Document:

EXHIBIT 10.1

<PAGE>

                             NOTE PURCHASE AGREEMENT
                                GATE LOAN PROGRAM

         This Note Purchase Agreement, by and between BANK OF AMERICA NA
("Program Lender"), a national banking association organized under the laws of
the United States and having a principal office located in the State of Arizona,
and THE NATIONAL COLLEGIATE TRUSTsm, a Delaware business trust having a
principal place of business at Park Avenue Atrium, 21st Floor, 237 Park Avenue,
New York, New York, dated as of August 1, 1996;

                              W I T N E S S E T H:

         WHEREAS, Program Lender is in the business of making student loans
under student lending programs, including, without limitation, the GATE Loan
Program (as hereinafter defined); and

         WHEREAS, NCT exists to provide funds for student loans at Participating
Institutions and the Participating Institutions are beneficial owners of NCT;
and

         WHEREAS, in order to facilitate funding of GATE(sm) Conforming Loans,
Program Lender has agreed to sell, from time to time, pools containing GATE
Conforming Loans originated by Program Lender to NCT or a Purchaser Trust (all
as hereinafter defined).

         NOW, THEREFORE, in consideration of these presents and the covenants
contained herein, the parties hereto hereby agree as follows:

I. DEFINITIONS.

         "Business Day" shall mean any day other than: (a) a Saturday or Sunday,
or (b) a day on which banking institutions in the State of Arizona are required
or authorized by law or executive order to be closed.

         "Co-Lender Indemnification Agreement" has the meaning given such term
in the Umbrella Agreement.

         "First Marblehead" shall mean The First Marblehead Corporation, a
Delaware corporation.

         "GATE Conforming Loans" shall mean loans conforming to the requirements
of the Program Manual.

         "GATE(sm) Loan Pool" or "Pool" shall mean and refer to a group of GATE
Notes pledged or intended to be pledged as collateral in a particular
Securitization Transaction.

         "GATE(sm) Notes" shall mean notes or other forms of consumer debt
instruments, evidencing GATE Conforming Loans.

         "GATE(sm) Program" shall mean the GATE: Guaranteed Access to
Educationsm Program described in the Program Manual.

         "Indemnification Agreement" means an agreement in the form of that
attached hereto as Exhibit A.

         "Master Trust Agreement" means that certain Second Amended and Restated
Trust Agreement dated as of February 1, 1994, between Delaware Trust Company and
each of the Owners, as defined therein.

         "Minimum Purchase Price" has the meaning set forth in Section 2.04.

         "Net Securitization Proceeds" means the gross proceeds of issuance of
indebtedness by NCT or a Purchaser Trust less all Securitization Reserves.

         "NCT" means The National Collegiate Trustsm, a Delaware business trust
organized pursuant to the Master Trust Agreement.

         "Origination Records" means and refers to the original GATE Note, a
cosigner application (in those cases in which the Program Manual requires a
credit-tested cosigner), a form of cosigner notice when required under 16 C.F.R.
ss. 444, and any other standardized documentation specified from time to time in
the Program Manual as required to be received by the Servicer from the Program
Lender in order to service GATE Conforming Loans adequately and accurately.

         "Participation Agreement" means an agreement between NCT and an
educational institution under which the institution undertakes to solicit
students to apply for GATE Conforming Loans.

         "Participating Institution" means an educational institution that has
entered into a Participation Agreement with NCT.

         "Pool Closing Date" shall mean the last date for submission of GATE
Conforming Loan documentation to Program Lender, as set forth in the Preliminary
Pool Commitment Certificate issued by Program Lender.

         "Pool Open Period" shall mean and refer to the period during which
Program Lender will accept applications for GATE Conforming Loans to be included
in any particular Pool.

         "Preliminary Pool Commitment Certificate" refers to a certificate
issued to NCT pursuant to one or more Loan Packaging and Funding Agreements
between Program Lender and Participating Institutions.

         "Program Manual" means the detailed manual setting forth the terms,
conditions, eligibility, policies, and procedures for the GATE: Guaranteed
Access to Educationsm Program, as approved by NCT and Program Lender from time
to time.

         "Purchase Date" shall mean the date of consummation of a Securitization
Transaction with respect to a particular Pool including GATE Conforming Loans
originated by Program Lender which date: (a) shall be set by written notice from
NCT to Program Lender, given to Program Lender not less than five (5) Business
Days in advance of the specified closing date, and (b) shall occur within 180
days after the Pool Closing Date for the Pool in question.

         "Purchaser Trust" shall mean and refer to a trust formed for the
purpose of purchasing GATE Conforming Loans by NCT or by one or more
Participating Institutions who have originated loans that are the subject of the
securitization transaction to be entered into by the Purchaser Trust in
question. Any action required or permitted to be taken by NCT hereunder may be
taken by a Purchaser Trust with respect to a particular pool.

         "Rating Agencies" shall mean and refer to Standard and Poor's
Corporation and/or Moody's Investors Service, Inc.

         "Securitization Costs" means the actual costs and expenses incurred by
NCT, the Purchaser Trust, and all others entitled to payment for expenses by the
Purchaser Trust or NCT, in connection with a Securitization Transaction,
including, without limitation, the following:

<TABLE>
<CAPTION>
<S>      <C>                                <C>
         First Marblehead                   (Structuring and Origination Fees; Copy/Binding Costs)
         Goldman Sachs                      (Underwriting Expenses)
         Moody's                            (Rating Fee)
         State Street Bank & Trust          (Transaction and First Year Fees; Expenses)
         Delaware Trust Co.                 (Transaction and First Year Fees)
         Shipman & Goodwin                  (Counsel for State Street)
         Thacher Proffitt & Wood            (Counsel for NCT)
         Ernst & Young                      (Servicer Audit)
         Standard & Poor's CUSIP            (GRADS Bonds Cusip Assignment)
</TABLE>

         "Securitization Reserves" shall mean and refer to (1) Securitization
Costs, plus (2) reserves required by the terms of any Trust Instrument or other
similar document pursuant to which the Purchaser Trust issues certificates,
bonds or other evidences of indebtedness and grants a security interest in the
related Pool of GATE Conforming Loans.

         "Securitization Transaction" shall mean and refer to the purchase of a
Pool of GATE Conforming Loans by a Purchaser Trust funded through the issuance
and sale of certificates,
bonds or other evidences of indebtedness, the repayment of which is supported by
payments on the GATE Conforming Loans included in such Pool.

         "Servicer" shall mean and refer to The Pennsylvania Higher Education
Assistance Agency ("PHEAA"), or such other servicer as may be retained by the
holder of GATE Conforming Loans.

         "Servicer Origination Agreement" refers to (a) the Origination
Agreement between PHEAA and Program Lender with respect to origination of GATE
Conforming Loans, as amended from time to time, and (b) any subsequent agreement
relating to origination services provided to Program Lender with respect to GATE
Notes purchased under this Agreement.

         "Servicing Agreement" refers to: (a) the Servicing Agreement between
PHEAA and Program Lender with respect to servicing of GATE Conforming Loans, as
amended from time to time, and (b) any subsequent servicing agreement between
Program Lender and the Servicer governing servicing of GATE Conforming Loans
purchased under this Agreement.

         "Trust Agreement" means, with respect to any particular Securitization
Transaction, the agreement pursuant to which a Purchaser Trust is formed.

         "Trust Instrument" means, with respect to any particular Securitization
Transaction, the agreement pursuant to which NCT or a Purchaser Trust issues
evidences of indebtedness secured by the payments on the related GATE Conforming
Loans.

         "Umbrella Agreement" shall mean and refer to that certain Umbrella
Agreement by and among NCT, Program Lender, and First Marblehead, dated as of
June 1, 1996.

II. AGREEMENT FOR PURCHASE AND SALE OF NOTES.

         2.01. PURCHASE AND SALE.

         On each Purchase Date during the Term of this Agreement and subject to
the conditions set forth herein, Program Lender shall offer for sale to NCT and
NCT, or a designee Purchaser Trust, shall purchase the GATE Loan Pool offered
for sale by Program Lender for such Purchase Date. Each GATE Loan Pool offered
for sale on a Purchase Date shall consist of all GATE Conforming Loans
originated by Program Lender during the Pool Open Period.

         2.02. PRE-CLOSING INFORMATION; NCT BEST EFFORTS.

         On or about the Pool Closing Date, Program Lender will inform NCT of
the final Pool profile relating to those GATE Loans in the Pool originated by
Program Lender, including the principal amount of and number of loans made to
students or parents of students at each Participating Institution, and the note
rate associated with each such group of loans. NCT will use its best efforts to
specify a Purchase Date and consummate a Securitization Transaction in which a
Purchaser Trust will purchase all of the GATE Conforming Loans in the Pool,
including those GATE Loans originated by Program Lender, within 60 days after
the Pool Closing Date. NCT shall have the sole and exclusive right to purchase
all GATE Conforming Loans in a Pool until 180 days after the Pool Closing Date,
which right may be assigned to one or more Purchaser Trusts. Program Lender
agrees, in consideration of NCT's undertaking pursuant to this section, not to
sell to any third person any interest in any GATE Conforming Loans originated by
Program Lender included in the Pool except pursuant to NCT's direction, during
said 180-day period. Program Lender shall be entitled at any time and from time
to time, in its sole discretion, to sell GATE Conforming Loans, in whole or in
part, to third parties or to retain GATE Conforming Loans, in whole or in part,
for its own account, in the event that NCT or its designee is unable to or fails
to, within said 180-day period, acquire such GATE Conforming Loans. In such
event, the Program Lender may sell or retain such GATE Conforming Loans to any
purchaser, free and clear of any claim under this Agreement.

         2.03. POOL SUPPLEMENT.

         Each purchase and sale of the GATE Conforming Loans originated by
Program Lender included in a Pool on a Purchase Date shall be made pursuant to a
Pool Supplement substantially in the form of Exhibit B which shall: (1) set
forth the Minimum Purchase Price for the GATE Conforming Loans originated by
Program Lender included in the Pool, (2) incorporate by reference the terms and
conditions of this Agreement applicable to sales of GATE Conforming Loans, and
(3) include a Schedule of GATE Conforming Loans setting forth the details and
characteristics of such Pool. Each Pool Supplement shall be executed by an
authorized agent of each Purchaser Trust and the Program Lender and shall be
delivered on the related Purchase Date. The Purchaser Trust shall provide a
preliminary settlement sheet in the form of Schedule 1 to the Pool Supplement
not less than two Business Days prior to the Purchase Date.

         2.04. MINIMUM PURCHASE PRICE.

         On the Purchase Date, Program Lender shall assign and convey all GATE
Conforming Loans originated by Program Lender included in the Pool to NCT, or a
Purchaser Trust, in consideration of receipt of the Minimum Purchase Price
therefor. For purposes of this Agreement the term "Minimum Purchase Price" shall
mean the sum of: (a) all amounts advanced by Program Lender on account of the
related GATE Notes in question, plus (b) all interest accrued on the related
GATE Notes at the stated note rate on the face of each such GATE Note applied to
the face amount of each GATE Note from the date of initial funding (to the
Participating Institution by the Program Lender) to the Purchase Date, plus (c)
all origination fees due to Program Lender on account of said GATE Conforming
Loans pursuant to Program Lender's agreements with Participating Institutions.

III. PROCEDURES AND CONDITIONS FOR TRANSFER.

         3.01. CONVEYANCES OF GATE CONFORMING LOANS; CONDITIONS TO PURCHASE.

         (a) On each Purchase Date, upon execution and delivery of the related
Pool Supplement, Program Lender shall sell, transfer, assign, set over and
otherwise convey to Purchaser Trust, without recourse (subject to the
obligations herein), all right, title and interest of Program Lender in and to:

                  (1)      The GATE Conforming Loans included in the related
                           Pool originated by Program Lender and all payments
                           due or to become due thereon;

                  (2)      Any proceeds with respect to the GATE Conforming
                           Loans originated by Program Lender included in such
                           Pool from recourse to Participating Institutions'
                           indemnities thereon;

                  (3)      The proceeds of any and all of the foregoing.

         (b) The obligation of the Purchaser Trust to purchase the GATE
Conforming Loans originated by Program Lender included in the Pool on the
related Purchase Date shall be subject to satisfaction of the following
conditions:

                  (1)      Program Lender shall have delivered to the Purchaser
                           Trust a duly authorized and executed Pool Supplement;

                  (2)      Each of the representations and warranties made by
                           Program Lender pursuant to Section 5.02 with respect
                           to the GATE Conforming Loans originated by Program
                           Lender included in such Pool shall be true and
                           correct as of the related Purchase Date;

                  (3)      The Servicer Origination Agreement and the Servicing
                           Agreement shall be in full force and effect as of the
                           related Purchase Date;

                  (4)      Program Lender and the Servicer shall have performed
                           and observed the terms and conditions of this
                           Agreement and the Servicer Origination Agreement and
                           there shall not have occurred a Default under either
                           the Servicer Origination Agreement or the Servicing
                           Agreement;

                  (5)      The Umbrella Agreement shall be in full force and
                           effect and Program Lender shall be in compliance with
                           the terms and provisions thereof applicable to it;

                  (6)      Each Participating Institution that received the
                           proceeds of GATE Conforming Loans originated by
                           Program Lender included in the Pool shall be party to
                           an A Loan Packaging and Funding Agreement that
                           substantially conforms to the requirements of the
                           Umbrella Agreement;

                  (7)      Purchaser Trust shall have obtained, at its expense,
                           opinions of local counsel, each substantially in the
                           form of Exhibit C attached hereto, relating to the
                           conformity of GATE Conforming Loans originated by
                           Program Lender included in the Pool;

                  (8)      Program Lender shall, at its own expense, on or prior
                           to the Purchase Date, indicate in its computer files
                           that the GATE Conforming Loans identified in the
                           related Pool Supplement have been sold to the
                           Purchaser Trust pursuant to this Agreement and such
                           Pool Supplement;

                  (9)      Program Lender shall have executed and filed a UCC-1
                           financing statement with respect to the GATE
                           Conforming Loans originated by Program Lender
                           included in such Pool in the appropriate office of
                           the jurisdiction in which the chief executive office
                           of the Program Lender is located (or, in the event of
                           a change of law, Program Lender shall have taken, but
                           at no additional cost or expense to the Program
                           Lender, such action as may be reasonably advised by
                           the Purchaser Trust);

                  (10)     As of such Purchase Date: (i) Program Lender was not
                           insolvent and will not become insolvent as a result
                           of the transfer of GATE Conforming Loans on such
                           Purchase Date, (ii) Program Lender did not intend to
                           incur or believe that it would incur debts that would
                           be beyond Program Lender's ability to pay as such
                           debts matured, (iii) such transfer was not made with
                           actual intent to hinder, delay or defraud any Person,
                           and (iv) the assets of Program Lender did not
                           constitute unreasonably small capital to carry out
                           its business as conducted; and

                  (11)     Program Lender shall have executed and delivered an
                           Indemnification Agreement substantially in the form
                           of Exhibit A.

         (c) The obligations of Program Lender to sell the GATE Conforming Loans
originated by Program Lender included in the Pool on a related Purchase Date are
subject to satisfaction of the following conditions:

                  (1)      Purchaser Trust shall have delivered to Program
                           Lender a duly authorized and executed Pool
                           Supplement;

                  (2)      Purchaser Trust shall have paid the Minimum Purchase
                           Price to Program Lender by wire transfer of
                           immediately available funds;

                  (3)      The Umbrella Agreement shall be in full force and
                           effect and each of NCT and First Marblehead shall be
                           in compliance with the terms and provisions thereof
                           applicable to it;

                  (4)      First Marblehead and Purchaser Trust shall have
                           executed and delivered to Program Lender an
                           Indemnification Agreement substantially in the form
                           of Exhibit A, and each of First Marblehead and
                           Purchaser Trust shall be in compliance with the terms
                           and provisions thereof applicable to it;

                  (5)      There shall have been delivered to Program Lender the
                           opinion of counsel referred to in Article 3 of the
                           Indemnification Agreement;

                  (6)      In the event the subject Pool contains GATE
                           Conforming Loans originated by persons and entitles
                           other than Program Lender (to the extent permitted
                           under the Umbrella Agreement), each such person and
                           entity shall have delivered to Program Lender a
                           Co-Lender Indemnification Agreement (Program Lender
                           hereby agreeing itself to deliver a Co-Lender
                           Indemnification Agreement to each such other person
                           and entity); and

                  (7)      If the trustee or other fiduciary under the related
                           Purchaser Trust is not State Street Bank and Trust,
                           Program Purchaser shall have approved such trustee or
                           fiduciary, with such approval not to have been
                           unreasonably withheld.

                  (8)      Program Lender shall have received an opinion of
                           Thacher, Proffitt & Wood, or other securities counsel
                           to the Purchaser Trust and First Marblehead,
                           addressed to Program Lender and satisfactory to
                           Program Lender in form and substance. Such opinion
                           shall: (a) with respect to the GRADS Bonds or other
                           securities issued by the Purchaser Trust (other than
                           beneficial interests owned by the Participating
                           Institutions), state that nothing has come to the
                           attention of such counsel that would lead it to
                           believe that the Offering Materials (as defined in
                           Exhibit A) in connection with the matters described
                           therein contain any untrue statement of a material
                           fact or omit to state a material fact required to be
                           stated therein or necessary to make the statements
                           therein not misleading; PROVIDED that Thacher,
                           Proffitt & Wood may except the B of A Information (as
                           defined in Exhibit A) from the scope of its opinion,
                           and (b) with respect to beneficial interests in the
                           Purchaser Trust issued to Participating Institutions,
                           state that such interests are not required to be
                           registered under the Securities Act of 1933.

         3.02. DELIVERY OF DOCUMENTS.

         On the Purchase Date, Program Lender shall deliver to the Servicer, as
agent for the Purchaser Trust and/or the trustee of the Trust Instrument, each
GATE Note originated by Program Lender included in the Pool and the related
Origination Records.

         3.03. CONFORMITY OF REPRESENTATIONS AND WARRANTIES.

         In each Pool Supplement, Program Lender shall confirm its
representations and warranties contained in Section 5.02 hereof.

         3.04. RIGHTS TRANSFERRED.

         The transfer of funds pursuant to Section 2.04 hereof shall constitute,
and the delivery to NCT, or its designated Purchaser Trust of each Pool
Supplement shall evidence, a sale and assignment to NCT or the Purchaser Trust
of the related GATE Conforming Loans and of all of Program Lender's interest in
such GATE Conforming Loans. As assignee of such GATE Conforming Loans, NCT or
the Purchaser Trust shall receive: (i) interest on such GATE Conforming Loans
from and after the Purchase Date, and (ii) any and all other payments and
recoveries received by the Servicer or Program Lender from the borrowers and
cosigners of such GATE Conforming Loans, or others pursuant to, or in respect
of, such GATE Conforming Loans, and all proceeds thereof.

         3.05. SUBSEQUENT RECEIPTS. In the event that Program Lender shall
receive, subsequent to any such assignment, any amounts whatsoever in respect to
the GATE Conforming Loans so assigned in the nature of those described in
Section 3.04 above, such amounts shall be deposited in a separate account
maintained by Program Lender, and shall be held by Program Lender in trust for
NCT or the Purchaser Trust to which it has sold the Notes, and the Program
Lender shall promptly deliver such amounts to the trustee under the Trust
Instrument.

         3.06. ASSIGNMENT OF ORIGINATION RIGHTS.

         Program Lender shall assist NCT in the transfer of servicing from
Servicer to NCT's servicer, but without additional expense to Program Lender.
Program Lender shall require Servicer to complete any loan origination services
being performed for Program Lender under the Servicer Origination Agreement on
the Purchase Date so that complete Origination Records are ready for delivery to
NCT's servicer.

         3.07. NO ASSUMPTION OF LIABILITY TO FUND GATE NOTES.

         By their purchase of GATE Notes, NCT, and all Purchaser Trusts, shall
assume no liability, responsibility or obligation with respect to any payments
which are due and owing, or which are, or may be alleged to be due and owing, by
Program Lender to any Participating Institution or to any GATE Loan borrower by
reason of the GATE Conforming Loans originated by Program Lender included in the
Pool evidenced by the GATE Notes. Program Lender shall be solely responsible to
fulfill its obligations under any agreements it may have with Participating
Institution regarding origination and funding of such GATE Conforming Loans.

IV. LIMITATION OF RECOURSE TO NCT AND PURCHASER TRUST.

         4.01. Notwithstanding any provision of this Agreement to the contrary,
all obligations of NCT and any Purchaser Trust to pay the Minimum Purchase Price
under this Agreement (whether in respect to the purchase price of any GATE
Conforming Loan, or of any fees, expenses or otherwise) shall be payable only
from Net Securitization Proceeds. The Program Lender agrees that it shall look
solely to the Net Securitization Proceeds for such payments. In the event
Program Lender shall have any claim under this Agreement against NCT or a
Purchaser Trust, such claim shall only be collected from the rights of NCT or
the Purchaser Trust, as the case may be, in the Pools which are the subject of
Securitization Transactions, including rights of NCT or any Purchaser Trust in
any indebtedness issued in connection therewith. No recourse shall be had
against the general funds of NCT, any Purchaser Trust or any Participating
Institution, nor against any income or proceeds of the Pools not available, in
accordance with the Trust Instrument, for distribution. Notwithstanding anything
to the contrary contained in this Section 4.01, nothing contained herein shall
in any manner or to any event exonerate any person, including, without
limitation, NCT, any Purchaser Trust, First Marblehead or any Participating
Institution, from liability: (a) for claims arising out of (1) fraud or
intentional misrepresentation of such person; (2) the misapplication or
misappropriation of funds by such person, or (3) the failure of such person to
observe or perform the terms of the Umbrella Agreement, or (b) under any
Indemnification Agreement executed and delivered pursuant hereto. As used
herein, the term "person" shall include all officers, employees, agents,
representatives and affiliates of the subject person. Notwithstanding the
foregoing, Program Lender agrees not to assert any claim relating to any
Securitization Transaction against any Participating Institution solely on
account of its ownership interest in a Purchaser Trust or on account of any
liability such Participating Institution may have under the Trust Agreement for
the obligations of a Purchaser Trust if such Participating Institution did not
itself participate in the activity giving rise to a recourse claim hereunder.
This limitation shall in no way affect any Participating Institution's direct
liability to Program Lender under any Loan Packaging and Funding Agreement nor
the recourse of Program Lender to assets of a Purchaser Trust in which a
Participating Institution may have a beneficial interest.

V. REPRESENTATIONS AND WARRANTIES.

         5.01. REPRESENTATIONS AND WARRANTIES OF NCT.

         NCT makes the following representations and warranties as of the date
hereof, as of the date of each purchase of GATE Conforming Loans and as of any
other date specified below. NCT shall cause each Purchaser Trust to make
substantially the same representations and warranties in a Pool Supplement as of
the date of each purchase of GATE Conforming Loans:

         (a) NCT represents and warrants that it is and shall remain a Delaware
business trust duly organized, validly existing and in good standing under the
laws of the State of Delaware, and has the authority to conduct all activities
contemplated by this Agreement.

         (b) NCT has full power and authority to perform its obligations under
this Agreement, and has duly authorized the execution, delivery and performance
of, and has duly delivered this Agreement, and this Agreement constitutes the
legal, valid and binding obligation of NCT enforceable against NCT in accordance
with its terms, except that such enforceability may be limited by bankruptcy,
insolvency, reorganization or other similar laws.

         (c) Neither the execution and delivery of this Agreement, the
consummation of the transactions contemplated hereby, nor the fulfillment of or
compliance with the terms and conditions hereof, will conflict with, or result
in a breach of, or constitute a default under, any of the terms, conditions or
provisions of any legal restriction or any agreement or instrument to which NCT
is now a party or by which it is bound.

         5.02. REPRESENTATIONS AND WARRANTIES OF PROGRAM LENDER.

         Program Lender makes the following representations and warranties as of
the date hereof, as of the date of each sale of GATE Conforming Loans originated
by Program Lender to NCT or a Purchaser Trust, and as of any other date
specified below:

         (a) Program Lender represents and warrants that it is, and shall
continue to be, a national banking association duly organized, validly existing
and in good standing under the laws of the United States, and has the authority
to conduct all activities contemplated by this Agreement.

         (b) Program Lender has full power and authority to perform its
obligations under this Agreement, and has duly authorized the execution,
delivery and performance of, and has duly delivered this Agreement, and this
Agreement constitutes the legal, valid and binding obligation of Program Lender
enforceable against Program Lender in accordance with its terms, except that
such enforceability may be limited by bankruptcy, insolvency, reorganization or
other similar laws.

         (c) Neither the execution and delivery of this Agreement, the
consummation of the transactions contemplated hereby, nor the fulfillment of or
compliance with the terms and conditions hereof, will conflict with, or result
in a breach of, or constitute a default under, any of the terms, conditions or
provisions of any legal restriction or any agreement or instrument to which
Program Lender is now a party or by which it is bound.

         (d) Each of the GATE Conforming Loans originated by Program Lender sold
to NCT or a Purchaser Trust pursuant to any Securitization Transaction is the
valid, binding and enforceable obligation of the borrower executing the same,
and of any cosigner thereto, enforceable against the borrower and cosigner
thereunder in accordance with its terms except as enforceability may be affected
by bankruptcy, insolvency, moratorium or other similar laws affecting the rights
of creditors generally and by equitable principles.

         (e) Each GATE Conforming Loan originated by Program Lender sold
hereunder and any accompanying notices and disclosures conforms to all
applicable state and federal laws, rules and regulations. The origination of
each GATE Conforming Loan by Program Lender was conducted in accordance with all
applicable state and federal laws concerning the actions of the Participating
Institution and Program Lender including, without limitation, the Equal Credit
Opportunity Act. No application to Program Lender for a GATE Conforming Loan
shall be, or has been, rejected, approved or discouraged by Program Lender on
the basis of race, sex, color, religion, national origin, age (other than laws
limiting the capacity to enter a binding contract) or marital status, the fact
that all or a part of the borrower's or co-signer's, income derives from any
public assistance program, or the fact that the applicant, borrower or any
co-signer has, in good faith, exercised any right under the Consumer Credit
Protection Act.

         (f) Each GATE Conforming Loan originated by Program Lender sold to NCT
or Purchaser Trust is in compliance in all material respects with any applicable
usury laws at the time made and of the time of assignment to NCT or a Purchaser
Trust.

         (g) Program Lender has no actual knowledge of any defense to payment
with respect to any GATE Conforming Loan sold under this Agreement. There is no
action before any state or federal court, administrative or regulatory body,
pending or threatened against Program Lender in which an adverse result would
have a material adverse effect upon the validity or enforceability of GATE
Conforming Loans originated by Program Lender and included in the Pool.

         (h) Each and every GATE Conforming Loan sold pursuant to this Agreement
is free and clear of any liens, claims or demands of any person claiming by or
through Program Lender, and Program Lender has the absolute right to transfer
the same to NCT or a Purchaser Trust.

         (i) With respect to each GATE Note originated by Program Lender and
included in the Pool, the terms thereof have not been impaired, waived, altered
or modified in any respect.

         5.03. EXCLUSIVE REPRESENTATIONS AND WARRANTIES.

         The representations and warranties set forth in Section 5.02 above are
the sole and exclusive representations and warranties made by the Program
Lender, its representatives, agents, officers, directors and other employees,
with respect to this Agreement, any Pool Supplement, any GATE Conforming Loan,
any obligor, the sale of any GATE Conforming Loan to the Purchaser Trust
hereunder or otherwise. Without limiting the generality of the foregoing or
limiting the express representation and warranties made pursuant to Section 5.02
above, it is expressly acknowledged and agreed by NCT and each Purchaser Trust
that no covenant, agreement, representation or warranty made by the Program
Lender or any such other Person, herein or otherwise, shall be construed as a
warranty, representation, guaranty or other agreement or acknowledgment as to,
nor does Program Lender or any such other Person assume any responsibility for
the creditworthiness of any obligor or the collectibility of any GATE Conforming
Loan by reason of the obligor's ability to make payments with respect thereto.

         5.04. REMEDY FOR BREACH OF REPRESENTATIONS AND WARRANTIES.

         In the event any representation or warranty made by Program Lender
pursuant to Section 5.02 above shall prove to be inaccurate or incomplete in any
material and adverse respect as of the date when made, Program Lender shall have
the right (but not the obligation) to elect by written notice to NCT to be given
by Program Lender no later than sixty (60) days after receipt of written notice
from NCT of such alleged breach to repurchase the affected GATE Conforming Loan
or Loans no later than such 60th day for a cash purchase price equal to the
outstanding principal balance thereof plus all accrued and unpaid interest. Upon
receipt of said repurchase price, NCT shall, or, if applicable, shall cause the
Purchaser Trust or the Servicer to, deliver the GATE Note and the Origination
Records relating thereto to Program Lender, duly endorsed or assigned to Program
Lender or to such person as Program Lender may direct, in any such case, without
recourse to NCT or the Purchaser Trust. If Program Lender elects to repurchase
the affected GATE Conforming Loan or Loans as provided herein, subject only to
Section 8.02 hereof, such remedy shall be the sole and exclusive remedy of any
person or entity, including, without limitation, NCT, the Purchaser Trust and
the trustee or any other fiduciary under any Trust Instrument, with respect to
such breach. If Program Lender shall not so elect to repurchase the affected
GATE Conforming Loans within said sixty (60) day period, then Program Lender
shall indemnify NCT, the Purchaser Trust and any fiduciary under the Trust
Agreement from any and all loss, cost, damage and expense, including reasonable
attorneys' fees and legal expenses and sums paid, liabilities incurred or
expenses paid or incurred in connection with settling claims, counterclaims,
defenses, suits or judgments or obtaining or attempting to obtain release from
liability, in any such case by reason of any alleged breach specified in such
written notice given by NCT to the Program Lender.

VI. SURVIVAL OF REPRESENTATIONS AND WARRANTIES.

         As to any GATE Conforming Loans purchased hereunder, the
representations and warranties contained herein shall survive until each such
GATE Conforming Loan is paid in full.

VII. MISCELLANEOUS.

         7.01. NO ASSIGNMENT.

         No party may assign its rights or obligations under this Agreement
without the prior written consent of the parties hereto, PROVIDED, HOWEVER,
that: (a) Program Lender may assign its rights hereunder to an Affiliate that is
a national banking association having the legal power and right under applicable
law (including, without limitation, usury law in the State where it is located)
to make GATE Conforming Loans, and (b) NCT and/or the Participating Institutions
referred to in the definition of "Purchaser Trust" shall have the right to
create a Purchaser Trust to exercise NCT's rights to purchase each Pool. No
assignment shall relieve the assignor of liability hereunder. Any assignment in
violation hereof shall be automatically null and void.

         7.02. AMENDMENT.

         This Agreement may not be amended nor terms or provisions hereof waived
unless such amendment or waiver is in writing and signed by all parties hereto.

         7.03. NO WAIVER.

         No delay or failure by any party to exercise any right, power or remedy
hereunder shall constitute a waiver thereof by such party, and no single or
partial exercise by any party of any right, power or remedy shall preclude other
or further exercise thereof or any exercise of any other rights, powers or
remedies.

         7.04. ENTIRE AGREEMENT.

         This Agreement and the documents and agreements referred to herein
embody the entire agreement and understanding among the parties hereto and
supersede all prior agreements and understandings relating to the subject matter
hereof and thereof.

         7.05. NOTICES.

         All notices given by any party to the others under this Agreement shall
be in writing delivered: (a) personally, (b) by facsimile transmission, (c) by
overnight courier, prepaid, or (d) by depositing the same in the United States
mail, certified, return receipt requested, with postage prepaid, addressed to
the party at the address set forth beneath its signature below. Any party may
change the address to which notices are to be sent by notice of such change to
each other party given as provided herein. Such notices shall be effective on
the date received.

         7.06. ATTORNEYS' FEES.

         In the event of a lawsuit or arbitration proceeding arising out of or
relating to this Agreement, the prevailing party shall be entitled to recover
costs and reasonable attorneys' fees incurred in connection with the lawsuit or
arbitration proceeding, as determined by the court or arbitrator.

         7.07. GOVERNING LAW.

         This Agreement shall be governed by and construed in accordance with
the laws of the State of Arizona.

         7.08. COUNTERPARTS.

         This Agreement may be executed in any number of counterparts, all of
which together shall constitute one agreement.

         7.09. NO THIRD PARTIES BENEFITED.

         This Agreement is made and entered into for the protection and legal
benefit of the parties, and their permitted successors and assigns (including,
without limitation, any Purchaser Trust), and each and every Indemnified Person
(all of which shall be entitled to enforce the Indemnity contained in Sections
8.01 and 8.02 hereof), and no other person shall be a direct or indirect legal
beneficiary of, or have any direct or indirect cause of action or claim in
connection with, this Agreement.

         7.10. OPINIONS.

         Concurrent with the execution hereof, each party shall deliver to the
other the opinion of its corporate counsel (which may be internal counsel) to
the effect that this Agreement has been duly authorized by all necessary
corporate or other organizational action, this Agreement is within the corporate
or other organizational power of such party and that this Agreement is the valid
and binding obligation of such party, enforceable against such party in
accordance with its terms.

VIII. INDEMNIFICATION.

         8.01. BY PROGRAM LENDER - SECURITIES MATTERS.

         Subject to the limitations on remedies for breach of representations
and warranties set forth in Section 5.04 above, Program Lender shall indemnify
and hold harmless NCT, each Purchaser Trust and any fiduciary under any Trust
Instrument, and any officer, director, employee or agent of any of the foregoing
(herein, collectively, referred to as the "Indemnified Persons") against any and
all liabilities, losses, costs, damages and expenses, including, without
limitation, attorneys' fees and legal expenses and sums paid, liabilities
incurred or expenses paid or incurred in connection with settling claims, suits
or judgments or obtaining or attempting to obtain release from liability under
the Trust Instrument or this Agreement which such Indemnified Person may sustain
or incur by reason of any untrue statement of a material fact in any Offering
Materials (as defined in the form of Indemnification Agreement) or by any
failure to state in such Offering Materials a material fact necessary to make
the statements therein not misleading (but only to the extent the same relate to
information relating to Program Lender and the GATE Conforming Loans originated
by Program Lender furnished in writing by Program Lender expressly for use in
the applicable Offering Materials). This section shall survive any termination
of this Agreement.

         8.02. BY PROGRAM LENDER - SPECIAL.

         Notwithstanding any repurchase of GATE Conforming Loans under Section
5.04 hereof, IN THE EVENT THAT: (a) a claim, counterclaim or defense to payment
of a GATE Conforming Loan (hereinafter a "claim") is asserted against NCT, a
Purchaser Trust or any other Indemnified Person, the substance of which claim,
if true, would constitute a material breach or misrepresentation of the
representations and warranties contained in any of subsections 5.02(d), (e), or
(f) AND (b) such claim is not dismissed or abandoned as against such Indemnified
Person following a repurchase under Section 5.04, THEN (c) Program Lender shall
indemnify and hold harmless such Indemnified Person from all costs of defense of
such claim and all costs of settlement and/or payment of a judgment on such
claim; provided, however, that: (1) if Program Lender elected to repurchase a
GATE Conforming Loan as permitted under Section 5.04 hereof, Program Lender
shall not be obligated to pay the cost of defending a claim, or to pay any costs
of settlement and/or payment of any judgment, to the extent that such arise out
of the assertion that there has occurred a violation of the law of any state
(other than the law of the state in which Program Lender is located (I.E.,
Arizona) and federal law) on the theory that a GATE Conforming Loan originated
by Program Lender and included in a Pool purchased hereunder was subject to laws
governing extensions of credit by the Participating Institution to which the
proceeds of such GATE Conforming Loan were advanced in lieu of law governing the
activities of Program Lender (a "Recharacterization Claim"), and (2) if Program
Lender has elected not to repurchase a GATE Conforming Loan as to which a
Recharacterization Claim has been asserted, Program Lender's indemnification
obligation and liability hereunder shall not exceed the then outstanding
principal balance plus all accrued and unpaid interest of such GATE Conforming
Loan. This limitation shall not apply to that portion of any such judgment that
is based upon a claim or theory otherwise covered by this Indemnity that is not
a Recharacterization Claim.

IX. ARBITRATION

         9.01. ARBITRATION.

         (a) Any controversy or claim between or among the parties arising out
of or relating to this Agreement or any agreements or instruments relating
hereto or delivered in connection herewith and any claim based on or arising
from an alleged tort, shall at the request of any party be determined by
arbitration. The arbitration shall be conducted in accordance with the United
States Arbitration Act (Title 9, U.S. Code), notwithstanding any choice of law
provision in this Agreement, and under the Commercial Rules of the American
Arbitration Association ("AAA"). The arbitrator(s) shall give effect to statutes
of limitation in determining any claim. Any controversy concerning whether an
issue is arbitrable shall be determined by the arbitrator(s). Judgment upon the
arbitration award may be entered in any court having jurisdiction. The
institution and maintenance of an action for judicial relief or pursuit of a
provisional or ancillary remedy shall not constitute a waiver of the right of
any party, including the plaintiff, to submit the controversy or claim to
arbitration if any other party contests such action for judicial relief.

         (b) No provision of this Section shall limit the right of any party to
this Agreement to exercise self-help remedies such as setoff, foreclosure
against or sale of any real or personal property collateral or security, or
obtaining provisional or ancillary remedies from a court of competent
jurisdiction before, after, or during the pendency of any arbitration or other
proceeding. The exercise of a remedy does not waive the right of either party to
resort to arbitration or reference. At the option of any party holding a deed of
trust, foreclosure under such deed of trust or mortgage may be accomplished
either by exercise of power of sale under the deed of trust or mortgage or by
judicial foreclosure.

<PAGE>

         IN WITNESS WHEREOF, the parties hereto have executed this Agreement as
of the day and year first above written.

WITNESS:                             BANK OF AMERICA NA

_________________________________    By: /s/ Margaret Sprude
                                         ----------------------------------
                                     Its Chief Financial Officer
                                         Bank of America NA
                                         1825 East Buckeye Road
                                         Phoenix, AZ 85034

                                     THE NATIONAL COLLEGIATE TRUST
                                     By:   Delaware Trust Company, not in its
                                           individual capacity but solely in its
                                           capacity as Trustee

_________________________________    By: /s Richard N. Smith
                                         ---------------------------------
                                     Its Vice President
                                         Park Avenue Atrium, 21st Floor
                                         237 Park Avenue
                                         New York, NY  10017

                                      ======================================
                                      --------------------------------------

<PAGE>

                             NOTE PURCHASE AGREEMENT
                             -----------------------
                                INDEX TO EXHIBITS
                                -----------------

Exhibit A         Form of Indemnification Agreement

Exhibit B         Pool Supplement

Exhibit C         Form of Local Counsel Opinion

<PAGE>

                      EXHIBIT A TO NOTE PURCHASE AGREEMENT

                            INDEMNIFICATION AGREEMENT

         This INDEMNIFICATION AGREEMENT (the "Agreement") is made_______________
__________________, 199__, by and among The National Collegiate Trust [Serial
No.] ("NCT"), The First Marblehead Corporation ("First Marblehead"), and BANK OF
AMERICA NA ("B of A").

                                   WITNESSETH:

         WHEREAS, pursuant to that certain Note Purchase Agreement dated
______________ (the "Note Purchase Agreement") between NCT, as purchaser, and B
of A, B of A will sell to NCT and NCT will purchase from B of A certain GATE
Conforming Loans ("Contracts");

         WHEREAS, contemporaneously with the transactions contemplated by the
Note Purchase Agreement, NCT will sell securities backed by a pool consisting of
the Contracts (the "Securitization");

         WHEREAS, First Marblehead assists NCT in the Securitization process;
and

         WHEREAS, the parties wish to set forth their agreements with respect to
certain aspects of the Securitization, on the terms and subject to the
conditions set forth in this Agreement;

         NOW, THEREFORE, in consideration of the foregoing and the mutual
covenants set forth herein, the parties hereto agree as follows:

                                    ARTICLE 1
                                   DEFINITIONS
                                   -----------

         SECTION 1.01. DEFINITIONS. Capitalized terms used herein without
definition have the meanings assigned thereto in the Note Purchase Agreement.
Whenever used in this Agreement, the following words and phrases shall have the
following meanings:

         "Agreement" means this Indemnification Agreement, as it may be amended
from time to time.

         "GRADS(sm) Bonds" means securities backed by the pool of Contracts that
are to be issued by NCT.

         "Commission" means the Securities and Exchange Commission.

         "Exchange Act" means the Securities Exchange Act of 1934, as amended
from time to time.

         "B of A Information" means solely the information set forth [to be
determined].

         "Indemnified Party" has the meaning set forth in Section 4.03.

         "Indemnifying Party" has the meaning set forth in Section 4.03.

         "Offering Materials" means: (a) any private placement memoranda and any
other offering material given in connection with a sale or offer to sell,
whether or not such sale or offer to sell was required to be registered under
the Securities Act, and (b) any Registration Statement filed with the Commission
pursuant to which any Contract or interest therein is sold or offered for sale,
including the Prospectus relating thereto and any preliminary prospectuses and
amendments and supplements to such Registration Statement, Prospectus and
preliminary prospectus, including post-effective amendments and all exhibits and
all material incorporated by reference therein.

         "Prospectus" has the meaning given to such term in the Securities Act.

         "Registration Statement" has the meaning given to such term in the
Securities Act.

         "Securities Act" means the Securities Act of 1933, as amended from time
to time.

         "Transaction Documents" means the Note Purchase Agreement and the Pool
Supplement issued pursuant thereto.

                                    ARTICLE 2
                         REPRESENTATIONS AND WARRANTIES
                         ------------------------------

         Each of NCT and First Marblehead jointly and severally represents and
warrants to B of A, and B of A hereby represents and warrants to NCT and First
Marblehead, as of the date hereof and the Purchase Date, as follows:

         (1) It is a corporation, business trust, or, in the case of B of A, a
national banking association, duly organized, validly existing and in good
standing under the laws of the jurisdiction of its organization, and it has the
corporate power to own its assets and to transact the respective business in
which it is currently engaged. It is duly qualified to do business as a foreign
corporation or other entity and is in good standing in each jurisdiction in
which its type of organization and the character of the business transacted by
it or properties owned or leased by it requires such qualification and in which
the failure to so qualify would have a material adverse effect on its business,
properties, assets, or condition (financial or other);

         (2) It has obtained all necessary licenses and approvals, in all
jurisdictions in which the ownership or lease of property or the conduct of its
business and its type of organization requires such licenses or approvals unless
the failure to obtain any such licenses or approvals would have no material
adverse effect on the ability of such party to fulfill its obligations
hereunder;

         (3) It has the power and authority to execute and deliver this
Agreement and to carry out the terms hereof; and the execution, delivery and
performance of this Agreement by it has been duly authorized by all necessary
action;

         (4) This Agreement constitutes its legal, valid and binding obligation,
enforceable against it in accordance with its terms except as enforcement of
such terms may be limited by bankruptcy, insolvency or similar laws affecting
the enforcement of creditors' rights generally and by the availability of
equitable remedies, and except as enforcement of any terms relating to
indemnification may be limited by applicable securities law;

         (5) For B of A and NCT only, the consummation of the transactions
contemplated by this Agreement and the fulfillment of the terms hereof do not
conflict with, result in any breach of any of the terms and provisions of, or
constitute (with or without notice or lapse of time) a default under, its
governing documents, or any material indenture, agreement or other instrument to
which it is a party or by which it is bound; or result in the creation or
imposition of any lien upon any of its properties pursuant to the terms of any
such indenture, agreement or other instrument; or violate any law or any order,
rule or regulation applicable to it of any court or of any federal or state
regulatory body, administrative agency or other governmental instrumentality
having jurisdiction over it or its properties; and

         (6) There are no proceedings or investigations pending, or threatened,
before any court, regulatory body, administrative agency or other governmental
instrumentality having jurisdiction over it or its properties: (1) asserting the
invalidity of this Agreement (2) seeking to prevent the consummation of any of
the transactions contemplated by this Agreement, or (3) seeking any
determination or ruling that is likely to materially and adversely affect the
performance by it of its obligations hereunder or the validity and
enforceability of this Agreement.

                                    ARTICLE 3
                              CONDITIONS TO CLOSING
                              ---------------------
                             [Intentionally Omitted]

                                    ARTICLE 4
                                 INDEMNIFICATION
                                 ---------------

         SECTION 4.01. INDEMNIFICATION BY FIRST MARBLEHEAD AND NCT. NCT and
Marblehead jointly and severally agree to indemnify, hold harmless and defend B
of A, its respective officers, directors, employees, attorneys, agents and each
Person who controls B of A within the meaning of either Section 15 of the
Securities Act or Section 20 of the Exchange Act, as follows:

                  (a) against any and all loss, liability, claim, damage and
         expense whatsoever arising out of any untrue statement or alleged
         untrue statement of a material fact contained in any Offering Materials
         under the heading, [to be determined] ["Method of Distribution"] or the
         omission or alleged omission therefrom of a material fact necessary in
         order to make the statements therein, in light of the circumstances
         under which they were made, not misleading;

                  (b) against any and all loss, liability, claim, damage and
         expense whatsoever to the extent of the aggregate amount paid in
         settlement of any litigation, or investigation or proceeding by any
         governmental agency or body, commenced or threatened, or of any claim
         whatsoever, based upon any such untrue statement or omission, or any
         such inaccuracy, if such settlement is effected with the written
         consent of NCT and First Marblehead; and

                  (c) against any and all expense whatsoever (including the fees
         and disbursements of counsel chosen by the B of A) reasonably incurred
         in investigating, preparing or defending against any litigation, or
         investigation or proceeding by any governmental agency or body,
         commenced or threatened, or any claim whatsoever, based upon any such
         untrue statement or omission, or any such inaccuracy, to the extent
         that any such expense is not paid under (a) or (b) above.

         This indemnity agreement will be in addition to any liability which NCT
and First Marblehead may otherwise have.

         SECTION 4.02. INDEMNIFICATION BY B OF A. B of A agrees to indemnify and
hold harmless NCT and First Marblehead and each person, if any, who controls NCT
or First Marblehead within the meaning of Section 15 of the Securities Act of
1933, as amended (the "1993 Act"), as follows:

                  (a) against any and all loss, liability, claim, damage and
         expense whatsoever arising out of any untrue statement or alleged
         untrue statement of a material fact contained in the B of A Information
         (or any amendment or supplement thereto approved in writing by B of A)
         or the omission or alleged omission therefrom of a material fact
         necessary in order to make the statements therein, in light of the
         circumstances under which they were made, not misleading;

                  (b) against any and all loss, liability, claim, damage and
         expense whatsoever to the extent of the aggregate amount paid in
         settlement of any litigation, or investigation or proceeding by any
         governmental agency or body, commenced or threatened, or of any claim
         whatsoever, based upon any such untrue statement or omission, or any
         such inaccuracy, if such settlement is effected with the written
         consent of B of A; and

                  (c) against any and all expense whatsoever (including the fees
         and disbursements of counsel chosen by NCT and First Marblehead)
         reasonably incurred in investigating, preparing or defending against
         any litigation, or investigation or proceeding by any governmental
         agency or body, commenced or threatened, or any claim whatsoever, based
         upon any such untrue statement or omission, or any such inaccuracy, to
         the extent that any such expense is not paid under (a) or (b) above.

         This indemnity agreement will be in addition to any liability which B
of A may otherwise have.

         SECTION 4.03. PROCEDURE FOR INDEMNIFICATION. In case any proceeding
(including any governmental investigation) shall be instituted involving any
Person in respect of which indemnity may be sought pursuant to Section 4.01 or
4.02, such Person (hereinafter called the "Indemnified Party") shall promptly
notify the person against whom such indemnity may be sought (hereinafter called
the "Indemnifying Party") in writing. The Indemnifying Party, upon request of
the Indemnified Party, shall acknowledge its obligation, subject to the terms
hereof, to indemnify the Indemnified Party in writing and shall retain counsel
reasonably satisfactory to the Indemnified Party to represent the Indemnified
Party and any others the Indemnifying Party may designate in such proceeding and
the Indemnifying Party shall pay the fees and disbursements of such counsel
related to such proceeding, as and when such fees and disbursements are billed
by such counsel. If the Indemnifying Party fails to acknowledge its obligation,
subject to the terms hereof, to indemnify in writing or fails to retain such
counsel within a reasonable period of time after such notice was given, then the
Indemnified Party shall have the right to retain its own counsel, and the fees
and expenses of such counsel shall be at the expense of the Indemnifying Party.
In any such proceeding, any Indemnified Party shall have the right to retain its
own counsel, but the fees and expenses of such counsel shall be at the expense
of such Indemnified Party unless (a) the preceding sentence is applicable, (b)
the Indemnifying Party and the Indemnified Party shall have mutually agreed to
the retention of such counsel or (c) the named parties to any such proceeding
(including any impleaded parties) include both the Indemnifying Party and the
Indemnified Party and representation of both parties by the same counsel would
be inappropriate due to actual or potential differing interests between them. It
is understood that the Indemnifying Party shall not, in connection with any
proceeding or related proceedings in the same jurisdiction, be liable for the
reasonable fees and expenses of more than one separate firm (in addition to any
local counsel) for all such Indemnified Parties, and that all such fees and
expenses shall be reimbursed as they are incurred.

         SECTION 4.04. SETTLEMENTS OF PROCEEDINGS. The Indemnifying Party shall
not be liable for any settlement of any proceeding effected without its written
consent, but if settled with such consent or if there be a final judgment for
the plaintiff, the Indemnifying Party agrees to indemnify the Indemnified Party
from and against any loss or liability by reason of such settlement or judgment.
No Indemnifying Party, without the prior written consent of the Indemnified
Party, shall effect any settlement of any pending or threatened proceeding in
respect of which any Indemnified Party is or could have been a party and
indemnity could have been sought hereunder by such Indemnified Party, unless
such settlement includes an unconditional release of such Indemnified Party from
all liability on claims that are the subject matter of such proceeding.

         SECTION 4.05. CONTRIBUTION. In order to provide for just and equitable
contribution in circumstances in which the indemnification provided for in
Sections 4.01 and 4.02 hereof is for any reason held to be unenforceable by the
Indemnified Parties although applicable in accordance with its terms, B of A, on
the one hand, and NCT and First Marblehead, on the other, shall contribute to
the aggregate losses, liabilities, claims, damages and expenses of the nature
contemplated in Sections 4.01 and 4.02 that are incurred by B of A, NCT and
First Marblehead in such proportions that (i) NCT and First Marblehead shall be
responsible for that portion represented by the percentage that the gross fee
earnings of First Marblehead in the Securitization bear to the sum of such fees
and the purchase price paid by NCT for the Contracts, and (ii) B of A shall be
responsible for the balance; PROVIDED, HOWEVER, that no person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of the 1933
Act) shall be entitled to contribution from any person who was not guilty of
such fraudulent misrepresentation.

         NCT, First Marblehead and B of A agree that it would not be just and
equitable if contribution pursuant to this Section 4.05 were determined by PRO
RATA allocation or by any other method of allocation that does not take account
of the equitable considerations referred to in the immediately preceding
paragraph. The amount paid or payable by an Indemnified Party pursuant to
Section 4.01 or 4.02 shall be deemed to include, subject to the limitations set
forth above, any legal or other expense reasonably incurred by such Indemnified
Party in connection with investigating or defending any such action or claim. No
person guilty of fraudulent misrepresentation (within the meaning of Section
11(f) of the Securities Act) shall be entitled to contribution from any person
who was not guilty of such fraudulent misrepresentation.

                                    ARTICLE 5
                                  MISCELLANEOUS
                                  -------------

         SECTION 5.01. NOTICES. All demands, notices and communications upon or
to B of A, NCT and First Marblehead under this Agreement shall be in writing,
personally delivered or mailed by certified mail, return receipt requested, and
shall be deemed to have been duly given upon receipt (a) The First Marblehead
Corporation, 7 Tucker's Wharf, Marblehead, MA 01945; (b) The National Collegiate
Trust, Park Avenue Atrium, 21st Floor, 237 Park Avenue, New York, NY 10017, (c)
B of A_____________________________________________________________________, or
such other address as may hereafter be furnished to the other parties in
writing.

         SECTION 5.02. SUCCESSORS AND ASSIGNS. This Agreement is binding on B of
A's, NCT's and First Marblehead's successors and assignees. Each party hereto
agrees that it will not assign this Agreement without the other parties' prior
written consent.

         SECTION 5.03.  ARBITRATION.

                  (a) Any controversy or claim between or among the parties
         arising out of or relating to this Agreement or any agreements or
         instruments relating hereto or delivered in connection herewith and any
         claim based on or arising from an alleged tort, shall at the request of
         any party, be determined by arbitration. The arbitration shall be
         conducted in accordance with the United States Arbitration Act (Title
         9, U.S. Code), notwithstanding any choice of law provision in this
         Agreement, and under the Commercial Rules of the American Arbitration
         Association ("AAA"). The arbitrator(s) shall give effect to statutes of
         limitation in determining any claim. Any controversy concerning whether
         an issue is arbitrable shall be determined by the arbitrator(s).
         Judgment upon the arbitration award may be entered in any court having
         jurisdiction. The institution and maintenance of an action for judicial
         relief or pursuit of a provisional or ancillary remedy shall not
         constitute a waiver of the right of any party, including the plaintiff,
         to submit the controversy or claim to arbitration if any other party
         contests such action for judicial relief.

                  (b) No provision of this Section 5.03 shall limit the right of
         any party to this Agreement to exercise self-help remedies such a
         setoff, foreclosure against or sale of any real or personal property
         collateral or security, or obtaining provisional or ancillary remedies
         from a court of competent jurisdiction before, after, or during the
         pendency of any arbitration or other proceeding. The exercise of a
         remedy does not waive the right of either party to resort to
         arbitration or reference.

         SECTION 5.04. COSTS AND ATTORNEYS' FEES. In the event of a lawsuit or
arbitration proceeding arising out of or relating to this Agreement, the
prevailing party is entitled to recover costs and reasonable attorneys' fees
incurred in connection with the lawsuit or arbitration proceeding, as determined
by the court or arbitrator.

         SECTION 5.05. SEVERABILITY. Any provision of this Agreement that is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

         SECTION 5.06. COUNTERPARTS. This Agreement may be executed by the
parties hereto in separate counterparts, each of which when so executed and
delivered shall be an original, but all such counterparts shall together
constitute but one and the same instrument.

         SECTION 5.07. HEADINGS. The headings of the various Articles and
Sections herein are for convenience of reference only and shall not define or
limit any of the terms or provisions hereof.

         SECTION 5.08. LIMITATION OF RECOURSE TO NCT. Notwithstanding any
provision of this Agreement to the contrary, all obligations of NCT under this
Agreement shall be payable only from the rights of NCT in the Contracts. No
recourse shall be had against the general funds of NCT or any Participating
Institution (as defined in the Transaction Documents), nor against any income or
proceeds of the Contracts not available, in accordance with the Trust
Instrument, for distribution. To the extent that the interests of the Trustee
and the bond holders under the Trust Instrument are fully satisfied, or if
proceeds of the Contracts are otherwise distributed to the owners of NCT free
and clear of claims of said Trustee (as defined in the Trust Instrument), claims
against NCT may be satisfied from the Contracts or the distributable proceeds
thereof.

                                   BANK OF AMERICA NA

                                   By:___________________________________
                                   Its:

                                   THE NATIONAL COLLEGIATE TRUST
                                   [SERIAL NO.]
                                   By: The Delaware Trust Company, not in
                                   its individual capacity but SOLELY in its
                                   capacity as Trustee

                                   By:___________________________________
                                   Its:

                                   THE FIRST MARBLEHEAD
                                   CORPORATION

                                   By:___________________________________
                                   Its:

<PAGE>

                      EXHIBIT B TO NOTE PURCHASE AGREEMENT

                            [Form of Pool Supplement]

         This Pool Supplement ("Supplement") is entered into pursuant to and
forms a part of that certain Note Purchase Agreement (the "Agreement") dated as
of January 2, 1996, by and between The National Collegiate Trust ("NCT") and
Bank of America NA. This Supplement is dated _________________, 19___.
Capitalized terms used in this Supplement without definitions have the meaning
set forth in the Agreement.

         ARTICLE 1:  PURCHASE AND SALE.

         In consideration of the Minimum Purchase Price set forth in Schedule 1
attached hereto, Program Lender hereby transfers, sells, sets over and assigns
to The National Collegiate Trust 199 , S- ("Purchaser Trust"), upon the terms
and conditions set forth in the Agreement (which are incorporated herein by
reference with the same force and effect as if set forth in full herein), each
GATE Conforming Loan described in the attached Schedule 2. Program Lender hereby
transfers and delivers to Purchaser Trust each GATE Note evidencing such GATE
Conforming Loan and all Origination Records relating thereto, in accordance with
the terms of the Agreement. Purchaser Trust hereby purchases said GATE
Conforming Loans and GATE Notes on said terms and conditions.

         ARTICLE 2:  PRICE.

         As set forth in Schedule 2, the amounts paid pursuant to this
Supplement are:

         Minimum Purchase Price:         $______________________

         ARTICLE 3:  REPRESENTATIONS AND WARRANTIES.

         3.01. BY PROGRAM LENDER.

         Program Lender repeats the representations and warranties contained in
Section 5.02 of the Agreement and confirms the same are true and correct as of
the date hereof.

         3.02. BY PURCHASER TRUST.

         The Purchaser Trust hereby represents and warrants to the Program
Lender that at the date of execution and delivery of this Supplement by the
Purchaser Trust:

         (a) The Purchaser Trust is duly organized and validly existing as a
business trust under the laws of the State of Delaware with the due power and
authority to own its properties and to conduct its business as such properties
are currently owned and such business is presently conducted, and had at all
relevant times, and has, the power, authority and legal right to acquire and own
the GATE Conforming Loans.

         (b) The Purchaser Trust is duly qualified to do business and has
obtained all necessary licenses and approvals, in all jurisdictions in which the
ownership or lease of property or the conduct of its business shall require such
qualifications.

         (c) The Purchaser Trust has the Power and authority to execute and
deliver this Pool Supplement and to carry out its respective terms; the
Purchaser Trust has the power and authority to purchase the GATE Conforming
Loans and rights relating thereto as provided herein from the Program Lender and
the Purchaser Trust has duly authorized such purchase from the Program Lender by
all necessary action; and the execution, delivery and performance of this Pool
Supplement has been duly authorized by the Purchaser Trust by all necessary
action on the part of the Purchaser Trust.

         (d) This Pool Supplement, together with the Agreement of which this
Supplement forms a part, constitutes a legal, valid and binding obligation of
the Purchaser Trust, enforceable in accordance with its terms.

         (e) The consummation of the transactions contemplated by the Agreement
and this Supplement and the fulfillment of the terms hereof do not conflict
with, result in any breach of any of the terms and provisions of, or constitute
(with or without notice or lapse of time) a default under, the governing
instruments of the Purchaser Trust or any indenture, agreement or other
instrument to which the Purchaser Trust is a party or by which it is bound; or
result in the creation or imposition of any lien upon any of its properties
pursuant to the terms of any such indenture, agreement or other instrument; or
violate any law or any order, rule or regulation applicable to the Purchaser
Trust of any court or of any federal or state regulatory body, administrative
agency or other governmental instrumentality having jurisdiction over the
Purchaser Trust or its properties.

         (f) There are no proceedings or investigations pending, or threatened,
before any court, regulatory body, administrative agency or other governmental
instrumentality having jurisdiction over the Purchaser Trust or its properties:
(1) asserting the invalidity of the Agreement or this Pool Supplement, (2)
seeking to prevent the consummation of any of the transactions contemplated by
the Agreement or this Pool Supplement, or (3) seeking any determination or
ruling that is likely to materially or adversely affect the performance by the
Purchaser Trust of its obligations under, or the validity or enforceability of
the Agreement or this Pool Supplement.

         ARTICLE 4:  CROSS RECEIPT.

         Program Lender hereby acknowledges receipt of the Net Securitization
Proceeds. Purchaser Trust hereby acknowledges receipt of the GATE Conforming
Loans and the GATE Notes included in the Pool.

<PAGE>

         IN WITNESS WHEREOF, the parties have caused this Supplement to be
executed as of the date set forth above.

                                   THE NATIONAL COLLEGIATE TRUST
                                   199___ S-____

                                   By:  Delaware Trust Company, not in its
                                        individual capacity but solely as
                                        Trustee

                                   By:__________________________________
                                   Its

                                   BANK OF AMERICA NA

                                   By:__________________________________
                                   Its

<PAGE>

                          Schedule 1 to Pool Supplement
                                    (SAMPLE)

<TABLE>
<CAPTION>

                               SETTLEMENT SCHEDULE
                                  NCT 1996-S-2

CLARKSON UNIVERSITY

LOAN                              # OF             FACE                       EXPECTED             DISBURSEMENT
POOL                              LOANS            VALUE                      PROCEEDS             RATIO
----                              -----            -----                      --------             -----
<S>                               <C>              <C>                        <C>                  <C>
                                  975              $2,032,125                 72%                  58%

<CAPTION>
DISBURSEMENT               DATE        # OF          COSIGNED          FACE           INT RT      DISBURSEMENT
------------               ----        ----          --------          ----           ------      ------------
                                       LOANS         LNS               VALUE
<S>         <C>            <C>         <C>           <C>               <C>            <C>         <C>
            1              7/13/96     280           15                $575,000       8.75%       $333,500

            2              8/11/96     153           9                 $329,400       8.75%       $191,052

            3              9/4/96      427           11                $813,600       8.75%       $471,888

            4              10/1/96     115           4                 $313,925       8.75%       $182,077

            5

            6

            7
------------------------------------------------------------------------------------------------------------------------------------
                           Total/      975           39                $2,031,925     8.75%       $1,178,517
            8              Avg
</TABLE>

<TABLE>
<CAPTION>
SECURITIZATION/BOND SALE            SETTLEMENT DATE           10/14/96

<S>                                                  <C>                                         <C>
SALE OF LOANS BY BANK TO NCT
FACE VALUE OF LOANS                                                                              $2,031,925
         AMOUNT WITHHELD FOR RESERVES &
         SECURITIZATION EXPENSES                     28.85%                                      ($586,210)
                                                                                                 ----------

(NET SECURITIZATION PROCEEDS)                                                                    $1,445,715
</TABLE>

<TABLE>
<CAPTION>

COMPUTATION OF AMOUNT DUE TO BANK:

DUE TO BANK                         PER LOAN         # OF LOANS                 AMOUNT
                                    --------------------------------------------------
<S>                                 <C>               <C>                       <C>
ORIGINATION                         $10.00            975                       ($9,750)
PROCESSING
         (FM)                       $10.00            975                       ($9,750)
         (PHEAA)                    $  4.50           975                       ($4,388)
         (PHEAA-COSIGNER)           $  4.50            39                       ($    176)

<CAPTION>
LOAN INTEREST                       DATE              # OF DAYS                 AMOUNT
                                    --------------------------------------------------
<S>                                 <C>                <C>                 <C>
         DISB #1                    7/13/96            93                    ($12,819)
                     2              8/11/96            64                    ($ 5,054)
                     3              9/4/96             40                    ($ 7,802)
                     4              10/1/96            13                    ($   978)
                     5                                  0                           $0
                     6                                  0                           $0
                     7                                  0                           $0
                     8                                  0                           $0

TOTAL INTEREST                                                                ($26,653)

A. TOTAL INTEREST & FEES
         DUE TO BANK                                                          ($50,716)

B. AMOUNT PREVIOUSLY DISBURSED ($1,178,517)

                  (A + B = Minimum Purchase Price)     = $1,229,233
NET AMOUNT DUE TO:                  CLARKSON UNIVERSITY from NCT              $216,482
</TABLE>

<PAGE>

                      EXHIBIT C TO NOTE PURCHASE AGREEMENT

                        FORM OF OPINION OF LOCAL COUNSEL
                                GATE LOAN PROGRAM

Goldman Sachs & Co.
First Marblehead Corp.
Thacher, Proffitt and Wood
The National Collegiate Trust
Pierce, Atwood, Scribner, Allen, Smith & Lancaster

Re:      GATE Note and Disclosure Statement

Gentlemen:

         We have served as special counsel to The National Collegiate Trust and
First Marblehead Corp. in the State of (the "State").

         In such capacity, we have reviewed the form of GATE Note and Disclosure
Statement attached hereto as Exhibit A (the "Form"). We have also reviewed and
relied upon the GATE Local Counsel Program Description dated July 15, 1995 (the
"Program Description") with respect to factual matters, and we have made the
legal assumptions set forth in the Program Description.

         Based upon the foregoing, we wish to advise you that:

         1. The Form is in compliance with all applicable laws of the State
relating to the transactions described in the Program Description, including
laws relating to disclosure and consumer protection.

         2. Assuming the Export Assumptions (as defined in the Program
Description) are correct, the substantive terms set forth in the Form do not
violate any law, rule or regulation of the State.

         This opinion is limited to matters of law of the State, excluding
matters of federal law. This opinion is addressed solely to those named above
and may not be relied upon by any other person without our express written
consent.

                                               Very truly yours,EXHIBIT 10.2

================================================================================

                            ADMINISTRATION AGREEMENT

                                      among

                     THE NATIONAL COLLEGIATE TRUST 1996-S2,
                                    as Issuer

                    DELAWARE TRUST CAPITAL MANAGEMENT, INC.,
                                as Owner Trustee

                      STATE STREET BANK AND TRUST COMPANY,
                              as Indenture Trustee

                                       and

                      FIRST MARBLEHEAD DATA SERVICES INC.,
                                as Administrator

                          Dated as of November 1, 1996

================================================================================

<PAGE>

                  This ADMINISTRATION AGREEMENT dated as of November 1, 1996 (as
amended from time to time, the "Agreement"), among THE NATIONAL COLLEGIATE TRUST
1996-S2, a Delaware business trust (the "Issuer"), DELAWARE TRUST CAPITAL
MANAGEMENT, INC., a Delaware trust company (the "Owner Trustee"), STATE STREET
BANK AND TRUST COMPANY, a Massachusetts trust company (the "Indenture Trustee"),
and FIRST MARBLEHEAD DATA SERVICES INC., a Delaware corporation (the
"Administrator"),

                              W I T N E S S E T H :

                  WHEREAS, the Issuer is issuing: (a) its 7.30% Class A
Collateralized Student Loan Bonds and its 8.15% Class B Collateralized Student
Loan Bonds, 1996-S2 (the "Bonds") pursuant to the Indenture dated as of November
1, 1996 (the "Indenture"), between the Issuer and the Indenture Trustee and (b)
its Trust Certificates pursuant to the Trust Agreement dated as of November 7,
1996 (the "Trust Agreement") between the Owner Trustee and The National
Collegiate Trust (together with its successors in interest, the "Owners").
Capitalized terms used and not otherwise defined herein shall have the meanings
assigned to such terms in the Trust Agreement or Indenture (the "Basic
Documents");

                  WHEREAS, pursuant to the Basic Documents, the Issuer and the
Owner Trustee are required to perform certain duties in connection with (a) the
Student Loan Notes and other collateral pledged pursuant to the Indenture (the
"Collateral") and (b) the Bonds (the registered holders of such interests being
referred to herein as the "Bondholders");

                  WHEREAS, the Issuer and the Owner Trustee desire to have the
Administrator perform certain of the duties of the Issuer referred to in the
Basic Documents and any other documents signed by the Owner Trustee on behalf of
the Issuer (collectively, the "Trust Related Agreements") and to provide such
additional services consistent with the terms of this Agreement and the Trust
Related Agreements as the Issuer and the Owner Trustee may from time to time
request; and

                  WHEREAS, the Administrator has the capacity to provide the
services required hereby and is willing to perform such services for the Issuer
and the Owner Trustee on the terms set forth herein;

                  NOW, THEREFORE, in consideration of the mutual covenants
contained herein, and other good and valuable consideration, the receipt and
adequacy of which are hereby acknowledged, the parties agree as follows:

                  1. DUTIES OF THE ADMINISTRATOR.

                  (a) DUTIES WITH RESPECT TO THE TRUST RELATED AGREEMENTS.

                                    (i) The Administrator agrees to perform all
                           its duties as Administrator and the duties of the
                           Issuer under the Trust Related Agreements. In
                           addition, the Administrator shall consult with the
                           Owner Trustee regarding the duties of the Issuer
                           under the Trust Related Agreements. The Administrator
                           shall monitor the performance of the Issuer and shall
                           advise the Owner Trustee when action is necessary to
                           comply with the Issuer's duties under the Trust
                           Related Agreements. The Administrator shall prepare
                           for execution by the Issuer, or shall cause the
                           preparation by other appropriate persons or entities
                           of, all such documents, reports, filings,
                           instruments, certificates and opinions that it shall
                           be the duty of the Issuer to prepare, file or deliver
                           pursuant to the Trust Related Agreements. In
                           furtherance of the foregoing, the Administrator shall
                           take all appropriate action that is the duty of the
                           Issuer to take pursuant to the Indenture including,
                           without limitation, such of the foregoing as are
                           required with respect to the following matters under
                           the Indenture (references are to sections of the
                           Indenture):

                           (A) the direction to the Indenture Trustee by Issuer
                  Order to deposit moneys with Paying Agents, if any, other than
                  the Indenture Trustee (Section 9.02);

                           (B) the administration of the Issuer's obligations as
                  to the satisfaction and discharge of the Indenture and the
                  preparation of an Officer's Certificate and the obtaining of
                  the Opinion of Counsel relating thereto (Section 5.01);

                           (C) the preparation and delivery of notice to
                  Bondholders of the removal of the Indenture Trustee and the
                  appointment of a successor Indenture Trustee (Section 7.10);

                           (D) the preparation and, after execution by the
                  Issuer, the filing with the Commission, any applicable state
                  agencies and the Indenture Trustee of documents required to be
                  filed on a periodic basis with, and summaries thereof as may
                  be required by rules and regulations prescribed by, the
                  Commission and any applicable state agencies and the
                  transmission of such summaries, as necessary, to the
                  Bondholders (Section 8.04);

                           (E) the preparation of an Issuer Order and Officer's
                  Certificate and the obtaining of an Opinion of Counsel, if
                  necessary, for the release of property of the Trust Estate
                  (Sections 4.05 and 4.06);

                           (F) the preparation of Issuer Requests and the
                  obtaining of Opinions of Counsel with respect to the execution
                  of supplemental indentures and the mailing to the Bondholders
                  of notices with respect to such supplemental indentures
                  (Sections 10.01 and 10.02);

                           (G) the execution and delivery of new Bonds
                  conforming to any supplemental indenture (Section 10.06);

                           (H) the preparation and delivery of Issuer Order and
                  Officer's Certificates and providing an Opinion of Counsel, if
                  necessary, for the release of property from the lien of the
                  Indenture (Sections 4.04, 4.06 and 4.07);

                           (I) the payment of all expenses in connection with
                  the issuance of the Bonds (Section 7.07);

                           (J) the redemption of the Bonds and the related
                  notice to the Indenture Trustee (Sections 11.01 and 11.02);
                  and

                           (K) the furnishing of names and addresses of the
                  Bondholders to the Indenture Trustee (Section 8.01).

                                    (ii) the Administrator will:

                           (A) indemnify the Indenture Trustee and its agents
                  for, and hold them harmless against, any losses, liability or
                  expense, including reasonable attorneys fees and expenses,
                  incurred without willful misconduct, negligence, or bad faith
                  on their part, arising out of the willful misconduct,
                  negligence or bad faith of the Administrator in the
                  performance of the transactions contemplated by this
                  Agreement; and

                           (B) indemnify the Issuer and the Owner Trustee and
                  their respective agents for, and hold them harmless against,
                  any losses, liability or expense, including reasonable
                  attorneys fees and expenses, incurred without negligence,
                  willful misconduct or bad faith on their part, arising out of
                  the willful misconduct, negligence or bad faith of the
                  Administrator in the performance of the transactions
                  contemplated by this Agreement;

PROVIDED, HOWEVER, that the Administrator shall not be required to indemnify
either the Indenture Trustee, the Issuer or the Owner Trustee pursuant to
Subsection (ii)(A) or (B) so long as the Administrator has acted pursuant to the
instructions of the Owner Trustee or the Owners in accordance with Subsection
(c) of Section 1 of this Agreement.

                  (b) ADDITIONAL DUTIES. (i) In addition to the duties of the
Administrator set forth above, the Administrator shall perform, or cause to be
performed, its duties and obligations and the duties and obligations of the
Owner Trustee on behalf of the Issuer under the Trust Agreement including,
without limitation, those duties and obligations set forth on Schedule A hereto.
In furtherance thereof, the Issuer shall execute and deliver to the
Administrator and to each successor Administrator appointed pursuant to the
terms hereof, one or more powers of attorney substantially in the form of
Exhibit A hereto, appointing the Administrator the attorney-in-fact of the
Issuer for the purpose of executing on behalf of the Issuer all such documents,
reports, filings, instruments, certificates and opinions. Subject to Section 4
of this Agreement, and in accordance with the directions of the Issuer and the
Owner Trustee, the Administrator shall administer, perform or supervise the
performance of such other activities in connection with the Collateral
(including the Trust Related Agreements) as are not covered by any of the
foregoing provisions and as are expressly requested by the Issuer or the Owner
Trustee and are reasonably within the capability of the Administrator. The
Administrator shall be responsible for any filings required by the Issuer under
the Securities Exchange Act of 1934, as amended.

                                    (ii) In carrying out the foregoing duties or
                           any of its other obligations under this Agreement,
                           the Administrator may enter into transactions or
                           otherwise deal with any of its affiliates; PROVIDED,
                           HOWEVER, that the terms of any such transactions or
                           dealings shall be in accordance with any directions
                           received from the Issuer and shall be, in the
                           Administrator's opinion, no less favorable to the
                           Issuer than would be available from unaffiliated
                           parties.

                                    (iii) In carrying out any of its obligations
                           under this Agreement, the Administrator may act
                           either directly or through agents, attorneys,
                           accountants, independent contractors and auditors and
                           enter into agreements with any of them.

                  (c) NON-MINISTERIAL MATTERS.

                                    (i) With respect to matters that in the
                           reasonable judgment of the Administrator are
                           non-ministerial, the Administrator shall not be under
                           any obligation to take any action, and in any event
                           shall not take any action unless the Administrator
                           shall have received instructions from the Owner
                           Trustee or the Owners in accordance with the Trust
                           Agreement. For the purpose of the preceding sentence,
                           "non-ministerial matters" shall include, without
                           limitation:

                           (A) the amendment of or any supplement to the Trust
                  Related Agreements;

                           (B) the initiation of any claim or lawsuit by the
                  Issuer and the compromise of any action, claim or lawsuit
                  brought by or against the Issuer;

                           (C) the appointment of successor Administrators and
                  successor Indenture Trustees pursuant to the Indenture, or the
                  consent to the assignment by the Administrator or Indenture
                  Trustee of its obligations under the Indenture; and

                           (D) the removal of the Indenture Trustee.

                                    (ii) Notwithstanding anything to the
                           contrary in this Agreement, the Administrator shall
                           not be obligated to, and shall not (x) make any
                           payments to the Bondholders under the Trust Related
                           Agreements, (y) sell the Trust Estate pursuant to the
                           Indenture or (z) take any action that the Issuer
                           directs the Administrator not to take on its behalf.

                  (d) ACTIONS ON BEHALF OF THE OWNERS. Pursuant to Section 4.06
of the Trust Agreement, each Owner has appointed the Administrator as its true
and lawful attorney-in-fact with respect to certain matters described in such
Section 4.06.

                  2. RECORDS. The Administrator shall maintain appropriate books
of account and records relating to services performed hereunder, which books of
account and records shall be accessible for inspection by the Issuer, the
Indenture Trustee and the Owners at any time during normal business hours.

                  3. COMPENSATION. As compensation for the performance of the
Administrator's obligations under this Agreement and as reimbursement for its
expenses related thereto, the Administrator shall be entitled to an
Administration Fee equal to (i) on each Payment Date, .05% of the outstanding
principal balance of the Bonds as of the immediately preceding Payment Date plus
(ii) on each Distribution Date after the Bonds have been retired, 5% of the Net
Cash Flow to be distributed to the Owners on such Distribution Date, determined
in accordance with the Trust Agreement, which in each case shall be solely an
obligation of the Issuer.

                  4. ADDITIONAL INFORMATION TO BE FURNISHED TO THE ISSUER. The
Administrator shall furnish to the Issuer from time to time such additional
information regarding the Collateral as the Issuer shall reasonably request.

                  5. INDEPENDENCE OF THE ADMINISTRATOR. For all purposes of this
Agreement, the Administrator shall be an independent contractor and shall not be
subject to the supervision of the Issuer or the Owner Trustee with respect to
the manner in which it accomplishes the performance of its obligations
hereunder. Unless expressly authorized by the Issuer, the Administrator shall
have no authority to act for or represent the Issuer or the Owner Trustee in any
way and shall not otherwise be deemed an agent of the Issuer or the Owner
Trustee.

                  6. NO JOINT VENTURE. Nothing contained in this Agreement (i)
shall constitute the Administrator and either of the Issuer, the Owner Trustee
or any Owner as members of any partnership, joint venture, association,
syndicate, unincorporated business or other separate entity, (ii) shall be
construed to impose any liability as such on any of them or (iii) shall be
deemed to confer on any of them any express, implied or apparent authority to
incur any obligation or liability on behalf of the others.

                  7. OTHER ACTIVITIES OF THE ADMINISTRATOR. Nothing herein shall
prevent the Administrator or its Affiliates from engaging in other businesses
or, in its sole discretion, from acting in a similar capacity as an
administrator for any other person or entity even though such person or entity
may engage in business activities similar to those of the Issuer, the Owner
Trustee or the Indenture Trustee.

                  8. TERM OF AGREEMENT; RESIGNATION AND REMOVAL OF
ADMINISTRATOR. (a) This Agreement shall continue in force until the dissolution
of the Issuer, upon which event this Agreement shall automatically terminate.

                  (b) Subject to Section 8(e) of this Agreement, the
Administrator may resign its duties hereunder by providing the Issuer with at
least 60 days' prior written notice.

                  (c) Subject to Section 8(e) of this Agreement, the Issuer may
remove the Administrator without cause by providing the Administrator with at
least 60 days' prior written notice.

                  (d) Subject to Section 8(e) of this Agreement, at the sole
option of the Issuer, the Administrator may be removed immediately upon written
notice of termination from the Issuer to the Administrator if any of the
following events shall occur:

                                    (i) the Administrator shall default in the
                           performance of any of its duties under this Agreement
                           and, after notice of such default, shall not cure
                           such default within ten days (or, if such default
                           cannot be cured in such time, shall not give within
                           ten days such assurance of cure as shall be
                           reasonably satisfactory to the Issuer);

                                    (ii) a court having jurisdiction in the
                           premises shall enter a decree or order for relief,
                           and such decree or order shall not have been vacated
                           within 60 days, in respect of the Administrator in
                           any involuntary case under any applicable bankruptcy,
                           insolvency or other similar law now or hereafter in
                           effect or appoint a receiver, liquidator, assignee,
                           custodian, trustee, sequestrator or similar official
                           for the Administrator or any substantial part of its
                           property or order the winding-up or liquidation of
                           its affairs; or

                                    (iii) the Administrator shall commence a
                           voluntary case under any applicable bankruptcy,
                           insolvency or other similar law now or hereafter in
                           effect, shall consent to the entry of an order for
                           relief in an involuntary case under any such law, or
                           shall consent to the appointment of a receiver,
                           liquidator, assignee, trustee, custodian,
                           sequestrator or similar official for the
                           Administrator or any substantial part of its
                           property, shall consent to the taking of possession
                           by any such official of any substantial part of its
                           property, shall make any general assignment for the
                           benefit of creditors or shall fail generally to pay
                           its debts as they become due;

                  The Administrator agrees that if any of the events specified
in clauses (ii) or (iii) of this Section shall occur, it shall give written
notice thereof to the Owner Trustee and the Indenture Trustee within seven days
after the happening of such event.

                  (e) No resignation or removal of the Administrator pursuant to
this Section shall be effective until (i) a successor Administrator shall have
been appointed by the Issuer (with the consent of the Owner Trustee) and (ii)
such successor Administrator shall have agreed in writing to be bound by the
terms of this Agreement in the same manner as the Administrator is bound
hereunder.

                  (f) The appointment of any successor Administrator shall be
effective only after the Rating Agency, after having been given 10 days' prior
notice of such proposed appointment, shall have declared in writing that such
appointment will not result in a reduction or withdrawal of the then current
rating of the Bonds.

                  9. ACTION UPON TERMINATION, RESIGNATION OR REMOVAL. Promptly
upon the effective date of termination of this Agreement pursuant to Section
8(a) of this Agreement or the resignation or removal of the Administrator
pursuant to Section 8(b) or (c) of this Agreement, respectively, the
Administrator shall be entitled to be paid all fees and reimbursable expenses
accruing to it to the date of such termination, resignation or removal. The
Administrator shall forthwith upon such termination pursuant to Section 8(a) of
this Agreement deliver to the Issuer all property and documents of or relating
to the Collateral then in the custody of the Administrator. In the event of the
resignation or removal of the Administrator pursuant to Section 8(b) or (c) of
this Agreement, respectively, the Administrator shall cooperate with the Issuer
and take all reasonable steps requested to assist the Issuer in making an
orderly transfer of the duties of the Administrator.

                  10. NOTICES. Any notice, report or other communication given
hereunder shall be in writing and addressed as follows:

<PAGE>

         (a) If to the Issuer, to:

                  The National Collegiate Trust 1996-S2
                  c/o Delaware Trust Capital Management, Inc.
                  900 Market Street
                  Wilmington, DE  19801

         (b) If to the Administrator, to:

                  First Marblehead Data Services Inc.
                  237 Park Avenue
                  New York, NY  10017
                  Attention: Mr. Stephen Anbinder

         (c) If to the Indenture Trustee, to:

                  State Street Bank and Trust Company
                  Corporate Trust Department
                  225 Franklin Street
                  Boston, MA  02110
                  Attention: Ms. Patricia DiCarlo

         (d) If to the Owner Trustee, to:

                     Delaware Trust Capital Management, Inc.
                  900 Market Street
                  Wilmington, DE  19801
                  Attention:  Mr. Richard N. Smith

or to such other address as any party shall have provided to the other parties
in writing. Any notice required to be in writing hereunder shall be deemed given
if such notice is mailed by certified mail, postage prepaid, or hand-delivered
to the address of such party as provided above.

                  11. AMENDMENTS. (a) This Agreement may be amended from time to
time by the parties hereto as specified in this Section, provided that any
amendment be accompanied by the written consent of the Owner Trustee and an
Opinion of Counsel to the Indenture Trustee to the effect that such amendment
complies with the provisions of this Section.

                  (b) If the purpose of the amendment (as detailed therein) is
to correct any mistake, eliminate any inconsistency, cure any ambiguity or deal
with any matter not covered (i.e., to give effect to the intent of the parties
and, if applicable, to the expectations of the Bondholders), it shall not be
necessary to obtain the consent of any Bondholder, but the Indenture Trustee
shall be furnished with a letter from the Rating Agency that the amendment will
not result in the downgrading or withdrawal of the rating then assigned to the
Bonds.

                  (c) If the purpose of the amendment is to prevent the
imposition of any federal or state taxes at any time that the Bonds are
outstanding (i.e., technical in nature), it shall not be necessary to obtain the
consent of any Bondholder, but the Indenture Trustee shall be furnished with an
Opinion of Counsel from counsel to the Issuer that such amendment is necessary
or helpful to prevent the imposition of such taxes and is not materially adverse
to any Bondholder.

                  (d) If the purpose of the amendment is to add or eliminate or
change any provision of the Agreement other than as contemplated in (b) and (c)
above, the amendment shall require the consent of the Rating Agency; PROVIDED,
HOWEVER, that no such amendment shall reduce in any manner the amount of, or
delay the timing of, payments received that are required to be distributed on
the Bonds without the consent of the related Bondholder, as applicable.

                  (e) It shall not be necessary for the consent of the Rating
Agency to approve the particular form of any proposed amendment, but it shall be
sufficient if such consent approves the substance thereof.

                  12. SUCCESSORS AND ASSIGNS. This Agreement may not be assigned
by the Administrator unless such assignment is previously consented to in
writing by the Issuer, the Owner Trustee and the Indenture Trustee and unless
the Rating Agency, after having been given 10 days' prior notice of such
assignment, shall have declared in writing that such assignment will not result
in a reduction or withdrawal of the then current rating of the Bonds. An
assignment with such consent and satisfaction, if accepted by the assignee,
shall bind the assignee hereunder in the same manner as the Administrator is
bound hereunder. Notwithstanding the foregoing, this Agreement may be assigned
by the Administrator without the consent of the Issuer or the Owner Trustee to a
corporation or other organization that is a successor (by merger, consolidation
or purchase of assets) to the Administrator; PROVIDED that such successor
organization executes and delivers to the Issuer, the Owner Trustee and the
Indenture Trustee an agreement in which such corporation or other organization
agrees to be bound hereunder by the terms of said assignment in the same manner
as the Administrator is bound hereunder. Subject to the foregoing, this
Agreement shall bind any such permitted successors or assigns of the parties
hereto.

                  13. GOVERNING LAW. THIS AGREEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS
CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE
PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

                  14. HEADINGS. The section headings hereof have been inserted
for convenience of reference only and shall not be construed to affect the
meaning, construction or effect of this Agreement.

                  15. COUNTERPARTS. This Agreement may be executed in
counterparts, each of which when so executed shall together constitute but one
and the same agreement.

                  16. SEVERABILITY. Any provision of this Agreement that is
prohibited or unenforceable in any jurisdiction shall be ineffective to the
extent of such prohibition or unenforceability without invalidating the
remaining provisions hereof and any such prohibition or unenforceability in any
jurisdiction shall not invalidate or render unenforceable such provision in any
other jurisdiction.

                  17. LIMITATION OF LIABILITY OF OWNER TRUSTEE. Notwithstanding
anything contained herein to the contrary, this instrument has been executed by
Delaware Trust Capital Management, Inc., not in its individual capacity but
solely in its capacity as Owner Trustee of the Issuer, and in no event shall
Delaware Trust Capital Management, Inc. in its individual capacity or any
beneficial owner of the Issuer have any liability for the representations,
warranties, covenants, agreements or other obligations of the Issuer hereunder,
as to all of which recourse shall be had solely to the assets of the Issuer. For
all purposes of this Agreement, in the performance of any duties or obligations
of the Issuer hereunder, the Owner Trustee shall be subject to, and entitled to
the benefits of, the terms and provisions of Articles VIII, IX and X of the
Trust Agreement.

                                 * * * * * * * *
<PAGE>

                  IN WITNESS WHEREOF, the parties have caused this Agreement to
be duly executed and delivered as of the day and year first above written.

                                THE NATIONAL COLLEGIATE TRUST 1996-S2

                                By:      DELAWARE TRUST CAPITAL
                                         MANAGEMENT, INC., not in its
                                         individual capacity but solely as Owner
                                         Trustee

                                By: /s/ Richard N. Smith
                                    -----------------------------------
                                Name:  Richard N. Smith
                                Title: Vice President

                                DELAWARE TRUST CAPITAL
                                MANAGEMENT, INC.

                                By: /s/ Richard N. Smith
                                    -----------------------------------
                                Name:  Richard N. Smith
                                Title: Vice President

                                STATE STREET BANK AND TRUST
                                COMPANY

                                By: /s/ Karen R. Beard
                                    -----------------------------------
                                Name:  Karen R. Beard
                                Title: Assistant Vice President

                                FIRST MARBLEHEAD DATA SERVICES INC.

                                By: /s/ Stephen Anbinder
                                    -----------------------------------
                                Name:  Stephen Anbinder
                                Title: President

<PAGE>

                                    EXHIBIT A

                                POWER OF ATTORNEY

STATE OF NEW YORK                   )
                                    )
COUNTY OF NEW YORK                  )

                  KNOW ALL MEN BY THESE PRESENTS, that The National Collegiate
Trust 1996-S2 (the "Issuer"), does hereby make, constitute and appoint First
Marblehead Data Services Inc., as administrator under the Administration
Agreement dated as of November 1, 1996 (the "Administration Agreement"), among
the Issuer, State Street Bank and Trust Company, as Indenture Trustee, and First
Marblehead Data Services Inc., as Administrator, as the same may be amended from
time to time, and its agents and attorneys, as Attorneys-in-Fact to execute on
behalf of the Issuer all such documents, reports, filings, instruments,
certificates and opinions as it shall be the duty of the Issuer to prepare, file
or deliver pursuant to the Trust Related Agreements, including, without
limitation, to appear for and represent the Issuer in connection with the
preparation, filing and audit of federal, state and local tax returns pertaining
to the Issuer, and with full power to perform any and all acts associated with
such returns and audits that the Issuer could perform, including without
limitation, the right to distribute and receive confidential information, defend
and assert positions in response to audits, initiate and defend litigation, and
to execute waivers of restrictions on assessments of deficiencies, consents to
the extension of any statutory or regulatory time limit, and settlements.

All powers of attorney for this purpose heretofore filed or executed by the
Issuer are hereby revoked.

Capitalized terms that are used and not otherwise defined herein shall have the
meanings ascribed thereto in the Administration Agreement.

EXECUTED this ___ day of ________, 1996.

                               THE NATIONAL COLLEGIATE TRUST 1996-S2

                               By:      DELAWARE TRUST CAPITAL
                                        MANAGEMENT, INC., not in its individual
                                        capacity but solely as Owner Trustee

                               By:________________________________________
                               Name:
                               Title:

<PAGE>

                                   SCHEDULE A

                              DUTIES OF THE ISSUER
            PERFORMED BY THE ADMINISTRATOR UNDER THE TRUST AGREEMENT

         (A) Filing tax returns, reports and forms under Section 8.04.

         (B) Furnishing documents to the Owners under Section 9.02.

         (C) Filing a Certificate of Termination of the Trust upon termination
             pursuant to Section 11.01.

         (D) Appointing separate trustees under Section 12.02.

         (E) Obtaining execution by the Owners of any amendment to the Trust
             Agreement thereunder.

              DUTIES OF THE ADMINISTRATOR UNDER THE TRUST AGREEMENT

         Interpreting and applying the provisions set forth in Article VII
         regarding allocations of Profit and Loss and Distributions of Net Cash
         Flow, resolving any ambiguities that may result from such application
         and providing the Owners with clarification of any provisions.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00105-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00105-of-00352.parquet"}]]