Person in whose name this note is registered as the Registered Owner hereof
(a) on the record date for purposes of receiving timely payment of interest
hereon, and (b) on the date of surrender of this note for purposes of receiving
payment of principal hereof at its stated maturity and (c) for all other
purposes, whether or not this note is overdue, and neither the Issuer, the
Trustee, nor any such agent shall be affected by notice to the contrary.
To the extent permitted by the Indenture, modifications or alterations
of the Indenture and any supplemental indenture may be made with the consent of
less than all of the Registered Owners of the Notes then outstanding or without
the consent of any of such Registered Owners (by reason of a change in the Act
or Regulation or to cure ambiguities or conflicts), but such modification or
alteration is not permitted to affect the maturity date, Stated Maturity,
amount, Interest Payment Date, or rate of interest on any outstanding Notes or
affect the rights of the Registered Owners of less than all of the Notes
outstanding.
The Registered Owner hereof shall not have the right to demand payment
of this note or any interest hereon out of funds raised or to be raised by
taxation.
Any capitalized term used herein and not otherwise defined herein shall
have the same meaning ascribed to such term in the herein defined Indenture
unless the context shall clearly indicate otherwise.
A-1-4
It is hereby certified and recited that all acts and things required by
the laws of the State of Nevada to happen, exist, and be performed precedent to
and in the issuance of this note, and the passage of said resolution and the
execution of said Indenture, have happened, exist and have been performed as so
required.
A-1-5
IN TESTIMONY WHEREOF, the Board of Directors of NELNET STUDENT LOAN
CORPORATION-2 has caused this note to be executed by the manual or facsimile
signatures of the President and Secretary of the Issuer all as of the Original
Issue Date.
NELNET STUDENT LOAN CORPORATION-2
By _______________________________
President
By _______________________________
Secretary
A-1-6
CERTIFICATE OF AUTHENTICATION
This note is one of the Class 2000A-_ Notes designated therein and
described in the within-mentioned Indenture.
ZIONS FIRST NATIONAL BANK, as Trustee
By ___________________________________
Authorized Signatory
Authentication Date:
_____________________________
A-1-7
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned hereby sells, assigns, and
transfers unto ____________________(Social Security or other identifying
number____________________) the within note and all rights thereunder and hereby
irrevocably appoints____________________ attorney to transfer the within note on
the books kept for registration thereof, with full power of substitution in the
premises.
Dated:_________________________ SIGNED:____________________________________
NOTICE: The signature on this Assignment
must correspond with the name of the
Registered Owner as it appears on the face
of the within note in every particular.
Signature Guaranteed by:
________________________________
A Member of The New York Stock
Exchange or a State or National
Bank
▇-▇-▇
▇▇▇▇▇▇▇ ▇-▇
FORM OF SUBORDINATE NOTES
EXCEPT AS OTHERWISE PROVIDED IN THE INDENTURE, THIS GLOBAL NOTE MAY BE
TRANSFERRED, IN WHOLE BUT NOT IN PART, ONLY TO ANOTHER NOMINEE OF THE SECURITIES
DEPOSITORY (AS DEFINED HEREIN) OR TO A SUCCESSOR SECURITIES DEPOSITORY OR TO A
NOMINEE OF A SUCCESSOR SECURITIES DEPOSITORY.
NELNET STUDENT LOAN CORPORATION-2
TAXABLE STUDENT LOAN ASSET-BACKED NOTE
SUBORDINATE CLASS 2000B-1
AUCTION RATE NOTES
REGISTERED NO. ▇-▇ REGISTERED $50,000,000
MATURITY DATE INTEREST RATE ORIGINAL ISSUE DATE CUSIP NO.
December 1,2032 Variable June 1,2000 _____________
PRINCIPAL SUM: FIFTY MILLION AND 00/100 DOLLARS
REGISTERED OWNER: CEDE & CO.
NELNET STUDENT LOAN CORPORATION-2, a corporation organized under the
corporation laws of the State of Nevada (the "Issuer," which term includes any
successor corporation under the Indenture of Trust, dated as of June 1, 2000 (as
amended, the "Original Indenture") and the Series 2000 Supplemental Indenture of
Trust dated as of June 1, 2000 (as amended, the "Series 2000 Supplemental
Indenture," and together with the Original Indenture, the "Indenture"), each
between the Issuer and Zions First National Bank, as trustee (the "Trustee,"
which term includes any successor trustee under the Indenture)) for value
received, hereby promises to pay to the Registered Owner (stated above) or
registered assigns, the Principal Sum of (stated above), but solely from the
revenues and receipts hereinafter specified and not otherwise, on the Maturity
Date specified above (subject to the right of prior redemption hereinafter
described), upon presentation and surrender of this note at the Principal Office
of the Trustee, as paying agent, trustee, authenticating agent and registrar for
the Notes, or a duly appointed successor paying agent, and to pay interest in
arrears on said Principal Sum, but solely from the revenues and receipts
hereinafter specified and not otherwise, to the Registered Owner hereof from the
most recent Interest Payment Date to which interest has been paid hereon, until
the payment of said principal sum in full.
Any capitalized words and terms used as defined words and terms in this
note and not otherwise defined herein shall have the meanings given them in the
Indenture.
This note shall bear interest at an Auction Rate, all as determined in
Appendix A of the Series 2000 Supplemental Indenture.
The principal of and interest on this note are payable in lawful money
of the United States of America. If the specified date for any payment of
principal or interest accrued to such specified date shall be a day other than a
Business Day then such payment may be made on the next succeeding Business Day,
with the same force and effect as if made on the specified date for such payment
without additional interest.
Interest payable on this note shall be computed on the assumption that
each year contains 360 days and actual days elapsed.
This note is one of a series of notes of the Issuer designated Taxable
Student Loan Asset-Backed Notes, Subordinate Class 2000B-1 Auction Rate Notes,
dated the Original Issue Date, in the aggregate original principal amount of
$50,000,000 (the "Class B Notes") which have been authorized by the Issuer under
a certain resolution, and issued by the Issuer pursuant to the Indenture. The
Issuer is, simultaneously with the Class B Notes, issuing $950,000,000 of its
Taxable Student Loan Asset-Backed Notes, Senior Class 2000A Notes in fourteen
subclasses (collectively, the "Class A Notes"). The proceeds of such notes have
been used by the Issuer, together with other moneys of the Issuer, for the
purpose of providing funds to finance the acquisition of student loans, fund a
reserve fund and to pay certain costs and expenses in connection with the
issuance of such notes. The Indenture provides for the issuance of additional
notes (the "Additional Notes") which may be secured on a parity with or
subordinate to the Class A Notes or the Class B Notes as determined by the
Issuer. The Class A Notes, the Class B Notes and any Additional Notes are
collectively referred to herein as the "Notes."
MANDATORY REDEMPTION, OPTIONAL REDEMPTION AND EXTRAORDINARY REDEMPTION.
This note is subject to mandatory redemption, optional redemption and
extraordinary redemption, all as described in the Indenture.
OPTIONAL PURCHASE. The Issuer may purchase or cause to be purchased all
of the Notes on any Interest Payment Date on which the aggregate current
principal balance of the Notes shall be less than or equal to 20% of the initial
aggregate principal balance of the Notes on the Date of Issuance, at a purchase
price equal to the aggregate current principal balance of such Notes, plus
accrued interest on the Notes through the day preceding the Interest Payment
Date on which the purchase occurs.
NOTICE OF REDEMPTION OR PURCHASE. Notice of the call for redemption
shall be given by the Trustee by mailing a copy of the notice at least 15 days
prior to the redemption or purchase date to the Registered Owners of the Notes
to be redeemed in whole or in part at the address of such Registered Owner last
showing on the registration books. Failure to give such notice or any defect
therein shall not affect the validity of any proceedings for the redemption or
purchase of such Auction Rate Notes for which no such failure or defect occurs.
All Notes called for redemption or purchase will cease to bear interest after
the specified redemption or purchase date, provided funds for their payment are
on deposit at the place of payment at the time. If less than all Notes are to be
redeemed or purchased, Notes shall be selected for redemption or purchase as
provided in the Indenture.
A-2-2
The Indenture provides that the Issuer may enter into a derivative
product between the Issuer and a derivative provider (a "Reciprocal Payor"), as
originally executed and as amended or supplemented, or other interest rate hedge
agreement between the Issuer and a Reciprocal Payor, as originally executed and
as amended or supplemented. Payments due to a Reciprocal Payor from the Issuer
pursuant to the applicable Derivative Product are referred to herein as "Issuer
Derivative Payments," and may be secured on a parity with any series of Bonds.
The principal of and interest on the Class A Notes and any Additional
Notes issued on a parity with the Class A Notes and any Issuer Derivative
Payments secured on a parity with the Class A Notes are payable on a superior
basis to such payments on the Class B Notes and any Additional Notes issued on a
parity or subordinate to the Class B Notes; provided, however, that current
principal and interest may be paid on the Class B Notes and any Additional Notes
issued on a parity with the Class B Notes or subordinate to the Class B Notes if
all principal and interest payments due and owing at such time on the Class A
Notes and any Additional Notes issued on a parity with the Class A Notes and any
Issuer Derivative Payments secured on a parity with the Class A Notes have been
previously made or provided for as provided in the Indenture.
Reference is hereby made to the Indenture, copies of which are on file
in the Principal Office of the Trustee, and to all of the provisions of which
any Registered Owner of this note by his acceptance hereof hereby assents, for
definitions of terms; the description of and the nature and extent of the
security for the Notes; the Issuer's student loan origination and acquisition
program; the revenues and other money pledged to the payment of the principal of
and interest on the Notes; the nature and extent and manner of enforcement of
the pledge; the conditions upon which the Indenture may be amended or
supplemented with or without the consent of the Registered Owners of the Notes
and any Reciprocal Payor; the rights and remedies of the Registered Owner hereof
with respect hereto and thereto, including the limitations upon the right of a
Registered Owner hereof to institute any suit, action, or proceeding in equity
or at law with respect hereto and thereto; the rights, duties, and obligations
of the Issuer and the Trustee thereunder, the terms and provisions upon which
the liens, pledges, charges, trusts, and covenants made therein may be
discharged at or prior to the stated maturity or earlier redemption of this
note, and this note thereafter shall no longer be secured by the Indenture or be
deemed to be Outstanding, as defined in the Indenture, thereunder; and for the
other terms and provisions thereof.
THE NOTES ARE LIMITED OBLIGATIONS OF THE ISSUER, PAYABLE SOLELY FROM,
AND FURTHER SECURED BY, THE TRUST ESTATE, AS DEFINED IN THE INDENTURE.
No recourse, either directly or indirectly, shall be had for the
payment of the principal of and interest on this note or any claim based hereon
or in respect hereof or of the Indenture, against the Trustee, or any
incorporator, director, officer, employee, or agent of the Issuer, nor against
the State of Nevada, or any official thereof, but the obligation to pay all
amounts required by the Indenture securing this note and the obligation to do
and perform the covenants and acts required of the Issuer therein and herein
shall be and remain the responsibility and obligation of said Issuer, limited as
herein set forth.
A-2-3
Subject to the restrictions specified in the Indenture, this note is
transferable on the Note Register kept for that purpose by the Trustee, as
registrar, upon surrender of this note for transfer at the principal office of
the Trustee, duly endorsed by, or accompanied by a written instrument of
transfer in form satisfactory to the Trustee duly executed by, the Registered
Owner hereof or his attorney duly authorized in writing, and thereupon one or
more new Notes of the same series, Stated Maturity, of authorized denominations,
bearing interest at the same rate, and for the same aggregate principal amount
will be issued to the designated transferee or transferees. At the option of the
Registered Owner, any Note may be exchanged for other Notes in authorized
denominations upon surrender of the Note to be exchanged at the principal office
of the Trustee. Upon any such presentation for exchange, one or more new Notes
of the same series, Stated Maturity, in authorized denominations, bearing
interest at the same rate, and for the same aggregate principal amount as the
Note or Notes so surrendered will be issued to the Registered Owner of the Note
or Notes so surrendered; and the Note or Notes so surrendered shall thereupon be
cancelled by the Trustee.
Notwithstanding the foregoing, so long as the ownership of the Notes is
maintained in book-entry form by The Depository Trust Company (the "Securities
Depository") or a nominee thereof, this note may be transferred in whole but not
in part only to the Securities Depository or a nominee thereof or to a successor
Securities Depository or its nominee.
The Issuer, the Trustee, and any agent of either of them shall treat
the Person in whose name this note is registered as the Registered Owner hereof
(a) on the record date for purposes of receiving timely payment of interest
hereon, and (b) on the date of surrender of this note for purposes of receiving
payment of principal hereof at its stated maturity and (c) for all other
purposes, whether or not this note is overdue, and neither the Issuer, the
Trustee, nor any such agent shall be affected by notice to the contrary.
To the extent permitted by the Indenture, modifications or alterations
of the Indenture and any supplemental indenture may be made with the consent of
less than all of the Registered Owners of the Notes then outstanding or without
the consent of any of such Registered Owners (by reason of a change in the Act
or Regulation or to cure ambiguities or conflicts), but such modification or
alteration is not permitted to affect the maturity date, Stated Maturity,
amount, Interest Payment Date, or rate of interest on any outstanding Notes or
affect the rights of the Registered Owners of less than all of the Notes
outstanding.
The Registered Owner hereof shall not have the right to demand payment
of this note or any interest hereon out of funds raised or to be raised by
taxation.
Any capitalized term used herein and not otherwise defined herein shall
have the same meaning ascribed to such term in the herein defined Indenture
unless the context shall clearly indicate otherwise.
It is hereby certified and recited that all acts and things required by
the laws of the State of Nevada to happen, exist, and be performed precedent to
and in the issuance of this note, and the passage of said resolution and the
execution of said Indenture, have happened, exist and have been performed as so
required.
A-2-4
IN TESTIMONY WHEREOF, the Board of Directors of NELNET STUDENT LOAN
CORPORATION-2 has caused this note to be executed by the manual or facsimile
signatures of the President and Secretary of the Issuer all as of the Original
Issue Date.
NELNET STUDENT LOAN CORPORATION-2
By ______________________________
President
By ______________________________
Secretary
A-2-5
CERTIFICATE OF AUTHENTICATION
This note is one of the Class 2000B-1 Notes designated therein and
described in the within-mentioned Indenture.
ZIONS FIRST NATIONAL BANK, as Trustee
By __________________________________
Authorized Signatory
Authentication Date:
______________________________
A-2-6
ASSIGNMENT
FOR VALUE RECEIVED, the undersigned hereby sells, assigns, and
transfers unto ______________________(Social Security or other identifying
number___________________) the within note and all rights thereunder and hereby
irrevocably appoints_____________________attorney to transfer the within note on
the books kept for registration thereof, with full power of substitution in the
premises.
Dated:__________________________ SIGNED:____________________________________
NOTICE: The signature on this Assignment
must correspond with the name of the
Registered Owner as it appears on the face
of the within note in every particular.
Signature Guaranteed by:
_______________________________
A Member of The New York Stock
Exchange or a State or National
Bank
A-2-7
EXHIBIT B
SERIES 2000 CLOSING CASH FLOW PROJECTIONS
CASH FLOW ANALYSIS
[EDUCATION LOAN GROUP LOGO]
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
PAINEWEBBER INCORPORATED
MAY 30, 2000
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
TABLE OF CONTENTS
REPORT DESCRIPTION PAGE
------------------------------------------------------------------------
I. Cash Flow Assumptions
Summary of Assumptions ................................... 2
II. Debt Issue Reports
Sources & Uses of Funds .................................. 13
Bond Redemption Summary .................................. 14
Bond Fee Summary ......................................... 16
III. Loan Portfolio Reports
Loan Origination Summary ................................. 20
Loan Status Summary ...................................... 28
Loan Default Summary ..................................... 44
Loan Income Summary ...................................... 60
Loan Fee Summary ......................................... 76
Loan Statistical Summary ................................. 92
IV. Cash Flow Reports
Fund Details for Each Fund ............................... 101
Projected Cumulative Cash Flows .......................... 106
Projected Asset Coverage ................................. 108
I. CASH FLOW ASSUMPTIONS
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
CASH FLOW ASSUMPTIONS
CASH FLOW ASSUMPTIONS
A. ISSUE STRUCTURE
FIRST FINAL FIRST INTEREST DEBT BASE SPREAD OR INTEREST
DESCRIPTION AMOUNT MATURITY MATURITY INTEREST PAY. FREQ. TYPE INTEREST INDEX % OF BASE RATE
-----------------------------------------------------------------------------------------------------------------------------
2000 A (7 Day) $ 50,000,000 6/01/30 6/01/30 7/01/00 Monthly ARC 91 day T-▇▇▇▇ 0.45% 5.45%
2000 A (28 Day) 900,000,000 6/01/30 6/01/30 7/01/00 Monthly ARC 91 day T-▇▇▇▇ 0.55% 5.55%
2000 B-1 50,000,000 6/01/30 6/01/30 7/01/00 Monthly ARC 91 ▇▇▇ T-▇▇▇▇ 0.60% 5.60%
---------------------------------------------------------------------------------------------------------------------------
$ 1,000,000.000
---------------------------------------------------------------------------------------------------------------------------
CASH FLOW ASSUMPTIONS
B. RELEVANT DATES
Cash Flow Start Date 6/01/00
First Reporting Date for loans 6/01/00
Reporting Frequency Quarterly
First Reporting Date for bonds 6/01/00
Reporting Frequency Quarterly
Cash Flow Termination Date 1/01/19
Prepared by PaineWebber Incorporated Page 2
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
CASH FLOW ASSUMPTIONS
C. INTEREST AND INVESTMENT RATES
BASE
RATE (%) 1/01/19
--------------------------------------------------------
Interest Rates:
91 day T-▇▇▇▇ 5.000 5.000
1 year T-▇▇▇▇ 5.000 5.000
1 month LIBOR 5.550 5.550
3 month LIBOR 5.650 5.650
30 day cp 5.650 5.650
--------------------------------------------------------
Investment Rates:
Acquisition 5.550 5.550
Debt Service Reserve Fund 5.550 5.550
Revenue Fund 5.550 5.550
--------------------------------------------------------
Prepared by PaineWebber Incorporated Page 3
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
CASH FLOW ASSUMPTIONS
-------------------------------------------------------------------------------------------------------
D. LOAN PORTFOLIO COMPOSITION
-------------------------------------------------------------------------------------------------------
$ % of # OF FIRST DRAW
PORTFOLIO DESCRIPTION AMOUNT TOTAL PRICE DRAWS DRAW FREQ.
-------------------------------------------------------------------------------------------------------
USA Group Serviced
Full SAP Calculation
▇▇▇▇▇▇▇▇ Fixed, 7% 26,142 0.01% 100.00% 1 6/01/00 Monthly
▇▇▇▇▇▇▇▇ Fixed, 8% 104,568 0.04% 100.00% 1 6/01/00 Monthly
▇▇▇▇▇▇▇▇ Variable, Post-6/30/98 39,003,882 14.92% 100.00% 1 6/01/00 Monthly
▇▇▇▇▇▇▇▇ Variable, Post-6/30/95 88,490,712 33.85% 100.00% 1 6/01/00 Monthly
▇▇▇▇▇▇▇▇ Variable, Post-6/30/88 26,142 0.01% 100.00% 1 6/01/00 Monthly
Unsubsidized ▇▇▇▇▇▇▇▇ Post 6/30/98 53,904,829 20.62% 100.00% 1 6/01/00 Monthly
Unsubsidized ▇▇▇▇▇▇▇▇ Post-6/30/95 74,687,729 28.57% 100.00% 1 6/01/00 Monthly
PLUS/SLS Variable, Pre-10/1/92 26,142 0.01% 100.00% 1 6/01/00 Monthly
SLS Variable, 10/1/92-6/30/94 26,142 0.01% 100.00% 1 6/01/00 Monthly
PLUS Variable, 10/1/92-6/30/94 3,503,030 1.34% 100.00% 1 6/01/00 Monthly
PLUS Variable, Post-6/30/94 1,594,663 0.61% 100.00% 1 6/01/00 Monthly
-------------------------------------------------------------------------------------------------------
Portfolio Subtotal 261,393,981 100.00% 100.00%
-------------------------------------------------------------------------------------------------------
Intuition Serviced
Full SAP Calculation
PLUS Variable, Post-6/30/94 536,449 0.55% 100.00% 1 6/01/00 Monthly
SLS Variable, 10/1/92-6/30/94 68,275 0.07% 100.00% 1 6/01/00 Monthly
▇▇▇▇▇▇▇▇ Variable, Post-6/30/95 64,159,257 65.78% 100.00% 1 6/01/00 Monthly
▇▇▇▇▇▇▇▇ Fixed, 7% 165,811 0.17% 100.00% 1 6/01/00 Monthly
▇▇▇▇▇▇▇▇ Variable, Post-6/30/88 1,853,186 1.90% 100.00% 1 6/01/00 Monthly
▇▇▇▇▇▇▇▇ Fixed, 8% 1,726,389 1.77% 100.00% 1 6/01/00 Monthly
Unsubsidized ▇▇▇▇▇▇▇▇ Post-6/30/95 29,026,749 29.76% 100.00% 1 6/01/00 Monthly
-------------------------------------------------------------------------------------------------------
Portfolio Subtotal 97,536,116 100.00% 100.00%
-------------------------------------------------------------------------------------------------------
UNIPAC Serviced
Full SAP Calculation
SLS Variable, 10/1/92-6/30/94 6,152,569 2.05% 100.00% 1 6/01/00 Monthly
SLS Variable, 10/1/92-6/30/94 1,200,502 0.40% 100.00% 1 6/01/00 Monthly
▇▇▇▇▇▇▇▇ Variable, Post-6/30/98 72,750,371 24.24% 100.00% 1 6/01/00 Monthly
▇▇▇▇▇▇▇▇ Fixed, 7% 540,225 0.18% 100.00% 1 6/01/00 Monthly
▇▇▇▇▇▇▇▇ Fixed, 8% 6,692,794 2.23% 100.00% 1 6/01/00 Monthly
▇▇▇▇▇▇▇▇ Fixed. 9% 660,275 0.22% 100.00% 1 6/01/00 Monthly
▇▇▇▇▇▇▇▇ Variable, Post-6/30/95 85,175,558 28.38% 100.00% 1 6/01/OO Monthly
▇▇▇▇▇▇▇▇ Variable, Post-10/1/92 6,602,757 2.20% 100.00% 1 6/01/00 Monthly
Unsubsidized ▇▇▇▇▇▇▇▇ Post-6/30/98 66,237,652 22.07% 100.00% 1 6/01/00 Monthly
Unsubsidized ▇▇▇▇▇▇▇▇ Post-6/30/95 54,142,601 18.04% 100.00% 1 6/01/00 Monthly
-------------------------------------------------------------------------------------------------------
Portfolio Subtotal 300,155,304 100.00% 100.00%
-------------------------------------------------------------------------------------------------------
Consolidation Loans
Full SAP Calculation
Consolidation 9%, 10/1/92-9/30/93 31,638 0.03% 100.00% 1 6/01/00 Monthly
Consolidation 8%, Post-10/1/93 52,730 0.05% 100.00% 1 6/01/00 Monthly
Consolidation 9%, 10/1/92-9/30/93 10,546 0.01% 100.00% 1 6/01/00 Monthly
-------------------------------------------------------------------------------------------------------
CASH FLOW ASSUMPTIONS
------------------------------------------------------------------------------------
D. LOAN PORTFOLIO COMPOSITION
------------------------------------------------------------------------------------
DEFAULT & DEFERMENT & BORROWER
DELINQUENCY FORBEARANCE INCENTIVE
PORTFOLIO DESCRIPTION MATRIX MATRIX MATRIX
------------------------------------------------------------------------------------
USA Group Serviced
Full SAP Calculation
▇▇▇▇▇▇▇▇ Fixed, 7% A A A
▇▇▇▇▇▇▇▇ Fixed, 8% A A A
▇▇▇▇▇▇▇▇ Variable, Post-6/30/98 A A A
▇▇▇▇▇▇▇▇ Variable, Post-6/30/95 A A A
▇▇▇▇▇▇▇▇ Variable, Post-6/30/88 A A A
Unsubsidized ▇▇▇▇▇▇▇▇ Post 6/30/98 A A A
Unsubsidized ▇▇▇▇▇▇▇▇ Post-6/30/95 A A A
PLUS/SLS Variable, Pre-10/1/92 A A A
SLS Variable, 10/1/92-6/30/94 A A A
PLUS Variable, 10/1/92-6/30/94 A A A
PLUS Variable, Post-6/30/94 A A A
--------------------------------------------------------------------------------
Portfolio Subtotal
--------------------------------------------------------------------------------
Intuition Serviced
Full SAP Calculation
PLUS Variable, Post-6/30/94 A A A
SLS Variable, 10/1/92-6/30/94 A A A
▇▇▇▇▇▇▇▇ Variable, Post-6/30/95 A A A
▇▇▇▇▇▇▇▇ Fixed, 7% A A A
▇▇▇▇▇▇▇▇ Variable, Post-6/30/88 A A A
▇▇▇▇▇▇▇▇ Fixed, 8% A A A
Unsubsidized ▇▇▇▇▇▇▇▇ Post-6/30/95 A A A
--------------------------------------------------------------------------------
Portfolio Subtotal
--------------------------------------------------------------------------------
UNIPAC Serviced
Full SAP Calculation
SLS Variable, 10/1/92-6/30/94 A A A
SLS Variable, 10/1/92-6/30/94 A A A
▇▇▇▇▇▇▇▇ Variable, Post-6/30/98 A A A
▇▇▇▇▇▇▇▇ Fixed, 7% A A A
▇▇▇▇▇▇▇▇ Fixed, 8% A A A
▇▇▇▇▇▇▇▇ Fixed, 9% A A A
▇▇▇▇▇▇▇▇ Variable, Post-6/30/95 A A A
▇▇▇▇▇▇▇▇ Variable, Post-10/1/92 A A A
Unsubsidized ▇▇▇▇▇▇▇▇ Post-6/30/98 A A A
Unsubsidized ▇▇▇▇▇▇▇▇ Post-6/30/95 A A A
--------------------------------------------------------------------------------
Portfolio Subtotal
--------------------------------------------------------------------------------
Consolidation Loans
Full SAP Calculation
Consolidation 9%, 10/1/92-9/30/93 A A A
Consolidation 8%, Post-10/1/93 A A A
Consolidation 9%, 10/1/92-9/30/93 A A A
--------------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 4
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
CASH FLOW ASSUMPTIONS
------------------------------------------------------------------------------------------------------------------------------------
D. LOAN PORTFOLIO COMPOSITION
------------------------------------------------------------------------------------------------------------------------------------
DEFAULT & DEFERMENT & BORROWER
$ %OF # OF FIRST DRAW DELINQUENCY FORBEARANCE INCENTIVE
PORTFOLIO DESCRIPTION AMOUNT TOTAL PRICE DRAWS DRAW FREQ. MATRIX MATRIX MATRIX
------------------------------------------------------------------------------------------------------------------------------------
Consolidation 10%, 10/1/92-9/30/93 10,546 0.01% 100.00% 1 6/01/00 Monthly A A A
Consolidation, Post-6/30/98 1,655,732 1.57% 100.00% 1 6/01/00 Monthly A A A
Consolidation 7%, Post-10/1/93 2,773,615 2.63% 100.00% 1 6/01/00 Monthly A A A
Consolidation, Post-6/30/98 56,811,652 53.87% 100.00% 1 6/01/00 Monthly A A A
Consolidation 8%, Post-10/1/93 6,665,113 6.32% 100.00% 1 6/01/00 Monthly A A A
Consolidation, Post-6/30/98 25,626,938 24.30% 100.00% 1 6/01/00 Monthly A A A
Consolidation 9%, 10/1/92-9/30/93 9,175,076 8.70% 100.00% 1 6/01/00 Monthly A A A
Consolidation 10%, 10/1/92-9/30/93 2,594,332 2 46% 100.00% 1 6/01/00 Monthly A A A
Consolidation 11%, 10/1/92-9/30/93 52,731 0.05% 100.00% 1 6/01/00 Monthly A A A
------------------------------------------------------------------------------------------------------------------------------------
Portfolio Subtotal 105,460.649 100.00% 100.00%
------------------------------------------------------------------------------------------------------------------------------------
Prefunding Staff & PLUS
Full SAP Calculation
Unsubsidized ▇▇▇▇▇▇▇▇ Post-6/30/95 26,111,566 20.00% 102.00% 1 8/01/00 Monthly A A
Unsubsidized ▇▇▇▇▇▇▇▇ Post-6/30/98 32,639,458 25.00% 102.00% 1 8/01/00 Monthly ▇ ▇
▇▇▇▇▇▇▇▇ Variable, Post-6/30/95 26,111,566 20.00% 102.00% 1 8/01/00 Monthly ▇ ▇
▇▇▇▇▇▇▇▇ Variable, Post-6/30/98 26,111,566 20.00% 102.00% 1 8/01/00 Monthly A A
PLUS Variable, Post-6/30/94 19,583,675 15.00% 102.00% 1 8/01/00 Monthly A A
------------------------------------------------------------------------------------------------------------------------------------
Portfolio Subtotal 130,557,831 100.00% 102.00%
------------------------------------------------------------------------------------------------------------------------------------
Prefunding Consolidation
Full SAP Calculation
Consolidation 9%, 10/1/92-9/30/93 5,595,336 10.00% 102.00% 1 8/01/00 Monthly A A
Consolidation 10%, 10/1/92-9/30/93 19,583,675 35.00% 102.00% 1 8/01/00 Monthly A A
Consolidation 11%, Post-10/1/93 11,190,671 20.00% 102.00% 1 8/01/00 Monthly A A
Consolidation, Post-6/30/98 19,583,675 35.00% 102.00% 1 8/01/00 Monthly A A
------------------------------------------------------------------------------------------------------------------------------------
Portfolio Subtotal 55,953,356 100.00% 102.00%
------------------------------------------------------------------------------------------------------------------------------------
Portfolio Grand Total $951,057,237 100.39%
------------------------------------------------------------------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 5
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
CASH FLOW ASSUMPTIONS
---------------------------------------------------------------------------------------------------------------------------------
E. LOAN PORTFOLIO COMPOSITION, REORIGINATIONS
---------------------------------------------------------------------------------------------------------------------------------
RECYCLING DEFAULT & DEFERMENT & BORROWER
% OF RECYCLING LAG DELINQUENCY FORBEARANCE INCENTIVE
REORIGINATION MATRIX TOTAL PRICE FREQUENCY (# MOS) MATRIX MATRIX MATRIX
---------------------------------------------------------------------------------------------------------------------------------
A
▇▇▇▇▇▇▇▇ Variable, Post-6/30/95 5.00% 101.00% Monthly 0 B A A
Unsubsidized ▇▇▇▇▇▇▇▇ Post-6/30/98 25.00% 101.00% Monthly 0 B A A
▇▇▇▇▇▇▇▇ Variable, Post-6/30/95 40.00% 101.00% Monthly 0 B A A
PLUS Variable, Post-6/30/94 5.00% 101.00% Monthly 0 B A A
Consolidation, Post-12/31/99 25.00% 100.50% Monthly 0 B A A
---------------------------------------------------------------------------------------------------------------------------------
Matrix Total 100.00% 100.88%
---------------------------------------------------------------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 6
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
CASH FLOW ASSUMPTIONS
------------------------------------------------------------------------------------------------------------
F. LOAN DEFAULTS AND DELINQUENCIES
------------------------------------------------------------------------------------------------------------
DEFAULTS DELINQUENCIES
--------------------------------------------- ------------------
SUBSIDY LAG SAP LAG YEAR OF RATE OF GUARANTY % ▇▇▇▇- # OF % LATE
MATRIX (# MOS.) (# MOS.) REPAYMENT DEFAULT PMT.LAG BURSED MONTHS PMTS.
------------------------------------------------------------------------------------------------------------
A 0 0 1 2.00% 12 98.00% 0 85.00%
2 2.00% 12 98.00% 1 15.00%
3 2.00% 12 98.00% 2 -
4 2.00% 12 98.00% 3 -
------------------------------------------------------------------------------------------------------------
Matrix Total 8.00% 100.00%
------------------------------------------------------------------------------------------------------------
B 0 0 1 2.00% 12 98.00% 0 85.00%
2 2.00% 12 98.00% 1 15.00%
3 2.00% 12 98.00% 2 -
4 2.00% 12 98.00% 3 -
------------------------------------------------------------------------------------------------------------
Matrix Total 8.00% 100.00%
------------------------------------------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 7
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
CASH FLOW ASSUMPTIONS
-------------------------------------------------------------------------------------------------------
G. LOAN DEFERMENT AND FORBEARANCE
-------------------------------------------------------------------------------------------------------
DEFERMENT FORBEARANCE
--------------------------------- ---------------------------------
YEAR OF % OF # OF % OF # OF % OF # OF % OF # OF GRADUATED
MATRIX REPAY. LOANS MONTHS LOANS MONTHS LOANS MONTHS LOANS MONTHS PAYMENT(%)
-------------------------------------------------------------------------------------------------------
A 1 20.00% 24 - - 20.00% 24 - - -
-------------------------------------------------------------------------------------------------------
Total 20.00% - 20.00% - -
-------------------------------------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 8
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
CASH FLOW ASSUMPTIONS
H. BORROWER INCENTIVES
PRINCIPAL
EFFECTIVE ADJUSTMENT STARTING ENDING ADJUSTMENT UTILIZATION
MATRIX PROGRAM NAME DATE FREQUENCY ADJUSTMENT TYPE PERIOD PERIOD PERCENTAGE PERCENTAGE
-----------------------------------------------------------------------------------------------------------------------------
A Borrower Benefit 6/01/2000 monthly Interest during repayment 49 999 2.000% 15.000%
-----------------------------------------------------------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 9
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
CASH FLOW ASSUMPTIONS
I. FUNDS AND ACCOUNTS
BEGINNING CALCULATION FUNDING
FUND DESCRIPTION BALANCE METHOD FACTOR
---------------------------------------------------------------------------
Acquisition - Acquisition Fund N/A
Debt Service Reserve Fund 7,500,000 % of bonds outstanding 0.75%
Revenue Fund 21,451,842 Revenue fund N/A
---------------------------------------------------------------------------
$28,951,842
---------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 10
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
CASH FLOW ASSUMPTIONS
J. FEES AND EXPENSES
Fee # 1
Loan servicing is assumed to be paid monthly at an annual rate of 0.90%
on loans outstanding in school, 0.90% on loans outstanding in grace, and 1.25%
on loans outstanding in repayment. An additional fee of 0.00% on loans will be
charged for delinquent loans. In addition, a one time 0.00% conversion fee will
be charged on new loans acquired and a one time fee of 0.00% will be charged on
loan defaults.
This fee applies to the following loan portfolios: USA Group Serviced,
Intuition Serviced, UNIPAC Serviced, Prefunding Staff & PLUS.
Fee # 2
A Servicing 2 of 0.6000% based on loans outstanding is assumed to be
paid monthly in arrears starting on 7/01/2000.
This fee applies to the following loan portfolios: Consolidation Loans,
Prefunding Consolidation.
Fee # 3
A Trustee of $5,000.00 is assumed to be paid annually starting on
6/01/2001.
This fee applies to the following series of bonds: 2000 B-1.
Fee # 4
A Broker Dealer of 0.2500% based on bonds outstanding is assumed to be
paid quarterly in arrears starting on 9/01/2000.
This fee applies to all bonds.
Fee # 5
An Auction Agent of $500.00 is assumed to be paid quarterly starting on
9/01/2000.
This fee applies to the following series of bonds: 2000 A (28 Day),
2000 B1
Fee # 6
An Admin Expense of 0.1800% based on loans outstanding is assumed to be
paid monthly in arrears starting on 7/01/2000.
This fee applies to all loan portfolios.
Prepared by PaineWebber Incorporated Page 11
II. DEBT ISSUE REPORTS
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
SOURCES & USES OF FUNDS
SOURCES OF FUNDS $ AMOUNT
--------------------------------------------------------------------
2000 A (7 Day) 50,000,000
2000 A (28 Day) 900,000,000
2000 B-1 50,000,000
-----------
Total Par Amount of Bonds Issued 1,000,000,000
Accrued Interest -
(Discount) or Premium -
Underwriting Discount -
-------------
Net Issue Proceeds 1,000,000,000
Total Sources of Funds 1,000,000,000
--------------------------------------------------------------------
--------------------------------------------------------------------
USES OF FUNDS $ AMOUNT
--------------------------------------------------------------------
USA Group Serviced 261,393,981
Intuition Serviced 97,536,116
UNIPAC Serviced 300,155,304
Consolidation Loans 105,460,649
Acquisition 186,511,187
Debt Service Reserve Fund 7,500,000
Revenue Fund 21,451,842
Issuance Costs 4,700,000
Loan Premium 2.0% 15,290,921
-------------
Total Uses of Funds 1,000,000,000
--------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 13
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
BOND REDEMPTION SUMMARY
------------------------------------------------------------------------------------------------------------------
ALL ISSUES COMBINED
------------------------------------------------------------------------------------------------------------------
PERIOD BONDS SCHEDULED EARLY REDEMPTION REDEMPTION BOND TOTAL DEBT
ENDING OUTSTANDING REDEMPTIONS REDEMPTIONS PRICE PREMIUM INTEREST SERVICE
-------- -------------- ----------- ----------- ---------- ---------- ---------- ------------
6/01/00 $1,000,000,000 - - - - - -
9/01/00 1,000,000,000 - - - - 13,982,740 13,982,740
12/01/00 1,000,000,000 - - - - 13,830,753 13,830,753
3/01/01 1,000,000,000 - - - - 13,678,767 13,678,767
6/01/01 1,000,000,000 - - - - 13,982,740 13,982,740
9/01/01 1,000,000,000 - - - - 13,982,740 13,982,740
12/01/01 1,000,000,000 - - - - 13,830,753 13,830,753
3/01/02 1,000,000,000 - - - - 13,678,767 13,678,767
6/01/02 1,000,000,000 - - - - 13,982,740 13,982,740
9/01/02 1,000,000,000 - - - - 13,982,740 13,982,740
12/01/02 1,000,000,000 - - - - 13,830,753 13,830,753
3/01/03 1,000,000,000 - - - - 13,678,767 13,678,767
6/01/03 1,000,000,000 - - - - 13,982,740 13,982,740
9/01/03 952,071,101 - 47,928,899 100.000% - 13,586,584 61,515,483
12/01/03 928,151,511 - 23,919,590 100.000% - 13,006,491 36,926,081
3/01/04 903,402,035 - 24,749,476 100.000% - 12,679,382 37,428,858
6/01/04 877,666,815 - 25,735,220 100.000% - 12,464,553 38,199,773
9/01/04 850,907,968 - 26,758,847 100.000% - 12,133,948 38,892,795
12/01/04 823,410,957 - 27,497,011 100.000% - 11,632,098 39,129,109
3/01/05 795,137,367 - 28,273,590 100.000% - 11,132,092 39,405,682
6/01/05 766,674,680 - 28,462,687 100.000% - 10,976,685 39,439,372
9/01/05 739,598,380 - 27,076,300 100.000% - 10,583,742 37,660,042
12/01/05 712,120,087 - 27,478,293 100.000% - 10,095,343 37,573,636
3/01/06 685,571,263 - 26,548,824 100.000% - 9,617,522 36,166,346
6/01/06 659,184,327 - 26,386,936 100.000% - 9,458,426 35,845,362
9/01/06 633,277,101 - 25,907,226 100.000% - 9,091,647 34,998,873
12/01/06 606,785,451 - 26,491,650 100.000% - 8,633,728 35,125,378
3/01/07 579,902,208 - 26,883,243 100.000% - 8,178,773 35,062,016
6/01/07 553,023,232 - 26,878,976 100.000% - 7,980,407 34,859,383
9/01/07 527,444,567 - 25,578,665 100.000% - 7,589,576 33,168,241
12/01/07 501,498,955 - 25,945,612 100.000% - 7,154,545 33,100,157
3/01/08 475,085,039 - 26,413,916 100.000% - 6,797,639 33,211,555
6/01/08 448,529,435 - 26,555,604 100.000% - 6,499,546 33,055,150
9/01/08 422,704,025 - 25,825,410 100.000% - 6,149,922 31,975,332
12/01/08 396,402,369 - 26,301,656 100.000% - 5,725,434 32,027,090
3/01/09 369,987,921 - 26,414,448 100.000% - 5,306,059 31,720,507
6/01/09 343,693,434 - 26,294,487 100.000% - 5,050,821 31,345,308
9/01/09 317,735,736 - 25,957,698 100.000% - 4,684,960 30,642,658
12/01/09 291,854,108 - 25,881,628 100.000% - 4,275,814 30,157,442
3/01/10 265,831,602 - 26,022,506 100.000% - 3,879,870 29,902,376
6/01/10 240,619,896 - 25,211,706 100.000% - 3,596,322 28,808,028
9/01/10 218,666,973 - 21,952,923 100.000% - 3,262,670 25,215,593
12/01/10 197,272,013 - 21,394,960 100.000% - 2,929,470 24,324,430
3/01/11 175,728,417 - 21,543,596 100.000% - 2,607,393 24,150,989
6/01/11 154,110,116 - 21,618,301 100.000% - 2,360,116 23,978,417
9/01/11 136,235,230 - 17,874,886 100.000% - 2,068,859 19,943,745
------------------------------------------------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 14
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
BOND REDEMPTION SUMMARY
------------------------------------------------------------------------------------------------------------------
ALL ISSUES COMBINED
------------------------------------------------------------------------------------------------------------------
PERIOD BONDS SCHEDULED EARLY REDEMPTION REDEMPTION BOND TOTAL DEBT
ENDING OUTSTANDING REDEMPTIONS REDEMPTIONS PRICE PREMIUM INTEREST SERVICE
-------- -------------- ----------- ----------- ---------- ---------- ---------- --------------
12/01/11 118,781,034 - 17,454,196 100.000% - 1,802,678 19,256,874
3/01/12 102,177,786 - 16,603,248 100.000% - 1,565,856 18,169,104
6/01/12 87,907,385 - 14,270,401 100.000% - 1,360,119 15,630,520
9/01/12 77,027,802 - 10,879,583 100.000% - 1,181,947 12,061,530
12/01/12 66,839,911 - 10,187,891 100.000% - 1,024,082 11,211,973
3/01/13 56,931,568 - 9,908,343 100.000% - 876,255 10,784,598
6/01/13 47,361,469 - 9,570,099 100.000% - 756,187 10,326,286
9/01/13 41,027,087 - 6,334,382 100.000% - 637,338 6,971,720
12/01/13 34,954,820 - 6,072,267 100.000% - 543,972 6,616,239
3/01/14 29,572,919 - 5,381,901 100.000% - 456,202 5,838,103
6/01/14 25,581,596 - 3,991,323 100.000% - 398,019 4,389,342
9/01/14 22,669,551 - 2,912,045 100.000% - 346,493 3,258,538
12/01/14 20,107,303 - 2,562,248 100.000% - 304,023 2,866,271
3/01/15 17,966,266 - 2,141,037 100.000% - 267,810 2,408,847
6/01/15 16,128,992 - 1,837,274 100.000% - 243,740 2,081,014
9/01/15 14,835,574 - 1,293,418 100.000% - 220,638 1,514,056
12/01/15 13,613,805 - 1,221,769 100.000% - 200,687 1,422,456
3/01/16 12,472,075 - 1,141,730 100.000% - 184,155 1,325,885
6/01/16 11,462,803 - 1,009,272 100.000% - 170,500 1,179,772
9/01/16 10,603,992 - 858,811 100.000% - 157,349 1,016,160
12/01/16 9,943,011 - 660,981 100.000% - 144,703 805,684
3/01/17 9,397,916 - 545,095 100.000% - 134,785 679,880
6/01/17 8,866,990 - 530,926 100.000% - 129,985 660,911
9/01/17 8,331,875 - 535,115 100.000% - 122,501 657,616
12/01/17 7,796,168 - 535,707 100.000% - 113,773 649,480
3/01/18 7,250,021 - 546,147 100.000% - 105,168 651,315
6/01/18 6,705,893 - 544,128 100.000% - 99,665 643,793
9/01/18 6,140,607 - 565,286 100.000% - 91,875 657,161
12/01/18 5,573,676 - 566,931 100.000% - 83,053 649,984
3/01/19 - - 5,573,676 100.000% - 26,509 5,600,185
------------------------------------------------------------------------------------------------------------------
- 1,000,000,000 - $431,365,505 $1,431,365,505
------------------------------------------------------------------------------------------------------------------
-------------------------------------------------------------
Dated Date: 6/01/00 Delivery Date: 6/01/00
Bond Years: 7,771,730 Average Life (Years): 7.772
Average Coupon: 5.55% Net Interest Cost: 5.55%
-------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 15
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
BOND FEE SUMMARY
--------------------------------------------------------------------------------------------------
ALL ISSUES COMBINED
--------------------------------------------------------------------------------------------------
PERIOD BONDS BROKER AUCTION TOTAL $ FEES AS A
ENDING OUTSTANDING TRUSTEE DEALER AGENT BOND FEES % OF BONDS
-------- ------------- ------- ------- ------- --------- ----------
6/01/01 1,000,000,000 - - - - 0.0000%
9/01/00 1,000,000,000 - 630,137 500 630,637 0.2507%
12/01/00 1,000.000,000 - 623,288 500 623,788 0.2507%
3/01/01 1,000,000,000 - 616,438 500 616,938 0.2507%
6/01/01 1,OOO,OOO,OOO 5,000 630,137 500 635,637 0.2507%
9/01/01 1,000,000,000 - 630,137 500 630,637 0.2507%
12/01/01 1,000,000,000 - 623,288 500 623,788 0.2507%
3/01/02 1,000,000,000 - 616,438 500 616,938 0.2507%
6/01/02 1,000,000,000 5,000 630,137 500 635,637 0.2507%
9/01/02 1,000,000,000 - 630,137 500 630,637 0.2507%
12/01/02 1,000,000,000 - 623,288 500 623,788 0.2489%
3/01/03 1,000,000,000 - 616,438 500 616,938 0.2452%
6/01/03 1,000,000,000 5,000 630,137 500 635,637 0.2407%
9/01/03 952,071,101 - 612,276 500 612,776 0.2425%
12/01/03 928,151,511 - 586,124 500 586,624 0.2433%
3/01/04 903,402,035 - 571,376 500 571,876 0.2430%
6/01/04 877,666,815 5,000 561,686 500 567,186 0.2421%
9/01/04 850,907,968 - 546,779 500 547,279 0.2418%
12/01/04 823,410,957 - 524,155 500 524,655 0.2413%
3/01/05 795,137,367 - 501,614 500 502,114 0.2412%
6/01/05 766,674,680 5,000 494,601 500 500,101 0.2411%
9/01/05 739,598,380 - 476,884 500 477,384 0.2408%
12/01/05 712,120,087 - 454,866 500 455,366 0.2407%
3/01/06 685,571,263 - 433,326 500 433,826 0.2405%
6/01/06 659,184,327 5,000 426,146 500 431,646 0.2402%
9/01/06 633,277,101 - 409,608 500 410,108 0.2396%
12/01/06 606,785,451 - 388,965 500 389,465 0.2389%
3/01/07 579,902,208 - 368,456 500 368,956 0.2384%
6/01/07 553,023,232 5,000 359,505 500 365,005 0.2387%
9/01/07 527,444,567 - 341,884 500 342,384 0.2378%
12/01/07 501,498,955 - 322,273 500 322,773 0.2371%
3/01/08 475,085,039 - 306,181 500 306,681 0.2367%
6/01/08 448,529,435 5,000 292,737 500 298,237 0.2356%
9/01/08 422,704,025 - 276,972 500 277,472 0.2347%
12/01/08 396,402,369 - 257,837 500 258,337 0.2335%
3/01/09 369,987,921 - 238,931 500 239,431 0.2326%
6/01/09 343,693,434 5,000 227,416 500 232,916 0.2316%
9/01/09 317,735,736 - 210,921 500 211,421 0.2299%
12/01/09 291,854,108 - 192,476 500 192,976 0.2284%
3/01/10 265,831,602 - 174,628 500 175,128 0.2280%
6/01/10 240,619,896 5,000 161,836 500 167,336 0.2281%
9/01/10 218,666,973 - 146,793 500 147,293 0.2264%
12/01/10 197,272,013 - 131,773 500 132,273 0.2239%
3/01/11 175,728,417 - 117,254 500 117,754 0.2224%
6/01/11 154,110,116 5,000 106,098 500 111,598 0.2230%
9/01/11 136,235,230 - 92,967 500 93,467 0.2208%
Prepared by PaineWebber Incorporated Page 16
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
BOND FEE SUMMARY
--------------------------------------------------------------------------------------------------
ALL ISSUES COMBINED
--------------------------------------------------------------------------------------------------
PERIOD BONDS BROKER AUCTION TOTAL $ FEES AS A
ENDING OUTSTANDING TRUSTEE DEALER AGENT BOND FEES % OF BONDS
-------- ------------- ------- ----------- ------- ----------- ----------
12/01/11 118,781,034 - 80,969 500 81,469 0.2199%
3/01/12 102.177.786 - 70,291 500 70,791 0.2217%
6/01/12 87.907.385 5,000 61,012 500 66,512 0.2238%
9/01/12 77,027,802 - 52.977 500 53,477 0.2221%
12/01/12 66.839.911 - 45.863 500 46,363 0.2193%
3/01/13 56,931.568 - 39.201 500 39,701 0.2190%
6/01/13 47,361,469 5.000 33.781 26 38.807 0.2227%
9/01/13 41,027,087 - 28.453 26 28.479 0.2230%
12/01/13 34,954.820 - 24.284 26 24.311 0.2250%
3/01/14 29.572.919 - 20.366 26 20.392 0.2312%
6/01/14 25.581.596 5.000 17.769 26 22.795 0.2376%
9/01/14 22,669,551 - 15.468 26 15,495 0.2411%
12/01/14 20.107.303 - 13,572 26 13,599 0.2450%
3/01/15 17.966.266 - 11,956 26 11,982 0.2502%
6/01/15 16.128.992 5,000 10,881 26 15,908 0.2566%
9/01/15 14,835.574 - 9.850 26 9,876 0.2599%
12/01/15 13.613,805 - 8,959 26 8,986 0.2627%
3/01/16 12,472,075 - 8,221 26 8,248 0.2671%
6/01/16 11,462.803 5,000 7.612 26 12,638 0.2721%
9/01/16 10,603.992 - 7,025 26 7,051 0.2783%
12/01/16 9,943,011 - 6.460 26 6.486 0.2830%
3/01/17 9,397.916 - 6,017 26 6,044 0.2859%
6/01/17 8,866,990 5.000 5.803 26 10,829 0.2880%
9/01/17 8.331,875 - 5.469 26 5,495 0.2900%
12/01/17 7.796.168 - 5,079 26 5,105 0.2922%
3/01/18 7,250.021 - 4,695 26 4.721 0.2949%
6/01/18 6.705,893 5,000 4,449 26 9.476 0.2479%
9/01/18 6.140.607 - 4,102 26 4.128 0.1224%
12/01/18 5,573,676 - 3.708 26 3.734 0.0608%
3/01/19 - - - - - 0.0000%
6/01/19 - - - - - 0.0000%
9/01/19 - - - - - 0.0000%
12/01/19 - - - - - 0.0000%
3/01/20 - - - - - 0.0000%
6/01/20 - - - - - 0.0000%
9/01/20 - - - - - 0.0000%
12/01/20 - - - - - 0.0000%
3/01/21 - - - - - 0.0000%
6/01/21 - - - - - 0.0000%
9/01/21 - - - - - 0.0000%
12/01/21 - - - - - 0.0000%
3/01/22 - - - - - 0.0000%
6/01/22 - - - - - 0.0000%
9/01/22 - - - - - 0.0000%
12/01/22 - - - - - 0.0000%
3/01/23 - - - - - 0.0000%
Prepared by PaineWebber Incorporated Page 17
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
BOND FEE SUMMARY
--------------------------------------------------------------------------------------------------
ALL ISSUES COMBINED
--------------------------------------------------------------------------------------------------
PERIOD BONDS BROKER AUCTION TOTAL $ FEES AS A
ENDING OUTSTANDING TRUSTEE DEALER AGENT BOND FEES % OF BONDS
-------- ------------- ------- ----------- ------- ----------- ----------
6/01/23 - - - - - 0.0000%
9/01/23 - - - - - 0.0000%
12/01/23 - - - - - 0.0000%
3/01/24 - - - - - 0.0000%
6/01/24 - - - - - 0.0000%
9/01/24 - - - - - 0.0000%
12/01/24 - - - - - 0.0000%
3/01/25 - - - - - 0.0000%
6/01/25 - - - - - 0.0000%
9/01/25 - - - - - 0.0000%
12/01/25 - - - - - 0.0000%
3/01/26 - - - - - 0.0000%
6/01/26 - - - - - 0.0000%
9/01/26 - - - - - 0.0000%
12/01/26 - - - - - 0.0000%
3/01/27 - - - - - 0.0000%
6/01/27 - - - - - 0.0000%
9/01/27 - - - - - 0.0000%
12/01/27 - - - - - 0.0000%
3/01/28 - - - - - 0.0000%
6/01/28 - - - - - 0.0000%
9/01/28 - - - - - 0.0000%
12/01/28 - - - - - 0.0000%
3/01/29 - - - - - 0.0000%
6/01/29 - - - - - 0.0000%
9/01/29 - - - - - 0.0000%
12/01/29 - - - - - 0.0000%
3/01/30 - - - - - 0.0000%
6/01/30 - - - - - 0.0000%
-------------------------------------------------------------------------------------------------
$90,000 $19,429,637 $26,105 $19,545,742
-------------------------------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 18
III. LOAN PORTFOLIO REPORTS
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN ORIGINATION SUMMARY
------------------------------------------------------------
USA GROUP SERVICED
------------------------------------------------------------
DRAW FUNDS PREMIUM/ PRINCIPAL % OF
DATE DRAWN (DISCOUNT) DRAWN TOTAL
------------------------------------------------------------
6/01/00 $261,393,961 - $261,393,961 100.00%
------------------------------------------------------------
$261,393,981 - $261,393,981 100.00%
------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 20
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN ORIGINATION SUMMARY
----------------------------------------------------------
INTUITION SERVICED
----------------------------------------------------------
DRAW FUNDS PREMIUM/ PRINCIPAL % OF
DATE DRAWN (DISCOUNT) DRAWN TOTAL
----------------------------------------------------------
6/01/00 $97,536,116 - $97,536,116 100.00%
----------------------------------------------------------
$97,536,116 - $97,536,116 100.00%
----------------------------------------------------------
Prepared by PaineWebber Incorporated Page 21
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN ORIGINATION SUMMARY
-------------------------------------------------------------
UNIPAC SERVICED
-------------------------------------------------------------
DRAW FUNDS PREMIUM/ PRINCIPAL % OF
DATE DRAWN (DISCOUNT) DRAWN TOTAL
-------------------------------------------------------------
6/01/00 $300,155,304 - $300,155,304 100.00%
-------------------------------------------------------------
$300,155,304 - $300,155,304 100.00%
-------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 22
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN ORIGINATION SUMMARY
------------------------------------------------------------
CONSOLIDATION LOANS
------------------------------------------------------------
DRAW FUNDS PREMIUM/ PRINCIPAL % OF
DATE DRAWN (DISCOUNT) DRAWN TOTAL
------------------------------------------------------------
6/01/00 $105,460,649 - $105,460,649 100.00%
------------------------------------------------------------
$105,460,649 - $105,460,649 100.00%
------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 23
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN ORIGINATION SUMMARY
------------------------------------------------------------
PREFUNDING STAFF & PLUS
------------------------------------------------------------
DRAW FUNDS PREMIUM/ PRINCIPAL % OF
DATE DRAWN (DISCOUNT) DRAWN TOTAL
------------------------------------------------------------
8/01/00 $130,557,831 $2,559,957 $127,997,874 100.00%
------------------------------------------------------------
$130,557,831 $2,559,957 $127,997,874 100.00%
------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 24
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN ORIGINATION SUMMARY
------------------------------------------------------------
PREFUNDING CONSOLIDATION
------------------------------------------------------------
DRAW FUNDS PREMIUM/ PRINCIPAL % OF
DATE DRAWN (DISCOUNT) DRAWN TOTAL
------------------------------------------------------------
8/01/00 $55,953,356 $1,097,125 $54,856,231 100.00%
------------------------------------------------------------
$55,953,356 $1,097,125 $54,856,231 100.00%
------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 25
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN ORIGINATION SUMMARY
------------------------------------------------------------
REORIGINATION PORTFOLIO
------------------------------------------------------------
DRAW FUNDS PREMIUM/ PRINCIPAL %OF
DATE DRAWN (DISCOUNT) DRAWN TOTAL
------------------------------------------------------------
7/01/00 $ 5,142,777 $ 44,585 $ 5,098,191 4.04%
8/01/00 4,194,577 36,365 4,158,212 3.30%
9/01/00 3,007,779 26,076 2,981,703 2.36%
10/01/00 3,432,773 29,761 3,403,013 2.70%
11/01/00 2,669,393 23,142 2,646,250 2.10%
12/01/00 1,837,548 15,931 1,821,618 1.44%
1/01/01 2,540,057 22,021 2,518,035 2.00%
2/01/01 1,951,277 16,917 1,934,360 1.53%
3/01/01 1,325,105 11,488 1,313,617 1.04%
4/01/01 2,136,108 18,519 2,117,589 1.68%
5/01/01 1,656,599 14,362 1,642,237 1.30%
6/01/01 984,861 8,538 976,323 0.77%
7/01/01 2,177,645 18,879 2,158,766 1.71%
8/01/01 2,073,285 17,974 2,055,310 1.63%
9/01/01 1,752,814 15,196 1,737,618 1.38%
10/01/01 2,654,059 23,009 2,631,050 2.09%
11/01/01 2,471,159 21,424 2,449,735 1.94%
12/01/01 2,105,634 18,255 2,087,379 1.65%
1/01/02 2,921,002 25,324 2,895,678 2.30%
2/01/02 2,703,481 23,438 2,680,043 2.12%
3/01/02 2,544,396 22,059 2,522,337 2.00%
4/01/02 3,369,485 29,212 3,340,273 2.85%
5/01/02 3,295,561 28,571 3,266,990 2.59%
6/01/02 2,953,330 25,604 2,927,726 2.32%
7/01/02 4,084,206 35,408 4,048,798 3.21%
8/01/02 4,383,705 38,005 4,345,701 3.44%
9/01/02 4,428,035 38,389 4,389,646 3.48%
10/01/02 5,242,587 45,451 5,197,137 4.12%
11/01/02 5,383,454 46,672 5,336,782 4.23%
12/01/02 5,280,285 45,778 5,234,507 4.15%
1/01/03 5,920,004 51,324 5,868,680 4.65%
2/01/03 5,935,961 51,462 5,884,499 4.66%
3/01/03 5,820,853 50,464 5,770,389 4.57%
4/01/03 6,405,159 55,530 6,349,629 5.03%
5/01/03 6,387,772 55,379 6,332,393 5.02%
6/01/03 6,081,452 52,723 6,028,729 4.78%
------------------------------------------------------------
$127,254,177 $1,103,233 $126,150,944 100.00%
------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 26
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN ORIGINATION SUMMARY
-----------------------------------------------------------
TOTAL LOANS
----------------------------------------------------------------
DRAW FUNDS PREMIUM/ PRINCIPAL %OF
DATE DRAWN (DISCOUNT) DRAWN TOTAL
----------------------------------------------------------------
6/01/00 $ 764,546,050 - $ 764,546,050 70.90%
7/01/00 5,142,777 44,585 5,098,191 0.48%
8/01/00 190,705,764 3,693,447 187,012,317 17.69%
9/01/00 3,007,779 26,076 2,981,703 0.28%
10/01/00 3,432,773 29,761 3,403,013 0.32%
11/01/00 2,669,393 23,142 2,646,250 0.25%
12/01/00 1,837,548 15,931 1,821,618 0.17%
1/01/01 2,540,057 22,021 2,518,035 0.24%
2/01/01 1,951,277 16,917 1,934,360 0.18%
3/01/01 1,325,105 11,488 1,313,617 0.12%
4/01/01 2,136,108 18,519 2,117,589 0.20%
5/01/01 1,656,599 14,362 1,642,237 0.15%
6/01/01 984,861 8,538 976,323 0.09%
7/01/01 2,177,645 18,879 2,158,766 0.20%
8/01/01 2,073,285 17,974 2,055,310 0.19%
9/01/01 1,752,814 15,196 1,737,618 0.16%
10/01/01 2,654,059 23,009 2,631,050 0.25%
11/01/01 2,471,159 21,424 2,449,735 0.23%
12/01/01 2,105,634 18,255 2,087,379 0.20%
1/01/02 2,921,002 25,324 2,895,678 0.27%
2/01/02 2,703,481 23,438 2,680,043 0.25%
3/01/02 2,544,396 22,059 2,522,337 0.24%
4/01/02 3,369,485 29,212 3,340,273 0.31%
5/01/02 3,295,561 28,571 3,266,990 0.31%
6/01/02 2,953,330 25,604 2,927,726 0.27%
7/01/02 4,084,206 35,408 4,048,798 0.38%
8/01/02 4,383,705 38,005 4,345,701 0.41%
9/01/02 4,428,035 38,389 4,389,646 0.41%
10/01/02 5,242,587 45,451 5,197,137 0.49%
11/01/02 5,383,454 46,672 5,336,782 0.50%
12/01/02 5,280,285 45,778 5,234,507 0.49%
1/01/03 5,920,004 51,324 5,868,680 0.55%
2/01/03 5,935,961 51,462 5,884,499 0.55%
3/01/03 5,820,853 50,464 5,770,389 0.54%
4/01/03 6,405,159 55,530 6,349,629 0.59%
5/01/03 6,387,772 55,379 6,332,393 0.59%
6/01/03 6,081,452 52,723 6,028,729 0.56%
----------------------------------------------------------------
$1,078,311,414 $4,760,315 $1,073,551,099 100.00%
----------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 27
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN STATUS SUMMARY
--------------------------------------------------------------------------------------------------------------------------
USA GROUP SERVICED
--------------------------------------------------------------------------------------------------------------------------
PERIOD LOANS CAPITALIZED LOANS LOANS IN LOANS IN LOANS IN LOANS IN LOANS IN
ENDING DRAWN INTEREST OUTSTANDING INTERIM REPAYMENT DEFERMENT FORBEARANCE DEFAULT
--------------------------------------------------------------------------------------------------------------------------
6/01/00 $261,393,981 - $261,393,981 $102,497,602 $158,896,379 - - -
9/01/00 - - 259,594,295 102,497,602 93,061,452 31,779,276 31,779,276 476,689
12/01/00 - - 257,673,454 102,497,602 90,663,922 31,779,276 31,779,276 953,378
3/01/01 - - 255,725,242 102,497,602 88,239,021 31,779,276 31,779,276 1,430,067
6/01/01 - 3,417,177 257,166,844 105,914,779 85,786,757 31,779,276 31,779,276 1,906,757
9/01/01 - - 253,754,227 7,456,701 141,163,864 51,470,892 51,470,892 2,191,879
12/01/01 - - 250,251,605 7,456,701 137,376,120 51,470,892 51,470,892 2,477,002
3/01/02 - - 246,708,126 7,456,701 133,547,517 51,470,892 51,470,892 2,762,125
6/01/02 - - 243,125,939 7,456,701 129,680,208 51,470,892 51,470,892 3,047,247
9/01/02 - 2,563,217 240,603,887 7,456,701 190,402,091 19,691,616 19,691,616 3,361,865
12/01/02 - - 235,397,431 7,456,701 184,881,017 19,691,616 19,691,616 3,676,482
3/01/03 - - 230,131,762 7,456,701 179,300,731 19,691,616 19,691,616 3,991,100
6/01/03 - 5,374 224,819,340 7,405,452 173,702,692 19,702,940 19,702,940 4,305,316
9/01/03 - 1,587,769 220,083,382 7,405,452 208,161,086 11,325 11,325 4,494,195
12/01/03 - - 213,658,333 7,405,452 201,547,158 11,325 11,325 4,683,074
3/01/04 - - 207,167,851 7,405,452 194,867,797 11,325 11,325 4,871,953
6/01/04 - 7,217 200,641,462 7,354,203 188,181,714 23,018 23,018 5,059,510
9/01/04 - - 193,931,611 7,354,203 181,945,983 23,018 23,018 4,585,389
12/01/04 - - 187,138,692 7,354,203 175,627,184 23,018 23,018 4,111,269
3/01/05 - - 180,259,761 7,354,203 169,222,373 23,018 23,018 3,637,149
6/01/05 - 10,026 173,322,911 7,302,954 162,807,912 23,755 23,755 3,164,535
9/01/05 - - 166,796,957 7,302,954 156,567,728 23,755 23,755 2,878,765
12/01/05 - - 160,174,724 7,302,954 150,231,267 23,755 23,755 2,592,994
3/01/06 - - 153,456,054 7,302,954 143,798,367 23,755 23,755 2,307,223
6/01/06 - 39,182 146,710,964 7,123,583 137,455,548 55,567 55,567 2,020,699
9/01/06 - - 140,178,906 7,123,583 131,237,620 55,567 55,567 1,706,568
12/01/06 - - 133,533,769 7,123,583 124,906,613 55,567 55,567 1,392,437
3/01/07 - - 126,773,590 7,123,583 118,460,565 55,567 55,567 1,078,306
6/01/07 - 7,453 119,959,413 7,097,959 111,996,490 49,905 49,905 765,153
9/01/07 - - 113,468,460 7,097,959 105,695,594 49,905 49,905 575,097
12/01/07 - - 106,853,645 7,097,959 99,270,835 49,905 49,905 385,041
3/01/08 - - 100,112,526 7,097,959 92,719,773 49,905 49,905 194,985
6/01/08 - 25,866 93,375,142 7,021,086 86,296,691 26,150 26,150 5,065
9/01/08 - - 86,945,011 7,021,086 79,866,124 26,150 26,150 5,501
12/01/08 - - 80,388,490 7,021,086 73,309,167 26,150 26,150 5,936
3/01/09 - - 73,703,088 7,021,086 66,623,329 26,150 26,150 6,372
6/01/09 - 17,028 66,935,057 6,969,837 59,892,002 33,287 33,287 6,645
9/01/09 - - 60,097,770 6,969,837 53,054,765 33,287 33,287 6,594
12/01/09 - - 53,648,145 6,969,837 46,605,192 33,287 33,287 6,543
3/01/10 - - 47,399,244 6,969,837 40,356,342 33,287 33,287 6,492
6/01/10 - 2,413,896 43,933,192 204,995 40,017,322 1,848,907 1,848,907 13,060
9/01/10 - - 39,290,409 204,995 35,354,731 1,848,907 1,848,907 32,868
12/01/10 - - 34,603,782 204,995 30,648,296 1,848,907 1,848,907 52,675
3/01/11 - - 29,833,062 204,995 25,857,769 1,848,907 1,848,907 72,483
6/01/11 - 81,772 25,043,496 - 21,172,702 1,892,463 1,892,463 85,867
9/01/11 - - 21,914,641 - 18,043,309 1,892,463 1,892,463 86,405
Prepared by PaineWebber Incorporated Page 28
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN STATUS SUMMARY
--------------------------------------------------------------------------------------------------------------------------
USA GROUP SERVICED
--------------------------------------------------------------------------------------------------------------------------
PERIOD LOANS CAPITALIZED LOANS LOANS IN LOANS IN LOANS IN LOANS IN LOANS IN
ENDING DRAWN INTEREST OUTSTANDING INTERIM REPAYMENT DEFERMENT FORBEARANCE DEFAULT
--------------------------------------------------------------------------------------------------------------------------
12/01/11 - - 19,186,338 - 15,314,468 1,892,463 1,892,463 86,944
3/01/12 - - 16,633,017 - 12,760,609 1,892,463 1,892,463 87,482
6/01/12 - 180,563 14,508,939 - 14,302,603 57,091 57,091 92,154
9/01/12 - - 12,989,279 - 12,770,001 57,091 57,091 105,094
12/01/12 - - 11,473,771 - 11,241,554 57,091 57,091 118,035
3/01/13 - - 9,935,232 - 9,690,074 57,091 57,091 130,975
6/01/13 - 5,701 8,370,717 - 8,231,047 - - 139,670
9/01/13 - - 8,056,306 - 7,916,431 - - 139,875
12/01/13 - - 7,805,641 - 7,665,561 - - 140,080
3/01/14 - - 7,551,672 - 7,411,387 - - 140,285
6/01/14 - - 7,296,586 - 7,162,980 - - 133,606
9/01/14 - - 7,043,450 - 6,930,293 - - 113,157
12/01/14 - - 6,786,388 - 6,693,679 - - 92,709
3/01/15 - - 6,525,339 - 6,453,079 - - 72,261
6/01/15 - - 6,269,458 - 6,211,069 - - 58,389
9/01/15 - - 6,029,258 - 5,971,586 - - 57,672
12/01/15 - - 5,785,031 - 5,728,076 - - 56,955
3/01/16 - - 5,536,715 - 5,480,478 - - 56,237
6/01/16 - - 5,286,198 - 5,234,949 - - 51,249
9/01/16 - - 5,036,057 - 4,998,338 - - 37,719
12/01/16 - - 4,781,289 - 4,757,100 - - 24,189
3/01/17 - - 4,521,806 - 4,511,146 - - 10,660
6/01/17 - - 4,262,913 - 4,261,410 - - 1,503
9/01/17 - - 4,010,417 - 4,009,324 - - 1,093
12/01/17 - - 3,752,971 - 3,752,288 - - 683
3/01/18 - - 3,490,477 - 3,490,204 - - 273
6/01/18 - - 3,224,395 - 3,224,395 - - -
9/01/18 - - 2,956,996 - 2,956,996 - - -
12/01/18 - - 2,684,345 - 2,684,345 - - -
3/01/19 - - - - - - - -
--------------------------------------------------------------------------------------------------------------------------
$261,393,981 $10,362,241
--------------------------------------------------------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 29
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN STATUS SUMMARY
--------------------------------------------------------------------------------------------------------------------------
INTUITION SERVICED
--------------------------------------------------------------------------------------------------------------------------
PERIOD LOANS CAPITALIZED LOANS LOANS IN LOANS IN LOANS IN LOANS IN LOANS IN
ENDING DRAWN INTEREST OUTSTANDING INTERIM REPAYMENT DEFERMENT FORBEARANCE DEFAULT
--------------------------------------------------------------------------------------------------------------------------
6/01/00 $97,536,116 - $97,536,116 $27,140,790 $70,395,326 - - -
9/01/00 - - 96,790,045 27,140,790 41,279,939 14,079,065 14,079,065 211,186
12/01/00 - - 95,993,199 27,140,790 40,271,907 14,079,065 14,079,065 422,372
3/01/01 - - 95,184,409 27,140,790 39,251,931 14,079,065 14,079,065 633,558
6/01/01 - 372,050 94,735,695 27,512,840 38,219,980 14,079,065 14,079,065 844,744
9/01/01 - - 93,533,821 10,575,215 47,130,985 17,466,590 17,466,590 894,441
12/01/01 - 261,894 92,571,135 10,837,109 45,856,708 17,466,590 17,466,590 944,137
3/01/02 - - 91,257,261 2,801,317 49,291,291 19,073,749 19,073,749 1,017,156
6/01/02 - 871 89,925,344 2,802,188 47,885,484 19,073,749 19,073,749 1,090,174
9/01/02 - 696,729 88,732,675 2,781,931 74,699,744 4,998,735 4,998,735 1,253,530
12/01/02 - 1,016 86,794,943 2,762,545 72,609,842 5,002,815 5,002,815 1,416,926
3/01/03 - - 84,809,429 2,762,545 70,484,235 5,002,815 5,002,815 1,557,018
6/01/03 - 4,572 82,809,497 2,767,116 68,339,920 5,002,815 5,002,815 1,696,830
9/01/03 - 172,780 80,715,063 2,694,693 73,031,441 1,629,775 1,629,775 1,729,379
12/01/03 - 726 78,418,048 2,685,000 70,707,421 1,631,859 1,631,859 1,761,910
3/01/04 - 86,305 76,131,107 2,655,920 71,603,190 30,995 30,995 1,810,007
6/01/04 - 1,669 73,738,678 2,636,534 69,173,798 35,206 35,206 1,857,934
9/01/04 - 239,687 71,538,894 77,545 68,613,473 590,847 590,847 1,666,183
12/01/04 - 221 69,047,000 77,545 66,316,366 586,766 586,766 1,479,556
3/01/05 - - 66,505,300 77,545 63,976,867 586,766 586,766 1,277,355
6/01/05 - 8,708 63,949,139 86,253 61,613,934 586,766 586,766 1,075,419
9/01/05 - 806 61,581,248 - 59,371,498 589,532 589,532 1,030,685
12/01/05 - 118 59,171,414 - 57,015,697 587,448 587,448 980,821
3/01/06 - 360 56,725,159 - 54,655,204 581,154 581,154 907,647
6/01/06 - 242 54,255,128 - 52,266,883 576,943 576,943 834,360
9/01/06 - 32,587 51,853,301 - 51,145,683 17,251 17,251 673,117
12/01/06 - - 49,361,747 - 48,812,012 17,251 17,251 515,234
3/01/07 - - 46,848,875 - 46,433,747 17,251 17,251 380,627
6/01/07 - - 44,305,380 - 44,024,557 17,251 17,251 246,322
9/01/07 - 1,035 41,890,429 - 41,673,933 - - 216,496
12/01/07 - - 39,423,805 - 39,240,527 - - 183,278
3/01/08 - - 36,908,724 - 36,774,232 - - 134,492
6/01/08 - - 34,364,230 - 34,278,620 - - 85,610
9/01/08 - - 31,854,312 - 31,787,023 - - 67,290
12/01/08 - - 29,294,015 - 29,250,169 - - 43,845
3/01/09 - - 26,697,846 - 26,661,871 - - 35,974
6/01/09 - - 24,084,881 - 24,056,681 - - 28,201
9/01/09 - - 21,512,607 - 21,489,931 - - 22,675
12/01/09 - - 18,893,408 - 18,871,127 - - 22,281
3/01/10 - - 16,221,100 - 16,199,225 - - 21,874
6/01/10 - - 13,831,286 - 13,809,884 - - 21,402
9/01/10 - - 12,253,071 - 12,233,491 - - 19,580
12/01/10 - - 10,644,254 - 10,629,895 - - 14,359
3/01/11 - - 9,006,406 - 8,997,243 - - 9,163
6/01/11 - - 7,360,357 - 7,356,325 - - 4,032
9/01/11 - - 6,068,879 - 6,068,414 - - 465
Prepared by PaineWebber Incorporated Page 30
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN STATUS SUMMARY
--------------------------------------------------------------------------------------------------------------------------
INTUITION GROUP SERVICED
--------------------------------------------------------------------------------------------------------------------------
PERIOD LOANS CAPITALIZED LOANS LOANS IN LOANS IN LOANS IN LOANS IN LOANS IN
ENDING DRAWN INTEREST OUTSTANDING INTERIM REPAYMENT DEFERMENT FORBEARANCE DEFAULT
--------------------------------------------------------------------------------------------------------------------------
12/01/11 - - 4,771,649 - 4,771,339 - - 310
3/01/12 - - 3,601,126 - 3,600,970 - - 155
6/01/12 - - 2,638,943 - 2,638,943 - - -
9/01/12 - - 2,229,837 - 2,229,837 - - -
12/01/12 - - 1,813,694 - 1,813,694 - - -
3/01/13 - - 1,391,859 - 1,391,859 - - -
6/01/13 - - 964,823 - 964,823 - - -
9/01/13 - - 760,145 - 760,145 - - -
12/01/13 - - 563,210 - 563,210 - - -
3/01/14 - - 467,551 - 467,551 - - -
6/01/14 - - 376,226 - 376,226 - - -
9/01/14 - - 299,360 - 299,360 - - -
12/01/14 - - 261,691 - 261,691 - - -
3/01/15 - - 223,363 - 223,363 - - -
6/01/15 - - 184,253 - 184,253 - - -
9/01/15 - - 146,953 - 146,953 - - -
12/01/15 - - 109,119 - 109,119 - - -
3/01/16 - - 70,693 - 70,693 - - -
6/01/16 - - 31,976 - 31,976 - - -
9/01/16 - - 3,514 - 3,514 - - -
12/01/16 - - 2,386 - 2,386 - - -
3/01/17 - - 1,234 - 1,234 - - -
6/01/17 - - 59 - 59 - - -
9/01/17 - - - - - - - -
--------------------------------------------------------------------------------------------------------------------------
$97,536,116 $1,882,376
--------------------------------------------------------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 31
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN STATUS SUMMARY
--------------------------------------------------------------------------------------------------------------------------
UNIPAC SERVICED
--------------------------------------------------------------------------------------------------------------------------
PERIOD LOANS CAPITALIZED LOANS LOANS IN LOANS IN LOANS IN LOANS IN LOANS IN
ENDING DRAWN INTEREST OUTSTANDING INTERIM REPAYMENT DEFERMENT FORBEARANCE DEFAULT
--------------------------------------------------------------------------------------------------------------------------
6/01/00 $300,155,304 - $300,155,304 $146,401,117 $153,754,188 - - -
9/01/00 - - 298,051,124 146,401,117 89,687,070 30,750,838 30,750,838 461,263
12/01/00 - - 295,806,107 146,401,117 86,980,790 30,750,838 30,750,838 922,525
3/01/01 - - 293,530,605 146,401,117 84,244,026 30,750,838 30,750,838 1,383,788
6/01/01 - 2,294,627 293,521,821 148,695,743 81,479,353 30,750,838 30,750,838 1,845,050
9/01/01 - - 290,132,344 67,344,514 126,667,262 47,021,083 47,021,083 2,078,401
12/01/01 - - 286,671,699 67,344,514 122,973,267 47,021,083 47,021,083 2,311,752
3/01/02 - - 283,171,289 67,344,514 119,239,506 47,021,083 47,021,083 2,545,102
6/01/02 - 3,418,144 283,049,740 70,762,658 115,466,462 47,021,083 47,021,083 2,778,453
9/01/02 - 2,082,419 279,2/7,742 8,461,985 210,092,387 28,730,381 28,730,381 3,262,609
12/01/02 - - 273,248,910 8,461,985 203,579,399 28,730,381 28,730,381 3,746,765
3/01/03 - - 267,155,255 8,461,985 197,001,588 28,730,381 28,730,38! 4,230,921
6/01/03 - - 261,042,205 8,461,985 190,407,203 28,730,381 28,730,381 4,712,256
9/01/03 - 1,066,369 255,130,185 8,461,985 216,888,573 12,460,135 12,460,135 4,859,359
12/01/03 - - 248,060,905 8,461,985 209,672,189 12,460,135 12,460,135 5,006,462
3/01/04 - - 240,926,843 8,461,985 202,391,024 12,460,135 12,460,135 5,153,565
6/01/04 - 6,657 233,791,886 8,403,424 195,143,282 12,473,178 12,473,178 5,298,824
9/01/04 - 846,765 226,965,407 8,403,424 213,568,110 13,044 13,044 4,967,786
12/01/04 - - 219,175,697 8,403,424 206,109,439 13,044 13,044 4,636,747
3/01/05 - - 211,291,901 8,403,424 198,556,682 13,044 13,044 4,305,708
6/01/05 - 8,357 203,411,524 8,344,864 191,036,294 26,427 26,427 3,977,512
9/01/05 - - 195,954,814 8,344,864 183,822,221 26,427 26,427 3,734,876
12/01/05 - - 188,398,895 8,344,864 176,508,938 26,427 26,427 3,492,239
3/01/06 - - 180,745,636 8,344,864 169,098,317 26,427 26,427 3,249,602
6/01/06 - 36,141 173,142,753 8,139,902 161,874,138 61,415 61,415 3,005,882
9/01/06 - - 165,894,665 8,139,902 155,101,285 61,415 61,415 2,530,647
12/01/06 - - 158,527,644 8,139,902 148,209,500 61,415 61,415 2,055,412
3/01/07 - - 151,039,720 8,139,902 141,196,810 61,415 61,415 1,580,176
6/01/07 - 6,873 143,541,434 8,110,622 134,212,770 55,064 55,064 1,107,915
9/01/07 - - 136,644,707 8,110,622 127,473,951 55,064 55,064 950,007
12/01/07 - - 129,622,677 8,110,622 120,609,829 55,064 55,064 792,098
3/01/08 - - 122,473,067 8,110,622 113,618,128 55,064 55,064 634,190
6/01/08 - 23,848 115,347,051 8,022,781 106,790,617 28,637 28,637 476,379
9/01/08 - - 108,554,067 8,022,781 100,114,901 28,637 28,637 359,112
12/01/08 - - 101,631,369 8,022,781 93,309,470 28,637 28,637 241,845
3/01/09 - - 94,576,430 8,022,781 86,371,798 28,637 28,637 124,578
6/01/09 - 15,705 87,540,676 7,964,221 79,496,594 36,348 36,348 7,164
9/01/09 - - 80,825,284 7,964,221 72,781,145 36,348 36,348 7,222
12/01/09 - - 73,979,396 7,964,221 65,935,198 36,348 36,348 7,281
3/01/10 - - 67,000,468 7,964,221 58,956,211 36,348 36,348 7,340
6/01/10 - 2,226,665 62,543,791 234,242 58,283,173 2,005,727 2,005,727 14,923
9/01/10 - - 56,831,359 234,242 52,548,107 2,005,727 2,005,727 37,557
12/01/10 - - 51,008,311 234,242 46,702,425 2,005,727 2,005,727 60,190
3/01/11 - - 45,0/2,506 234,242 40,743,987 2,005,727 2,005,727 82,824
6/01/11 - 75,425 39,203,711 - 35,000,241 2,052,676 2,052,676 98,118
9/01/11 - - 34,943,862 - 30,739,777 2,052,676 2,052,676 98,733
Prepared by PaineWebber Incorporated Page 32
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN STATUS SUMMARY
----------------------------------------------------------------------------------------------------------------------------
UNIPAC SERVICED
----------------------------------------------------------------------------------------------------------------------------
PERIOD LOANS CAPITALIZED LOANS LOANS IN LOANS IN LOANS IN LOANS IN LOANS IN
ENDING DRAWN INTEREST OUTSTANDING INTERIM REPAYMENT DEFERMENT FORBEARANCE DEFAULT
----------------------------------------------------------------------------------------------------------------------------
12/01/11 - - 30,692,254 - 26,487,554 2,052,676 2,052,676 99,348
3/01/12 - - 26,362,522 - 22,157,207 2,052,676 2,052,676 99,963
6/01/12 - 165, 743 22,388,969 - 22,160,282 61,693 61,693 105,301
9/01/12 - - 20,031,536 - 19,788,063 61,693 61,693 120,088
12/01/12 - - 17,691,528 - 17,433,268 61,693 61,693 134,874
3/01/13 - - 15,322,891 - 15.049,845 61,693 61,693 149,661
6/01/13 - 5,231 12,966,996 - 12,807,399 - - 159,597
9/01/13 - - 11,747,439 - 11,587,608 - - 159,831
12/01/13 - - 10,568,521 - 10,408,456 - - 160,065
3/01/14 - - 9,371,099 - 9,210,800 - - 160,299
6/01/14 - - 8,167,455 - 8,014,788 - - 152,667
9/01/14 - - 7,784,426 - 7,655,124 - - 129,301
12/01/14 - - 7,437,964 - 7,332,028 - - 105,936
3/01/15 - - 7,097,229 - 7,014,659 - - 82,570
6/01/15 - - 6,775,743 - 6,709,023 - - 66,720
9/01/15 - - 6,506,225 - 6,440,325 - - 65,900
12/01/15 - - 6,232,262 - 6,167,182 - - 65.080
3/01/16 - - 5,953,791 - 5,889,531 - - 64,260
6/01/16 - - 5,676,162 - 5,617,602 - - 58,560
9/01/16 - - 5,407,338 - 5,364,238 - - 43,100
12/01/16 - - 5,133,623 - 5,105,982 - - 27,641
3/01/17 - - 4,854,921 - 4,842,740 - - 12,181
6/01/17 - - 4,576,746 - 4,575.028 - - 1,718
9/01/17 - - 4,304,862 - 4,303,613 - - 1,249
12/01/17 - - 4,027,712 - 4,026,932 - - 781
3/01/18 - - 3,745,194 - 3,744,882 - - 312
6/01/18 - - 3,458,906 - 3,458,906 - - -
9/01/18 - - 3,171,327 - 3,171,327 - - -
12/01/18 - - 2,878,168 - 2,878,168 - - -
3/01/19 - - - - - - - -
----------------------------------------------------------------------------------------------------------------------------
$300,155,304 $ 12,278,968 -
----------------------------------------------------------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 33
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN STATUS SUMMARY
----------------------------------------------------------------------------------------------------------------------------------
CONSOLIDATION LOANS
----------------------------------------------------------------------------------------------------------------------------------
PERIOD LOANS CAPITALIZED LOANS LOANS IN LOANS IN LOANS IN LOANS IN LOANS IN
ENDING DRAWN INTEREST OUTSTANDING INTERIM REPAYMENT DEFERMENT FORBEARANCE DEFAULT
----------------------------------------------------------------------------------------------------------------------------------
6/01/00 $105,460,649 - $105,460,649 - $105,460,649 - - -
9/01/00 - - 104,489,231 - 61,988,590 21,092,130 21,092,130 316,382
12/01/00 - - 103,452,340 - 60,635,316 21,092,130 21,092,130 632,764
3/01/01 - - 102,400,652 - 59,267,247 21,092,130 21,092,130 949,146
6/01/01 - - 101,334,513 - 57,884,726 21,092,130 21,092,130 1,265,528
9/01/01 - - 99,965,499 - 56,516,312 21,092,130 21,092,130 1,264,927
12/01/01 - - 98,583,343 - 55,134,757 21,092,130 21,092,130 1,264,327
3/01/02 - - 97,186,610 - 53,738,625 21,092,130 21,092,130 1,263,726
6/01/02 - - 95,775,376 - 52,327,990 21,092,130 21,092,130 1,263,126
9/01/02 - 3,322,012 96,973,798 - 95,499,754 - - 1,474,044
12/01/02 - - 94,788,740 - 93,103,776 - - 1,684,963
3/01/03 - - 92,579,174 - 90,683,292 - - 1,895,882
6/01/03 - - 90,354,172 - 88,247,941 - - 2,106,232
9/01/03 - - 87,932,983 - 85,828,859 - - 2,104,124
12/01/03 - - 85,488,963 - 83,386,947 - - 2,102,016
3/01/04 - - 83,022,039 - 80,922,131 - - 2,099,908
6/01/04 - - 80,544,238 - 78,446,855 - - 2,097,382
9/01/04 - - 78,061,268 - 76,277,959 - - 1,783,309
12/01/04 - - 75,544,756 - 74,075,520 - - 1,469,236
3/01/05 - - 72,994,586 - 71,839,423 - - 1,155,163
6/01/05 - - 70,426,952 - 69,585,254 - - 841,698
9/01/05 - - 68,175,501 - 67,334,942 - - 840,559
12/01/05 - - 65,889,934 - 65.050,513 - - 839,421
3/01/06 - - 63,570,402 - 62,732,120 - - 838,283
6/01/06 - - 61,243,330 - 60,406,465 - - 836,866
9/01/06 - - 58,941,445 - 58,313,961 - - 627,485
12/01/06 - - 56,598,098 - 56,179,994 - - 418,104
3/01/07 - - 54,212,463 - 54,003,740 - - 208,723
6/01/07 - - 51,821,798 - 51,821,798 - - -
9/01/07 - - 49,692,190 - 49,692,190 - - -
12/01/07 - - 47,520,368 - 47,520,368 - - -
3/01/08 - - 45,305,491 - 45,305,491 - - -
6/01/08 - - 43,110,812 - 43,110,812 - - -
9/01/08 - - 41,036,275 - 41,036,275 - - -
12/01/08 - - 38,920,602 - 38,920,602 - - -
3/01/09 - - 36,762,972 - 36,762,972 - - -
6/01/09 - - 34,627,721 - 34,627,721 - - -
9/01/09 - - 32,616,485 - 32,616,485 - - -
12/01/09 - - 30,565,353 - 30,565,353 - - -
3/01/10 - - 28,473,528 - 28,473,528 - - -
6/01/10 - - 26,416,720 - 26,416,720 - - -
9/01/10 - - 24,514,622 - 24,514,622 - - -
12/01/10 - - 22,574,985 - 22,574,985 - - -
3/01/11 - - 20,597,354 - 20,597,354 - - -
6/01/11 - - 18,628,777 - 18,628,777 - - -
9/01/11 - - 16,744,428 - 16,744,428 - - -
----------------------------------------------------------------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 34
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN STATUS SUMMARY
--------------------------------------------------------------------------------------------------------------------------------
CONSOLIDATION LOANS
--------------------------------------------------------------------------------------------------------------------------------
PERIOD LOANS CAPITALIZED LOANS LOANS IN LOANS IN LOANS IN LOANS IN LOANS IN
ENDING DRAWN INTEREST OUTSTANDING INTERIM REPAYMENT DEFERMENT FORBEARANCE DEFAULT
--------------------------------------------------------------------------------------------------------------------------------
12/01/11 - - 14,956,041 - 14,956,041 - - -
3/01/12 - - 13,182,793 - 13,182,793 - - -
6/01/12 - - 11,442,956 - 11,442,956 - - -
9/01/12 - - 9,744,200 - 9,744,200 - - -
12/01/12 - - 8,011,860 - 8,011,860 - - -
3/01/13 - - 6,465,744 - 6,465,744 - - -
6/01/13 - - 5,128,112 - 5,128,112 - - -
9/01/13 - - 4,344,695 - 4,344,695 - - -
12/01/13 - - 3,642,354 - 3,642,354 - - -
3/01/14 - - 2,962,758 - 2,962,758 - - -
6/01/14 - - 2,298,551 - 2,298,551 - - -
9/01/14 - - 1,622,683 - 1,622,683 - - -
12/01/14 - - 933,385 - 933,385 - - -
3/01/15 - - 389,966 - 389,966 - - -
6/01/15 - - 3 - 3 - - -
9/01/15 - - 3 - 3 - - -
12/01/15 - - 2 - 2 - - -
3/01/16 - - 1 - 1 - - -
6/01/16 - - - - - - - -
------------------------------------------------------------------------------------------------------------------------------
$105,460,649 $ 3,322,012 -
------------------------------------------------------------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 35
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN STATUS SUMMARY
----------------------------------------------------------------------------------------------------------------------------------
PREFUNDING STAFF & PLUS
----------------------------------------------------------------------------------------------------------------------------------
PERIOD LOANS CAPITALIZED LOANS LOANS IN LOANS IN LOANS IN LOANS IN LOANS IN
ENDING DRAWN INTEREST OUTSTANDING INTERIM REPAYMENT DEFERMENT FORBEARANCE DEFAULT
----------------------------------------------------------------------------------------------------------------------------------
6/01/00 - - - - - - - -
9/01/00 130,557,831 - 127,927,468 108,798,192 11,430,204 3,839,936 3,839,936 19,200
12/01/00 - - 127,676,652 108,798,192 11,121,789 3,839,936 3,839,936 76,799
3/01/01 - - 127,422,047 108,798,192 10,809,585 3,839,936 3,839,936 134,398
6/01/01 - - 127,163,636 108,798,192 10,493,575 3,839,936 3,839,936 191,997
9/01/01 - - 126,882,207 108,798,192 10,173,746 3,839,936 3,839,936 230,396
12/01/01 - - 126,558,552 108,798,192 9,850,091 3,839,936 3,839,936 230,396
3/01/02 - 6,095,899 132,001,311 - 78,024,607 26,818,754 26,818,754 339,194
6/01/02 - - 130,510,428 - 76,207,330 26,818,754 26,818,754 665,589
9/01/02 - 622,070 129,570,431 - 82,608,012 22,978,818 22,978,818 1,004,783
12/01/02 - - 127,857,768 - 80,530,555 22,978,818 22,978,818 1,369,577
3/01/03 - - 126,012,919 - 78,429,710 22,978,818 22,978,818 1,625,573
6/01/03 - - 123,927,031 - 76,305,422 22,978,818 22,978,818 1,663,972
9/01/03 - - 121,804,882 - 74,157,674 22,978,818 22,978,818 1,689,572
12/01/03 - - 119,633,701 - 71,986,493 22,978,818 22,978,818 1,689,572
3/01/04 - 1,951,027 119,163,880 - 117,401,776 - - 1,762,104
6/01/04 - - 116,140,292 - 114,160,591 - - 1,979,700
9/01/04 - - 113,085,636 - 110,907,721 - - 2,177,915
12/01/04 - - 109,995,721 - 107,657,809 - - 2,337,912
3/01/05 - - 106,795,296 - 104,369,918 - - 2,425,377
6/01/05 - - 103,411,731 - 101,043,953 - - 2,367,778
9/01/05 - - 100,012,358 - 97,682,797 - - 2,329,561
12/01/05 - - 96,614,996 - 94,285,435 - - 2,329,561
3/01/06 - - 93,178,714 - 90,957,951 - - 2,220,763
6/01/06 - - 89,695,324 - 87,800,955 - - 1,894,369
9/01/06 - - 86,172,555 - 84,617,503 - - 1,555.053
12/01/06 - - 82,604,338 - 81,414,080 - - 1,190,259
3/01/07 - - 79,092,403 - 78,158,140 - - 934,263
6/01/07 - - 75,744,786 - 74,848,923 - - 895,864
9/01/07 - - 72,358,200 - 71,487,815 - - 870,386
12/01/07 - - 68,943,703 - 68,073,317 - - 870,386
3/01/08 - - 65,473,090 - 64,675,236 - - 797,853
6/01/08 - - 61,940,012 - 61,359,755 - - 580,257
9/01/08 - - 58,349,754 - 57,987,094 - - 362,661
12/01/08 - - 54,698,397 - 54,553,333 - - 145.064
3/01/09 - - 51,319,071 - 51,319,071 - - -
6/01/09 - - 48 164,256 - 48,164,256 - - -
9/01/09 - - 44,948,220 - 44,948,220 - - -
12/01/09 - - 41,669,769 - 41,669,769 - - -
3/01/10 - - 38,327,691 - 38,327,691 - - -
6/01/10 - - 34,920,745 - 34,920,745 - - -
9/01/10 - - 31,449,346 - 31,449,346 - - -
12/01/10 - - 27,911,617 - 27,911,617 - - -
3/01/11 - - 24,498,884 - 24,498,884 - - -
6/01/11 - - 21,123,522 - 21,123,522 - - -
9/01/11 - - 17,682,927 - 17,682,927 - - -
-----------------------------------------------------------------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 36
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN STATUS SUMMARY
----------------------------------------------------------------------------------------------------------------------------------
PREFUNDING STAFF & PLUS
----------------------------------------------------------------------------------------------------------------------------------
PERIOD LOANS CAPITALIZED LOANS LOANS IN LOANS IN LOANS IN LOANS IN LOANS IN
ENDING DRAWN INTEREST OUTSTANDING INTERIM REPAYMENT DEFERMENT FORBEARANCE DEFAULT
----------------------------------------------------------------------------------------------------------------------------------
12/01/11 - - 14,175,833 - 14,175,833 - - -
3/01/12 - - 11,239,187 - 11,239,187 - - -
6/01/12 - - 9,874,588 - 9,874,588 - - -
9/01/12 - - 8,483,618 - 8,483,618 - - -
12/01/12 - - 7,065,765 - 7,065,765 - - -
3/01/13 - - 5,620,509 - 5,620,509 - - -
6/01/13 - - 4,147,318 - 4,147,318 - - -
9/01/13 - - 2,645,651 - 2,645,651 - - -
12/01/13 - - 1,114,955 - 1,114,955 - - -
3/01/14 - - - - - - - -
6/01/14 - - - - - - - -
----------------------------------------------------------------------------------------------------------------------------------
$130,557,831 $ 8,668,995 -
----------------------------------------------------------------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 37
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN STATUS SUMMARY
----------------------------------------------------------------------------------------------------------------------------------
PREFUNDING CONSOLIDATION
----------------------------------------------------------------------------------------------------------------------------------
PERIOD LOANS CAPITALIZED LOANS LOANS IN LOANS IN LOANS IN LOANS IN LOANS IN
ENDING DRAWN INTEREST OUTSTANDING INTERIM REPAYMENT DEFERMENT FORBEARANCE DEFAULT
----------------------------------------------------------------------------------------------------------------------------------
6/01/00 - - - - - - - -
9/01/00 55,953,356 - 54,715,642 - 32,718,293 10,971,246 10,971,246 54,856
12/01/00 - - 54,213,771 - 32,051,854 10,971,246 10,971,246 219,425
3/01/01 - - 53,702,612 - 31,376,126 10,971,246 10,971,246 383,994
6/01/01 - - 53,182,048 - 30,690,993 10,971,246 10,971,246 548,562
9/01/01 - - 52,597,108 - 29,996,340 10,971,246 10,971,246 658,275
12/01/01 - - 51,892,825 - 29,292,057 10,971,246 10,971,246 658,275
3/01/02 - - 51,178,805 - 28,578,038 10,971,246 10,971,246 658,275
6/01/02 - - 50,454,949 - 27,854,181 10,971,246 10,971,246 658,275
9/01/02 - 2,081,794 51,700,381 - 51,005,535 - - 694,846
12/01/02 - - 50,590,303 - 49,785,745 - - 804,558
3/01/03 - - 49,463,174 - 48,548,903 - - 914,271
6/01/03 - - 48,318,825 - 47,294,842 - - 1,023,983
9/01/03 - - 47,120,533 - 46,023,409 - - 1,097,125
12/01/03 - - 45,831,587 - 44,734,462 - - 1,097,125
3/01/04 - - 44,525,005 - 43,427,881 - - 1,097,125
6/01/04 - - 43,200,686 - 42,103,561 - - 1,097,125
9/01/04 - - 41,858,065 - 40,815,797 - - 1,042,268
12/01/04 - - 40,493,055 - 39,615,355 - - 877,700
3/01/05 - - 39,104,488 - 38,391,356 - - 713,131
6/01/05 - - 37,691,909 - 37,143,347 - - 548,562
9/01/05 - - 36,309,721 - 35,870,871 - - 438,850
12/01/05 - - 35,012,321 - 34,573,471 - - 438,850
3/01/06 - - 33,689,537 - 33,250,687 - - 438,850
6/01/06 - - 32,340,911 - 31,902,061 - - 438,850
9/01/06 - - 30,965,665 - 30,563,386 - - 402,279
12/01/06 - - 29,560,657 - 29,268,090 - - 292,567
3/01/07 - - 28,124,674 - 27,941,820 - - 182,854
6/01/07 - - 26,656,968 - 26,583,826 - - 73,142
9/01/07 - - 25,193,341 - 25,193,341 - - -
12/01/07 - - 23,769,577 - 23,769,577 - - -
3/01/08 - - 22,311,727 - 22,311,727 - - -
6/01/08 - - 20,818,966 - 20,818,966 - - -
9/01/08 - - 19,290,447 - 19,290,447 - - -
12/01/08 - - 17,725,302 - 17,725,302 - - -
3/01/09 - - 16,122,643 - 16,122,643 - - -
6/01/09 - - 14,481,561 - 14,481,561 - - -
9/01/09 - - 12,801,121 - 12,801,121 - - -
12/01/09 - - 11,080,369 - 11,080,369 - - -
3/01/10 - - 9,318,325 - 9,318,325 - - -
6/01/10 - - 7,513,987 - 7,513,987 - - -
9/01/10 - - 5,994,587 - 5,994,587 - - -
12/01/10 - - 5,278,240 - 5,278,240 - - -
3/01/11 - - 4,544,696 - 4,544,696 - - -
6/01/11 - - 3,793,537 - 3,793,537 - - -
9/01/11 - - 3,024,334 - 3,024,334 - - -
----------------------------------------------------------------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 38
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN STATUS SUMMARY
----------------------------------------------------------------------------------------------------------------------------------
PREFUNDING CONSOLIDATION
----------------------------------------------------------------------------------------------------------------------------------
PERIOD LOANS CAPITALIZED LOANS LOANS IN LOANS IN LOANS IN LOANS IN LOANS IN
ENDING DRAWN INTEREST OUTSTANDING INTERIM REPAYMENT DEFERMENT FORBEARANCE DEFAULT
----------------------------------------------------------------------------------------------------------------------------------
12/01/11 - - 2,236,649 - 2,236,649 - - -
3/01/12 - - 1,430,032 - 1,430,032 - - -
6/01/12 - - 604,022 - 604,022 - - -
9/01/12 - - - - - - - -
----------------------------------------------------------------------------------------------------------------------------------
$ 55,953,356 $ 2,081,794 -
----------------------------------------------------------------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 39
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN STATUS SUMMARY
----------------------------------------------------------------------------------------------------------------------------------
REORIGINATION PORTFOLIO
----------------------------------------------------------------------------------------------------------------------------------
PERIOD LOANS CAPITALIZED LOANS LOANS IN LOANS IN LOANS IN LOANS IN LOANS IN
ENDING DRAWN INTEREST OUTSTANDING INTERIM REPAYMENT DEFERMENT FORBEARANCE DEFAULT
----------------------------------------------------------------------------------------------------------------------------------
6/01/00 - - - - - - - -
9/01/00 12,345,133 - 12,224,785 8,556,033 2,550,445 556,994 556,994 4,319
12/01/00 7,939,714 - 20,049,294 14,058,805 3,771,434 1,100,423 1,100,423 18,209
3/01/01 5,816,438 - 25,745,998 18,090,000 4,661,632 1,477,955 1,477,955 38,457
6/01/01 4,777,568 - 30,394,877 21,401,185 5,363,625 1,783,243 1,783,243 63,580
9/01/01 6,003,744 - 36,238,512 25,562,196 6,396,367 2,095,570 2,095,570 88,808
12/01/01 7,230,852 - 43,267,937 30,573,678 7,572,299 2,505,860 2,505,860 110,241
3/01/02 8,168,879 307,100 51,472,139 29,838,665 12,875,982 4,307,721 4,307,721 142,049
6/01/02 9,618,375 197,510 60,892,970 30,161,932 18,201,714 6,165,174 6,165,174 198,977
9/01/02 12,895,946 236,318 73,499,815 34,700,615 24,124,228 7,198,241 7,198,241 278,490
12/01/02 15,906,327 208,243 88,945,857 42,169,340 29,818,683 8,287,683 8,287,683 382,467
3/01/03 17,676,818 211,455 106,024,391 50,810,938 35,346,085 9,684,170 9,684,170 499,029
6/01/03 18,874,383 230,097 124,156,587 59,134,017 41,450,372 11,476,845 11,476,845 618,508
9/01/03 - 254,589 123,460,359 53,787,425 43,657,777 12,637,251 12,637,251 740,654
12/01/03 - 306,763 122,697,197 47,414,817 47,329,278 13,549,337 13,549,337 854,429
3/01/04 - 470,928 121,943,460 39,535,790 54,661,004 13,387,441 13,387,441 971,783
6/01/04 - 558,523 121,058,578 29,123,472 63,446,590 13,691,590 13,691,590 1,105,335
9/01/04 - 602,149 119,993,709 17,260,311 72,353,815 14,562,108 14,562,108 1,255,366
12/01/04 - 657,956 118,754,990 4,366,152 81,757,286 15,601,973 15,601,973 1,427,606
3/01/05 - 209,803 116,856,820 - 85,851,200 14,701,186 14,701,186 1,603,249
6/01/05 - 237,364 114,837,309 - 87,886,185 12,603,221 12,603,221 1,744,682
9/01/05 - 121,163 112,562,258 - 88,447,928 11,130,489 11,130,489 1,853,352
12/01/05 - 73,253 110,123,538 - 88,583,129 9,808,113 9,808,113 1,924,183
3/01/06 - 90,846 107,585,403 - 89,292,637 8,168,147 8,168,147 1,956,472
6/01/06 - 119,742 104,961,750 - 90,985,383 6,006,546 6,006,546 1,963,276
9/01/06 - 136,304 102,227,232 - 93,182,698 3,545,967 3,545,967 1,952,600
12/01/06 - 148,056 99,373,893 - 95,696,823 873,230 873,230 1,930,609
3/01/07 - 48,373 96,320,519 - 94,421,689 - - 1,898,830
6/01/07 - - 93,187,437 - 91,342,710 - - 1,844,727
9/01/07 - - 90,016,482 - 88,251,442 - - 1,765,040
12/01/07 - - 86,807,498 - 85,138,932 - - 1,668,565
3/01/08 - - 83,566,172 - 82,014,953 - - 1,551,219
6/01/08 - - 80,311,516 - 78,893,842 - - 1,417,674
9/01/08 - - 77,038,315 - 75,774,998 - - 1,263,316
12/01/08 - - 73,737,334 - 72,660,154 - - 1,077,180
3/01/09 - - 70,424,526 - 69,543,242 - - 881,284
6/01/09 - - 67,116,215 - 66,401,493 - - 714,722
9/01/09 - - 63,808,965 - 63,228,134 - - 580,830
12/01/09 - - 60,503,039 - 60,014,466 - - 488,573
3/01/10 - - 57,186,401 - 56,761,922 - - 424,479
6/01/10 - - 53,836,152 - 53,475,400 - - 360,752
9/01/10 - - 50,471,486 - 50,179,578 - - 291,907
12/01/10 - - 47,119,264 - 46,909,349 - - 209,914
3/01/11 - - 43,771,883 - 43,646,758 - - 125,125
6/01/11 - - 40,429,946 - 40,370,202 - - 59,744
9/01/11 - - 37,093,663 - 37,076,371 - - 17,292
----------------------------------------------------------------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 40
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN STATUS SUMMARY
----------------------------------------------------------------------------------------------------------------------------------
REORIGINATION PORTFOLIO
----------------------------------------------------------------------------------------------------------------------------------
PERIOD LOANS CAPITALIZED LOANS LOANS IN LOANS IN LOANS IN LOANS IN LOANS IN
ENDING DRAWN INTEREST OUTSTANDING INTERIM REPAYMENT DEFERMENT FORBEARANCE DEFAULT
----------------------------------------------------------------------------------------------------------------------------------
12/01/11 - - 33,771,293 - 33,771,293 - - -
3/01/12 - - 30,511,376 - 30,511,376 - - -
6/01/12 - - 27,387,352 - 27,387,352 - - -
9/01/12 - - 24,377,900 - 24,377,900 - - -
12/01/12 - - 21,502,316 - 21,502,316 - - -
3/01/13 - - 18,757,559 - 18,757,559 - - -
6/01/13 - - 16,171,077 - 16,171,077 - - -
9/01/13 - - 13,736,084 - 13,736,084 - - -
12/01/13 - - 11,413,180 - 11,413,180 - - -
3/01/14 - - 9,266,517 - 9,266,517 - - -
6/01/14 - - 7,409,793 - 7,409,793 - - -
9/01/14 - - 5,858,435 - 5,858,435 - - -
12/01/14 - - 4,637,478 - 4,637,478 - - -
3/01/15 - - 3,687,073 - 3,687,073 - - -
6/01/15 - - 2,850,293 - 2,850,293 - - -
9/01/15 - - 2,117,532 - 2,117,532 - - -
12/01/15 - - 1,455,354 - 1,455,354 - - -
3/01/16 - - 881,147 - 881,147 - - -
6/01/16 - - 430,515 - 430,515 - - -
9/01/16 - - 131,452 - 131,452 - - -
12/01/16 - - 2,929 - 2,929 - - -
3/01/17 - - - - - - - -
----------------------------------------------------------------------------------------------------------------------------------
$127,254,177 $ 5,426,533 -
----------------------------------------------------------------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 41
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN STATUS SUMMARY
--------------------------------------------------------------------------------------------------------------------------------
TOTAL LOANS
--------------------------------------------------------------------------------------------------------------------------------
PERIOD LOANS CAPITALIZED LOANS LOANS IN LOANS IN LOANS IN LOANS IN LOANS IN
ENDING DRAWN INTEREST OUTSTANDING INTERIM REPAYMENT DEFERMENT FORBEARANCE DEFAULT
--------------------------------------------------------------------------------------------------------------------------------
6/01/00 $764,546,050 - $764,546,050 $276,039,508 $488,506,542 - - -
9/01/00 198,856,320 - 953,792,590 393,393,733 332,715,993 113,069,485 113,069,485 1,543,894
12/01/00 7,939,714 - 954,864,817 398,896,505 325,497,012 113,612,914 113,612,914 3,245,472
3/01/01 5,816,438 - 953,711,566 402,927,700 317,849,568 113,990,446 113,990,446 4,953,407
6/01/01 4,777,568 6,083,854 957,499,435 412,322,740 309,919,009 114,295,734 114,295,734 6,666,218
9/01/01 6,003,744 - 953,103,718 219,736,817 418,044,878 153,957,448 153,957,448 7,407,128
12/01/01 7,230,852 261,894 949,797,095 225,010,192 408,055,298 154,367,738 154,367,738 7,996,129
3/01/02 8,168,879 6,402,999 952,975,541 107,441,197 475,295,566 180,755,575 180,755,575 8,727,628
6/01/02 9,618,375 3,616,525 953,734,744 111,183,478 467,623,369 182,613,028 182,613,028 9,701,841
9/01/02 12,895,946 11,604,559 960,358,729 53,401,231 728,431,750 83,597,790 83,597,790 11,330,168
12/01/02 15,906,327 209,259 957,623,952 60,850,570 714,309,018 84,691,313 84,691,313 13,081,738
3/01/03 17,676,818 211,455 956,176,104 69,492,168 699,794,544 86,087,799 36,087,799 14,713,794
6/01/03 18,874,383 240,043 955,427,657 77,768,570 685,748,392 87,891,799 87,891,799 16,127,097
9/01/03 - 3,081,507 936,247,388 72,349,554 747,748,819 49,717,304 49,717,304 16,714,408
12/01/03 - 307,488 913,788,733 65,967,253 729,363,948 50,631,473 50,631,473 17,194,587
3/01/04 - 2,508,260 892,880,185 58,059,147 765,274,802 25,889,896 25,889,896 17,766,445
6/01/04 - 574,066 869,115,821 47,517,633 750,656,392 26,222,993 26,222,993 18,495,810
9/01/04 - 1,688,601 845,434,590 33,095,483 764,482,858 15,189,016 15,189,016 17,478,216
12/01/04 - 658,177 820,149,911 20,201,324 751,158,959 16,224,801 16,224,801 16,340,026
3/01/05 - 209,803 793,808,151 15,835,172 732,207,820 15,324,013 15,324,013 15,117,132
6/01/05 - 264,455 767,051,475 15,734,071 711,116,878 13,240,170 13,240,170 13,720,187
9/01/05 - 121,969 741,392,856 15,647,818 689,097,985 11,770,203 11,770,203 13,106,648
12/01/05 - 73,370 715,385,822 15,647,818 666,248,450 10,445,743 10,445,743 12,598,068
3/01/06 - 91,206 688,950,905 15,647,818 643,785,282 8,799,483 8,799,483 11,918,839
6/01/06 - 195,306 662,350,162 15,263,485 622,691,433 6,700,471 6,700,471 10,994,301
9/01/06 - 168,891 636,233,770 15,263,485 604,162,136 3,680,201 3,680,201 9,447,748
12/01/06 - 148,056 609,560,146 15,263,485 584,487,112 1,007,464 1,007,464 7,794,621
3/01/07 - 48,373 582,412,243 15,263,485 560,616,510 134,234 134,234 6,263,780
6/01/07 - 14,326 555,217,216 15,208,581 534,831,075 122,219 122,219 4,933,122
9/01/07 - 1,035 529,263,810 15,208,581 509,468,266 104,969 104,969 4,377,026
12/01/07 - - 502,941,272 15,208,581 483,623,386 104,969 104,969 3,899,368
3/01/08 - - 476,150,797 15,208,581 457,419,540 104,969 104,969 3,312,739
6/01/08 - 49,713 449,267,729 15,043,867 431,549,302 54,787 54,787 2,564,986
9/01/08 - - 423,068,182 15,043,867 405,856,861 54,787 54,787 2,057,880
12/01/08 - - 396,395,509 15,043,867 379,728,198 54,787 54,787 1,513,871
3/01/09 - - 369,606,575 15,043,867 353,404,927 54,787 54,787 1,048,208
6/01/09 - 32,733 342,950,367 14,934,058 327,120,308 69,635 69,635 756,732
9/01/09 - - 316,610,452 14,934,058 300,919,802 69,635 69,635 617,322
12/01/09 - - 290,339,479 14,934,058 274,741,474 69,635 69,635 524,678
3/01/10 - - 263,926,757 14,934,058 248,393,245 69,635 69,635 460,185
6/01/10 - 4,640,561 242,995,873 439,237 234,437,230 3,854,634 3,854,634 410,137
9/01/10 - - 220,804,880 439,237 212,274,463 3,854,634 3,854,634 381,912
12/01/10 - - 199,140,453 439,237 190,654,809 3,854,634 3,854,634 337,139
3/01/11 - - 177,324,792 439,237 168,886,691 3,854,634 3,854,634 289,595
6/01/11 - 157,197 155,583,346 - 147,445,306 3,945,139 3,945,139 247,762
9/01/11 - - 137,472,734 - 129,379,560 3,945,139 3,945,139 202,896
--------------------------------------------------------------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 42
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN STATUS SUMMARY
----------------------------------------------------------------------------------------------------------------------------
TOTAL LOANS
----------------------------------------------------------------------------------------------------------------------------
PERIOD LOANS CAPITALIZED LOANS LOANS IN LOANS IN LOANS IN LOANS IN LOANS IN
ENDING DRAWN INTEREST OUTSTANDING INTERIM REPAYMENT DEFERMENT FORBEARANCE DEFAULT
----------------------------------------------------------------------------------------------------------------------------
12/01/11 - - 119,790,056 - 111,713,176 3,945,139 3,945,139 186,602
3/01/12 - - 102,960,052 - 94,882,174 3,945,139 3,945,139 187,599
6/01/12 - 346,305 88,845,769 - 88,410,745 118,784 118,784 197,455
9/01/12 - - 77,856,369 - 77,393,619 118,784 118,784 225,182
12/01/12 - - 67,558,936 - 67,068,458 118,784 118,784 252,909
3/01/13 - - 57,493,795 - 56,975,591 118,784 118,784 280,636
6/01/13 - 10,933 47,749,043 - 47,449,776 - - 299,267
9/01/13 - - 41,290,320 - 40,990,614 - - 299,706
12/01/13 - - 35,107,861 - 34,807,716 - - 300,145
3/01/14 - - 29,619,597 - 29,319,012 - - 300,585
6/01/14 - - 25,548,612 - 25,262,339 - - 286,273
9/01/14 - - 22,608,354 - 22,365,895 - - 242,459
12/01/14 - - 20,056,906 - 19,858,261 - - 198,645
3/01/15 - - 17,922,970 - 17,768,139 - - 154,831
6/01/15 - - 16,079,751 - 15,954,641 - - 125,109
9/01/15 - - 14,799,971 - 14,676,399 - - 123,572
12/01/15 - - 13,581,767 - 13,459,733 - - 122,035
3/01/16 - - 12,442,347 - 12,321,850 - - 120,497
6/01/16 - - 11,424,851 - 11,315,042 - - 109,809
9/01/16 - - 10,578,362 - 10,497,542 - - 80,820
12/01/16 - - 9,920,227 - 9,868,397 - - 51,830
3/01/17 - - 9,377,961 - 9,355,120 - - 22,840
6/01/17 - - 8,839,718 - 8,836,497 - - 3,221
9/01/17 - - 8,315,280 - 8,312,937 - - 2,343
12/O1/17 - - 7,780,684 - 7,779,219 - - 1,464
3/01/18 - - 7,235,671 - 7,235,086 - - 586
6/01/18 - - 6,683,301 - 6,683,301 - - -
9/01/18 - - 6,128,323 - 6,128,323 - - -
12/01/18 - - 5,562,512 - 5,562,512 - - -
3/01/19 - - - - - - - -
----------------------------------------------------------------------------------------------------------------------------
$1,078,311,414 $44,022,920
----------------------------------------------------------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 43
$1,000,000,000
NELNET STUDENT LOAN CORP,-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN DEFAULT SUMMARY
-------------------------------------------------------------------------------------------------------------
USA GROUP SERVICED
-------------------------------------------------------------------------------------------------------------
PERIOD DEFAULTED DEFAULT PRINCIPAL PRINCIPAL INTEREST INTEREST TOTAL
ENDING PRINCIPAL AMOUNT REIMBURSED UNREIMBURSED REIMBURSED UNREIMBURSED REIMBURSED
-------------------------------------------------------------------------------------------------------------
6/01/00 - - - - - - -
9/01/00 476,689 - - - - - -
12/01/00 476,689 - - - - - -
3/01/01 476,689 - - - - - -
6/01/01 476,689 - - - - - -
9/01/01 761,812 517,069 467,155 9,534 40,380 - 507,535
12/01/01 761,812 517,069 467,155 9,534 40,380 - 507,535
3/01/02 761,812 517,069 467,155 9,534 40,380 507,535
6/01/02 761,812 517,069 467,155 9,534 40,380 - 507,535
9/01/02 1,076,429 826,315 746,576 15,236 64,503 - 811,078
12/01/02 1,076,429 826,315 746,576 15,236 64,503 - 811,078
3/01/03 1,076,429 826,315 746,576 15,236 64,503 - 811,078
6/01/03 1,076,028 826,315 746,576 15,236 64,503 - 811,078
9/01/03 1,265,308 1,167,582 1,054,901 21,529 91,152 - 1,146,053
12/01/03 1,265,308 1,167,582 1,054,901 21,529 91,152 - 1,146,053
3/01/04 1,265,308 1,167,582 1,054,901 21,529 91,152 - 1,146,053
6/01/04 1,263,585 1,167,147 1,054,508 21,521 91,118 - 1,145,626
9/01/04 791,188 1,372,441 1,240,002 25,306 107,132 - 1,347,134
12/01/04 791,188 1,372,441 1,240,002 25,306 107,132 - 1,347,134
3/01/05 791,188 1,372,441 1,240,002 25,306 107,132 - 1,347,134
6/01/05 790,972 1,370,568 1,238,313 25,272 106,983 - 1,345,297
9/01/05 505,417 858,159 775,364 15,824 66,971 - 842,335
12/01/05 505,417 858,159 775,364 15,824 66,971 - 842,335
3/01/06 505,417 858,159 775,364 15,824 66,971 - 842,335
6/01/06 504,448 857,924 775,152 15,819 66,953 - 842,105
9/01/06 191,286 548,210 495,309 10,108 42,793 - 538,101
12/01/06 191,286 548,210 495,309 10,108 42,793 - 538,101
3/01/07 191,286 548,210 495,309 10,108 42,793 - 538,101
6/01/07 191,295 547,156 494,359 10,089 42,709 - 537,067
9/01/07 1,230 207,470 187,460 3,826 16,184 - 203,644
12/01/07 1,230 207,470 187,460 3,826 16,184 - 203,644
3/01/08 1,230 207,470 187,460 3,826 16,184 - 203,644
6/01/08 1,375 207,479 187,469 3,826 16,185 - 203,654
9/01/08 1,666 1,334 1,205 25 104 - 1,309
12/01/08 1,666 1,334 1,205 25 104 - 1,309
3/01/09 1,666 1,334 1,205 25 104 - 1,309
6/01/09 1,649 1,492 1,348 28 116 - 1,464
9/01/09 1,614 1,807 1,632 33 141 - 1,773
12/01/09 1,614 1,807 1,632 33 141 - 1,773
3/01/10 1,614 1,807 1,632 33 141 - 1,773
6/01/10 8,217 1,788 1,616 33 139 - 1,755
9/01/10 21,422 1,751 1,582 32 137 - 1,719
12/01/10 21,422 1,751 1,582 32 137 - 1,719
3/01/11 21,422 1,751 1,582 32 137 - 1,719
6/01/11 21,601 8,912 8,053 164 695 - 8,748
9/01/11 21,960 23,234 20,994 428 1,812 - 22,806
Prepared by PaineWebber Incorporated Page 44
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN DEFAULT SUMMARY
----------------------------------------------------------------------------------------------------------------------
USA GROUP SERVICED
----------------------------------------------------------------------------------------------------------------------
PERIOD DEFAULTED DEFAULT PRINCIPAL PRINCIPAL INTEREST INTEREST TOTAL
ENDING PRINCIPAL AMOUNT REIMBURSED UNREIMBURSED REIMBURSED UNREIMBURSED REIMBURSED
----------------------------------------------------------------------------------------------------------------------
12/01/11 21,960 23,234 20,994 428 1,812 - 22,806
3/01/12 21,960 23,234 20,994 428 1,812 - 22,806
6/01/12 26,274 23,429 21,169 432 1,828 - 22,997
9/01/12 34,900 23,818 21,521 439 1,858 - 23,379
12/01/12 34,900 23,818 21,521 439 1,858 - 23,379
3/01/13 34,900 23,818 21,521 439 1,858 - 23,379
6/01/13 34,969 28,496 25,748 525 2,223 - 27,971
9/01/13 35,105 37,853 34,202 698 2,953 - 37,155
12/01/13 35,105 37,853 34,202 698 2,953 - 37,155
3/01/14 35,105 37,853 34,202 698 2,953 - 37,155
6/01/14 28,289 37,927 34,269 699 2,959 - 37,228
9/01/14 14,657 38,076 34,403 702 2,970 - 37,373
12/01/14 14,657 38,076 34,403 702 2,970 - 37,373
3/01/15 14,657 38,076 34,403 702 2,970 - 37,373
6/01/15 14,418 30,683 27,724 566 2,393 - 30,117
9/01/15 13,940 15,897 14,364 293 1,240 - 15,604
12/01/15 13,940 15,897 14,364 293 1,240 - 15,604
3/01/16 13,940 15,897 14,364 293 1,240 - 15,604
6/01/16 9,430 15,638 14,130 288 1,220 - 15,349
9/01/16 410 15,119 13,661 279 1,179 - 14,840
12/01/16 410 15,119 13,661 279 1,179 - 14,840
3/01/17 410 15,119 13,661 279 1,179 - 14,840
6/01/17 273 10,228 9,241 189 798 - 10,039
9/01/17 - 445 402 8 35 - 436
12/01/17 - 445 402 8 35 - 436
3/01/18 - 445 402 8 35 - 436
6/01/18 - 296 268 5 23 - 291
9/01/18 - - - - - - -
12/01/18 - - - - - - -
3/01/19 - - - - - - -
----------------------------------------------------------------------------------------------------------------------
$20,856,426 $22,622,281 $20,439,297 $417,129 $1,765,855 - $22,205,152
======================================================================================================================
Prepared by PaineWebber Incorporated Page 45
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN DEFAULT SUMMARY
--------------------------------------------------------------------------------------------------------------------------------
INTUITION SERVICED
--------------------------------------------------------------------------------------------------------------------------------
PERIOD DEFAULTED DEFAULT PRINCIPAL PRINCIPAL INTEREST INTEREST TOTAL
ENDING PRINCIPAL AMOUNT REIMBURSED UNREIMBURSED REIMBURSED UNREIMBURSED REIMBURSED
--------------------------------------------------------------------------------------------------------------------------------
6/01/00 - - - - - - -
9/01/00 211,186 - - - - - -
12/01/00 211,186 - - - - - -
3/01/01 211,186 - - - - - -
6/01/01 211,186 - - - - - -
9/01/01 260,883 229,716 206,962 4,224 18,530 - 225,492
12/01/01 260,883 229,716 206,962 4,224 18,530 - 225,492
3/01/02 284,204 229,716 206,962 4,224 18,530 - 225,492
6/01/02 284,204 229,716 206,962 4,224 18,530 - 225,492
9/01/02 424,239 283,773 255,665 5,218 22,890 - 278,555
12/01/02 424,278 283,773 255,665 5,218 22,890 - 278,555
3/01/03 424,297 309,141 278,520 5,684 24,937 - 303,457
6/01/03 424,016 309,141 278,520 5,684 24,937 - 303,457
9/01/03 456,789 461,462 415,754 8,485 37,223 - 452,978
12/01/03 456,808 461,505 415,792 8,486 37,227 - 453,019
3/01/04 472,394 461,526 415,811 8,486 37,228 - 453,040
6/01/04 471,943 461,220 415,536 8,480 37,204 - 452,740
9/01/04 265,037 496,868 447,653 9,136 40,079 - 487,732
12/01/04 270,181 496,889 447,672 9,136 40,081 - 487,753
3/01/05 270,194 513,843 462,947 9,448 41,449 - 504,395
6/01/05 270,007 513,352 462,504 9,439 41,409 - 503,913
9/01/05 220,303 288,292 259,737 5,301 23,255 - 282,991
12/01/05 220,316 293,887 264,778 5,404 23,706 - 288,484
3/01/06 197,021 293,901 264,790 5,404 23,707 - 288,497
6/01/06 196,719 293,697 264,607 5,400 23,691 - 288,297
9/01/06 59,060 239,633 215,897 4,406 19,330 - 235,227
12/01/06 62,434 239,647 215,910 4,406 19,331 - 235,241
3/01/07 62,414 214,307 193,080 3,940 17,287 - 210,367
6/01/07 62,414 213,980 192,785 3,934 17,260 - 210,046
9/01/07 29,235 64,242 57,879 1,181 5,182 - 63,081
12/01/07 29,215 67,912 61,185 1,249 5,478 - 66,663
3/01/08 13,629 67,890 61,166 1,248 5,476 - 66,642
6/01/08 13,532 67,890 61,166 1,248 5,476 - 66,642
9/01/08 10,914 31,800 28,650 585 2,565 - 31,215
12/01/08 5,771 31,778 28,631 584 2,563 - 31,194
3/01/09 5,758 14,824 13,356 273 1,196 - 14,552
6/01/09 5,758 14,719 13,261 271 1,187 - 14,448
9/01/09 5,389 11,872 10,696 218 958 - 11,654
12/01/09 5,376 6,277 5,655 115 506 - 6,162
3/01/10 5,351 6,263 5,643 115 505 - 6,148
6/01/10 5,286 6,263 5,643 115 505 - 6,148
9/01/10 3,567 5,862 5,282 108 473 - 5,754
12/01/10 155 5,848 5,269 108 472 - 5,741
3/01/11 155 5,820 5,244 107 469 - 5,713
6/01/11 155 5,750 5,180 106 464 - 5,644
9/01/11 - 3,880 3,496 71 313 - 3,809
--------------------------------------------------------------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 46
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN DEFAULT SUMMARY
-------------------------------------------------------------------------------------------------------------------
INTUITION SERVICED
-------------------------------------------------------------------------------------------------------------------
PERIOD DEFAULTED DEFAULT PRINCIPAL PRINCIPAL INTEREST INTEREST TOTAL
ENDING PRINCIPAL AMOUNT REIMBURSED UNREIMBURSED REIMBURSED UNREIMBURSED REIMBURSED
-------------------------------------------------------------------------------------------------------------------
12/01/11 - 169 152 3 14 - 166
3/01/12 - 169 152 3 14 - 166
6/01/12 - 169 152 3 14 - 166
9/01/12 - - - - - - -
12/01/12 - - - - - - -
3/01/13 - - - - - - -
6/01/13 - - - - - - -
9/01/13 - - - - - - -
12/01/13 - - - - - - -
3/01/14 - - - - - - -
6/01/14 - - - - - - -
9/01/14 - - - - - - -
12/01/14 - - - - - - -
3/01/15 - - - - - - -
6/01/15 - - - - - - -
9/01/15 - - - - - - -
12/01/15 - - - - - - -
3/01/16 - - - - - - -
6/01/16 - - - - - - -
9/01/16 - - - - - - -
12/01/16 - - - - - - -
3/01/17 - - - - - - -
6/01/17 - - - - - - -
9/01/17 - - - - - - -
-------------------------------------------------------------------------------------------------------------------
$7,785,028 $8,468,098 $7,629,328 $155,701 $683,070 - $8,312,397
-------------------------------------------------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 47
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN DEFAULT SUMMARY
----------------------------------------------------------------------------------------------------------------------------
UNIPAC SERVICED
----------------------------------------------------------------------------------------------------------------------------
PERIOD DEFAULTED DEFAULT PRINCIPAL PRINCIPAL INTEREST INTEREST TOTAL
ENDING PRINCIPAL AMOUNT REIMBURSED UNREIMBURSED REIMBURSED UNREIMBURSED REIMBURSED
----------------------------------------------------------------------------------------------------------------------------
6/01/00 - - - - - - -
9/01/00 461,263 - - - - - -
12/01/00 461,263 - - - - - -
3/01/01 461,263 - - - - - -
6/01/01 461,263 - - - - - -
9/01/01 694,613 499,921 452,037 9,225 38,658 - 490,695
12/01/01 694,613 499,921 452,037 9,225 38,658 - 490,695
3/01/02 694,613 499,921 452,037 9,225 38,658 - 490,695
6/01/02 694,613 499,921 452,037 9,225 38,658 - 490,695
9/01/02 1,178,769 752,782 680,721 13,892 58,169 - 738,890
12/01/02 1,178,769 752,782 680,721 13,892 58,169 - 738,890
3/01/03 1,178,769 752,782 680,721 13,892 58,169 - 738,890
6/01/03 1,175,948 752,782 680,721 13,892 58,169 - 738,890
9/01/03 1,325,872 1,277,480 1,155,194 23,575 98,710 - 1,253,904
12/01/03 1,325,872 1,277,480 1,155,194 23,575 98,710 - 1,253,904
3/01/04 1,325,872 1,277,480 1,155,194 23,575 98,710 - 1,253,904
6/01/04 1,321,207 1,274,422 1,152,429 23,519 98,474 - 1,250,903
9/01/04 994,834 1,436,882 1,299,355 26,517 111,009 - 1,410,364
12/01/04 994,834 1,436,882 1,299,355 26,517 111,009 - 1,410,364
3/01/05 994,834 1,436,882 1,299,355 26,517 111,009 - 1,410,364
6/01/05 993,011 1,431,826 1,294,783 26,424 110,619 - 1,405,402
9/01/05 752,197 1,078,074 974,937 19,897 83,240 - 1,058,177
12/01/05 752,197 1,078,074 974,937 19,897 83,240 - 1,058,177
3/01/06 752,197 1,078,074 974,937 19,897 83,240 - 1,058,177
6/01/06 749,292 1,076,099 973,151 19,860 83,088 - 1,056,239
9/01/06 276,962 815,149 737,153 15,044 62,953 - 800,106
12/01/06 276,962 815,149 737,153 15,044 62,953 - 800,106
3/01/07 276,962 815,149 737,153 15,044 62,953 - 800,106
6/01/07 277,030 812,001 734,306 14,986 62,709 - 797,015
9/01/07 119,053 300,119 271,422 5,539 23,157 - 294,580
12/01/07 119,053 300,119 271,422 5,539 23,157 - 294,580
3/01/08 119,053 300,119 271,422 5,539 23,157 - 294,580
6/01/08 119,219 300,193 271,489 5,541 23,163 - 294,652
9/01/06 1,786 129,008 116,672 2,381 9,954 - 126,627
12/01/08 1,786 129,008 116,672 2,381 9,954 - 126,627
3/01/09 1,786 129,008 116,672 2,381 9,954 - 126,627
6/01/09 1,806 129,187 116,835 2,384 9,968 - 126,803
9/01/09 1,845 1,935 1,750 36 149 - 1,900
12/01/09 1,845 1,935 1,750 36 149 - 1,900
3/01/10 1,845 1,935 1,750 36 149 - 1,900
6/01/10 9,389 1,957 1,770 36 151 - 1,920
9/01/10 24,478 1,999 1,808 37 154 - 1,962
12/01/10 24,478 1,999 1,808 37 154 - 1,962
3/01/11 24,478 1,999 1,808 37 154 - 1,962
6/01/11 24,683 10,174 9,201 188 785 - 9,986
9/01/11 25,093 26,525 23,989 490 2,047 - 26,035
----------------------------------------------------------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 48
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN DEFAULT SUMMARY
----------------------------------------------------------------------------------------------------------------------------
UNIPAC SERVICED
----------------------------------------------------------------------------------------------------------------------------
PERIOD DEFAULTED DEFAULT PRINCIPAL PRINCIPAL INTEREST INTEREST TOTAL
ENDING PRINCIPAL AMOUNT REIMBURSED UNREIMBURSED REIMBURSED UNREIMBURSED REIMBURSED
----------------------------------------------------------------------------------------------------------------------------
12/01/11 25,093 26,525 23,989 490 2,047 - 26,035
3/01/12 25,093 26,525 23,989 490 2,047 - 26,035
6/01/12 30,022 26,747 24,190 494 2,064 - 26,253
9/01/12 39,880 27,191 24,591 502 2,098 - 26,689
12/01/12 39,880 27,191 24,591 502 2,098 - 26,689
3/01/13 39,880 27,191 24,591 502 2,098 - 26,689
6/01/13 39,958 32,532 29,422 600 2,510 - 31,932
9/01/13 40,114 43,214 39,082 798 3,334 - 42,416
12/01/13 40,114 43,214 39,082 798 3,334 - 42,416
3/01/14 40,114 43,214 39,082 798 3,334 - 42,416
6/01/14 32,325 43,299 39,159 799 3,341 - 42,500
9/01/14 16,748 43,468 39,312 802 3,354 - 42,666
12/01/14 16,748 43,468 39,312 802 3,354 - 42,666
3/01/15 16,748 43,468 39,312 802 3,354 - 42,666
6/01/15 16,475 35,028 31,679 647 2,703 - 34,382
9/01/15 15,928 18,149 16,413 335 1,400 - 17,814
12/01/15 15,928 18,149 16,413 335 1,400 - 17,814
3/01/16 15,928 18,149 16,413 335 1,400 - 17,814
6/01/16 10,775 17,853 16,146 330 1,377 - 17,523
9/01/16 468 17,260 15,610 319 1,332 - 16,942
12/01/16 468 17,260 15,610 319 1,332 - 16,942
3/01/17 468 17,260 15,610 319 1,332 - 16,942
6/01/17 312 11,676 10,560 216 901 - 11,461
9/01/17 - 508 459 9 39 - 498
12/01/17 - 508 459 9 39 - 498
3/01/18 - 508 459 9 39 - 498
6/01/18 - 338 306 6 26 - 332
9/01/18 - - - - - - -
12/01/18 - - - - - - -
3/01/19 - - - - - - -
----------------------------------------------------------------------------------------------------------------------------
$23,867,041 $25,865,023 $23,389,700 $ 477,341 $1,997,982 - $25,387,682
----------------------------------------------------------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 49
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN DEFAULT SUMMARY
-----------------------------------------------------------------------------------------------------------------------------
CONSOLIDATION LOANS
-----------------------------------------------------------------------------------------------------------------------------
PERIOD DEFAULTED DEFAULT PRINCIPAL PRINCIPAL INTEREST INTEREST TOTAL
ENDING PRINCIPAL AMOUNT REIMBURSED UNREIMBURSED REIMBURSED UNREIMBURSED REIMBURSED
-----------------------------------------------------------------------------------------------------------------------------
6/01/00 - - - - - - -
9/01/00 316,382 - - - - - -
2/01/00 316,382 - - - - - -
3/01/01 316,382 - - - - - -
6/01/01 316,382 - - - - - -
9/01/01 315,781 343,373 310,054 6,328 26,991 - 337,046
12/01/01 315,781 343,373 310,054 6,328 26,991 - 337,046
3/01/02 315,781 343,373 310,054 6,328 26,991 - 337,046
6/01/02 315,781 343,373 310,054 6,328 26,991 - 337,046
9/01/02 526,700 342,722 309,466 6,316 26,940 - 336,406
12/01/02 526,700 342,722 309,466 6,316 26,940 - 336,406
3/01/03 526,700 342,722 309,466 6,316 26,940 - 336,406
6/01/03 526,131 342,722 309,466 6,316 26,940 - 336,406
9/01/03 524,592 571,634 516,166 10,534 44,934 - 561,100
12/01/03 524,592 571,634 516,166 10,534 44,934 - 561,100
3/01/04 524,592 571,634 516,166 10,534 44,934 - 561,100
8/01/04 523,605 571,017 515,608 10,523 44,886 - 560,494
9/01/04 210,519 569,347 514,100 10,492 44,754 - 558,855
12/01/04 210,519 569,347 514,100 10,492 44,754 - 558,855
3/01/05 210,519 569,347 514,100 10,492 44,754 - 558,855
6/01/05 210,140 568,275 513,133 10,472 44,670 - 557,803
9/01/05 209,381 228,479 206,309 4,210 17,960 - 224,269
12/01/05 209,381 228,479 206,309 4,210 17,960 - 224,269
3/01/06 209,381 228,479 206,309 4,210 17,960 - 224,269
6/01/06 208,723 228,067 205,937 4,203 17,928 - 223,865
9/01/06 - 227,244 205,193 4,188 17,863 - 223,056
12/01/06 - 227,244 205,193 4,188 17,863 - 223,056
3/01/07 - 227,244 205,193 4,188 17,863 - 223,056
6/01/07 - 226,530 204,548 4,174 17,807 - 222,355
9/01/07 - - - - - - -
12/01/07 - - - - - - -
3/01/08 - - - - - - -
6/01/08 - - - - - - -
9/01/08 - - - - - - -
12/01/08 - - - - - - -
3/01/09 - - - - - - -
6/01/09 - - - - - - -
9/01/09 - - - - - - -
12/01/09 - - - - - - -
3/01/10 - - - - - - -
6/01/10 - - - - - - -
9/01/10 - - - - - - -
12/01/10 - - - - - - -
3/01/11 - - - - - - -
6/01/11 - - - - - - -
9/01/11 - - - - - - -
-----------------------------------------------------------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 50
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN DEFAULT SUMMARY
-----------------------------------------------------------------------------------------------------------------------------
CONSOLIDATION LOANS
-----------------------------------------------------------------------------------------------------------------------------
PERIOD DEFAULTED DEFAULT PRINCIPAL PRINCIPAL INTEREST INTEREST TOTAL
ENDING PRINCIPAL AMOUNT REIMBURSED UNREIMBURSED REIMBURSED UNREIMBURSED REIMBURSED
-----------------------------------------------------------------------------------------------------------------------------
12/01/11 - - - - - - -
3/01/12 - - - - - - -
6/01/12 - - - - - - -
9/01/12 - - - - - - -
12/01/12 - - - - - - -
3/01/13 - - - - - - -
6/01/13 - - - - - - -
9/01/13 - - - - - - -
12/01/13 - - - - - - -
3/01/14 - - - - - - -
6/01/14 - - - - - - -
9/01/14 - - - - - - -
12/01/14 - - - - - - -
3/01/15 - - - - - - -
6/01/15 - - - - - - -
9/01/15 - - - - - - -
12/01/15 - - - - - - -
3/01/16 - - - - - - -
6/01/16 - - - - - - -
-----------------------------------------------------------------------------------------------------------------------------
$8,410,831 $9,128,380 $8,242,614 $ 168,217 $ 717,549 - $8,960,163
-----------------------------------------------------------------------------------------------------------------------------
Prepared by PalneWebber Incorporated Page 51
\ $1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
--------------------------------------------------------------------------------
FINAL CASH FLOW
LOAN DEFAULT SUMMARY
------------------------------------------------------------------------------------------
PREFUNDING STAFF & PLUS
------------------------------------------------------------------------------------------
PERIOD DEFAULTED DEFAULT PRINCIPAL PRINCIPAL INTEREST INTEREST TOTAL
ENDING PRINCIPAL AMOUNT REIMBURSED REIMBURSED REIMBURSED UNREIMBURSED REIMBURSED
------------------------------------------------------------------------------------------
6/01/00 - - - - - - -
9/01/00 19,200 - - - - - -
12/01/00 57,599 - - - - - -
3/01/01 57,599 - - - - - -
6/01/01 57,599 - - - - - -
9/01/01 57,599 20,884 18,816 384 1,685 - 20,500
12/01/01 57,599 62,653 56,447 1,152 5,054 - 61,501
3/01/02 166,397 62,653 58,447 1,152 5,054 - 61,501
6/01/01 383,994 62,653 56,447 1,152 5,054 - 61,501
9/01/01 396,793 62,653 56,447 1,152 5,054 - 61,501
12/01/01 422,393 62,653 56,447 1,152 5,054 - 61,501
3/01/03 422,393 180,499 163,069 3,328 14,102 - 177,171
6/01/03 422,393 416,191 376,314 7,680 32,196 - 408,512
9/01/03 422,393 430,114 388,858 7,936 33,321 - 422,179
12/01/03 422,393 457,960 413,945 8,448 35,587 - 449,513
3/01/04 494,925 457,960 413,945 8,448 35,587 - 449,513
6/01/04 639,989 457,960 413,945 8,448 35,567 - 449,513
9/01/04 620,607 457,960 413,945 8,848 35,567 - 449,513
12/01/04 562,390 457,960 413,945 8,448 35,587 - 449,513
3/01/05 582,390 536,524 485,027 9,699 41,599 - 526,626
6/01/05 582,390 693,652 627,190 12,800 53,663 - 680,853
9/01/05 582,390 672,570 608,195 12,412 51,962 - 660,157
12/01/05 582,390 630,999 570,743 11,648 48,609 - 619,351
3/01/06 473,592 630,999 570,743 11,648 48,609 - 619,351
6/01/06 255,996 630,999 570,743 11,648 48,609 - 619,351
9/01/06 243,074 630,999 570,743 11,648 48,609 - 619,351
12/01/06 217,596 630,999 570,743 11,648 48,609 - 619,351
3/01/07 217,596 513,153 464,120 9,472 39,561 - 503,681
6/01/07 217,596 277,461 250,876 5,120 21,465 - 272,341
9/01/07 217,596 263,406 238,213 4,861 20,331 - 258,544
12/01/07 217,596 235,692 213,244 4,352 18,096 - 231,340
3/01/08 145,064 235,692 213,244 4,352 18,096 - 231,340
6/01/08 - 235,692 213,244 4,352 18,096 - 231,340
9/01/08 - 235,692 213,244 4,352 18,096 - 231,340
12/01/08 - 235,692 213,244 4,352 18,096 - 231,340
3/01/09 - 157,128 142,163 2,901 12,064 - 154,227
6/01/09 - - - - - - -
9/01/09 - - - - - - -
12/01/19 - - - - - - -
3/01/10 - - - - - - -
6/01/10 - - - - - - -
9/01/10 - - - - - - -
12/01/10 - - - - - - -
3/01/11 - - - - - - -
6/01/11 - - - - - - -
9/01/11 - - - - - - -
-----------------------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 52
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN DEFAULT SUMMARY
----------------------------------------------------------------------------------------------------------------------------
PREFUNDING STAFF & PLUS
----------------------------------------------------------------------------------------------------------------------------
PERIOD DEFAULT DEFAULT PRINCIPAL PRINCIPAL INTEREST INTEREST TOTAL
ENDING PRINCIPAL AMOUNT REIMBURSED UNREIMBURSED REIMBURSED UNREIMBURSED REIMBURSED
----------------------------------------------------------------------------------------------------------------------------
12/01/11 - - - - - - -
3/01/12 - - - - - - -
6/01/12 - - - - - - -
9/01/12 - - - - - - -
12/01/12 - - - - - - -
3/01/13 - - - - - - -
6/01/13 - - - - - - -
9/01/13 - - - - - - -
12/01/13 - - - - - - -
3/01/14 - - - - - - -
6/01/14 - - - - - - -
----------------------------------------------------------------------------------------------------------------------------
$10,239,526 $11,098,109 $10,034,735 $ 204,781 $858,583 - $10,893,318
----------------------------------------------------------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 53
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN DEFAULT SUMMARY
--------------------------------------------------------------------------------------------------------
PREFUNDING CONSOLIDATION
--------------------------------------------------------------------------------------------------------
PERIOD DEFAULTED DEFAULT PRINCIPAL PRINCIPAL INTEREST INTEREST TOTAL
ENDING PRINCIPAL AMOUNT REIMBURSED UNREIMBURSED REIMBURSED UNREIMBURSED REIMBURSED
--------------------------------------------------------------------------------------------------------
6/01/00 - - - - - - -
9/01/00 54,856 - - - - - -
12/01/00 164,569 - - - - - -
3/01/01 164,569 - - - - - -
6/01/01 164,569 - - - - - -
9/01/01 164,569 60,494 53,759 1,097 5,638 - 59,397
12/01/01 164,569 181,483 161,277 3,291 16,915 - 178,192
3/01/02 164,569 181,483 161,277 3,291 16,915 - 178,192
6/01/02 164,569 181,483 161,277 3,291 16,915 - 178,192
9/01/02 201,140 181,483 161,277 3,291 16,915 - 178,192
12/01/02 274,281 181,483 161,277 3,291 16,915 - 178,192
3/01/03 274,281 181,483 161,277 3,291 16,915 - 178,192
6/01/03 274,281 181,483 161,277 3,291 16,915 - 178,192
9/01/03 274,281 221,813 197,117 4,023 20,673 - 217,790
12/01/03 274,281 302,472 268,796 5,486 28,191 - 296,986
3/01/04 274,281 302,472 268,796 5,486 28,191 - 296,986
6/01/04 274,281 302,472 268,796 5,486 28,191 - 296,986
9/01/04 219,425 302,472 268,796 5,486 28,191 - 296,986
12/01/04 109,712 302,472 268,796 5,486 28,191 - 296,986
3/01/05 109,712 302,472 268,796 5,486 28,191 - 296,986
6/01/05 109,712 302,472 268,796 5,486 28,191 - 296,986
9/01/05 109,712 241,978 215,036 4,388 22,553 - 237,589
12/01/05 109,712 120,989 107,518 2,194 11,276 - 118,795
3/01/06 109,712 120,989 107,518 2,194 11,276 - 118,795
6/01/06 109,712 120,989 107,518 2,194 11,276 - 118,795
9/01/06 73,142 120,989 107,518 2,194 11,276 - 118,795
12/01/06 - 120,989 107,518 2,194 11,276 - 118,795
3/01/07 - 120,989 107,518 2,194 11,276 - 118,795
6/01/07 - 120,989 107,518 2,194 11,276 - 118,795
9/01/07 - 80,659 71,679 1,463 7,518 - 79,196
12/01/07 - - - - - - -
3/01/08 - - - - - - -
6/01/08 - - - - - - -
9/01/08 - - - - - - -
12/01/08 - - - - - - -
3/01/09 - - - - - - -
6/01/09 - - - - - - -
9/01/09 - - - - - - -
12/01/09 - - - - - - -
3/01/10 - - - - - - -
6/01/10 - - - - - - -
9/01/10 - - - - - - -
12/01/10 - - - - - - -
3/01/11 - - - - - - -
6/01/11 - - - - - - -
9/01/11 - - - - - - -
--------------------------------------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 54
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN DEFAULT SUMMARY
--------------------------------------------------------------------------------------------------------
PREFUNDING CONSOLIDATION
--------------------------------------------------------------------------------------------------------
PERIOD DEFAULTED DEFAULT PRINCIPAL PRINCIPAL INTEREST INTEREST TOTAL
ENDING PRINCIPAL AMOUNT REIMBURSED UNREIMBURSED REIMBURSED UNREIMBURSED REIMBURSED
--------------------------------------------------------------------------------------------------------
12/01/11 - - - - - - -
3/01/12 - - - - - - -
6/01/12 - - - - - - -
9/01/12 - - - - - - -
--------------------------------------------------------------------------------------------------------
$4,388,499 $4,839,554 $4,300,729 $87,770 $451,055 - $4,751,784
--------------------------------------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 55
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN DEFAULT SUMMARY
--------------------------------------------------------------------------------------------------------
PREFUNDING CONSOLIDATION
--------------------------------------------------------------------------------------------------------
PERIOD DEFAULTED DEFAULT PRINCIPAL PRINCIPAL INTEREST INTEREST TOTAL
ENDING PRINCIPAL AMOUNT REIMBURSED UNREIMBURSED REIMBURSED UNREIMBURSED REIMBURSED
--------------------------------------------------------------------------------------------------------
6/01/00 - - - - - - -
9/01/00 4,319 - - - - - -
12/O1/00 13,890 - - - - - -
3/01/01 20,248 - - - - - -
6/01/01 25,123 - - - - - -
9/01/01 29,547 4,704 4,232 86 385 - 4,617
12/01/01 35,322 15,128 13,612 278 1,238 - 14,850
3/01/02 52,057 22,052 19,843 405 1,804 - 21,647
6/01/02 82,051 27,362 24,621 502 2,239 - 26,859
9/01/02 109,060 32,180 28,956 591 2,633 - 31,589
12/01/02 139,299 38,470 34,616 706 3,147 - 37,763
3/01/03 168,619 56,650 51,015 1,041 4,594 - 55,609
6/01/03 201,530 89,218 80,410 1,641 7,168 - 87,577
9/01/03 231,207 118,569 106,879 2,181 9,508 - 116,388
12/01/03 253,074 151,451 136,513 2,786 12,152 - 148.665
3/01/04 285,973 183,338 165,247 3,372 14,719 - 179,966
6/01/04 335,081 219,122 197,499 4,031 17,592 - 215,091
9/01/04 381,238 251,374 226,583 4,624 20,167 - 246,750
12/01/04 425,313 275,109 248,012 5,061 22,035 - 270,047
3/01/05 461,616 310,814 280,254 5,719 24,840 - 305,094
6/01/05 476,514 364,102 328,380 6,702 29,021 - 357,400
9/01/05 489,908 414,175 373,613 7,625 32,937 - 406,550
12/01/05 496,144 461,976 416,807 8.506 36,662 - 453,469
3/01/06 493,905 501,367 452,384 9,232 39,751 - 492,135
6/01/06 483,318 517,553 466,984 9,530 41,039 - 508,023
9/01/06 479,233 532,095 480,110 9,798 42,186 - 522,296
12/01/06 474,154 538,833 486,221 9,923 42,688 - 528,910
3/01/07 462,126 536,374 484,027 9,878 42,469 - 526,496
6/01/07 429,215 524,856 473,652 9,666 41,538 - 515,190
9/01/07 399,546 520,371 469,648 9,585 41,138 - 510,786
12/01/07 377,679 514,777 464,671 9,483 40,624 - 505,294
3/01/08 344,779 501,647 452,883 9,243 39,521 - 492,404
6/01/08 295,670 465,863 420,630 8,584 36,648 - 457,279
9/01/08 245,188 433,620 391,555 7,991 34,074 - 425,629
12/01/08 191,542 409,884 370,125 7,554 32,205 - 402,331
3/01/09 148,883 374,179 337,883 6,896 29,400 - 367,284
6/01/09 129,109 320,890 289,757 5,913 25,220 - 314,977
9/01/09 111,296 266,107 240,284 4,904 20,919 - 261,203
12/01/09 99,285 207,883 187,712 3,831 16,340 - 204,052
3/01/10 84,789 161,568 145,905 2,978 12,685 - 158,590
6/01/10 65,381 140,072 126,527 2,582 10,963 - 137,489
9/01/10 42,452 120,718 109,070 2,226 9,422 - 118,492
12/01/10 17,292 107,690 97,299 1,986 8,405 - 105,704
3/01/11 - 91,967 83,094 1,696 7,178 - 90,271
6/01/11 - 70,916 64,074 1,308 5,535 - 69,609
9/01/11 - 46,045 41,603 849 3,594 - 45,196
--------------------------------------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 56
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN DEFAULT SUMMARY
--------------------------------------------------------------------------------------------------------
REORIGINATION PORTFOLIO
--------------------------------------------------------------------------------------------------------
PERIOD DEFAULTED DEFAULT PRINCIPAL PRINCIPAL INTEREST INTEREST TOTAL
ENDING PRINCIPAL AMOUNT REIMBURSED UNREIMBURSED REIMBURSED UNREIMBURSED REIMBURSED
--------------------------------------------------------------------------------------------------------
12/01/11 - 18,756 16,946 346 1,464 - 18,410
3/01/12 - - - - - - -
6/01/12 - - - - - - -
9/01/12 - - - - - - -
12/01/12 - - - - - - -
3/01/13 - - - - - - -
6/01/13 - - - - - - -
9/01/13 - - - - - - -
12/01/13 - - - - - - -
3/01/14 - - - - - - -
6/01/14 - - - - - - -
9/01/14 - - - - - - -
12/01/14 - - - - - - -
3/01/15 - - - - - - -
6/01/15 - - - - - - -
9/01/15 - - - - - - -
12/01/15 - - - - - - -
3/01/16 - - - - - - -
6/01/16 - - - - - - -
9/01/16 - - - - - - -
12/01/16 - - - - - - -
3/01/17 - - - - - - -
--------------------------------------------------------------------------------------------------------
$10,091,976 $10,959,823 $9,890,136 $201,840 $867,847 - $10,757,983
--------------------------------------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 57
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN DEFAULT SUMMARY
TOTAL LOANS
-----------------------------------------------------------------------------------------------------
PERIOD DEFAULTED DEFAULT PRINCIPAL PRINCIPAL INTEREST INTEREST TOTAL
ENDING PRINCIPAL AMOUNT REIMBURSED UNREIMBURSED REIMBURSED UNREIMBURSED REIMBURSED
-----------------------------------------------------------------------------------------------------
6/01/00 - - - - - - -
9/01/00 1,543,894 - - - - - -
12/01/00 1,701,577 - - - - - -
3/01/01 1,707,935 - - - - - -
6/01/01 1,712,811 - - - - - -
9/01/01 2,284,804 1,676,161 1,513,017 30,878 132,267 - 1,645,283
12/01/01 2,290,579 1,849,343 1,667,546 34,032 147,765 - 1,815,311
3/01/02 2,439,433 1,856,267 1,673,776 34,159 148,332 - 1,822,108
6/01/02 2,687,024 1,861,577 1,678,554 34,256 148,766 - 1,827,321
9/01/02 3,913,131 2,481,908 2,239,108 45,696 197,103 - 2,436,212
12/01/02 4,042,150 2,488,197 2,244,768 45,812 197,618 - 2,442,386
3/01/03 4,071,489 2,649,592 2,390,645 48,789 210,159 - 2,600,803
6/01/03 4,100,327 2,917,852 2,633,284 53,740 230,828 - 2,864,111
9/01/03 4,500,442 4,248,654 3,834,868 78,263 335,523 - 4,170,392
12/01/03 4,522,329 4,390,084 3,961,307 80,843 347,935 - 4,309,241
3/01/04 4,643,347 4,421,992 3,990,059 81,430 350,503 - 4,340,562
6/01/04 4,829,692 4,453,360 4,018,320 82,007 353,033 - 4,371,353
9/01/04 3,482,848 4,887,343 4,410,434 90,009 386,901 - 4,797,334
12/01/04 3,384,138 4,911,099 4,431,882 90,447 388,771 - 4,820,653
3/01/05 3,420,454 5,042,322 4,550,480 92,867 398,975 - 4,949,455
6/01/05 3,432,747 5,244,248 4,733,098 96,594 414,556 - 5,147,654
9/01/05 2,869,310 3,781,726 3,413,191 69,657 298,877 - 3,712,069
12/01/05 2,875,558 3,672,563 3,316,455 67,683 288,425 - 3,604,880
3/01/06 2,741,225 3,711,968 3,352,045 68,409 291,515 - 3,643,559
6/01/06 2,508,208 3,725,329 3,364,092 68,655 292,583 - 3,656,674
9/01/06 1,322,757 3,114,319 2,811,923 57,386 245,009 - 3,056,933
12/01/06 1,222,431 3,121,071 2,818,047 57,511 245,513 - 3,063,560
3/01/07 1,210,384 2,975,426 2,686,400 54,824 234,201 - 2,920,602
6/01/07 1,177,550 2,722,973 2,458,044 50,164 214,765 - 2,672,809
9/01/07 766,660 1,436,267 1,296,302 26,455 113,510 - 1,409,812
12/01/07 744,774 1,325,970 1,197,983 24,449 103,539 - 1,301,521
3/01/08 623,755 1,312,818 1,186,176 24,208 102,434 - 1,288,610
6/01/08 429,797 1,277,118 1,153,999 23,551 99,568 - 1,253,567
9/01/08 259,554 831,453 751,327 15,333 64,793 - 818,120
12/01/08 200,765 807,696 729,878 14,895 62,923 - 792,801
3/01/09 158,092 676,473 611,280 12,475 52,718 - 663,998
6/01/09 138,321 466,288 421,201 8,596 36,492 - 457,692
9/01/09 120,145 281,721 254,363 5,191 22,167 - 276,530
12/01/09 108,120 217,902 196,750 4,015 17,137 - 213,886
3/01/10 93,599 171,573 154,930 3,162 13,480 - 168,411
6/01/10 88,273 150,079 135,554 2,766 11,758 - 147,313
9/01/10 91,919 130,330 117,742 2,403 10,185 - 127,927
12/01/10 63,347 117,288 105,958 2,162 9,167 - 115,126
3/01/11 46,055 101,537 91,727 1,872 7,938 - 99,665
6/01/11 46,440 95,752 86,508 1,765 7,479 - 93,987
9/01/11 47,053 99,685 90,081 1,838 7,766 - 97,846
-----------------------------------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 58
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
Prepared by PaineWebber Incorporated Page 59
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN INCOME SUMMARY
USA GROUP SERVICED
------------------------------------------------------------------------------------------------
PERIOD BORROWER BORROWER GOVERNMENT SPECIAL GUARANTEE LOANS TOTAL LOAN
ENDING PRINCIPAL INTEREST INTEREST ALLOWANCE PAYMENTS SOLD INCOME
------------------------------------------------------------------------------------------------
6/01/00 - - - - - - -
9/01/00 1,799,686 3,171,094 802,743 77,522 - - 5,851,045
12/01/00 1,920,841 2,422,186 1,204,114 115,725 - - 5,662,866
3/01/01 1,948,212 2,375,150 1,204,114 114,878 - - 5,642,354
6/01/01 1,975,575 2,327,576 1,204,114 114,021 - - 5,621,286
9/01/01 2,935,928 3,731,135 975,085 114,269 507,535 - 8,263,953
12/01/01 3,025,933 3,734,888 517,028 113,503 507,535 - 7,898,887
3/01/O2 3,066,790 3,660,631 517,028 111,940 507,535 - 7,863,925
6/01/02 3,105,498 3,585,582 517,028 110,360 507,535 - 7,826,003
9/01/02 4,323,456 4,136,423 424,404 109,158 811,078 - 9,804,519
12/01/02 4,444,645 4,063,299 239,156 107,879 811,078 - 9,666,055
3/01/03 4,503,857 3,955,044 239,156 105,562 811,078 - 9,614,697
6/01/03 4,555,984 3,845,890 239,156 103,222 811,078 - 9,555,330
9/01/03 5,247,297 4,124,551 181,651 101,121 1,146,053 - 10,800,674
12/01/03 5,348,620 4,017,214 67,014 98,954 1,146,053 - 10,677,855
3/01/04 5,414,053 3,887,578 67,014 96,090 1,146,053 - 10,610,788
6/01/04 5,457,577 3,756,964 67,014 93,199 1,145,626 - 10,520,380
9/01/04 5,444,543 3,556,584 66,767 90,287 1,347,134 - 10,505,315
12/01/04 5,527,611 3,433,114 66,643 87,307 1,347,134 - 10,461,810
3/01/05 5,613,623 3,312,103 66,643 84,271 1,347,134 - 10,423,774
6/01/05 5,683,290 3,189,788 66,643 81,199 1,345,297 - 10,366,217
9/01/05 5,734,767 3,020,548 66,334 78,100 842,335 - 9,742,084
12/01/05 5,831,044 2,900,045 66,180 75,117 842,335 - 9,714,722
3/01/06 5,927,483 2,780,404 66,180 72,166 842,335 - 9,688,568
6/01/06 5,993,299 2,659,995 66,180 69,176 842,105 - 9,630,755
9/01/06 6,026,641 2,544,173 65,254 66,168 538,101 - 9,240,337
12/01/06 6,139,721 2,426,663 64,791 63,211 538,101 - 9,232,487
3/01/07 6,254,762 2,307,011 64,791 60,255 538,101 - 9,224,920
6/01/07 6,317,183 2,185,385 64,791 57,252 537,067 - 9,161,677
9/01/07 6,299,667 2,066,282 64,605 54,213 203,644 - 8,688,412
12/01/07 6,423,529 1,947,121 64,513 51,280 203,644 - 8,690,088
3/01/08 6,549,832 1,825,612 64,513 48,352 203,644 - 8,691,953
6/01/08 6,571,955 1,702,397 64,513 45,371 203,654 - 8,587,889
9/01/08 6,428,901 1,582,186 63,926 42,366 1,309 - 8,118,688
12/01/08 6,555,291 1,460,575 63,633 39,471 1,309 - 8,120,279
3/01/09 6,684,172 1,336,567 63,633 36,568 1,309 - 8,122,250
6/01/09 6,783,683 1,210,445 63,633 33,612 1,464 - 8,092,837
9/01/09 6,835,622 1,083,644 63,355 30,616 1,773 - 8,015,010
12/01/09 6,447,959 955,815 63,216 27,595 1,773 - 7,496,358
3/01/10 6,247,235 837,613 63,216 24,650 1,773 - 7,174,487
6/01/10 5,878,300 760,030 63,216 21,903 1,755 - 6,725,204
9/01/10 4,641,169 762,567 30,520 20,372 1,719 - 5,456,346
12/01/10 4,685,013 674,828 14,171 18,216 1,719 - 5,393,946
3/01/11 4,769,105 585,813 14,171 16,138 1,719 - 5,386,946
6/01/11 4,863,122 496,478 14,171 14,022 8,748 - 5,396,540
9/01/11 3,107,433 418,331 13,122 11,905 22,806 - 3,573,597
------------------------------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 60
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
Loan Income Summary
USA Group Serviced
-------------------------------------------------------------------------------------------------------------------
PERIOD BORROWER BORROWER GOVERNMENT SPECIAL GUARANTEE LOANS TOTAL LOAN
ENDING PRINCIPAL INTEREST INTEREST ALLOWANCE PAYMENTS SOLD INCOME
-------------------------------------------------------------------------------------------------------------------
12/01/11 2,706,881 361,319 12,597 10,279 22,806 - 3,113,882
3/01/12 2,531,899 312,261 12,597 9,000 22,806 - 2,888,563
6/01/12 2,283,039 274,969 12,597 7,873 22,997 - 2,601,475
9/01/12 1,497,701 266,050 4,446 6,836 23,379 - 1,798,411
12/01/12 1,493,547 237,285 370 6,126 23,379 - 1,760,707
3/01/13 1,516,579 208,290 370 5,449 23,379 - 1,754,067
6/01/13 1,543,943 179,146 370 4,760 27,971 - 1,756,191
9/01/13 279,511 157,651 123 4,061 37,155 - 478,501
12/01/13 215,764 152,102 - 3,748 37,155 - 409,069
3/01/14 219,069 147,508 - 3,632 37,155 - 407,365
6/01/14 220,117 141,158 - 3,515 37,228 - 402,018
9/01/14 218,030 133,045 - 3,396 37,373 - 391,846
12/01/14 221,956 128,652 - 3,279 37,373 - 391,261
3/01/15 225,944 124,184 - 3,160 37,373 - 390,661
6/01/15 227,592 119,598 - 3,039 30,117 - 380,346
9/01/15 225,543 114,979 - 2,918 15,604 - 359,044
12/01/15 229,571 110,462 - 2,805 15,604 - 358,442
3/01/16 233,658 105,869 - 2,692 15,604 - 357,824
6/01/16 236,100 101,223 - 2,578 15,349 - 355,249
9/01/16 236,201 96,760 - 2,462 14,840 - 350,263
12/01/16 240,827 92,293 - 2,346 14,840 - 350,306
3/01/17 245,544 87,738 - 2,228 14,840 - 350,351
6/01/17 249,463 83,095 - 2,109 10,039 - 344,706
9/01/17 252,086 78,403 - 1,988 436 - 332,913
12/01/17 257,036 73,643 - 1,871 436 - 332,987
3/01/18 262,084 68,789 - 1,753 436 - 333,063
6/01/18 265,809 63,839 - 1,633 291 - 331,572
9/01/18 267,399 58,851 - 1,510 - - 327,760
12/01/18 272,651 53,800 - 1,388 - - 327,839
3/01/19 92,069 16,794 - 1,263 - 2,592,276 2,702,402
------------ ------------ ----------- ----------- ----------- ---------- ------------
$248,307,521 $114,967,378 $10,152,611 $ 3,218,258 $22,205,152 $2,592,276 $401,443,196
============ ============ =========== =========== =========== ========== ============
Prepared by PaineWebber Incorporated Page 61
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN INCOME SUMMARY
INTUITION SERVICED
------------------------------------------------------------------------------------
PERIOD BORROWER BORROWER GOVERNMENT SPECIAL GUARANTEE LOANS TOTAL LOAN
ENDING PRINCIPAL INTEREST INTEREST ALLOWANCE PAYMENTS SOLD INCOME
------------------------------------------------------------------------------------
6/01/00 - - - - - - -
9/01/00 746,071 1,455,509 361,428 1,065 - - 2,564,073
12/01/00 796,846 1,112,914 542,142 1,588 - - 2,453,491
3/01/01 808,790 1,092,423 542,142 1,575 - - 2,444,930
6/01/01 820,765 1,071,690 542,142 1,562 - - 2,436,159
9/01/01 990,687 1,309,732 483,871 1,548 225,492 - 3,011,330
12/01/01 1,013,395 1,297,900 367,327 1,530 225,492 - 2,905,644
3/01/02 1,102,687 1,394,892 339,981 1,510 225,492 - 3,064,562
6/01/02 1,121,602 1,373,163 285,290 1,489 225,492 - 3,007,035
9/01/02 1,628,516 1,624,250 223,847 1,467 278,555 - 3,756,634
12/01/02 1,677,865 1,597,359 100,961 1,439 278,555 - 3,656,179
3/01/03 1,701,310 1,554,762 100,757 1,407 303,457 - 3,661,692
6/01/03 1,720,299 1,511,571 100,757 1,374 303,457 - 3,637,459
9/01/03 1,842,974 1,536,584 85,950 1,342 452,978 - 3,919,828
12/01/03 1,873,464 1,493,542 56,337 1,306 453,019 - 3,877,667
3/01/04 1,948,949 1,478,411 49,398 1,269 453,040 - 3,931,066
6/01/04 1,970,082 1,431,476 35,521 1,230 452,740 - 3,891,048
9/01/04 1,982,683 1,363,673 35,197 1,191 487,732 - 3,870,476
12/01/04 2,035,307 1,349,635 17,159 1,152 487,753 - 3,891,006
3/01/05 2,069,305 1,304,019 8,107 1,112 504,395 - 3,886,937
6/01/05 2,092,927 1,257,704 8,107 1,070 503,913 - 3,863,721
9/01/05 2,103,660 1,204,846 7,774 1,029 282,991 - 3,600,300
12/01/05 2,139,770 1,158,775 7,109 990 288,484 - 3,595,128
3/01/06 2,176,421 1,108,631 7,084 951 288,497 - 3,581,584
6/01/06 2,200,266 1,062,019 7,033 911 288,297 - 3,558,526
9/01/06 2,214,111 1,020,377 6,956 871 235,227 - 3,477,542
12/01/06 2,271,238 984,142 2,455 832 235,241 - 3,493,908
3/01/07 2,315,851 938,296 205 792 210,367 - 3,465,511
6/01/07 2,346,776 891,580 205 752 210,046 - 3,449,357
9/01/07 2,356,925 845,297 136 711 63,061 - 3,266,131
12/01/07 2,404,190 798,427 - 672 66,663 - 3,269,952
3/01/08 2,452,666 750,795 - 632 66,642 - 3,270,736
6/01/08 2,482,080 702,316 - 592 66,642 - 3,251,631
9/01/08 2,480,683 653,327 - 552 31,215 - 3,165,776
12/01/08 2,531,083 603,396 - 511 31,194 - 3,166,184
3/01/09 2,582,540 553,598 - 471 14,552 - 3,151,161
6/01/09 2,599,433 502,789 - 430 14,448 - 3,117,100
9/01/09 2,561,360 452,429 - 388 11,654 - 3,025,831
12/01/09 2,613,428 402,042 - 347 6,162 - 3,021,979
3/01/10 2,666,551 350,637 - 306 6,148 - 3,023,641
6/01/10 2,384,055 298,190 - 264 6,148 - 2,688,656
9/01/10 1,572,826 259,039 - 223 5,754 - 1,837,842
12/01/10 1,603,440 228,147 - 196 5,741 - 1,837,524
3/01/11 1,632,498 196,701 - 171 5,713 - 1,835,082
6/01/11 1,640,763 164,651 - 146 5,644 - 1,811,204
9/01/11 1,287,911 134,994 - 120 3,809 - 1,426,833
Prepared by PaineWebber Incorporated Page 62
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN INCOME SUMMARY
----------------------------------------------------------------------------------------------------------------
INTUITION SERVICED
----------------------------------------------------------------------------------------------------------------
PERIOD BORROWER BORROWER GOVERNMENT SPECIAL GUARANTEE LOANS TOTAL LOAN
ENDING PRINCIPAL INTEREST INTEREST ALLOWANCE PAYMENTS SOLD INCOME
----------------------------------------------------------------------------------------------------------------
12/01/11 1,297,074 109,932 - 98 166 - 1,407,270
3/01/12 1,170,369 85,409 - 78 166 - 1.256,021
6/01/12 962,028 62,539 - 59 166 - 1.024,791
9/01/12 409,106 48,808 - 43 - - 457,957
12/01/12 416,142 40,778 - 35 - - 456,956
3/01/13 421,835 32,635 - 29 - - 454,499
6/01/13 427,036 J4,354 - 22 - - 451,412
9/01/13 204,679 17,413 - 16 - - 222,107
12/01/13 196,935 13,547 - 12 - - 210,494
3/O1/14 95,659 10,326 - 9 - - 105,994
6/01/14 91,325 8,525 - 7 - - 99,857
9/01/14 76,866 6,736 - 6 - - 83.607
12/01/14 37,669 5,593 - 5 - - 43.266
3/01/15 38,328 4,855 - 4 - - 43,187
6/01/15 39,110 4,102 - 3 - - 43.215
9/01/15 37,300 3,350 - 3 - - 40,653
12/01/15 37,834 2,620 - 2 - - 40,456
3/01/16 38,427 1,878 - 2 - - 40,306
6/01/16 38,717 1,127 - 1 - - 39,845
9/01/16 28,461 369 - 1 - - 28.831
12/01/16 1,129 61 - - - - 1,190
3/01/17 1,152 39 - - - - 1,191
6/01/17 1,175 16 - - - - 1,192
9/01/17 59 - - - - - 60
----------------------------------------------------------------------------------------------------------------
$91,633,464 $44,361,660 $4,325,375 $41,518 $8,312,397 - $148,674,414
----------------------------------------------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 63
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN INCOME SUMMARY
--------------------------------------------------------------------------------------------------------------
UNIPAC SERVICED
--------------------------------------------------------------------------------------------------------------
PERIOD BORROWER BORROWER GOVERNMENT SPECIAL GUARANTEE LOANS TOTAL LOAN
ENDING PRINCIPAL INTEREST INTEREST ALLOWANCE PAYMENTS SOLD INCOME
--------------------------------------------------------------------------------------------------------------
6/01/00 - - - - - - -
9/01/00 2,104,180 3,033,711 1,242,993 119,737 - - 6,500,622
12/01/00 2,245,017 2,309,497 1,864,489 178,717 - - 6,597,720
3/01/01 2,275,502 2,257,024 1,864,489 177,369 - - 6,574,384
6/01/01 2,303,411 2,203,970 1,864,489 176,004 - - 6,547,873
9/01/01 2,928,215 3,337,032 1,640,751 175,621 490,695 - 8,572,314
12/01/01 2,999,382 3,328,960 1,193,273 174,279 490,695 - 8,186,589
3/01/02 3,039,148 3,257,380 1,193,273 172,194 490,695 - 8,152,691
6/01/02 3,078,431 3,185,033 1,193,273 170,087 490,695 - 8,117,520
9/01/02 5,159,804 4,610,082 923,047 169,848 738,890 - 11,601,671
12/01/02 5,334,218 4,565,959 382,593 168,277 738,890 - 11,189,937
3/01/03 5,399,042 4,439,785 382,593 164,636 738,890 - 11,124,946
6/01/03 5,418,437 4,312,422 382,593 160,959 738,890 - 11,013,301
9/01/03 5,799,619 4,498,928 326,659 157,490 1,253,904 - 12,036,600
12/01/03 5,890,511 4,377,352 214,789 153,906 1,253,904 - 11,890,463
3/01/04 5,955,293 4,237,598 214,789 149,641 1,253,904 - 11,811,225
6/01/04 5,965,666 4,096,975 214,789 145,338 1,250,903 - 11,673,672
9/01/04 6,347,372 4,133,854 172,797 141,204 1,410,364 - 12,205,591
12/01/04 6,463,838 4,003,346 89,309 137,040 1,410,364 - 12,103,897
3/01/05 6,557,923 3,861,797 89,309 132,345 1,410,364 - 12,051,739
6/01/05 6,567,527 3,718,796 89,309 127,596 1,405,402 - 11,908,630
9/01/05 6,461,876 3,539,660 88,978 122,822 1,058,177 - 11,271,512
12/01/05 6,561,086 3,401,843 88,812 118,249 1,058,177 - 11,228,168
3/01/06 6,658,425 3,264,376 88,812 113,701 1,058,177 - 11,183,490
6/01/06 6,646,012 3,126,267 88,812 109,097 1,056,239 - 11,026,427
9/01/06 6,495,891 2,966,331 87,569 104,490 800,106 - 10,454,386
12/01/06 6,614,824 2,838,195 86,947 100,070 800,106 - 10,440,142
3/01/07 6,735,728 2,709,523 86,947 95,656 800,106 - 10,427,960
6/01/07 6,755,867 2,578,819 86,947 91,174 797,015 - 10,309,822
9/01/07 6,619,765 2,452,133 86,699 86,651 294,580 - 9,539,828
12/01/07 6,745,069 2,326,255 86,574 82,410 294,580 - 9,534,887
3/01/08 6,872,618 2,198,029 86,574 78,215 294,580 - 9,530,046
6/01/08 6,872,834 2,068,157 86,574 73,948 294,652 - 9,396,165
9/01/08 6,673,930 1,943,589 85,787 69,652 126,627 - 8,899,585
12/01/08 6,803,644 1,818,834 85,394 65,542 126,627 - 8,900,041
3/01/09 6,935,886 1,691,649 85,394 61,419 126,627 - 8,900,974
6/01/09 6,932,241 1,562,338 85,394 57,223 126,803 - 8,763,998
9/01/09 6,713,605 1,436,665 85,021 52,992 1,900 - 8,290,183
12/01/09 6,844,102 1,311,151 84,834 48,946 1,900 - 8,290,933
3/01/10 6,977,142 1,183,191 84,834 44,882 1,900 - 8,291,949
6/01/10 6,691,536 1,096,280 84,834 40,743 1,920 - 7,905,314
9/01/10 5,710,587 1,090,616 40,957 38,082 1,962 - 6,882,203
12/01/10 5,821,203 983,326 19,018 34,598 1,962 - 6,860,107
3/01/11 5,933,960 873,960 19,018 31,152 1,962 - 6,860,052
6/01/11 5,934,830 763,908 19,018 27,643 9,986 - 6,755,386
9/01/11 4,235,371 667,402 17,609 24,144 26,035 - 4,970,562
Prepared by PaineWebber Incorporated Page 64
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN INCOME SUMMARY
-----------------------------------------------------------------------------------------------------------------
UNIPAC SERVICED
-----------------------------------------------------------------------------------------------------------------
PERIOD BORROWER BORROWER GOVERNMENT SPECIAL GUARANTEE LOANS TOTAL LOAN
ENDING PRINCIPAL INTEREST INTEREST ALLOWANCE PAYMENTS SOLD INCOME
-----------------------------------------------------------------------------------------------------------------
12/01/11 4,227,130 588,663 16,905 21,348 26,035 - 4,880,080
3/01/12 4,305,254 509,093 16,905 18,849 26,035 - 4,876,136
6/01/12 4,114,613 439,766 16,905 16,306 26,253 - 4,613,843
9/01/12 2,332,340 404,482 5,966 13,850 26,689 - 2,783,328
12/01/12 2,314,914 360,682 497 12,255 26,689 - 2,715,038
3/01/13 2,343,544 316,536 497 10,909 26,689 - 2,698,176
6/01/13 2,331,105 272,134 497 9,539 31,932 - 2,645,207
9/01/13 1,179,677 235,892 166 8,156 42,416 - 1,466,307
12/01/13 1,139,038 213,616 - 7,252 42,416 - 1,402,322
3/01/14 1,157,542 191,420 - 6,564 42,416 - 1,397,943
6/01/14 1,163,686 167,361 - 5,865 42,500 - 1,379,412
9/01/14 342,916 140,273 - 5,157 42,666 - 537,011
12/01/14 306,348 I40,O44 - 4,802 42,666 - 493,860
3/01/15 300,621 134,041 - 4,618 42,666 - 481,945
6/01/15 289,160 128,047 - 4,430 34,382 - 456,019
9/01/15 252,770 122,580 - 4,243 17,814 - 397,407
12/01/15 257,214 117,575 - 4,073 17,814 - 396,676
3/01/16 261,722 112,488 - 3,903 17,814 - 395,927
6/01/16 261,154 107,344 - 3,730 17,523 - 389,751
9/01/16 252,895 102,539 - 3,556 16,942 - 375,933
12/01/16 257,787 97,816 - 3,388 16,942 - 375,933
3/01/17 262,774 93,002 - 3,219 16,942 - 375,936
6/01/17 267,399 88,095 - 3,046 11,461 - 370,001
9/01/17 271,416 83,118 - 2,872 498 - 357,904
12/01/17 276,681 78,057 - 2,703 498 - 357,940
3/01/18 282,049 72,898 - 2,532 498 - 357,977
6/01/18 285,976 67,638 - 2,358 332 - 356,304
9/01/18 287,579 62,339 - 2,181 - - 352,099
12/01/18 293,159 56,975 - 2,004 - - 352,138
3/01/19 98,979 17,782 - 1,823 - 2,779,189 2,897,773
-----------------------------------------------------------------------------------------------------------------
$285,788,042 $129,190,292 $ 17,445,302 $ 5,121,323 $ 25,387,682 $ 2,779,189 $465,711,830
-----------------------------------------------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 65
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN INCOME SUMMARY
-----------------------------------------------------------------------------------------------------------------
CONSOLIDATION LOANS
-----------------------------------------------------------------------------------------------------------------
PERIOD BORROWER BORROWER GOVERNMENT SPECIAL GUARANTEE LOANS CONSOLIDATION TOTAL LOAN
ENDING PRINCIPAL INTEREST INTEREST ALLOWANCE PAYMENTS SOLD REBATE INCOME
-----------------------------------------------------------------------------------------------------------------
6/01/00 - - - - - - - -
9/01/00 971,418 2,121,086 - 65,592 - - 244,944 2,913,152
12/01/00 1,036,891 1,625,093 - 97,737 - - 242,571 2,517,151
3/01/01 1,051,688 1,598,402 - 96,750 - - 240,124 2,506,716
6/01/01 1,066,139 1,571,419 - 95,749 - - 237,643 2,495,665
9/01/01 1,052,632 1,544,373 - 94,736 337,046 - 234,905 2,793,882
12/01/01 1,065,774 1,517,360 - 93,532 337,046 - 231,689 2,782,023
3/01/02 1,080,351 1,490,107 - 92,225 337,046 - 228,441 2,771,287
6/01/02 1,094,853 1,462,565 - 90,906 337,046 - 225,159 2,760,210
9/01/02 1,807,808 1,884,816 - 90,545 336,406 - 228,899 3,890,676
12/01/02 1,869,278 1,862,370 - 90,674 336,406 - 223,850 3,934,878
3/01/03 1,893,784 1,815,100 - 88,611 336,406 - 218,715 3,915,186
6/01/03 1,909,220 1,767,356 - 86,527 336,406 - 213,525 3,885,984
9/01/03 1,894,490 1,719,629 - 84,426 561,100 - 208,173 4,051,471
12/01/03 1,917,320 1,671,911 - 82,205 561,100 - 202,494 4,030,041
3/01/04 1,940,223 1,623,732 - 79,906 561,100 - 196,763 4,008,198
6/01/04 1,951,671 1,575,119 - 77,589 560,494 - 190,982 3,973,890
9/01/04 1,958,377 1,474,981 - 75,257 558,855 - 185,199 3,882,270
12/01/04 1,991,920 1,430,771 - 72,926 558,855 - 179,374 3,875,098
3/01/05 2,025,578 1,388,883 - 70,570 558,855 - 173,471 3,870,415
6/01/05 2,044,029 1,346,359 - 68,185 557,803 - 167,493 3,848,883
9/01/05 2,040,932 1,303,820 - 65,777 224,269 - 161,759 3,473,038
12/01/05 2,075,048 1,261,011 - 63,571 224,269 - 156,479 3,467,420
3/01/06 2,109,013 1,217,551 - 61,439 224,269 - 151,122 3,461,150
6/01/06 2,116,932 1,173,455 - 59,277 223,865 - 145,688 3,427,840
9/01/06 2,092,504 1,132,185 - 57,096 223,056 - 140,304 3,364,537
12/01/06 2,133,966 1,092,303 - 54,946 223,056 - 134,907 3,369,364
3/01/07 2,176,255 1,051,626 - 52,770 223,056 - 129,416 3,374,290
6/01/07 2,181,942 1,010,137 - 50,556 222,355 - 123,827 3,341,163
9/01/07 2,129,608 969,373 - 48,319 - - 118,493 3,028,806
12/01/07 2,171,822 928,766 - 46,269 - - 113,505 3,033,353
3/01/08 2,214,878 887,350 - 44,261 - - 108,419 3,038,069
6/01/08 2,194,679 845,107 - 42,216 - - 103,235 2,978,766
9/01/08 2,074,536 804,680 - 40,155 - - 98,275 2,821,097
12/01/08 2,115,673 765,110 - 38,218 - - 93,421 2,825,580
3/01/09 2,157,630 724,750 - 36,269 - - 88,473 2,830,176
6/01/09 2,135,250 683,584 - 34,283 - - 83,429 2,769,688
9/01/09 2,011,236 644,299 - 32,284 - - 78,617 2,609,201
12/01/09 2,051,132 605,921 - 30,412 - - 73,918 2,613,547
3/01/10 2,091,825 566,777 - 28,529 - - 69,127 2,618,003
6/01/10 2,056,809 526,850 - 26,611 - - 64,244 2,546,026
9/01/10 1,902,098 489,304 - 24,685 - - 59,652 2,356,435
12/01/10 1,939,636 452,996 - 22,915 - - 55,212 2,360,335
3/01/11 1,977,631 415,972 - 21,140 - - 50,687 2,364,056
6/01/11 1,968,578 378,214 - 19,332 - - 46,075 2,320,049
9/01/11 1,884,348 341,706 - 17,508 - - 41,617 2,201,945
-----------------------------------------------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 66
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN INCOME SUMMARY
-----------------------------------------------------------------------------------------------------------------
CONSOLIDATION LOANS
-----------------------------------------------------------------------------------------------------------------
PERIOD BORROWER BORROWER GOVERNMENT SPECIAL GUARANTEE LOANS CONSOLIDATION TOTAL LOAN
ENDING PRINCIPAL INTEREST INTEREST ALLOWANCE PAYMENTS SOLD REBATE INCOME
-----------------------------------------------------------------------------------------------------------------
12/01/11 1,788,388 306,285 - 15,771 - - 37,294 2,073,150
3/01/12 1,773,248 272,727 - 14,094 - - 33,200 2,026,869
6/01/12 1,739,837 239,096 - 12,479 - - 29,099 1,962,313
9/01/12 1,698,756 206,532 - 10,869 - - 25,129 1,891,028
12/01/12 1,732,340 174,081 - 9,315 - - 21,175 1,894,560
3/01/13 1,546,116 142,302 - 7,742 - - 17,305 1,678,854
6/01/13 1,337,632 112,906 - 6,279 - - 13,727 1,443,091
9/01/13 783,416 92,439 - 4,942 - - 11,235 869,562
12/01/13 702,341 77,878 - 4,150 - - 9,463 774,907
3/01/14 679,596 64,889 - 3,480 - - 7,882 740,083
6/01/14 664,206 52,073 - 2,865 - - 6,324 712,820
9/01/14 675,868 39,397 - 2,256 - - 4,783 712,738
12/01/14 689,298 26,477 - 1,645 - - 3,214 714,207
3/01/15 543,419 14,252 - 1,023 - - 1,729 556,965
6/01/15 389,962 3,967 - 491 - - 481 393,939
9/01/15 1 - - 55 - - - 56
12/01/15 1 - - - - - - 1
3/01/16 1 - - - - - - 1
6/01/16 1 - - - - - - 1
-----------------------------------------------------------------------------------------------------------------
$100,371,830 $54,589,578 $2,810,942 $8,960,163 - $6,986,354 $159,746,160
-----------------------------------------------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 67
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN INCOME SUMMARY
--------------------------------------------------------------------------------------------------------
PREFUNDING STAFF & PLUS
--------------------------------------------------------------------------------------------------------
PERIOD BORROWER BORROWER GOVERNMENT SPECIAL GUARANTEE LOANS TOTAL LOAN
ENDING PRINCIPAL INTEREST INTEREST ALLOWANCE PAYMENTS SOLD INCOME
--------------------------------------------------------------------------------------------------------
6/01/00 - - - - - - -
9/01/00 70,405 88,016 - - - - 158,422
12/01/00 250,816 306,814 605,857 47,999 - - 1,211,486
3/01/01 254,605 300,543 908,785 71,999 - - 1,535,931
6/01/01 258,411 294,195 908,785 71,999 - - 1,533,390
9/01/01 262,229 287,770 908,785 71,999 20,500 - 1,551,284
12/01/01 266,056 281,268 908,785 71,999 61,501 - 1,589,609
3/01/02 595,541 773,891 908,785 71,999 61,501 - 2,411,717
6/01/02 1,433,284 2,012,431 424,100 75,932 61,501 - 4,007,249
9/01/02 1,504,467 2,002,625 181,757 75,239 61,501 - 3,825,588
12/01/02 1,655,064 2,028,739 181,757 74,448 61,501 - 4,001,509
3/01/03 1,678,452 2,988,150 181,757 73,647 177,171 - 4,099,178
6/01/03 1,701,894 1,947,104 181,757 72,812 408,512 - 4,312,079
9/01/03 1,725,355 1,905,600 181,757 71,798 422,179 - 4,306,689
12/01/03 1,748,788 1,863,638 181,757 70,749 449,513 - 4,314,445
3/01/04 1,998,456 1,956,385 181,757 69,690 449,513 - 4,655,800
6/01/04 2,601,195 2,243,354 60,586 69,417 449,513 - 5,424,064
9/01/04 2,632,263 2,180,457 - 68,282 449,513 - 5,330,515
12/01/04 2,667,522 2,117,844 - 66,642 449,513 - 5,301,520
3/01/05 2,705,500 2,054,679 - 64,983 526,626 - 5,351,788
6/01/05 2,743,575 1,990,773 - 63,290 680,853 - 5,478,491
9/01/05 2,778,766 1,926,134 - 61,468 660,157 - 5,426,525
12/01/05 2,814,971 1,860,825 - 59,611 619,351 - 5,354,758
3/01/06 2,853,892 1,795,380 - 57,737 619,351 - 5,326,360
6/01/06 2,901,000 1,733,895 - 55,844 619,351 - 5,310,090
9/01/06 2,940,378 1,672,484 - 53,930 619,351 - 5,286,143
12/01/06 2,985,827 1,610,938 - 51,990 619,351 - 5,268,106
3/01/07 3,038,344 1,548,539 - 50,025 503,681 - 5,140,589
6/01/07 3,091,620 1,485,113 - 48,058 272,341 - 4,897,132
9/01/07 3,143,512 1,420,651 - 46,234 258,544 - 4,868,940
12/01/07 3,196,901 1,355,180 - 44,407 231,340 - 4,827,834
3/01 108 3,253,017 1,289,056 - 42,553 231,340 - 4,815,966
6/01/08 3,315,481 1,224,972 - 40,673 231,340 - 4,812,467
9/01/08 3,372,661 1,160,280 - 38,762 231,340 - 4,803,044
12/01/06 3,433,761 1,094,512 - 36,819 231,340 - 4,796,432
3/01/09 3,234,26? 1,028,862 - 34,843 154,227 - 4,452,195
6/01/09 3,154,814 967,341 - 32,850 - - 4,155,006
9/01/09 3,216,037 906,119 - 30,934 - - 4,153,090
12/01/09 3,278,450 843,705 - 28,999 - - 4,151,155
3/01/10 3,342,079 780,077 - 27,029 - - 4,149,185
6/01/10 3,406,945 715,211 - 25,022 - - 4,147,178
9/01/10 3,471,399 649,087 - 22,979 - - 4,143,465
12/01/10 3,537,730 581,718 - 20,898 - - 4,140,346
3/01/11 3,412,733 514,042 - 18,779 - - 3,945,555
6/01/11 3,375,362 448,983 - 16,621 - - 3,840,966
9/01/11 3,440,595 383,749 - 14,424 - - 3,838,768
--------------------------------------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 68
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN INCOME SUMMARY
--------------------------------------------------------------------------------------------------------
PREFUNDING STAFF & PLUS
--------------------------------------------------------------------------------------------------------
PERIOD BORROWER BORROWER GOVERNMENT SPECIAL GUARANTEE LOANS TOTAL LOAN
ENDING PRINCIPAL INTEREST INTEREST ALLOWANCE PAYMENTS SOLD INCOME
--------------------------------------------------------------------------------------------------------
12/01/11 3,507,093 317,251 - 12,186 - - 3,836,530
3/01/12 2,936,647 249,464 - 9,907 - - 3,196,018
6/01/12 1,364,598 207,157 - 7,749 - - 1,579,504
9/01/12 1,390,970 180,785 - 6,698 - - 1,578,453
12/01/12 1,417,853 153,903 - 5,792 - - 1,577,548
3/01/13 1,445,256 126,499 - 4,870 - - 1,576,625
6/01/13 1,473,191 98,564 - 3,931 - - 1,575,686
9/01/13 1,501,667 70,088 - 2,975 - - 1,574,730
12/01/13 1,530,695 41,060 - 2,001 - - 1,573,756
3/01/14 1,114,955 11,469 - 1,009 - - 1,127,434
6/01/14 - - - 113 - - 113
--------------------------------------------------------------------------------------------------------
$126,427,343 $59,077,373 $6,906,765 $2,343,645 $10,893,318 - $205,648,444
--------------------------------------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 69
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN INCOME SUMMARY
-----------------------------------------------------------------------------------------------------------------------
PREFUNDING CONSOLIDATION
-----------------------------------------------------------------------------------------------------------------------
PERIOD BORROWER BORROWER GOVERNMENT SPECIAL GUARANTEE LOANS CONSOLIDATION TOTAL LOAN
ENDING PRINCIPAL INTEREST INTEREST ALLOWANCE PAYMENTS SOLD REBATE INCOME
-----------------------------------------------------------------------------------------------------------------------
6/01/00 - - - - - - - -
9/01/00 140,589 294,552 - - - - 25,872 409,270
12/01/00 501,871 1,029,950 - - - - 78,749 1,453,072
3/01/01 511,159 1,014,146 - - - - 78,010 1,447,295
6/01/01 520,564 998,119 - - - - 77,258 1,441,425
9/01/01 530,084 981,865 - - 59,397 - 76,492 1,494,854
12/01/01 539,714 965,382 - - 178,192 - 75,555 1,607,734
3/01/02 549,451 948,668 - - 178,192 - 74,525 1,601,785
6/01/02 559,288 931,719 - - 178,192 - 73,481 1,595,717
9/01/02 671,793 1,002,180 - - 178,192 - 73,400 1,778,765
12/01/02 945,509 1,199,559 - - 178,192 - 73,955 2,249,305
3/01/03 962,561 1,170,594 - - 178,192 - 72,331 2,239,016
6/01/03 979,780 1,141,219 - - 178,192 - 70,683 2,228,508
9/01/03 997,153 1,111,429 - - 217,790 - 69,011 2,257,361
12/01/03 1,014,665 1,081,220 - - 296,986 - 67,209 2,325,663
3/01/04 1,032,300 1,050,590 - - 296,986 - 65,329 2,314,547
6/01/04 1,050,038 1,019,534 - - 296,986 - 63,425 2,303,133
9/01/04 1,068,340 988,419 - - 296,986 - 61,496 2,292,249
12/01/04 1,090,729 959,804 - - 296,986 - 59,540 2,287,979
3/01/05 1,114,286 931,201 - - 296,986 - 57,551 2,284,923
6/01/05 1,138,297 902,030 - - 296,986 - 55,529 2,281,783
9/01/05 1,162,764 872,278 - - 237,589 - 53,474 2,219,157
12/01/05 1,187,688 841,935 - - 118,795 - 51,541 2,096,876
3/01/06 1,213,071 810,989 - - 118,795 - 49,653 2,093,202
6/01/06 1,238,913 779,430 - - 118,795 - 47,729 2,089,408
9/01/06 1,265,534 747,491 - - 118,795 - 45,769 2,086,050
12/01/06 1,295,296 716,869 - - 118,795 - 43,770 2,087,191
3/01/07 1,326,270 685,896 - - 118,795 - 41,728 2,089,233
6/01/07 1,357,993 654,172 - - 118,795 - 39,642 2,091,318
9/01/07 1,390,485 621,680 - - 79,196 - 37,511 2,053,851
12/01/07 1,423,764 588,401 - - - - 35,440 1,976,726
3/01/08 1,457,850 554,316 - - - - 33,375 1,978,791
6/01/08 1,492,761 519,404 - - - - 31,261 1,980,905
9/01/08 1,528,519 483,646 - - - - 29,098 1,983,068
12/01/08 1,565,145 447,021 - - - - 26,884 1,985,282
3/01/09 1,602,658 409,507 - - - - 24,618 1,987,547
6/01/09 1,641,083 371,083 - - - - 22,300 1,989,866
9/01/09 1,680,440 331,726 - - - - 19,927 1,992,239
12/01/09 1,720,752 291,413 - - - - 17,499 1,994,667
3/01/10 1,762,044 250,122 - - - - 15,013 1,997,152
6/01/10 1,804,339 207,827 - - - - 12,470 1,999,696
9/01/10 1,519,399 164,504 - - - - 9,866 1,674,037
12/01/10 716,347 137,248 - - - - 8,228 845,366
3/01/11 733,544 120,051 - - - - 7,195 846,400
6/01/11 751,159 102,435 - - - - 6,137 847,458
9/01/11 769,203 84,392 - - - - 5,054 848,541
-----------------------------------------------------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 70
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN INCOME SUMMARY
-----------------------------------------------------------------------------------------------------------------------
PREFUNDING CONSOLIDATION
-----------------------------------------------------------------------------------------------------------------------
PERIOD BORROWER BORROWER GOVERNMENT SPECIAL GUARANTEE LOANS CONSOLIDATION TOTAL LOAN
ENDING PRINCIPAL INTEREST INTEREST ALLOWANCE PAYMENTS SOLD REBATE INCOME
-----------------------------------------------------------------------------------------------------------------------
12/01/11 787,685 65,910 - - - - 3,945 849,649
3/01/12 806,617 46,978 - - - - 2,811 850,784
6/01/12 826,010 27,585 - - - - 1,650 851,945
9/01/12 604,022 7,721 - - - - 462 611,281
-----------------------------------------------------------------------------------------------------------------------
$52,549,527 $31,664,210 - - $4,751,764 - $2,073,449 $86,892,072
-----------------------------------------------------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 71
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN INCOME SUMMARY
-----------------------------------------------------------------------------------------------------------------------
REORIGINATION PORTFOLIO
-----------------------------------------------------------------------------------------------------------------------
PERIOD BORROWER BORROWER GOVERNMENT SPECIAL GUARANTEE LOANS CONSOLIDATION TOTAL LOAN
ENDING PRINCIPAL INTEREST INTEREST ALLOWANCE PAYMENTS SOLD REBATE INCOME
-----------------------------------------------------------------------------------------------------------------------
6/01/00 - - - - - - - -
9/01/00 13,321 21,325 - - - - 3,135 31,511
12/01/00 46,372 73,130 74,699 2,767 - - 10,073 186,896
3/01/01 69,308 107,183 151,792 5,622 - - 14,601 319,304
6/01/01 87,269 132,184 205,236 7,601 - - 18,004 414,286
9/01/01 103,741 153,939 247,863 9,180 4,617 - 21,038 498,302
12/01/01 124,848 182,254 292,580 10,836 14,850 - 25,005 600,364
3/01/02 180,709 263,897 349,914 13,013 21,647 - 29,581 799,599
6/01/02 286,545 420,080 355,306 15,753 26,859 - 34,861 1,069,684
9/01/02 384,070 549,807 370,058 18,791 31,589 - 41,337 1,312,978
12/01/02 495,305 683,543 423,792 22,474 37,763 - 50,130 1,612,747
3/01/03 604,433 815,976 515,040 27,176 55,609 - 60,347 1,957,887
6/01/03 726,601 967,113 622,388 32,546 87,577 - 71,417 2,364,809
9/01/03 841,757 1,101,877 731,488 38,363 116,388 - 78,622 2,751,251
12/01/03 930,625 1,186,245 731,024 40,350 148,665 - 77,573 2,959,336
3/01/04 1,056,046 1,300,723 669,884 40,436 179,966 - 76,458 3,170,597
6/01/04 1,241,875 1,470,562 577,752 40,659 215,091 - 75,274 3,470,665
9/01/04 1,435,812 1,656,674 462,054 40,902 246,750 - 74,029 3,768,163
12/01/04 1,643,601 1,855,262 336,867 41,087 270,047 - 72,769 4,074,094
3/01/05 1,821,999 1,995,896 204,369 41,138 305,094 - 71,468 4,297,027
6/01/05 1,921,794 1,996,896 154,099 40,652 357,400 - 70,093 4,400,749
9/01/05 2,014,977 1,988,358 142,633 40,069 406,550 - 68,480 4,524,106
12/01/05 2,086,659 1,962,914 129,602 39,450 453,469 - 66,539 4,605,556
3/01/06 2,167,365 1,938,895 114,317 38,796 492,135 - 64,571 4,686,936
6/01/06 2,266,880 1,921,119 95,019 38,116 508,023 - 62,568 4,766,590
9/01/06 2,380,914 1,910,324 69,949 37,423 522,296 - 60,524 4,860,382
12/01/06 2,505,251 1,902,420 41,325 36,698 528,910 - 58,454 4,956,149
3/01/07 2,607,842 1,877,540 10,331 35,928 526,496 - 56,368 5,001,769
6/01/07 2,649,764 1,813,371 - 34,980 515,190 - 54,266 4,959,038
9/01/07 2,691,722 1,748,708 - 33,953 510,786 - 52,150 4,933,020
12/01/07 2,734,831 1,685,441 - 32,913 505,294 - 50,033 4,908,446
3/01/08 2,779,200 1,621,341 - 31,854 492,404 - 47,922 4,876,878
6/01/08 2,825,441 1,556,037 - 30,778 457,279 - 45,816 4,823,718
9/01/08 2,873,656 1,489,963 - 29,692 425,629 - 43,715 4,775,224
12/01/08 2,923,302 1,423,537 - 28,598 402,331 - 41,596 4,736,171
3/01/09 2,968,029 1,359,278 - 27,498 367,284 - 39,446 4,682,642
6/01/09 3,012,640 1,299,686 - 26,392 314,977 - 37,266 4,616,429
9/01/09 3,062,062 1,239,706 - 25,288 261,203 - 35,055 4,553,204
12/01/09 3,114,383 1,179,013 - 24,187 204,052 - 32,815 4,488,820
3/01/10 3,167,755 1,117,563 - 23,089 158,590 - 30,549 4,436,448
6/01/10 3,221,140 1,055,423 - 21,991 137,489 - 28,260 4,407,784
9/01/10 3,253,370 992,718 - 20,882 118,492 - 25,954 4,359,508
12/01/10 3,252,937 930,207 - 19,759 105,704 - 23,710 4,284,897
3/01/11 3,262,592 868,086 - 18,621 90,271 - 21,545 4,218,026
6/01/11 3,276,555 805,877 - 17,470 69,609 - 19,420 4,150,091
9/01/11 3,293,831 743,400 - 16,306 45,196 - 17,320 4,081,414
-----------------------------------------------------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 72
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN INCOME SUMMARY
-----------------------------------------------------------------------------------------------------------------------
REORIGINATION PORTFOLIO
-----------------------------------------------------------------------------------------------------------------------
PERIOD BORROWER BORROWER GOVERNMENT SPECIAL GUARANTEE LOANS CONSOLIDATION TOTAL LOAN
ENDING PRINCIPAL INTEREST INTEREST ALLOWANCE PAYMENTS SOLD REBATE INCOME
-----------------------------------------------------------------------------------------------------------------------
12/01/11 3,305,079 680,662 - 15,132 18,410 - 15,246 4,004,036
3/01/12 3,259,916 617,857 - 13,947 - - 13,219 3,878,501
6/01/12 3,124,025 556,800 - 12,764 - - 11,251 3,682,338
9/01/12 3,009,452 498,098 - 11,629 - - 9,367 3,509,812
12/01/12 2,875,583 441,797 - 10,527 - - 7,668 3,320,239
3/01/13 2,744,757 388,068 - 9,444 - - 6,219 3,136,050
6/01/13 2,586,482 337,058 - 8,374 - - 5,026 2,926,887
9/01/13 2,434,993 289,229 - 7,323 - - 4,093 2,727,452
12/01/13 2,322,905 243,935 - 6,301 - - 3,292 2,569,848
3/01/14 2,146,662 200,980 - 5,314 - - 2,541 2,350,416
6/01/14 1,856,724 162,255 - 4,385 - - 1,848 2,021,515
9/01/14 1,551,358 129,094 - 3,571 - - 1,228 1,682,796
12/01/14 1,220,957 101,842 - 2,886 - - 705 1,324,980
3/01/15 950,404 80,825 - 2,334 - - 312 1,033,252
6/01/15 836,781 63,641 - 1,901 - - 74 902,249
9/01/15 732,761 48,674 - 1,506 - - 1 782,940
12/01/15 662,178 35,386 - 1,138 - - - 698,702
3/01/16 574,207 23,505 - 803 - - - 598,515
6/01/16 450,631 13,482 - 508 - - - 464,621
9/01/16 299,063 5,964 - 268 - - - 305,295
12/01/16 128,523 1,407 - 100 - - - 130,029
3/01/17 2,929 18 - 13 - - - 2,961
-----------------------------------------------------------------------------------------------------------------------
$121,485,501 $58,286,067 $8,079,380 $1,340,245 $10,757,983 - $2,142,251 $197,806,927
-----------------------------------------------------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 73
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN INCOME SUMMARY
-----------------------------------------------------------------------------------------------------------------------
TOTAL LOANS
-----------------------------------------------------------------------------------------------------------------------
PERIOD BORROWER BORROWER GOVERNMENT SPECIAL GUARANTEE LOANS CONSOLIDATION TOTAL LOAN
ENDING PRINCIPAL INTEREST INTEREST ALLOWANCE PAYMENTS SOLD REBATE INCOME
-----------------------------------------------------------------------------------------------------------------------
6/01/00 - - - - - - - -
9/01/00 5,845,672 10,185,293 2,407,164 263,917 - - 273,951 18,428,095
12/01/00 6,798,654 8,879,585 4,291,301 444,533 - - 331,392 20,082,681
3/01/01 6,919,263 8,744,871 4,671,322 468,193 - - 332,735 20,470,914
6/01/01 7,032,134 8,599,153 4,724,766 466,936 - - 332,905 20,490,084
9/01/01 8,803,517 11,345,846 4,256,354 467,353 1,645,283 - 332,435 26,185,918
12/01/01 9,035,103 11,308,011 3,278,994 465,679 1,815,311 - 332,248 25,570,849
3/01/02 9,614,677 11,789,465 3,308,981 462,882 1,822,108 - 332,546 26,665,566
6/01/02 10,679,500 12,970,573 2,774,997 464,529 1,827,321 - 333,501 28,383,418
9/01/02 15,479,914 15,810,183 2,123,112 465,047 2,436,212 - 343,636 35,970,832
12/01/02 16,421,883 16,000,828 1,328,259 465,191 2,442,386 - 347,934 36,310,612
3/01/03 16,743,438 15,739,411 1,419,303 461,040 2,600,803 - 351,393 36,612,602
6/01/03 17,012,217 15,492,675 1,526,651 457,440 2,864,111 - 355,625 36,997,470
9/01/03 18,348,645 15,998,598 1,507,505 454,540 4,170,392 - 355,806 40,123,874
12/01/03 18,723,993 15,691,122 1,250,920 447,471 4,309,241 - 347,276 40,075,472
3/01/04 19,345,320 15,535,016 1,182,841 437,032 4,340,562 - 338,550 40,502,221
6/01/04 20,238,103 15,593,985 955,661 427,433 4,371,353 - 329,682 41,256,853
9/01/04 20,869,390 15,354,641 736,814 417,123 4,797,334 - 320,725 41,854,578
12/01/04 21,420,527 15,149,775 509,978 406,154 4,820,653 - 311,683 41,995,404
3/01/05 21,908,215 14,848,578 368,427 394,418 4,949,455 - 302,491 42,166,602
6/01/05 22,191,439 14,402,346 318,158 381,993 5,147,654 - 293,115 42,148,475
9/01/05 22,297,740 13,855,644 305,719 369,264 3,712,069 - 283,712 40,256,723
12/01/05 22,696,266 13,387,349 291,703 356,988 3,604,880 - 274,560 40,062,627
3/01/06 23,105,670 12,916,226 276,393 344,789 3,643,559 - 265,346 40,021,291
6/01/06 23,363,302 12,456,179 257,044 332,421 3,656,674 - 255,985 39,809,636
9/01/06 23,415,973 11,993,366 229,728 319,977 3,056,933 - 246,597 38,769,379
12/01/06 23,946,122 11,571,531 195,518 307,748 3,063,560 - 237,131 38,847,346
3/01/07 24,455,051 11,118,430 162,274 295,426 2,920,602 - 227,511 38,724,272
6/01/07 24,701,145 10,618,575 151,943 282,772 2,672,809 - 217,735 38,209,507
9/01/07 24,631,684 10,124,124 151,440 270,081 1,409,812 - 208,155 36,378,987
12/01/07 25,100,106 9,629,597 151,087 257,951 1,301,521 - 198,978 36,241,285
3/01/08 25,580,091 9,126,499 151,087 245,867 1,288,610 - 189,716 36,202,439
6/01/08 25,755,232 8,618,390 151,087 233,577 1,253,567 - 180,312 35,831,540
9/01/08 25,432,887 8,117,672 149,713 221,178 816,120 - 171,088 34,566,483
12/01/08 25,927,899 7,612,984 149,026 209,160 792,80) - 161,901 34,529,969
3/01/09 26,165,179 7,104,211 149,026 197,068 663,998 - 152,538 34,126,944
6/01/09 26,259,145 6,597,266 149,026 184,789 457,692 - 142,995 33,504,923
9/01/09 26,080,362 6,094,588 148,376 172,500 276,530 - 133,599 32,638,757
12/01/09 26,070,208 5,589,061 148,050 160,486 213,886 - 124,231 32,057,460
3/01/10 26,254,630 5,085,979 148,050 148,484 168,411 - 114,690 31,690,866
6/01/10 25,433,124 4,659,811 148,050 136,534 147,313 - 104,974 30,419,859
9/01/10 22,070,848 4,407,835 71,476 127,222 127,927 - 95,472 26,709,837
12/01/10 21,556,307 3,988,469 33,189 116,582 115,126 - 87,151 25,722,522
3/01/11 21,722,062 3,574,625 33,189 106,002 99,665 - 79,426 25,456,117
6/01/11 21,810,369 3,160,546 33,189 95,234 93,987 - 71,632 25,121,694
9/01/11 18,018,693 2,773,973 30,731 84,407 97,846 - 63,991 20,941,660
-----------------------------------------------------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 74
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN INCOME SUMMARY
-------------------------------------------------------------------------------------------------------------------------
TOTAL LOANS
-------------------------------------------------------------------------------------------------------------------------
PERIOD BORROWER BORROWER GOVERNMENT SPECIAL GUARANTEE LOANS CONSOLIDATION TOTAL LOAN
ENDING PRINCIPAL INTEREST INTEREST ALLOWANCE PAYMENTS SOLD REBATE INCOME
-------------------------------------------------------------------------------------------------------------------------
12/01/11 17,619,330 2,430,021 29,502 74,814 67,417 - 56,486 20,164,598
3/01/12 16,783,949 2,093,788 29,502 65,875 49,007 - 49,230 18,972,891
6/01/12 14,414,149 1,807,911 29,502 57,231 49,416 - 42,000 16,316,208
9/01/12 10,942,346 1,612,476 10,412 49,925 50,068 - 34,959 12,630,270
12/01/12 10,250,380 1,408,524 868 44,051 50,068 - 28,844 11,725,047
3/01/13 10,018,088 1,214,329 868 38,443 50,068 - 23,524 11,298,271
6/01/13 9,699,389 1,024,162 868 32,906 59,903 - 18,753 10,798,475
9/01/13 6,383,943 862,712 289 27,472 79,572 - 15,328 7,338,660
12/01/13 6,107,678 742,437 - 23,465 79,572 - 12,755 6,940,396
3/01/14 5,413,485 626,592 - 20,009 79,572 - 10,423 6,129,234
6/01/14 3,996,059 531,372 - 16,749 79,727 - 8,172 4,615,735
9/01/14 2,865,038 454,545 - 14,387 80,039 - 6,011 3,407,998
12/01/14 2,476,229 402,607 - 12,618 80,039 - 3,918 2,967,574
3/01/15 2,058,716 358,157 - 11,139 80,039 - 2,041 2,506,010
6/01/15 1,782,605 319,355 - 9,864 64,499 - 555 2,175,769
9/01/15 1,248,375 289,583 - 8,725 33,418 - 1 1,580,099
12/01/15 1,186,798 266,043 - 8,018 33,418 - - 1,494,277
3/01/16 1,108,015 243,741 - 7,400 33,418 - - 1,392,573
6/01/16 986,603 223,175 - 6,817 32,872 - - 1,249,467
9/01/16 816,621 205,632 - 6,287 31,782 - - 1,060,322
12/01/16 628,266 191,577 - 5,834 31,782 - - 857,459
3/01/17 512,398 180,797 - 5,460 31,782 - - 730,438
6/01/17 518,037 171,206 - 5,155 21,500 - - 715,898
9/01/17 523,560 161,521 - 4,860 935 - - 690,877
12/01/17 533,717 151,700 - 4,574 935 - - 690,926
3/01/18 544,134 141,687 - 4,285 935 - - 691,040
6/01/18 551,785 131,477 - 3,991 623 - - 687,876
9/01/18 554,978 121,189 - 3,691 - - - 679,859
12/01/18 565,810 110,776 - 3,391 - - - 679,977
3/01/19 191,047 34,576 - 3,086 - 5,371,465 - 5,600,175
-------------------------------------------------------------------------------------------------------------------------
$1,026,563,228 $492,136,558 $46,909,433 $14,875,932 $91,268,481 $5,371,465 $11,202,054 $1,665,923,042
-------------------------------------------------------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 75
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN FEE SUMMARY
---------------------------------------------------------------------------
USA GROUP SERVICED
---------------------------------------------------------------------------
PERIOD LOANS SERVICING ADMIN TOTAL $ FEES AS A
ENDING OUTSTANDING 1 EXPENSE LOAN FEES % OF LOANS
---------------------------------------------------------------------------
6/01/00 $261,393,981 - - - 0.0000%
9/01/00 259,594,295 687,828 118,334 806,162 1.2363%
12/01/00 257,673,454 661,952 116,211 778,163 1.2020%
3/01/01 255,725,242 654,432 114,087 768,518 1.1960%
6/01/01 257,166,844 646,825 115,724 762,550 1.1905%
9/01/01 253,754,227 680,067 116,163 796,231 1.2440%
12/01/01 250,251,605 685,598 113,354 798,952 1.2652%
3/01/02 246,708,126 673,718 110,565 784,283 1.2595%
6/01/02 243,125,939 661,712 111,391 773,103 1.2595%
9/01/02 240,603,887 690,516 110,324 800,840 1.3130%
12/01/02 235,397,431 694,659 107,198 801,857 1.3427%
3/01/03 230,131,762 677,344 103,727 781,070 1.3371%
6/01/03 224,819,340 659,849 103,608 763,457 1.3373%
9/01/03 220,083,382 667,695 101,526 769,221 1.3719%
12/01/03 213,658,333 660,343 97,807 758,150 1.3914%
3/01/04 207,167,851 639,605 94,935 734,541 1.3892%
6/01/04 200,641,462 618,674 93,004 711,679 1.3887%
9/01/04 193,931,611 598,240 90,007 688,247 1.3875%
12/01/04 187,138,692 578,670 86,017 664,686 1.3871%
3/01/05 180,259,761 558,834 82,078 640,912 1.3868%
6/01/05 173,322,911 538,736 80,735 619,471 1.3925%
9/01/05 166,796,957 518,835 77,642 596,477 1.3940%
12/01/05 160,174,724 499,235 73,866 573,100 1.3927%
3/01/06 153,456,054 479,333 70,133 549,466 1.3915%
6/01/06 146,710,964 459,160 68,601 527,761 1.3960%
9/01/06 140,178,906 439,376 65,568 504,943 1.3974%
12/01/06 133,533,769 419,827 61,917 481,745 1.3966%
3/01/07 126,773,590 399,924 58,304 458,228 1.3960%
6/01/07 119,959,413 379,663 56,482 436,145 1.4013%
9/01/07 113,468,460 359,649 53,437 413,086 1.4026%
12/01/07 106,853,645 339,830 49,936 389,766 1.4011%
3/01/08 100,112,526 319,622 46,970 366,592 1.4016%
6/01/08 93,375,142 299,033 44,390 343,422 1.4039%
9/01/08 86,945,011 278,923 41,385 320,308 1.4043%
12/01/08 80,388,490 258,696 38,042 296,738 1.4002%
3/01/09 73,703,088 238,072 34,727 272,799 1.3957%
6/01/09 66,935,057 217,055 32,415 249,470 1.3966%
9/01/09 60,097,770 195,903 29,328 225,231 1.3932%
12/01/09 53,648,145 174,646 25,967 200,613 1 3868%
3/01/10 47,399,244 154,992 22,921 177,913 1,3796%
6/01/10 43,933,192 137,146 20,914 158,060 1.3485%
9/01/10 39,290,409 128,960 19,220 148,180 1.3986%
12/01/10 34,603,782 114,380 16,934 131,314 1.3920%
3/01/11 29,833,062 99,589 14,679 114,268 1.3838%
6/01/11 25,043,496 84,582 12,815 97,397 1.3778%
9/01/11 21,914,641 71,334 10,871 82,205 1.3717%
---------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 76
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN FEE SUMMARY
---------------------------------------------------------------------------
USA GROUP SERVICED
---------------------------------------------------------------------------
PERIOD LOANS SERVICING ADMIN TOTAL $ FEES AS A
ENDING OUTSTANDING 1 EXPENSE LOAN FEES % OF LOANS
---------------------------------------------------------------------------
12/01/11 19,186,338 61,868 9,399 71,266 1.3610%
3/01/12 16,633,017 53,725 8,238 61,963 1.3512%
6/01/12 14,508,939 45,693 7,154 52,847 1.3350%
9/01/12 12,989,279 43,335 6,347 49,682 1.4200%
12/01/12 11,473,771 38,575 5,603 44,178 1.4153%
3/01/13 9,935,232 33,777 4,873 38,651 1.4099%
6/01/13 8,370,717 28,899 4,272 33,170 1.4089%
9/01/13 8,056,306 25,325 3,740 29,065 1.4103%
12/01/13 7,805,641 24,478 3,578 28,056 1.4076%
3/01/14 7,551,672 23,691 3,428 27,119 1.4048%
6/01/14 7,296,586 22,893 3,387 26,280 1.4080%
9/01/14 7,043,450 22,143 3,272 25,415 1.4095%
12/01/14 6,786,388 21,412 3,123 24,534 1.4104%
3/01/15 6,525,339 20,668 2,975 23,643 1.4115%
6/01/15 6,269,458 19,912 2,921 22,833 1.4188%
9/01/15 6,029,258 19,161 2,808 21,969 1.4197%
12/01/15 5,785,031 18,408 2,669 21,078 1.4174%
3/01/16 5,536,715 17,643 2,560 20,203 1.4171%
6/01/16 5,286,198 16,865 2,474 19,339 1.4186%
9/01/16 5,036,057 16,114 2,360 18,474 1.4203%
12/01/16 4,781,289 15,370 2,222 17,592 1.4211%
3/01/17 4,521,806 14,611 2,085 16,696 1.4223%
6/01/17 4,262,913 13,837 2,012 15,849 1.4298%
9/01/17 4,010,417 13,055 1,896 14,951 1.4311%
12/01/17 3,752,971 12,263 1,761 14,024 1.4292%
3/01/18 3,490,477 11,454 1,628 13,082 1.4273%
6/01/18 3,224,395 10,630 1,543 12,173 1.4314%
9/01/18 2,956,996 9,799 1,422 11,221 1.4315%
12/01/18 2,684,345 8,958 1,286 10,244 1.4295%
3/01/19 - 2,796 410 3,207 0.0000%
-------------------------------------------------------------------------
$20,690,417 $3,215,709 $23,906,126
-------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 77
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN FEE SUMMARY
------------------------------------------------------------------------------------
INTUITION SERVICED
------------------------------------------------------------------------------------
PERIOD LOANS SERVICING ADMIN TOTAL $ FEES AS A
ENDING OUTSTANDING 1 EXPENSE LOAN FEES % OF LOANS
------------------------------------------------------------------------------------
6/01/00 $ 97,536,116 - - - 0.0000%
9/01/00 96,790,045 263,673 44,144 307,817 1.2653%
12/01/00 95,993,199 252,375 43,317 295,692 1.2253%
3/01/01 95,184,409 249,213 42,490 291,702 1.2189%
6/01/01 94,735,695 246,013 43,061 289,074 1.2167%
9/01/01 93,533,821 249,334 42,799 292,133 1.2387%
12/01/01 92,571,135 248,354 41,792 290,146 1.2451%
3/01/02 91,257,261 247,661 40,900 288,560 1.2528%
6/01/02 89,925,344 244,709 41,202 285,911 1.2593%
9/01/02 88,732,675 257,557 40,728 298,285 1.3260%
12/01/02 86,794,943 260,011 39,531 299,543 1.3602%
3/01/03 84,809,429 253,425 38,239 291,665 1.3544%
6/01/03 82,809,497 246,759 38,175 284,934 1.3545%
9/01/03 80,715,063 244,254 37,278 281,533 1.3696%
12/01/03 78,418,048 239,202 35,880 275,081 1.3762%
3/01/04 76,131,107 233,883 34,871 268,754 1.3833%
6/01/04 73,738,678 227,337 34,179 261,516 1.3886%
9/01/04 71,538,894 220,120 33,121 253,241 1.3859%
12/01/04 69,047,000 214,859 31,733 246,592 1.3949%
3/01/05 66,505,300 207,624 30,283 237,908 1.3952%
6/01/05 63,949,139 200,278 29,785 230,063 1.4017%
9/01/05 61,581,248 193,014 28,653 221,668 1.4038%
12/01/05 59,171,414 185,740 27,276 213,016 1.4019%
3/01/06 56,725,159 178,354 25,914 204,268 1.4000%
6/01/06 54,255,128 170,913 25,362 196,275 1.4045%
9/01/06 51,853,301 163,580 24,246 187,825 1.4054%
12/01/06 49,361,747 157,487 22,899 180,386 1.4141%
3/01/07 46,848,875 150,148 21,551 171,699 1.4152%
6/01/07 44,305,380 142,669 20,870 163,539 1.4221%
9/01/07 41,890,429 135,202 19,734 154,936 1.4246%
12/01/07 39,423,805 127,707 18,432 146,139 1.4233%
3/01/08 36,908,724 120,069 17,326 137,395 1.4241%
6/01/08 34,364,230 112,310 16,359 128,670 1.4274%
9/01/08 31,854,312 104,534 15,209 119,743 1.4285%
12/01/08 29,294,015 96,704 13,914 110,618 1.4271%
3/01/09 26,697,846 88,723 12,632 101,355 1.4257%
6/01/09 24,084,881 80,580 11,714 92,294 1.4299%
9/01/09 21,512,607 72,515 10,535 83,051 1.4301%
12/01/09 18,893,408 64,440 9,264 73,704 1.4281%
3/01/10 16,221,100 56,201 8,005 64,207 1.4260%
6/01/10 13,831,286 47,796 6,949 54,745 1.4297%
9/01/10 12,253,071 41,519 6,035 47,554 1.4295%
12/01/10 10,644,254 36,565 5,259 41,824 1.4276%
3/01/11 9,006,406 31,525 4,491 36,016 1.4260%
6/01/11 7,360,357 26,389 3,835 30,223 1.4304%
9/01/11 6,068,879 21,635 3,140 24,775 1.4311%
-----------------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 78
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN FEE SUMMARY
------------------------------------------------------------------------------------
INTUITION SERVICED
------------------------------------------------------------------------------------
PERIOD LOANS SERVICING ADMIN TOTAL $ FEES AS A
ENDING OUTSTANDING 1 EXPENSE LOAN FEES % OF LOANS
------------------------------------------------------------------------------------
12/01/11 4,771,649 17,619 2,530 20,149 1.4294%
3/01/12 3,601,126 13,688 1,970 15,658 1.4294%
6/01/12 2,638,943 10,023 1,455 11,478 1.4314%
9/01/12 2,229,837 7,822 1,135 8,957 1.4315%
12/01/12 1,813,694 6,535 939 7,474 1.4295%
3/01/13 1,391,859 5,230 745 5,975 1.4275%
6/01/13 964,823 3,903 567 4,470 1.4315%
9/01/13 760,145 2,791 405 3,196 1.4315%
12/01/13 563,210 2,171 312 2,483 1.4295%
3/01/14 467,551 1,655 236 1,890 1.4275%
6/01/14 376,226 1,366 198 1,565 1.4315%
9/01/14 299,360 1,079 157 1,236 1.4315%
12/01/14 261,691 896 129 1,025 1.4295%
3/01/15 223,363 778 111 889 1.4275%
6/01/15 184,253 657 95 753 1.4315%
9/01/15 146,953 537 78 615 1.4315%
12/01/15 109,119 420 60 480 1.4295%
3/01/16 70,693 301 43 344 1.4295%
6/01/16 31,976 181 26 207 1.4315%
9/01/16 3,514 59 9 68 1.4315%
12/01/16 2,386 10 1 11 1.4295%
3/01/17 1,234 6 1 7 1.4275%
6/01/17 59 3 - 3 1.4309%
9/01/17 - - - - 0.0000%
-----------------------------------------------------------------------------------
$7,490,696 $1,154,314 $ 8,645,010
-----------------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 79
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN FEE SUMMARY
------------------------------------------------------------------------------------
UNIPAC SERVICED
------------------------------------------------------------------------------------
PERIOD LOANS SERVICING ADMIN TOTAL $ FEES AS A
ENDING OUTSTANDING 1 EXPENSE LOAN FEES % OF LOANS
------------------------------------------------------------------------------------
6/01/00 $300,155,304 - - - 0.0000%
9/01/00 298,051,124 771,458 135,876 907,334 1.2118%
12/01/00 295,806,107 745,241 133,421 878,662 1.1822%
3/01/01 293,530,605 736,752 130,965 867,717 1.1763%
6/01/01 293,521,821 728,170 132,827 860,997 1.1733%
9/01/01 290,132,344 752,308 132,658 884,966 1.2107%
12/01/01 286,671,699 755,117 129,686 884,802 1.2247%
3/01/02 283,171,209 743,531 126,736 870,267 1.2192%
6/01/02 283,049,740 731,822 127,940 859,763 1.2147%
9/01/02 279,277,742 787,187 128,180 915,367 1.2931%
12/01/02 273,248,910 798,096 124,431 922,527 1.3309%
3/01/03 267,155,255 777,674 120,408 898,082 1.3244%
6/01/03 261,042,205 757,058 120,280 877,338 1.3237%
9/01/03 255,130,185 757,169 117,699 874,868 1.3472%
12/01/03 248,060,905 745,385 113,439 858,824 1.3590%
3/01/04 240,926,843 722,765 110,280 833,045 1.3562%
6/01/04 233,791,886 699,960 108,224 808,184 1.3552%
9/01/04 226,965,407 693,557 105,163 798,720 1.3767%
12/01/04 219,175,697 678,619 100,693 779,312 1.3893%
3/01/05 211,291,901 655,212 96,153 751,366 1.3878%
6/01/05 203,411,524 631,522 94,661 726,183 1.3922%
9/01/05 195,954,814 608,392 91,151 699,543 1.3926%
12/01/05 188,398,895 585,744 86,811 672,555 1.3907%
3/01/06 180,745,636 562,788 82,527 645,315 1.3888%
6/01/06 173,142,753 539,561 80,841 620,402 1.3926%
9/01/06 165,894,665 517,420 77,451 594,871 1.3937%
12/01/06 158,527,644 496,131 73,350 569,482 1.3937%
3/01/07 151,039,720 474,469 69,293 543,762 1.3938%
6/01/07 143,541,434 452,431 67,381 519,812 1.4000%
9/01/07 136,644,707 430,921 64,074 494,995 1.4018%
12/01/07 129,622,677 409,732 60,275 470,007 1.3997%
3/01/08 122,473,067 388,149 57,129 445,278 1.3996%
6/01/08 115,347,051 366,180 54,472 420,653 1.4013%
9/01/08 108,554,067 344,977 51,299 396,275 1.4016%
12/01/08 101,631,369 323,981 47,684 371,665 1.3991%
3/01/09 94,576,430 302,576 44,103 346,679 1.3965%
6/01/09 87,540,676 280,768 41,829 322,596 1.3995%
9/01/09 80,825,284 259,545 38,695 298,239 1.3984%
12/01/09 73,979,396 238,423 35,252 273,676 1.3936%
3/01/10 67,000,468 216,892 31,841 248,733 1.3881%
6/01/10 62,543,791 196,611 29,667 226,277 1.3689%
9/01/10 56,831,359 185,739 27,506 213,246 1.4065%
12/01/10 51,008,311 167,702 24,637 192,339 1.4014%
3/01/11 45,072,506 149,318 21,794 171,112 1.3955%
6/01/11 39,203,711 130,634 19,549 150,183 1.3933%
9/01/11 34,943,862 114,111 17,126 131,237 1.3901%
------------------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 80
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN FEE SUMMARY
------------------------------------------------------------------------------------
UNIPAC SERVICED
------------------------------------------------------------------------------------
PERIOD LOANS SERVICING ADMIN TOTAL $ FEES AS A
ENDING OUTSTANDING 1 EXPENSE LOAN FEES % OF LOANS
------------------------------------------------------------------------------------
12/01/11 30,692,254 100,885 15,048 115,933 1.3829%
3/01/12 26,362,522 87,519 13,143 100,662 1.3761%
6/01/12 22,388,969 73,903 11,296 85,200 1.3654%
9/01/12 20,031,536 67,004 9,790 76,794 1.4231%
12/01/12 17,691,528 59,673 8,641 68,313 1.4191%
3/01/13 15,322,891 52,283 7,515 59,798 1.4146%
6/01/13 12,966,996 44,790 6,589 51,379 1.4150%
9/01/13 11,747,439 38,700 5,689 44,389 1.4156%
12/01/13 10,568,521 34,985 5,096 40,081 1.4119%
3/01/14 9,371,099 31,284 4,520 35,804 1.4078%
6/01/14 8,167,455 27,521 4,068 31,589 1.4091%
9/01/14 7,784,426 24,629 3,641 28,270 1.4089%
12/01/14 7,437,964 23,587 3,442 27,029 1.4097%
3/01/15 7,097,229 22,583 3,253 25,835 1.4108%
6/01/15 6,775,743 21,586 3,168 24,754 1.4181%
9/01/15 6,506,225 20,687 3,033 23,720 1.4191%
12/01/15 6,232,262 19,843 2,879 22,721 1.4167%
3/01/16 5,953,791 18,984 2,756 21,741 1.4163%
6/01/16 5,676,162 18,112 2,659 20,770 1.4178%
9/01/16 5,407,338 17,292 2,534 19,827 1.4195%
12/01/16 5,133,623 16,495 2,386 18,881 1.4206%
3/01/17 4,854,921 15,683 2,239 17,922 1.4220%
6/01/17 4,576,746 14,855 2,160 17,015 1.4297%
9/01/17 4,304,862 14,015 2,035 16,051 1.4310%
12/01/17 4,027,712 13,162 1,891 15,052 1.4292%
3/01/18 3,745,194 12,292 1,747 14,039 1.4273%
6/01/18 3,458,906 11,405 1,656 13,060 1.4314%
9/01/18 3,171,327 10,511 1,526 12,036 1.4315%
12/01/18 2,878,168 9,606 1,380 10,986 1.4295%
3/01/19 - 2,998 440 3,438 0.0000%
------------------------------------------------------------------------------------
$24,338,673 $ 3,821,675 $28,160,348
------------------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 81
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN FEE SUMMARY
------------------------------------------------------------------------------------
CONSOLIDATION LOANS
------------------------------------------------------------------------------------
PERIOD LOANS SERVICING ADMIN TOTAL $ FEES AS A
ENDING OUTSTANDING 2 EXPENSE LOAN FEES % OF LOANS
------------------------------------------------------------------------------------
6/01/00 $105,460,649 - - - 0.0000%
9/01/00 104,489,231 159,024 47,707 206,731 0.7864%
12/01/00 103,452,340 155,789 46,737 202,526 0.7779%
3/01/01 102,400,652 152,553 45,766 198,319 0.7693%
6/01/01 101,334,513 154,328 46,298 200,626 0.7864%
9/01/01 99,965,499 152,554 45,766 198,321 0.7864%
12/01/01 98,583,343 148,850 44,655 193,505 0.7779%
3/01/02 97,186,610 145,185 43,556 188,741 0.7693%
6/01/02 95,775,376 146,268 43,880 190,149 0.7864%
9/01/02 96,973,798 147,169 44,151 191,319 0.7778%
12/01/02 94,788,740 143,975 43,193 187,168 0.7779%
3/01/03 92,579,174 139,185 41,755 180,940 0.7693%
6/01/03 90,354,172 138,887 41,666 180,553 0.7864%
9/01/03 87,932,983 135,414 40,624 176,038 0.7864%
12/01/03 85,488,963 130,322 39,097 169,419 0.7779%
3/01/04 83,022,039 126,681 38,004 164,686 0.7779%
6/01/04 80,544,238 124,305 37,292 161,597 0.7864%
9/01/04 78,061,268 120,548 36,164 156,712 0.7864%
12/01/04 75,544,756 115,520 34,656 150,176 0.7779%
3/01/05 72,994,586 110,553 33,166 143,719 0.7693%
6/01/05 70,426,952 109,093 32,728 141,821 0.7864%
9/01/05 68,175,501 105,365 31,610 136,975 0.7864%
12/01/05 65,889,934 100,847 30,254 131,101 0.7779%
3/01/06 63,570,402 96,379 28,914 125,293 0.7693%
6/01/06 61,243,330 94,957 28,487 123,444 0.7864%
9/01/06 58,941,445 91,452 27,436 118,887 0.7864%
12/01/06 56,598,098 87,006 26,102 113,108 0.7779%
3/01/07 54,212,463 82,602 24,780 107,382 0.7693%
6/01/07 51,821,798 80,768 24,230 104,998 0.7864%
9/01/07 49,692,190 77,291 23,187 100,478 0.7864%
12/01/07 47,520,368 73,256 21,977 95,233 0.7779%
3/01/08 45,305,491 70,010 21,003 91,013 0.7779%
6/01/08 43,110,812 67,383 20,215 87,598 0.7864%
9/01/08 41,036,275 64,145 19,244 83,389 0.7864%
12/01/08 38,920,602 60,335 18,101 78,436 0.7779%
3/01/09 36,762,972 56,557 16,967 73,524 0.7693%
6/01/09 34,627,721 54,493 16,348 70,841 0.7864%
9/01/09 32,616,485 51,348 15,404 66,752 0.7864%
12/01/09 30,565,353 47,772 14,332 62,104 0.7779%
3/01/10 28,473,528 44,227 13,268 57,495 0.7693%
6/01/10 26,416,720 41,991 12,597 54,588 0.7864%
9/01/10 24,514,622 38,986 11,696 50,681 0.7864%
12/01/10 22,574,985 35,708 10,712 46,421 0.7779%
3/01/11 20,597,354 32,460 9,738 42,198 0 7693%
6/01/11 18,628,777 30,138 9,041 39,179 0.7864%
9/01/11 16,744,428 27,217 8,165 35,382 0.7864%
------------------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 82
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN FEE SUMMARY
------------------------------------------------------------------------------------
CONSOLIDATION LOANS
------------------------------------------------------------------------------------
PERIOD LOANS SERVICING ADMIN TOTAL $ FEES AS A
ENDING OUTSTANDING 2 EXPENSE LOAN FEES % OF LOANS
------------------------------------------------------------------------------------
12/01/11 14,956,041 24,138 7,241 31,379 0.7779%
3/01/12 13,182,793 21,512 6,453 27,965 0.7779%
6/01/12 11,442,956 19,048 5,714 24,762 0.7864%
9/01/12 9,744,200 16,444 4,933 21,377 0.7864%
12/01/12 8,011,860 13,716 4,115 17,831 0.7779%
3/01/13 6,465,744 11,114 3,334 14,448 0.7693%
6/01/13 5,128,112 8,993 2,698 11,691 0.7864%
9/01/13 4,344,695 7,358 2,207 9,565 0.7864%
12/01/13 3,642,354 6,135 1,840 7,975 0.7779%
3/01/14 2,962,758 5,066 1,520 6,586 0.7693%
6/01/14 2,298,551 4,147 1,244 5,390 0.7864%
9/01/14 1,622,683 3,133 940 4,073 0.7864%
12/01/14 933,385 2,085 626 2,711 0.7779%
3/01/15 389,966 1,119 336 1,455 0.7693%
6/01/15 3 316 95 411 0.7864%
9/01/15 3 - - - 0.7864%
12/01/15 2 - - - 0.7779%
3/01/16 1 - - - 0.0000%
6/01/16 - - - - 0.0000%
------------------------------------------------------------------------------------
$ 4,513,218 $ 1,353,966 $ 5,867,184
------------------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 83
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN FEE SUMMARY
------------------------------------------------------------------------------------
PREFUNDING STAFF & PLUS
------------------------------------------------------------------------------------
PERIOD LOANS SERVICING ADMIN TOTAL $ FEES AS A
ENDING OUTSTANDING 1 EXPENSE LOAN FEES % OF LOANS
------------------------------------------------------------------------------------
6/01/00 - - - - 0.0000%
9/01/00 127,927,468 101,598 19,568 121,166 0.3787%
12/01/00 127,676,652 297,475 57,372 354,847 1.1102%
3/01/01 127,422,047 296,507 56,631 353,138 1.1071%
6/01/01 127,163,636 295,527 57,772 353,300 1.1098%
9/01/01 126,882,207 294,536 57,654 352,190 1.1086%
12/01/01 126,558,552 293,532 56,892 350,425 1.1057%
3/01/02 132,001,311 297,089 56,966 354,055 1.0855%
6/01/02 130,510,428 362,623 59,664 422,287 1.2845%
9/01/02 129,570,431 356,923 58,982 415,905 1.2776%
12/01/02 127,857,768 359,396 57,892 417,288 1.2939%
3/01/03 126,012,919 352,880 56,500 409,380 1.2865%
6/01/03 123,927,031 346,290 56,857 403,147 1.2868%
9/01/03 121,804,882 339,627 55,904 395,531 1.2839%
12/01/03 119,633,701 332,891 54,338 387,229 1.2792%
3/01/04 119,163,880 326,082 53,367 379,449 1.2696%
6/01/04 116,140,292 363,512 53,608 417,121 1.4121%
9/01/04 113,085,636 353,350 52,227 405,576 1.4092%
12/01/04 109,995,721 343,210 50,288 393,498 1.4046%
3/01/05 106,795,296 333,015 48,374 381,388 1.4001%
6/01/05 103,411,731 322,700 47,942 370,643 1.4030%
9/01/05 100,012,358 312,268 46,396 358,665 1.4028%
12/01/05 96,614,996 301,729 44,375 346,104 1.4001%
3/01/06 93,178,714 291,072 42,391 333,463 1.3970%
6/01/06 89,695,324 280,966 41,750 322,716 1.4028%
9/01/06 86,172,555 271,055 40,157 311,212 1.4063%
12/01/06 82,604,338 261,105 38,139 299,244 1.4084%
3/01/07 79,092,403 251,040 36,147 287,186 1.4111%
6/01/07 75,744,786 240,810 35,380 276,189 1.4167%
9/01/07 72,358,200 230,413 33,847 264,260 1.4167%
12/01/07 68,943,703 219,855 31,963 251,818 1.4142%
3/01/08 65,473,090 209,128 30,434 239,561 1.4135%
6/0/08 61,940,012 198,671 29,173 227,844 1.4174%
9/01/08 58,349,754 188,247 27,555 215,802 1.4210%
12/01/08 54,698,397 177,648 25,641 203,290 1.4232%
3/01/09 51,319,071 167,060 23,776 190,836 1.4259%
6/01/09 48,164,256 157,100 22,808 179,908 1.4315%
9/01/09 44,948,220 147,178 21,362 168,540 1.4315%
12/01/09 41,669,769 137,063 19,683 156,746 1.4295%
3/01/10 38,327,691 126,752 18,019 144,770 1.4275%
6/01/10 34,920,745 116,240 16,876 133,116 1.4315%
9/01/10 31,449,346 105,526 15,315 120,841 1.4315%
12/01/10 27,911,617 94,610 13,587 108,196 1.4295%
3/01/11 24,498,884 83,637 11,896 95,533 1.4275%
6/01/11 21,123,522 73,058 10,607 83,665 1.4315%
9/01/11 17,682,927 62,442 9,060 71,502 1.4315%
------------------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 84
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN FEE SUMMARY
------------------------------------------------------------------------------------
PREFUNDING STAFF & PLUS
------------------------------------------------------------------------------------
PERIOD LOANS SERVICING ADMIN TOTAL $ FEES AS A
ENDING OUTSTANDING 1 EXPENSE LOAN FEES % OF LOANS
------------------------------------------------------------------------------------
12/01/11 14,175,833 51,621 7,413 59,035 1.4295%
3/01/12 11,239,187 40,591 5,841 46,432 1.4295%
6/01/12 9,874,588 33,707 4,894 38,601 1.4315%
9/01/12 8,483,618 29,415 4,268 33,684 1.4315%
12/01/12 7,065,765 25,041 3,596 28,637 1.4295%
3/01/13 5,620,509 20,581 2,930 23,512 1.4275%
6/01/13 4,147,318 16,036 2,328 18,364 1.4315%
9/01/13 2,645,651 11,403 1,653 13,056 1.4315%
12/01/13 1,114,955 6,680 959 7,639 1.4295%
3/01/14 - 1,866 273 2,139 0.0000%
6/01/14 - - - - 0.0000%
------------------------------------------------------------------------------------
$11,310,377 $1,789,293 $13,099,670
------------------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 85
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN FEE SUMMARY
--------------------------------------------------------------------------
PREFUNDING CONSOLIDATION
--------------------------------------------------------------------------
PERIOD LOANS SERVICING ADMIN TOTAL $ FEES AS A
ENDING OUTSTANDING 2 EXPENSE LOAN FEES % OF LOANS
--------------------------------------------------------------------------
6/01/00 - - - - 0.0000%
9/01/00 54,715,642 27,954 8,386 36,340 0.2650%
12/01/00 54,213,771 81,599 24,480 106,079 0.7779%
3/01/01 53,702,612 79,964 23,989 103,953 0.7693%
6/01/01 53,182,048 80,955 24,286 105,241 0.7864%
9/01/01 52,597,108 80,160 24,048 104,208 0.7864%
12/01/01 51,892,825 78,329 23,499 101,828 0.7779%
3/01/02 51,178,805 76,434 22,930 99,364 0.7693%
6/01/02 50,454,949 77,035 23,111 100,146 0.7864%
9/01/02 51,700,381 75,932 22,780 98,711 0.7758%
12/01/02 50,590,303 76,786 23,036 99,822 0.7779%
3/01/03 49,463,174 74,310 22,293 96,604 0.7693%
6/01/03 48,318,825 74,230 22,269 96,499 0.7864%
9/01/03 47,120,533 72,484 21,745 94,229 0.7864%
12/01/03 45,831,587 69,846 20,954 90,800 0.7779%
3/01/04 44,525,005 67,924 20,377 88,301 0.7779%
6/01/04 43,200,686 66,671 20,001 86,672 0.7864%
9/01/04 41,858,065 64,652 19,396 84,047 0 7864%
12/01/04 40,493,055 61,937 18,581 80,518 0.7779%
3/01/05 39,104,488 59,248 17,774 77,023 0.7693%
6/01/05 37,691,909 58,429 17,529 75,958 0.7864%
9/01/05 36,309,721 56,273 16,882 73,155 0.7864%
12/01/05 35,012,321 53,671 16,101 69,773 0.7779%
3/01/06 33,689,537 51,171 15,351 66,523 0.7693%
6/01/06 32,340,911 50,273 15,082 65,355 0.7864%
9/01/06 30,965,665 48,212 14,464 62,676 0.7864%
12/01/06 29,560,657 45,624 13,687 59,311 0.7779%
3/01/07 28,124,674 43,052 12,916 55,968 0.7693%
6/01/07 26,656,968 41,797 12,539 54,337 0.7864%
9/01/07 25,193,341 39,553 11,866 51,419 0.7864%
12/01/07 23,769,577 36,980 11,094 48,074 0.7779%
3/01/08 22,311,727 34,850 10,455 45,304 0.7779%
6/01/08 20,818,966 32,994 9,898 42,892 0.7864%
9/01/08 19,290,447 30,710 9,213 39,923 0.7864%
12/01/08 17,725,302 28,080 8,424 36,504 0.7779%
3/01/09 16,122,643 25,464 7,639 33,103 0.7693%
6/01/09 14,481,561 23,560 7,068 30,628 0.7864%
9/01/09 12,801,121 21,049 6,315 27,364 0.7864%
12/01/09 11,080,369 18,296 5,489 23,784 0.7779%
3/01/10 9,318,325 15,557 4,667 20,225 0.7693%
6/01/10 7,513,987 13,188 3,956 17,144 0.7864%
9/01/10 5,994,587 10,427 3,128 13,555 0.7864%
12/01/10 5,278,240 8,612 2,584 11,196 0.7779%
3/01/11 4,544,696 7,461 2,238 9,699 0.7693%
6/01/11 3,793,537 6,496 1,949 8,445 0 7864%
9/01/11 3,024,334 5,347 1,604 6,951 0.7864%
Prepared by PaineWebber Incorporated Page 86
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN FEE SUMMARY
--------------------------------------------------------------------------
PREFUNDING CONSOLIDATION
--------------------------------------------------------------------------
PERIOD LOANS SERVICING ADMIN TOTAL $ FEES AS A
ENDING OUTSTANDING 2 EXPENSE LOAN FEES % OF LOANS
-------- ----------- ---------- -------- ---------- ----------
12/01/11 2,236,649 4,133 1,240 5,373 0.7779%
3/01/12 1,430,032 2,955 886 3,841 0.7779%
6/01/12 604,022 1,748 525 2,273 0.7864%
9/01/12 - 485 145 630 0.0000%
-------------------------------------------------------------------------
$2,162,900 $648,870 $2,811,770
-------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 87
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN FEE SUMMARY
----------------------------------------------------------------------------------
REORIGINATION PORTFOLIO
----------------------------------------------------------------------------------
PERIOD LOANS SERVICING SERVICING ADMIN TOTAL $ FEES AS A
ENDING OUTSTANDING 1 2 EXPENSE LOAN FEES % OF LOANS
----------------------------------------------------------------------------------
6/01/00 - - - - - 0.0000%
9/01/00 12,224,785 8,243 1,834 2,194 12,270 0.4471%
12/01/00 20,049,294 26,371 5,746 6,895 39,012 0.8623%
3/01/01 25,745,998 38,366 8,207 9,889 56,463 0.9297%
6/01/01 30,394,877 47,544 10,375 12,556 70,475 0.9629%
9/01/01 36,238,512 55,859 12,133 14,749 82,741 0.9596%
12/01/01 43,267,937 66,731 14,254 17,397 98,382 0.9559%
3/01/02 51,472,139 80,234 16,645 20,443 117,322 0.9586%
6/01/02 60,892,970 99,237 20,090 24,849 144,176 0.9936%
9/01/02 73,499,815 119,789 23,801 29,505 173,095 0.9984%
12/01/02 88,945,857 145,412 28,540 35,298 209,250 0.9965%
3/01/03 106,024,391 174,677 33,929 41,940 250,546 0.9967%
6/01/03 124,156,587 206,861 41,135 50,901 298,897 1.0088%
9/01/03 123,460,359 229,593 45,272 56,227 331,092 1.0679%
12/01/03 122,697,197 231,378 44,178 55,296 330,851 1.0732%
3/01/04 121,943,460 234,077 43,544 54,952 332,573 1.0850%
6/01/04 121,058,578 240,132 43,329 55,199 338,660 1.1117%
9/01/04 119,993,709 246,099 42,600 54,767 343,466 1.1362%
12/01/04 118,754,990 251,630 41,407 53,672 346,709 1.1575%
3/01/05 116,856,820 255,588 40,219 52,439 348,246 1.1785%
6/01/05 114,837,309 253,251 40,305 52,716 346,272 1.1913%
9/01/05 112,562,258 250,264 39,424 51,766 341,454 1.1966%
12/01/05 110,123,538 246,995 37,918 50,153 335,066 1.1990%
3/01/06 107,585,403 243,876 36,405 48,515 328,796 1.2031%
6/01/06 104,961,750 241,371 36,047 48,418 325,835 1.2209%
9/01/06 102,227,232 239,414 34,865 47,206 321,486 1.2353%
12/01/06 99,373,893 237,600 33,311 45,453 316,364 1.2488%
3/01/07 96,320,519 235,121 31,782 43,677 310,580 1.2626%
6/01/07 93,187,437 228,416 31,264 43,228 302,908 1.2717%
9/01/07 90,016,482 221,116 30,041 41,795 292,952 1.2719%
12/01/07 86,807,498 213,781 28,512 39,918 282,210 1.2691%
3/01/08 83,566,172 206,415 27,318 38,483 272,215 1.2701%
6/01/08 80,311,516 199,066 26,396 37,422 262,884 1.2749%
9/01/08 77,038,315 191,754 25,181 35,938 252,873 1.2768%
12/01/08 73,737,334 184,479 23,704 34,079 242,262 1.2761%
3/01/09 70,424,526 177,241 22,246 32,253 231,740 1.2761%
6/01/09 67,116,215 169,989 21,470 31,451 222,910 1.2863%
9/01/09 63,808,965 162,679 20,191 29,945 212,815 1.2896%
12/01/09 60,503,039 155,298 18,700 28,141 202,139 1.2894%
3/01/10 57,186,401 147,846 17,232 26,380 191,458 1.2891%
6/01/10 53,836,152 140,332 16,281 25,440 182,054 1.2987%
9/01/10 50,471,486 132,772 14,948 23,910 171,630 1.3025%
12/01/10 47,119,264 125,173 13,512 22,148 160,833 1.3035%
3/01/11 43,771,883 117,547 12,156 20,434 150,137 1.3053%
6/01/11 40,429,946 109,867 11,188 19,354 140,409 1.3167%
9/01/11 37,093,663 102,110 9,974 17,833 129,916 1.3219%
Prepared by PaineWebber Incorporated Page 88
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN FEE SUMMARY
---------------------------------------------------------------------------------------
REORIGINATION PORTFOLIO
---------------------------------------------------------------------------------------
PERIOD LOANS SERVICING SERVICING ADMIN TOTAL $ FEES AS A
ENDING OUTSTANDING 1 2 EXPENSE LOAN FEES % OF LOANS
---------------------------------------------------------------------------------------
12/01/11 33,771,293 94,272 8,688 16,149 119,110 1.3240%
3/01/12 30,511,376 86,364 7,541 14,673 108,579 1.3291%
6/01/12 27,387,352 78,671 6,482 13,366 98,520 1.3377%
9/01/12 24,377,900 71,264 5,393 11,960 88,618 1.3442%
12/01/12 21,502,316 64,024 4,370 10,505 78,899 1.3482%
3/01/13 18,757,559 56,896 3,513 9,146 69,555 1.3519%
6/01/13 16,171,077 49,897 2,896 8,113 60,906 1.3625%
9/01/13 13,736,084 43,099 2,356 6,961 52,417 1.3660%
12/01/13 11,413,180 36,556 1,876 5,812 44,244 1.3665%
3/01/14 9,266,517 30,338 1,437 4,749 36,524 1.3680%
6/01/14 7,409,793 24,752 1,065 3,913 29,730 1.3789%
9/01/14 5,858,435 20,002 706 3,114 23,822 1.3877%
12/01/14 4,637,478 16,115 402 2,435 18,951 1.3975%
3/01/15 3,687,073 13,102 178 1,918 15,198 1.4098%
6/01/15 2,850,293 10,534 42 1,542 12,118 1.4263%
9/01/15 2,117,532 8,126 1 1,179 9,306 1.4314%
12/01/15 1,455,354 5,909 - 848 6,757 1.4295%
3/01/16 881,147 3,925 - 566 4,490 1.4295%
6/01/16 430,515 2,251 - 327 2,578 1.4315%
9/01/16 131,452 996 - 144 1,140 1.4315%
12/01/16 2,929 235 - 34 269 1.4295%
3/01/17 - 3 - - 3 0.0000%
---------------------------------------------------------------------------------------
$8,408,924 $1,224,555 $1,702,679 $11,336,157
---------------------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 89
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN FEE SUMMARY
---------------------------------------------------------------------------------------
TOTAL LOANS
---------------------------------------------------------------------------------------
PERIOD LOANS SERVICING SERVICING ADMIN TOTAL $ FEES AS A
ENDING OUTSTANDING 1 2 EXPENSE LOAN FEES % OF LOANS
---------------------------------------------------------------------------------------
6/01/00 $764,546,050 - - - - 0.0000%
9/01/00 953,792,590 1,832,799 188,812 376,210 2,397,820 1.0817%
12/01/00 954,864,817 1,983,414 243,134 428,433 2,654,982 1.1093%
3/01/01 953,711,566 1,975,270 240,724 423,817 2,639,811 1.1036%
6/01/01 957,499,435 1,964,079 245,657 432,526 2,642,262 1.1045%
9/01/01 953,103,718 2,032,104 244,847 433,838 2,710,789 1.1316%
12/01/01 949,797,095 2,049,332 241,433 427,275 2,718,040 1.1389%
3/01/02 952,975,541 2,042,233 238,264 422,096 2,702,592 1.1309%
6/01/02 953,734,744 2,100,103 243,394 432,038 2,775,535 1.1605%
9/01/02 960,358,729 2,211,972 246,902 434,648 2,893,522 1.1980%
12/01/02 957,623,952 2,257,575 249,302 430,579 2,937,455 1.2179%
3/01/03 956,176,104 2,236,001 247,424 424,863 2,908,288 1.2078%
6/01/03 955,427,657 2,216,817 254,252 433,756 2,904,826 1.2074%
9/01/03 936,247,388 2,238,338 253,170 431,005 2,922,512 1.2293%
12/01/03 913,788,733 2,209,198 244,346 416,810 2,870,355 1.2360%
3/01/04 892,880,185 2,156,413 238,149 406,787 2,801,349 1.2352%
6/01/04 869,115,821 2,149,616 234,305 401,507 2,785,428 1.2587%
9/01/04 845,434,590 2,111,365 227,800 390,846 2,730,010 1.2667%
12/01/04 820,149,911 2,066,989 218,864 375,639 2,661,492 1.2715%
3/01/05 793,808,151 2,010,273 210,020 360,268 2,580,561 1.2719%
6/01/05 767,051,475 1,946,488 207,828 356,096 2,510,412 1.2793%
9/01/05 741,392,856 1,882,774 201,063 344,100 2,427,936 1.2803%
12/01/05 715,385,822 1,819,443 192,437 328,837 2,340,716 1.2777%
3/01/06 688,950,905 1,755,422 183,955 313,745 2,253,123 1.2753%
6/01/06 662,350,162 1,691,971 181,277 308,541 2,181,789 1.2832%
9/01/06 636,233,770 1,630,845 174,529 296,527 2,101,900 1.2862%
12/01/06 609,560,146 1,572,150 165,941 281,548 2,019,640 1.2876%
3/01/07 582,412,243 1,510,701 157,436 266,668 1,934,805 1.2886%
6/01/07 555,217,216 1,443,989 153,829 260,109 1,857,928 1.2963%
9/01/07 529,263,810 1,377,301 146,885 247,942 1,772,128 1.2969%
12/01/07 502,941,272 1,310,905 138,748 233,594 1,683,248 1.2935%
3/01/08 476,150,797 1,243,383 132,177 221,799 1,597,359 1.2932%
6/01/08 449,267,729 1,175,260 126,773 211,929 1,513,963 1.2964%
9/01/08 423,068,182 1,108,435 120,036 199,842 1,428,314 1.2969%
12/01/08 396,395,509 1,041,507 112,120 185,885 1,339,512 1.2935%
3/01/09 369,606,575 973,672 104,267 172,098 1,250,037 1.2903%
6/01/09 342,950,367 905,491 99,523 163,633 1,168,647 1.2961%
9/01/09 316,610,452 837,819 92,588 151,584 1,081,992 1.2951%
12/01/09 290,339,479 769,871 84,768 138,127 992,766 1.2902%
3/01/10 263,926,757 702,683 77,016 125,101 904,801 1.2850%
6/01/10 242,995,873 638,125 71,460 116,399 825,984 1.2802%
9/01/10 220,804,880 594,516 64,361 106,810 765,687 1.3006%
12/01/10 199,140,453 538,431 57,832 95,860 692,122 1.2960%
3/01/11 177,324,792 481,615 52,077 85,271 618,963 1.2899%
6/01/11 155,583,346 424,529 47,822 77,150 549,501 1.2922%
9/01/11 137,472,734 371,632 42,538 67,799 481,969 1.2896%
Prepared by PaineWebber Incorporated Page 90
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN FEE SUMMARY
---------------------------------------------------------------------------------------
TOTAL LOANS
---------------------------------------------------------------------------------------
PERIOD LOANS SERVICING SERVICING ADMIN TOTAL $ FEES AS A
ENDING OUTSTANDING 1 2 EXPENSE LOAN FEES % OF LOANS
---------------------------------------------------------------------------------------
12/01/11 119,790,056 326,265 36,960 59,020 422,245 1.2842%
3/01/12 102,960,052 281,888 32,007 51,205 365,100 1.2810%
6/01/12 88,845,769 241,997 27,279 44,405 313,681 1.2804%
9/01/12 77,856,369 218,841 22,321 38,579 279,742 1.3155%
12/01/12 67,558,936 193,848 18,086 33,398 245,332 1.3186%
3/01/13 57,493,795 168,768 14,627 28,543 211,939 1.3201%
6/01/13 47,749,043 143,525 11,889 24,566 179,980 1.3296%
9/01/13 41,290,320 121,318 9,714 20,655 151,687 1.3322%
12/01/13 35,107,861 104,871 8,011 17,598 130,479 1.3310%
3/01/14 29,619,597 88,834 6,503 14,726 110,062 1.3291%
6/01/14 25,548,612 76,532 5,211 12,811 94,555 1.3395%
9/01/14 22,608,354 67,853 3,840 11,123 82,815 1.3509%
12/01/14 20,056,906 62,009 2,487 9,753 74,249 1.3667%
3/01/15 17,922,970 57,131 1,297 8,592 67,020 1.3864%
6/01/15 16,079,751 52,690 358 7,821 60,869 1.4127%
9/01/15 14,799,971 48,511 1 7,098 55,609 1.4215%
12/01/15 13,581,767 44,579 - 6,457 51,037 1.4188%
3/01/16 12,442,347 40,853 - 5,925 46,778 1.4180%
6/01/16 11,424,851 37,409 - 5,486 42,894 1.4191%
9/01/16 10,578,362 34,461 - 5,047 39,508 1.4202%
12/01/16 9,920,227 32,110 - 4,643 36,753 1.4209%
3/01/17 9,377,961 30,303 - 4,325 34,629 1.4221%
6/01/17 8,839,718 28,695 - 4,172 32,867 1.4297%
9/01/17 8,315,280 27,071 - 3,931 31,002 1.4311%
12/01/17 7,780,684 25,424 - 3,652 29,076 1.4292%
3/01/18 7,235,671 23,746 - 3,376 27,121 1.4273%
6/01/18 6,683,301 22,034 - 3,199 25,233 1.4314%
9/01/18 6,128,323 20,310 - 2,948 23,257 1.4315%
12/01/18 5,562,512 18,564 - 2,666 21,230 1.4295%
3/01/19 - 5,794 - 850 6,645 0.0000%
---------------------------------------------------------------------------------------
$72,239,087 $7,900,673 $13,686,505 $93,826,265
---------------------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 91
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN STATISTICAL SUMMARY
-------------------------------------------------------------------------------------------------
USA GROUP SERVICED
-------------------------------------------------------------------------------------------------
PRINCIPAL WEIGHTED WEIGHTED WEIGHTED AVG. ENROLLED
LOAN TYPE DESCRIPTION AMOUNT INT. RATE SAP RATE TOTAL RATE PERIOD
-------------------------------------------------------------------------------------------------
▇▇▇▇▇▇▇▇ Fixed, 7% $ 26,142 6.89% 1.25% 8.14% -
▇▇▇▇▇▇▇▇ Fixed, 8% 104,568 7.89% 0.25% 8.14% -
▇▇▇▇▇▇▇▇ Variable, Post-6/30/88 26,142 8.14% - 8.14% -
▇▇▇▇▇▇▇▇ Variable, Post-6/30/95 88,490,712 7.91% - 7.91% -
▇▇▇▇▇▇▇▇ Variable, Post-6/30/98 39,003,882 7.11% 0.50% 7.61% -
Unsubsidized ▇▇▇▇▇▇▇▇ Post-6/30/95 74,687,729 7.91% - 7.91% -
Unsubsidized ▇▇▇▇▇▇▇▇ Post-6/30/98 53,904,829 7.11% 0.50% 7.61% -
PLUS/SLS Variable, Pre-10/1/92 26,142 8.16% - 8.16% -
PLUS Variable, 10/1/92-6/30/94 3,503,030 8.01% - 8.01% -
SLS Variable, 10/1/92-6/30/94 26,142 8.01% - 8.01% -
PLUS Variable, Post-6/30/94 1,594,663 8.01% - 8.01% -
-------------------------------------------------------------------------------------------------
$261,393,981 7.63% 0.18% 7.81% -
-------------------------------------------------------------------------------------------------
LOAN STATISTICAL SUMMARY
----------------------------------------------------------------------------------
USA GROUP SERVICED
----------------------------------------------------------------------------------
AVG. GRACE AVG. REPAY. AGG. LOAN AVG. LIFE
LOAN TYPE DESCRIPTION PERIOD PERIOD TERM OF LOANS
----------------------------------------------------------------------------------
▇▇▇▇▇▇▇▇ Fixed, 7% 8 115 123 80
▇▇▇▇▇▇▇▇ Fixed, 8% 8 115 123 81
▇▇▇▇▇▇▇▇ Variable, Post-6/30/88 8 115 123 81
▇▇▇▇▇▇▇▇ Variable, Post-6/30/95 8 115 123 81
▇▇▇▇▇▇▇▇ Variable, Post-6/30/98 8 115 123 80
Unsubsidized ▇▇▇▇▇▇▇▇ Post-6/30/95 8 115 123 91
Unsubsidized ▇▇▇▇▇▇▇▇ Post-6/30/98 8 115 123 89
PLUS/SLS Variable, Pre-10/1/92 - 95 95 65
PLUS Variable, 10/1/92-6/30/94 - 95 95 65
SLS Variable, 10/1/92-6/30/94 - 95 95 65
PLUS Variable, Post-6/30/94 - 95 95 65
----------------------------------------------------------------------------------
8 115 122 85
----------------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 92
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN STATISTICAL SUMMARY
-----------------------------------------------------------------------------------------------
INTUITION SERVICED
-----------------------------------------------------------------------------------------------
PRINCIPAL WEIGHTED WEIGHTED WEIGHTED AVG. ENROLLED
LOAN TYPE DESCRIPTION AMOUNT INT. RATE SAP RATE TOTAL RATE PERIOD
-----------------------------------------------------------------------------------------------
▇▇▇▇▇▇▇▇ Fixed, 7% $ 165,811 6.89% 1.25% 8.14% -
▇▇▇▇▇▇▇▇ Fixed, 8% 1,726,389 7.88% 0.25% 8.13% -
▇▇▇▇▇▇▇▇ Variable, Post-6/30/88 1,853,186 8.13% - 8.13% -
▇▇▇▇▇▇▇▇ Variable, Post-6/30/95 64,159,257 7.92% - 7.92% -
Unsubsidized ▇▇▇▇▇▇▇▇ Post-6/30/95 29,026,749 7.92% - 7.92% -
SLS Variable, 10/1/92-6/30/94 68,275 7.97% - 7.97% -
PLUS Variable, Post-6/30/94 536,449 7.97% - 7.97% -
-----------------------------------------------------------------------------------------------
$97,536,116 7.92% 0.01% 7.93% -
-----------------------------------------------------------------------------------------------
LOAN STATISTICAL SUMMARY
---------------------------------------------------------------------------------
INTUITION SERVICED
---------------------------------------------------------------------------------
AVG. GRACE AVG. REPAY. AGG. LOAN AVG. LIFE
LOAN TYPE DESCRIPTION PERIOD PERIOD TERM OF LOANS
---------------------------------------------------------------------------------
▇▇▇▇▇▇▇▇ Fixed, 7% 5 116 121 78
▇▇▇▇▇▇▇▇ Fixed, 8% 5 116 121 78
▇▇▇▇▇▇▇▇ Variable, Post-6/30/88 5 116 121 79
▇▇▇▇▇▇▇▇ Variable, Post-6/30/95 5 116 121 78
Unsubsidized ▇▇▇▇▇▇▇▇ Post-6/30/95 5 116 121 85
SLS Variable, 10/1/92-6/30/94 - 119 119 79
PLUS Variable, Post-6/30/94 - 119 119 79
---------------------------------------------------------------------------------
5 116 121 80
---------------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 93
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN STATISTICAL SUMMARY
-----------------------------------------------------------------------------------------------
UNIPAC SERVICED
-----------------------------------------------------------------------------------------------
PRINCIPAL WEIGHTED WEIGHTED WEIGHTED AVG.ENROLLED
LOAN TYPE DESCRIPTION AMOUNT INT. RATE SAP RATE TOTAL RATE PERIOD
-----------------------------------------------------------------------------------------------
▇▇▇▇▇▇▇▇ Fixed, 7% $ 540,225 6.90% 1.25% 8.15% -
▇▇▇▇▇▇▇▇ Fixed, 8% 6,692,794 7.90% 0.25% 8.15% -
▇▇▇▇▇▇▇▇ Fixed, 9% 660,275 8.90% - 8.90% -
▇▇▇▇▇▇▇▇ Variable, Post-10/1/92 6,602,757 8.00% - 8.00% -
▇▇▇▇▇▇▇▇ Variable, Post-6/30/95 85,175,558 7.90% - 7.90% -
▇▇▇▇▇▇▇▇ Variable, Post-6/30/98 72,750,371 7.10% 0.50% 7.60% -
Unsubsidized ▇▇▇▇▇▇▇▇ Post-6/30/95 54,142,601 7.90% - 7.90% -
Unsubsidized ▇▇▇▇▇▇▇▇ Post-6/30/98 66,237,652 7.10% 0.50% 7.60% -
SLS Variable, 10/1/92-6/30/94 7,353,071 7.96% - 7.96% -
-----------------------------------------------------------------------------------------------
$300,155,304 7.53% 0.24% 7.77% -
-----------------------------------------------------------------------------------------------
LOAN STATISTICAL SUMMARY
---------------------------------------------------------------------------------
UNIPAC SERVICED
---------------------------------------------------------------------------------
AVG. GRACE AVG. REPAY. AGG. LOAN AVG. LIFE
LOAN TYPE DESCRIPTION PERIOD PERIOD TERM OF LOANS
---------------------------------------------------------------------------------
▇▇▇▇▇▇▇▇ Fixed, 7% 11 113 124 82
▇▇▇▇▇▇▇▇ Fixed, 8% 11 113 124 83
▇▇▇▇▇▇▇▇ Fixed, 9% 11 113 124 84
▇▇▇▇▇▇▇▇ Variable, Post-10/1/92 11 113 124 83
▇▇▇▇▇▇▇▇ Variable, Post-6/30/95 11 113 124 83
▇▇▇▇▇▇▇▇ Variable, Post-6/30/98 11 113 124 82
Unsubsidized ▇▇▇▇▇▇▇▇ Post-6/30/95 11 113 124 96
Unsubsidized ▇▇▇▇▇▇▇▇ Post-6/30/98 11 113 124 94
SLS Variable, 10/1/92-6/30/94 - 134 134 88
---------------------------------------------------------------------------------
11 113 124 88
---------------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 94
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN STATISTICAL SUMMARY
-------------------------------------------------------------------------------------
CONSOLIDATION LOANS
-------------------------------------------------------------------------------------
PRINCIPAL WEIGHTED WEIGHTED WEIGHTED
LOAN TYPE DESCRIPTION AMOUNT INT. RATE SAP RATE TOTAL RATE
-------------------------------------------------------------------------------------
Consolidation 9%, 10/1/92-9/30/93 $ 9,217,260 8.86% - 8.86%
Consolidation 10%, 10/1/92-9/30/93 2,604,878 9.86% - 9.86%
Consolidation 11%, 10/1/92-9/30/93 52,731 10.86% - 10.86%
Consolidation 7%, Post-10/1/93 2,773,615 6.86% 1.10% 7.96%
Consolidation 8%, Post-10/1/93 6,717,843 7.86% 0.10% 7.96%
Consolidation, Post-6/30/98 84,094,322 7.56% 0.42% 7.99%
----------------------------------------------------------------------------------
$ 105,460,649 7.74% 0.37% 8.11%
==================================================================================
LOAN STATISTICAL SUMMARY
--------------------------------------------------------------------------------------------------
CONSOLIDATION LOANS
--------------------------------------------------------------------------------------------------
AVG. ENROLLED AVG. GRACE AVG. REPAY. AGG. LOAN AVG. LIFE
LOAN TYPE DESCRIPTION PERIOD PERIOD PERIOD TERM OF LOANS
--------------------------------------------------------------------------------------------------
Consolidation 9%, 10/1/92-9/30/93 - - 134 134 89
Consolidation 10%, 10/1/92-9/30/93 - - 134 134 91
Consolidation 11%, 10/1/92-9/30/93 - - 134 134 92
Consolidation 7%, Post-10/1/93 - - 134 134 86
Consolidation 8%, Post-10/1/93 - - 134 134 87
Consolidation, Post-6/30/98 - - 134 134 87
--------------------------------------------------------------------------------------------------
- - 134 134 87
==================================================================================================
Prepared by PaineWebber Incorporated Page 95
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN STATISTICAL SUMMARY
------------------------------------------------------------------------------------
PREFUNDING STAFF & PLUS
------------------------------------------------------------------------------------
PRINCIPAL WEIGHTED WEIGHTED WEIGHTED
LOAN TYPE DESCRIPTION AMOUNT INT. RATE SAP RATE TOTAL RATE
------------------------------------------------------------------------------------
▇▇▇▇▇▇▇▇ Variable, Post-6/30/95 $ 25,599,575 7.95% - 7.95%
▇▇▇▇▇▇▇▇ Variable, Post-6/30/98 25,599,575 7.15% 0.50% 7.65%
Unsubsidized ▇▇▇▇▇▇▇▇ Post-6/30/95 25,599,575 7.96% - 7.96%
Unsubsidized ▇▇▇▇▇▇▇▇ Post-6/30/98 31,999,469 7.16% 0.50% 7.66%
PLUS Variable, Post-6/30/94 19,199,681 8.10% - 8.10%
---------------------------------------------------------------------------------
$127,997,874 7.62% 0.23% 7.84%
=================================================================================
LOAN STATISTICAL SUMMARY
-------------------------------------------------------------------------------------------------
PREFUNDING STAFF & PLUS
-------------------------------------------------------------------------------------------------
AVG. ENROLLED AVG. GRACE AVG. REPAY. AGG. LOAN AVG. LIFE
LOAN TYPE DESCRIPTION PERIOD PERIOD PERIOD TERM OF LOANS
-------------------------------------------------------------------------------------------------
▇▇▇▇▇▇▇▇ Variable, Post-6/30/95 12 6 120 138 93
▇▇▇▇▇▇▇▇ Variable, Post-6/30/98 12 6 120 138 92
Unsubsidized ▇▇▇▇▇▇▇▇ Post-6/30/95 12 6 120 138 108
Unsubsidized ▇▇▇▇▇▇▇▇ Post-6/30/98 12 6 120 138 105
PLUS Variable, Post-6/30/94 - - 99 99 66
-------------------------------------------------------------------------------------------------
10 5 117 132 95
=================================================================================================
Prepared by PaineWebber Incorporated Page 96
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN STATISTICAL SUMMARY
------------------------------------------------------------------------------------
PREFUNDING CONSOLIDATION
------------------------------------------------------------------------------------
PRINCIPAL WEIGHTED WEIGHTED WEIGHTED
LOAN TYPE DESCRIPTION AMOUNT INT. RATE SAP RATE TOTAL RATE
------------------------------------------------------------------------------------
Consolidation 9%, 10/1/92-9/30/93 $ 5,485,623 9.00% - 9.00%
Consolidation 10%, 10/1/92-9/30/93 19,199,681 10.00% - 10.00%
Consolidation 11%, Post-10/1/93 10,971,246 11.00% - 11.00%
Consolidation, Post-6/30/98 19,199,681 8.25% - 8.25%
----------------------------------------------------------------------------------
$ 54,856,231 9.49% - 9.49%
==================================================================================
LOAN STATISTICAL SUMMARY
-------------------------------------------------------------------------------------------------
PREFUNDING CONSOLIDATION
-------------------------------------------------------------------------------------------------
AVG. ENROLLED AVG. GRACE AVG. REPAY. AGG. LOAN AVG. LIFE
LOAN TYPE DESCRIPTION PERIOD PERIOD PERIOD TERM OF LOANS
-------------------------------------------------------------------------------------------------
Consolidation 9%, 10/1/92-9/30/93 - - 120 120 79
Consolidation 10%, 10/1/92-9/30/93 - - 120 120 80
Consolidation 11%, Post-10/1/93 - - 120 120 82
Consolidation, Post-6/30/98 - - 120 120 78
-------------------------------------------------------------------------------------------------
- - 120 120 80
=================================================================================================
Prepared by PaineWebber Incorporated Page 97
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN STATISTICAL SUMMARY
---------------------------------------------------------------------------------------
REORIGINATION PORTFOLIO
---------------------------------------------------------------------------------------
PRINCIPAL WEIGHTED WEIGHTED WEIGHTED
LOAN TYPE DESCRIPTION AMOUNT INT. RATE SAP RATE TOTAL RATE
---------------------------------------------------------------------------------------
▇▇▇▇▇▇▇▇ Variable, Post-6/30/95 $ 56,697,406 7.85% - 7.85%
Unsubsidized ▇▇▇▇▇▇▇▇ Post-6/30/98 31,498,559 7.06% 0.50% 7.56%
Consolidation, Post-12/31/99 31,655,268 8.12% - 8.12%
PLUS Variable, Post-6/30/94 6,299,712 8.00% - 8.00%
---------------------------------------------------------------------------------------
$126,150,944 7.73% 0.12% 7.85%
---------------------------------------------------------------------------------------
LOAN STATISTICAL SUMMARY
-------------------------------------------------------------------------------------------------
REORIGINATION PORTFOLIO
-------------------------------------------------------------------------------------------------
AVG. ENROLLED AVG. GRACE AVG. REPAY. ▇▇▇.▇▇▇▇ AVG. LIFE
LOAN TYPE DESCRIPTION PERIOD PERIOD PERIOD TERM OF LOANS
-------------------------------------------------------------------------------------------------
▇▇▇▇▇▇▇▇ Variable, Post-6/30/95 12 6 120 138 93
Unsubsidized ▇▇▇▇▇▇▇▇ Post-6/30/98 12 6 120 138 105
Consolidation, Post-12/31/99 - - 120 120 78
PLUS Variable, Post-6/30/94 - - 99 99 66
-------------------------------------------------------------------------------------------------
8 4 119 132 91
-------------------------------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 98
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN STATISTICAL SUMMARY
---------------------------------------------------------------------------------------------
TOTAL LOANS
---------------------------------------------------------------------------------------------
PRINCIPAL WEIGHTED WEIGHTED WEIGHTED
LOAN TYPE DESCRIPTION AMOUNT INT. RATE SAP RATE TOTAL RATE
---------------------------------------------------------------------------------------------
▇▇▇▇▇▇▇▇ Fixed,7% $ 732,178 6.89% 1.25% 8.14%
▇▇▇▇▇▇▇▇ Fixed,8% 8,523,751 7.89% 0.25% 8.14%
▇▇▇▇▇▇▇▇ Fixed,9% 660,275 8.90% - 8.90%
▇▇▇▇▇▇▇▇ Variable, Post-6/30/88 1,879,328 8.13% - 8.13%
▇▇▇▇▇▇▇▇ Variable, Post-10/1/92 6,602,757 8.00% - 8.00%
▇▇▇▇▇▇▇▇ Variable, Post-6/30/95 320,122,507 7.90% - 7.90%
▇▇▇▇▇▇▇▇ Variable, Post-6/30/98 137,353,828 7.11% 0.50% 7.61%
Unsubsidized ▇▇▇▇▇▇▇▇ Post-6/30/95 183,456,654 7.92% - 7.92%
Unsubsidized ▇▇▇▇▇▇▇▇ Post-6/30/98 183,640,508 7.11% 0.50% 7.61%
Consolidation 9%,10/1/92-9/30/93 14,702,883 8.91% - 8.91%
Consolidation 10%, 10/1/92-9/30/93 21,804,559 9.98% - 9.98%
Consolidation 11%, 10/1/92-9/30/93 52,731 10.86% - 10.86%
Consolidation 7%, Post-10/1/93 2,773,615 6.86% 1.10% 7.96%
Consolidation 8%, Post- 10/1/93 6,717,843 7.86% 0.10% 7.96%
Consolidation 11%, Post-10/1/93 10,971,246 11.00% - 11.00%
Consolidation, Post-6/30/98 103,294,003 7.69% 0.34% 8.04%
Consolidation, Post- 12/31/99 31,655,268 8.12% - 8.12%
PLUS/SLS Variable, Pre-10/1/92 26,142 8.16% - 8.16%
PLUS Variable, 10/1/92-6/30/94 3,503,030 8.01% - 8.01%
SLS Variable, 10/1/92-6/30/94 7,447,488 7.96% - 7.96%
PLUS Variable, Post-6/30/94 27,630,505 8.07% - 8.07%
---------------------------------------------------------------------------------------------
$1,073,551,099 7.74% 0.19% 7.93%
---------------------------------------------------------------------------------------------
LOAN STATISTICAL SUMMARY
----------------------------------------------------------------------------------------------------
TOTAL LOANS
----------------------------------------------------------------------------------------------------
AVG. ENROLLED AVG. GRACE AVG. REPAY. ▇▇▇.▇▇▇▇ AVG. LIFE
LOAN TYPE DESCRIPTION PERIOD PERIOD PERIOD TERM OF LOANS
----------------------------------------------------------------------------------------------------
▇▇▇▇▇▇▇▇ Fixed,7% - 10 113 123 81
▇▇▇▇▇▇▇▇ Fixed,8% - 10 113 123 82
▇▇▇▇▇▇▇▇ Fixed,9% - 11 113 124 84
▇▇▇▇▇▇▇▇ Variable, Post-6/30/88 - 5 116 121 79
▇▇▇▇▇▇▇▇ Variable, Post-10/1/92 - 11 113 124 83
▇▇▇▇▇▇▇▇ Variable, Post-6/30/95 3 8 116 127 84
▇▇▇▇▇▇▇▇ Variable, Post-6/30/98 2 9 115 126 84
Unsubsidized ▇▇▇▇▇▇▇▇ Post-6/30/95 2 8 115 125 94
Unsubsidized ▇▇▇▇▇▇▇▇ Post-6/30/98 4 9 116 128 96
Consolidation 9%,10/1/92-9/30/93 - - 128 128 85
Consolidation 10%, 10/1/92-9/30/93 - - 122 122 82
Consolidation 11%, 10/1/92-9/30/93 - - 134 134 92
Consolidation 7%, Post-10/1/93 - - 134 134 86
Consolidation 8%, Post-10/1/93 - - 134 134 87
Consolidation 11%, Post-10/1/93 - - 120 120 82
Consolidation, Post-6/30/98 - - 131 131 85
Consolidation, Post-12/31/99 - - 120 120 78
PLUS/SLS Variable, Pre-10/1/92 - - 95 95 65
PLUS Variable, 10/1/92-6/30/94 - - 95 95 65
SLS Variable, 10/1/92-6/30/94 - - 133 133 88
PLUS Variable, Post-6/30/94 - - 99 99 66
--------------------------------------------------------------------------------------------------
2 7 117 126 87
--------------------------------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 99
IV. CASH FLOW REPORTS
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
LOAN ACQUISITION FUND SUMMARY
----------------------------------------------------------------------------------------------------------------
PERIOD BEGINNING PRIMARY REORIGINATION INVESTMENT INVESTMENT REVENUE FUND ENDING
ENDING BALANCE LOAN DRAWS LOAN DRAWS RATE INCOME RE-DEPOSITS BALANCE
----------------------------------------------------------------------------------------------------------------
6/01/00 $951,057,237 $764,546,050 - 5.550% - - $186,511,187
9/01/00 186,511,187 186,511,187 12,345,133 5.550% 1,754,051 12,345,133 -
12/01/00 - - 7,939,714 5.550% - 7,939,714 -
3/01/01 - - 5,816,438 5.550% - 5,816,438 -
6/01/01 - - 4,777,568 5.550% - 4,777,568 -
9/01/01 - - 6,003,744 5.550% - 6,003,744 -
12/01/01 - - 7,230,852 5.550% - 7,230,852 -
3/01/02 - - 8,168,879 5.550% - 8,168,879 -
6/01/02 - - 9,618,375 5.550% - 9,618,375 -
9/01/02 - - 12,895,946 5.550% - 12,895,946 -
12/01/02 - - 15,906,327 5.550% - 15,906,327 -
3/01/03 - - 17,676,818 5.550% - 17,676,818 -
6/01/03 - - 18,874,383 5.550% - 18,874,383 -
9/01/03 - - - 5.550% - - -
----------------------------------------------------------------------------------------------------------------
$951,057,237 $127,254,177 $1,754,051 $127,254,177
----------------------------------------------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 101
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
DEBT SERVICE RESERVE FUND SUMMARY
-----------------------------------------------------------------------------------------------------------------------
PERIOD BEGINNING INVESTMENT INVESTMENT ENDING REQUIRED SURPLUS/
ENDING BALANCE RATE INCOME DEPOSITS WITHDRAWALS BALANCE BALANCE (DEFICIENCY)
-----------------------------------------------------------------------------------------------------------------------
6/01/00 $7,500,000 5.550% - - - $7,500,000 $7,500,000 -
9/01/00 7,500,000 5.550% 106,381 - - 7,500,000 7,500,000 -
12/01/00 7,500,000 5.550% 105,222 - - 7,500,000 7,500,000 -
3/01/01 7,500,000 5.550% 104,063 - - 7,500,000 7,500,000 -
6/01/01 7,500,000 5.550% 106,381 - - 7,500,000 7,500,000 -
9/01/01 7,500,000 5.550% 106,381 - - 7,500,000 7,500,000 -
12/01/01 7,500,000 5.550% 105,222 - - 7,500,000 7,500,000 -
3/01/02 7,500,000 5.550% 104,063 - - 7,500,000 7,500,000 -
6/01/02 7,500,000 5.550% 106,381 - - 7,500,000 7,500,000 -
9/01/02 7,500,000 5.550% 106,381 - - 7,500,000 7,500,000 -
12/01/02 7,500,000 5.550% 105,222 - - 7,500,000 7,500,000 -
3/01/03 7,500,000 5.550% 104,063 - - 7,500,000 7,500,000 -
6/01/03 7,500,000 5.550% 106,381 - - 7,500,000 7,500,000 -
9/01/03 7,500,000 5.550% 103,648 - (359,467) 7,140,533 7,140,533 -
12/01/03 7,140,533 5.550% 99,219 - (179,397) 6,961,136 6,961,136 -
3/01/04 6,961,136 5.550% 96,722 - (185,621) 6,775,515 6,775,515 -
6/01/04 6,775,515 5.550% 95,084 - (193,014) 6,582,501 6,582,501 -
9/01/04 6,582,501 5.550% 92,308 - (200,691) 6,381,810 6,381,810 -
12/01/04 6,381,810 5.550% 88,486 - (206,228) 6,175,582 6,175,582 -
3/01/05 6,175,582 5.550% 84,679 - (212,052) 5,963,530 5,963,530 -
6/01/05 5,963,530 5.550% 83,499 - (213,470) 5,750,060 5,750,060 -
9/01/05 5,750,060 5.550% 80,508 - (203,072) 5,546,988 5,546,988 -
12/01/05 5,546,988 5.550% 76,789 - (206,087) 5,340,901 5,340,901 -
3/01/06 5,340,901 5.550% 73,151 - (199,116) 5,141,784 5,141,784 -
6/01/06 5,141,784 5.550% 71,942 - (197,902) 4,943,882 4,943,882 -
9/01/06 4,943,882 5.550% 69,151 - (194,304) 4,749,578 4,749,578 -
12/01/06 4,749,578 5.550% 65,664 - (198,687) 4,550,891 4,550,891 -
3/01/07 4,550,891 5.550% 62,200 - (201,624) 4,349,267 4,349,267 -
6/01/07 4,349,267 5.550% 60,692 - (201,592) 4,147,674 4,147,674 -
9/01/07 4,147,674 5.550% 57,875 - (191,840) 3,955,834 3,955,834 -
12/01/07 3,955,834 5.550% 54,554 - (194,592) 3,761,242 3,761,242 -
3/01/08 3,761,242 5.550% 51,830 - (198,104) 3,563,138 3,563,138 -
6/01/08 3,563,138 5.550% 49,556 - (199,167) 3,363,971 3,363,971 -
9/01/08 3,363,971 5.550% 46,759 - (193,691) 3,170,280 3,170,280 -
12/01/08 3,170,280 5.550% 43,527 - (197,262) 2,973,018 2,973,018 -
3/01/09 2,973,018 5.550% 40,335 - (198,108) 2,774,909 2,774,909 -
6/01/09 2,774,909 5.550% 38,393 - (197,209) 2,577,701 2,577,701 -
9/01/09 2,577,701 5.550% 35,608 - (194,683) 2,383,018 2,383,018 -
12/01/09 2,383,018 5.550% 32,493 - (194,112) 2,188,906 2,188,906 -
3/01/10 2,188,906 5.550% 29,480 - (195,169) 1,993,737 1,993,737 -
6/01/10 1,993,737 5.550% 27,321 - (189,088) 1,804,649 1,804,649 -
9/01/10 1,804,649 5.550% 24,782 - (164,647) 1,640,002 1,640,002 -
12/01/10 1,640,002 5.550% 22,245 - (160,462) 1,479,540 1,479,540 -
3/01/11 1,479,540 5.550% 19,794 - (161,577) 1,317,963 1,317,963 -
6/01/11 1,317,963 5.550% 17,912 - (162,137) 1,155,826 1,155,826 -
9/01/11 1,155,826 5.550% 15,738 - (134,062) 1,021,764 1,021,764 -
12/01/11 1,021,764 5.550% 13,706 - (130,906) 890,858 890,858 -
Prepared by PaineWebber Incorporated Page 102
$1,000,000,000
NELNET STUDENT LOAN, CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
DEBT SERVICE RESERVE FUND SUMMARY
----------------------------------------------------------------------------------------------------------------------
PERIOD BEGINNING INVESTMENT INVESTMENT ENDING REQUIRED SURPLUS/
ENDING BALANCE RATE INCOME DEPOSITS WITHDRAWALS BALANCE BALANCE (DEFICIENCY)
----------------------------------------------------------------------------------------------------------------------
3/01/12 890,858 5.550% 11,899 - (124,524) 766,333 766,333 -
6/01/12 766,333 5.550% 10,328 - (107,028) 659,305 659,305 -
9/01/12 659,305 5.550% 8,944 - (81,597) 577,709 577,709 -
12/01/12 577,709 5.550% 7,742 - (76,409) 501,299 501,299 -
3/01/13 501,299 5.550% 6,944 - (1,299) 500,000 500,000 -
6/01/13 500,000 5.550% 7,092 - - 500,000 500,000 -
9/01/13 500,000 5.550% 7,092 - - 500,000 500,000 -
12/01/13 500,000 5.550% 7,015 - - 500,000 500,000 -
3/01/14 500,000 5.550% 6,938 - - 500,000 500,000 -
6/01/14 500,000 5.550% 7,092 - - 500,000 500,000 -
9/01/14 500,000 5.550% 7,092 - - 500,000 500,000 -
12/01/14 500,000 5.550% 7,015 - - 500,000 500,000 -
3/01/15 500,000 5.550% 6,938 - - 500,000 500,000 -
6/01/15 500,000 5.550% 7,092 - - 500,000 500,000 -
9/01/15 500,000 5.550% 7,092 - - 500,000 500,000 -
12/01/15 500,000 5.550% 7,015 - - 500,000 500,000 -
3/01/16 500,000 5.550% 7,015 - - 500,000 500,000 -
6/01/16 500,000 5.550% 7,092 - - 500,000 500,000 -
9/01/16 500,000 5.550% 7,092 - - 500,000 500,000 -
12/01/16 500,000 5.550% 7,015 - - 500,000 500,000 -
3/01/17 500,000 5.550% 6,938 - - 500,000 500,000 -
6/01/17 500,000 5.550% 7,092 - - 500,000 500,000 -
9/01/17 500,000 5.550% 7,092 - - 500,000 500,000 -
12/01/17 500,000 5.550% 7,015 - - 500,000 500,000 -
3/01/18 500,000 5.550% 6,938 - - 500,000 500,000 -
6/01/18 500,000 5.550% 7,092 - - 500,000 500,000 -
9/01/18 500,000 5.550% 7,092 - - 500,000 500,000 -
12/01/18 500,000 5.550% 7,015 - - 500,000 500,000 -
3/01/19 500,000 5.550% 2,390 - (500,000) - - -
----------------------------------------------------------------------------------------------------------------------
$3,401,994 - ($7,500,000)
----------------------------------------------------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 103
$1,000,000,00
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
REVENUE FUND SUMMARY
---------------------------------------------------------------------------
PERIOD BEGINNING INVESTMENT INVESTMENT DEBT SERVICE
ENDING BALANCE RATE INCOME DEPOSITS WITHDRAWALS
---------------------------------------------------------------------------
6/01/00 $21,451,842 5.550% - - -
9/01/00 21,451,842 5.550% 277,728 17,890,692 14,613,377
12/01/00 12,661,752 5.550% 173,573 17,532,912 14,454,541
3/01/01 7,973,981 5.550% 120,360 17,935,159 14,295,705
6/01/01 5,917,357 5.550% 99,471 17,954,197 14,618,377
9/01/01 4,575,081 5.550% 102,430 23,581,503 14,613,377
12/01/01 7,641,893 5.550% 131,801 22,958,023 14,454,541
3/01/02 9,046,324 5.550% 145,754 24,067,028 14,295,705
6/01/02 10,794,522 5.550% 176,933 25,714,254 14,618,377
9/01/02 12,448,957 5.550% 219,467 33,183,676 14,613,377
12/01/02 18,342,777 5.550% 284,658 33,478,361 14,454,541
3/01/03 21,744,928 5.550% 319,589 33,808,358 14,295,705
6/01/03 23,900,352 5.550% 354,850 34,199,004 14,618,377
9/01/03 24,961,446 5.550% 115,458 37,664,476 14,199,361
12/01/03 613,121 5.550% 2,840 37,483,732 13,593,115
3/01/04 586,988 5.550% 2,810 37,983,216 13,251,258
6/01/04 572,280 5.550% 2,740 38,759,524 13,031,739
9/01/04 567,585 5.550% 2,630 39,417,567 12,681,227
12/01/04 547,708 5.550% 2,538 39,628,626 12,156,754
3/01/05 525,108 5.550% 2,515 39,882,773 11,634,206
6/01/05 502,599 5.550% 2,407 39,935,032 11,476,785
9/01/05 500,567 5.550% 2,320 38,112,367 11,061,126
12/01/05 477,828 5.550% 2,215 38,004,787 10,550,709
3/01/06 455,828 5.550% 2,179 38,040,435 10,051,347
6/01/06 433,826 5.550% 2,073 37,897,691 9,890,071
9/01/06 431,646 5.550% 1,996 36,930,933 9,501,756
12/01/06 410,108 5.550% 1,897 37,092,058 9,023,193
3/01/07 389,465 5.550% 1,861 37,053,291 8,547,729
6/01/07 368,956 5.550% 1,763 36,613,864 8,345,412
9/01/07 365,005 5.550% 1,688 34,856,575 7,931,960
12/01/07 342,384 5.550% 1,584 34,807,184 7,477,318
3/01/08 322,773 5.550% 1,543 34,855,015 7,104,319
6/01/08 306,681 5.550% 1,466 34,566,300 6,797,783
9/01/08 298,237 5.550% 1,379 33,378,618 6,427,394
12/01/08 277,472 5.550% 1,283 33,431,247 5,983,771
3/01/09 258,337 5.550% 1,235 33,115,350 5,545,490
6/01/09 239,431 5.550% 1,144 32,571,877 5,283,737
9/01/09 232,916 5.550% 1,077 31,787,056 4,896,380
12/01/09 211,421 5.550% 978 31,291,299 4,468,790
3/01/10 192,976 5.550% 922 31,010,713 4,054,998
6/01/10 175,128 5.550% 837 29,810,284 3,763,658
9/01/10 167,336 5.550% 774 26,133,579 3,409,963
12/01/10 147,293 5.550% 681 25,213,107 3,061,742
3/01/11 132,273 5.550% 632 25,018,526 2,725,147
6/01/11 117,754 5.550% 563 24,752,242 2,471,715
9/01/11 111,598 5.550% 516 20,609,490 2,162,326
12/01/11 93,467 5.550% 432 19,886,965 1,884,147
---------------------------------------------------------------------------
REVENUE FUND SUMMARY
-----------------------------------------------------------------------------
PERIOD REDEMPTION REORIGINATION OTHER ADDITIONAL ENDING
ENDING WITHDRAWALS WITHDRAWALS WITHDRAWALS REVENUES BALANCE
-----------------------------------------------------------------------------
6/01/00 - - - - $21,451,842
9/01/00 - 12,345,133 - - 12,661,752
12/01/00 - 7,939,714 - - 7,973,981
3/01/01 - 5,816,438 - - 5,917,357
6/01/01 - 4,777,568 - - 4,575,081
9/01/01 - 6,003,744 - - 7,641,893
12/01/01 - 7,230,852 - - 9,046,324
3/01/02 - 8,168,879 - - 10,794,522
6/01/02 - 9,618,375 - - 12,448,957
9/01/02 - 12,895,946 - - 18,342,777
12/01/02 - 15,906,327 - - 21,744,928
3/01/03 - 17,676,818 - - 23,900,352
6/01/03 - 18,874,383 - - 24,961,446
9/01/03 47,928,899 - - - 613,121
12/01/03 23,919,590 - - - 586,988
3/01/04 24,749,476 - - - 572,280
6/01/04 25,735,220 - - - 567,585
9/01/O4 26,758,847 - - - 547,708
12/01/04 27,497,011 - - - 525,108
3/01/05 28,273,590 - - - 502,599
6/01/05 28,462,687 - - - 500,567
9/01/05 27,076,300 - - - 477,828
12/01/05 27,478,293 - - - 455,828
3/01/06 26,548,824 - 1,464,444 - 433,826
6/01/06 26,386,936 - 1,624,937 - 431,646
9/01/06 25,907,226 - 1,545,485 - 410,108
12/01/06 26,491,650 - 1,599,754 - 389,465
3/01/07 26,883,243 - 1,644,691 - 368,956
6/01/07 26,878,976 - 1,395,190 - 365,005
9/01/07 25,578,665 - 1,370,258 - 342,384
12/01/07 25,945,612 - 1,405,449 - 322,773
3/01/08 26,413,916 - 1,354,414 - 306,681
6/01/08 26,555,604 - 1,222,823 - 298,237
9/01/08 25,825,410 - 1,147,958 - 277,472
12/01/08 26,301,656 - 1,166,239 - 258,337
3/01/09 26,414,448 - 1,175,552 - 239,431
6/01/09 26,294,487 - 1,001,312 - 232,916
9/01/09 25,957,698 - 955,550 - 211,421
12/01/09 25,881,628 - 960,302 - 192,976
3/01/10 26,022,506 - 951,980 - 175,128
6/01/10 25,211,706 - 843,549 - 167,336
9/01/10 21,952,923 - 791,511 - 147,293
12/01/10 21,394,960 - 772,106 - 132,273
3/01/11 21,543,596 - 764,933 - 117,754
6/01/11 21,618,301 - 668,945 - 111,598
9/01/11 17,874,886 - 590,925 - 93,467
12/01/11 17,454,196 - 561,053 - 81,469
-----------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 104
$1,000,000,00
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
REVENUE FUND SUMMARY
---------------------------------------------------------------------------
PERIOD BEGINNING INVESTMENT INVESTMENT DEBT SERVICE
ENDING BALANCE RATE INCOME DEPOSITS WITHDRAWALS
---------------------------------------------------------------------------
3/01/12 81,469 5.550% 389 18,744,214 1,636,648
6/01/12 70,791 5.550% 338 16,119,884 1,426,630
9/01/12 66,512 5.550% 308 12,441,069 1,235,424
12/01/12 53,477 5.550% 247 11,563,867 1,070,445
3/01/13 46,363 5.550% 228 11,094,575 915,956
6/01/13 39,701 5.550% 190 10,625,587 794,994
9/01/13 39,755 5.550% 184 7,194,064 665,816
12/01/13 28,480 5.550% 132 6,816,932 568,283
3/01/14 24,311 5.550% 116 6,026,110 476,595
6/01/14 20,393 5.550% 97 4,528,273 420,814
9/01/14 22,796 5.550% 105 3,332,275 361,988
12/01/14 15,495 5.550% 72 2,900,340 317,622
3/01/15 13,599 5.550% 65 2,445,927 279,792
6/01/15 11,983 5.550% 57 2,121,992 259,648
9/01/15 15,908 5.550% 74 1,531,582 230,515
12/01/15 9,877 5.550% 46 1,450,256 209,672
3/01/16 8,986 5.550% 43 1,352,809 192,402
6/01/16 8,248 5.550% 39 1,213,665 183,138
9/01/16 12,638 5.550% 58 1,027,906 164,400
12/01/16 7,051 5.550% 33 827,721 151,189
3/01/17 6,486 5.550% 31 702,747 140,829
6/01/17 6,044 5.550% 29 690,123 140,814
9/01/17 10,830 5.550% 50 666,967 127,996
12/01/17 5,496 5.550% 25 668,865 118,879
3/01/18 5,106 5.550% 24 670,856 109,889
6/01/18 4,722 5.550% 23 669,735 109,141
9/01/18 9,476 5.550% 44 663,693 96,003
12/01/18 4,128 5.550% 19 665,762 86,788
3/01/19 3,735 5.550% 18 6,095,920 26,509
---------------------------------------------------------------------------
$2,578,677 $1,584,752,684 $450,911,247
---------------------------------------------------------------------------
REVENUE FUND SUMMARY
------------------------------------------------------------------------------
PERIOD REDEMPTION REORIGINATION OTHER ADDITIONAL ENDING
ENDING WITHDRAWALS WITHDRAWALS WITHDRAWALS REVENUES BALANCE
------------------------------------------------------------------------------
3/01/12 16,603,248 - 515,386 - 70,791
6/01/12 14,270,401 - 427,470 - 66,512
9/01/12 10,879,583 - 339,404 - 53,477
12/01/12 10,187,891 - 312,892 - 46,363
3/01/13 9,908,343 - 277,166 - 39,701
6/01/13 9,570,099 - 260,631 - 39,755
9/01/13 6,334,382 - 205,325 - 28,480
12/01/13 6,072,267 - 180,683 - 24,311
3/01/14 5,381,901 - 171,648 - 20,393
6/01/14 3,991,323 - 113,831 - 22,796
9/01/14 2,912,045 - 65,649 - 15,495
12/01/14 2,562,248 - 22,437 - 13,599
3/01/15 2,141,037 - 26,780 - 11,983
6/01/15 1,837,274 - 21,202 - 15,908
9/01/15 1,293,418 - 13,754 - 9,877
12/01/15 1,221,769 - 19,750 - 8,986
3/01/16 1,141,730 - 19,459 - 8,248
6/01/16 1,009,272 - 16,903 - 12,638
9/01/16 858,811 - 10,340 - 7,051
12/01/16 660,981 - 16,149 - 6,486
3/01/17 545,095 - 17,297 - 6,044
6/01/17 530,926 - 13,626 - 10,830
9/01/17 535,115 - 9,240 - 5,496
12/01/17 535,707 - 14,694 - 5,106
3/01/18 546,147 - 15,228 - 4,722
6/01/18 544,128 - 11,735 - 9,476
9/01/18 565,286 - 7,796 - 4,128
12/01/18 566,931 - 12,456 - 3,735
3/01/19 5,573,676 - - - 499,487
------------------------------------------------------------------------------
$1,000,000,000 $127,254,177 $30,118,292 -
------------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 105
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
PROJECTED CUMULATIVE CASH FLOWS
-------------------------------------------------------------------------------------------------------------
SOURCES USES
------------------------------------------------- ------------------------------------------------
TOTAL TOTAL REVENUE TOTAL INTEREST & TOTAL EARLY TOTAL
PERIOD LOAN INVESTMENT FUND SOURCES SCHEDULED FEES & BOND REORIG-
ENDING INCOME INCOME DEPOSITS OF FUNDS PRINCIPAL EXPENSES REDEMPTIONS INATIONS
-------------------------------------------------------------------------------------------------------------
6/01/00 - - $21,451,842 $ 21,451,842 - - - -
9/01/00 18,428,081 2,138,159 - 20,566,240 13,982,740 3,028,457 - 12,345,133
12/01/00 20,082,672 278,794 - 20,361,466 13,830,753 3,278,770 - 7,939,714
3/01/01 20,470,908 224,423 - 20,695,331 13,678,767 3,256,750 - 5,816,438
6/01/01 20,490,079 205,852 - 20,695,931 13,982,740 3,277,899 - 4,777,568
9/01/01 26,185,912 208,810 - 26,394,722 13,982,740 3,341,426 - 6,003,744
12/01/01 25,570,842 237,022 - 25,807,864 13,830,753 3,341,828 - 7,230,852
3/01/02 26,665,557 249,817 - 26,915,375 13,678,767 3,319,531 - 8,168,879
6/01/02 28,383,408 283,314 - 28,666,721 13,982,740 3,411,172 - 9,618,375
9/01/02 35,970,818 325,848 - 36,296,665 13,982,740 3,524,159 - 12,895,946
12/01/02 36,310,595 389,879 - 36,700,474 13,830,753 3,561,243 - 15,906,327
3/01/03 36,612,583 423,652 - 37,036,234 13,678,767 3,525,226 - 17,676,818
6/01/03 36,997,449 461,231 - 37,458,680 13,982,740 3,540,463 - 18,874,383
9/01/03 40,123,874 219,106 359,467 40,702,447 13,586,584 3,535,289 47,928,899 -
12/01/03 40,075,472 102,059 179,397 40,356,928 13,006,491 3,456,979 23,919,590 -
3/01/04 40,502,221 99,532 185,621 40,787,374 12,679,382 3,373,224 24,749,476 -
6/01/04 41,256,853 97,824 193,014 41,547,692 12,464,553 3,352,614 25,735,220 -
9/01/04 41,854,578 94,938 200,691 42,150,208 12,133,948 3,277,289 26,758,847 -
12/01/04 41,995,404 91,025 206,228 42,292,656 11,632,098 3,186,147 27,497,011 -
3/01/05 42,166,602 87,194 212,052 42,465,848 11,132,092 3,082,675 28,273,590 -
6/01/05 42,148,475 85,907 213,470 42,447,852 10,976,685 3,010,512 28,462,687 -
9/01/05 40,256,723 82,828 203,072 40,542,623 10,583,742 2,905,320 27,076,300 -
12/01/05 40,062,627 79,004 206,087 40,347,718 10,095,343 2,796,083 27,478,293 -
3/01/06 40,021,291 75,330 199,116 40,295,737 9,617,522 2,686,949 26,548,824 -
6/01/06 39,809,636 74,016 197,902 40,081,554 9,458,426 2,613,435 26,386,936 -
9/01/06 38,769,379 71,147 194,304 39,034,830 9,091,647 2,512,009 25,907,226 -
12/01/06 38,847,346 67,561 198,687 39,113,594 8,633,728 2,409,105 26,491,650 -
3/01/07 38,724,272 64,062 201,624 38,989,958 8,178,773 2,303,761 26,883,243 -
6/01/07 38,209,507 62,456 201,592 38,473,555 7,980,407 2,222,933 26,878,976 -
9/01/07 36,378,987 59,564 191,840 36,630,391 7,589,576 2,114,512 25,578,665 -
12/01/07 36,241,285 56,138 194,592 36,492,015 7,154,545 2,006,021 25,945,612 -
3/01/08 36,202,439 53,373 198,104 36,453,916 6,797,639 1,904,039 26,413,916 -
6/01/08 35,831,540 51,021 199,167 36,081,729 6,499,546 1,812,200 26,555,604 -
9/01/08 34,566,483 48,138 193,691 34,808,311 6,149,922 1,705,786 25,825,410 -
12/01/08 34,529,969 44,810 197,262 34,772,042 5,725,434 1,597,848 26,301,656 -
3/01/09 34,126,944 41,570 198,108 34,366,622 5,306,059 1,489,468 26,414,448 -
6/01/09 33,504,923 39,537 197,209 33,741,668 5,050,821 1,401,564 26,294,487 -
9/01/09 32,638,757 36,685 194,683 32,870,125 4,684,960 1,293,413 25,957,698 -
12/01/09 32,057,460 33,471 194,112 32,285,043 4,275,814 1,185,743 25,881,628 -
3/01/10 31,690,866 30,402 195,169 31,916,436 3,879,870 1,079,929 26,022,506 -
6/01/10 30,419,859 28,158 189,088 30,637,105 3,596,322 993,320 25,211,706 -
9/01/10 26,709,837 25,556 164,647 26,900,039 3,262,670 912,979 21,952,923 -
12/01/10 25,722,522 22,927 160,462 25,905,911 2,929,470 824,395 21,394,960 -
3/01/11 25,456,117 20,426 161,577 25,638,121 2,607,393 736,717 21,543,596 -
6/01/11 25,121,694 18,474 162,137 25,302,306 2,360,116 661,100 21,618,301 -
9/01/11 20,941,660 16,254 134,062 21,091,975 2,068,859 575,436 17,874,886 -
12/01/11 20,164,598 14,139 130,906 20,309,643 1,802,678 503,714 17,454,196 -
3/01/12 18,972,891 12,288 124,524 19,109,704 1,565,856 435,891 16,603,248 -
6/01/12 16,316,208 10,667 107,028 16,433,903 1,360,119 380,192 14,270,401 -
9/01/12 12,630,270 9,251 81,597 12,721,118 1,181,947 333,219 10,879,583 -
12/01/12 11,725,047 7,990 76,409 11,809,446 1,024,082 291,695 10,187,891 -
3/01/13 11,298,271 7,172 1,299 11,306,742 876,255 251,640 9,908,343 -
6/01/13 10,798,475 7,282 - 10,805,757 756,187 218,787 9,570,099 -
-----------------------------------------------------------------------------------------------------------
PROJECTED CUMULATIVE CASH FLOWS
---------------------------------------------------------------------------
USES
-----------------------------------
FUNDS TOTAL TOTAL
PERIOD DISTRIBUTED LOAN USES OF PERIODIC CUMULATIVE
ENDING TO ISSUER FORGIVENESS FUNDS SURPLUS SURPLUS
---------------------------------------------------------------------------
6/01/00 - - - $ 21,451,842 $ 21,451,842
9/01/00 - - 29,356,330 (8,790,090) 12,661,752
12/01/00 - - 25,049,237 (4,687,771) 7,973,981
3/01/01 - - 22,751,955 (2,056,624) 5,917,357
6/01/01 - - 22,038,206 (1,342,276) 4,575,081
9/01/01 - - 23,327,910 3,066,812 7,641,893
12/01/01 - - 24,403,433 1,404,431 9,046,324
3/01/02 - - 25,167,177 1,748,198 10,794,522
6/01/02 - - 27,012,287 1,654,435 12,448,957
9/01/02 - - 30,402,845 5,893,820 18,342,777
12/01/02 - - 33,298,323 3,402,151 21,744,928
3/01/03 - - 34,880,811 2,155,424 23,900,352
6/01/O3 - - 36,397,585 1,061,095 24,961,446
9/01/03 - - 65,050,772 (24,348,325) 613,121
12/01/03 - - 40,383,060 (26,133) 586,988
3/01/04 - - 40,802,082 (14,708) 572,280
6/01/04 - - 41,552,387 (4,696) 567,585
9/01/04 - - 42,170,084 (19,877) 547,708
12/01/04 - - 42,315,256 (22,600) 525,108
3/01/05 - - 42,488,357 (22,509) 502,599
6/01/05 - - 42,449,884 (2,032) 500,567
9/01/05 - - 40,565,362 (22,739) 477,828
12/01/05 - - 40,369,719 (22,001) 455,828
3/01/06 1,464,444 - 40,317,739 (22,002) 433,826
6/01/06 1,624,937 - 40,083,734 (2,180) 431,646
9/01/06 1,545,485 - 39,056,367 (21,537) 410,108
12/01/06 1,599,754 - 39,134,237 (20,643) 389,465
3/01/07 1,644,691 - 39,010,467 (20,510) 368,956
6/01/07 1,395,190 - 38,477,506 (3,951) 365,005
9/01/07 1,370,258 - 36,653,012 (22,621) 342,384
12/01/07 1,405,449 - 36,511,626 (19,611) 322,773
3/01/08 1,354,414 - 36,470,008 (16,092) 306,681
6/01/08 1,222,823 - 36,090,173 (8,444) 298,237
9/01/08 1,147,958 - 34,829,076 (20,765) 277,472
12/01/08 1,166,239 - 34,791,178 (19,136) 258,337
3/01/09 1,175,552 - 34,385,527 (18,905) 239,431
6/01/09 1,001,312 - 33,748,183 (6,515) 232,916
9/01/09 955,550 - 32,891,621 (21,496) 211,421
12/01/09 960,302 - 32,303,487 (18,444) 192,976
3/01/10 951,980 - 31,934,285 (17,849) 175,128
6/01/10 843,549 - 30,644,897 (7,791) 167,336
9/01/10 791,511 - 26,920,083 (20,044) 147,293
12/01/10 772,106 - 25,920,931 (15,020) 132,273
3/01/11 764,933 - 25,652,639 (14,518) 117,754
6/01/11 668,945 - 25,308,462 (6,156) 111,598
9/01/11 590,925 - 21,110,106 (18,131) 93,467
12/01/11 561,053 - 20,321,641 (11,998) 81,469
3/01/12 515,386 - 19,120,382 (10,678) 70,791
6/01/12 427,470 - 16,438,183 (4,280) 66,512
9/01/12 339,404 - 12,734,152 (13,034) 53,477
12/01/12 312,892 - 11,816,561 (7,114) 46,363
3/01/13 277,166 - 11,313,404 (6,662) 39,701
6/01/13 260,631 - 10,805,704 53 39,755
---------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 106
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
PROJECTED CUMULATIVE CASH FLOWS
---------------------------------------------------------------------------------------------------------------------------
SOURCES USES
------------------------------------------------------ --------------------------------------------------------
TOTAL TOTAL REVENUE TOTAL INTEREST & TOTAL EARLY TOTAL
PERIOD LOAN INVESTMENT FUND SOURCES SCHEDULED FEES & BOND REORIG-
ENDING INCOME INCOME DEPOSITS OF FUNDS PRINCIPAL EXPENSES REDEMPTIONS INATIONS
---------------------------------------------------------------------------------------------------------------------------
9/01/13 7,338,660 7,276 - 7,345,935 637,338 180,166 6,334,382 -
12/01/13 6,940,396 7,146 - 6,947,543 543,972 154,790 6,072,267 -
3/01/14 6,129,234 7,054 - 6,136,288 456,202 130,455 5,381,901 -
6/01/14 4,615,735 7,190 - 4,622,925 398,019 117,350 3,991,323 -
9/01/14 3,407,998 7,197 - 3,415,196 346,493 98,310 2,912,045 -
12/01/14 2,967,574 7,086 - 2,974,661 304,023 87,848 2,562,248 -
3/01/15 2,506,010 7,003 - 2,513,012 267,810 79,002 2,141,037 -
6/01/15 2,175,769 7,149 - 2,182,918 243 740 76,776 1,837,274 -
9/01/15 1,580,099 7,166 - 1,587,265 220,638 65,486 1,293,418 -
12/01/15 1,494,277 7,060 - 1,501,338 200,687 60,022 1,221,769 -
3/01/16 1,392,573 7 058 - 1,399,631 184,155 55,026 1,141,730 -
6/01/16 1,249,467 7,131 - 1,256,599 170,500 55,532 1,009,272 -
9/01/16 1,060,322 7,150 - 1,067,472 157,349 46,559 858,811 -
12/01/16 857,459 7,047 - 864,507 144,703 43,239 660,981 -
3/01/17 730,438 6,969 - 737,406 134,785 40,672 545,095 -
6/01/17 715,898 7,121 - 723,019 129,985 43,696 530,926 -
9/01/17 690,877 7,142 - 698,019 122,501 36,497 535,115 -
12/01/17 690,926 7,040 - 697,967 113,773 34,182 535,707 -
3/01/18 691,040 6,962 - 698,002 105,168 31,843 546,147 -
6/01/18 687,876 7,115 - 694,991 99,665 34,709 544,128 -
9/01/18 679,859 7,136 - 686,994 91,875 27,385 565,286 -
12/01/18 679,977 7,034 - 687,011 83,053 24,964 566,931 -
3/01/19 5,600,175 2,408 500,000 6,102,583 26,509 6,645 5,573,676 -
---------------------------------------------------------------------------------------------------------------------------
$1,665,922,904 $7,734,722 $28,951,842 $1,702,609,468 $431,365,505 $113,372,007 $1,000,000,000 $127,254,177
---------------------------------------------------------------------------------------------------------------------------
PROJECTED CUMULATIVE CASH FLOWS
-----------------------------------------------------------------------------
USES
----------------------------------------
FUNDS TOTAL TOTAL
PERIOD DISTRIBUTED LOAN USES OF PERIODIC CUMULATIVE
ENDING TO ISSUER FORGIVENESS FUNDS SURPLUS SURPLUS
-----------------------------------------------------------------------------
9/01/13 205,325 - 7,357,211 (11,275) 28,480
12/01/13 180,683 - 6,951,712 (4,169) 24,311
3/01/14 171,648 - 6,140,205 (3,918) 20,393
6/01/14 113,831 - 4,620,522 (2,403) 22,796
9/01/14 65,649 - 3,422,497 (7,301) 15,495
12/01/14 22,437 - 2,976,556 (1,896) 13,599
3/01/15 26,780 - 2,514,629 (1,617) 11,983
6/01/15 21,202 - 2,178,992 3,926 15,908
9/01/15 13,754 - 1,593,296 (6,031) 9,877
12/01/15 19,750 - 1,502,228 (891) 8,986
3/01/16 19,459 - 1,400,369 (739) 8,248
6/01/16 16,903 - 1,252,208 4,391 12,638
9/01/16 10,340 - 1,073,059 (5,587) 7,051
12/01/16 16,149 - 865,071 (565) 6,486
3/01/17 17,297 - 737,849 (443) 6,044
6/01/17 13,626 - 718,233 4,786 10,830
9/01/17 9,240 - 703,353 (5,334) 5,496
12/01/17 14,694 - 698,357 (390) 5,106
3/01/18 15,228 - 698,386 (384) 4,722
6/01/18 11,735 - 690,237 4,753 9,476
9/01/18 7,796 - 692,342 (5,348) 4,128
12/01/18 12,456 - 687,405 (393) 3,735
3/01/19 - - 5,606,830 495,753 499,487
-----------------------------------------------------------------------------
$30,118,292 - $1,702,109,981 $499,487 -
-----------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 107
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
ASSET COVERAGE SUMMARY - PRIORITY 1
------------------------------------------------------------------------------------------------------------------------------------
PERIOD LOANS INVESTED ACCRUED TOTAL BONDS ACCRUED TOTAL ASSET ASSET
ENDING OUTSTANDING FUNDS RECEIVABLES ASSETS OUTSTANDING PAYABLES LIABILITIES COVERAGE($) COVERAGE(%)
------------------------------------------------------------------------------------------------------------------------------------
6/01/00 $764,546,050 $215,463,029 - $980,009,079 $950,000,000 - $950,000,000 $30,009,079 103.159%
9/01/00 953,792,590 20,161,752 7,202,640 981,156,982 950,000,000 - 950,000,000 31,156,982 103.280%
12/01/00 954,864,817 15,473,981 12,287,962 982,626,760 950,000,000 - 950,000,000 32,626,760 103.434%
3/01/01 953,711,566 13,417,357 17,099,488 984,228,411 950,000,000 - 950,000,000 34,228,411 103.603%
6/01/01 957,499,435 12,075,081 15,883,127 985,457,643 950,000,000 - 950,000,000 35,457,643 103.732%
9/01/01 953,103,718 15,141,893 18,636,806 986,882,417 950,000,000 - 950,000,000 36,882,417 103.882%
12/01/01 949,797,095 16,546,324 22,037,629 988,381,049 950,000,000 - 950,000,000 38,381,049 104.040%
3/01/02 952,975,541 18,294,522 18,822,669 990,092,732 950,000,000 - 950,000,000 40,092,732 104.220%
6/01/02 953,734,744 19,948,957 17,861,898 991,545,599 950,000,000 - 950,000,000 41,545,599 104.373%
9/01/02 960,358,729 25,842,777 6,995,953 993,197,459 950,000,000 - 950,000,000 43,197,459 104.547%
12/01/02 957,623,952 29,244,928 8,074,171 994,943,051 950,000,000 - 950,000,000 44,943,051 104.731%
3/01/03 956,176,104 31,400,352 9,251,517 996,827,973 950,000,000 - 950,000,000 46,827,973 104.929%
6/01/03 955,427,657 32,461,446 10,482,548 998,371,652 950,000,000 - 950,000,000 48,371,652 105.092%
9/01/03 936,247,388 7,753,654 8,201,613 952,202,655 902,071,101 - 902,071,101 50,131,554 105.557%
12/01/03 913,788,733 7,548,124 8,810,686 930,147,544 878,151,511 - 878,151,511 51,996,033 105.921%
3/01/04 892,880,185 7,347,795 7,025,119 907,253,099 853,402,035 - 853,402,035 53,851,064 106.310%
6/01/04 869,115,821 7,150,086 6,925,604 883,191,511 827,666,815 - 827,666,815 55,524,696 106.709%
9/01/04 845,434,590 6,929,517 5,456,246 857,820,353 800,907,968 - 800,907,968 56,912,385 107.106%
12/01/04 820,149,911 6,700,690 4,981,795 831,832,396 773,410,957 - 773,410,957 58,421,439 107.554%
3/01/05 793,808,151 6,466,130 4,900,124 805,174,405 745,137,367 - 745,137,367 60,037,038 108.057%
6/01/05 767,051,475 6,250,627 4,728,517 778,030,620 716,674,680 - 716,674,680 61,355,940 108.561%
9/01/05 741,392,856 6,024,816 4,757,444 752,175,117 689,598,380 - 689,598,380 62,576,737 109.074%
12/01/05 715,385,822 5,796,728 4,830,094 726,012,645 662,120,087 - 662,120,087 63,892,558 109.650%
3/01/06 688,950,905 5,575,610 4,857,563 699,384,078 635,571,263 - 635,571,263 63,812,815 110.040%
6/01/06 662,350,162 5,375,528 4,743,762 672,469,452 609,184,327 - 609,184,327 63,285,125 110.389%
9/01/06 636,233,770 5,159,687 4,650,545 646,044,002 583,277,101 - 583,277,101 62,766,901 110.761%
12/01/06 609,560,146 4,940,356 4,524,891 619,025,393 556,785,451 - 556,785,451 62,239,942 111.178%
3/01/07 582,412,243 4,718,222 4,474,903 591,605,368 529,902,208 - 529,902,208 61,703,160 111.644%
6/01/07 555,217,216 4,512,679 4,458,321 564,188,217 503,023,232 - 503,023,232 61,164,985 112.159%
9/01/07 529,263,810 4,298,218 4,532,141 538,094,170 477,444,567 - 477,444,567 60,649,603 112.703%
12/01/07 502,941,272 4,084,015 4,606,630 511,631,917 451,498,955 - 451,498,955 60,132,962 113.319%
3/01/08 476,150,797 3,869,819 4,671,305 484,691,921 425,085,039 - 425,085,039 59,606,882 114.022%
6/01/08 449,267,729 3,662,208 4,673,401 457,603,338 398,529,435 - 398,529,435 59,073,903 114.823%
9/01/08 423,068,182 3,447,753 4,745,367 431,261,301 372,704,025 - 372,704,025 58,557,276 115.711%
12/01/08 396,395,509 3,231,354 4,809,044 404,435,907 346,402,369 - 346,402,369 58,033,538 116.753%
3/01/09 369,606,575 3,014,341 4,871,848 377,492,764 319,987,921 - 319,987,921 57,504,843 117.971%
6/01/09 342,950,367 2,810,617 4,909,966 350,670,951 293,693,434 - 293,693,434 56,977,517 119.400%
9/01/09 316,610,452 2,594,439 4,990,283 324,195,173 267,735,736 - 267,735,736 56,459,437 121.088%
12/01/09 290,339,479 2,381,882 5,073,217 297,794,579 241,854,108 - 241,854,108 55,940,471 123.130%
3/01/10 263,926,757 2,168,865 5,158,247 271,253,869 215,831,602 - 215,831,602 55,422,267 125.678%
6/01/10 242,995,873 1,971,985 556,151 245,524,009 190,619,896 - 190,619,896 54,904,113 128.803%
9/01/10 220,804,880 1,787,295 534,462 223,126,638 168,666,973 - 168,666,973 54,459,665 132.288%
12/01/10 199,140,453 1,611,813 552,458 201,304,724 147,272,013 - 147,272,013 54,032,711 136.689%
3/01/11 177,324,792 1,435,718 570,292 179,330,802 125,728,417 - 125,728,417 53,602,385 142.633%
6/01/11 155,583,346 1,267,424 428,765 157,279,535 104,110,116 - 104,110,116 53,169,419 151.070%
9/01/11 137,472,734 1,115,231 444,369 139,032,334 86,235,230 - 86,235,230 52,797,104 161.225%
12/01/11 119,790,056 972,327 464,733 121,227,116 68,781,034 - 68,781,034 52,446,082 176.251%
-----------------------
Prepared by PaineWebber Incorporated Page 108
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
ASSET COVERAGE SUMMARY - PRIORITY 1
------------------------------------------------------------------------------------------------------------------------------------
PERIOD LOANS INVESTED ACCRUED TOTAL BONDS ACCRUED TOTAL ASSET ASSET
ENDING OUTSTANDING FUNDS RECEIVABLES ASSETS OUTSTANDING PAYABLES LIABILITIES COVERAGE($) COVERAGE(%)
------------------------------------------------------------------------------------------------------------------------------------
3/01/12 102,960,052 837,125 486,839 104,284,015 52,177,786 - 52,177,786 52,106,229 199.863%
6/01/12 88,845,769 725,817 145,691 89,717,276 37,907,385 - 37,907,385 51,809,891 236.675%
9/01/12 77,856,369 631,186 122,822 78,610,377 27,027,802 - 27,027,802 51,582,575 290.850%
12/01/12 67,558,936 547,662 111,751 68,218,348 16,839,911 - 16,839,911 51,378,437 405.099%
3/01/13 57,493,795 539,701 101,402 58,134,898 6,931,568 - 6,931,568 51,203,330 838.698%
6/01/13 47,749,043 539,755 79,380 48,368,177 - - - 48,368,177 -
9/01/13 41,290,320 528,480 69,407 41,888,207 - - - 41,888,207 -
12/01/13 35,107,861 524,311 61,187 35,693,359 - - - 35,693,359 -
3/01/14 29,619,597 520,393 53,251 30,193,241 - - - 30,193,241 -
6/01/14 25,548,612 522,796 47,099 26,118,507 - - - 26,118,507 -
9/01/14 22,608,354 515,495 41,950 23,165,799 - - - 23,165,799 -
12/01/14 20,056,906 513,599 36,798 20,607,303 - - - 20,607,303 -
3/01/15 17,922,970 511,983 31,313 18,466,266 - - - 18,466,266 -
6/01/15 16,079,751 515,908 26,422 16,622,081 - - - 16,622,081 -
9/01/15 14,799,971 509,877 24,683 15,334,530 - - - 15,334,530 -
12/01/15 13,581,767 508,986 23,051 14,113,805 - - - 14,113,805 -
3/01/16 12,442,347 508,248 21,481 12,972,075 - - - 12,972,075 -
6/01/16 11,424,851 512,638 19,999 11,957,488 - - - 11,957,488 -
9/01/16 10,578,362 507,051 18,312 11,103,725 - - - 11,103,725 -
12/01/16 9,920,227 506,486 16,297 10,443,011 - - - 10,443,011 -
3/01/17 9,377,961 506,044 13,912 9,897,916 - - - 9,897,916 -
6/01/17 8,839,718 510,830 11,793 9,362,341 - - - 9,362,341 -
9/01/17 8,315,280 505,496 11,100 8,831,875 - - - 8,831,875 -
12/01/17 7,780,684 505,106 10,379 8,296,168 - - - 8,296,168 -
3/01/18 7,235,671 504,722 9,627 7,750,021 - - - 7,750,021 -
6/01/18 6,683,301 509,476 8,870 7,201,647 - - - 7,201,647 -
9/01/18 6,128,323 504,128 8,156 6,640,607 - - - 6,640,607 -
12/01/18 5,562,512 503,735 7,429 6,073,676 - - - 6,073,676 -
1/01/19 - 499,487 - 499,487 - - - 499,487 -
-----------------------------------------------------------------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 109
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
ASSET COVERAGE SUMMARY - PRIORITY 2
------------------------------------------------------------------------------------------------------------------------------------
PERIOD LOANS INVESTED ACCRUED TOTAL BONDS ACCRUED TOTAL ASSET ASSET
ENDING OUTSTANDING FUNDS RECEIVABLES ASSETS OUTSTANDING PAYABLES LIABILITIES COVERAGE($) COVERAGE(%)
------------------------------------------------------------------------------------------------------------------------------------
6/01/00 $764,546,050 $215,463,029 - $980,009,079 $1,000,000,000 - $1,000,000,000 ($19,990,921) 98.001%
9/01/00 953,792,590 20,161,752 7,202,640 981,156,982 1,000,000,000 - 1,000,000,000 (18,843,018) 98.116%
12/01/00 954,864,817 15,473,981 12,287,962 982,626,760 1,000,000,000 - 1,000,000,000 (17,373,240) 98.263%
3/01/01 953,711,566 13,417,357 17,099,488 984,228,411 1,000,000,000 - 1,000,000,000 (15,771,589) 98.423%
6/01/01 957,499,435 12,075,081 15,883,127 985,457,643 1,000,000,000 - 1,000,000,000 (14,542,357) 98.546%
9/01/01 953,103,718 15,141,893 18,636,806 986,882,417 1,000,000,000 1,260 1,000,001,260 (13,118,843) 98.688%
12/01/01 949,797,095 16,546,324 22,037,629 988,381,049 1,000,000,000 2,507 1,000,002,507 (11,621,458) 98.838%
3/01/02 952,975,541 18,294,522 18,822,669 990,092,732 1,000,000,000 3,740 1,000,003,740 (9,911,008) 99.009%
6/01/02 953,734,744 19,948,957 17,861,898 991,545,599 1,000,000,000 - 1,000,000,000 (8,454,401) 99.155%
9/01/02 960,358,729 25,842,777 6,995,953 993,197,459 1,000,000,000 1,260 1,000,001,260 (6,803,801) 99.320%
12/01/02 957,623,952 29,244,928 8,074,171 994,943,051 1,000,000,000 2,507 1,000,002,507 (5,059,456) 99.494%
3/01/03 956,176,104 31,400,352 9,251,517 996,827,973 1,000,000,000 3,740 1,000,003,740 (3,175,767) 99.682%
6/01/04 955,427,657 32,461,446 10,482,548 998,371,652 1,000,000,000 - 1,000,000,000 (1,628,348) 99.837%
9/01/03 936,247,388 7,753,654 8,201,613 952,202,655 952,071,101 1,257 952,072,358 130,298 100.014%
12/01/03 913,788,733 7,548,124 8,810,686 930,147,544 928,151,511 2,500 928,154,011 1,993,533 100.215%
3/01/04 892,880,185 7,347,795 7,025,119 907,253,099 903,402,035 3,743 903,405,778 3,847,321 100.426%
6/01/04 869,115,821 7,150,086 6,925,604 883,191,511 877,666,815 - 877,666,815 5,524,696 100.629%
9/01/04 845,434,590 6,929,517 5,456,246 857,820,353 850,907,968 1,260 850,909,228 6,911,125 100.812%
12/01/04 820,149,911 6,700,690 4,981,795 831,832,396 823,410,957 2,507 823,413,464 8,418,932 101.022%
3/01/05 793,808,151 6,466,130 4,900,124 805,174,405 795,137,367 3,740 795,141,107 10,033,298 101.262%
6/01/05 767,051,475 6,250,627 4,728,517 778,030,620 766,674,680 - 766,674,680 11,355,940 101.481%
9/01/05 741,392,856 6,024,816 4,757,444 752,175,117 739,598,380 1,260 739,599,640 12,575,476 101.700%
12/01/05 715,385,822 5,796,728 4,830,094 726,012,645 712,120,087 2,507 712,122,594 13,890,051 101.951%
3/01/06 688,950,905 5,575,610 4,857,563 699,384,078 685,571,263 3,740 685,575,003 13,809,075 102.014%
6/01/06 662,350,162 5,375,528 4,743,762 672,469,452 659,184,327 - 659,184,327 13,285,125 102.015%
9/01/06 636,233,770 5,159,687 4,650,545 646,044,002 633,277,101 1,260 633,278,361 12,765,641 102.016%
12/01/06 609,560,146 4,940,356 4,524,891 619,025,393 606,785,451 2,507 606,787,958 12,237,436 102.017%
3/01/07 582,412,243 4,718,222 4,474,903 591,605,368 579,902,208 3,740 579,905,948 11,699,420 102.017%
6/01/07 555,217,216 4,512,679 4,458,321 564,188,217 553,023,232 - 553,023,232 11,164,985 102.019%
9/01/07 529,263,810 4,298,218 4,532,141 538,094,170 527,444,567 1,257 527,445,824 10,648,346 102.019%
12/01/07 502,941,272 4,084,015 4,606,630 511,631,917 501,498,955 2,500 501,501,455 10,130,462 102.020%
3/01/08 476,150,797 3,869,819 4,671,305 484,691,921 475,085,039 3,743 475,088,782 9,603,139 102.021%
6/01/08 449,267,729 3,662,208 4,673,401 457,603,338 448,529,435 - 448,529,435 9,073,903 102.023%
9/01/08 423,068,182 3,447,753 4,745,367 431,261,301 422,704,025 1,260 422,705,285 8,556,016 102.024%
12/01/08 396,395,509 3,231,354 4,809,044 404,435,907 396,402,369 2,507 396,404,876 8,031,032 102.026%
3/01/09 369,606,575 3,014,341 4,871,848 377,492,764 369,987,921 3,740 369,991,661 7,501,103 102.027%
6/01/09 342,950,367 2,810,617 4,909,966 350,670,951 343,693,434 - 343,693,434 6,977,517 102.030%
9/01/09 316,610,452 2,594,439 4,990,283 324,195,173 317,735,736 1,260 317,736,996 6,458,177 102.033%
12/01/09 290,339,479 2,381,882 5,073,217 297,794,579 291,854,108 2,507 291,856,615 5,937,964 102.035%
3/01/10 263,926,757 2,168,865 5,158,247 271,253,869 265,831,602 3,740 265,835,342 5,418,527 102.038%
6/01/10 242,995,873 1,971,985 556,151 245,524,009 240,619,896 - 240,619,896 4,904,113 102.038%
9/01/10 220,804,880 1,787,295 534,462 223,126,638 218,666,973 1,260 218,668,233 4,458,404 102.039%
12/01/10 199,140,453 1,611,813 552,458 201,304,724 197,272,013 2,507 197,274,520 4,030,205 102.043%
3/01/11 177,324,792 1,435,718 570,292 179,330,802 175,728,417 3,740 175,732,157 3,598,645 102.048%
6/01/11 155,583,346 1,267,424 428,765 157,279,535 154,110,116 - 154,110,116 3,169,419 102.057%
9/01/11 137,472,734 1,115,231 444,369 139,032,334 136,235,230 1,257 136,236,487 2,795,847 102.052%
12/01/11 119,790,056 972,327 464,733 121,227,116 118,781,034 2,500 118,783,534 2,443,582 102.057%
Prepared by PaineWebber Incorporated Page 110
$1,000,000,000
NELNET STUDENT LOAN CORP.-2
TAXABLE STUDENT LOAN ASSET BACKED NOTES
MANAGEMENT CASE
5.0% T-▇▇▇▇
FINAL CASH FLOW
ASSET COVERAGE SUMMARY - PRIORITY 2
------------------------------------------------------------------------------------------------------------------------------------
PERIOD LOANS INVESTED ACCRUED TOTAL BONDS ACCRUED TOTAL ASSET ASSET
ENDING OUTSTANDING FUNDS RECEIVABLES ASSETS OUTSTANDING PAYABLES LIABILITIES COVERAGE($) COVERAGE(%)
------------------------------------------------------------------------------------------------------------------------------------
3/01/12 102,960,052 837,125 486,839 104,284,015 102,177,786 3,743 102,181,529 2,102,486 102.058%
6/01/12 88,845,769 725,817 145,691 89,717,276 87,907,385 - 87,907,385 1,809,891 102.059%
9/01/12 77,856,369 631,186 122,822 78,610,377 77,027,802 1,260 77,029,062 1,581,314 102.053%
12/01/12 67,558,936 547,662 111,751 68,218,348 66,839,911 2,507 66,842,418 1,375,931 102.058%
3/01/13 57,493,795 539,701 101,402 58,134,898 56,931,568 3,740 56,935,308 1,199,590 102.107%
6/01/13 47,749,043 539,755 79,380 48,368,177 47,361,469 - 47,361,469 1,006,708 102.126%
9/01/13 41,290,320 528,480 69,407 41,888,207 41,027,087 1,260 41,028,347 859,859 102.096%
12/01/13 35,107,861 524,311 61,187 35,693,359 34,954,820 2,507 34,957,327 736,033 102.106%
3/01/14 29,619,597 520,393 53,251 30,193,241 29,572,919 3,740 29,576,659 616,582 102.085%
6/01/14 25,548,612 522,796 47,099 26,118,507 25,581,596 - 25,581,596 536,911 102.099%
9/01/14 22,608,354 515,495 41,950 23,165,799 22,669,551 1,260 22,670,811 494,988 102.183%
12/01/14 20,056,906 513,599 36,798 20,607,303 20,107,303 2,507 20,109,810 497,493 102.474%
3/01/15 17,922,970 511,983 31,313 18,466,266 17,966,266 3,740 17,970,006 496,260 102.762%
6/01/15 16,079,751 515,908 26,422 16,622,081 16,128,992 - 16,128,992 493,089 103.057%
9/01/15 14,799,971 509,877 24,683 15,334,530 14,835,574 1,257 14,836,831 497,699 103.354%
12/01/15 13,581,767 508,986 23,051 14,113,805 13,613,805 2,500 13,616,305 497,500 103.654%
3/01/16 12,442,347 508,248 21,481 12,972,075 12,472,075 3,743 12,475,818 496,257 103.978%
6/01/16 11,424,851 512,638 19,999 11,957,488 11,462,803 - 11,462,803 494,685 104.316%
9/01/16 10,578,362 507,051 18,312 11,103,725 10,603,992 1,260 10,605,252 498,472 104.700%
12/01/16 9,920,227 506,486 16,297 10,443,011 9,943,011 2,507 9,945,518 497,493 105.002%
3/01/17 9,377,961 506,044 13,912 9,897,916 9,397,916 3,740 9,401,656 496,260 105.278%
6/01/17 8,839,718 510,830 11,793 9,362,341 8,866,990 - 8,866,990 495,351 105.586%
9/01/17 8,315,280 505,496 11,100 8,831,875 8,331,875 1,260 8,333,135 498,740 105.985%
12/01/17 7,780,684 505,106 10,379 8,296,168 7,796,168 2,507 7,798,675 497,493 106.379%
3/01/18 7,235,671 504,722 9,627 7,750,021 7,250,021 3,740 7,253,761 496,260 106.841%
6/01/18 6,683,301 509,476 8,870 7,201,647 6,705,893 - 6,705,893 495,754 107.393%
9/01/18 6,128,323 504,128 8,156 6,640,607 6,140,607 - 6,140,607 500,000 108.143%
12/01/18 5,562,512 503,735 7,429 6,073,676 5,573,676 - 5,573,676 500,000 108.971%
1/01/19 - 499,487 - 499,487 - - - 499,487 -
-------------------------------------------------------------------------------------------------------------------------------
Prepared by PaineWebber Incorporated Page 111
EXHIBIT C
NOTICE OF PAYMENT DEFAULT
NELNET STUDENT LOAN CORPORATION-2
TAXABLE STUDENT LOAN ASSET-BACKED NOTES
CLASS 2000_
AUCTION RATE CERTIFICATE NOTES
NOTICE IS HEREBY GIVEN that a Payment Default has occurred and is
continuing with respect to the Auction Rate Notes identified above. The next
Auction for the Auction Rate Notes will not be held. The Auction Rate for the
Auction Rate Notes for the next succeeding Interest Period shall be the
Non-Payment Rate.
ZIONS FIRST NATIONAL BANK, as Trustee
Dated: ___________________________ By ___________________________________
EXHIBIT D
NOTICE OF CURE OF PAYMENT DEFAULT
NELNET STUDENT LOAN CORPORATION-2
TAXABLE STUDENT LOAN ASSET-BACKED NOTES
CLASS 2000_
AUCTION RATE CERTIFICATE NOTES
NOTICE IS HEREBY GIVEN that a Payment Default with respect to the
Auction Rate Notes identified above has been waived or cured. The next Interest
Payment Date is ___________________________________________ and the Auction Date
is ______________________________________.
ZIONS FIRST NATIONAL BANK, as Trustee
Dated: ____________________________ By __________________________________
EXHIBIT E
NOTICE OF PROPOSED CHANGE IN LENGTH
OF ONE OR MORE AUCTION PERIODS
NELNET STUDENT LOAN CORPORATION-2
TAXABLE STUDENT LOAN ASSET-BACKED NOTES
CLASS 2000__
AUCTION RATE CERTIFICATE NOTES
Notice is hereby given that the Issuer proposes to change the length of
one or more Auction Periods pursuant to the Indenture of Trust, as amended (the
"Indenture") as follows:
1. The change shall take effect on ________________________, the
Interest Rate Adjustment Date for the next Auction Period (the "Effective
Date").
2. The Auction Period Adjustment in Paragraph 1 shall take place
only if (a) the Trustee and the Auction Agent receive, by 11:00 a.m., eastern
time, on the Business Day before the Auction Date for the Auction Period
commencing on the Effective Date, a certificate from the Issuer, as required by
the Indenture authorizing the change in length of one or more Auction Periods
and (b) Sufficient Bids exist on the Auction Date for the Auction Period
commencing on the Effective Date.
3. If the condition referred to in (a) above is not met, the
Auction Rate for the Auction Period commencing on the Effective Date will be
determined pursuant to the Auction Procedures and the Auction Period shall be
the Auction Period determined without reference to the proposed change. If the
condition referred to in (a) is met but the condition referred to in (b) above
is not met, the Auction Rate for the Auction Period commencing on the Effective
Date shall be the Maximum Rate and the Auction Period shall be the Auction
Period determined without reference to the proposed change.
4. It is hereby represented, upon advice of the Auction Agent for
the Class 2000____ Notes described herein, that there were Sufficient Bids for
such Class 2000_____ Notes at the Auction immediately preceding the date of
this Notice.
5. Terms not defined in this Notice shall have the meanings set
forth in the Indenture entered into in connection with the Class 2000__ Notes.
NELNET STUDENT LOAN CORPORATION-2
Dated: _________________________ By ______________________________
EXHIBIT F
NOTICE ESTABLISHING CHANGE IN LENGTH
OF ONE OR MORE AUCTION PERIODS
NELNET STUDENT LOAN CORPORATION-2
TAXABLE STUDENT LOAN ASSET-BACKED NOTES
CLASS 2000__
AUCTION RATE CERTIFICATE NOTES
Notice is hereby given that the Issuer hereby establishes new lengths
for one or more Auction Periods pursuant to the Indenture of Trust, as amended:
1. The change shall take effect on ____________________, the
Interest Rate Adjustment Date for the next Auction Period (the "Effective
Date").
2. For the Auction Period commencing on the Effective Date, the
Interest Rate Adjustment Date shall be ________________________, or the next
succeeding Business Day if such date is not a Business Day.
3. For Auction Periods occurring after the Auction Period
commencing on the Effective Date, the Interest Rate Adjustment Date shall be
[__________________________(date) and every __________________________(number)
________________(day of week) thereafter] [every _______________(number)
________________(day of week) after the date set forth in paragraph 2 above],
or the next Business Day if any such day is not a Business Day; provided,
however, that the length of subsequent Auction Periods shall be subject to
further change hereafter as provided in the Indenture of Trust.
4. The changes described in paragraphs 2 and 3 above shall take
place only upon delivery of this Notice and the satisfaction of other conditions
set forth in the Indenture of Trust and our prior notice dated _________________
regarding the proposed change.
5. Terms not defined in this Notice shall have the meanings set
forth in the Indenture of Trust relating to the Class 2000____ Notes.
NELNET STUDENT LOAN CORPORATION-2
Dated: ________________________ By ______________________________