EXHIBIT 19.1
EXHIBIT J
ADMINISTRATOR'S DISTRIBUTION DATE CERTIFICATE
Nelnet Education Loan Funding 2004-1
This Administrator's Distribution Date Certificate (this "Certificate") is being
provided by National Education Loan Network, Inc., as Administrator (the
"Administrator") to Nelnet Education Loan Funding, Inc. (the "Issuer") pursuant
to Section 5.04(c) of the Indenture of Trust, dated as of January 1, 2004 (the
"Indenture"), among the Issuer, Wells Fargo Bank Minnesota, National
Association, as eligible lender trustee, and Wells Fargo Bank Minnesota,
National Association, as trustee (the "Indenture Trustee"). All capitalized
terms used in this Certificate and not otherwise defined shall have the same
meanings as assigned to such terms in the Indenture.
Pursuant to this Certificate, the Administrator hereby directs the Indenture
Trustee to make the following deposits and distributions to the Persons or to
the account specified below by 1:00 p.m. (New York time) on May 25, 2005 ("the
Distribution Date"), to the extent of (1) the amount of Revenues in the
Collection Fund, (2) the amount, if any, required to be transferred to the
Collection Fund from the Class B Supplemental Reserve Fund pursuant to Section
5.03(b) of the Indenture, (3) the amount, if any required to be transferred to
the Collection Fund from the Acquisition Fund pursuant to Section 5.02(b) of the
Indenture and (4) the amount, if any, required to be transferred to the
Collection Fund from the Note Payment Fund pursuant to Section 5.05(b) of the
Indenture and (5) the amount, if any, required to be transferred to the
Collection Fund from the Reserve Fund pursuant to Section 5.07(b) of the
Indenture. The Indenture Trustee shall make the following deposits and
distributions in the following order of priority, and the Indenture Trustee
shall comply with such instructions:
(i) (a) The Servicing Fee to the Servicer, $ 505,251.83
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(b) The Indenture Trustee Fee to the Indenture Trustee, $ -
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(c) The Eligible Lender Trustee Fee to the Eligible Lender Trustee, $ -
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(d) The Auction Agent Fee to the Auction Agent, $ -
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(e) The Broker-Dealer Fees to the Broker-Dealers, $ -
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(f) The Remarketing Fees to the Remarketing Agents; $ -
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(g) Other Program Expenses to the Person due such Program Expenses;
and $ -
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(h) The Quarterly Funding Amount to the Remarketing Fee Fund; $ -
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(ii) (a) The Administration Fee to the Administrator; and $ 419,167.52
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(b) Any unpaid Administration Fees, if any, from prior Quarterly
Distribution $ -
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Dates to the Administrator due on the Quarterly Distribution Date;
(iii) (a) The Class A-1A Notes Interest Distribution Amount accrued since
the prior Distribution Date to the Class A-1A Interest Account, $ 1,947,803.94
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(b) The Class A-1B Notes Interest Distribution Amount accrued since
the prior Distribution Date to the Class A-1B Interest Account, $ 966,000.00
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(c) The Class A-2 Notes Interest Distribution Amount accrued since
the prior Distribution Date to the Class A-2 Interest Account, $ 2,743,485.12
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(d) The Class A-3 Notes Interest Distribution Amount accrued since
the prior Distribution Date to the Class A-3 Interest Account, $ 971,600.50
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(e) The Issuer Derivative Payments which are paid on a parity
with interest on the Class A Notes which have accrued on each
Derivative Product since the prior Distribution Date to the
corresponding Counterparty Payment Account; $ -
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(iv) (a) The Outstanding Amount of the Class A-1A Notes to the Class A-1A
Redemption Account, $ -
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(b) The Outstanding Amount of the Class A-1B Notes to the Class A-1B
Redemption Account, $ -
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(c) The Outstanding Amount of the Class A-2 Notes to the Class A-2
Redemption Account, $ -
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(d) The Outstanding Amount of the Class A-3 Notes to the Class A-3
Redemption Account, $ -
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(v) (a) The Class B-1 Notes Interest Distribution Amount accrued
since the prior Distribution Date to the Class B-1 Interest Account, $ -
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(b) The Class B-2 Notes Interest Distribution Amount accrued
since the prior Distribution Date to the Class B-2 Interest Account, $ -
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(c) The Issuer Derivative Payments which are paid on a
parity with interest on the Class B Notes which have
accrued on each Derivative Product since the prior
Distribution Date to the corresponding Counterparty
Payment Account; $ -
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(vi) (a) The Outstanding Amount of the Class B-1 Notes to the Class B-1
Redemption Account, $ -
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(b) The Outstanding Amount of the Class B-2 Notes to the Class B-2
Redemption Account, $ -
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(vii) The amount to be distributed to the Administrator for transfer
to the appropriate Seller or trust estate from which
Eligible Loans were purchased or transferred, an amount
equal to the unpaid interest accrued on such Eligible Loans
Financed with the proceeds of the Series 2004-1 Notes
subsequent to the cut off date for such Eligible Loans but
prior to the Closing Date, until such amount has been
paid in full. $ -
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(viii) (a) The Supplemental Interest Deposit Amount to the Class A-1A
Supplemental Interest Account, $ -
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(b) The Supplemental Interest Deposit Amount to the Class A-1B
Supplemental Interest Account, $ -
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(c) The Supplemental Interest Deposit Amount to the Class A-2 S
Supplemental Interest Account, $ -
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(d) The Supplemental Interest Deposit Amount to the Class A-3
Supplemental Interest Account, $ -
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(ix) Amounts to be deposited to the Reserve Fund (if necessary to
reinstate the balance of the Reserve Fund up to the Reserve
Fund Requirement); $ -
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(x) (a) The Reset Rate Notes Carry-over Amount (and any accrued
interest thereon) due and payable on the Class A-1A Notes to
the Class A-1A Interest Account, $ -
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(b) The Reset Rate Notes Carry-over Amount (and any accrued
interest thereon) due and payable on the Class A-1B Notes to
the Class A-1B Interest Account, $ -
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(c) The Reset Rate Notes Carry-over Amount (and any accrued
interest thereon) due and payable on the Class A-2 Notes to
the Class A-2 Interest Account, $ -
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(d) The Reset Rate Notes Carry-over Amount (and any accrued
interest thereon) due and payable on the Class A-3 Notes to
the Class A-3 Interest Account; $ -
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(xi) (a) The Auction Rate Notes Carry-over Amount (and any accrued
interest thereon) due and payable on the Class B-1 Notes to
the Class B-1 Interest Account, and $ -
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(b) The Auction Rate Notes Carry-over Amount (and any accrued
interest thereon) due and payable on the Class B-2 Notes to
the Class B-2 Interest Account; $ -
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(xii) The unpaid amounts (including any Termination Payments) due
on any Derivative Products on which Issuer Derivative Payments
are paid on a parity with interest on the Class A Notes Amounts
to the corresponding Counterpary Payment Account; $ -
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(xiii) The unpaid amounts (including any Termination Payments) due
on any Derivative Products on which Issuer Derivative Payments
are paid on a parity with interest on the Class B Notes
Amounts to the corresponding Counterpary Payment Account; $ -
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(xiv) The amount to distributed to the Administrator to reimburse
it for any payments made by it to the Remarketing Agents
pursuant to the Remarketing Agreement. $ -
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(xv) The amount to be distributed to the Servicer, to repurchase
Eligible Loans that the Issuer is required to repurchase from
the Servicer in accordance with the terms of the Servicing Agreement; $ -
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(xvi) Amounts to be deposited to the Class B Supplemental Reserve
Fund, the amount, if any, required by Section 5.03(a) hereof; $ -
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(xvii) The amount to be distributed to the Issuer pursuant to
Section 5.09 of the Indenture. $ 9,633,439.75
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(xviii) The amount to be transferred to the Acquisition Fund (Prior
to the end of the Revolving Period) or the Note Payment Fund
(Subsequent to the end of the Revolving Period). $ -
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Total Distributions $ 17,186,748.66
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Amount on deposit in the Collection Fund on this Distribution Date. $ 17,261,807.82
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Pursuant to this Certificate, if applicable, the Administrator further hereby
directs the Indenture Trustee to withdraw (a) from the Class B Supplemental
Reserve Fund for deposit to the Collection Fund pursuant to Section 5.03(b) of
the Indenture an amount equal to $0, representing the amount of insufficient
Revenues in the Collection Account to make the transfers required by Section
5.04(c)(v) and (x), (b) from the Acquisition Fund for deposit to the Collection
Fund pursuant to Section 5.02(b) of the Indenture an amount equal to $0,
representing the amount of insufficient Revenues in the Collection Account to
make the transfers required by Section 5.04(c)(i) through (ix), (c) from the
Note Payment Fund for deposit to the Collection Fund pursuant to Section 5.05(b)
of the Indenture an amount equal to $0, representing the amount of insufficient
Revenues in the Collection Account to make the transfers required by Section
5.04(c)(i) through (ix) and (d) from the Reserve Fund for deposit to the
Collection Fund pursuant to Section 5.07(b) of the Indenture an amount equal to
$0, representing the amount of insufficient Revenues in the Collection Account
to make the transfers required by Section 5.04(c)(i) through (vi).
The Administrator hereby certifies that the information herein is true and
accurate in all material respects and that the Indenture Trustee may
conclusively rely on this Certificate with no further duty to examine or
determine the information contained herein.
IN WITNESS WHEREOF, the Administrator has caused this Certificate to be duly
executed and delivered as of the date written below.
NATIONAL EDUCATION LOAN
NETWORK, INC., as Administrator
By /s/ Carol Aversman
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Authorized Signatory
Date May 23, 2005
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