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Exhibit 10.1    
    

FOURTH AMENDMENT

to

AMENDED AND RESTATED PROGRAM AGREEMENTS  

 BANK OF AMERICA, N.A.

(EDUCATION MAXIMIZER DIRECT-TO-CONSUMER LOAN PROGRAM)  

        This
Amendment is entered into as of the 31st day of January, 2008, by and between BANK OF AMERICA, N.A., a national banking association having its principal office located in the
State of North Carolina (the "Lender"), 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"), with regard to the Amended and Restated Umbrella Agreement between Lender and FMC dated April 1, 2006 (the "Umbrella Agreement"), and the Amended
and Restated Note Purchase Agreement between Lender and FMC dated April 1, 2006 (the "Note Purchase Agreement") (collectively, for purposes of this Amendment, the "Amended and Restated Program
Agreements"). Capitalized terms used herein without definition have the meaning set forth in the Umbrella Agreement. 

        WHEREAS,
the parties desire to clarify the meaning of "TERI Insolvency Event" as set forth herein; 

        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: 

	1.
	TERI Insolvency Event.    The definition of TERI Insolvency Event in the Note Purchase Agreement is hereby revised to read in
its entirety as follows: 

        "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, (5) the downgrading of TERI's credit worthiness below "A" by Fitch Investors
Service ("Fitch"), below Baa3 by Moody's Investors Service, Inc. ("Moody's"), or public announcement of the placement of TERI on a watchlist for possible downgrade by Moody's or Fitch, or
(6) 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. 

	2.
	Umbrella Agreement.    The definition of TERI Insolvency Event, as adopted herein, is hereby added to the definitions section
of the Umbrella Agreement.

	3.
	Termination Modification.    As agreed in that certain letter from FMC to the Lender dated December 13, 2007, effective
as of November 30, 2007, the parties hereby modify the definition of "Termination Date" in the Umbrella Agreement by amending subsection (g) thereof to read as follows: 

        "(g)
The date the Guaranty Agreement expires or is not renewed or the thirtieth (30th) calendar day after delivery of written notice that Program Lender has elected to terminate this
Agreement because a TERI Insolvency Event, as defined in the Note Purchase Agreement, has occurred;". 

	4.
	Borrower Benefits.    A new Section 5.01(d) is hereby added to the Note Purchase Agreement to read as follows: 

        "The
borrower benefits upon repayment for Seasoned Loans, on terms no less favorable for the borrower than those set forth in the Program Guidelines in effect at the time the loan was
originated, will continue to inure to the benefit of borrowers after the securitization of such Seasoned Loans hereunder." 

	5.
	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.

	6.
	Full Force and Effect.    As amended herein, the Amended and Restated Program Agreements remain in full force and effect.

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

	THE FIRST MARBLEHEAD CORPORATION.	 	BANK OF AMERICA, N.A.
	

By:	

/s/  SANDRA M. STARK      
 Name:    Sandra M. Stark

Title:    Executive Vice President	
 	

By:	

/s/  ANDREW R. IRWIN      
 Name:    Andrew R. Irwin

Title:    Senior Vice President

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Exhibit 10.2    
    

FIFTH AMENDMENT

to

AMENDED AND RESTATED PROGRAM AGREEMENTS  

 BANK OF AMERICA, N.A.

(Bank of America School Channel Loan Programs)  

        This Amendment is entered into as of the 7th day of February, 2008, by and among BANK OF AMERICA, N.A., a national banking association having its principal
office located in the State of North Carolina (the "Lender"), 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"), with regard to the Amended and Restated Umbrella Agreement between Lender and FMC dated June 30, 2006 (the "Umbrella
Agreement"), and the Amended and Restated Note Purchase Agreement between Lender and FMC dated June 30, 2006 (the "Note Purchase Agreement") (collectively, for purposes of this Amendment, the
"Amended and Restated Program Agreements"). Capitalized terms used herein without definition have the meaning set forth in the Umbrella Agreement, as applicable. 

        WHEREAS,
the parties entered that certain First Amendment to Program Agreements dated January 2, 2007 (the "First Amendment"), adopting program terms for the 2007-08
program year for (a) the prepGATE Loan Program and (b) the Bank of America TERI Loan Programs other than (i) the Bank of America TERI ISLP Loan Programs and (ii) the CVS
Loan Program; and 

        WHEREAS,
the parties entered that certain Third Amendment to Program Agreements dated May 22, 2007, adopting program terms for the 2007-2008 program year for the Bank
of America TERI ISLP Loan Programs; and 

        WHEREAS,
the parties entered that certain Fourth Amendment to Program Agreements dated on or about the date hereof, adopting new program terms to allow FMC and Lender to establish and
implement a non-federally guaranteed student loan program which is marketed by the University of Phoenix (the "Bank of America University of Phoenix Loan Program"); and 

        WHEREAS,
the parties desire to adopt revised program terms for the Bank of America School Channel Loan Program as detailed herein. 

        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: 

	1.
	Note Purchase Agreement.

	(i)
	Definitions.    The parties wish to amend and restate the definition of "Seasoned Loan", as that definition was erroneously
adopted in the Note Purchase Agreement, by deleting it in its entirety and inserting the following definition in place thereof and in substitution therefore, effective as of June 30, 2006: 

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

	(a)
	Subject
to subsection (c) below, each prepGATE loan (as defined in the Program Guidelines) shall be deemed to be a "Seasoned Loan" immediately upon the final disbursement of
principal in respect of the credit agreement evidencing the same.

	(b)
	Subject
to subsection (c) below, the following Bank of America Conforming Loans (as each of the same is defined in the Program Guidelines) set forth in items (i) through
(x) below shall each be deemed to be a "Seasoned Loan", subject to the satisfaction of both (A) the final disbursement of principal in respect of the credit agreement evidencing the same
shall have been made (the "Final Disbursement") and (B) the date of the Securitization Transaction in 

which
such Loan is purchased takes place on or after the September 1st next following the date of such Loan's Final Disbursement (each, a "Securitization Transaction"). 

	(i)
	Bank
of America Private Undergraduate Education Loans;

	(ii)
	Bank
of America Private Graduate Professional Education Loans;

	(iii)
	Bank
of America ISLP Undergraduate Loans;

	(iv)
	Bank
of America ISLP Graduate Loans;

	(v)
	Bank
of America ISLP Medical Loans;

	(vi)
	Bank
of America TERI Alternative Undergraduate Loans;

	(vii)
	Bank
of America TERI Alternative Graduate Loans;

	(viii)
	Bank
of America TERI Alternative Continuing Education Loans;

	(ix)
	Bank
of America TERI Alternative Health Professions Loans; and

	(x)
	Bank
of America University of Phoenix Loans.

	(c)
	Notwithstanding
the criteria set forth in subsections (a) and (b) above, each Bank of America Conforming Loan shall be deemed to be a "Seasoned Loan" immediately upon
the occurrence of either of the following events:

	(i)
	Such
Bank of America Conforming Loan enters the repayment period as a result of the applicable borrower's failure to continue to be enrolled (A) at the
Participating Institution or (B) in the case of a loan to a borrower enrolled in a medical or dental degree program, in an approved residency period, in each case as and to the extent required
by the Program Guidelines; or

	(ii)
	A
"Guaranty Event" (as defined in the Guaranty Agreement) occurs with respect to such Bank of America Conforming Loan.

	(ii)
	Representations and Warranties of FMC.    The parties hereby supplement Section 5.01 of the Note Purchase agreement
by inserting the following subsection (d) at the end thereof:

	(d)
	Borrower Benefits.    The borrower benefits upon repayment for Seasoned Loans, on terms no less favorable for the borrower
than those set forth in the Program Guidelines in effect at the time the Loan was originated, will continue to inure to the benefit of borrowers after the securitization of such Seasoned Loans
hereunder.

	2.
	Umbrella Agreement.    The parties hereby amend and restate the final paragraph of Section 24 (Termination for Cause;
Suspension) of the Umbrella Agreement by deleting it in its entirety and inserting the following in place thereof and in substitution therefore: 

Either
party to this Agreement may suspend the processing of new applications for Bank of America School Channel Loans in the event of the downgrading of TERI's creditworthiness below "A" by Fitch
Investors Service or below "Baa3" by Moody's Investors Service, Inc., or in the event a default by TERI for failure to pay a guaranty claim is declared under any TERI guaranty agreement with
any lender. Such suspension shall continue, at the discretion of the party declaring the same, until the condition creating the right to suspend is cured. 

	3.
	Transition.    Except as stated above in Section 1(a), this Amendment shall be effective for each Bank of America
School Channel Loan Program loan for which applications are received on or after February 7, 2008, or a different date to which the parties agree in writing.

	4.
	Full Force and Effect.    As amended herein, the Amended and Restated Program Agreements remain in full force and effect.

	5.
	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. 

[REMAINDER
OF THIS PAGE INTENTIONALLY LEFT BLANK] 

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

	 	 	BANK OF AMERICA, N.A.
	

 	
 	

By:	
 	

/s/  ANDREW J. IRWIN      
 Andrew J. Irwin

Senior Vice President
	

 	
 	

THE FIRST MARBLEHEAD CORPORATION
	

 	
 	

By:	
 	

/s/  SANDRA M. STARK      
 Sandra M. Stark

Executive Vice President

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Exhibit 10.2

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