Document:

Exhibit
10.11

Confidential Materials omitted and filed
separately with the 

Securities and Exchange Commission. 
Asterisks denote omissions.

START
EDUCATION LOAN PROGRAM

MARKETING
COORDINATION AGREEMENT

among

CHARTER
ONE BANK, N.A.

and

THE FIRST MARBLEHEAD CORPORATION

This
MARKETING COORDINATION AGREEMENT (this “Agreement”) is entered into by and
between Charter One Bank, N.A., a national banking association organized under
the laws of the United States having an office at 1215 Superior Avenue,
Cleveland, Ohio 44114 (“Lender”) and The First Marblehead Corporation, a
Delaware corporation having a principal place of business at 800 Boylston St.,
34th Floor, Boston, Massachusetts 02199 (“Program
Manager”).  This Agreement is dated as of
April 26, 2005.

W I T N E S S E T H

WHEREAS,
the parties desire that Program Manager coordinate the design, development, and
testing of direct and mass marketing strategies for the Start Education Loan
Program; and

WHEREAS,
the parties desire to test the re-branding of the Start Education Loan Program
and desire that Program Manager coordinate brand design and development as well
as marketing design and development for such new loan program(s).

NOW, THEREFORE, in
consideration of the mutual promises contained herein and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged by the parties, it is hereby agreed as follows:

Section 1:               DEFINITIONS.  Capitalized terms used herein without
definition shall have the meaning assigned to them in that certain Note
Purchase Agreement between Lender and Program Manager dated March 25, 2004.

1.01                        “Advertising
Firm” has the meaning assigned in Section 2.01(a).

1.02                        “Applicable
Law” means all laws, rules and regulations of the United States or the Commonwealth
of Massachusetts.

1.03                        “Customer” means any individual who
applies to Lender for and/or obtains from Lender a consumer-purpose financial
product or service.

1.04                        “Customer Information” means (A) “nonpublic personal
information” as such term is defined in the Privacy Requirements (as defined
below); and (B) any personally identifiable information or records in any form
(oral, written, graphic, electronic, machine-readable, or otherwise) relating
to a Customer, including, but not limited to: a Customer’s name, address,
telephone number, account number, loan payment or

 1
 

transactional account
history, account status; and the fact that the Customer has a relationship with
Lender; provided however that De-identified Customer Information is
Proprietary Information.

1.05                        “Damages” means any and all assessments,
judgments, claims, liabilities, losses, costs, damages, or expenses, including,
but not limited to, interest, penalties, and reasonable attorneys’ fees,
expenses, and disbursements in connection with an action, suit or proceeding.

1.06                        “De-identified
Customer Information” means Customer Information that has had all personal
information, such as name, social security number, or address, which might
allow a user to match data to a specific individual, removed. De-identified
Customer Information is Proprietary Information.

1.07                        “EB Loans”
or “Experimental Brand Loans” are Non-Referral Start Loans, with the exception
that the loans are marketed and branded under a different name pursuant to
Section 2.02.

1.08                        “EB Program
Plan” has the meaning assigned in Section 2.02(b).

1.09                        “FindTuition
Start Loans” shall mean Start Education Loans marketed by CAREERBUILDER, LLC,
d/b/a FINDTUITION.COM (“FindTuition”) pursuant to that certain Services
Agreement by and among the parties and FindTuition dated April 1, 2005 (the “Services
Agreement”).  Any provisions set forth
herein relating to FindTuition Start Loans, including, without limitation, the [**],
shall only be effective if, as and when the First Amendment to Note Purchase
Agreement and the Services Agreement have each been executed by the parties;
otherwise, any reference to such term shall be disregarded for purposes of this
Agreement.

1.10                        “First Amendment
to Note Purchase Agreement” means the first amendment to the Note Purchase
Agreement executed by and among the parties dated March 1, 2005.

1.11                        “Information Security Program” means written policies and procedures
adopted and maintained to (A) ensure the security and confidentiality of
Customer Information; (B) protect against any anticipated threats or
hazards to the security or integrity of the Customer Information; and (C)
protect against unauthorized access to or use of the Customer Information that
could result in substantial harm or inconvenience to any Customer.

1.12                        “Initial
Term” has the meaning assigned in Section 7.01.

1.13                        “Initial
Vendors” means the Vendors approved by Lender upon execution of this Agreement
to act as Advertising Firms, Marketers, Service Providers or any combination
thereof, which are set forth in Exhibit A attached hereto.

1.14                        “Marketer”
has the meaning assigned in Section 2.01(a).

1.15                        “Marketing
Materials” means all promotional material prepared pursuant to the Start
Program Plan (as defined below) or the EB Program Plan (as defined below),
including

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without limitation
printed materials, brochures, media script, television and radio content,
telemarketing scripts, fliers, inserts and any web sites or web pages promoting
Non-referral Start Loans and EB Loans.

1.16                        “Non-Referral
Start Loans” are Start Education Loans not marketed by a Referral Marketer (as
defined in the Wholesale Marketing Agreement) and for which no marketing fee is
due to a Referral Marketer under a Referral Marketing Agreement.

1.17                        “Privacy Requirements” means (A) Title V of the
Gramm-Leach-Bliley Act, 15 U.S.C. 6801 et seq.; (B) federal regulations implementing such act
and codified at 12 CFR Parts 40, 216, 332, and 573; (C) Interagency Guidelines Establishing
Standards For Safeguarding Customer Information and codified at 12 C.F.R. Parts
30, 208, 211, 225, 263, 308, 364, 568, and 570; and (D) other applicable
federal, state and local laws, rules, regulations, and orders relating to the
privacy and security of Customer Information.

1.18                        “Program
Agreements” means the following:

·                  Note
Purchase Agreement between Lender and Program Manager of March 25, 2004, as
amended (“Note Purchase Agreement”);

·                  Security
Agreement between Lender and TERI of March 25, 2004 (“Security Agreement”);

·                  Control
Agreement between Lender and Program Manager of March 25, 2004 (“Control
Agreement”);

·                  Loan
Origination Agreement between Lender and TERI of March 25, 2004 (“Loan
Origination Agreement”);

·                  Guaranty
Agreement between the Lender and TERI, as guarantor, of March 25, 2004 as
amended (“Guaranty Agreement”); and,

·                  Wholesale
Marketing Agreement between the Lender and Program Manager of October 23, 2004,
as amended (“Wholesale Marketing Agreement”).

1.19                        “Program
Loans” shall mean Start Education Loans and EB Loans.

1.20                        “Proprietary
Information” shall mean information that a party receives during the course of
and/or in connection with the performance of this Agreement (the receiving
party hereinafter called the “Receiver”) that is a trade secret of the
disclosing party (the party making the disclosure being hereinafter called the “Disclosing
Party”) or is information which (a) is not generally ascertainable from public
or published information, (b) provides the Disclosing Party with a competitive
business advantage, and (c) if disclosed by the Receiver might cause
competitive harm or otherwise adversely impact the interests of the Disclosing
Party, including without limitation, any of the same relating to or owned by any
subsidiary or affiliate of the Disclosing Party; provided however that
Proprietary Information shall specifically exclude Customer Information.  Proprietary Information shall include without
limitation De-identified Customer Information, and any information derived
from, based on, or incorporating De-identified Customer Information, financial
statements, costs and expense data, default and recovery statistics, loan
program parameters, risk management strategies, information concerning
operations and sales information.

1.21                        “Securitization
Transaction” shall have the meaning assigned in the Note Purchase Agreement.

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1.22                        “Service
Mark” means all service marks set forth on Exhibit B attached hereto and any
other mark or brand designated by Program Manager in writing as a test mark to
be used in the EB Loan Program.

1.23                        “Service
Provider” has the meaning assigned in Section 2.01(a).

1.24                           “Start
Education Loans” means Start Education loans made by Lender conforming to the
Program Guidelines, attached to the Guaranty Agreement, as the same may be
amended from time to time (“Program Guidelines”).

1.25                        “Start
Program Plan” has the meaning assigned in Section 2.01(b).

1.26                        “Vendors”
means Advertising Firms, Marketers and Service Providers retained by Program
Manager pursuant to this Agreement, to market EB Loans and Non-Referral Start
Loans.

1.27                        “Work
Product” means all deliverables, materials, software, flowcharts, ideas,
concepts, designs, ad copy, and reports or other analyses which relate to the
Start Program Plan (defined below) or the EB Program Plan (defined below),
which are learned, developed or delivered during the course of and/or in
connection with the performance of this Agreement.

Section
2:                                            COORDINATION
SERVICES

2.01                        Non-Referral
Start Loans. 

(a)                                  Vendors.

(i)                                     In
furtherance of its efforts to locate effective marketing outlets for the Start
Education Loan Program, Lender hereby authorizes and directs Program Manager to
select and retain at Program Manager’s sole cost and expense, subject to Lender
approval as provided herein, one or more expert marketing firms to: (A) prepare
content and strategies for mass marketing (such as television and radio) and
direct marketing (such as telemarketing and web-based marketing) with respect
to the loan program (such vendors collectively “Advertising Firms”) and (B)
implement and administer all consumer contact in accordance with such content
and strategies (such vendors collectively “Marketers”).

Program Manager shall not
retain any Advertising Firm or Marketer without first providing to Lender at
least ten (10) days advance written notice of the identity, qualifications, and
general proposed activities of such Advertising Firm or Marketer.  In the case of any Marketer, Program Manager
shall also provide with such notice specific information on how and where
Marketer will conduct its marketing activities, how each prospective Customer
will be directed to TERI for the purpose of initiating a loan application, and
what, if any, Customer information will be collected by Marketer in connection
with Marketer’s marketing activities. 
Lender may object to the selection of such proposed Advertising Firm or
Marketer during said ten (10) day period, in which case Program Manager shall
meet with Lender to discuss Lender’s objections and will not retain such
Advertising Firm or Marketer without Lender’s written consent. If

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Lender does not object
within the ten (10) day period, Lender shall be deemed to have approved such
proposed Advertising Firm or Marketer for all purposes disclosed to Lender in
the applicable notice from Program Manager.

(ii)           In addition, Lender
hereby authorizes Program Manager to locate and retain one or more firms to
provide ministerial services and production commodities in connection with
services received from Advertising Firms and Marketers under this Agreement,
including without limitation the provision of media commodities, electronic
provision of a web-hosting environment, printing, letter shop, data processing,
broadcast production and editing services (such vendors collectively “Service
Providers”).

(b)                                 Test
Marketing.  Program Manager will
oversee the design and development of test marketing campaigns, and, based upon
the results of such research, coordinate more broad-based campaigns (such
services collectively “the Start Program Plan”). The purpose of the Start
Program Plan shall be to test the efficacy of the media channels, placement,
messaging and offers involved in promoting the Start Education Loan Program.

(c)                                  Marketing
Material Compliance. Program Manager covenants that it will use its best
efforts to cause all Marketing Materials developed pursuant to the Start
Program Plan to comply with Applicable Law and to fairly and accurately present
the Start Education Loans.  Program
Manager shall submit all Marketing Materials to Lender for approval in
accordance with Section 4.02(c). To the extent that content templates are
prepared, Program Manager shall submit templates of Marketing Materials to
Lender for approval in accordance with Section 4.02(c) and Program Manager may
then direct the use of Lender-approved templates without the need to seek
re-approval from Lender.

(d)                                 Program
Manager Research; Ownership.  In
consideration of Program Manager’s payment of the costs associated with the
Start Program Plan, Program Manager shall own all right, title and interest in
and to all Work Product. Work Product shall  not constitute a “work
made for hire” as that term is defined in the Copyright Act.  Program Manager may use Work Product for any
lawful purpose, including without limitation, in support of other loan
programs. Program Manager hereby grants Lender and its affiliates a
nontransferable, nonexclusive license to use Work Product.  Program Manager may revoke this license at
any time and this license shall terminate upon termination or expiration of
this Agreement. Neither Work Product, nor any rights hereunder, may be
transferred, assigned, leased or sub-licensed in whole or in part by Lender
without Program Manager’s prior written consent.

Lender agrees to
cooperate with Program Manager in the protection of any intellectual property
rights that may derive as a result of services performed or Work Product
delivered under the terms of this Agreement. 
Lender agrees to provide reasonable assistance and to execute,
acknowledge and deliver all documents reasonably requested by Program Manager
in the establishment, publication, preservation, protection and enforcement of
its rights in such Work Product.

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2.02                           Experimental
Brand Loan Program

(a)           Vendors.

(i)            In furtherance of its
efforts to locate effective marketing outlets for education loans, Lender
hereby authorizes and directs Program Manager to select and retain at Program
Manager’s sole cost and expense, subject to Lender approval as provided herein,
one or more Advertising Firms to prepare content and strategies for mass
marketing (such as television and radio) and direct marketing (such as
telemarketing and web-based marketing) with respect to the loan program and one
or more Marketers to implement and administer all consumer contact in
accordance with such content and strategies.

Program Manager shall not
retain any Advertising Firm or Marketer without first providing to Lender at
least ten (10) days advance written notice of the identity, qualifications, and
general proposed activities of such Advertising Firm or Marketer.  In the case of any Marketer, Program Manager
shall also provide with such notice specific information on how and where
Marketer will conduct its marketing activities, how each prospective Customer
will be directed to TERI for the purpose of initiating a loan application, and
what, if any, Customer information will be collected by Marketer in connection
with Marketer’s marketing activities. 
Lender may object to the selection of such proposed Advertising Firm or
Marketer during said ten (10) day period, in which case Program Manager shall
meet with Lender to discuss Lender’s objections and will not retain such
Advertising Firm or Marketer without Lender’s written consent. If Lender does
not object within the ten (10) day period, Lender shall be deemed to have
approved such proposed Advertising Firm or Marketer for all purposes disclosed
to Lender in the applicable notice from Program Manager.

(ii)           In addition, Lender
hereby authorizes Program Manager to locate and retain Service Providers to
provide ministerial services and production commodities as necessary in
connection with services received from Advertising Firms and Marketers under
this Agreement, including without limitation the provision of media
commodities, electronic provision of a web-hosting environment, printing,
letter shop, data processing, broadcast production and editing services.

(b)                                 Test
Marketing.  Program Manager will
oversee the design and development of test brands and test marketing campaigns,
and, based upon the results of such research, coordinate more broad-based
campaigns (such services collectively “the EB Program Plan”). The purpose of
the EB Program Plan shall be to test the efficacy of brands and media channels,
placement messaging and offers in promoting education loan products.

(c)                                  Marketing
Material Compliance. Program Manager covenants that it will use its best
efforts to cause all Marketing Materials developed pursuant to the EB Program
Plan to comply with Applicable Law and to fairly and accurately present the EB
Loans.  Program Manager shall submit all
Marketing Materials to Lender for approval in accordance with Section 4.02(c).
To the extent that content templates are prepared, Program Manager shall submit
templates of Marketing

 6
 

Materials to Lender for
approval in accordance with Section 4.02(c) and Program Manager may then direct
the use of Lender-approved templates without the need to seek re-approval from
Lender. Program Manager may submit proposed changes to the templates as needed.

(d)                                 Program
Manager Research; Ownership.  In
consideration of Program Manager’s payment of the costs associated with the EB
Program Plan, Program Manager shall own all right, title and interest,
including all copyright and proprietary rights, in and to all Work Product,
including without limitation any and all trademarks developed pursuant to the
EB Program Plan.  Work Product shall
not constitute a “work made for hire” as that term is defined in the
Copyright Act.  Program Manager may use
Work Product for any lawful purpose, including without limitation, in support
of other loan programs. Program Manager hereby grants Lender and its affiliates
a nontransferable, nonexclusive license to use Work Product.  Program Manager may revoke this license at
any time and this license shall terminate upon termination or expiration of
this Agreement. Neither Work Product, nor any rights hereunder, may be
transferred, assigned, leased or sub-licensed by Lender in whole or in part
without Program Manager’s prior written consent.

Lender agrees to
cooperate with Program Manager in the protection of any intellectual property
rights that may derive as a result of services performed or Work Product
delivered under the terms of this Agreement. 
Lender agrees to provide reasonable assistance and to execute,
acknowledge and deliver all documents reasonably requested by Program Manager
in the establishment, publication, preservation, protection and enforcement of
its rights in such Work Product.

2.03                        Follow
Up Marketing.  Program Manager may
perform any additional services on behalf of Lender as agreed in writing by
Lender and Program Manager.

2.04                        Analytical
Work Product.   Program Manager shall
use the data collected in activities conducted under sections 2.01, 2.02 and
2.03 of this Agreement to prepare analytical Work Product with respect to the
results of those activities, including, without limitation, reports or studies
regarding marketing trends, the effectiveness of content and media and of techniques
for utilizing each of these. Such reports or studies may include comparative
analyses of the capacity of experimental marketing techniques to reach
customers not found through customary means (e.g., compare television
responders to purchased target marketing direct mail lists).  Program Manager shall use any and all
applicant and customer data collected in the activities described in sections
2.01, 2.02 and 2.03 for such purposes, subject in all cases to the confidentiality
and data security provisions of this Agreement.

2.05                           Consideration.  As consideration for services performed by
Program Manager under this Agreement, Program Manager shall be paid an annual
fee payable in periodic installments, which shall become due concurrent with
the closing of each Securitization Transaction. Such fee shall represent the
recoupment of Program Manager’s overhead and expenses related to this Agreement
and shall be payable through an assignment of a portion of Lender’s rights to
the amounts set forth in: (i) Section 2.04 of the Note Purchase Agreement in
subsection (e) of the paragraph that defines “Minimum Purchase

 7
 

Price”
for Start Program Loans (as set forth in the Note Purchase Agreement and as may
be hereafter amended, the “Fee Provision”) and (ii) Section 2.04 of the Note
Purchase Agreement in subsection (e) of the paragraph that defines “Minimum
Purchase Price” for [**] Start Loans (as most recently set forth in the First
Amendment to Note Purchase Agreement and as may be hereafter amended, the “[**]
Fee Provision”)

In
accordance therewith, Lender hereby assigns to Program Manager all right title
and interest in those portions of the sums due under the Fee Provision and the [**]
Fee Provision that are calculated as follows for each Securitization
Transaction:

(a)                                  [**]
sums due under the Fee Provision which relate to Non-Referral Start Loans (“S1”)
minus [**] percent ([**]%) of the total principal of all Non-Referral Start
Loans being transferred (“T1”), which is otherwise stated as [**]; and,

(b)                                 [**]
sums due under the [**] Fee Provision (“S2”) minus [**] percent ([**]%) of the
total principal of all [**] Start Loans being transferred (“T2”), which is
otherwise stated at [**].

This
assignment shall survive termination of this Agreement. Payments under this
Section 2.05 are the sole consideration earned by or payable to Program
Manager from Lender for its services under this Agreement.

2.06                           Intellectual
Property Development.  Program Manager
shall be responsible for obtaining and evaluating trademark conflict searches,
as well as preparing and filing trademark applications at it own cost and
expense.

Section 3:               SERVICE MARK
LICENSE

3.01                           Service
Mark License.  Program Manager hereby
grants to Lender a limited, nonexclusive license to use the Service Mark.  This license is limited to uses to market
loans pursuant to this Agreement and the Program Agreements. Program Manager
may revoke this license at any time and this license shall terminate upon
termination or expiration of this Agreement.

Section 4:
              COVENANTS 

4.01                        Covenants
of Program Manager.  In furtherance
of and in order to effectuate the foregoing, Program Manager agrees and
warrants that:

(a)                                  Program
Manager shall be responsible for coordinating the Start Program Plan and the EB
Program Plan, including without limitation the development of advertising ideas
and programs, and the design and preparation of the advertisements.

(b)                                 All
Marketing Materials prepared pursuant to this Agreement shall be subject to
Lender’s expedited prior review and approval process pursuant to Section
4.02(c); provided, however, that Program Manager may direct the use of
Lender-approved templates without the need to seek re-approval from Lender.

 8
 

(c)                                  Advertisements
prepared pursuant to this Agreement shall not infringe any copyright, trademark
or other proprietary right of any third party and will not defame, or invade
the rights of privacy or publicity of any kind of, any third party.

(d)                                 Program
Manager shall enter into appropriate contracts with all Vendors. Such contracts
shall require that any marketing to prospective Customers, including but not
limited to telemarketing, be conducted in the name of Lender and comply with
all marketing procedures developed by Program Manager and approved by Lender.
In addition, any such contracts shall contain, without limitation, the
following provisions for the benefit of Program Manager and Lender:

(i)                                     Restrictions
on Customer Information in full conformity with Program Manager’s obligations
under Section 10 of this Agreement.

(ii)                                  Vendor
management provisions in full conformity with Program Manager’s obligations
under Section 11 of this Agreement.

(iii)                               Remedies
available to Program Manager and Lender to enforce the foregoing, including
without limitation equitable remedies to enforce obligations arising under
Sections 9, 10, and 11 below.

(iv)                              Compensation
provisions requiring that payment for all marketing to prospective Customers,
if any, be compensated on a flat fee hourly basis, or other basis not tied to
specific transactions.

(v)                                 Representations
and warranties that the Vendor is duly qualified to do business and is in good
standing (or is exempt from any requirements to so qualify) and has obtained
all necessary licenses and approvals from any government authority within any
jurisdiction that requires such qualification, license or approval
(collectively the “Government Approvals”), except where the failure to obtain
such Government Approvals would not have a material adverse effect on the
Vendor’s ability to perform its obligations under such contract, nor a material
adverse effect on Lender, Program Manager, or the Program Loans

(vi)                              A
requirement that an opinion of Vendor’s outside counsel for the benefit of
Program Manager and Lender be provided, in form and substance satisfactory to
counsel for Program Manager and Lender, to the effect that Vendor has all
Governmental Approvals necessary or appropriate for its performance of all of
its obligations under such agreement, other than those Governmental Approvals
the absence of which would not have a material adverse effect on the Vendor’s
ability to perform its obligations under such contract, nor a material adverse
effect on Lender, Program Manager, or the Program Loans.

(vii)                           Such
other provisions as Lender may reasonably request for its protection as a
third-party beneficiary of such contract. 
Program Manager shall not enter into any such contract without first
providing to Lender at least ten (10) days advance written notice of Program
Manager’s intention to enter into such contract, together with a copy of the
proposed form of the

 9
 

contract.  Lender may object to the form of the contract
during said ten (10) day period, in which case Program Manager shall meet with
Lender to discuss Lender’s objections and will not execute such contract
without Lender’s written consent. If Lender does not object within the ten (10)
day period, Lender shall be deemed to have approved such proposed contract in
the form provided to Lender in the applicable notice from Program Manager.

The provisions of
subsections 4.01(d)(vi) and (vii) shall not apply to contracts with the Initial
Vendors, each of whom have been approved by Lender upon execution of this
Agreement. Program Manager has provided copies of preexisting Agreements with [**]
to Lender.  The remaining three Initial
Vendors are Advertising Firms whose activities are clearly not licensable and
whose agreements are in substantially final form. Program Manager shall provide
copies of such agreements to Lender upon execution.

4.02                        Covenants
of Lender.  In furtherance of and in
order to effectuate the foregoing, Lender agrees that:

(a)                                  Lender
shall fund all Non-Referral Start Conforming Loans and all Experimental Brand
Conforming Loans pursuant to its obligations under the Start Education Loan
Program Agreements.

(b)                                 Lender
hereby authorizes Program Manager as its agent, to the extent permitted by
applicable law, to use data collected from both Start Education Loan
applications and inquiries and EB Loan applications and inquiries to conduct
further marketing research, including but not limited to retaining sources of
customer lists to compare such lists with data obtained from such inquiries.
Any disclosure to third parties of test results, reports, analyses and copies
of advertisements shall delete any reference to the Lender and any Customer
Information, and Program Manager shall not refer to Lender in future use of
such material without the Lender’s express written consent.

(c)                                  Lender
shall provide an expedited review and approval process for all Marketing
Materials submitted to it pursuant to this Agreement. Program Manager’s
marketing department and legal counsel shall use best efforts to cause all
Marketing Materials to comply with Applicable Law and the Start Education Loan
Program (the “Initial Review”). Thereafter, Program Manager will forward such
Marketing Materials along with opinion of legal counsel with respect to the
Initial Review to Lender and Lender shall review the same within two (2)
business days. Program Manager shall make all changes identified by Lender as
legally required, which changes Lender shall warrant to be in conformity with
Applicable Law and the Start Education Loan Program.

(d)                                 Lender
shall instruct TERI to cause its subcontractor First Marblehead Education
Resources, Inc. to provide Customer Information received in connection with
applications generated under this Agreement to Program Manager.

 10
 

Section
5:                                            REPRESENTATIONS
AND WARRANTIES.

5.01                        Representations
and Warranties of the Parties. 
Lender and Program Manager each hereby represents and warrants to the
other throughout the term of this Agreement that:

(a)                                  It is duly
organized and existing in good standing under the laws of its state of
incorporation (or in the case of Lender, under the laws of the United States)
and has, in all material respects, full power and authority to own its
properties and conduct its business as presently owned or conducted, and to
execute, deliver and perform its obligations in connection with this Agreement.

(b)                                 It is duly
qualified to do business and is in good standing (or is exempt from any
requirements to so qualify) and has used its best efforts to obtain all
necessary licenses and approvals from any government authority within any
jurisdiction that requires such qualification, license or approval, except
where the failure to qualify or obtain licenses or approvals would not have a
material adverse effect on its ability to perform its obligations under this
Agreement or upon the Non-Referral Start Loans or EB Program Loans.

(c)                                  The
execution, delivery and performance of this Agreement and the consummation of
the transactions provided for in this Agreement have been duly approved and
authorized by all necessary organizational action.  Each party acknowledges that this Agreement
constitutes a legal, valid and binding obligation, that is enforceable in
accordance with its terms, except that enforcement thereof may be limited by
receivership, conservatorship, bankruptcy, insolvency, reorganization,
moratorium or similar laws of general applicability relating to or affecting
creditors’ rights or general equity principles (regardless of whether such
matters are considered a proceeding in equity or at law) and the availability
of equitable remedies.

(d)                                 The
execution and delivery of this Agreement, the performance of the transactions
contemplated by this Agreement, and the fulfillment of the terms of this
Agreement will not conflict with, violate or result in any breach of any of the
terms and provisions of, or constitute (with or without notice or lapse of time
or both) a default under, any indenture, contract, agreement, mortgage, deed of
trust, or other instrument to which it is a party or by which it or any other
properties are bound which would have a material adverse effect on it’s ability
to exercise its rights or performance obligations hereunder.

(e)                                  As of the
date hereof, there are no proceedings or investigations pending, or to the best
of the knowledge of the party, threatened against it before any governmental
authority: (i) asserting the invalidity of this Agreement; (ii) seeking to
prevent the consummation of any of the transactions contemplated by this
Agreement; (iii) seeking any determination or ruling that, in reasonable
judgment, would both materially and adversely affect the exercise by the Party
of its rights or performance of its obligations under this Agreement; or (iv)
seeking any determination or ruling that would materially and adversely affect
the validity or enforceability of this Agreement.

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Section 6:               CONDITIONS ON
OBLIGATIONS

6.01                        Conditions
on Obligations Relating to FT.com. 
Any provisions set forth herein relating to FindTuition Start Loans,
including, without limitation, the [**], shall only be effective if, as and
when the First Amendment to Note Purchase Agreement and the Services Agreement
have each been executed by the parties; otherwise, any reference to such term
shall be disregarded for purposes of this Agreement.

Section 7:               TERM AND
TERMINATION.

7.01                        Term of
Agreement. 
Unless earlier terminated under 7.02, 7.03, 7.04, 7.05, or 7.06 of this
Agreement shall commence on the date set forth above and shall continue for a
period of one (1) year from the May 1st immediately succeeding the date set forth
above (the “Initial Term”).  Upon
conclusion of the Initial Term or any succeeding term, this Agreement shall
automatically renew for an additional one-year period on each May 1st; unless terminated by any party to this Agreement by
written notice to the other party given at least ninety (90) days prior to the
end of the then current term.

7.02                        For Cause
Termination. 
Either party to this Agreement may terminate this Agreement for cause
if:

(a)                                  A party to
this Agreement has breached any covenant, representation or warranty contained
in this Agreement and has failed to remedy such breach within thirty (30) days
after written notice from the non-breaching party specifying the breach and
demanding cure; or

(b)                                 Another
party to this Agreement shall be subject as a debtor in any bankruptcy,
insolvency or other similar proceeding (including, without limitation a
receivership conducted by a federal banking agency), which proceeding is not
dismissed within sixty (60) days after the filing thereof.

7.03                        Termination
of Program Agreements. 
Either party may immediately terminate this Agreement upon termination
of one or more of the Program Agreements.

7.04                        Termination
by Program Manager.   Program Manager may terminate this Agreement
by thirty (30) days written notice to Lender.

7.05        Termination due to
Change in Control.

(a)                                  In
the event that the Lender undergoes a Change in Control (as defined in
subsection (b) below), Lender shall notify Program Manager of the same in
writing promptly following the occurrence thereof.  In addition, Program Manager shall have the
right, exercisable by written notice to the Lender within one hundred eighty
(180) days following its receipt of such notice, to terminate the this
Agreement.  In the event that Lender
undergoes more than one Change of Control, Program Manager shall have the
foregoing rights with respect to each such event.

 12

(b)                                 For purposes
hereof, the term “Change in Control” shall mean: any of the following in one or
a series of transactions:  (1) the
acquisition by any other entity, individual or group (within the meaning of
Sections 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”) of beneficial ownership (as defined in Rule 13d-3
promulgated under the Exchange Act) of more than fifty percent (50%) of the
common stock and/or other securities which have more than fifty percent (50%)
of the combined voting power of the securities entitled to vote in the election
of directors; or (2) the sale of a material portion of the assets to any other
entity, individual or group; or (3) the reorganization, merger or consolidation
in which the shareholders immediately before such event will not immediately
thereafter own more than fifty percent (50%) of the combined voting power
entitled to vote in the election of directors of the reorganized, merged or
consolidated voting securities.

7.06                        Regulatory
Suspension. 
Program Manager may suspend its activities pursuant to this Agreement
immediately on written notice if it determines that continued activity
hereunder requires that it obtain a license, approval, or other governmental
consent the lack of which could have a material adverse effect upon Lender,
Program Manager, or the Start Education Loan Program.  Following receipt of such notice, Program
Manager shall have one hundred eighty (180) days to obtain such license,
approval or consent, and such suspension shall continue only so long as is
necessary to obtain such license, approval or consent.  During such one hundred eighty (180) day
period, Lender shall use commercially reasonable efforts to comply with Program
Manager’s reasonable requests relating to such license, approval or consent and
otherwise cooperate with Program Manager in Program Manager’s attempt to obtain
address such license, approval or consent. 
If such license, approval or consent is not obtained by the end of such
one hundred eighty (180) day period, this Agreement shall automatically
terminate.

7.07                        Effect of
Termination. 
Upon termination hereof, Lender shall cease all uses of the Service
Mark, which is the property of Program Manager. 
Lender’s nonexclusive license to use Work Product shall terminate.  Program Manager shall cease to coordinate and
pay for marketing services for loans funded by Bank.  Program Manager may continue to perform
coordination services on behalf of a new lender who has agreed to fund the
Start Education Loan Program, and Lender shall not interfere with Program
Manager’s efforts to arrange the same.

7.08                        Right
and Obligations Upon Termination; Survival. 
Termination of this Agreement shall not affect rights and obligations
accruing prior to the date of termination including without limitation the
provisions of Sections 2.01(d), 2.02(d), 2.04, 2.05, 3.01, 8, 9, and 10, all of
which shall survive termination.

Section 8:                                            REMEDIES

8.01                        Remedies
for Breach of Confidentiality Obligation.    The parties agree that any
breach or threatened breach of Section 9 (Confidentiality) of this Agreement by
the Receiver would cause not only financial harm, but irreparable harm to the
Disclosing Party; and that money damages will not provide an adequate remedy
for such harm.  In the event of a breach
or threatened breach of Section 9 of this Agreement by Receiver, the Disclosing
Party shall, in addition to any other rights and remedies it may have, be
entitled to an

 13
 

injunction (without the necessity of posting any bond
or surety) restraining the Receiver from disclosing or using, in whole or in
part, any Proprietary Information.

8.02                        Remedies
for Breach of Privacy and Security Obligations.  The parties agree that any breach or
threatened breach of Section 10 of this Agreement by Program Manager would
cause not only financial harm, but irreparable harm to Lender, and their
respective affiliates; and that money damages will not provide an adequate
remedy for such harm.  In the event of a
breach or threatened breach of Section 10 of this Agreement by Program Manager,
Lender shall, in addition to any other rights and remedies it may have, be
entitled to (i) terminate this Agreement and any and all other agreements
between Lender and Program Manager immediately; (ii) obtain equitable relief,
including, without limitation, an injunction (without the necessity of posting
any bond or surety) to restrain such breach; and (iii) pursue all other
remedies Lender may have at law or in equity.

Section 9:                                            GENERAL
CONFIDENTIALITY OBLIGATIONS

9.01                        [INTENTIONALLY
OMITTED]

9.02                        General
Confidentiality and Non-Disclosure Obligations; Exceptions.  The Receiver agrees to hold in confidence all
Proprietary Information disclosed to Receiver by the Disclosing Party, provided
that the following shall be excluded from the definition of Proprietary
Information for the purposes of this Agreement:

(a)                                  ideas
and information which, at the time of disclosure, are in the public domain or
which, after disclosure, become part of the public domain through publication or
otherwise through no fault of Receiver;

(b)                                 ideas
and information which Receiver can show are lawfully in its possession at the
time of disclosure and were not acquired, directly or indirectly, from the
Disclosing Party or any of its affiliates;

(c)                                  ideas
and information which are legitimately furnished to Receiver as a matter of
right and without a binder of confidentiality from a third party; or

(d)                                 ideas
and information developed independently and which Receiver can show by
contemporaneous records were developed without reference to Proprietary
Information received from the Disclosing Party or any of its affiliates.

9.03                        Specific
Confidentiality Requirements.  To
secure the confidentiality attaching to the Proprietary Information, Receiver
shall:

(a)                                  keep
all documents and any other material containing or incorporating any of the
Proprietary Information at the usual place of business of the Receiver, subject
to physical access restrictions acceptable to the Disclosing Party;

(b)                                 not
use, reproduce, transform or store any of the Proprietary Information in any
externally accessible computer or electronic information retrieval system
unless such computer or system is secure against unauthorized access;

 14
 

(c)                                  allow
access to the Proprietary Information exclusively to those employees of
Receiver who have a need to see and use it pursuant to this Agreement, and
shall inform each of said employees of the confidential nature of Proprietary
Information and of the obligations of Receiver in respect thereof;

(d)                                 make
copies of the Proprietary Information only to the extent that the same is
required for the purposes of this Agreement;

(e)                                  upon
termination of this Agreement, destroy all documents and other materials in the
possession, custody or control of Receiver that contain or incorporate any part
of the Proprietary Information; and,

(f)                                    if
requested by the Disclosing Party, cause any employee, representative, agent or
subcontractor of Receiver to enter into a non-disclosure agreement with the
Disclosing Party to protect Proprietary Information in a manner satisfactory to
the Disclosing Party.

9.04                        Procedures
for Security Breaches.  In the event
Receiver knows or reasonably believes that there has been any unauthorized
access (or attempted unauthorized access) to Proprietary Information in the
possession or control of Receiver that compromises (or threatens to compromise)
the security, confidentiality or integrity of such Proprietary Information,
Receiver shall take the following actions:

(a)                                  immediately
notify the Disclosing Party of such unauthorized access or attempted
unauthorized access;

(b)                                 take
reasonable steps to remedy the circumstances that permitted any such
unauthorized access to occur; and

(c)                                  take
reasonable steps to prohibit further disclosure of Proprietary Information.

9.05                        Exception
for Disclosure Under Legal Process. 
Receiver shall not be liable for the disclosure of any Proprietary
Information, if such disclosure is made pursuant to legal process; provided,
however, that Receiver shall exercise the same efforts to protect the
confidentiality of such Proprietary Information as it would for its own
confidential information pursuant to legal process, and shall make no such
disclosure without giving at least thirty (30) days, or a shorter period if
legally required when process is received, written notice to the Disclosing
Party, together with a copy of the legal process compelling any such
disclosure.

9.06                        Obligation
not to Use Proprietary Information. 
Receiver agrees that it will not, without the written permission of the
Disclosing Party, use Proprietary Information for any purpose other than
performance of its obligations under this Agreement, and agrees not to use,
copy or disclose, directly or indirectly, to any third party other than its
affiliates and professional advisors, if any, any Proprietary Information
without the prior written consent of the Disclosing Party.

9.07                        Intellectual
Property Rights.  In the event that
Proprietary Information is or becomes the subject of one or more patents,
copyrights or applications therefor, Receiver agrees and understands that the
Disclosing Party will have all the rights and remedies available to it

 15
 

as a result of such patents, copyrights or
applications.  This Agreement does not
constitute a license for development, manufacture or sale by Receiver of
products or services based on Proprietary Information or for use of Proprietary
Information by Receiver except as provided herein.

9.08                        Receiver
Obligations Following  Termination. 
In the event this Agreement is terminated for any reason, Receiver will:

(a)                                  promptly
return to Disclosing Party the original and all copies of all Proprietary
Information;

(b)                                 destroy
all notes and copies thereof made by Receiver’s officers, employees, counsel,
business advisers or agents containing Proprietary Information; and,

(c)                                  Upon
request by Disclosing Party, Receiver shall provide an officer’s certificate
from a senior officer of Receiver acceptable to the Disclosing Party which
includes a description of all materials returned and/or destroyed in accordance
with this Section 9.08, and certification that Receiver is in full compliance
with the terms of this Section 9.08.

Section
10:                                      PRIVACY AND SECURITY OF CUSTOMER INFORMATION UNDER GRAMM-LEACH-BLILEY ACT

10.01                  Privacy of
Customer Information Under Gramm-Leach-Bliley Act.

(a)                                  All
Customer Information in the possession of Program Manager, other than
information independently obtained by Program Manager and not derived in any
manner from information obtained under or in connection with this Agreement, is
and shall remain confidential and proprietary information of Lender.

(b)                                 Except in accordance with this Section 10.01
(b), Program Manager shall not disclose any Customer Information to any person
or entity, including, but not limited to, any of Program Manager’s employees,
agents, or contractors, or any third party which is not an Affiliate of Program
Manager.  Program Manager shall disclose
Customer Information only to the extent necessary to carry out Program Manager’s
express obligations under this Agreement, and for no other purpose.

(c)                                  If Program Manager proposes to disclose
Customer Information to any person or entity to assist Program Manager to
perform its duties under this Agreement, Program Manager shall first enter into
a written confidentiality agreement with such person or entity under which that
person or entity would be restricted from disclosing, using or duplicating such
Customer Information, except as contemplated under this Agreement.  Notwithstanding any such confidentiality
agreement, Program Manager shall remain liable to Lender for any failure of
such person or entity to comply with such confidentiality agreement.

(d)                                 If requested by Lender, any employee, representative, agent or
subcontractor of Program Manager shall enter into a non-disclosure agreement
with Lender to protect the Customer Information in a manner satisfactory to
Lender, and Program Manager’s agreements with such person shall contain such a
covenant.

 16
 

10.02                  Use Of Customer Information Under Gramm-Leach-Bliley Act.  Except in accordance with this
Section 10.02, Program Manager shall not use Customer Information for any
purpose, including but not limited to the marketing of products or services to,
or the solicitation of business from, Customers.  Program Manager may only use the Customer
Information to the extent necessary to carry out Program Manager’s express
obligations under this Agreement.

10.03                  Protection And Security Of
Customer Information Under Gramm-Leach-Bliley Act.

(a)                                  Program Manager shall maintain at all times
an Information Security Program.  Program
Manager shall provide Lender with a copy of its Information Security Program
upon request, and shall notify Program Manager of any changes to its Information
Security Program.

(b)                                 Program Manager shall assess, manage, and
control risks relating to the security and confidentiality of Customer
Information, and shall implement the standards relating to such risks in the
manner set forth in the Interagency Guidelines Establishing Standards for Safeguarding
Customer Information set forth in 12 CFR Parts 30, 208, 211, 225, 263, 308,
364, 568, and 570.

(c)                                  Without limiting the scope of the above, Program Manager shall use at
least the same physical and other security measures to protect all Customer Information
in Program Manager’s possession or control, as Program Manager uses for its own
confidential and proprietary information.

10.04                  Compliance
With Privacy Requirements. 
Program Manager shall comply with all applicable Privacy Requirements.

10.05                  Loan
Purchase.  Without limiting the
foregoing, Lender specifically agrees that, upon sale of Non-Referral Start
Education Loans or EB Loans in a Securitization Transaction pursuant to the
Program Agreements, Lender shall have no further interest in the customer
relationship with the borrowers thereunder (hereinafter the “Borrowers”) and
shall not use information obtained under this Agreement to solicit such
Borrowers for any purpose.  The foregoing
restrictions on solicitations applies only to use of information obtained
pursuant to this Agreement and the Program Agreements.  Lender shall not be restricted from utilizing
other sources of contact information for Borrowers, including, without
limitation, any other relationship such Borrowers may have with Lender or their
inclusion on a contact list purchased by Lender. Lender acknowledges that, upon
sale of Non-Referral Start Education Loans or EB Loans in a Securitization
Transaction pursuant to the Program Agreements, Program Manager shall have a
customer relationship with the Borrowers and restrictions upon Program Manager’s
use of Customer Information pursuant to this Section 10 shall no longer apply
with respect to such Borrowers.

 17
 

Section 11:                                      AUDIT
RIGHTS AND OBLIGATIONS

11.01                  General Audit
Rights.  Lender, its accountants,
auditors, representatives and any federal, state or local governmental or
quasi-governmental officials with regulatory authority over Lender or Lender’s
affiliates shall have the absolute right, at Lender’s expense, with reasonable
notice, at any time during or after the term of this Agreement:

(a)                                  to
audit, examine, and/or copy all books, records, documents, other writings,
information, whether in hard copies, electronic form or otherwise, relating to
services to be provided by Program Manager under this Agreement, at the
location(s) where Program Manager maintains such books, records, documents,
writings and information; and

(b)                                 to
conduct such other examinations, tests or investigations with respect to the
services to be provided under this Agreement as Lender may deem necessary or
desirable in Lender’s sole and absolute discretion, it being acknowledged and
agreed by Program Manager that Lender shall have full and unrestricted rights
of access at any time during normal business hours.

11.02                  Regulatory
Agency Requirements.  Program Manager
understands and acknowledges that Program Manager may be subject to examination
by any federal, state or local governmental or quasi-governmental officials
with regulatory authority over Lender and Lender’s affiliates.  Program Manager agrees to cooperate fully
with any examination or inquiry by any such officials or other regulatory body
or agency.  Program Manager further
acknowledges that Lender, as agent for regulated financial institutions, is
required to engage in ongoing oversight of its relationship with Program
Manager, including, but not limited to, reviewing Program Manager’s financial
conditions, compliance with privacy laws and regulations, insurance coverage,
and performance under this Agreement. Program Manager agrees to notify Lender
promptly in writing in the event it experiences any material adverse change,
including but not limited to, material financial difficulty, other catastrophic
event, material change in strategic goals, or significant staffing changes.

11.03                  Operational
Audits  Upon reasonable notice from
Lender, and subject to Program Manager’s reasonable security requirements,
Program Manager shall provide to Lender (and Lender’s internal and external
auditors, inspectors, regulators and other representatives that Lender may
designate from time to time) access at reasonable hours to Program Manager’s
personnel, to the facilities at or from which services are then being provided,
and to Program Manager’s records and other pertinent information, all to the
extent relevant to Program Manager’s obligations under this Agreement.  Such access shall be provided for the purpose
of performing audits and inspections of Program Manager and its businesses and
to examine Program Manager’s performance under this Agreement, including: (i)
verifying the integrity of data related to or concerning the Start Program Plan
or the EB Program Plan on Program Manager’s systems or otherwise in Program
Manager’s possession and control; (ii) examining the systems that process,
store, support and transmit such data; (iii) examining the controls (e.g.,
organizational controls, input/output controls, system modification controls,
processing controls, system design controls and access controls) and the
security, disaster recovery and back-up practices and procedures;
(iv) examining Program Manager’s measurement, monitoring and management
tools; and (v) enabling Lender to meet applicable legal, regulatory and
contractual requirements.  Program
Manager shall provide any assistance reasonably

 18
 

requested by Lender or its designee in conducting any such audit,
including installing and operating audit software.

11.04                  Regulatory
Audits.  Within thirty (30) days of
its receipt, Program Manager shall provide Lender with a copy of the results of
any audit performed by a federal, state or local regulator.  If such audit reveals that the services
provided by Program Manager pursuant to this Agreement do not cause Program
Manager’s operations to meet the auditor’s recommendation, then Program Manager
shall provide such further services as are necessary to bring its operations
into conformance with the auditor’s recommendations to such level and degree,
at no cost to Lender.

Section 12:                                      MISCELLANEOUS

12.01                  Notices.  All notices, demands, and other
communications hereunder shall be in writing and shall be deemed to have been
duly given if delivered personally or if mailed by Certified Mail, Return
Receipt Requested, Postage Prepaid or sent by a nationally recognized overnight
courier as follows:

	
  

  	
  (a) 

  	
  If to Lender:

  
	
   

  	
   

  	
  Charter One
  Bank, N.A. c/o

  
	
   

  	
   

  	
  Citizens Bank of Rhode Island

  
	
   

  	
   

  	
  Attn: Education Finance Department

  
	
   

  	
   

  	
  725 Canton Street

  
	
   

  	
   

  	
  Norwood, MA 02062

  
	
   

  	
   

  	
   

  
	
   

  	
  (b)

  	
  If to Program
  Manager:

  
	
   

  	
   

  	
  The First Marblehead Corporation

  
	
   

  	
   

  	
  Attn: Law Department

  
	
   

  	
   

  	
  800 Boylston Street, 34th Floor

  
	
   

  	
   

  	
  Boston, MA 02199-8157

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  With a copy to:

  
	
   

  	
   

  	
  First Marblehead Education Resources, Inc.

  
	
   

  	
   

  	
  Attn: Chief Operating Officer

  
	
   

  	
   

  	
  31 St. James Avenue, 6th Floor

  
	
   

  	
   

  	
  Boston, MA 02116

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  and

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Richard P. Hackett, Esq.

  
	
   

  	
   

  	
  Pierce Atwood

  
	
   

  	
   

  	
  One Monument Square

  
	
   

  	
   

  	
  Portland, ME 04101

  

 

(c)                                  Or
such other address or to the attention of such other person as the recipient
party shall have specified by prior written notice to the sending party.

12.02                  Merger/Entire
Agreement.  This Agreement (including
the Exhibits hereto), together with the Program Agreements, contains the entire
understanding of the parties hereto and

 19
 

supersedes all prior agreements and understandings
relating to the subject matter hereof. To the extent that the Program
Agreements might apply to the transactions governed hereby in any manner that
is inconsistent with the terms set forth herein, the terms of this Agreement
shall control.

12.03                  Successors
and Assigns.   This Agreement shall
be binding upon and inure to the benefit of the parties hereto and their
respective successors and permitted assigns. 
Without limiting the foregoing, the parties agree that this Agreement
shall be binding on each party’s successors by merger, consolidation or
acquisition.  Either party may assign its
rights and obligations under this Agreement, or the entire Agreement, to an
entity that is either controlled by it or under common control with it; provided
however, that any such assignment by Lender shall be to a national banking
association that has the legal power and right to make Program Loans. Except as
otherwise expressly provided herein, neither this Agreement nor the rights and
obligations of any party hereunder, shall be assignable or transferable by such
party without the prior written consent of the other party.

12.04                  Counterparts.  This Agreement may be executed in any number
of counterparts, each of which shall be deemed to be an original and all of
which together shall be deemed to be one and the same document.

12.05                  Intent of the
Parties.  The language used in this
Agreement will be deemed to be the language chosen by the parties to express
their mutual intent, and no rule of strict construction will be applied against
any party.

12.06                  Severability.
  The invalidity or unenforceability
of any term or provision of this Agreement shall not affect the validity or
enforceability of the remaining terms or provisions hereof, and this Agreement
shall be construed in all respects as if such invalid or unenforceable
provision was omitted.

12.07                  Choice of
Law.  This Agreement shall be
governed and construed in accordance with the laws of the Commonwealth of
Massachusetts without reference to the conflict of law provisions thereof.

12.08                  Modification/Waiver.

(a)                                  This
agreement may be amended, supplemented or modified only by a written instrument
duly executed by or on behalf of each party hereto.

(b)                                 No
waiver of any of the provisions of this Agreement or any Exhibit shall be
deemed to be or shall constitute a waiver of any other provision of this
Agreement or any Exhibit, whether or not similar.  No waiver by any party of any breach or
violation of this Agreement or any Exhibit shall be deemed or construed as a
waiver of any subsequent breach or violation thereof, whether or not
similar.  No delay on the part of any
party in exercising any right, power or privilege hereunder or under any
Exhibit shall operate as a waiver thereof. No wavier shall be effective unless
such waiver is in writing.

12.09                  Third Party
Beneficiaries.  Nothing in this
Agreement or in any Exhibit shall entitle any Person other than the parties or
their respective successors and permitted assigns to any claim, cause of
action, remedy or right of any kind.

 20
 

12.10                  Force Majeure
and Restricted Performance.  If
performance by any party hereto of any obligation under this Agreement is
prevented, restricted, delayed or interfered with by reason of labor disputes,
strikes, acts of God, floods, lightning, severe weather, shortages of
materials, rationing, utility or communication failures, failure or delay in
receiving electronic data, earthquakes, war, revolution, civil commotion, acts
of public enemies, blockade, embargo or any Law, or any other act or omission
whatsoever, whether similar or dissimilar to those referred to in this clause,
which is or are beyond the reasonable control of that party, the party shall
provide written notice to the other parties to this Agreement identifying the
cause of the prevention, restriction, delay or interference and that party
shall be excused from the performance to the extent of the prevention,
restriction, delay or interference, so long as the party is taking reasonable
action to accomplish such performance as promptly as possible under the circumstances.

12.11                  WAIVER OF RIGHT TO JURY TRIAL.

EACH
OF THE PARTIES HERETO HEREBY WAIVES ITS RIGHTS TO A TRIAL BY JURY IN ANY
LITIGATION IN ANY COURT WITH RESPECT TO, IN CONNECTION WITH, OR ARISING OUT OF,
THIS AGREEMENT OR THE VALIDITY, INTERPRETATION OR ENFORCEMENT HEREOF OR ANY OF
THE TRANSACTIONS CONTEMPLATED HEREBY.

12.12                  Relationship
of the Parties.  This Agreement shall
not be deemed to cause any party to this Agreement to be partners or joint
venturers with another party hereto, nor shall any party be deemed to
constitute another as an agent.  This
Agreement relates only to the subject matter hereof and is not intended to, nor
shall it be construed to, benefit any person or entity other than the parties,
and there shall be no direct or indirect beneficiaries of this Agreement.

12.13                  Limitation of
Liability.   Neither party nor its affiliates will be liable for incidental, indirect,
consequential, special or punitive damages to the other party or any other
entity, including but not limited to any loss of profits for all liabilities
arising under or related to this Agreement, even if the applicable party has
been advised of the possibility of such damages.

12.14                  Indemnity.  Program Manager hereby
indemnifies and holds harmless Lender from and against any and all loss, cost,
damage or expense (including without limitation, attorneys fees) incurred by
Lender or its respective officers, employees, directors, representatives and
agents to the extent such loss, cost damage or expense arises out of or results
from any breach by Program Manager of any of its representations or warranties
or covenants contained herein.

 21
 

IN WITNESS WHEREOF, the parties hereto by their duly
authorized representatives have executed this Agreement as of the date first
set forth above.

	
  

  	
  CHARTER ONE BANK, NATIONAL ASSOCIATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michael McFarlane

  	
   

  
	
   

  	
  Its:

  	
  Senior Vice President

  
	
   

  	
   

  
	
   

  	
  THE FIRST MARBLEHEAD CORPORATION

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Larry Lutz

  	
   

  
	
   

  	
  Its:

  	
  Executive Vice President

  

 

 22

TABLE OF EXHIBITS

	
  Exhibit A

  	
  Initial Vendors

  
	
   

  	
   

  
	
  Exhibit B

  	
  Service Marks

  

EXHIBIT A

INITIAL VENDORS

	
  1.

  	
  [**]

  
	
   

  	
  Services: Interactive ad development, email
  development, online media placement, analytical services, paid search

  
	
   

  	
   

  
	
  2.

  	
  [**]

  
	
   

  	
  Services: Advertising and direct mail development,
  production management, analytical services, media planning and buying

  
	
   

  	
   

  
	
  3.

  	
  [**]

  
	
   

  	
  Services: Advertising and direct mail development

  
	
   

  	
   

  
	
  4.

  	
  [**]

  
	
   

  	
  Services: Proprietary research and program analysis
  services

  

EXHIBIT B

Will contain START
and ASTRIVE marks, as well as other FMC-licensed marks that are test branded
under this program.

 

AMENDMENT

to

MARKETING COORDINATION AGREEMENT

START EDUCATION LOAN PROGRAM

This Amendment (“Amendment”)
is entered into as of the 15th day of March, 2007, by and between Charter One
Bank, N.A., (“Lender”) and The First Marblehead Corporation (“Program Manager”)
with regard to the Marketing Coordination Agreement by and between Lender and
Program Manager dated April 26, 2005 (“MCA”). Capitalized terms used herein
without definition have the meaning set forth in the MCA.  Lender and Program Manager are hereinafter
collectively referred to as the “Parties” and each individually as a “Party”.

WHEREAS, Lender has
entered into a certain Web Listing Agreement of substantially contemporaneous
date herewith with [**] (“[**] Agreement”); and

WHEREAS, the Parties agree
to amend the consideration provisions of the MCA in order properly allocate
fees earned by [**] under the [**] Agreement.

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

1.               Definitions.  Lender and Program Manager hereby amend
Section 1 of the MCA by inserting the following definitions therein:

1.02A      “Astrive Loans” are Experimental Brand
Loans marketed and branded under the Astrive mark pursuant to Section 2.02 of
this Agreement.

1.10A      “Fourth Amendment to Program Agreements”
means the  fourth amendment to
Program Agreements executed by and among the Parties and The Education
Resources Institute, Inc. (“TERI”) and dated May 1, 2006.

2.               Recoupment of
Expenses.  Lender and Program Manager
hereby agree to amend and restate Section 2.05 of the MCA by deleting it in its
entirety and adopting the following in place thereof and substitution
therefore:

2.05                           Consideration.

(a)                                  Non-Referral
Start Loans.  As consideration for
services performed by Program Manager under this Agreement, Program Manager
shall be paid an annual fee payable in periodic installments, which shall
become due concurrent with the closing of each Securitization Transaction. Such
fee shall represent the recoupment of Program Manager’s out-of-pocket costs and
expenses associated with implementing and executing the EB Program Plan and
shall be payable through an assignment of a portion of Lender’s rights to the
amounts described in Section 2.04 of the Note 

 

Purchase Agreement in subsections (d)(1)-(7) of the
paragraph that defines the “Minimum Purchase Price” for “ASTRIVE DIRECT TO
CONSUMER LOANS” (as most recently set forth in the Fourth Amendment to Program
Agreements and as may be hereafter amended, the “Fee Provision”).

In accordance therewith and subject to subsection (b)
below, Lender hereby assigns to Program Manager all right, title and interest
in the amounts described in the Fee Provision minus [**] percent ([**] %) of
the original principal amount ([**]) or (if less) the remaining principal
amount ([**]) of the Non-Referral Start Loans being transferred.

(b)                                 [**]
Loans. Notwithstanding anything else herein to the contrary, all
compensation earned by [**] under the [**] Agreement shall be payable to [**]
from the amounts described in the Fee Provision prior to any assignment of fees
under subsection (a).

3.  Full Force and Effect. As amended
herein, the MCA remains in full force and effect.

 

IN WITNESS
WHEREOF, the Parties hereto by their duly authorized representatives have
executed this Amendment as of the date first set forth above.

 

	
  CHARTER ONE BANK, NATIONAL ASSOCIATION

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Dino DiMascio

  	
   

  
	
  Its:

  	
  Vice President

  	
   

  
	
   

  	
   

  	
   

  
	
  THE FIRST MARBLEHEAD CORPORATION

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Sandra M. Stark

  	
   

  
	
  Its:

  	
  Executive Vice President, Business DevelopmentExhibit   10.27

THE
FIRST MARBLEHEAD CORPORATION

Deferred Stock Unit
Agreement

Granted Under 2003 Stock Incentive Plan

1.                                       Grant
of Award.

This Agreement evidences
the grant by The First Marblehead Corporation, a Delaware corporation (the “Company”)
on September 20, 20       (the “Grant Date”) to                           
(the “Participant”) of                      
deferred stock units of the Company (individually, a “DSU” and collectively,
the “DSUs”).  Each DSU represents the
right to receive one share of the common stock, $0.01 par value per share, of
the Company (“Common Stock”) as provided in this Agreement.  The shares of Common Stock that are issuable
upon vesting of the DSUs are referred to in this Agreement as “Shares.”

2.                                       Vesting.

This award shall be fully
vested at all times.

3.                                       Distribution
of Shares.

(a)                                  The
Company shall credit to a bookkeeping account (the “Account”) maintained by the
Company for the Participant’s benefit the DSUs, each of which shall be deemed
to be the equivalent of one Share.

(b)                                 Whenever
any cash dividends are declared on the Shares, on the date such dividend is
paid, the Company will credit to the Account of the Participant an amount equal
to such dividend.  Such amounts credited
to the Account shall be fully vested at all times.

4.                                       Payment
of the Account.

The Company shall make a
payment to the Participant in cash and in Shares as provided in Section 5 with
respect to the number of vested DSUs then credited to the Participant’s Account
on the date that is 30 days following the Participant’s termination of service
as a director, or if earlier, the Participant’s death, disability (as defined
in Section 409A of the Code), or upon a Reorganization Event (as defined in the
Plan) provided that such Reorganization Event is a permissible distribution
event under Section 409A(a)(2)(A)(v) (the “Payment Date”).

5.                                       Form
of Payment.

Payments pursuant to
Section 4 shall be made (i) in Shares equal to the number of vested DSUs in the
Participant’s Account on the Payment Date, and, if applicable, (ii) in a lump
sum in cash equal to the amount of cash credited to the Participant’s Account pursuant
to Section 3 (b) on the Payment Date. Such payment shall be made as soon as
practicable after the Payment Date.

  
  
 

6.                                       Restrictions
on Transfer.

The Participant shall not
sell, assign, transfer, pledge, hypothecate or otherwise dispose of, by
operation of law or otherwise (collectively “transfer”) any DSUs, or any
interest therein, except by will or the laws of descent and distribution.

7.                                       Provisions
of the Plan.

This Agreement is subject
to the provisions of the 2003 Stock Incentive Plan, a copy of which is
furnished to the Participant with this Agreement.

8.                                       Miscellaneous.

(a)                                  Severability.  The invalidity or unenforceability of any
provision of this Agreement shall not affect the validity or enforceability of
any other provision of this Agreement, and each other provision of this
Agreement shall be severable and enforceable to the extent permitted by law.

(b)                                 Waiver.  Any provision for the benefit of the Company
contained in this Agreement may be waived, either generally or in any
particular instance, by the Board of Directors of the Company.

(c)                                  Binding
Effect.  This Agreement shall be
binding upon and inure to the benefit of the Company and the Participant and
their respective heirs, executors, administrators, legal representatives,
successors and assigns, subject to the restrictions on transfer set forth in
Section 6 of this Agreement.

(d)                                 Notice.   All notices required or permitted hereunder
shall be in writing and deemed effectively given upon personal delivery or five
days after deposit in the United States Post Office, by registered or certified
mail, postage prepaid, addressed to the other party hereto at the address shown
beneath his or its respective signature to this Agreement, or at such other
address or addresses as either party shall designate to the other in accordance
with this Section 8(d).

(e)                                  Pronouns.  Whenever the context may require, any
pronouns used in this Agreement shall include the corresponding masculine,
feminine or neuter forms, and the singular form of nouns and pronouns shall
include the plural, and vice versa.

(f)                                    Entire
Agreement.  This Agreement and the
Plan constitute the entire agreement between the parties, and supersedes all
prior agreements and understandings, relating to the subject matter of this
Agreement.

(g)                                 Amendment.  This Agreement may be amended or modified
only by a written instrument executed by both the Company and the Participant.

(h)                                 Governing
Law.  This Agreement shall be
construed, interpreted and enforced in accordance with the internal laws of the
State of Delaware without regard to any applicable conflicts of laws.

 2
 

(i)                                     Participant’s
Acknowledgments.  The Participant
acknowledges that he or she: (i) has read this Agreement; (ii) has been
represented in the preparation, negotiation, and execution of this Agreement by
legal counsel of the Participant’s own choice or has voluntarily declined to
seek such counsel; (iii) understands the terms and consequences of this
Agreement; (iv) is fully aware of the legal and binding effect of this
Agreement; and (v) understands that the law firm of Wilmer Cutler Pickering
Hale and Dorr LLP, is acting as counsel to the Company in connection with the
transactions contemplated by the Agreement, and is not acting as counsel for
the Participant.

(j)                                     Unfunded
Rights.  The right of the Participant
to receive Common Stock and cash pursuant to this Agreement is an unfunded and
unsecured obligation of the Company.  The
Participant shall have no rights under this Agreement other than those of an
unsecured general creditor of the Company.

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

	
  

  	
  THE FIRST MARBLEHEAD CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  

                                                                                                                                                                                                                                                

 3

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