Document:

Exhibit 10.4

Confidential Materials omitted and filed
separately with the

Securities and Exchange Commission. 
Asterisks denote omissions.

THIRTEENTH
AMENDMENT

to

PROGRAM AGREEMENTS

JPMORGAN
CHASE BANK, N.A.

(SUCCESSOR
BY MERGER TO

BANK ONE, N.A.)

This Thirteenth Amendment
to Program Agreements (this “ Thirteenth Amendment”) is entered into as of the
1st day of May, 2006 (the “Thirteenth Amendment Effective Date”)  and amends 
the Program Agreements , each as previously amended, entered into by
and  and among JPMorgan Chase Bank, N.A.
(successor  by merger to Bank One, N.A.),
(“JPMorgan Chase”),  The Education
Resources Institute, Inc. (“TERI”),  The
First Marblehead Corporation (“FMC”) and US Bank, National Association with
regard to the Guaranty Agreement between Bank One, N.A., and TERI dated May 13,
2002 (the “ Guaranty Agreement”), the Loan Origination Agreement between Bank
One, N.A., and TERI dated May 1, 2002 (the “Loan Origination Agreement”), the
Deposit and Security Agreement among Bank One, N.A., TERI, FMC, and US Bank
National Association  (“US Bank”), dated
April 30, 2001 (the “Deposit and Security Agreement) and the Note Purchase
Agreement between JPMorgan Chase and FMC dated May 1, 2002 (the “Note Purchase
Agreement”) (together, for purposes of this Amendment, the “Program Agreements”).
Capitalized terms used herein without definition  shall have the meaning set forth  for such terms in the Program Agreements.

WHEREAS, TERI, FMC and
JPMorgan Chase desire to adopt new program terms for the 2006-2007 program year
for the Education One Loan Program (including the Corporate Advantage Loan
Program) and the Campus One Loan Program and to make certain other amendments
to the Program Agreements as provided herein below; and

WHEREAS,  in light 
of JPMorgan Chase’s acquisition of Collegiate Funding Services, Inc.,
and the parties agreement   to terminate,
as memorialized in the related 
Termination Agreement (defined below), that certain Marketing Agreement
between  Collegiate Funding Services LLC
(“CFS”), FMC and Charter One Bank (“Charter”), dated as of May 15, 2002 (the “Marketing
Agreement”), FMC and JPMorgan Chase desire to provide for  the 
wind-down  and transition of the
Marketing Agreement.

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

I. Pricing. TERI
and JPMorgan Chase hereby amend and restate Schedule 3.3 to the Guaranty Agreement
by adopting the Schedule 3.3 attached hereto as Exhibit A.

II. Program Guidelines.
TERI and JPMorgan Chase hereby amend and restate the Program Guidelines by
adopting the Program Guidelines attached hereto as Exhibit B.

III. Minimum Purchase
Price. JPMorgan Chase and FMC hereby amend and restate Section 2.05 of the
Note Purchase Agreement by adopting the Minimum Purchase Price attached hereto
as Exhibit C.

IV. Administrative
Fees. Section 3.3(d) of the Guaranty Agreement, as adopted in the Eighth
Amendment, is hereby deleted in its entirety and replaced with the following:

“Lender shall pay to TERI
a Subsequent Administrative Guaranty Fee, as shown on, and computed as set
forth on, Schedule 3.3, subject to reimbursement as provided in Section 2.05 of
the Note Purchase Agreement. Fees due from the Lender to TERI under this
Section 3.3(d)  shall not be
subject to the Deposit and Security Agreement.”

V. Servicing. The
parties agree that, for the Campus One Loan Program, the definition of
Servicer, in all Program Agreements in which that term appears, is hereby
amended to include (in addition to the Pennsylvania Higher Education Assistance
Agency), (a) ACS Education Services, Inc., having an address at One World Trade
Center, Suite 2200, Long Beach, California 90831-2200; and (b) Great Lakes
Educational Loan Services, Inc, 2401 International Lane, Madison, Wisconsin
53704.

VI. Marketing Commitment.

A. Subject to FMC’s 
performance of its obligations under Section VI.(B) of this Thirteenth
Amendment immediately below,  Section
2.02 of the Note Purchase Agreement, as most recently adopted in the Eleventh
Amendment, is hereby amended inserting the following in lieu thereof:

“JPMorgan Chase covenants
and agrees that it shall expend the following amounts in each calendar year
(pro-rated for any partial calendar years) solely in support of its marketing
efforts for the Education One Loan Program:

(a)                      2006:  
[**] dollars ($[**]);

(b)                     2007:  
[**] dollars ($[**]);

(c)                      2008:  
[**] dollars ($[**]);

(d)                     2009:  
[**] dollars ($[**]); and

(e)                      2010:  
[**] dollars ($[**]).

B. The 
performance of  the obligations
under  this Section VI.(B) of this
Thirteenth Amendment  shall be  a condition precedent to JPMorgan Chase’s
obligation to expend the additional marketing dollars provided for under this
Section VI.(A), above those required under the terms of the  Eleventh Amendment.

 (i) 
That certain Termination Agreement of the Marketing Agreement, between
the TERI, FMC, CFS, US Bank and Charter, effective as of May 1, 2006 (the “Termination
Agreement”) shall have been executed by all parties thereto;

  (ii)
FMC shall cause all  applications and
inquiries for “Referral Loans” (as such term is defined in the Marketing
Agreement) received after the Termination Date provided for under the
Termination Agreement (“Post  Termination
CFS Applications” ) to be redirected to JPMorgan Chase as follows:

·                  Post 
Termination CFS Applications or inquiries received through the
internet  shall be redirected to  a website designated by JPMorgan Chase;

·                  Post 
Termination CFS Applications  or
inquiries received through the phone shall be redirected to  a toll-free number designated by JPMorgan
Chase; and

·                  Post 
Termination CFS Applications  or
inquiries received through the mails or by fax will be responded to by a
letter, the form of which will be mutually agreed upon by JPMorgan Chase and
FMC, directing such applicants to contact JPMorgan Chase.

Any loans made resulting
from such  Post Termination CFS
Applications or inquiries shall be governed by the terms of the Program
Agreements, as amended hereby.

(iii)  FMC and/or TERI, as applicable, covenant and
agree that they shall make all payments due under the Marketing Agreement and
the other “Program Agreements” referenced in the Termination Agreement as set
forth in those agreements. In addition, for all Referral Loans (as defined in
the Marketing Agreement) with disbursements 
on and after March 2, 2006, that are purchased through an FMC
facilitated securitization transaction after the date of this Amendment, FMC
shall [**].

(iv) FMC and TERI agree to
provide to or  to cause the applicable
FMC  affiliate administered
securitization trust  to which the
Referral Loans were sold to provide, to JPMorgan Chase the data reflected on
Exhibit F hereto (the “CFS Loan Data”), in the time frame specified
therein,  in order to allow Chase to
optimize its efforts to market additional loans to borrowers who had previously
received a CFS Loan (“Returning  CFS
Borrowers”).  FMC and TERI  acknowledge and agree that JPMorgan Chase,
having acquired CFS, retains exclusive rights to market TERI or FMC originated
and TERI guaranteed  loans to Returning
CFS Borrowers. TERI and FMC agree not to provide to any third party, without
the prior written consent of JPMorgan Chase (except as otherwise permitted
under the Program Agreements), information relating to CFS Loans or borrowers
thereunder.

VII. Parent Loan
Termination. The Fourth Amendment to Program Agreements dated as of  November 1, 2003 (“Fourth Amendment”), is
hereby terminated and shall have no further force and effect; provided,
however, that the terms of the Fourth Amendment shall continue to apply to all
Parent Loan Program loans originated pursuant to the terms thereof.

VIII. Risk-Share
Provisions.

A.                                   Program Amendments.

1.                                       Definition. The following definition is hereby added to each
of the Program Agreements:

“Campus Choice Loan Program” shall mean the loan program offered to
students at TERI-approved educational institutions selected by JPMorgan Chase (“Campus
Choice Schools”) under which Campus Choice Loan Program  qualified borrowers may receive loans as set
forth in the Program Guidelines adopted in this Thirteenth Amendment to Program
Agreements for the Campus One Loan Program (as those  Program Guidelines may be amended from time
to time) and Campus Choice School students 
who would, but for the Campus Choice Loan Program otherwise be rejected
under such Program Guidelines, will be considered for a loan involving the  pricing and modified credit terms reflected
in the Exhibits attached below applicable to the Campus Choice Loan Program,
and which are adopted by this Thirteenth Amendment.

2.                                       The
parties hereby agree that the Campus Choice Loan Program shall be considered
part of the Campus One Loan Program funded by JPMorgan Chase for all purposes
under the Program Agreements, including but not limited to origination,
underwriting, disbursement, and purchase, except as otherwise  set forth in this Thirteenth Amendment.

B.                                     Note Purchase Agreement.      JPMorgan
Chase and FMC hereby agree as follows with respect to the Note Purchase
Agreement:

1.                                       Definition. The
following definition is hereby added to the Note Purchase Agreement:

“Self-Insured Loans” shall mean loans made by JPMorgan
Chase under the Campus Choice Loan Program that (a) are originated, disbursed,
and serviced in accordance with the criteria adopted in Exhibit F to the Loan
Origination Agreement (attached hereto below), as may be  amended from time to time, (b) involve the
pricing set forth in Schedule A attached to the Loan Origination Agreement
(attached hereto below), as amended from time to time, and (c) are not subject
to any of the terms of the Guaranty Agreement.

2.                                       Amendment. The following is hereby added to the end of
Section 2.01 of the Note Purchase Agreement:

“This Agreement does not apply to Self-Insured Loans,
which are not eligible for purchase hereunder.”

C.                                     Loan Origination Agreement. 
JPMorgan Chase and TERI hereby agree as follows with respect to the Loan
Origination Agreement:

1.                                       (a)
The following is hereby added following the first paragraph of Section 1(a):

“JPMorgan Chase and TERI agree that, in addition to originating loans
in accordance with the Program Guidelines, TERI shall underwrite applications
and provide loan origination services for loans made under the Campus Choice
Loan Program that would not otherwise qualify under the Program Guidelines
(each such Loan a “Self-Insured Loan”), such underwriting and origination
services to be performed in accordance with the Program Guidelines, as amended
with respect to Self-Insured Loans by the supplemental criteria developed by
JPMorgan Chase, which criteria are set forth on Exhibit F attached to the
Thirteenth Amendment to Program Agreements. For Self-Insured Loans, the
interest rates and borrower fees charged shall be those adopted by JPMorgan
Chase and as set forth on Schedule A (Attachment 2) attached to the Thirteenth
Amendment to Program Agreements, dated May 1, 2006 (such borrower fees, “Loan
Origination Fees”).”

(b) Attachment 2 
to this Amendment is hereby adopted as Schedule A to the Loan
Origination Agreement.

2.                                       The
following is hereby added to the beginning of the third paragraph of Section
1(a):

“If an application made by a student attending a
Campus Choice School would be rejected under the criteria in the Program
Guidelines, excluding the Campus Choice Loan Program element thereof , TERI
shall review the application and determine whether it meets the Campus Choice
Loan Program criteria set forth on Exhibit F. If the application meets such
criteria, TERI shall approve the loan and document it on credit agreement forms
used from time to time for the Campus Choice Loan Program. If the application
meets such Campus Choice Loan Program criteria, but the loan amount requested is
reduced in accordance with such criteria, TERI shall, within thirty (30) days
of the  loan application date, send a notice of adverse action and
counteroffer in accordance with the Equal Credit Opportunity Act and
Regulation B thereunder, informing the
borrower of the reduced loan amount for which the borrower has been approved.”

3.                                       The
first sentence of Section 1(d)(2) is hereby amended and restated in its
entirety to read as follows:

“TERI will review the data for completeness according
to the credit eligibility standards established by TERI (for loans other than
Self-Insured Loans, which shall be governed by the terms of this Thirteenth
Amendment) and approved and adopted by JPMorgan Chase for TERI’s loan
application review process, and will review the Loan documentation to ensure
that it has been properly filled out and executed.”

4.                                       Section
1(d)(3) is hereby amended and restated to read in its entirety as follows:

“When TERI has possession of all necessary data
relating to a particular applicant, it will review the data and determine
whether the applicant qualifies for a Loan in accordance with the credit
standards and guidelines contained in the Program Guidelines (or, in the case
of applications in the Campus Choice Loan Program that do not otherwise qualify
under the Program Guidelines, those contained in Exhibit F to this Agreement),
as in effect from time to time and as approved and adopted by JPMorgan Chase.”

5.                                       The
first sentence of Section 1(d)(4) is hereby amended by replacing it in its
entirety with the following:

“Within three (3)
business days after all necessary data has been received, TERI will, on behalf
of JPMorgan Chase, provide approval or rejection of the application.  For the Campus Choice Loan Program [**],
TERI will provide a conditional decision within an average time of [**] from
receipt of  application (other than
during scheduled maintenance periods).
Decisions for graduate creditready applications in the Campus Choice Loan
Program and applications that do not qualify for [**] of the Campus Choice Loan
Program, TERI shall provide a conditional decision in no longer than [**] after
all necessary data has been received.”

6.                                       The
following is hereby added to the end of Section 1(d)(4)(v) of the Loan
Origination Agreement:

“or, for Self-Insured Loans, the amount of the Loan
Origination Fee (to be retained by Chase in accordance with the procedures set
forth in Section 1(d)(6)) shown in Schedule A for such Loans, which amounts are
charged by JPMorgan Chase and added to the loan amount.”

7.                                       The
following is hereby added to the end of Section 1(d)(6) of the Loan Origination
Agreement:

“The foregoing procedure shall be the same for
Self-Insured Loans, except that for such loans, JPMorgan Chase will disburse the Loan and pay
the Loan Origination Fee by (a) depositing in an account in the name of
JPMorgan Chase Bank, N.A. as Lender (the “Account”) no later than 12:00 p.m.
Eastern Standard Time [**] prior to the Disbursement Date an amount equal to
the sum to be disbursed on such date, plus the Loan Origination Fee then due
with respect to such disbursement. 
JPMorgan Chase hereby authorizes TERI to access the Account by ACH, wire
or similar means to complete the payment of such Loan Origination Fee and disbursement
of the Loan on behalf of JPMorgan Chase. 
Provided that these funds are transferred by JPMorgan Chase to the
Account, TERI will complete disbursement of the Loan on the Disbursement Date
by electronic funds delivered to the school or by a check co-payable to the
school and the Borrower, will timely credit JPMorgan Chase for the Loan
Origination Fee, and will forward the Loan Origination Fee to an

account established at Bank
of America, N.A., in the name of JPMorgan Chase as owner (“LOF Account”). On a
monthly basis, TERI shall transfer funds in the LOF Account to JPMorgan Chase,
including without limitation, any interest accrued.”

8.                                       The following is hereby added to the end of
Section 2(b) of the Loan Origination Agreement:

“All marketing materials for the
Campus Choice Loan Program shall direct applicants to a web page created by
JPMorgan Chase for that particular Campus Choice School. JPMorgan Chase shall
have full responsibility for hosting, supporting, and maintaining such web page
and for using its commercially reasonable efforts to  ensure that Campus Choice Loan Program
applicants are directed to the proper web site and no other web site to apply
for their loan. JPMorgan Chase and TERI shall use commercially reasonable
efforts to ensure that such web link interfaces with TERI’s web application
system in a manner to obtain correct fulfillment. TERI’s website shall perform
in accordance with Sections 2(b) and Exhibit A of the Loan Origination
Agreement.

TERI shall report to JPMorgan Chase monthly the total principal amount
of Self-Insured Loans (exclusive of origination fees charged to the borrower)
that are funded, approved but not yet funded, and pending approval at each
Campus Choice School. At its discretion, JPMorgan Chase may at any time close
the application channel for Self-Insured Loans at any Campus Choice School and
redirect loan applications from such Campus Choice School through a web link
that does not include the fulfillment channel for Self-Insured Loans. JPMorgan
Chase and TERI shall use commercially reasonable efforts to ensure that such
web link interfaces with TERI’s web application system in a manner to obtain
correct fulfillment.”

9.                                       The
following is hereby added following the first sentence of Section 4 of the Loan
Origination Agreement:

“For Self-Insured Loans, JPMorgan Chase shall pay [**]
per disbursed loan in lieu of the fee specified in the first sentence of this
Section 4 above. No other fees shall be due from Lender under the Program
Agreements for Self-Insured Loans.”

10.                                 (a)                                  The
following is hereby added to the end of Section 6(a) of the Loan Origination
Agreement.

“TERI also agrees to provide
JPMorgan Chase with the report and data specified on Exhibit E-1 attached
hereto, at the frequency and timing provided therein, with respect to all
applications for Self-Insured Loans.”

(b)                                 Attachment
3 attached hereto is hereby adopted as Exhibit E-1 to the Loan Origination
Agreement.

D.                                    Guaranty Agreement.  JPMorgan Chase and TERI hereby agree as
follows with respect to the Guaranty Agreement:

1.                                       The
following definition is hereby added:

“‘Self-Insured Loans’ shall mean Loans made in the
Campus Choice Loan Program to borrowers who would otherwise be rejected under
the Program Guidelines for [**] but who are considered 

for a loan involving the credit criteria set forth on
Exhibit F attached to the Thirteenth Amendment to Program Agreements, and the
pricing set forth on Attachment 2 to such Amendment, both as may be amended
from time to time.”

2.                                       The
following is hereby added to the end of Section 2.1:

“This Agreement shall not
apply to Self-Insured Loans.”

3.                                       The
parties agree that the forms of credit agreement used for loans in the Campus
Choice Loan Program (including but not limited to Self-Insured Loans) shall be
those included with the Program Guidelines, as amended from time to time.

4.                                       The
parties agree that any Campus Choice Loan Program loans guaranteed under the
Guaranty Agreement may be serviced by the Pennsylvania Higher Education
Assistance Agency (PHEAA) (d/b/a American Education Services), having an
address at 1200 N. Seventh St., Harrisburg, Pennsylvania, 17102 (“AES”), or ACS
Education Services, Inc., having an address at One World Trade Center, Suite
2200, Long Beach, California 90831-2200 (“ACS”), or at such other loan
servicer, subject to approval as provided in the Program Agreements. The
parties agree, however, that JPMorgan Chase shall be free, in its discretion,
to choose the servicer for Self- Insured Loans.

5.                                       The
parties agree that Schedule 3.3 to the Guaranty Agreement, as in effect from
time to time for the Campus One Loan Program, shall apply to loans made in
connection with the Campus Choice Loan Program (excluding Self-Insured Loans,
which shall be governed by Exhibit F to the Loan Origination Agreement, as such
exhibit may be amended from time to time).

E.                                      Deposit and Security Agreement.

JPMorgan Chase, FMC, TERI, and U.S. Bank hereby agree
as follows with respect to the Deposit and Security Agreement:

1.                                       The
following Section 1(p) is added to the Deposit and Security Agreement:

“Self-Insured Loans” shall mean loans made by JPMorgan
Chase under the Campus Choice Loan Program that (a) are originated, disbursed,
and serviced in accordance with the criteria adopted in Exhibit F to the Loan
Origination Agreement, as amended from time to time, (b) involve the pricing
set forth in Schedule A attached to the Loan Origination Agreement, as amended
from time to time, and (c) are not subject to any of the terms of the Guaranty
Agreement.

2.                                       The
following is hereby added to the end of the first paragraph of Section 2:

“This Agreement shall not apply to Self-Insured Loans
and no funds associated with such Loans shall be forwarded by TERI to the Agent
for the Pledged Account.”

F.                                      Servicing Agreement  FMC shall enter into Supplements to
Alternative Servicing Agreements  (“Servicing
Supplements”) with AES and ACS in the forms attached hereto as Exhibit D.
The parties agree and acknowledge that the Servicing Supplement will govern the
servicing of Campus Choice Loan Program loans in [**], once those loans are
purchased under the Note Purchase Agreement.

IX. Transition/Effectiveness.

(A) Sections I- IV
of this Amendment are effective as follows:

(1) for each Campus One
loan for which applications are received on or after May 1, 2006,

(2) for each Education One loan for which applications
are received on or after May 5, 2006.

(B) Sections V -
VII –of this Amendment shall be effective as of May 1, 2006.

(C) Section VIII
of this Amendment ,governing the Campus Choice Loan Program, shall be effective
as of May 31, 2006, the implementation date for this Program, whereupon the
Tenth Amendment to Program Agreements shall be superseded by Section VIII
hereof. The Tenth Amendment shall continue to govern all applications for the
University of Phoenix Campus Loan Program prior to May 31, 2006, and loans made
under the University of Phoenix Campus Loan Program after May 31, 2006 shall be
governed by the Program Agreements as amended by this Thirteenth Amendment.

X. Counterparts.
This Amendment may be executed in multiple counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same
document.

XI. Full Force and
Effect.  The Program Agreements, as
amended herein,  remain in full force and
effect and are hereby ratified and confirmed.

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

	
  THE EDUCATION RESOURCES

  	
   

  	
  JPMORGAN CHASE BANK, N.A., as successor

  
	
  INSTITUTE, INC.

  	
   

  	
  by merger to Bank One, N.A.

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ William G.
  Davidson, Jr.

  	
   

  	
   

  	
  By:

  	
  /s/ Jeffrey Levine

  	
   

  
	
  Name:

  	
  William G.
  Davidson, Jr.

  	
   

  	
   

  	
  Name:

  	
  Jeffrey Levine

  	
   

  
	
  Title:

  	
  Treasurer and
  CFO

  	
   

  	
   

  	
  Title:

  	
  SVP

  	
   

  
	
   

  	
   

  	
   

  
	
  THE FIRST
  MARBLEHEAD CORPORATION

  	
   

  	
  U.S. BANK NATIONAL ASSOCIATION

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/ Sandra M. Stark

  	
   

  	
   

  	
  By:

  	
  /s/ Karen Beard

  	
   

  
	
  Name:

  	
  Sandra M. Stark

  	
   

  	
   

  	
  Name:

  	
  Karen Beard

  	
   

  
	
  Title:

  	
  Executive Vice
  President

  	
   

  	
   

  	
  Title:

  	
  Vice President

  	
   

  
												

 

Table of Exhibits

	
  Attachment 1

  	
   

  	
  Exhibit F to the Loan Origination Agreement (Credit
  Criteria for Self-Insured Loans) ++

  
	
   

  	
   

  	
   

  
	
  Attachment 2

  	
   

  	
  Schedule A to the Loan Origination Agreement
  (Pricing for Self-Insured Loans) ++

  
	
   

  	
   

  	
   

  
	
  Attachment 3

  	
   

  	
  Exhibit E-1 to the Loan Origination Agreement
  (Reporting on Self-Insured Loans)

  
	
   

  	
   

  	
   

  
	
  Exhibit A

  	
   

  	
  Schedule 3.3++

  
	
   

  	
   

  	
   

  
	
  Exhibit B

  	
   

  	
  Program Guidelines++

  
	
   

  	
   

  	
   

  
	
  Exhibit C

  	
   

  	
  Minimum Purchase Price

  
	
   

  	
   

  	
   

  
	
  Exhibit D

  	
   

  	
  Servicing Supplements

  
	
   

  	
   

  	
   

  
	
  Exhibit E

  	
   

  	
  [**]

  
	
   

  	
   

  	
   

  
	
  Exhibit F

  	
   

  	
  CFS Loan Data

  

 

++
Confidential treatment has been requested for this exhibit or schedule in its
entirety.

Attachment 1

EXHIBIT F to the Loan Origination Agreement

Confidential treatment has been
requested for this

exhibit
in its entirety.

Attachment 2

Schedule A to the Loan Origination Agreement

Confidential treatment has been requested
for this

exhibit
in its entirety.

Attachment 3

EXHIBIT
E-1

Origination Data
for Applications for Self-Insured Loans

JPMorgan Chase to be notified of approvals and denials through
Datamart.

ORIGINATIONS DATA

An
electronic file containing the following information on all Chase applications
for Self-Insured Loans should be delivered [**] once program begins:

	
  a.

  	
  All application fields (sourced from Campus One
  application)

  
	
  b.

  	
  All data returned from the Credit Bureau (i.e. FICO
  Score) captured in CreditDesk

  
	
  c.

  	
  Date that Credit Bureau report was pulled

  
	
  d.

  	
  Indicator for source of Credit Bureau report (i.e.
  Experian, Equifax, TransUnion)

  
	
  e.

  	
  Application decision (i.e. Credit
  Approval/Decline/Pending, etc.)

  
	
  f.

  	
  Application decision date

  
	
  g.

  	
  Account Status: Booked or Not Booked

  
	
  h.

  	
  Account Booked Date

  
	
  i.

  	
  Loan amount

  
	
  j.

  	
  Loan number

  
	
  k.

  	
  Reject reason codes

  
	
  l.

  	
  Pricing Tier

  
	
  m.

  	
  Interest Rate

  

 

EXHIBIT B

Program
Guidelines

Confidential treatment has been
requested for this

exhibit
in its entirety.

EXHIBIT C

Minimum
Purchase Price

2.05.                        Minimum
Purchase Price.

On the Purchase
Date, Program Lender shall assign and convey all Seasoned 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:

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

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

(c)          To the extent not paid
by Advanced Fees (as defined in Schedule 3.3 of the Guaranty Agreement):

(i)             [**] fees paid by [**]
to [**] with respect to such Seasoned Loans pursuant to the [**]; plus

(ii)  The amount of any [**] due to [**] at the
time of the Purchase Transaction pursuant to [**] of the [**], [**] or any [**]
may [**] directly; plus

(iii) [**] amount of
any [**] paid by [**] to [**] at disbursement of the loan (excluding any [**]
paid under [**]) that were not added to the purchase price of the Seasoned
Loans; plus

(iv) [**] amount of any [**] due to [**] at the
time of the Purchase Transaction pursuant to [**] of the [**], [**] or any [**]
may [**] directly; plus

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

WITH RESPECT TO EDUCATION ONE LOANS (EXCLUDING
CAMPUS ONE AND CORPORATE ADVANTAGE)

1.               with respect to
Direct to Consumer K-12 Creditworthy Loans, [**];

2.               with respect to
Direct to Consumer Continuing Education Creditworthy Loans, [**] for [**],[**] for
[**], and [**] for [**];

3.               with respect to
Direct to Consumer Undergraduate Creditworthy Loans, [**] for [**], [**] for [**],
and [**] for [**];

4.               with respect to
Direct to Consumer Graduate Creditworthy Loans, [**] for [**], [**] for [**],
and [**] for [**];

5.               with respect to
Direct to Consumer Undergraduate Creditworthy Expanded Tier Loans, [**] for [**];

6.               with respect to
Direct to Consumer Graduate Creditworthy Expanded Tier Loans, [**] for [**];
and

7.               with respect to
Direct to Consumer Continuing Education Creditworthy Expanded Tier Loans, [**]
for [**].

WITH RESPECT TO EDUCATION ONE CORPORATE ADVANTAGE
LOANS:

8.               with respect to
Direct to Consumer K-12 Creditworthy Loans, [**]

9.               with respect to
Direct to Consumer Continuing Education Creditworthy Loans, [**] for [**], [**]
for [**], and [**] for [**];

10.   with respect to Direct to
Consumer Undergraduate Creditworthy Loans, [**] for [**], [**] for [**], and [**]
for [**];

11.   with respect to Direct to
Consumer Graduate Creditworthy Loans, [**] for [**], [**] for [**], and [**]
for [**];

12.   with respect to Direct to
Consumer Undergraduate Creditworthy Expanded Tier Loans, [**] for [**];

13.   with respect to Direct to
Consumer Graduate Creditworthy Expanded Tier Loans, [**] for [**]; and

14.   with respect to Direct to
Consumer Continuing Education Creditworthy Expanded Tier Loans, [**] for [**].

WITH RESPECT TO CAMPUS ONE LOANS (SERVICED AT
AES):

15.   with respect to Bank One Campus
Loan Program Continuing Education Creditworthy Loans, [**] for [**];

16.   with respect to Bank One Campus
Loan Program Undergraduate Creditworthy Loans, [**] for [**] as well as the
tier for Creditworthy Undergraduate Students;

17.   with respect to Bank One Campus
Loan Program Graduate Creditworthy Loans, [**] for [**] as well as the tier for
Creditworthy Graduate Students;

18.   with respect to Bank One Campus
Loan Program Graduate Credit-ready Loans, [**];

19.   with respect to Bank One Campus
Loan Program Undergraduate Creditworthy Health Profession Loans; Graduate
Creditworthy Health Profession Loans; Accelerated Creditworthy Health
Profession Loans; and Residency Creditworthy Health Profession Loans; [**] for [**]
as well as [**] for Creditworthy HPL Students;

20.   with respect to Bank One Campus
Loan Program Graduate Credit-ready Health Profession Loans; Accelerated
Credit-ready Health Profession Loans; and Residency Credit-ready Health
Profession Loans, [**];

21.   with respect to Bank One Campus
Gold Loan Program Continuing Education Creditworthy Loans, [**] for [**];

22.   with respect to Bank One Campus
Gold Loan Program Undergraduate Creditworthy Loans, [**] for [**] as well as [**]
for Creditworthy Undergraduate Students;

23.   with respect to Bank One Campus
Gold Loan Program Graduate Creditworthy Loans, [**] for [**] as well as [**]
for Creditworthy Graduate Students;

24.   with respect to Bank One Campus
Gold Loan Program Graduate Credit-ready Loans, [**];

25.   with respect to Bank One Campus
Gold Loan Program Undergraduate Creditworthy Health Profession  Loans; Graduate Creditworthy Health
Profession Loans; Accelerated Creditworthy Health Profession  Loans; and Residency Creditworthy Health
Profession  Loans, [**] in [**] as well
as [**] for Creditworthy HPL Students;

26.   with respect to Bank One Campus
Gold Loan Program Graduate Credit-ready Health Profession  Loans; Accelerated Credit-ready Health
Profession  Loans; and Residency
Credit-ready Health Profession Loans, [**].

WITH RESPECT TO CAMPUS ONE LOANS (SERVICED AT
ACS):

27.   with respect to Bank One Campus
Loan Program Continuing Education Creditworthy Loans, [**] for [**];

28.   with respect to Bank One Campus
Loan Program Undergraduate Creditworthy Loans, [**] for [**] as well as [**]
for Creditworthy Undergraduate Students;

29.   with respect to Bank One Campus
Loan Program Graduate Creditworthy Loans, [**] for [**] as well as [**] for
Creditworthy Graduate Students;

30.   with respect to Bank One Campus
Loan Program Graduate Credit-ready Loans, [**];

WITH RESPECT TO CAMPUS ONE LOANS (SERVICED AT
GREAT LAKES):

31.   with respect to Bank One Campus
Loan Program Continuing Education Creditworthy Loans, [**] for [**];

32.   with respect to Bank One Campus
Loan Program Undergraduate Creditworthy Loans, [**] for [**] as well as [**]
for Creditworthy Undergraduate Students;

33.   with respect to Bank One Campus
Loan Program Graduate Creditworthy Loans, [**] for [**] as well as [**] for
Creditworthy Graduate Students;

34.   with respect to Bank One Campus
Loan Program Graduate Credit-ready Loans, [**];

35.   with respect to Bank One Campus
Loan Program  Undergraduate Creditworthy
Health Profession Loans; Graduate Creditworthy Health Profession Loans;
Accelerated Creditworthy Health Profession Loans; and Residency Creditworthy
Health Profession Loans; [**] for [**] as well as [**] for Creditworthy HPL
Students;

36.   with respect to Bank One Campus
Loan Program Graduate Credit-ready Health Profession Loans; Accelerated
Credit-ready Health Profession Loans; and Residency Credit-ready Health
Profession Loans, [**];

(e) MINUS any Advanced Fees (as defined in Schedule 3.3 to the Guaranty
Agreement) reimbursed to Lender by TERI pursuant to Schedule 3.3 of the
Guaranty Agreement.

EXHIBIT D

Servicing
Supplements

SUPPLEMENT
TO

ALTERNATIVE SERVICING AGREEMENT

BETWEEN

ACS EDUCATION SERVICES, INC. AND

THE FIRST
MARBLEHEAD CORPORATION

THIS
Supplement is made this 1st day  of May, 2006, by and between ACS Education
Services, Inc., having an address at One World Trade Center, Suite 2200, Long
Beach, California 90831-2200  (herein called
the “Servicer”), and The First Marblehead Corporation, having an address at 800
Boylston St., 34th Floor, Boston, MA 02199 (“FMC”).  Capitalized terms used herein without
definition have the meanings given to them in the Alternative Servicing
Agreement between the Servicer and FMC dated as of March 1, 2005, as amended (“Agreement”).

WHEREAS,
the Servicer and FMC entered the Agreement, pursuant to which the parties
agreed to designate from time to time TERI-guaranteed loan programs to be
covered by the Agreement; and,

WHEREAS,
the Servicer, Special Purpose Entity (“SPE”) and FMC wish to designate JPMorgan
Chase Campus Choice Loan Program loans purchased by FMC or an SPE as TERI-guaranteed
loans covered by the Agreement.

NOW,
THEREFORE, in consideration of the mutual promises contained
in this Supplement and the fees to be paid by FMC to the Servicer under the
Agreement, and intending to be legally bound, the parties to this Supplement do
hereby agree as follows:

1.                                       Solely
for the purpose of identifying Student Loans to be Serviced under the
Agreement, the definition of “Program Guidelines” in Section 1.9 of the
Agreement is hereby amended to add the Campus Choice Loan Program loans, the
servicing of which by Servicer is intended to be within the scope of the
Agreement. Campus Choice Program loans are in all respects identical to
JPMorgan Chase Campus One loans, but are branded separately.

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

	
  ACS EDUCATION SERVICES, INC.

  	
   

  	
  THE FIRST MARBLEHEAD

  CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
   

  	
  Title:

  	
   

  	
   

  
											

 

SUPPLEMENT
TO

ALTERNATIVE SERVICING AGREEMENT

BETWEEN

PENNSYLVANIA HIGHER EDUCATION
ASSISTANCE AGENCY

AND

THE FIRST
MARBLEHEAD CORPORATION

THIS
Supplement is made this 1st day  of May, 2006, by and between the
Pennsylvania Higher Education Assistance Agency, a public corporation and
governmental instrumentality organized under the laws of the Commonwealth of
Pennsylvania, having an address at 1200 North Seventh Street, Harrisburg,
Pennsylvania 17102 (herein called the “Servicer”), and The First Marblehead
Corporation, having an address at 800 Boylston St., 34th Floor, Boston, MA 02199 (“FMC”).  Capitalized terms used herein without
definition have the meanings given to them in the Alternative Servicing
Agreement between the Servicer and FMC dated as of October 16, 2001, as
amended by a First Amendment to Alternative Servicing Agreement dated as of
November 1, 2001, a Second Amendment to Alternative Servicing Agreement dated
as of November 1, 2001, a Third Amendment to Alternative Servicing Agreement
dated as of May 1, 2003, and a Fourth Amendment dated August 1, 2003 (“Agreement”).

WHEREAS,
the Servicer and FMC entered the Agreement, pursuant to which the Parties
agreed to designate from time to time additional TERI-guaranteed loan
programs to be covered by the Agreement; and,

WHEREAS,
the Servicer, Special Purpose Entity (“SPE”) and FMC wish to designate JPMorgan
Chase Campus Choice Loan Program Loans purchased by FMC or an SPE as TERI-guaranteed
loans covered by the Agreement, and

WHEREAS the
Agreement provides in Section 1.9 thereof that “[t]he term [Program Guidelines]
also refers to any other loan program guidelines governing loans guaranteed by
TERI that the parties hereto may designate as covered by this Agreement in a
written supplement to [the] Agreement.”

NOW,
THEREFORE, in consideration of the mutual promises contained
in this Supplement and the fees to be paid by FMC to the Servicer under the
Agreement, and intending to be legally bound, the Parties to this Supplement do
hereby agree as follows:

1.                                       Solely
for the purpose of identifying Student Loans to be Serviced under the
Agreement, the definition of “Program Guidelines” in Section 1.9 of the
Agreement is hereby amended to add the Campus Choice Loan Program loans, the
servicing of which by Servicer is intended to be within the scope of the Agreement.
Campus Choice Program loans are in all respects identical to JPMorgan Chase
Campus One loans, but are branded separately.

IN
WITNESS WHEREOF, the Parties hereto have caused this
instrument to be duly executed as of the month, day and the year first above
written.

	
  PENNSYLVANIA HIGHER

  	
   

  	
  THE FIRST MARBLEHEAD

  
	
  EDUCATION
  ASSISTANCE AGENCY

  	
   

  	
  CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  	
   

  	
  Name:

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Date

  	
   

  	
  Date

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Federal Tax Identification Number

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Approved as to
  form and legality

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  PHEAA Chief
  Counsel

  	
   

  	
   

  
												

 

EXHIBIT E

Confidential treatment has been
requested for this

exhibit
in its entirety.

EXHIBIT   F

CFS Loan Data

CFS Loan Data to
be Provided: The data referenced in Exhibit E to the Marketing Agreement.

Schedule for Delivery of
CFS Loan Data:

1. CFS Loan Data relating
to CFS Loans sold in securitization transactions prior to the March 9, 2006
transaction shall be provided  within
thirty (30) days of the execution of this Thirteenth Amendment.

2. CFS Loan Data relating
to CFS Loans sold in  the March 9, 2006
securitization transaction shall be provided 
within sixty (60) days of the execution of this Thirteenth Amendment.Exhibit 10.10

Confidential Materials omitted and filed
separately with the

Securities and Exchange Commission. 
Asterisks denote omissions.

NOTE
PURCHASE AGREEMENT

TERI-GUARANTEED
START EDUCATION LOAN PROGRAM

CHARTER ONE BANK, N.A.

This Note Purchase Agreement, by and between Charter
One Bank, N.A. (“Program Lender”), a national banking association organized
under the laws of the United States and having a principal office located at
1215 Superior Avenue, Cleveland, Ohio 44114, and THE FIRST MARBLEHEAD CORPORATION,
a Delaware corporation having a principal place of business at 800 Boylston
Street, 34th Floor, Boston, Massachusetts 02199-8157 (“FMC”),
is made as of March 25 2004;

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 Start Education Loan Program (as defined in Section 1); and

WHEREAS, FMC exists to provide funds for education
loans for the benefit of students at Participating Institutions (as defined in
Section 1); and

WHEREAS, in order to facilitate funding of Start
Education Conforming Loans (as defined in Section 1), Program Lender has agreed
to sell, from time to time, pools containing Start Education Conforming Loans
originated by Program Lender to FMC or a Purchaser Trust (as defined in Section
1); and

WHEREAS, the Start Education Conforming 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.

“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.

“Ambac” means Ambac Assurance Corporation.

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

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

“Custodian” means U.S. Bank National Association, its
successors and assigns, in its capacity as Bank under the Security Agreement of
even date herewith and as Depository Institution under the Control Agreement of
event date herewith (collectively, “Security Documents”), or a successor
custodian appointed in accordance with the Security Documents.

“Direct to Consumer” loans are those Start Education
Conforming Loans for which proof of enrollment, but no school certification, is
obtained, as set forth in the Program Guidelines. “Direct to Consumer” loans
are identified in Schedule 3.3 of the Guaranty Agreement under the heading “Charter
One Direct to Consumer Start Education Referral Loan Products.”

 2
 

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

“First Payment Date” means the date when the first
monthly payment is due with respect to a particular Start Education Conforming
Loan.

“Guaranty Agreement” means the Guaranty Agreement
between Program Lender and TERI dated February        ,
2004, as it may be amended from time to time.

“Loan” shall mean a loan of funds, including all
disbursements thereof, made by the Program Lender to a Borrower (as defined in
the Guaranty Agreement) under the Start Education Program.

“MBIA” means MBIA Insurance Corporation.

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

“Note Insurer” means Ambac, MBIA, or any other
provider of credit insurance or note insurance with respect to the obligations
of the Purchaser Trust.

“Option Period” means, with respect to any particular
Start Education Conforming Loan, the period beginning on the first date such
loan becomes a “Seasoned Loan” and ending [**] days thereafter or such longer period as the parties may
agree to in writing.

“Origination Agreement” refers to (a) the Origination
Agreement to be entered into between TERI and Program Lender with respect to
origination of Start Education Conforming Loans, as amended from time to time,
and (b) any subsequent agreement relating to origination services provided to
Program Lender with respect to Start Education Notes purchased under this
Agreement that is acceptable in form and substance to each of FMC and TERI.

“Origination Records” means and refers to the original
Start Education Loan Application and Note, a form of cosigner notice when
required under 16 C.F.R. § 444, and any other

 3
 

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
Start Education Conforming Loans adequately and accurately.

“Participating Institution” means an educational
institution approved by TERI for receipt of Start Education Conforming Loan
funds.

“PHEAA” shall mean the Pennsylvania Higher Education
Assistance Agency, a public corporation and government instrumentality
organized under the laws of the Commonwealth of Pennsylvania, and having an
address at 1200 North Seventh Street, Harrisburg, Pennsylvania 17102.

“Pledged Account” has the meaning set forth in the
Security Agreement.

“Program Guidelines” means the Program Guidelines
attached to the Guaranty Agreement as Exhibit A.

“Purchase Date” shall mean the date of consummation of
a Securitization Transaction with respect to a particular Pool of Seasoned
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 such Pool.

“Purchaser Trust” shall mean and refer to a trust or
other SPE formed by FMC or by any Affiliate of FMC for the purpose of
purchasing Start Education Conforming Loans. 
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 Fitch
Investors Services.

 4
 

“Referral Marketing Agreements” shall mean those
contracts of same name between Wholesale Marketer and marketing entities (“Referral
Marketers”) under which such Referral Marketers market the Start Education Loan
Program to prospective borrowers.

“School Channel” loans are those Start Education
Conforming Loans for which school certification is obtained, as set forth in
the Program Guidelines. “School Channel” loans are identified in Schedule 3.3
of the Guaranty Agreement under the heading “Charter One Bank School Channel
Start Education Referral Loan Products.”

“Seasoned Loan” means a Start Education Conforming
Loan as of (i) [**]
days after the last disbursement for School Channel Start Education Conforming
Loans and (ii) [**] days after
the last disbursement of the Direct to Consumer Start Education Conforming
Loans, but, in either case, shall exclude any loan disbursed by paper check if
the paper check has not yet been paid by the drawee.  In the event a disbursement check is paid by
the drawee more than (i) [**]
days after it is written and the loan is fully disbursed for School Channel
Start Education Conforming Loans and (ii) [**]
days after it is written for Direct to Consumer Start Education Conforming
Loans, the loan shall become a Seasoned Loan on the date of such payment.  For purposes of computation of the Minimum
Purchase Price, the term also includes defaulted Start Education Conforming
Loans not yet purchased by TERI.

“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)

 5
 

(Counsel for FMC)

(Servicer Auditor)

(Bond Insurer)

“Securitization Transaction” shall mean and refer to
the purchase of a Pool of Seasoned Loans by FMC or 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 Seasoned 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 PHEAA, or such
other servicer as may be approved by FMC and TERI and retained by the holder of
Start Education Conforming Loans in accordance with the terms hereof and of the
Guaranty Agreement.

“Servicing Agreement” refers to: (a) the Servicing
Agreement between Servicer and Program Lender with respect to servicing of
Start Education Conforming Loans, as amended from time to time, and (b) any
subsequent servicing agreement between Program Lender and the Servicer
governing servicing of Start Education Conforming Loans purchased under this
Agreement, in either case such agreement and any amendment thereto to be
satisfactory in form and substance to FMC and its counsel.

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

 6
 

“Start Education Conforming Loans” shall mean 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.

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

“Start Education Notes” shall mean notes or other
forms of consumer debt instruments, evidencing Start Education Conforming
Loans.

“Start Education Program” shall mean the Start Education
Loan Program described in the Program Guidelines.

“TERI Insolvency Event” means (1) the commencement by
TERI of a voluntary petition under the federal bankruptcy laws, as now
constituted or hereafter amended, or any other applicable federal or state
bankruptcy, insolvency or other similar laws, (2) the consent by TERI to the
appointment of or taking possession by a receiver, liquidator, trustee,
custodian (or other similar official) of or for TERI or for any substantial
part of its property, (3) the making by TERI of any assignment for the benefit
of creditors, (4) the insolvency or the failure of TERI generally to pay its
debts as such debts become due, or (5) a default under one or more Guaranty
Agreements to which TERI is a party because of a failure to pay claims, or the
taking of action by TERI in furtherance of any of the foregoing.

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

 7
 

“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 Start Education Conforming Loans.

“Wholesale Marketer” means FMC, in its capacity as
Wholesale Marketer under the Wholesale Marketing Agreement.

“Wholesale Marketing Agreement” means the Wholesale
Marketing Agreement of substantially even date herewith between FMC and Program
Lender.

II.                                     Agreement for Purchase and Sale of Notes.

2.01.                        Purchase and Sale; Best
Efforts by Program Lender.

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.  Program Lender shall enter into and perform
its obligations under the Wholesale Marketing Agreement.

2.02.                        Pre-Closing Information; FMC
Best Efforts.

Program Lender will cause Servicer or TERI, as applicable, 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, the amount of paid and unpaid principal and
accrued interest with respect to each such Seasoned Loan, payment status (including defaulted loans
presented for guaranty payment), and the identity of Participating Institutions
affected by the Securitization, together with the information contained

 8
 

in
PHEAA’s MR-50 and MR-53 reports and TERI’s weekly origination report, which
reports shall be provided in electronic media in the Servicer’s or TERI’s
standard format. FMC will use its best efforts to specify a Purchase Date and consummate a
Securitization Transaction in which a Purchaser Trust will purchase all of the
Seasoned Loans, at least twice per calendar year. FMC shall have the sole and
exclusive right to purchase all Start Education 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 Start Education Conforming Loans originated by Program Lender [**]. FMC may reschedule the Purchase
Date without penalty of any kind, provided that the Purchase Date occurs prior
to the conclusion of the Option Period for each and every Seasoned Loan
affected.

2.03.                        Pool Supplement.

Each purchase and sale of the Seasoned Loans included
in a Pool on a Purchase Date shall be made pursuant to a Pool Supplement substantially
in the form of Exhibit A which shall: (1) set forth the Minimum Purchase Price
for the Seasoned Loans included in the Pool, (2) incorporate by reference the
terms and conditions of this Agreement applicable to sales of Start Education
Conforming Loans, and (3) include a Schedule of Seasoned Loans setting forth
the details and characteristics of each such Seasoned Loan included in the
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.

 9
 

2.04.                        Minimum Purchase Price.

On the Purchase
Date, Program Lender shall assign and convey all Start Education Conforming
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 Start Education Conforming Loans to be purchased:

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

(b)         [**] accrued and unpaid interest on such Start Education
Conforming Loans,[**]; plus

(c)          [**] fees paid by the Program Lender to The Education Resource
Institute, Inc. (TERI) with respect to such Start Education Conforming Loans [**]; plus

(d)         The amount of any
Guaranty Fees paid by Program Lender to TERI at the time of the Securitization
Transaction [**]; plus

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

	
  1.

  	
  [**]% with respect
  to School Channel K-12 Creditworthy Loans; plus

  
	
  2.

  	
  [**]% with respect
  to School Channel Continuing Education Creditworthy Loans in [**] & [**]; plus

  
	
  3.

  	
  [**]% with respect
  to School Channel Undergraduate Creditworthy Loans in tiers [**] & [**]; plus

  
	
  4.

  	
  [**]% with respect
  to School Channel Graduate Creditworthy Loans in [**]& [**]; plus

  
	
  5.

  	
  [**]% with respect
  to School Channel Graduate Credit-ready Loans; plus

  
	
  6.

  	
  [**]% with respect
  to K-12 Direct to Consumer Creditworthy Loans; plus

  
	
  7.

  	
  [**]% with respect
  to Continuing Education Direct to Consumer Creditworthy Loans in [**] &[**]; plus

  
	
  8.

  	
  [**]% with respect
  to all Continuing Education Direct to Consumer Creditworthy Loans in[**]; plus

  
	
  9.

  	
  [**]% with respect
  to all Undergraduate Direct to Consumer Creditworthy Loans in [**] &[**]; plus

  
	
  10.

  	
  [**]% with respect
  to all Undergraduate Direct to Consumer Creditworthy Loans in [**]; plus

  
	
  11.

  	
  [**]% with respect
  to all Graduate Direct to Consumer Creditworthy Loans in [**] & [**]; plus

  
	
  12.

  	
  [**]% with respect
  to all Graduate Direct to Consumer Creditworthy Loans in

  
	
   

  	
  [**]; minus

  
	
  13. 

  	
  [**] marketing fees
  advanced by FMC to Program Lender [**].

  

 10
 

2.05                           Inclusion
of Other Loans in Securitization Transaction

FMC and any Purchaser
Trust Agree that Seasoned Loans will not be included in a particular
Securitization Transaction with loans originated by any financial institution
other than the Program Lender, unless (a) any such financial institution is on
the most recent list submitted to and approved by the Program Lender on an
annual basis (the “Approved List”) or (b) the Program Lender has given its
prior written consent to the inclusion of loans from a particular financial
institution in the Securitization Transaction in question.  The Program Lender agrees that the following
shall constitute the initial Approved List, effective until the first
anniversary of the date of this Agreement: [**].

III.                                 Procedures and Conditions for Transfer.

3.01.                        Conveyances of Start
Education 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
claims against TERI and proceeds of such claims with respect to origination of
the Seasoned Loans included in the Pool;

(3)                                  Any
claims against Servicer with respect to servicing of the Seasoned Loans prior
to the Purchase Date.

(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

 11
 

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

(b)                                 The
obligation of FMC and/or any Purchaser Trust to purchase the Seasoned Loans on the
related Purchase Date shall be subject to satisfaction of the following
conditions (any of which may be waived by FMC or 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 with respect to
the Seasoned Loans included in such Pool shall be true and correct in all
material respects as of the related Purchase Date;

(3)                                  Lender
shall have entered into an Origination Agreement and a Servicing Agreement
satisfactory in form and substance to FMC and such agreements shall be in full
force and effect as of the Purchase Date and shall not have been modified
except with the express prior written consent of FMC and Program Lender;

(4)                                  (a)
Program Lender shall have performed and observed the terms and conditions of
this Agreement in all material respects;

(b) Program Lender and
TERI shall have performed and observed the terms and conditions of the
Origination Agreement in all material respects and there shall not have
occurred a default thereunder

 12
 

(c) Program Lender and
Servicer shall have performed and observed the terms and conditions of the
Servicing Agreement in all material respects and there shall not have occurred
a default thereunder;

(5)                                  The
Seasoned Loans to be purchased shall have been originated and serviced in
conformity with the Program Guidelines in all material respects and shall be
covered by the Guaranty Agreement;

(6)                                  If
requested by FMC, TERI shall have executed and delivered a confirmation of
guaranty in the form of a Certificate of Guaranty, covering all Seasoned Loans
being purchased, for the benefit of the Purchaser Trust and the indenture
trustee in the Securitization Transaction;

(7)                                  The
Custodian, acting pursuant to the 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 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 B;

(9)                                  Program
Lender shall have delivered the opinion of its counsel confirming the matters
set forth in subsections 5.02(a) and (b), such opinion to be satisfactory in
form and substance to counsel for FMC;

(10)                            Program
Lender shall, at its own expense, on or prior to the Purchase Date, indicate in
computer files (held by it or by its servicer) relating to Start

 13
 

Education Conforming
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;

(11)                            Program
Lender hereby authorizes the filing of a UCC-1 financing statement with respect
to the Seasoned Loans included in such Pool in the appropriate office of the
jurisdiction in which 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 required by the
Purchaser Trust); and

(12)                            As of
such Purchase Date: (i) Program Lender was not insolvent and will not become
insolvent as a result of the sale and 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 rules and regulations promulgated by the Office of
the Comptroller of the Currency as in effect on the Purchase Date.

(c)                                  The
obligation of Program Lender to sell the Seasoned Loans included in the Pool on
a related Purchase Date is subject to satisfaction of the following conditions
(any 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; and

 14
 

(2)                                  Purchaser
Trust shall have paid the Minimum Purchase Price to Program Lender by wire transfer
of immediately available funds.  Such
wire transfer shall be made in conformity with the following wire instructions:

Charter One Bank

Attn: Student
Loans-ENYH955

1215 Superior Ave

Cleveland, OH 44114

Account Number
235520/2955

ABA
Number      241070417

Comments: Proceeds of Loan Sale

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 Start Education Note evidencing a Seasoned Loan included
in the Pool and the related Origination Records.  If a Co-Lender Indemnification Agreement is
required as a condition of FMC’s or any Purchaser Trust’s obligations under
Section 3.01(b)(8) hereof, Program Lender shall execute and deliver a Co-Lender
Indemnification Agreement to each lender selling loans in the Securitization
Transaction.

3.03.                        Confirmation
of Representations and Warranties.

In each Pool Supplement, Program Lender shall confirm
and certify its representations and warranties contained herein as if fully set
forth in the Pool Supplement.

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
purchaser of such Seasoned Loans, FMC or the Purchaser Trust shall receive: (i)
interest on such Seasoned Loans from and after the Purchase

 15
 

Date,
and (ii) any and all other payments and recoveries received by the Servicer or
Program Lender from the borrowers and co-signers 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
Seasoned 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
deliver such amounts within ten (10) business days 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 Origination Agreement with respect
to any matters occurring prior to the Purchase Date and affecting the Seasoned
Loans included in each Pool shall be transferred to FMC or the Purchaser Trust
by execution and delivery of a Pool Supplement. 
Program Lender shall require the party who originated each such Seasoned
Loan to complete any loan origination services being performed for Program
Lender 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 Start Education Loan Notes.

By their purchase of Seasoned Loans (and any related
Start Education Notes), neither FMC nor any Purchaser Trust, shall assume any
liability, responsibility or obligation with respect to any disbursements or
reimbursements that 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
Seasoned Loan borrower by reason of the Seasoned Loans included in the Pool and
evidenced by the Start

 16
 

Education
Notes.  Program Lender shall be solely
responsible to fulfill its obligations under any agreements it may have with
any Participating Institution regarding origination and funding of such
Seasoned Loans.  Notwithstanding the
foregoing, FMC or 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.  Such repurchase
obligation shall be governed by the Certificate of Guaranty described in
Section 3.01(b)(6), above.

3.08.                        Servicing
and Origination Costs.

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 TERI or
Servicer) with respect to origination of Start Education Conforming Loans and
with respect to loan servicing of Start Education Conforming Loans incurred
prior to purchase of a Start Education Conforming Loan hereunder.  FMC shall be solely responsible for and shall
pay any obligations it has incurred in connection with the Start Education
Conforming Loans and shall be solely responsible for arranging and paying all
costs for servicing of the Start Education Conforming Loans after purchase of
such Loans.

3.09.                        Securitization
Costs.  FMC or the Purchaser Trust
shall be solely responsible for and shall pay any Securitization Costs and any
and all obligations it has incurred in connection with the purchase, financing
of purchase and securitization of the Seasoned Loans.

3.10.                        Effect of Loan Cancellations.  In the
event that the Borrower cancels a Seasoned Loan in a manner and at a time
permitted under the Program Guidelines, if that Seasoned Loan has already been purchased under this
Agreement, Program Lender will return to the Purchaser Trust all amounts
received by it with respect to such purchase. FMC shall prepare an accounting

 17
 

of
all such cancellations within 30 days after the last date permitted for
cancellation of Seasoned Loans
purchased on a particular Purchase Date.

IV.                                 Limitation
of Obligations of FMC and Purchaser Trust.

4.01.                        FMC’s obligation in connection
with the purchase of Seasoned Loans is limited to using its best efforts to
cause a Securitization Transaction to occur and to use the proceeds thereof to
fund the purchase of Seasoned Loans by FMC or a Purchaser Trust.  Upon the designation of a Purchase Date and,
if applicable, 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 Seasoned 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 Seasoned
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 requisite corporate authority to conduct all activities
and consummate all transactions contemplated by this Agreement.

 18
 

(b)                                 FMC
has all requisite corporate 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 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

 19
 

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 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 Start Education Conforming 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, duly and properly executed by each borrower,
any student maker named therein, and any cosigner thereunder, and 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, (ii) is covered
by and entitled to the benefits of the Guaranty Agreement to the extent of 100%
of the principal thereof and accrued interest thereon, (iii) is a Seasoned
Loan, fully disbursed with no further requirement for future advances
thereunder.

 20

(e)                                  Each
Start Education Conforming Loan was originated in the United States of America,
its territories, its possessions or other areas subject to its jurisdiction by
Program Lender, or its agents, in the ordinary course of its business and was
made to a borrower with legal capacity to execute and deliver the Start
Education Note under applicable law. Each Start Education  Conforming Loan originated by Program Lender
sold hereunder and any accompanying notices and disclosures:

(i) conforms to all
applicable state and federal laws, rules and regulations, and

(ii) was documented on
forms set forth in the Program Guidelines, including, without limitation,
promissory note forms that

(1) require interest accrual (whether or not such
interest is being paid currently or is being capitalized) and yield interest at
the rate applicable thereto; and

(2) provide or, when the payment schedule with respect
thereto is determined, will provide for payments on a periodic basis that fully
amortize the principal amount of the Start Education  Conforming Loan by its maturity, as such
maturity may be modified in accordance with any applicable deferral or
forbearance periods granted in accordance with applicable laws and the Program
Guidelines; and

(iii) contained consumer loan terms and involved
guaranty fees payable to TERI in strict conformity with the Program Guidelines.

The origination, servicing, and collection (if any) of
each Start Education Conforming Loan was conducted in accordance with

 21
 

(i) the Program Guidelines, including, without
limitation, the requirements therein that

(A) no loan be originated
for a dead borrower or a borrower involved in a bankruptcy proceeding,

(B) at least one borrower
for each loan must be a United States citizen/national or a permanent resident
alien of the United States, and

(C) the borrower must
have attained the age of majority at the time of the loan application, and

(ii) all applicable state and federal laws including,
without limitation, the Equal Credit Opportunity Act.

No application to Program Lender for a Start Education
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
Start Education Conforming Loan originated by Program Lender sold to FMC or
Purchaser Trust is in compliance with any applicable usury laws at the time
made and as of the time of assignment to FMC or a Purchaser Trust.

(g)                                 There
is no defense to payment, counterclaim, right of rescission, or setoff with
respect to any Start Education Conforming Loan sold under this Agreement, and
no fraud, error, omission, misrepresentation, or similar occurrence with
respect to any Start Education Conforming Loan sold under this Agreement has
taken place on the part of any party involved in 

 22
 

the
origination of the Start Education Conforming Loan (including, without
limitation, fraud by the obligor under the Start Education Note).  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 Start Education Conforming Loans
originated by Program Lender and included in the Pool.

(h)                                 Each
and every Start Education Conforming 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 Start Education  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, (B) the borrower is not entitled to any
refund, rebate, or reduction of any amounts paid or due except in accordance
with Section 3.10 hereof and the cancellation policy in the Program Guidelines,
and (C) such Start Education  Note has
been serviced at all times in accordance with the Program Guidelines,
including, without limitation the forms of promissory note therein , and is
held by the Servicer pursuant to the Servicing Agreement.

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
Start Education Conforming Loan, any obligor, and the sale of any Start
Education Conforming Loan to the Purchaser Trust hereunder or otherwise. 

 23
 

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 Start Education Conforming
Loan or Loans no later than such 60th day for a cash purchase price equal to
the outstanding principal balance thereof plus all accrued and unpaid
interest.  Upon receipt of said
repurchase price, FMC shall, or, if applicable, shall cause the Purchaser Trust
or the Servicer to, deliver the Start Education 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 of this
Agreement.

VI.                                 Survival of Representations, Warranties and
Indemnities.

As to any Start Education Conforming Loans purchased
hereunder, the representations and warranties contained herein and the
indemnifications and indemnification procedures contained in Article VIII
hereof with respect to such Start Education Conforming Loans shall survive
until each such Start Education Conforming Loan is paid in full.

VII.                             Miscellaneous.

7.01.                        No Assignment.

No party may assign its rights or obligations under
this Agreement without the prior written consent of the parties hereto, provided,
however, that: (a) Program Lender may assign its

 24
 

rights
hereunder to an Affiliate that is a national banking association or
state-chartered bank having the legal power and right under applicable law
(including, without limitation, usury law in the State where it is located) to
make Start Education 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 of this Section 7.01 shall be automatically null and void.

7.02.                        Amendment.

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

7.03.                        No Waiver.

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

7.04.                        Entire Agreement.

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

7.05.                        Notices.

All notices given by any party to the others under
this Agreement shall be in writing delivered: (a) personally, (b) by facsimile
transmission, (c) by overnight courier, prepaid, or (d) by depositing the same
in the United States mail, certified, return receipt requested, with postage
prepaid, addressed to the party at the address set forth below.  Any party may change the address

 25
 

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:

Charter One Bank,
N.A.

Attn: Robert
Moriale

Student Lending
Department

833 Broadway

Albany, NY 12207

If to FMC:

Daniel Maxwell
Meyers

The First
Marblehead Corporation

800 Boylston
Street, 34th Floor

Boston,
Massachusetts 02199-8157

Facsimile: (781) 639-4583

E-Mail:
dmeyers@gateloan.com

With a copy to:

Richard P.
Hackett, Esq.

Pierce Atwood

One Monument
Square

Portland, ME 04101

Facsimile:  (207) 791-1350

E-Mail:
rhackett@pierceatwood.com

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
Commonwealth of Massachusetts (without reference to choice-of-law rules).

 26
 

7.08.                        Counterparts.

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

7.09.                        No Third Parties Benefited.

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

7.10.                        Opinions.

Concurrent with the execution hereof, each party shall
deliver to the other the opinion of its corporate counsel (which may be
internal counsel) to the effect that this Agreement has been duly authorized by
all necessary corporate or other organizational action, this Agreement is
within the corporate or other organizational power of such party and that this
Agreement has been duly executed and delivered by an authorized officer of the
party.

7.11                           Exclusive
Marketing Arrangement

Program Manager is the exclusive Wholesale Marketer of
the Start Education Loan Program pursuant to the Wholesale Marketing
Agreement.  Program Lender shall not
market Start Education Loans except through Referral Marketers retained by FMC
in its capacity as Wholesale Marketer. 
Program Lender shall not solicit Start Education Loan borrowers with
respect to any other financial service or product.

 27
 

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.                        By FMC.

FMC or the applicable Purchaser Trust, as the case may
be, shall indemnify and hold harmless Program Lender and any officer, director,
employee or agent of Program Lender (herein, collectively referred to as “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 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 any termination of
this Agreement.

 28
 

8.03.                        Indemnity
Procedures.

(a)                                  In
the event that any claim or demand for which an indemnifying party would be
liable to an Indemnified Person hereunder is asserted against or sought to be
collected from an Indemnified Person by a third party (an “Action”), the
Indemnified Person shall promptly notify the indemnifying party of such Action,
specifying the nature of such claim or demand and the amount or the estimated
amount thereof to the extent feasible (which estimate the parties agree shall
not be conclusive of the final amount of such claims and demand) (the “Claim
Notice”).  The failure to provide the
Claim Notice to the indemnifying party promptly will not relieve the
indemnifying party of any liability it may have to the Indemnified Person
giving the Claim Notice, except to the extent that the indemnifying party
demonstrates that the defense of such action is actually and materially
prejudiced by the indemnifying party’s failure to give such Claim Notice
promptly.  The indemnifying party shall
have ten (10) days from the delivery of the Claim Notice (the “Notice Period”)
to notify the Indemnified Person, (1) whether or not the indemnifying party
disputes liability to the Indemnified Person hereunder with respect to such
claim or demand and (2) notwithstanding any such dispute, whether or not the
indemnifying party desires, at its sole cost and expense, to defend the
Indemnified Person against such claim or demand in which case the indemnifying
party shall assume all past and future responsibility for such action and shall
reimburse the Indemnified Person for all expenses in connection with the
Action.  Notwithstanding the assumption
by the indemnifying party of the defense of any Action, the Indemnified Person
shall be permitted to participate in such defense at its cost and expense.

(b)                                 Pending
the resolution of any dispute by the indemnifying party of its liability with
respect to any claim or demand, such claim or demand shall not be settled
without the prior written consent of the Indemnified Person, which consent
shall not be unreasonably withheld so long as the Indemnified Person suffers no
economic loss thereby and such settlement includes an

 29
 

unconditional term
thereof given by the claimant or plaintiff of a release of the Indemnified
Person from all liability with respect to the claim or demand.  Notwithstanding the foregoing, if it is
reasonably likely that damages in such Action would result in an injunction or
other equitable relief then the Indemnified Person may, by notice to the
indemnifying party, assume the right to defend, compromise or settle such
Action; provided, the indemnifying party may participate in such Action
at its expense and; provided, further, no such Action shall be
settled without the consent of both the Indemnified Person and the indemnifying
party.

(c)                                  In
the event that an indemnifying party notifies the Indemnified Person within the
Notice Period that the indemnifying party desires to defend the Indemnified
Person against such claim or demand, then, except as hereinafter provided, the
indemnifying party shall have the right and obligation to defend the Indemnified
Person by appropriate proceedings, which proceedings shall be promptly settled
or prosecuted by the indemnifying party to a final conclusion in such a manner
as to avoid any risk of the Indemnified Person becoming subject to liability
for any other matter; provided, however, the indemnifying party shall not,
without the prior written consent of the Indemnified Person, consent to the
entry of any judgment against the Indemnified Person or enter into any
settlement or compromise which does not include, as an unconditional term
thereof, the giving by the claimant or plaintiff to the Indemnified Person of a
release, in form and substance satisfactory to such Indemnified Person, as the
case may be, from all liability with respect to such claim or litigation.  If any Indemnified Person desires settlement
without the prior consent of the indemnifying party, which consent shall not be
unreasonably withheld, it may do so at its sole cost and expense.

(d)                                 If
the indemnifying party elects not to defend the Indemnified Person against such
Action, whether by not giving the Indemnified Person timely notice as provided
above, or

 30
 

otherwise, then the
Action may be defended by the Indemnified Person at the indemnifying party’s
cost and expense (without imposing any obligation on any Indemnified Person to
defend any such claim or demand), in which case it may defend such Action in
such a manner as it may deem appropriate (including settlement) and then that
portion thereof as to which such defense is unsuccessful, in each case, shall
be conclusively deemed to be a liability of the indemnifying party hereunder; provided
that if the indemnifying party shall have disputed its liability to the
Indemnified Person hereunder, as provided in Section 8.03(a) above, then such
determination or settlement shall not affect the right of the indemnifying
party to dispute the Indemnified Person’s claim for indemnification.

(e)                                  In
the event an Indemnified Person should have a claim against the indemnifying
party hereunder that does not involve a claim or demand being asserted against
or sought to be collected from it by a third party, the Indemnified Person
shall promptly send a Claim Notice with respect to such claim to the
indemnifying party.  If the indemnifying
party disputes its liability with respect to such claim or demand, the
Indemnified Person shall have the right to pursue all of its legal and
equitable remedies against the indemnifying party for indemnity hereunder.

8.04.                        Payment.  Upon the
determination of the liability under Section 8.03 hereof, the indemnifying
party shall pay to the Indemnified Person within ten (10) days after such
determination, the amount of any claim for indemnification made hereunder,
subject to the limitations set forth herein. 
Upon payment in full of any claim, either by set off or otherwise, the
entity making payment shall be subrogated to the rights of the Indemnified
Person against any Person, with respect to the subject matter of such claim.

 31

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 to occur of the following:

(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.

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

 32
 

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

 33
 

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
and Termination.

(a)                                  Termination
by FMC. FMC may terminate this Agreement if:

(1)                                 The
Guaranty Agreement is terminated by reason of a breach thereof by Program
Lender; or

(2)                                  Program
Lender materially breaches this Agreement, and fails to cure such material
breach, within 60 days of written demand for cure; or

(3)                                  Program
Lender 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, including without limitation a seizure of assets by the FDIC, which
proceeding is not dismissed within 60 days after the filing thereof; or

(4)                                  the
Guaranty Agreement expires or is not renewed or a TERI Insolvency Event occurs.

(b)                                 Termination
by Program Lender. Program Lender may terminate this Agreement:

(1)                                  If
the Guaranty Agreement is terminated by reason of a breach thereof by TERI; or

(2)                                  If
FMC materially breaches this Agreement, and fails to cure such material breach,
within 60 days of written demand for cure; or

(3)                                  If
FMC shall file any proceeding under the U.S. Bankruptcy Code or similar state
insolvency act, or shall be the subject of any involuntary

 34
 

bankruptcy
proceeding, which proceeding is not dismissed within 60 days after the filing
thereof; or

(4)                                  If
the Wholesale Marketing Agreement is terminated by reason of breach thereof by
the Wholesale Marketer.

(c)                                  Termination
by Reason of Expiration or Termination of Guaranty Agreement.

Unless
earlier terminated under Sections 10.01(a) or (b), this Agreement shall remain
in full force and effect until May 1, 2005. Thereafter, this Agreement shall
automatically renew for additional one-year periods unless either party shall
give the other notice of nonrenewal at least 90 days prior to the expiration of
the then-effective term.

(d)                               Effect
of Termination.

(1)                                  In
the event of termination under any of Sections 10.01(a)(1), (2), or (3) or
10.01(b)(1), (2), or (3), neither party shall have any further obligations to
purchase or sell Loans under this Agreement, but the nonbreaching party shall
have whatever remedies are provided by law.

(2)                                  In
the event of termination under Section 10.01(a)(4), 10.01(b)(4), or 10.01(c),
the Agreement (i) shall continue in full force and effect with respect to Start
Education Conforming Loans made prior to such termination until the expiration
of the Option Period of all Loans guaranteed pursuant to the Guaranty
Agreement, and (ii) FMC or a designee Purchaser Trust has the right to purchase
any Start Education Conforming Loans originated prior to such termination, on
the terms set forth in this Agreement, until the end of the Option Period with
respect to such loans.

(3)                                After
termination of this Agreement, certain obligations hereunder shall survive as
provided in Article VI hereof.

 35
 

(4)                                  After
notice of termination or expiration of this Agreement is given (including,
without limitation, notice under section 10.02), the parties shall meet to
develop a transition plan to deal with applications and approved loans that
have not been fully processed and/or funded. Such plan shall require all
parties to fulfill any legal commitments already made to borrowers or
applicants. Subject in all cases to binding legal rights of borrowers, unless
termination notice has been given under Sections 10.01(a)(4) or 10.01(b),
Program Lender shall continue to process applications until an agreed date not
later than 30 days before the effective date of termination, approvals shall
cease to be granted on an agreed date not later than 15 days before
termination, and loan disbursements shall be completed not later than 90 days
after termination. In the case of a termination notice given under subsections
10.01(a)(4) or 10.01(b), Program Lender may elect to take only those further
actions as are required to fulfill the legal rights of borrowers and
applicants.

10.02.                  Effect of
Change in Control or Other Transaction Involving Program Lender.   If Program Lender  consolidates with or merges into another person or entity,
or conveys, transfers, or leases all or substantially all of its property to
any person or entity, or any person or entity consolidates with or merges into
Program Lender or conveys, transfers, or leases all or substantially all of its
property to Program Lender, FMC may terminate this Agreement upon [**] prior written notice; provided,
however, that prior to delivering such notice, Program Lender will arrange for
FMC to meet with representatives of the Program Lender’s successor entity and
engage in good faith negotiations for the continuation of this Agreement upon
mutually acceptable terms and conditions.

 36
 

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

	
  WITNESS:

  	
   

  	
  CHARTER ONE
  BANK, N.A.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Linda M.
  Rankey-Froggett

  	
   

  
	
  Print Name:

  	
   

  	
   

  	
  Print Name:

  	
  Linda M.
  Rankey-Froggett

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Production Manager

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  THE FIRST
  MARBLEHEAD CORPORATION

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Donald R.
  Peck

  	
   

  
	
  Print Name:

  	
   

  	
   

  	
  Print Name:

  	
  Donald R. Peck

  	
   

  
	
   

  	
   

  	
  Title:

  	
  EVP and CFO

  	
   

  
										

 37
 

Note Purchase Agreement

Index to Exhibits

Exhibit
A                               Pool
Supplement

Exhibit
B                                 Co-Lender
Indemnification Agreement

 38
 

EXHIBIT A 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                  ,
by and between The First Marblehead Corporation (“FMC”) and [Bank Name].  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 Start Education Conforming Loan described in the attached
Schedule 2 (“the Transferred Start Education Loans”) along with all of Program
Lender’s rights under the Guaranty Agreement relating to the Transferred Start
Education Loans.  Program Lender hereby
transfers and delivers to the Purchaser Trust each Start Education Note
evidencing such Start Education Conforming Loan and all Origination Records
relating thereto, in accordance with the terms of the Agreement.  Purchaser Trust hereby purchases said Start
Education Notes on said terms and conditions.

Article 2: 
Price.

The amounts paid pursuant to this Supplement are
the Minimum Purchase Price.  “Minimum
Purchase Price” shall mean the sum of those amounts set forth in Section 2.04
of the Agreement.

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 with respect to the Agreement and to
this Supplement.

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:

 39
 

(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 Transferred Start Education 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 Transferred Start Education Loans and rights relating thereto as provided
herein from the Program Lender and the Purchaser Trust has duly authorized such
purchase from the Program Lender by all necessary action; and the execution,
delivery and performance of this Pool Supplement has been duly authorized by
the Purchaser Trust by all necessary action on the part of the Purchaser Trust.

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

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

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

 40
 

Article 4: 
Cross Receipt.

Program Lender hereby acknowledges receipt of
the Minimum Purchase Price.  Purchaser
Trust hereby acknowledges receipt of the Transferred Start Education Loans
included in the Pool.

Article 5: 
Assignment of Origination, Guaranty and Servicing Rights.

Program Lender hereby assigns and sets over to
Purchaser Trust any claims it may now or hereafter have under the Guaranty
Agreement [the Origination Agreement,] and the Servicing Agreement to the
extent the same relate to the Transferred Start Education Loans described in
Schedule 2, other than any right to obtain servicing after the date
hereof.  It is the intent of this
provision to vest in Purchaser Trust any claim of Program Lender relating to defects
in [origination,] guaranty, or servicing of the loans purchased hereunder in
order to permit Purchaser Trust to assert such claims directly and obviate any
need to make the same claims against Program Lender under this Agreement.

Article 6: Owner Trustee.

It is expressly understood and agreed by the parties
hereto that (a) this Pool Supplement is executed and delivered by                                                                                     (the
“Owner Trustee”) not individually or personally, but solely as owner trustee of
the Purchaser Trust under the Trust Agreement dated as of                                             ,
with                                  ,
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 Purchaser Trust are made and intended not as personal
representations, undertakings and agreements by the Owner Trustee, but are made
and intended for the purpose for binding only the Purchaser Trust, (c) nothing
herein contained shall be construed as creating any personal or individual
liability on the Owner Trustee, 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 Purchaser Trust
or be liable for the breach or failure of any obligation, representation,
warranty or covenant made or undertaken by the Purchaser Trust under this
Supplement or any other documents related to the Start Education Notes.

 41
 

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

	
  

  	
  THE FIRST
  MARBLEHEAD CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  PURCHASER NAME:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: OWNER TRUSTEE

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Print Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  PROGRAM LENDER:

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Print Name:

  	
   

  	
   

  
	
   

  	
  Title:

  	
   

  	
   

  
								

 

 42
 

Schedule
1 to Pool Supplement

(SAMPLE)

SETTLEMENT
SCHEDULE

FMC 200  -CP-  

PROGRAM
NAME LOANS

	
  # of Loans

  	
   

  	
  Total
  Principal

  	
   

  	
  Accrued
  Interest at Note Rate

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 43
 

EXHIBIT B TO NOTE PURCHASE AGREEMENT

[Form of 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 [LENDER
NAME] (“Program Lender”), a [type of bank] organized under the laws of the                                                   ,
with its headquarters and principal place of business located at                          (Co-Lender
and [Lender Name] are sometimes collectively referred to as the “Lenders” and
are each sometimes severally referred to as a “Lender”).

RECITALS

A.                                   The
Lenders are participants in certain private education loan programs to pay the
costs of attending institutions of education which are themselves participants
in the TERI Program (the “Participating Institutions”) whereunder such loans
(the “TERI Loans”) are guaranteed by The Education Resources Institute, Inc. (“TERI”)
(collectively, the “TERI Programs”).

B.                                     Each
of the 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 Lenders have agreed to sell
certain TERI 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 TERI Loans (the “Subject Securitization Transaction”).

C.                                     As
a condition precedent to the obligation of each Lender to consummate the sale
of TERI Loans originated by them to the Purchaser Trust, all Lenders whose TERI
Loans will be included in the Subject Securitization Transaction are required
to execute and deliver to the other Lenders requesting same 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 Lender
represents and warrants to each other Lender requesting this Agreement, as to
itself, that as of the date hereof:

 44
 

(a)                                  It
is 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 TERI 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;

(c)                                  Each
TERI 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)                                 At
the time of origination, each TERI Loan included in the Subject Securitization
Transaction originated by it and any accompanying notices and disclosures
conforms in all material respects to all applicable state and federal laws,
rules and regulations and the origination thereof was conducted in material
compliance with all applicable state and federal laws concerning the actions of
the Lender, including, without limitation, the Equal Credit Opportunity Act;

(e)                                  At
the time of origination, each TERI 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 Lender is a party;
and

(f)                                    The
respective Lender has no actual knowledge of any defense to payment with
respect to any TERI 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 against the Lender with regard to
its TERI Loans in which an adverse result would have a material adverse effect
upon the validity or enforceability of its TERI Loans.

ARTICLE
2

INDEMNIFICATION

2.01.                        Cross-Indemnification.  Each Lender (an “Indemnifying Party”) hereby
agrees to indemnify, hold harmless and defend each other and such other
Lender’s respective officers,

 45
 

directors, employees,
attorneys, agents (not including any Participating Institution or the servicer
of any TERI Loan) and each person who controls such other 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 material inaccuracy or incompleteness of any representation
or warranty made by the Indemnifying Lender hereunder or the material
inaccuracy or incompleteness of any representation or warranty made by the
Indemnifying Lender to any Participating Institution in connection with the
TERI Program or the Subject Securitization Transaction.  The indemnity provided by each Indemnifying
Lender hereunder is in addition to any liability which such 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 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, within a reasonable period of time
after 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.

2.03.  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.

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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 of such proceeding.

ARTICLE
3

MISCELLANEOUS

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

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  With a copy to:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  

 

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

 47
 

3.03.  Arbitration. The parties acknowledge that
this Agreement evidences a transaction involving interstate commerce.  Any controversy or claim arising out of or
relating to this Agreement, or the breach of the same, shall be settled through
consultation and negotiation in good faith and a spirit of mutual cooperation
for up to fifteen (15) days commencing on the date when one party gives written
notice to the other party of any controversy or claim.  However, if those attempts fail, the parties
agree that any misunderstandings or disputes arising from this Agreement shall
be decided by binding arbitration which shall be conducted, upon request by
either party, in New York, New York or such other mutually agreed upon
location, before one (1) arbitrator designated by the American Arbitration
Association (the “AAA”), in accordance with the terms of the Commercial
Arbitration Rules of the AAA, and, to the maximum extent applicable, the United
States Arbitration Act (Title 9 of the United States Code).  Notwithstanding anything herein to the
contrary, either party may proceed to a court of competent jurisdiction to
obtain equitable relief at any time.

3.04.                        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.

3.05.                        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.

3.06.                        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.

3.07.                        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.

3.08.                        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.

3.09.                        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.

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

 48
 

3.11.                        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:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  [LENDER NAME]

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Print Name:

  	
   

  
	
   

  	
  Title:

  	
   

  

 

 49

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00128-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00128-of-00352.parquet"}]]