Document:

Exhibit 10.7

BANK OF AMERICA SCHOOL CHANNEL LOAN PROGRAMS:

AMENDED AND RESTATED UMBRELLA AGREEMENT

THIS AMENDED AND RESTATED
UMBRELLA AGREEMENT (the “Agreement”) is made and dated as of June 30, 2006,
by and among THE FIRST MARBLEHEAD CORPORATION, a corporation organized under
Delaware law (“FMC”), and BANK OF AMERICA, N.A., a national banking association
(the “Program Lender”).

RECITALS

A.    FMC and the
Program Lender have established the Bank of America School Channel Loan
Programs (the “Bank of America SC Loan Programs”), including the Bank of
America Private Loan Programs and the Bank of America TERI Loan Programs, to
assist parents and students in financing the cost of education at private
elementary and secondary schools and at various institutions of higher
education. Loans made under the Bank of America SC Loan Programs are guaranteed
by The Education Resources Institute, Inc., a Massachusetts non-profit
corporation (“TERI”) pursuant to a Guaranty Agreement between Program Lender
and TERI. Pursuant to the Bank of America SC Loan Programs, FMC promotes the
expansion of educational finance activities by agreeing to purchase or cause to
be formed one or more special purpose business trusts or other entities (each
an “SPE”) to purchase promissory notes (the “Notes”) evidencing loans
conforming to the Bank of America SC Loan Programs (“Bank of America SC
Conforming Loans”) following origination. The purchase price payable by each
SPE for a given pool of Bank of America SC Conforming Loans is funded through
issuance and sale by the SPE of certificates or other evidences of
indebtedness, or by direct loans to the SPE, in either case the repayment of
which is supported or collateralized by the income stream from the Bank of
America SC Conforming Loans included in such pool (each such transaction, a “Securitization
Transaction”).

B.     FMC has
requested that the Program Lender originate and make available for purchase by
SPEs from time to time Bank of America SC Conforming Loans and serve as a
primary lending institution participating in the Bank of America SC Loan
Programs.

C.     The
parties desire to set forth herein the amended and restated terms and
conditions affecting FMC and the Program Lender relating to their participation
in the Bank of America SC Loan Programs.

NOW, THEREFORE, in consideration of the above Recitals
and for other good and valuable consideration, the receipt and adequacy of
which are hereby acknowledged, the parties hereto hereby agree as follows:

 

AGREEMENT

1.   Definitions.   For purposes of this Agreement,
the following terms shall have the following meanings:

“Affiliate”
shall mean, as to any person, any other person which, directly or indirectly,
is in control of, is controlled by, or is under common control with, such
person. A person shall be deemed to control another person if the controlling
person possesses, directly or indirectly, the power to direct or to cause the
direction of the management and policies of the other person, whether through
the ownership of voting securities, by contract or otherwise.

“Agent” means U.S. Bank National Association, in its
capacity as agent pursuant to the Deposit and Security Agreement.

“Bank of America Private
Loan Programs” means the prepGATE Loan Program, the Bank of America
Private Undergraduate Loan Program and the Bank of America Private Graduate
Professional Loan Programs, each as more fully described in the Program
Guidelines as the same may be amended from time to time.

“Bank of America SC
Conforming Loan” shall mean Bank of America SC loans (a) made
in accordance with and conforming to the requirements of the Program Guidelines
at the time the loans were made, (b) serviced by the Servicer in
accordance with the Program Guidelines, and (c) covered by and subject to
all the benefits of the Guaranty Agreement.

“Bank of America School
Channel Loan Programs” or “Bank of America SC Loan
Programs” means the Bank of America Private Loan Programs and the
Bank of America TERI Loan Programs, each as more fully described in the Program
Guidelines as the same may be amended from time to time.

“Bank of America TERI Loan
Programs” means the Bank of America TERI Alternative Undergraduate
Loan Program, the Bank of America TERI Alternative Graduate Loan Program, the
Bank of America TERI Alternative Continuing Education Loan Program, the Bank of
America TERI Alternative Health Professions Loan Program (including the CVS
Loan Program), and the Bank of America TERI ISLP Programs, each as more fully
described in the Program Guidelines as the same may be amended from time to
time.

“Bank of America TERI ISLP
Loan Programs” mean the Bank of America ISLP Undergraduate Loan
Program, the Bank of America ISLP Graduate Loan Program and the Bank of America
ISLP Medical Loan Program, each as more fully described in the Program
Guidelines as the same may be amended from time to time. It does not include
the Bank of America ISLP CanHelp Program, which is not governed by this
Agreement.

“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 California are required or
authorized by law or executive order to be closed.

“Change in Control” means:

(a)   with respect to Program Lender, the occurrence of any of the
following events:

(i)             the
acquisition by any other entity, individual or group (within the meaning of
Paragraphs 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 of the Program Lender and/or 

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other
securities which have more than fifty percent (50%) of the combined voting
power of the Program Lender’s securities entitled to vote in the election of
directors; or

(ii)         the sale
of all or substantially all of the common stock or assets of the Program Lender
to any other entity, individual or group; or

(iii)     the
reorganization, merger or consolidation of the Program Lender in which the
shareholders of Program Lender 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 Program Lender’s voting securities.

(b)   with respect to FMC, the occurrence of any of the following:

(i)             the
sale of all or substantially all the assets of 
FMC to an entity that directly, or through an Affiliate, participates as
a lender in the Federal Family Education Loan Program (“FFELP”) or the William
D. Ford Direct Loan Program (“Direct Loan Program”); or

(ii)         the
transfer of more than fifty percent (50%) of the shares or other equity
interests entitled to vote, in one transaction or a series of related
transactions, to an entity that directly, or through an Affiliate, participates
as a lender in the FFELP or the Direct Loan Program.

A “Change in Control” for either
party shall not include any transactions with an entity which is an Affiliate
immediately prior to such transaction, nor shall it include a public offering.

“Common
Customer” shall mean any applicant or co-applicant who is approved
for and receives a Bank of America SC Conforming Loan from Program Lender, and
any student whose educational expenses are financed with the proceeds of such
loan.

“Competing Product” shall mean any
credit-tested or credit ready loan for the purposes of financing educational
expenses, made by Program Lender to a parent borrower or student borrower
pursuant to a private alternative education loan program, other than:

(a)          a Bank of
America SC Conforming Loan;

(b)         any other
TERI-guaranteed loan;

(c)          the
Signature Select and Signature loan programs, but only with respect to existing
educational institutions;

(d)         loans
under tax-exempt state-funded programs;

(e)          any other
program not actively marketed by Program Lender or its Affiliates; or

(f)            any
other program to which Program Lender has committed by contract prior to April 20,
2001.

“CVS Loan Program” means the CVS Full Recourse Loan Program
for student pursuing degrees in pharmacy who are committed to working for CVS
pharmacies upon graduation.

(a)          CVS Loan Program loans
shall be underwritten and originated in accordance with the Program Guidelines
for the Bank of America TERI Alternative Health Professions Loan Program,
except that

(i)             CVS Program Loans
shall be originated using the form of credit agreement attached to the Guaranty
Agreement;

(ii)         the annual amount of all
CVS Loan Program loans is $5,000;

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(iii)     no borrower may obtain more
than two (2) CVS Loan Program loans, for an aggregate maximum of $10,000;

(iv)       deferment for CVS Program
Loans shall end 365 days after the earlier of the day the borrower graduates or
ceases to be enrolled as a full-time student at a school participating in the
CVS Loan Program; provided, however, that Bank of America and TERI in their
discretion may approve an additional year of deferment for borrowers with two (2) CVS
Loan Program loans.

(b)         Under the terms of the
Full Recourse Agreement dated May 30, 2002, between TERI and CVS Pharmacy, Inc.,
and attached hereto as Exhibit A,
CVS Loan Program loans become subject thereto if an application for a CVS
Program Loan does not meet the underwriting and eligibility criteria but is
authorized by CVS (“CVS Full Recourse Loans”).

“Deposit and Security
Agreement” means that certain Deposit and Security Agreement among
Program Lender, TERI, the Agent and FMC dated April 30, 2001.

“Effective Date”
shall have the meaning given such term in Paragraph 22 below.

“Existing Agreements”
shall mean that certain Umbrella Agreement between FMC and Program Lender dated
as of April 30, 2001, Note Purchase Agreement by and between FMC and
Program Lender dated as of April 30, 2001, Guaranty Agreement by and
between Program Lender and TERI dated as of April 30, 2001, the Deposit
and Security Agreement, and the Loan Origination Agreement by and between
Program Lender and TERI dated as of April 30, 2001, all as heretofore
amended, and including all Exhibits and Schedules thereto, including without limitation
the Program Guidelines.

“FMER” means
First Marblehead Educational Resources, Inc., a Delaware corporation. FMER
is a wholly-owned subsidiary of FMC.

“GATE Student Loan Program”
means the loan program FMC and Program Lender have established to assist
students in financing the cost of education at various institutions of higher
education, which is operated by FMC and Bank of America under the Student
Umbrella Agreement.

“Guaranty Agreement”
means the Amended and Restated Guaranty Agreement between Program Lender and
TERI, attached hereto as Exhibit C.

“License Agreements”
refers to reciprocal license agreements between FMC and Program Lender, dated
as of November 21, 1996, as amended.

“Loan Origination Agreement”
means the Amended and Restated Loan Origination Agreement between TERI and Program
Lender dated June 30, 2006, with respect to origination of prepGATE Loans
and Bank of America TERI Loans attached hereto as Exhibit E.

“Note Purchase Agreement”
means the Amended and Restated Note Purchase Agreement between Program Lender
and FMC, substantially in the form of Exhibit D
attached hereto.

“Notes” has the
meaning assigned to it in Recital A above.

“Participating Institution”
shall mean an institution approved by TERI for participation in TERI-guaranteed
programs.

“PHEAA” means
the Pennsylvania Higher Education Assistance Agency.

“prepGATE Conforming Loan”
means a certain type of Bank of America SC Conforming Loan that is made under
the prepGATE Loan Program and conforms to the Program Guidelines for prepGATE
loans.

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“prepGATE Loan Program”
means the loan program FMC and Program Lender have established to assist
parents in financing the cost of education at private elementary and secondary
schools as more fully described in the Program Guidelines.

“Program Agreements”
shall mean this Agreement, the Note Purchase Agreement, the Guaranty Agreement,
the Loan Origination Agreement, and the Deposit and Security Agreement, all as
may be hereinafter amended and including all Exhibits and Schedules thereto,
including without limitation the Program Guidelines.

“Program Guidelines”
shall mean (i)(a) the Underwriting, Origination and Loan Term Guidelines
for the Bank of America Private Undergraduate Education Loan Program and the Bank
of America Private Graduate Professional Education Loan Program; (b) the
Underwriting, Origination and Loan Term Guidelines for the prepGATE Loan
Program, Bank of America TERI Alternative Undergraduate Loan Program, the Bank
of America TERI Alternative Graduate Loan Program, the Bank of America TERI
Alternative Continuing Education Loan Program, the Bank of America TERI
Alternative Health Professions Loan Program (including the CVS Loan Program); (c) the
Underwriting, Origination and Loan Term Guidelines for Bank of America ISLP
Undergraduate Loan Program, and the Bank of America ISLP Graduate Loan Program;
and (d) the Underwriting, Origination and Loan Term Guidelines for the
Bank of America TERI ISLP Medical Loan Program, copies of which are attached
hereto as Exhibits F1- F4 , all as amended
from time to time, and (ii) the TERI Servicing Guidelines attached hereto
as Exhibit G, as amended from time to time pursuant to the terms thereof.

“Program Manager”
means FMC or such Affiliate of FMC as may be designated as Program Manager in
the Program Guidelines from time to time (such designation to be subject to
Program Lender’s consent, which will not be unreasonably withheld).

“Securitization Transaction”
has the meaning assigned to it in Recital A above.

“Servicer” means
PHEAA, or a successor servicer appointed in conformity with Paragraph 27
hereof.

“SPE” means a
special purpose business trust or other special purpose entity formed to
purchase Bank of America SC Conforming Loans in a Securitization Transaction.

“Student Umbrella Agreement”
means that certain Umbrella Agreement between Program Lender and FMC dated as
of June 1, 1996, as amended, under which the GATE Student Loan Program is
operated.

“TERI Lenders”
means financial institutions or other lenders who have entered into a Guaranty Agreement
with TERI.

“TERI Private Label Program”
means an education loan program involving loans guaranteed by TERI and
originated by a lender (other than Program Lender) who takes full
responsibility for marketing the loans, generally under a brand selected by and
identified with that lender.

“Termination
Date” shall mean June 30, 2007, as such date may be extended
under the terms hereof. After such date, this Agreement shall automatically
renew for successive one-year terms; provided, however that at any time after June 30, 2007, either
party may terminate this Agreement upon one hundred and eighty (180) days
written notice.

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2.     Transition to Bank of America School Channel
Loan Program

The Existing
Agreements will continue to govern with respect to Bank of America School
Channel Loans for which applications are received before the Effective Date. On
or after the Effective Date, all new applications for Bank of America School
Channel Loans will be governed by the Program Agreements.

3.   Term of Agreement.   This Agreement shall be
effective from the Effective Date to but not including the Termination Date,
unless earlier terminated under Paragraphs
24 or 25 hereof.

4.   Loan Underwriting and Funding.

(a)   Forms.   Program
Lender and FMC, in consultation with TERI, shall agree upon standard note and
disclosure forms, in conformity with California law, to be included in the
Program Guidelines. Program Lender shall utilize such note and disclosure forms
for all Bank of America Private Loans, other than prepGATE Loans. Program
Lender shall provide to TERI for its use on Program Lender’s behalf versions of
the prepGATE Loan and Bank of America TERI Loan forms that have similarly been
conformed to California law.

(b)   Origination of prepGATE Loans and
Bank of America TERI Loans.   Loan underwriting, documentation
and disbursement of prepGATE Loans and Bank of America TERI Loans shall be
performed by TERI under the Loan Origination Agreement, in conformity therewith.
Program Lender shall cause TERI to provide to Program Manager a copy of TERI’s
periodic loan origination reports when the same are prepared for Program Lender.
Program Lender shall cause TERI to transfer the loans to the data processing
system of Servicer upon completion of origination.

(c)   Origination of Bank of America
Private Loans Other Than prepGATE Loans.   Program
Lender has reviewed the Program Guidelines and approved the same, including the
credit underwriting guidelines contained therein, which guidelines reflect the
credit policies of the Program Lender, as well as the credit criteria used by
TERI in determining whether to guarantee loans. Program Lender shall receive
applications for Bank of America Private Loans, other than prepGATE Loans, and
underwrite the same in accordance with the Program Guidelines, approve or deny
the same, and document approved loans, all in accordance with the Program
Guidelines. Program Lender shall disburse the same to the Participating
Institutions and shall disburse guaranty fees to TERI and/or the Agent in
accordance with the terms of the Guaranty Agreement. Program Lender shall
provide origination reports to TERI and FMC as described in the Guaranty
Agreement and in the Note Purchase Agreement. Program Lender shall document all
Bank of America Private Loans, other than prepGATE Loans, in accordance with
all applicable law and shall provide all disclosures required by applicable
law.

5.   Joint
Marketing Efforts.   Program Lender shall develop marketing
materials for distribution to potential Participating Institutions and
borrowers relating to the Bank of America Private Loan Programs. Program Lender
shall develop for review and input by FMC a marketing plan for the Bank of
America Private Loan Programs including milestones, cost sharing arrangements,
and other appropriate terms. Except for the prepGATE Loan Program, which shall
retain its existing brand, FMC and Program Lender agree to develop a mutually
acceptable brand to place on all products and materials associated with the
marketing of the Bank of America Private Loan Programs. Subject to the
confidentiality provisions of Paragraph 8 below, each party hereto agrees to
provide such information as may be reasonably required by the other party in
connection with marketing the Bank of America Private Loan Programs; provided,
however, that no party shall distribute any printed material, whether relating
to the Bank of America Private Loan Programs or otherwise, which contains the
name or information concerning or provided by the other party without the prior
consent of such other party, which consent shall not be unreasonably withheld. The
parties have amended the License Agreements, in order to provide that FMC
grants to the Program Lender a nonexclusive license to use (subject to FMC
approval) any and all trademarks and 

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tradenames associated with
the Bank of America Private Loan Programs and that Program Lender grants to FMC
a non-exclusive license to use (subject to Program Lender approval) Program
Lender’s name and logos in connection with the Bank of America Private Loan
Programs.

6.   Exclusivity; Noncompetition.

(a)   Except as otherwise provided below, FMC will not, during the term
of this Agreement, enter into any agreement with any other financial
institution or other regulated or nonregulated lender (a “Competing Lender”)
which calls for FMC to design, market and arrange the purchase of alternative
education loans or otherwise in contemplation of the participation of such
Competing Lender in making Bank of America Private Conforming Loans without
first offering to Program Lender the first opportunity to participate as the
program lender for any such product. If within thirty (30) days after the offer
is made, Program Lender declines participation or if FMC and Program Lender are
unable to reach agreement as to the terms of Program Lender’s participation as
a lender for the product, then FMC shall be free of any restriction under this
Agreement with respect to such product. Notwithstanding the above, (a) FMC
will be permitted to arrange a securitization transaction for any TERI-guaranteed
program, regardless of the identity of the lender;  (b) FMC will be permitted to provide
customer product pricing and repayment terms, together with other program terms
necessary for future securitizations, to current and prospective TERI Lenders
under any TERI Private Label Program; (c) FMER may market TERI-guaranteed
loans to lenders and educational institutions; and (d) FMER may contract
to provide full outsourcing support for all current TERI functions, including,
without limitation, loan underwriting and origination, guaranty claim
processing and defaulted loan collection. During the term of this Agreement,
Program Lender will offer FMC the first opportunity to participate as the
secondary market for any Competing Product. If within thirty (30) days after
the offer is made, FMC declines participation or if FMC and Program Lender are
unable to reach agreement as the terms of FMC’s participation as a secondary
market for the Competing Product, then Program Lender shall be free of any
restriction under this Agreement with respect to such Competing Product. Nothing
in this Paragraph 6(a) governs any activity with respect to the GATE
Student Loan Program or alters any exclusivity arrangement in the Student
Umbrella Agreement.

(b)   Prior to the sale of a Note relating to a Common
Customer under the Note Purchase Agreement, FMC shall not, with respect to the
Common Customers whose Notes are sold in such sale,  (i) solicit such Common Customers, or (ii) market
any products to Common Customers.  After
any sale of Notes under the Note Purchase Agreement, Program Lender shall not,
with respect to the Common Customers whose Notes are sold in such sale, (i) solicit
Common Customers for Competing Products, or (ii) market Competing Products
to Common Customers, pursuant to a promotional scheme that is targeted
specifically to Bank of America SC Conforming Loan borrowers, without
the prior written consent of FMC, given in FMC’s sole and absolute discretion. Nothing in this Paragraph 6(c) shall
require Program Lender to delete the names of Common Customers from general
lists of Program Lender’s customers, lists of customers of Program Lender’s
Affiliates, or purchased lists of prospects used for solicitation.

7.   Solicitation for Other Business. Except as expressly provided in Paragraph 6(b) of
this Agreement, above, Program Lender and FMC shall each have the non-exclusive
right to solicit Common Customers for any products and services, to the extent
permitted by applicable law.

8.   Confidential Information; Proprietary Information.

(a)   All
information of any kind and description relating to borrowers under Bank of America SC Conforming Loans
originated by the Program Lender (and rejected applicants for such Loans), the
Notes originated by the Program Lender, the Program Lender’s loan processing
operations or any other information that has been or will be made available by
the Program Lender or any of its Affiliates to FMC or has otherwise been
obtained by FMC from the Program Lender or any of its Affiliates, other than as
expressly excluded from such information as provided below (“Confidential
Information”) is made available by the Program Lender and accepted by FMC, with
the understanding and agreement that such 

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Confidential Information
is property valuable to the Program Lender which has been developed through the
expenditure of substantial time and money and that the Program Lender desires
to retain it in confidence and withhold its availability to others. “Confidential
Information” shall not include (a) information that has become generally
available to the public other than as a result of a disclosure by or through
FMC, or its officers, employees, agents or other representatives, (b) information
that was available to such persons on a non-confidential basis prior to its
disclosure to FMC, and (c) information that becomes available to FMC from
a source not subject, to the best knowledge of FMC after due inquiry, to any
prohibition against disclosing the information to FMC, including, without
limitation, information obtained from any purchase of the Notes in any
Securitization Transaction or otherwise relating to any Bank of America SC Conforming Loan sold by the Program Lender in
any Securitization Transaction, information received from or relating to any
Participating Institution and information received from or relating to the
activities of third parties, other than the Program Lender, retained by FMC in
connection with the administration or marketing of the Bank of America SC Loan Programs. FMC agrees that except as
required by law and except as is reasonably necessary in connection with any
Securitization Transaction, any and all Confidential Information and any
information or knowledge which may be imparted through receipt or examination
of Confidential Information will not be copied or communicated to any third
party or used by FMC or any of its officers, employees, agents or other
representatives without the express prior written consent of the Program Lender.
FMC will take reasonable precautions to prevent any unauthorized disclosure of
Confidential Information. FMC agrees to return or destroy all written and other
tangible Confidential Information, including all extracts and copies thereof,
immediately upon request. Except as expressly contemplated by the marketing
programs referred to in Paragraph 5 above and incidental communications
regarding the Bank of America SC Loan
Programs initiated by borrowers in the course of which such borrowers
are referred to the Program Lender, until a Bank
of America SC Conforming Loan is sold by the Program Lender, in
connection with a Securitization Transaction or otherwise, neither FMC nor any
of its Affiliates shall enter into any communication with the borrower
thereunder. Except as expressly provided in the immediately preceding sentence,
the obligations of FMC set forth in this Paragraph 8(a) shall survive the
Termination Date.

(b)   All
information relating to the Bank of America
SC Loan Programs that has been or will be made available to the Program
Lender or any of its Affiliates by FMC or has otherwise been obtained by the
Program Lender or any of its Affiliates from FMC, other than such information
which constitutes Confidential Information or other than as expressly excluded
from such information as provided below (“Proprietary Information”) is made
available by FMC and accepted by the Program Lender with the understanding and
agreement that such Proprietary Information is property valuable to FMC which
has been developed through the expenditure of substantial time and money and
that FMC desires to retain it in confidence and not to permit its commercial
use by others. “Proprietary Information” shall not include: (a) information
that has become generally available to the public other than as a result of a
disclosure by or through the Program Lender, (b) information derived by
Program Lender from sources other than activities under or related to this
Agreement, (c) information required by law to be disclosed (but only to
the extent such disclosure is legally required), and (d) reporting of loan
information to credit bureaus in the ordinary course of business. Program
Lender will take reasonable precautions to prevent any unauthorized commercial
use of Proprietary Information. The obligations of the Program Lender set forth
in this paragraph 8(b) shall survive the Termination Date.

9.   Program
Guidelines.   As used in this Agreement, the term “Program
Guidelines” refers to the Program Guidelines for all Bank of America SC Loan
Programs. The Program Guidelines may not be modified in any Program
Lender-related manner during the term of this Agreement without the prior
written consent of the Program Lender, which consent shall not be unreasonably
withheld. Program Lender-related modifications to the Program Guidelines shall
include any change to loan terms, borrower eligibility, or any other change
that would affect Program Lender’s rights, obligations, responsibilities, or
costs. The parties agree to negotiate in good faith with respect to any
proposed changes in the Program 

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Guidelines during the
fourth calendar quarter of each year and to attempt to finalize revisions by March 31
of the following year.

10.   FMC Fees for Securitization Services.

Nothing contained
in this Agreement shall restrict FMC’s right to separately negotiate with other
parties to a Securitization Transaction fees for its services as investment
advisor, financial advisor or otherwise.

11.   Securitization Provisions.   FMC
(for itself and each SPE) agrees that:

(a)   Any Offering
Materials (as defined in the Note Purchase Agreement) relating to each
Securitization Transaction will contain a statement to the effect that: (1) the
certificates being offered thereunder do not represent an interest in, or
obligation of, the Program Lender or its parent, Bank of America Corporation, (2) no
purchaser of such certificates shall have any recourse to the Program Lender or
Bank of America Corporation, (3) neither the certificates nor the notes
evidencing Bank of America SC Conforming Loans supporting such certificates are
insured or guaranteed by the Federal Deposit Insurance Corporation or, at the
request of or for the account of the Program Lender or Bank of America
Corporation, by any other governmental agency, and (4) the underwriting
criteria employed by the Program Lender in originating the Bank of America SC
Conforming Loans are different from those utilized by the Program Lender and
its Affiliates in originating student loans under other existing student loan
programs;

(b)   FMC shall,
or shall cause the applicable SPE to, perform the acts and assume the duties of
depositor and manager pursuant to the provisions of the trust or other
agreement or instrument under which the certificates or other evidences of
indebtedness will be issued in any Securitization Transaction. Under no
circumstances shall Program Lender be obligated to perform any such duties. Neither
Program Lender nor any of its directors or other representatives shall execute
any registration statement filed with the Securities and Exchange Commission in
connection with any Securitization Transaction.

(c)   The
certificates or other evidences of indebtedness to be issued by FMC and/or any
SPEs in Securitization Transactions shall be issued and sold by FMC and/or such
SPEs, with or without the assistance of FMC, but in any event without any
participation whatsoever on the part of Program Lender except as expressly
provided in subparagraph (2) below. Without limiting the generality of the
foregoing, it is expressly acknowledged and agreed by FMC that Program Lender
shall not (1) attend any “road shows” or meetings with investors or
prospective investors, (2) prepare, assist in preparing or review any
written or oral materials or prospectuses to be provided to investors or potential
investors or to be filed with the Securities and Exchange Commission, any state
securities commission, any stock exchange or NASDAQ other than excerpts from
such documents describing the Program Lender and its procedures drafted
expressly for inclusion in such documents, or (3) otherwise be responsible
in any way for soliciting, or assisting FMC or any SPE in soliciting, the
purchases of certificates or other evidences of indebtedness to be issued in
any Securitization Transaction.

(d)   FMC shall
file or shall cause the applicable SPE to file any registration statement and
periodic reports required to be filed under the Securities Exchange Act of
1934.

(e)   Without the
prior written consent of Program Lender, which consent shall not be
unreasonably withheld, no Bank of America SC Conforming Loans or other
TERI-guaranteed loans that have been originated by any person or entity other
than Program Lender will be included in any Securitization Transaction which
includes Bank of America SC Conforming Loans originated by Program Lender, and
by proposing that such Bank of America SC Conforming Loans be included in any
Securitization Transaction which will include Bank of America SC Conforming
Loans originated by Program Lender, FMC and the applicable SPE shall be deemed
to have represented and warranted that such other Bank of America SC Conforming
Loans were originated under the Program Guidelines approved by TERI. The
execution and 

 9
 

delivery to Program Lender
of a Co-Lender Indemnification Agreement by other participating “Program
Lenders” in any Securitization Transaction shall be a condition precedent to
any agreement of Program Lender to permit the pooling of Bank of America SC
Conforming Loans or other TERI-guaranteed loans originated by such other person
or entity with Bank of America SC Conforming Loans originated by Program Lender
in a Securitization Transaction.

12.   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 Program Lender may assign its rights hereunder to an Affiliate that is a
banking organization having the legal power and right under applicable law
(including, without limitation, usury law) to make Bank of America SC
Conforming Loans in all fifty (50) states of the U.S. and the District of
Columbia. Program Lender shall bear all costs arising out of such assignment,
including, without limitation, any costs for legal advice relating to loan
compliance and documentation. FMC may assign its rights hereunder to a
corporation or partnership that succeeds to substantially all the business of
FMC as now conducted. No assignment shall relieve the assignor of liability
hereunder. Any assignment in violation hereof shall be automatically null and void.

13.   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.

14.   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.

15.   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.

16.   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 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. Notices shall be given as follows:

If to Program Lender:

Mark
Wilcox

Bank of America, N.A.

Mail Code: NC1-002-15-26

Charlotte, NC 28255-0001

With a
copy to:

Laura L.
Rogers

Assistant General Counsel

Bank of America, N.A.

11th Floor

800 Market Street

St. Louis, MO 63101

 10
 

If to FMC:

Peter B.
Tarr, Chairman and General Counsel

The First Marblehead Corporation

800 Boylston Street, 34th Floor

Boston, Massachusetts 02199-8157

With a
copy to:

Corporate
Law Department

The First Marblehead Corporation

800 Boylston Street, 34th Floor

Boston, Massachusetts 02199-8157

17.   Facsimile Communications.   In order to comply with federal regulations governing
unsolicited facsimile communications, effective as of June 30, 2005,
senders of facsimile communications must obtain express written permission from
the recipients of such communications prior to initiating such communications. By
executing this Agreement, each party hereby gives its express permission to the
other parties to initiate facsimile communications, and consents to receiving
facsimile communications from the other parties. All such facsimile
communications should be directed to the applicable facsimile number for each
party listed above, unless otherwise instructed in writing by the recipient of
the facsimile. This consent to facsimile communications does not supersede any
requirement to deliver notices by means other than facsimile.

18.   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.

19.   Governing Law.   This
Agreement shall be governed by and construed in accordance with the laws of the
State of California (without regard to conflict-of-law rules).

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

21.   No Third Parties Benefited.   This
Agreement is made and entered into for the sole protection and legal benefit of
the parties, and their permitted successors and assigns, 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.

22.   Effective Date.   This
Agreement shall be effective as of June 30, 2006 (the “Effective Date”); provided, however, that
if any of the following conditions has not occurred on or before December 31,
2006, then this Agreement shall, at the option of any party as evidenced by
written notice to such effect given to the other parties as provided herein,
terminate and be of no further force or effect:

(a)         Each of the parties hereto shall have executed and delivered to the
others a counterpart of this Agreement;

(b)        The Program Lender and FMC shall have executed and delivered to the
other the Note Purchase Agreement; and,

(c)         Each of the following shall have been executed and delivered in form
and substance satisfactory to FMC:

(i)           Guaranty Agreement; and

(ii)       Loan Origination Agreement.

 11
 

Each of the parties agrees to use its best efforts to
cause these conditions subsequent to be satisfied.

23.   Covenants of Program Lender
Concerning Servicing.   Program Lender agrees that:

(a)         Program Lender shall use its best efforts to maintain the Loan
Origination Agreement and the servicing agreement with the Servicer in full
force and effect; and

(b)        Program Lender will not amend the loan origination and servicing
agreements with the Servicer in any respect concerning Bank of America SC
Conforming Loans as to which FMC has an option to purchase without the prior
written consent and approval of FMC.

24.   Termination for Cause; Suspension.   FMC
or Program Lender may terminate this Agreement for cause by notice to the other
if:

(a)         The other party materially breaches this Agreement and fails to cure
such material breach, within 60 days of written demand for cure. For purposes
of this Agreement, the failure to make any payment required hereunder shall
constitute a material breach; or

(b)        The other party shall file any proceeding under the U.S. Bankruptcy
Code or similar state insolvency act, or shall be the subject of any
involuntary bankruptcy proceeding, which proceeding is not dismissed within 60
days after the filing thereof.

(c)         The Guaranty Agreement is terminated or TERI becomes a debtor in any
bankruptcy or insolvency proceeding.

Either party to
this Agreement may suspend the processing of new applications for Bank of
America SC Loans in the event that TERI experiences a material adverse
financial change such as a reduction of its credit rating below investment
grade, or a default is declared under any TERI guaranty agreement with any
lender. Such suspension shall continue, at the discretion of the party
declaring the same, until the adverse change is cured.

25.   Termination
Upon Change in Control.   Either
party shall be entitled to terminate this Agreement and the Note Purchase
Agreement upon ninety (90) days’ notice following the occurrence of any
transaction which results in, or the execution of one or more agreements to
enter into a transaction that would result in, a Change in Control of the other
party.

26.   Effect of Termination.   Upon
termination of this Agreement for any reason:

(a)          Program Lender shall not
be obligated to accept any additional applications for Bank of America SC
Conforming Loans but shall complete all scheduled funding with respect to
applications it has already approved and shall pay any fees that would have
been due (but for such termination) to FMC related to such disbursements.

(b)         FMC’s rights to purchase
notes under the Note Purchase Agreement shall not be affected.

(c)          FMC and Program Lender
may notify all Participating Institutions of the termination of the Bank of
America SC Loan Programs (but shall also have the right to offer a replacement
program).

(d)         Each party shall cease
and desist in the use of the other’s trademarks, tradenames, servicemarks and
logos, in accordance with the terms of the License Agreements.

27.   The Servicer.   The
parties have selected PHEAA as Servicer to service Bank of America SC
Conforming Loans and TERI to originate prepGATE Loans and Bank of America TERI
Loans. In the event of a termination of either or both of the agreements
between Program Lender and Servicer or TERI (whether on account of breach,
expiration or otherwise), the parties shall agree upon a mutually acceptable
replacement. Any replacement origination agreement and/or servicing agreement
must be satisfactory to both FMC and Program Lender, in form and substance. Any
replacement agreement shall initially be 

 12
 

entered into with Program
Lender but rights thereunder relating to groups of Bank of America SC
Conforming Loan transferred in a Securitization Transaction shall be assignable
to the owner of the Notes so transferred. The selection of any successor
Servicer must also conform to the requirements of the Note Purchase Agreement. A
successor servicer may be an Affiliate of either party.

28.   Informal Dispute Resolution.   Any
controversy or claim between the parties arising from or in connection with
this Agreement or the relationship of the parties under this Agreement whether
based on contract, tort, common law, equity statute, regulation, order or
otherwise, and whether arising before or after the termination of this
Agreement (“Dispute”) shall be resolved as follows:

(a)          Upon written request of
either party, the parties will each appoint a designated representative whose
task it will be to meet for the purpose of endeavoring to resolve such Dispute.

(b)         The designated
representatives shall meet as often as the parties reasonably deem necessary to
discuss the problem in an effort to resolve the Dispute without the necessity
of any formal proceeding.

(c)          Arbitration proceedings
for the resolution of a Dispute under Paragraph 29 may not be commenced until
the earlier of:

(i)             the designated
representatives conclude in good faith that amicable resolution through
continued negotiation of the matter does not appear likely; or

(ii)         the expiration of the
thirty (30) day period immediately following the initial request to negotiate
the Dispute.

29.   Mandatory Arbitration; Reference.

(a)          Any controversy or claim
between or among the parties, including but not limited to those arising out of
or relating to this Agreement 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 the 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
paragraph shall limit the right of any party 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 any 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.

30.   Permissible Legal Proceedings.   Notwithstanding
anything contained in Paragraphs 27 and 28, (a) a party may institute
legal proceedings to seek a temporary restraining order or other temporary or
preliminary injunctive relief to prevent immediate and irreparable harm to such
party, and for which monetary damages would be inadequate, pending final
resolution of the dispute, controversy or claim pursuant to arbitration, and (b) a
party may institute legal proceedings if necessary to preserve a superior 

 13
 

position with respect to
other creditors. Such conduct shall not constitute a waiver of the right of
either party to resort to arbitration to obtain relief other than that
specified in this Paragraph 30.

31.   Consent to Jurisdiction.   ANY
LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT MAY BE BROUGHT
IN THE COURTS OF THE STATE OF CALIFORNIA OR OF THE UNITED STATES FOR THE
NORTHERN DISTRICT OF CALIFORNIA, AND BY EXECUTION AND DELIVERY OF THIS
AGREEMENT, EACH OF THE PARTIES HERETO CONSENTS, FOR ITSELF AND IN RESPECT OF
ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF THOSE COURTS. EACH OF THE
PARTIES HERETO IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING ANY OBJECTION TO THE
LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS,
WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR
PROCEEDING IN SUCH JURISDICTION IN RESPECT OF THIS AGREEMENT OR ANY DOCUMENT
RELATED HERETO.

32.   Public Announcement.   All
media releases, public announcements and public disclosures by either party, or
their representatives, employees or agents, relating to this Agreement or the
name or logo of Program Lender, including, without limitation, promotional or
marketing material, but not including any disclosure required by legal,
accounting or regulatory requirements beyond the reasonable control of the
releasing party, shall be coordinated with and approved by the other party in
writing prior to the release thereof.

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

	
  

  	
  THE FIRST
  MARBLEHEAD CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Sandra Stark

  
	
   

  	
   

  	
  Name: Sandra Stark

  
	
   

  	
   

  	
  Title: Executive
  Vice President

  
	
   

  	
   

  	
   

  
	
   

  	
  BANK OF AMERICA,
  N.A.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Mark Wilcox

  
	
   

  	
   

  	
  Name: Mark Wilcox

  
	
   

  	
   

  	
  Title: Senior
  Vice President

  

 

 14
 

TABLE OF
EXHIBITS

	
  Exhibit A

  	
   

  	
  —

  	
   

  	
  CVS Full Recourse Agreement

  
	
  Exhibit B

  	
   

  	
  —

  	
   

  	
  Deposit and Security
  Agreement

  
	
  Exhibit C

  	
   

  	
  —

  	
   

  	
  Guaranty Agreement

  
	
  Exhibit D

  	
   

  	
  —

  	
   

  	
  Note Purchase Agreement

  
	
  Exhibit E

  	
   

  	
  —

  	
   

  	
  Loan Origination
  Agreement

  
	
  Exhibit F1

  	
   

  	
  —

  	
   

  	
  Underwriting,
  Origination and Loan Term Guidelines for the Bank of America Private
  Undergraduate Education Loan Program and the Bank of America Private Graduate
  Professional Education Loan Program.

  
	
  Exhibit F2

  	
   

  	
  —

  	
   

  	
  Underwriting,
  Origination and Loan Term Guidelines for the prepGATE Loan Program, Bank of
  America TERI Alternative Undergraduate Loan Program, the Bank of America TERI
  Alternative Graduate Loan Program, the Bank of America TERI Alternative
  Continuing Education Loan Program, the Bank of America TERI Alternative
  Health Professions Loan Program (including the CVS Loan Program)

  
	
  Exhibit F3

  	
   

  	
  —

  	
   

  	
  Underwriting,
  Origination and Loan Term Guidelines for Bank of America ISLP Undergraduate
  Loan Program, and the Bank of America ISLP Graduate Loan Program.

  
	
  Exhibit F4

  	
   

  	
  —

  	
   

  	
  Underwriting,
  Origination and Loan Term Guidelines for the Bank of America TERI ISLP
  Medical Loan Program.

  
	
  Exhibit G

  	
   

  	
  —

  	
   

  	
  TERI Servicing
  Guidelines

  

 

 15Exhibit 10.14

Confidential
Materials omitted and filed separately with the

Securities and Exchange Commission. Asterisks denote omissions.

AMENDED AND
RESTATED NOTE PURCHASE AGREEMENT

BANK OF AMERICA
SCHOOL CHANNEL LOAN PROGRAMS

This Amended and Restated
Note Purchase Agreement (this “Agreement”), by and between BANK OF AMERICA,
N.A. (“Program Lender”), a national banking association organized under the
laws of the United States and having a place of business located at 600
Wilshire Blvd., Los Angeles, California 90017, and THE FIRST MARBLEHEAD
CORPORATION, a Delaware corporation having a principal place of business at
having a principal place of business at 800 Boylston Street, 34th Floor, Boston, Massachusetts 02199-8157
(“FMC”), is made and dated as of June 30, 2006;

W I T N E S S E T H:

WHEREAS, Program Lender is in the business of making
education loans under education lending programs, including, without
limitation, the Bank of America School Channel Loan Programs (as hereinafter
defined); and

WHEREAS, FMC exists to arrange funding for education
loans for the benefit of students at Participating Institutions; and

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

WHEREAS, the Bank of America School Channel Loans are
made by Program Lender and purchased by FMC on the condition that they qualify
for and in fact are covered by a guaranty issued by The Education Resources
Institute, Inc. (“TERI”).

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

I.                   Definitions.

Capitalized terms used herein without definition have
the meanings set forth in the Program Guidelines or the Umbrella Agreement, as
applicable.

“Affiliate” shall mean, as to any person, any other
person which, directly or indirectly, is in control of, is controlled by, or is
under common control with, such person. A person shall be deemed to control
another person if the controlling person possesses, directly or indirectly, the
power to direct or to cause the direction of the management and policies of the
other person, whether through the ownership of voting securities, by contract
or otherwise.

“Agent” means U.S. Bank National Association, in its
capacity as agent pursuant to the Deposit and Security Agreement.

“Bank of America Private Loan Programs” means the
prepGATE Loan Program, the Bank of America Private Undergraduate Loan Program
and the Bank of America Private Graduate Professional Loan Programs, each as
more fully described in the Program Guidelines as the same may be amended from
time to time.

 1
 

“Bank of America School Channel Loan Programs” or “Bank
of America SC Loan Programs” means the Bank of America Private Loan Programs
and the Bank of America TERI Loan Programs, each as more fully described in the
Program Guidelines as the same may be amended from time to time.

“Bank of America SC Loan Pool” or “Pool” shall mean
and refer to a group of Bank of America SC Notes purchased and pledged or
intended to be purchased and pledged as collateral in a particular
Securitization Transaction.

“Bank of America SC Notes” or “Notes” shall mean notes
or other forms of consumer debt instruments, evidencing Bank of America SC
Conforming Loans.

“Bank of America TERI Loan Programs” means the Bank of
America TERI Alternative Undergraduate Loan Program, the Bank of America TERI
Alternative Graduate Loan Program, the Bank of America TERI Alternative
Continuing Education Loan Program, the Bank of America TERI Alternative Health
Professions Loan Program (including the CVS Loan Program), and the Bank of
America TERI ISLP Programs, each as more fully described in the Program
Guidelines as the same may be amended from time to time.

“Bank of America TERI ISLP Loan Programs” means the
Bank of America ISLP Undergraduate Loan Program, the Bank of America ISLP
Graduate Loan Program and the Bank of America ISLP Medical Loan Program, each
as more fully described in the Program Guidelines as the same may be amended
from time to time. It does not include the Bank of America ISLP CanHelp
Program, which is not governed by this Agreement.

“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 California are required or authorized by law or executive order to be
closed.

“Co-Lender Indemnification Agreement” means the form
of Agreement attached hereto as Exhibit A.

“Collateral” has the meaning set forth in the Deposit
and Security Agreement.

“Conforming Loans” shall mean loans (a) conforming
to the requirements of the Program Guidelines at the time the loans were made, (b) serviced
by the Servicer in accordance with the Program Guidelines, and (c) covered
by and subject to all the benefits of the Guaranty Agreement.

“Deposit and Security Agreement” means the agreement
of that name among Program Lender, TERI, FMC, and State Street Bank &
Trust Company, dated as of April 30, 2001.

“First Marblehead” or “FMC” shall mean The First
Marblehead Corporation, a Delaware corporation.

“Guaranty Agreement” means the Amended and Restated
Guaranty Agreement between Program Lender and TERI, dated as of June 30,
2006.

“Loan Origination Agreement” refers to (a) the
Amended and Restated Loan Origination Agreement entered into between TERI and
Program Lender with respect to origination of prepGATE Conforming Loans and
Bank of America TERI Loans that are Conforming Loans, as amended from time to
time, and (b) any subsequent agreement relating to origination services
provided to Program Lender with respect to Bank of America SC Loan Notes
purchased under this Agreement.

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

“Option Period” means, with respect to any particular
Bank of America SC Conforming Loan, the period beginning on the first May 1
when such loan first becomes a Seasoned Loan and ending [**] days thereafter.

 2
 

“Origination Records” means and refers to the original
Bank of America SC Loan Application and Note, a form of cosigner notice when
required under 16 C.F.R. § 444, and any other standardized documentation
specified from time to time in the Program Guidelines as required to be
received by the Servicer from the Program Lender in order to service Bank of
America SC Conforming Loans adequately and accurately.

“Participating Institution” means an institution
approved by TERI for participation in the Bank of America SC Loan Programs.

“Program” shall mean, collectively, the Bank of
America Private Loan Programs and the Bank of America TERI Loan Programs.

“Program Guidelines” has the meaning set forth in the
Umbrella Agreement.

“Purchase Date” shall mean the date of consummation of
a Securitization Transaction with respect to a particular Pool including Bank
of America SC Conforming Loans originated by Program Lender, which date: (a) shall
be set by written notice from FMC to Program Lender, given to Program Lender
not less than five (5) Business Days in advance of the specified date, and
(b) shall occur [**]
for each loan in the Pool in question.

“Purchaser Trust” shall mean and refer to a trust or
other SPE formed for the purpose of purchasing Bank of America SC Conforming
Loans by FMC or by any Affiliate of FMC. Any action required or permitted to be
taken by FMC 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., and/or Duff &
Phelps, and/or Fitch Investors Services.

“Seasoned Loan”
means a Bank of America SC Conforming Loan made by Program Lender that becomes “seasoned”
in accordance with the following criteria:

(a)          The
following Bank of America SC Conforming Loans will be deemed to be “Seasoned
Loans” immediately upon final disbursement:

(i)             prepGATE
Loans (as defined in the Program Guidelines);

(b)         The
following Bank of America SC Conforming Loans will be deemed to be “Seasoned
Loans” twenty-four (24) months following final disbursement:

(i)             Bank
of America Private Undergraduate Education Loans, Bank of America TERI
Alternative Undergraduate Loans, and Bank
of America ISLP Undergraduate Loans (each as defined in the Program Guidelines)
made to Borrowers in their first (1st), second (2nd) or third (3d) academic year; and,

(ii)         Bank of
America TERI Alternative Continuing Education Loans (as defined in the Program
Guidelines).

(c)          The
following Bank of America SC Conforming Loans will be deemed to be “Seasoned
Loans” upon the scheduled graduation date (i.e., at the beginning of the grace
period before scheduled repayment begins):

(i)             Bank
of America Private Undergraduate Education Loans, Bank of America TERI Alternative
Undergraduate Loans, and Bank of America ISLP Undergraduate Loans made to
Borrowers in their fourth (4th) or later academic year;

 3
 

(ii)         Bank of
America Private Graduate Professional Education Loans and Bank of America TERI
Alternative Graduate Loans, Bank of America ISLP Graduate Loans and Bank of
America ISLP Medical Loans (each as defined in the Program Guidelines); and,

(iii)     Bank of
America TERI Alternative Health Professions Loans (as defined in the Program
Guidelines).

(d)         Notwithstanding subparagraphs
(a) through (c), above:

(i)             any Bank of America SC Conforming Loans will be
deemed to be “Seasoned Loan” immediately upon the occurrence of any of the
following events:

(A)       the Bank of
America SC Conforming Loan enters repayment because the Borrower ceases to be
enrolled at the Participating Institution or in an approved residency period in
the case of a loan to a Borrower in a medical or dental degree program, as and
to the extent required by the Program Guidelines; or

(B)        a “Guaranty
Event” (as defined in the Guaranty Agreement) occurs with respect to such Bank
of America SC Conforming Loan.

(ii)         any Bank
of America Conforming Loan that is a Bank of America Gate Undergraduate Loan,
Bank of America TERI Alternative Undergraduate Loan, or Bank of America ISLP
Undergraduate Loan and is made to Borrowers in their third (3rd) academic year that has a scheduled graduation
date that occurs prior to twenty-four months following the final disbursement
date of the loan.

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

(Structuring and Origination Fees; Copy/Binding Costs)

(Underwriting Expenses)

(Rating Fee)

(Owner Trustee and Indenture Trustee Transaction and First Year Fees; Expenses)

(Counsel for Indenture Trustee)

(Counsel for FMC)

(Servicer Audit)

(Bond Insurer)

“Securitization Transaction” shall mean and refer to
the purchase of a Pool of Bank of America SC Conforming Loans by a Purchaser
Trust funded through the issuance and sale of commercial paper, certificates,
bonds or other securities or evidences of indebtedness, the repayment of which
is supported by payments on the Bank of America SC Conforming Loans included in
such Pool. A Securitization Transaction may include, without limitation, a
continuing series of transactions occurring on a periodic basis in which
Program Lender makes a sale of then-outstanding Seasoned Loans to a Purchaser
Trust, which Purchaser Trust in turn either utilizes the Pool directly as
collateral for its own debt or resells the Pool (in whole or in part) in
further sales to a securitization conduit providing financing to the Purchaser
Trust.

“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 Bank of America SC Conforming Loans in accordance
with the terms hereof and of the Umbrella Agreement.

“Servicing Agreement” refers to: (a) the
Servicing Agreement entered into between Servicer and Program Lender with
respect to servicing of Bank of America SC Conforming Loans, as amended from 

 4
 

time to time, and (b) any
subsequent servicing agreement between Program Lender and the Servicer
governing servicing of Bank of America SC Conforming Loans purchased under this
Agreement.

“Servicing Assignment and Servicer Consent Letter”
means the form of assignment and consent attached hereto as Exhibit B.

“SPE” means a special purpose entity formed and
operated for the sole purpose of acting as purchaser and owner of Bank of
America SC Conforming Loans.

“Term” shall mean the period commencing on the
effective date hereof and ending upon termination hereof, all as set forth in Article X.

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

“Trust Indenture” means, with respect to any particular
Securitization Transaction, the agreement pursuant to which FMC or a Purchaser
Trust issues evidences of indebtedness secured by the payments on the related
Bank of America SC Conforming Loans.

“Umbrella Agreement” shall
mean and refer to that certain Amended and Restated Umbrella Agreement by and
between Program Lender and First Marblehead, dated as of June 30, 2006.

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
sell to FMC or a designee Purchaser Trust, and FMC or such Purchaser Trust
shall purchase, every Seasoned Loan owned by Program Lender on the Purchase
Date.

2.02.   Pre-Closing
Information; FMC [**].

(a)          Reporting.

Program Lender will cause Servicer to inform FMC
periodically of information reasonably requested by FMC in anticipation of a
Securitization Transaction, including, without limitation, the number of
Seasoned Loans ready for purchase, principal and accrued interest with respect
to each such Loan, payment status (including defaulted loans presented for
guaranty payment), and the identity of Participating Institutions affected by
the Securitization. Program Lender shall also provide summary data, monthly, of
applications in process and approved loans not yet originated (numbers, dollar
amounts by program, borrower expected repayment date and other agreed data). Program
Lender will provide summary data, monthly, of rejected applications (numbers
and dollar amounts by program). Program Lender shall also cause Servicer to
provide its MR50 Reports to FMC. FMC covenants and agrees that it will use data
in the MR50 Report solely for the purpose of producing portfolio-level reports
specific to forecasting and structuring Securitization Transactions. After
production of such reports, FMC will return all data storage devices containing
MR50 data to PHEAA and will delete all MR50 data (other than the
portfolio-level reports) from its system.

FMC will [**] specify a Purchase Date and consummate a Securitization
Transaction in which a Purchaser Trust will purchase all of the Seasoned Loans,
not less than once each calendar year.
FMC shall have the sole and exclusive right to purchase all Bank of America SC
Conforming Loans [**] for each
such loan, which right may be assigned to one or more Purchaser Trusts. Program
Lender agrees, in consideration of FMC’s undertaking pursuant to this section,
not to sell to any third person any interest in any Bank of America SC
Conforming Loans originated by Program Lender [**]. Program Lender shall be free to use Bank of America SC
Conforming Loans as collateral for loans to Program Lender and/or to sell
participations in its portfolio of Bank of America SC Conforming Loans; provided, however, that Program 

 5
 

Lender must sell and
deliver Seasoned Loans free and clear of any such interests on any Purchase
Date. Program Lender shall be entitled at any time and from time to time, in
its sole discretion, to sell a Seasoned Loan to a third party or to retain a
Bank of America SC Conforming Loan, in whole or in part, for its own account,
in the event that FMC or its designee is unable to or fails to acquire such
Seasoned Loan [**].
In such event, the Program Lender may sell or retain such Seasoned Loan to any
purchaser, free and clear of any claim under this Agreement.

2.03.   Pool Supplement.

Each purchase and sale of the Seasoned 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 C which shall: (1) set forth the Minimum
Purchase Price for the Seasoned Loans originated by Program Lender included in
the Pool, (2) incorporate by reference the terms and conditions of this
Agreement applicable to sales of Seasoned Loans, and (3) include a
Schedule of Seasoned 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 (2) Business Days prior to the Purchase Date.

2.04.   Minimum Purchase
Price.

2.04.01   For
Bank of America TERI Programs (excluding Bank of America TERI ISLP Programs)

On the Purchase
Date, Program Lender shall assign and convey all Seasoned Loans that are Bank
of America TERI Loans (other than Bank of America TERI ISLP Loans) originated by
Program Lender included in the Pool to FMC, 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 the
following amounts with respect to each of the Seasoned
Loans to be purchased that are Bank of America TERI Loans (other than Bank of
America TERI ISLP Loans):

(a)          The
unpaid principal amount of the Seasoned Loans in question [**]; plus

(b)         All accrued
and unpaid interest on such Seasoned Loans, [**]; plus

(c)          [**], the amount of any
guaranty fee paid by the Program Lender to The Education Resources Institute, Inc.
(“TERI”). If the terms of the Guaranty Agreement call for any Guaranty Fees to
be paid to TERI [**]; plus

(d)         All fees paid by Program
Lender to TERI with respect to such Seasoned Loans [**]; plus

(e)          A marketing fee and loan
premium, [**]:

1.                 with respect to
Bank of America TERI School Channel Undergraduate Creditworthy Loans, [**]% [**]; plus

2.                 with respect to
Bank of America TERI School Channel Graduate Creditworthy Loans, [**]% [**]; plus

3.                 with respect to
Bank of America TERI School Channel Graduate Credit-ready Loans, [**]%; plus

4.                 with respect to
Bank of America TERI School Channel Continuing Education Loans, [**]% [**]; plus

5.                 with respect to
Bank of America TERI School Channel Creditworthy Health Professions Loans
(excluding CVS Program Loans eligible for purchase under the Umbrella
Agreement), [**]% [**]; plus

 6
 

6.                 with respect to
Bank of America TERI School Channel Credit-ready Health Professions Loans and
CVS Creditworthy and Credit-ready Health Professions Loans eligible for
purchase under the Umbrella Agreement, [**]%;
plus

7.                 with respect to
Bank of America prepGATE Loans, [**]%;

8.                 with respect to
School Channel Undergraduate Creditworthy Expanded Tier Loans, [**]% [**];

9.                 with respect to
School Channel Graduate Creditworthy Expanded Tier Loans, [**]% [**];

10,          with respect to School
Channel Creditworthy Health Profession Expanded Tier Loans, [**]% [**].

2.04.02   For
Bank of America TERI ISLP Programs

On the Purchase
Date, Program Lender shall assign and convey all Seasoned Loans that are Bank
of America TERI ISLP Loans included in the Pool to FMC, 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 the following amounts with respect to each of the Seasoned
Loans to be purchased that are Bank of America TERI ISLP Loans:

(a)          The unpaid principal
amount ([**]) of the Seasoned
Loans in the Pool; plus

(b)         All accrued and unpaid
interest on such Seasoned Loans, [**];
plus

(c)          All fees paid by Program
Lender to TERI with respect to such Seasoned Loans [**]; plus

(d)         A marketing fee and loan
premium, [**]:

1.                 with respect to
Bank of America Bank School Channel ISLP Undergraduate Creditworthy Loans, [**]% [**];

2.                 with respect to
Bank of America Bank School Channel ISLP Graduate Creditworthy Loans, [**]% [**];

3.                 with respect to
Bank of America Bank School Channel ISLP Graduate Credit-ready Loans, [**]%;

4.                 with respect to
Bank of America Bank School Channel ISLP Medical Creditworthy Loans, [**]%;

5.                 with respect to
Bank of America Bank School Channel ISLP Medical Credit-ready Loans, [**]%;

6.                 with respect to
Bank of America Bank School Channel ISLP Medical Creditworthy Residency Loans, [**]%;

7.                 with respect to
Bank of America Bank School Channel ISLP Medical Credit-ready Residency Loans, [**]%.

2.04.03   Bank
of America Private Loan Programs

On the Purchase
Date, Program Lender shall assign and convey all Seasoned Loans that are Bank
of America Private Loans included in the Pool to FMC, 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 the
following amounts with respect to each of the Seasoned
Loans to be purchased that are Bank of America Private Loans:

(a)          The unpaid principal
amount of the Seasoned Loans in question [**]; plus

 7
 

(b)         All accrued and unpaid
interest on such Seasoned Loans, [**];
plus

(c)          With respect to [**],
the amount of any guaranty fee paid by the Program Lender to The Education
Resources Institute, Inc. (“TERI”) [**]; plus

(d)         A marketing fee and loan
premium, [**]:

1.                 with respect to
Bank of America Private Loan Generic & Preferred School Channel
Creditworthy Undergraduate Loans, [**]%;

2.                 with respect to
Bank of America Private Loan Generic & Preferred School Channel
Creditworthy Graduate Loans, [**]%;

3.                 with respect to
Bank of America Private Loan Generic & Preferred School Channel
Creditworthy Law Loans, [**]%;

4.                 with respect to
Bank of America Private Loan Generic & Preferred School Channel
Creditworthy Business Loans, [**]%;

5.                 with respect to
Bank of America Private Loan Generic & Preferred School Channel
Creditworthy Medical Loans, [**]%;

6.                 with respect to
Bank of America Private Loan Generic & Preferred School Channel
Creditworthy Dental Loans, [**]%;

7.                 with respect to
Bank of America Private Loan Generic & Preferred School Channel
Credit-ready Graduate Loans, [**]%;

8.                 with respect to
Bank of America Private Loan Generic & Preferred School Channel
Credit-ready Law Loans, [**]%;

9.                 with respect to
Bank of America Private Loan Generic & Preferred School Channel
Credit-ready Business Loans, [**]%;

10.          with respect to Bank of
America Private Loan Generic & Preferred School Channel Credit-ready
Medical Loans, [**]%;

11.          with respect to Bank of
America Private Loan Generic & Preferred School Channel Credit-ready
Dental Loans, [**]%;

12.          with respect to Bank of
America Private Loan Generic & Preferred School Channel Credit-ready
Bar Loans, [**]%;

13.          with respect to Bank of
America Private Loan Generic & Preferred School Channel Credit-ready
Relocation & Residency Loans, [**]%;

14.          with respect to Bank of
America Private Loan [**] School
Channel Creditworthy Graduate Loans, [**]%;

15.          with respect to Bank of
America Private Loan [**]School
Channel Creditworthy Law Loans, [**]%;

16.          with respect to Bank of
America Private Loan [**] School
Channel Credit-ready Graduate Loans, [**]%;

17.          with respect to Bank of
America Private Loan [**] School
Channel Credit-ready Law Loans, [**]%;
and

18.          with respect to Bank of
America Private Loan [**] School
Channel Credit-ready Business Loans, [**]%.

 8
 

2.04.04   Administrative
Costs

In addition, the Minimum Purchase Price shall include
reimbursement of any subsequent guaranty fees due from Lender to TERI [**].

2.05.   Failure of FMC to
Securitize.

In the event that: (a) FMC fails to specify a
Purchase Date and to consummate a Securitization Transaction with respect to a
Pool of Seasoned Loans [**],
and (b) Program Lender subsequently sells such a Pool in a transaction
that, if it had been conducted by a Purchaser Trust, would constitute a
Securitization Transaction, THEN FMC will reimburse Program Lender for [**]. For purposes only of this Section 2.05,
the following terms have the following meanings:

[**].

III.         Procedures and Conditions for Transfer.

3.01.   Conveyances of Bank
of America SC 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
FMC or the Purchaser Trust, without recourse, all right, title and interest of
Program Lender in and to:

(1)          The Seasoned 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 Seasoned Loans originated by Program Lender included in such
Pool from recourse to TERI under the Loan Origination Agreement regarding
origination of Conforming Loans;

(3)          Any claims Program
Lender may have under the Servicing Agreement with respect to acts or omissions
of the Servicer affecting the Seasoned Loans being purchased;

(4)          The proceeds of any and
all of the foregoing received after the Purchase Date or received prior thereto
and not credited against the Minimum Purchase Price as computed on the Purchase
Date (and, pursuant to Section 3.07, the Purchaser Trust shall assume
certain liabilities of Program Lender thereunder);

(5)          All rights of Program
Lender under the Guaranty Agreement with respect to the loans in the Pool.

(b)   The
obligation of the Purchaser Trust to purchase the Seasoned Loans originated by
Program Lender on the related Purchase Date shall be subject to satisfaction of
the following conditions (each and all of which may be waived by such Purchaser
Trust, in whole or in part in its sole discretion):

(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 Seasoned Loans originated by Program Lender included in
such Pool shall be true and correct as of the related Purchase Date;

(3)          The Loan Origination
Agreement and the Servicing Agreement shall be in full force and effect as of
the related Purchase Date and Program Lender and Servicer shall have executed
and delivered a Servicing Assignment and Servicer Consent Letter;

 9
 

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

(5)          Program Lender shall
have complied with the provisions of the Umbrella Agreement applicable to the
Seasoned Loans included in the Pool;

(6)          The loans to be
purchased shall have been originated and serviced in conformity with the
Program Guidelines and shall be covered by the Guaranty Agreement;

(7)          The Agent pursuant to
the Deposit and Security Agreement, shall have transferred to the indenture
trustee in the Securitization Transaction the portion of the Pledged Account
and the Collateral specified in Section 4 of the Deposit and Security
Agreement;

(8)          If required by any other
Lender whose loans are included in the Securitization Transaction, the Program
Lender shall have executed and delivered a Co-Lender Indemnification Agreement
substantially in the form of Exhibit A;

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

(10)   Program Lender shall have
executed and delivered for filing a UCC-1 financing statement with respect
to the Seasoned 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);

(11)   As of such Purchase Date: (i) Program
Lender was not insolvent and will not become insolvent as a result of the transfer
of Seasoned 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) Program
Lender was “Well Capitalized,” as such term is defined by the Office of the
Comptroller of the Currency on the Purchase Date; and

(12)   Program Lender shall have
executed and delivered an Indemnification Agreement substantially in the form
of Exhibit D attached hereto, provided, however, that
an Indemnification Agreement shall not be required if FMC executes and delivers
to Program Lender a certificate which states that no Offering Materials (as
defined in Exhibit D attached hereto) were
distributed or provided to any securities purchaser or prospective purchaser in
connection with the Securitization Transaction in question.

(c)   The
obligation of Program Lender to sell the Seasoned Loans originated by Program
Lender included in the Pool on a related Purchase Date are subject to
satisfaction of the following conditions (each and all of which may be waived
by Program Lender in whole or in part, in its sole discretion):

(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 within twenty-four (24) hours after the Purchase
Date (such Minimum Purchase Price shall be based on the best information
available from 

 10
 

the Servicer as of the
Purchase Date; no later than thirty (30) days following the Purchase Date, the
Purchaser Trust shall recalculate the Minimum Purchase Price to reflect adjustments
for transactions (including, without limitation, additional accrued interest
and payments received), and whichever party is deemed to owe the other such
adjustment shall deliver such adjustment to such other party, by wire transfer
of immediately available funds);

(3)          FMC shall have complied
with the terms of the Umbrella Agreement applicable to the Seasoned Loans
included in the Pool and no default of FMC under the Umbrella Agreement
relating to any Seasoned Loans shall have materially impaired the rights of the
Program Lender in connection with the purchase and sale of the Pool to be sold
on the Purchase Date;

(4)          FMC and Purchaser Trust
shall have executed and delivered an Indemnification Agreement substantially in
the form of Exhibit D attached hereto, provided, however, that
an Indemnification Agreement shall not be required if FMC executes and delivers
to Program Lender a certificate which states that no Offering Materials (as
defined in Exhibit D attached hereto) were
distributed or provided to any securities purchaser or prospective purchaser in
connection with the Securitization Transaction in question.

(5)          In the event the subject
Pool contains loans originated by persons and entities 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;

(6)          If the trustee or other
fiduciary under the related Trust Indenture is not U.S. Bank, N.A., Program
Lender shall have approved such trustee or fiduciary, with such approval not to
have been unreasonably withheld; and

(7)          Program Lender shall
have received an opinion of Thacher, Proffitt & Wood, or other
securities counsel to the Purchaser Trust and FMC, addressed to Program Lender
and satisfactory to Program Lender in form and substance. Such opinion shall,
with respect to any securities issued by the Purchaser Trust, state that
nothing has come to the attention of such counsel that would lead it to believe
that the Offering Materials (as defined in the Indemnification Agreement
attached hereto as Exhibit D)
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, however, that
Thacher, Proffitt & Wood may except the “BOA Information” (as
defined in Exhibit D attached hereto) from the
scope of its opinion, and further  provided, however, that
such opinion shall not be required if FMC executes and delivers to Program
Lender a certificate which states that no Offering Materials (as defined in Exhibit D attached hereto) were distributed or provided
to any securities purchaser or prospective purchaser in connection with the
Securitization Transaction in question.

3.02.   Delivery of
Documents.

On the Purchase Date, Program Lender shall deliver to
the Servicer, as agent for the Purchaser Trust and/or to the trustee of the
Trust Indenture, each Bank of America SC Note originated by Program Lender
included in the Pool and the related Origination Records. If a Co-Lender
Indemnification Agreement is required as a condition of Program Lender’s
obligations under Section 3.01(c)(4) hereof, Program Lender shall
execute and deliver a Co-Lender Indemnification Agreement to each lender
selling Bank of America SC Conforming Loans in the Securitization Transaction.

 11
 

3.03.   Confirmation 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 FMC, or its designated Purchaser
Trust of each Pool Supplement shall evidence, a sale and assignment to FMC or
the Purchaser Trust of the related Seasoned Loans and of all of Program Lender’s
interest in such Seasoned Loans. As assignee of such Seasoned Loans, FMC or the
Purchaser Trust shall receive: (i) interest on such Seasoned 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 Seasoned Loans, or others pursuant to, or in respect of, such
Seasoned Loans from and after the Purchase Date, 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
Bank of America SC Conforming Loans so assigned in the nature of those
described in Section 3.04 above, such amounts shall be held by Program
Lender in trust for FMC 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 Indenture.

3.06.   Assignment of
Origination Rights.

Program Lender shall insure that Program Lender’s
rights under the Servicing Agreement and the Loan Origination Agreement with
respect to the Seasoned Loans in each Pool shall be transferred to FMC or the
Purchaser Trust by execution and delivery of a Servicing Assignment and
Servicer Consent Letter. Program Lender shall require TERI to complete any loan
origination services being performed for Program Lender under the Loan
Origination Agreement on the Purchase Date so that complete Origination Records
are ready for transfer to the Purchaser Trust (or to Servicer on its behalf).

3.07.   No Assumption of
Liability to Fund Bank of America SC Loan Notes.

By their purchase of Bank of America SC Loan Notes,
FMC, 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 Bank of America SC Loan borrower by reason of the
Seasoned Loans originated by Program Lender included in the Pool evidenced by
the Bank of America SC Loan Notes. Program Lender shall be solely responsible
to fulfill its obligations under any agreements it may have with Participating
Institutions regarding origination and funding of such Seasoned Loans.
Notwithstanding the foregoing, the Purchaser Trust shall assume from Program
Lender any liability to repurchase from TERI a defaulted Loan upon cure of the
default, with respect to any Loan that would be a Seasoned Loan but for such
default and purchase by TERI.

3.08.   Servicing and
Origination Costs.

Except as expressly set
forth in the definition of “Minimum Purchase Price,” Program Lender shall be
solely responsible for and shall pay all costs due to any third party from
Program Lender (including, without limitation, amounts due to Servicer) with
respect to origination of Bank of America SC Conforming Loans and with respect
to loan servicing of Bank of America SC Conforming Loans incurred prior to
purchase of a Bank of America SC Conforming Loan hereunder. FMC shall be solely
responsible for and shall pay any obligations it has incurred in connection
with the Bank of America SC Conforming Loans.

 12

IV.   Limitation of Obligations
of FMC and Purchaser Trust.

4.01.   Except as
provided in Section 2.05 of this Agreement, FMC’s obligation in connection
with the purchase of Seasoned Loans is [**] to cause a Securitization Transaction to occur and to use
the proceeds thereof to fund the purchase of Seasoned Loans by a Purchaser
Trust. Upon the designation of a Purchase Date and a Purchaser Trust by FMC,
FMC shall be obligated to cause the consummation of a Securitization
Transaction and the payment of the Minimum Purchase Price to Program Lender; provided, however, that the obligation of FMC and any
Purchaser Trust to consummate the Securitization Transaction shall be
conditioned upon and subject to the receipt by the Purchaser Trust of
Securitization Transaction proceeds net of Securitization Costs equal to or
greater than the Minimum Purchase Price.

V.              Representations and Warranties.

5.01.   Representations and
Warranties of FMC.

FMC makes the
following representations and warranties as of the date hereof, as of the date
of each purchase of Bank of America SC Conforming Loans and as of any other
date specified below. FMC 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 Bank of America SC Conforming Loans:

(a)   FMC
represents and warrants that it is and shall remain a Delaware corporation 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)   FMC 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 FMC enforceable against FMC 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 FMC 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 Seasoned Loans to FMC 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 requisite authority to conduct all
activities and consummate all transactions contemplated by this Agreement.

(b)   Program
Lender has all requisite power and authority to execute, deliver and perform
its obligations under this Agreement, and has duly authorized the execution,
delivery and performance of, and has duly executed and delivered this
Agreement, and this Agreement together with each Pool Supplement executed
pursuant hereto, constitutes the legal, valid and binding obligation of Program
Lender enforceable against Program Lender in accordance with its terms, except
as such enforceability may be limited by (i) receivership, conservatorship and
supervisory powers of bank regulatory agencies generally, (ii) applicable
bankruptcy, receivership, conservatorship, insolvency, reorganization, moratorium
or other 

 13
 

similar laws affecting
creditors’ rights generally from time to time in effect, or (iii) general
principles of equity.

(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
Seasoned Loans originated by Program Lender and sold to FMC or a Purchaser
Trust pursuant to any Securitization Transaction (i) is the valid, binding and
enforceable obligation of the borrower executing the same, and of any cosigner
thereto, enforceable against each borrower, any student maker named therein,
and any 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, and (ii) is covered by an entitled to the benefits of the Guaranty
Agreement.

(e)   Each
Seasoned Loan originated by Program Lender sold hereunder and any accompanying
notices and disclosures conforms to all applicable state and federal laws,
rules and regulations and each Seasoned Loan was documented on forms set forth
in the Program Guidelines and contained consumer loan terms and involved
guaranty fees payable to TERI in strict conformity with the Program Guidelines.
The origination of each Seasoned Loan was conducted in accordance with the
Program Guidelines and all applicable state and federal laws including, without
limitation, the Equal Credit Opportunity Act. No application to Program Lender
for a Bank of America SC 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
Seasoned Loan originated by Program Lender sold to FMC or Purchaser Trust is in
compliance with any applicable usury laws at the time made and of the time of
assignment to FMC or a Purchaser Trust.

(g)   There is no
defense to payment, counterclaim or setoff with respect to any Seasoned 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 Seasoned Loans originated by Program Lender and
included in the Pool.

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

(i)    With
respect to each Note originated by Program Lender and included in the Pool: (A)
the terms thereof have not been impaired, waived, altered or modified in any
respect, except pursuant to written forbearance agreements in accordance with
the requirements of and in the terms set forth in the Program Guidelines, and
(B) such Note has been serviced at all times in accordance with the Program
Guidelines.

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 Bank of America SC 

 14
 

Conforming
Loan, any obligor, and the sale of any Bank of America SC Conforming Loan to
the Purchaser Trust hereunder or otherwise. 

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 as of the date when made,
Program Lender shall have the right (but not the obligation) to elect by
written notice to FMC to be given by Program Lender no later than sixty (60)
days after receipt of written notice from FMC of such alleged breach to
repurchase the affected Seasoned 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, FMC
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 FMC or the
Purchaser Trust. Whether or not Program Lender exercises its right of
repurchase, Program Lender shall indemnify FMC, any Purchaser Trust and any
fiduciary under the Trust Agreement pursuant to Article VIII or this
Agreement.

VI.         Survival
of Representations, Warranties and Indemnities.

As to any Seasoned Loans
purchased hereunder, the representations and warranties contained herein and
the indemnifications contained in Article VIII hereof with respect to such
Seasoned Loans shall survive until each such Seasoned 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 Bank of
America SC Conforming Loans, and (b) FMC shall have the right to create a
Purchaser Trust to exercise FMC'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 

 15
 

same in
the United States mail, certified, return receipt requested, with postage
prepaid, addressed to the party at the address set forth 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. Notices shall be given as follows:

If to Program Lender:

Mark Wilcox

Bank of America, N.A.

Mail Code: NC1-002-15-26

Charlotte, NC 28255-0001

With a copy to:

Laura L. Rogers

Assistant General Counsel

Bank of America, N.A.

11th Floor

800 Market Street

St. Louis, MO 63101

If to FMC:

Peter B Tarr, Chairman and
General Counsel

The First Marblehead Corporation

800 Boylston Street, 34th Floor

Boston, Massachusetts 02199-8157

With a copy to:

Corporate Law Department

The First Marblehead Corporation

800 Boylston Street, 34th Floor

Boston, Massachusetts 02199-8157

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
California (without reference to choice-of-law rules).

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.

 16
 

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 has been duly executed and delivered by an
authorized officer of the party.

VIII.                    Indemnification.

8.01.   By Program Lender.

Regardless of the
exercise or nonexercise of the repurchase right under Section 5.04, Program
Lender shall indemnify and hold harmless FMC, each Purchaser Trust and any
fiduciary under any Trust Indenture, 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 Indenture or this
Agreement which such Indemnified Person may sustain or incur by reason of any
breach of any representation, warranty or covenant of Program Lender contained
herein. This section shall survive any termination of this Agreement.

8.02.   FMC.

FMC or the applicable
Purchaser Trust, as the case may be, shall indemnify and hold harmless Program
Lender and any officer, director, or employee or agent of Program Lender
(herein collectively referred to as “Indemnified Persons”) against any and all
liabilities, losses, cost, 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 or
judgments or obtaining or attempting to obtain release from liability, which
such Indemnified Person may sustain or incur by reason of any breach of any
representation, warranty or covenant of FMC or the applicable Purchaser Trust,
as the case may be, contained herein. This section shall survive termination of
this Agreement. 

IX.         Dispute Resolution

9.01.   Informal Dispute
Resolution.

Any controversy or
claim between the parties arising from or in connection with this Agreement or
the relationship of the parties under this Agreement whether based on contract,
tort, common law, equity, statute, regulation, order or otherwise, and whether
arising before or after the termination of this Agreement (“Dispute”) shall be
resolved as follows:

(a)   Upon
written request of either party, the parties will each appoint a designated
representative whose task it will be to meet for the purpose of endeavoring to
resolve such Dispute.

(b)   The
designated representatives shall meet as often as the parties reasonably deem
necessary to discuss the problem in an effort to resolve the Dispute without
the necessity of any formal proceeding.

(c)   Arbitration
proceedings for the resolution of a Dispute under Section 9.02 may not be
commenced until the earlier of:

(i)    the
designated representatives conclude in good faith that amicable resolution
through continued negotiation of the matter does not appear likely; or 

 17
 

(ii)   the
expiration of the thirty (30) day period immediately following the initial
request to negotiate the Dispute.

9.02.   Arbitration.

If the provisions
of Section 9.01 have been satisfied, but the Dispute has not been resolved,
then the Dispute shall be settled pursuant to the following:

(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.

9.03.   Permissible Legal Proceedings.

Notwithstanding anything
contained in Sections 9.01 and 9.02, (a) a party may institute legal
proceedings to seek a temporary restraining order or other temporary or
preliminary injunctive relief to prevent immediate and irreparable harm to such
party, and for which monetary damages would be inadequate, pending final
resolution of the dispute, controversy or claim pursuant to arbitration, and
(b) a party may institute legal proceedings if necessary to preserve
a superior position with respect to other creditors. Such conduct shall not
constitute a waiver of the right of either party to resort to arbitration to
obtain relief other than that specified in this Section 9.03.

X.              Term and Termination.

10.01.   Term.

This Agreement shall remain in full force and effect
until the later of (a) expiration or termination of the Umbrella Agreement, or
(b) the expiration of the Option Period of all Bank of America SC Conforming
Loans made pursuant to the Umbrella Agreement. After termination of this
Agreement, certain obligations hereunder shall survive as provided in Article
VI hereof. 

 18
 

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

	
  WITNESS:

  	
   

  	
  BANK OF AMERICA, N.A.

  
	
   /s/ THOMAS E. NERAD

  	
   

  	
  By:

  	
   /s/ MARK WILCOX

  	
   

  
	
  Print Name:

  	
   Thomas E. Nerad

  	
   

  	
  Print Name:

  	
   Mark Wilcox

  	
   

  
	
   

  	
   

  	
  Title:

  	
   Senior
  Vice President

  	
   

  
	
   

  	
   

  	
  THE
  FIRST MARBLEHEAD CORPORATION

  
	
   /s/ BARBARA K. BOISCLAIR

  	
   

  	
  By:

  	
   /s/ SANDRA M. STARK

  	
   

  
	
  Print Name:

  	
   Barbara K. Boisclair

  	
   

  	
  Print Name:

  	
   Sandra M.
  Stark

  	
   

  
	
   

  	
   

  	
  Title:

  	
   Executive Vice President

  	
   

  
										

 

 19
 

Note
Purchase Agreement

Index to
Exhibits

	
  Exhibit A

  	
   

  	
  Co-Lender Indemnification Agreement

  
	
  Exhibit B

  	
   

  	
  Servicing Assignment and
  Servicer Consent Letter

  
	
  Exhibit C

  	
   

  	
  Pool Supplement

  
	
  Exhibit D

  	
   

  	
  Indemnification
  Agreement

  

 

 20

EXHIBIT A TO NOTE
PURCHASE AGREEMENT

CO-LENDER
INDEMNIFICATION AGREEMENT

THIS CO-LENDER
INDEMNIFICATION AGREEMENT (the “Agreement”) is made as of [DATE],
by and between [Names and Addresses of Co-Lenders] (“Co-Lender”), and BANK OF
AMERICA, N.A. (“BOA”), a national banking association organized under the laws
of the United States, with its headquarters and principal place of business
located at                       
(Co-Lender and BOA are sometimes collectively referred to as the “Program
Lenders” and are each sometimes severally referred to as a “Program Lender”).

RECITALS

A.    The Program
Lenders are participants in the Bank of America School Channel Loan Programs
(collectively, the “Program”) pursuant to which each of the Program Lenders
originate educational loans (the “Loans”) to pay the costs of attending
institutions of education which are themselves participants in the Program (the
“Participating Institutions”).

B.     Each of
the Program Lenders, individually, have entered into an agreement (each, a “Purchase
Agreement”) with The First Marblehead Corporation or The National Collegiate
Trust, pursuant to which Purchase Agreements such Program Lenders have agreed
to sell certain Loans to [Name of Purchasing Entity] (the “Purchaser Trust”),
each such purchase to be funded through the issuance and sale of certificates,
bonds or other evidences of indebtedness, the repayment of which are supported
by such Loans (the “Subject Securitization Transaction”).

C.     As a
condition precedent to the obligation of each Program Lender to consummate the
sale of Loans originated by them to the Purchaser Trust, all Program Lenders
whose Loans will be included in the Subject Securitization Transaction are
required to execute and deliver to the other Program Lenders a copy of this
Agreement.

NOW, THEREFORE, in
consideration of the foregoing Recitals and for other good and valuable
consideration, the receipt and adequacy of which are hereby acknowledged, the
parties hereto hereby agree as follows:

ARTICLE I

REPRESENTATIONS AND WARRANTIES

1.01   Each Program Lender represents and warrants
to each other Program Lender, as to itself, that as of the date hereof:

(a)   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
power and authority to originate and/or hold Loans, to consummate the
transaction contemplated by the Purchase Agreement to which it is a party, and
to execute and deliver and perform its obligations under this Agreement;

(b)   This
Agreement has been duly authorized, executed and delivered and constitutes its
legal, valid and binding obligation, enforceable against it in accordance with
its terms except as enforceability may be limited by (a) the receivership,
conservatorship and similar supervisory powers of bank regulatory agencies
generally, as well as bankruptcy, insolvency, liquidation, receivership,
moratorium, reorganization or other similar laws affecting the enforcement of
the rights of creditors; (b) general principles of equity (including
availability of equitable remedies), whether enforcement is sought in a
proceeding in equity or at law; and (c) applicable securities laws and
public policy considerations underlying the securities laws to the extent that
such public policy considerations limit the enforceability of the provisions of
this Agreement which purport to provide indemnification with respect to
securities law liabilities;

 21
 

(c)   Each Loan
included in the Subject Securitization Transaction originated by it 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;

(d)   Each Loan
included in the Subject Securitization Transaction originated by it and any
accompanying notices and disclosures conforms to all applicable state and
federal laws, rules and regulations and the origination thereof was
conducted in accordance with all applicable state and federal laws concerning
the actions of the Participating Institution and the Program Lender, including,
without limitation, the Equal Credit Opportunity Act;

(e)   Each Loan
included in the Subject Securitization Transaction originated by it is in
compliance in all material respects with any applicable usury laws at the time
made and as of the time of sale to the Purchaser Trust pursuant to the Purchase
Agreement to which the Program Lender is a party; and

(f)    The Program Lender has no actual knowledge of any defense to
payment with respect to any Loan included in the Subject Securitization
Transaction originated by it nor is there any action before any state or
federal court, administrative or regulatory body, pending or threatened against
the Program Lender in which an adverse result would have a material adverse
effect upon the validity or enforceability of any such Loan.

ARTICLE 2

INDEMNIFICATION

2.01   Cross-Indemnification.   Each Program
Lender (an “Indemnifying Program Lender”) hereby agrees to indemnify, hold
harmless and defend each other Program Lender and such other Program Lender’s
respective officers, directors, employees, attorneys, agents (not including any
Participating Institution or the servicer of any Loan) and each person who
controls such other Program Lender within the meaning of either Section 15
of the Securities Act of 1933, as amended, or Section 20 of the Securities
Exchange Act of 1934, as amended (collectively and severally, the “Indemnified
Parties”), from and against any and all claims, obligations, penalties,
actions, suits, judgments, costs, disbursements, losses, liabilities and/or
damages (including, without limitation, reasonable external attorneys’ fees and
the allocated costs of internal salaried attorneys) of any kind whatsoever
which may at any time be imposed on, assessed against or incurred by any such
Indemnified Party in any way relating to or arising out of the inaccuracy or
incompleteness of any representation or warranty made by the Indemnifying
Program Lender hereunder or the inaccuracy or incompleteness of any
representation or warranty made by the Indemnifying Program Lender to any
Participating Institution in connection with the Program or the Subject
Securitization Transaction. The indemnity provided by each Indemnifying Program
Lender hereunder is in addition to any liability which such Program Lender may
otherwise have to the Indemnified Parties, at law, in equity or otherwise, in
connection with the Subject Securitization Transaction.

2.02   Procedure for Indemnification.   In
case any proceeding (including any governmental investigation) shall be
instituted against any Indemnified Party in respect of which indemnity is
sought pursuant to Section 2.01, such Indemnified Party shall promptly
notify the applicable Indemnifying Program Lender in writing. The Indemnifying
Program Lender, 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
Program Lender may designate in such proceeding and the Indemnifying Program
Lender shall pay the fees and disbursements of such counsel related to such
proceeding, within a reasonable period of time after such fees and
disbursements are billed by such counsel. If the Indemnifying Program Lender
fails to acknowledge its obligation, subject to the terms 

 22
 

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 Program Lender. 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
Program Lender 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 Program Lender
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 Program Lender 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.

2.03   Settlements of
Proceedings.   The Indemnifying Program Lender 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 Program Lender agrees to indemnify the Indemnified Party from
and against any loss or liability by reason of such settlement or judgment. No
Indemnifying Program Lender, 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 of such proceeding.

ARTICLE 3

MISCELLANEOUS

3.01   Notices.   All
demands, notices and communications upon or to any Program Lender under this
Agreement shall be in writing, personally delivered or mailed by certified
mail, return receipt requested, to such Program Lender at its address set forth
below or to such other address as may hereafter be furnished by such Program
Lender to the other Program Lenders hereunder in writing, and shall be deemed
to have been duly given upon receipt.

	
  If to Co-Lender:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  with a copy to:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  If to BOA:

  	
   

  	
   

  
	
  Mark Wilcox

  	
   

  	
   

  
	
  Bank of America,
  N.A.

  	
   

  	
   

  
	
  Mail Code: NC1-002-15-26

  	
   

  	
   

  
	
  Charlotte, NC
  28255-0001

  	
   

  	
   

  

 

 23
 

 

	
  With a copy to:

  
	
  Laura L. Rogers

  
	
  Assistant General
  Counsel

  
	
  Bank of America,
  N.A.

  
	
  11th Floor

  
	
  800 Market Street

  
	
  St. Louis, MO
  63101

  

 

3.02   Successors and Assigns.   This
Agreement is binding on the Program Lenders and their respective successors and
assigns. No Program Lender shall assign its rights or obligations under this
Agreement without the prior written consent of all other Program Lenders
hereunder, and any assignment in violation of this prohibition shall be
automatically deemed null and void.

3.03   Arbitration.

(a)   Any
controversy or claim between or among the Program Lenders hereunder 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 relating hereto, 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 of 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 3.03 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.

3.04   Costs and Attorneys’ Fees.   In the
event of a lawsuit or arbitration proceeding arising out of or relating to this
Agreement, the prevailing party(ies) is (are) entitled to recover costs and
reasonable attorneys’ fees (including the allocated cost of internal salaried
attorneys) incurred in connection with the lawsuit or arbitration proceeding,
as determined by the court or arbitrator.

3.05   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.

3.06   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.

3.07   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.

 24
 

3.08   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.

3.09   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.

3.10   Entire Agreement.   This Agreement
embodies the entire agreement and understanding between the parties with
respect to the subject matter hereof and supersedes all prior agreements and
understandings relating to the subject matter hereof and thereof.

3.11   Governing Law.   This Agreement shall
be governed by and construed in accordance with the internal laws of the State
of Delaware without regard to its conflict of laws doctrine.

3.12   No Third Party Beneficiaries.   This
Agreement is made and entered into for the protection and legal benefit of the
parties hereto, their permitted successors and assigns, and each and every
Indemnified Party, and no other person shall be a direct or indirect
beneficiary of, or have any direct or indirect cause of action or claim in
connection with, this Agreement.

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

	
   

  	
  CO-LENDER(S)

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Print Name:

  
	
   

  	
  Title:

  
	
   

  	
  BANK
  OF AMERICA, N.A.

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Print Name:

  
	
   

  	
  Title:

  

 

 25

EXHIBIT B TO NOTE
PURCHASE AGREEMENT

[PROGRAM LENDER NAME]

SERVICING ASSIGNMENT AND

SERVICER CONSENT LETTER

[Applies only if Program Lender holds

Servicing Agreement and FMC does

not hold direct agreement with Servicer]

[DATE]

[Servicer Name and Address]

Attention: President

Ladies and Gentlemen:

Reference is hereby
made to that certain Servicing Agreement (the “Servicing Agreement”), dated                       ,
by and between [Servicer Name] (the “Servicer”) and [Program Lender Name] (“Program
Lender”), a copy of which is attached hereto as Exhibit A.
Capitalized terms not otherwise defined herein shall have the meanings set
forth in the Servicing Agreement. Pursuant to Section           
of the Servicing Agreement, the parties hereto agree as follows:

1.     Program
Lender hereby assigns its interest in the Servicing Agreement with respect to
the student loans identified on the attached Schedule I (the “Student Loans”)
to [Name of Securitization SPE] (“SPE”), and the Servicer hereby consents
thereto.

2.     The Servicer
hereby consents to the assignment and grant by [SPE] of a security interest in
the Servicing Agreement to [Name of Securitization Indenture Trustee] (the “Trustee”),
as provided in the Indenture, dated as of [DATE]
between [SPE] and the Trustee (the “Indenture”), for the benefit of the
Bondholders (as defined below) and MBIA Insurance Corporation (the “Bond
Insurer”).

[3.    Program
Lender hereby assigns its interest in the Origination Agreement, dated                       ,
by and between the Servicer and Program Lender (the “Origination Agreement”), a
copy of which is attached hereto as Exhibit B,
to [SPE], with respect to the Student Loans. The Servicer hereby consents to
the foregoing assignment by Program Lender and of the assignment and grant by [SPE]
to the Trustee of a security interest in the Origination Agreement, as provided
in the Indenture, for the benefit of the Bondholders and the Bond Insurer.]

4.     The
Servicer hereby confirms that it will not terminate the Servicing Agreement
until the appointment of a successor servicer by [SPE], with the consent of the
Bond Insurer for so long as Bonds are outstanding, unless the Servicing
Agreement otherwise expires in accordance with its terms.

5.     [SPE]
hereby confirms that (i) it will not terminate the Servicer for cause
pursuant to Section          of
the Servicing Agreement (a) without the consent of the Bond Insurer for so
long as Bonds are outstanding, and (b) until a successor servicer
acceptable to the Bond Insurer is appointed, and (ii) it will terminate
the Servicer for cause pursuant to Section         
of the Servicing Agreement, if directed by the Bond Insurer to do so.

6.     The
representations and warranties of the Servicer in the Servicing Agreement are
true and correct in all material respects at and on the date hereof (the “Closing
Date”), with the same effect as if made on the Closing Date.

7.     The
Servicer hereby confirms that it has complied with all the agreements and
satisfied all the conditions on its part to be performed or satisfied under the
Servicing Agreement.

 26
 

8.     The
Servicer agrees not to cause the filing of a petition in bankruptcy against
[SPE] for the nonpayment to the Servicer of any amounts owed to it under the
Servicing Agreement until at least 366 days after the payment in full of
the Bonds.

9.     The
Servicer hereby agrees to provide the Bond Insurer with copies of all notices,
reports and other information at the same time and in the same manner in which
such information is required to be given to Program Lender and [SPE] pursuant
to the Servicing Agreement or other information as is requested by the Bond
Insurer. In addition, for so long as any Bonds are outstanding, any action that
requires the consent of [SPE] under the Servicing Agreement, including, without
limitation, any amendment to the Servicing Agreement with respect to the
Student Loans, shall also require the prior consent of the Bond Insurer.

10.   The
Servicer hereby agrees to provide the Bond Insurer with its quarterly and
annual audited financial statements.

11.   The
Servicer hereby grants the Bond Insurer the right for so long as any of the
Bonds remain outstanding, to perform ongoing due diligence review of the
Servicer’s servicing activities with respect to the Student Loans provided that
such due diligence be conducted in a reasonable manner, convenient to both the
Servicer and the Bond Insurer.

12.   It is
expressly understood and agreed by the parties hereto that (a) this
Agreement is executed and delivered by [SPE Owner Trustee], not individually or
personally solely as Owner Trustee of [SPE] under the Trust Agreement dated as
of [DATE], with [SPE Sponsor], in the
exercise of the powers and authority conferred and vested in it, (b) each
of the representations, undertakings and agreements herein made on the part of
the Trust is made and intended not as personal representations, undertaking and
agreements by the Owner Trustee but is made and intended for the purpose for
binding only the Trust, (c) nothing herein contained shall be construed as
creating any liability on the Owner Trustee, individually or personally, to
perform any covenant either expressed or implied contained herein, all such
liability, if any, being expressly waived by the parties hereby and by any
Person claiming by, through or under the parties hereto, and (d) under no
circumstances shall the Owner Trustee be personally liable for the payment of
any indebtedness or expenses of the Trust or be liable for the breach or
failure of any obligation, representation, warranty or covenant made or
undertaken by the Trust under this Agreement or the other Trust Related
Documents.

13.   The parties
hereto acknowledge and agree that for so long as any Bonds are outstanding, the
Bond Insurer is a third-party beneficiary hereof and of the Servicing
Agreement, and the Bond Insurer shall have the right to exercise all rights of
[SPE] under the Servicing Agreement.

Please
acknowledge your acceptance and agreement to the foregoing by signing and
returning the enclosed duplicate letter.

	
   

  	
  Very truly yours,

  
	
   

  	
  PROGRAM LENDER

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Print Name:

  
	
   

  	
  Title:

  

 

 27
 

 

	
  Accepted and Agreed:

  	
   

  
	
  [SERVICER

  	
   

  
	
   

  	
  ]

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
  Print Name:

  	
   

  
	
  Title:

  	
   

  
	
  [SPE NAME]

  	
   

  
	
  By: [OWNER
  TRUSTEE]

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
  Print Name:

  	
   

  
	
  Title:

  	
   

  
					

 

 28

EXHIBIT C 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                    ,
2005, by and between The First Marblehead Corporation (“FMC”) and Bank of
America, N.A. This Supplement is dated                            ,
                 .
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 [name of purchasing entity] (“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 Seasoned Loan described in the attached Schedule 2. Program
Lender hereby transfers and delivers to Purchaser Trust each Bank of America SC
Note evidencing such Seasoned Loan and all Origination Records relating
thereto, in accordance with the terms of the Agreement. Purchaser Trust hereby
purchases said Seasoned Loans and Notes on said terms and conditions.

Article 2: Price.

2.04.01   For Bank of America
TERI  Programs (excluding Bank of America
TERI ISLP Programs)

On the Purchase Date, Program Lender shall assign and
convey all Seasoned Loans that are Bank of America TERI Loans (other than Bank
of America TERI ISLP Loans) originated by Program Lender included in the Pool
to FMC, 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 the following amounts with respect to
each of the Seasoned Loans to be purchased
that are Bank of America TERI Loans (other than Bank of America TERI ISLP
Loans):

(a)   The unpaid principal amount of the Seasoned Loans in
question [**]; plus

(b)   All accrued and unpaid interest on such Seasoned Loans,
[**]; plus

(c)   [**], the
amount of any guaranty fee paid by the Program Lender to The Education
Resources Institute, Inc. (“TERI”). If the terms of the Guaranty Agreement
call for any Guaranty Fees to be paid to TERI [**]; plus

(d)   All fees
paid by Program Lender to TERI with respect to such Seasoned Loans [**]; plus

(e)   A marketing
fee and loan premium, [**]:

1.      with
respect to Bank of America TERI School Channel Undergraduate Creditworthy
Loans, [**]% [**]; plus

2.      with
respect to Bank of America TERI School Channel Graduate Creditworthy Loans,
[**]% [**]; plus

3.      with
respect to Bank of America TERI School Channel Graduate Credit-ready Loans,
[**]%; plus

4.      with
respect to Bank of America TERI School Channel Continuing Education Loans,
[**]% [**]; plus

 29
 

5.      with
respect to Bank of America TERI School Channel Creditworthy Health Professions
Loans (excluding CVS Program Loans eligible for purchase under the Umbrella
Agreement), [**]% [**]; plus

6.      with
respect to Bank of America TERI School Channel Credit-ready Health Professions
Loans and CVS Creditworthy and Credit-ready Health Professions Loans eligible
for purchase under the Umbrella Agreement, [**]%; plus

7.      with
respect to Bank of America prepGATE Loans, [**]%;

8.      with
respect to School Channel Undergraduate Creditworthy Expanded Tier Loans, [**]%
[**];

9.      with
respect to School Channel Graduate Creditworthy Expanded Tier Loans, [**]%
[**];

10,   with
respect to School Channel Creditworthy Health Profession Expanded Tier Loans,
[**]% [**].

2.04.02   For Bank of America TERI
ISLP Programs

On the Purchase
Date, Program Lender shall assign and convey all Seasoned Loans that are Bank
of America TERI ISLP Loans included in the Pool to FMC, 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 the following amounts with respect to each of the Seasoned
Loans to be purchased that are Bank of America TERI ISLP Loans:

(a)    The unpaid
principal amount ([**]) of the Seasoned Loans in the Pool; plus

(b)   All accrued
and unpaid interest on such Seasoned Loans, [**]; plus

(c)    All fees
paid by Program Lender to TERI with respect to such Seasoned Loans [**]; plus

(d)   A marketing
fee and loan premium, [**]:

1.      with
respect to Bank of America Bank School Channel ISLP Undergraduate Creditworthy
Loans, [**]% [**];

2.      with
respect to Bank of America Bank School Channel ISLP Graduate Creditworthy
Loans, [**]% [**];

3.      with
respect to Bank of America Bank School Channel ISLP Graduate Credit-ready
Loans, [**]%;

4.      with
respect to Bank of America Bank School Channel ISLP Medical Creditworthy Loans,
[**]%;

5.      with
respect to Bank of America Bank School Channel ISLP Medical Credit-ready Loans,
[**]%;

6.      with
respect to Bank of America Bank School Channel ISLP Medical Creditworthy
Residency Loans, [**]%;

7.      with
respect to Bank of America Bank School Channel ISLP Medical Credit-ready
Residency Loans, [**]%.

2.04.03   Bank of America Private Loan Programs

On the Purchase Date, Program Lender shall assign and
convey all Seasoned Loans that are Bank of America Private Loans included in
the Pool to FMC, or a Purchaser Trust, in consideration of receipt of the
Minimum Purchase Price therefor. For purposes of this Agreement the term “Minimum
Purchase 

 30
 

Price” shall mean the sum
of the following amounts with respect to each of the Seasoned
Loans to be purchased that are Bank of America Private Loans:

(a)   The unpaid principal amount of the Seasoned
Loans in question including, without limitation, [**]; plus

(b)   All accrued and unpaid interest on such
Seasoned Loans, [**]; plus

(c)   With respect to[**] the amount of any
guaranty fee paid by the Program Lender to The Education Resources Institute, Inc.
(“TERI”) [**]; plus

(d)   A marketing fee and loan premium, [**]:

1.      with
respect to Bank of America Private Loan Generic & Preferred School
Channel Creditworthy Undergraduate Loans, [**]%;

2.      with
respect to Bank of America Private Loan Generic & Preferred School
Channel Creditworthy Graduate Loans, [**]%;

3.      with
respect to Bank of America Private Loan Generic & Preferred School
Channel Creditworthy Law Loans, [**]%;

4.      with
respect to Bank of America Private Loan Generic & Preferred School
Channel Creditworthy Business Loans, [**]%;

5.      with
respect to Bank of America Private Loan Generic & Preferred School
Channel Creditworthy Medical Loans, [**]%;

6.      with
respect to Bank of America Private Loan Generic & Preferred School
Channel Creditworthy Dental Loans, [**]%;

7.      with
respect to Bank of America Private Loan Generic & Preferred School
Channel Credit-ready Graduate Loans, [**]%;

8.      with
respect to Bank of America Private Loan Generic & Preferred School
Channel Credit-ready Law Loans, [**]%;

9.      with
respect to Bank of America Private Loan Generic & Preferred School
Channel Credit-ready Business Loans, [**]%;

10.   with
respect to Bank of America Private Loan Generic & Preferred School
Channel Credit-ready Medical Loans, [**]%;

11.   with
respect to Bank of America Private Loan Generic & Preferred School
Channel Credit-ready Dental Loans, [**]%;

12.   with
respect to Bank of America Private Loan Generic & Preferred School
Channel Credit-ready Bar Loans, [**]%;

13.   with respect
to Bank of America Private Loan Generic & Preferred School Channel
Credit-ready Relocation & Residency Loans, [**]%;

14.   with
respect to Bank of America Private Loan [**] School Channel Creditworthy
Graduate Loans, [**]%;

15.   with
respect to Bank of America Private Loan [**] School Channel Creditworthy Law
Loans, [**]%;

16.   with
respect to Bank of America Private Loan [**] School Channel Credit-ready
Graduate Loans, [**]%;

 31
 

17.   with
respect to Bank of America Private Loan [**] School Channel Credit-ready Law
Loans, [**]%; and

18.   with
respect to Bank of America Private Loan [**] School Channel Credit-ready
Business Loans, [**]%.

2.04.04   Administrative Costs

In addition, the Minimum
Purchase Price shall include reimbursement of any subsequent guaranty fees due
from Lender to TERI [**].

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 Bank of
America SC 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 Seasoned 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 

 32
 

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 Minimum Purchase Price. Purchaser Trust hereby
acknowledges receipt of the Seasoned Loans and the Bank of America SC Notes
included in the Pool.

Article 5: Assignment
of Origination and Servicing Rights.

Program Lender has assigned and set over to Purchaser
Trust so much of its rights under the Loan Origination Agreement and the
Servicing Agreement as relate to the Seasoned Loans described in Schedule 2,
including, without limitation, the right to continued loan servicing under the
Servicing Agreement pursuant to a Servicing Assignment and Servicer consent
Letter delivered herewith.

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

	
  

  	
  PURCHASER NAME:

  
	
   

  	
  By:

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Print Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
	
   

  	
  BANK OF AMERICA, N.A.

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Print Name:

  	
   

  
	
   

  	
  Title:

  	
   

  
					

 33
 

Schedule 1 to Pool
Supplement

(SAMPLE)

SETTLEMENT SCHEDULE

FMC
200        -S-       

XYZ UNIVERSITY

	
  Disbursement Date

  	
   

  	
   

  	
   

  	
  # of Loans

  	
   

  	
  Face Value

  	
   

  	
  Amount Disbursed

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
																

 

[TO BE REVISED]

 34

EXHIBIT D TO NOTE
PURCHASE AGREEMENT

INDEMNIFICATION
AGREEMENT

This INDEMNIFICATION
AGREEMENT (the “Agreement”) is made                           ,
2000, by and among [NAME OF PURCHASER TRUST (the “Trust”), The First Marblehead
Corporation (“First Marblehead”), and BANK OF AMERICA, N.A. (“BOA”).

WITNESSETH:

WHEREAS, pursuant to that certain Note Purchase
Agreement dated                           ,
2005 (the “Note Purchase Agreement”) between First Marblehead, as purchaser,
and BOA, BOA will sell to the Trust and the Trust will purchase from BOA
certain Bank of America SC Conforming Loans (“Contracts”);

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

WHEREAS, First Marblehead assists the Trust 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.

“Commission” means the Securities and Exchange
Commission.

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

“BOA 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” means securities backed by the pool of
Contracts that are to be issued by the Trust.

 35
 

“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 the Trust
and First Marblehead jointly and severally represents and warrants to BOA, and
BOA hereby represents and warrants to the Trust 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 BOA, 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 BOA and
the Trust 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.

 36
 

ARTICLE 3

CONDITIONS TO CLOSING

[Intentionally Omitted]

ARTICLE 4

INDEMNIFICATION

SECTION 4.01.   Indemnification by First Marblehead and the Trust.   The
Trust and First Marblehead jointly and severally agree to indemnify, hold
harmless and defend BOA, its officers, directors, employees, attorneys, agents
and each Person who controls BOA 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 the
Trust and First Marblehead; and

(c)    against
any and all expense whatsoever (including the fees and disbursements of counsel
chosen by BOA) 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 the Trust and First Marblehead may otherwise have.

SECTION 4.02.   Indemnification by BOA.   BOA agrees to indemnify and
hold harmless the Trust 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 BOA Information (or any amendment or supplement thereto
approved in writing by BOA) 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
BOA; and

(c)    against
any and all expense whatsoever (including the fees and disbursements of counsel
chosen by the Trust 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 

 37
 

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 BOA 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, BOA, on the one hand, and the Trust 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 BOA, the Trust and First Marblehead
in such proportions that (i) the Trust 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 the Trust for the Contracts, and (ii) BOA
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.

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The Trust, First
Marblehead and BOA 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 BOA, the Trust 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, 30
Little Harbor, Marblehead, MA  01945; (b) [ADDRESS
FOR PURCHASER TRUST], (c) Bank of America, N.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 BOA’s, the Trust’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 

 39
 

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 the Trust.   Notwithstanding
any provision of this Agreement to the contrary, all obligations of the Trust
under this Agreement shall be payable only from the rights of the Trust in the
Contracts. No recourse shall be had against the general funds of the Trust, 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 the Trust free and clear of claims of said Trustee (as defined in the
Trust Instrument), claims against the Trust may be satisfied from the Contracts
or the distributable proceeds thereof.

	
   

  	
  BANK OF AMERICA, N.A.

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Print Name:

  
	
   

  	
  Title:

  
	
   

  	
  [NAME OF
  PURCHASER TRUST]

  
	
   

  	
  By: [NAME OF
  TRUSTEE], not in its individual capacity but solely
  in its capacity as Trustee

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Print Name:

  
	
   

  	
  Title:

  
	
   

  	
  THE
  FIRST MARBLEHEAD CORPORATION

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Print Name:

  
	
   

  	
  Title:

  

 

 40

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