Common use of Preparation for Each Auction Clause in Contracts

Preparation for Each Auction. (a) Not later than 10:30 a.m. on each Auction Date for the Auction Rate Notes, the Auction Agent shall advise BD by telephone of the All-Hold Rate, the Net Loan Rate, the Applicable LIBOR Rate and the Maximum Rate. (b) In the event that the Auction Date for any Auction shall be changed after the Auction Agent has given the notice referred to in clause (vi) of paragraph (a) of the Settlement Procedures, the Auction Agent, by such means as the Auction Agent deems practicable, shall give notice of such change to BD not later than the earliest of (i) 9:15 a.m. on the new Auction Date, (ii) 9:15 a.m. on the old Auction Date and (iii) 9:15 a.m. the next Interest Payment Date. Thereafter, BD shall promptly notify customers of BD that BD believes are Existing Holders of such change in the Auction Date. (c) The Auction Agent from time to time may request BD to provide it with the aggregate principal amounts of Auction Rate Notes specifically held by each such BD as an Existing Holder and with a list of BD's respective customers that BD believes are beneficial owners of Auction Rate Notes and the aggregate principal amount of Auction Rate Notes beneficially owned by each such customer. BD shall comply with any such request, and the Auction Agent shall keep confidential any such information, including information received as to the identity of Existing Holders and Potential Holders in any Auction, and shall not disclose any such information so provided to any person other than the Trustee, NELNET-2 and BD, unless the failure to disclose such information would be unlawful or if the failure to do so would expose the Auction Agent to any loss, liability, claim or damage for which the Auction Agent shall not have previously received adequate indemnification satisfactory to it.

Preparation for Each Auction. (a) Not later than 10:30 a.m. on each Auction Date for the Auction Rate NotesARS, the Auction Agent shall advise BD by telephone of the All-Hold Rate, the Net Loan Rate, the Applicable LIBOR Rate and the Maximum Rate. (b) In the event that the Auction Date for any Auction shall be changed after the Auction Agent has given the notice referred to in clause (vi) of paragraph (a) of the Settlement Procedures, the Auction Agent, by such means as the Auction Agent deems practicable, shall give notice of such change to BD not later than the earliest of (i) 9:15 a.m. on the new Auction Date, (ii) 9:15 a.m. on the old Auction Date and (iii) 9:15 a.m. the next Interest Payment Date. Thereafter, BD shall promptly notify customers of BD that BD believes are Existing Holders of such change in the Auction Date. (c) The Auction Agent from time to time may request BD to provide it with the aggregate principal amounts of Auction Rate Notes ARS specifically held by each such BD as an Existing Holder and with a list of BD's respective customers that BD believes are beneficial owners of Auction Rate Notes ARS and the aggregate principal amount of Auction Rate Notes ARS beneficially owned by each such customer. BD shall comply with any such request, and the Auction Agent shall keep confidential any such information, including information received as to the identity of Existing Holders and Potential Holders in any Auction, and shall not disclose any such information so provided to any person other than the Trustee, NELNET-2 NELNET-1 and BD, unless the failure to disclose such information would be unlawful or if the failure to do so would expose the Auction Agent to any loss, liability, claim or damage for which the Auction Agent shall not have previously received adequate indemnification satisfactory to it.

Preparation for Each Auction. (a) Not later than 10:30 a.m. on each Auction Date for the Auction Rate NotesARS, the Auction Agent shall advise BD by telephone of the All-Hold Rate, the Net Loan Rate, the Applicable LIBOR Rate and the Maximum Rate. (b) In the event that the Auction Date for any Auction shall be changed after the Auction Agent has given the notice referred to in clause (vi) of paragraph (a) of the Settlement Procedures, the Auction Agent, by such means as the Auction Agent deems practicable, shall give notice of such change to BD not later than the earliest of (i) 9:15 a.m. on the new Auction Date, (ii) 9:15 a.m. on the old Auction Date and (iii) 9:15 a.m. the next Interest Payment Date. Thereafter, BD shall promptly notify customers of BD that BD believes are Existing Holders of such change in the Auction Date. (c) The Auction Agent from time to time may request BD to provide it with the aggregate principal amounts of Auction Rate Notes ARS specifically held by each such BD as an Existing Holder and with a list of BD's respective customers that BD believes are beneficial owners of Auction Rate Notes ARS and the aggregate principal amount of Auction Rate Notes ARS beneficially owned by each such customer. BD shall comply with any such request, and the Auction Agent shall keep confidential any such information, including information received as to the identity of Existing Holders and Potential Holders in any Auction, and shall not disclose any such information so provided to any person other than the Trustee, NELNET-2 Nelnet and BD, unless the failure to disclose such information would be unlawful or if the failure to do so would expose the Auction Agent to any loss, liability, claim or damage for which the Auction Agent shall not have previously received adequate indemnification satisfactory to it.

Preparation for Each Auction. (a) Not later than 10:30 a.m. on each Auction Date for the Auction Rate Notes, the Auction Agent shall advise BD by telephone of the All-Hold Rate, the Net Loan Rate, the Applicable LIBOR Rate and the Maximum Rate. (b) In the event that the Auction Date for any Auction shall be changed after the Auction Agent has given the notice referred to in clause (viviii) of paragraph (a) of the Settlement Procedures, the Auction Agent, by such means as the Auction Agent deems practicable, shall give notice of such change to BD not later than the earliest of (i) 9:15 a.m. on the new Auction Date, (ii) 9:15 a.m. on the old Auction Date and (iii) 9:15 a.m. the next Interest Payment Date. Thereafter, BD shall promptly notify customers of BD that BD believes are Existing Holders Owners of such change in the Auction Date. (c) The Auction Agent from time to time may request BD to provide it with the aggregate principal amounts of Auction Rate Notes specifically held by each such BD as an Existing Holder Owner and with a list of BD's respective customers that BD believes are beneficial owners of Auction Rate Notes and the aggregate principal amount of Auction Rate Notes beneficially owned by each such customer. BD shall comply with any such request, and the Auction Agent shall keep confidential any such information, including information received as to the identity of Existing Holders Owners and Potential Holders Owners in any Auction, and shall not disclose any such information so provided to any person other than the Trustee, NELNET-2 the Issuer and BD, unless the failure to disclose such information would be unlawful or if the failure to do so would expose the Auction Agent to any loss, liability, claim or damage for which the Auction Agent shall not have previously received adequate indemnification satisfactory to it.

Preparation for Each Auction. (a) Not later than 10:30 a.m. on each Auction Date for the Auction Rate NotesARS, the Auction Agent shall advise BD by telephone of the All-Hold Rate, the Net Loan Rate, the Applicable LIBOR Rate and the Maximum Rate. (b) In the event that the Auction Date for any Auction shall be changed after the Auction Agent has given the notice referred to in clause (vi) of paragraph (a) of the Settlement Procedures, the Auction Agent, by such means as the Auction Agent deems practicable, shall give notice of such change to BD not later than the earliest of (i) 9:15 a.m. on the new Auction Date, (ii) 9:15 a.m. on the old Auction Date and (iii) 9:15 a.m. on the next Interest Payment Date. Thereafter, BD shall promptly notify customers of BD that BD believes are Existing Holders of such change in the Auction Date. (c) The Auction Agent from time to time may request BD to provide it with the aggregate principal amounts of Auction Rate Notes ARS specifically held by each such BD as an Existing Holder and with a list of BD's respective customers that BD believes are beneficial owners of Auction Rate Notes ARS and the aggregate principal amount of Auction Rate Notes ARS beneficially owned by each such customer. BD shall comply with any such request, and the Auction Agent shall keep confidential any such information, including information received as to the identity of Existing Holders and Potential Holders in any Auction, and shall not disclose any such information so provided to any person other than the Trustee, NELNET-2 NELNET-1 and BD, unless the failure to disclose such information would be unlawful or if the failure to do so would expose the Auction Agent to any loss, liability, claim or damage for which the Auction Agent shall not have previously received adequate indemnification satisfactory to it.

Preparation for Each Auction. (a) Not later than 10:30 9:30 a.m. on each Auction Date for a Series of the Auction Rate NotesARCs, the Auction Agent shall advise BD by telephone of the All-Hold RateApplicable LIBOR Rate and the United States Treasury Security Rate and not later than 9:30 a.m. on each Auction Date for the ARCs, the Auction Agent shall advise BD of the Net Loan Rate, the Applicable LIBOR All Hold Rate and the Maximum Auction Rate. (b) In the event that the Auction Date for any Auction shall be changed after the Auction Agent has given the notice referred to in clause (vi) of paragraph (aa)(vi) of the Settlement Procedures, the Auction Agent, by such means as the Auction Agent deems practicable, shall give notice of such change to BD not later than the earliest earlier of (i) 9:15 a.m. on the new Auction Date, (ii) Date and 9:15 a.m. on the old Auction Date and (iii) 9:15 a.m. the next Interest Payment Date. Thereafter, BD shall promptly notify customers of BD that BD believes are Existing Note Holders of such change in the Auction Date. (c) The Auction Agent from time to time may request that BD to provide it with a list of the respective customers BD believes are Existing Note Holders of a Series of the ARCs and the aggregate principal amounts of Auction Rate Notes ARCs of such Series specifically held by each such BD as an Existing Holder and with a list of BD's respective customers that BD believes are beneficial owners of Auction Rate Notes and the aggregate principal amount of Auction Rate Notes beneficially owned by each such customer. BD shall comply with any such request, and the Auction Agent shall keep confidential any such information, including information received as to the identity of Existing Holders and Potential Holders Bidders in any Auction, and shall not disclose any such information so provided to any person other than the Trustee, NELNET-2 the Issuer and BD, unless the failure to disclose such information would be unlawful or if the failure to do so would expose ; provided that the Auction Agent reserves the right to disclose any loss, liability, claim or damage for which the Auction Agent shall not have previously received adequate indemnification satisfactory to itsuch information if it is advised by its counsel that such failure would be unlawful.

Preparation for Each Auction. (a) Not later than 10:30 a.m. 9:30 A.M. on each Auction Date for the Auction Rate Series 2000-1 Notes, the Auction Agent shall advise BD the Broker-Dealer by telephone of the All-All Hold Rate, the Maximum Auction Rate, the Net Loan Rate, the Applicable LIBOR Rate and the Maximum RateOne-month LIBOR or the Three-month LIBOR, as the case may be. (b) In the event that If the Auction Date for any Auction shall be changed after the Auction Agent has given the notice referred of such Auction Date pursuant to in clause (vivii) of paragraph (a) of the Settlement Procedures, the Auction Agent, by telephone (confirmed in writing), telecopy or such other means as the Auction Agent deems practicable, shall give notice of such change to BD the Broker-Dealer not later than the earliest earlier of (i) 9:15 a.m. A.M. on the new Auction Date, (ii) Date and 9:15 a.m. A.M. on the old Auction Date and (iii) 9:15 a.m. the next Interest Payment Date. Thereafter, BD the Broker-Dealer shall use its best efforts to promptly notify its customers of BD that BD believes who are Existing Holders of such change in the Auction Date.. Broker-Dealer Agreement dated as of December 1, 2000 (c) The Auction Agent from From time to time may upon request BD of the Auction Agent pursuant to Section 2.2(d) of the Auction Agent Agreement, the Broker-Dealer shall provide it the Auction Agent with a statement of the aggregate principal amounts amount of Auction Rate each series of Series 2000-1 Notes specifically held by each such BD the Broker-Dealer as an Existing Holder and for its own account or otherwise, as well as with a list of BDthe Broker-Dealer's respective customers that BD the Broker-Dealer believes are beneficial owners Existing Holders of Auction Rate either series of the Series 2000-1 Notes (listed by series) and the aggregate principal amount of Auction Rate each series of Series 2000-1 Notes beneficially owned by each such customer. BD shall comply with any such requestExcept as permitted by Section 2.10 of the Auction Agent Agreement, and the Auction Agent shall keep confidential any such information, including information received as to the identity of Existing Holders and Potential Holders in any Auction, and shall not disclose any such information so provided to any person other than the Broker-Dealer, the Issuer and the Trustee, NELNET-2 and BD, unless provided that the Auction Agent reserves the right to disclose any such information if it is advised by its counsel that its failure to disclose such information do so would be unlawful or if the failure to do so would expose the Auction Agent to any liability, loss, liability, claim or damage for which the Auction Agent shall has not have previously received adequate indemnification indemnity reasonably satisfactory to it. The Auction Agent shall notify the Broker-Dealer, the Corporation and the Trustee promptly upon receipt of any request or demand to disclose such information and shall cooperate with any party seeking a protective order or similar relief. (d) The Auction Agent shall send by telecopy or other means a copy of any Notice of Series 2000-1 Notes Outstanding received from the Trustee to the Broker-Dealer in accordance with Section 4.3 hereof.

Preparation for Each Auction. (a) Not later than 10:30 a.m. on each Auction Date for the Auction Rate Notes, the Auction Agent shall advise BD by telephone of the All-All Hold Rate, the Net Loan Maximum Rate, One-Month LIBOR and the Applicable LIBOR Rate and the Maximum LIBOR-Based Rate. (b) In the event that the Auction Date for any Auction shall be changed after the Auction Agent has given the notice referred to in clause (vi) of paragraph (a) of the Settlement Procedures, the Auction Agent, by such means as the Auction Agent deems practicable, shall give notice of such change to BD not later than the earliest of (i) 9:15 a.m. on the new Auction Date, (ii) 9:15 a.m. on the old Auction Date and (iii) 9:15 a.m. on the next Interest Payment Date. Thereafter, BD shall promptly notify customers of BD that BD believes are Existing Holders Owners of such change in the Auction Date. (c) The Auction Agent from time to time may request BD to provide it with the aggregate principal amounts of Auction Rate Notes specifically held by each such BD as an Existing Holder and with a list of BD's respective customers that BD believes are beneficial owners of Auction Rate Notes and the aggregate principal amount of Auction Rate Notes beneficially owned by each such customerOwner. BD shall comply with any such request, and the Auction Agent shall keep confidential any such information, including information received as to the identity of Existing Holders Owners and Potential Holders Owners in any Auction, and shall not disclose any such information so provided to any person other than the Trustee, NELNET-2 the Issuer and BD, unless the failure to disclose such information would be unlawful or if the failure to do so would expose the Auction Agent to any loss, liability, claim or damage for which the Auction Agent shall not have been previously received adequate indemnification satisfactory to itadequately indemnified.

Preparation for Each Auction. (a) Not later than 10:30 a.m. on each Auction Date for the Auction Rate NotesARCs, the Auction Agent shall advise BD by telephone of the All-All Hold Rate, the Net Loan Maximum Rate, One-Month LIBOR and the Applicable LIBOR Rate and the Maximum LIBOR-Based Rate. (b) In the event that the Auction Date for any Auction shall be changed after the Auction Agent has given the notice referred to in clause (vi) of paragraph (a) of the Settlement Procedures, the Auction Agent, by such means as the Auction Agent deems practicable, shall give notice of such change to BD not later than the earliest of (i) 9:15 a.m. on the new Auction Date, (ii) 9:15 a.m. on the old Auction Date and (iii) 9:15 a.m. on the next Interest Payment Date. Thereafter, BD shall promptly notify customers of BD that BD believes are Existing Holders Owners of such change in the Auction Date. (c) The Auction Agent from time to time may request BD to provide it with the aggregate principal amounts of Auction Rate Notes ARCs specifically held by each such BD as an Existing Holder and with a list of BD's respective customers that BD believes are beneficial owners of Auction Rate Notes and the aggregate principal amount of Auction Rate Notes beneficially owned by each such customerOwner. BD shall comply with any such request, and the Auction Agent shall keep confidential any such information, including information received as to the identity of Existing Holders Owners and Potential Holders Owners in any Auction, and shall not disclose any such information so provided to any person other than the Trustee, NELNET-2 the Issuer and BD, unless the failure to disclose such information would be unlawful or if the failure to do so would expose the Auction Agent to any loss, liability, claim or damage for which the Auction Agent shall not have been previously received adequate indemnification satisfactory to itadequately indemnified.

Preparation for Each Auction. (a) Not later than 10:30 a.m. 9:30 A.M. on each Auction Date for the Auction Rate Series 2004-C/D Notes, the Auction Agent shall advise BD the Broker-Dealer by telephone of the All-All Hold Rate, the Maximum Auction Rate, the Net Loan Rate, the Applicable LIBOR Rate and the Maximum RateOne-month LIBOR or the Three-month LIBOR, as the case may be. (b) In the event that If the Auction Date for any Auction shall be changed after the Auction Agent has given the notice referred of such Auction Date pursuant to in clause (vivii) of paragraph (a) of the Settlement Procedures, the Auction Agent, by telephone (confirmed in writing), telecopy or such other means as the Auction Agent deems practicable, shall give notice of such change to BD the Broker-Dealer not later than the earliest earlier of (i) 9:15 a.m. A.M. on the new Auction Date, (ii) Date and 9:15 a.m. A.M. on the old Auction Date and (iii) 9:15 a.m. the next Interest Payment Date. Thereafter, BD the Broker-Dealer shall use its best efforts to promptly notify its customers of BD that BD believes who are Existing Holders of such change in the Auction Date. (c) The Auction Agent from From time to time may upon request BD of the Auction Agent pursuant to Section 2.2(d) of the Auction Agent Agreement, the Broker-Dealer shall provide it the Auction Agent with a statement of the aggregate principal amounts amount of Auction Rate each series of Series 2004-C/D Notes specifically held by each such BD the Broker-Dealer as an Existing Holder and for its own account or otherwise, as well as with a list of BD's respective the Broker-Dealer’s customers that BD the Broker-Dealer believes are beneficial owners Existing Holders of Auction Rate either series of the Series 2004-C/D Notes (listed by series) and the aggregate principal amount of Auction Rate each series of Series 2004-C/D Notes beneficially owned by each such customer. BD shall comply with any such requestExcept as permitted by Section 2.10 of the Auction Agent Agreement, and the Auction Agent shall keep confidential any such information, including information received as to the identity of Existing Holders and Potential Holders in any Auction, and shall not disclose any such information so provided to any person other than the Broker-Dealer, the Issuer and the Trustee, NELNET-2 and BD, unless provided that the Auction Agent reserves the right to disclose any such information if it is advised by its counsel that its failure to disclose such information do so would be unlawful or if the failure to do so would expose the Auction Agent to any liability, loss, liability, claim or damage for which the Auction Agent shall has not have previously received adequate indemnification indemnity reasonably satisfactory to it. The Auction Agent shall notify the Broker-Dealer, the Corporation and the Trustee promptly upon receipt of any request or demand to disclose such information and shall cooperate with any party seeking a protective order or similar relief. (d) The Auction Agent shall send by telecopy or other means a copy of any Notice of Series 2004-C/D Notes Outstanding received from the Trustee to the Broker-Dealer in accordance with Section 4.3 hereof.