National Collegiate Student Loan Trust 2006-1
BACK-UP ADMINISTRATION AGREEMENT
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<DESCRIPTION>BACK-UP ADMINISTRATION AGREEMENT
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<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:3in;text-align:right;'><b><font size=2>Exhibit 10.12</font></b></p>

<p style=' margin-bottom:42pt; margin-top:0pt; margin-left:3in;text-align:right;'><B><font SIZE=2>EXECUTION COPY</font></B></p>

<p style=' margin-bottom:42pt; margin-top:0pt; margin-left:3in; text-indent:-3in;text-align:justify;'><font size=2>March 9, 2006</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>U.S. Bank National Association</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Corporate Trust Services-SFS</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>One Federal Street, 3rd Floor</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>Boston, Massachusetts 02110</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Wilmington Trust Company</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>Rodney Square North</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>1100 North Market Street</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:left;'><font size=2>Wilmington, Delaware 19890-0001</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:1.0pt;margin-bottom: 12.0pt'><font size=2>Re:</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>The National Collegiate Student Loan Trust 2006-1 Back-up Administration Agreement</font></p> </td> </tr></table>

<p style=' margin-bottom:12pt; margin-top:12pt;text-align:left;'><font size=2>Ladies and Gentlemen:</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>In connection with the issuance by The National Collegiate Student Loan Trust 2006-1 (the &#147;</font><u><font size=2>Trust</font></u><font size=2>&#148;) of student loan asset backed notes on March 9, 2006 pursuant to the Indenture dated as of March 1, 2006 (the &#147;</font><u><font size=2>Indenture</font></u><font size=2>&#148;) between the Trust and U.S. Bank National Association (&#147;</font><u><font size=2>U.S. Bank</font></u><font size=2>&#148;), this letter serves as the Back-up Administration Agreement (the &#147;</font><u><font size=2>Back-up Agreement</font></u><font size=2>&#148;) and amends and supplements the Administration Agreement dated as of March 9, 2006 (the &#147;</font><u><font size=2>Administration Agreement</font></u><font size=2>&#148;) among the Trust; Wilmington Trust Company; U.S. Bank; The National Collegiate Funding, LLC; and First Marblehead Data Services, Inc.
(&#147;</font><U><font SIZE=2>FMDS</font></U><font size=2>&#148;), as set forth below.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>Capitalized terms used and not otherwise defined herein shall have the meanings assigned to such terms in the Administration Agreement.  In the event of the resignation or removal of FMDS as Administrator pursuant to Section 8 of the Administration Agreement, U.S. Bank shall assume the duties required to be performed by FMDS as Administrator under the Administration Agreement; </font><u><font size=2>provided</font></u><font size=2> </font><u><font size=2>that</font></u><font size=2> U.S. Bank shall not under any circumstances be responsible for any representations and warranties or for any payment, guarantee and indemnity obligations of FMDS as the Administrator, in each case, under the Administration Agreement, any other Trust Related Agreements or for any liability incurred by FMDS as the Administrator prior to the date of the assumption by U.S. Bank of the obligations of the Administrator under the
Administration Agreement.  Notwithstanding the foregoing, with the consent of the Owner Trustee, U.S. Bank, if it is unwilling or unable to so act, may designate a successor Administrator to be appointed pursuant to the provisions of Section 8 of the Administration Agreement, subject to the satisfaction of the conditions set forth in Section 8(e) and (f).  As compensation for the </font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>performance of U.S. Bank&#146;s obligations under this Back-up Agreement, U.S. Bank shall be entitled to (i) $10,000 payable by the Trust on the date of execution of this Back-up Agreement and (ii) a monthly fee of $1,000 payable by the Trust on each Distribution Date pursuant to section 8.02(d)(1) of the Indenture until such time as U.S. Bank begins performing FMDS&#146; duties as Administrator under the Administration Agreement.  In the event that FMDS resigns or is removed as Administrator and U.S. Bank begins performing FMDS&#146; duties as Administrator under the Administration Agreement, U.S. Bank shall be compensated as the Administrator in accordance with the Administration Agreement.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>U.S. Bank will be subject to all of the terms and conditions of the Administration Agreement in so far as such terms and conditions apply to U.S. Bank&#146;s duties as set forth above.  In the performance or non-performance of its duties contemplated by this Back-up Agreement, U.S. Bank shall be subject to the same standard of care as the Administrator under the Administration Agreement and shall be entitled to the same rights, privileges, protections, immunities and benefits given to the Administrator under the Administration Agreement.  In no event will U.S. Bank be responsible for the obligations of the Administrator or be responsible for any actions, omissions or malfeasance of the Administrator under the Administration Agreement, and the Trust Related Agreements prior to the assumption by U.S. Bank of the obligations of the Administrator under the Administration Agreement.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>In order to facilitate the performance of U.S. Bank&#146;s duties under this Back-up Agreement, FMDS will make all files, systems and employees available to U.S. Bank.  Without limiting the generality of the foregoing, FMDS agrees to cooperate with U.S. Bank (or its designee) to facilitate the orderly transfer of its duties under the Administration Agreement, including without limitation, notifying the Servicers, the Custodians, their collection agents and other appropriate parties of the transfer of the administrator function and providing (or causing the Servicers to provide) U.S. Bank with all documents and records in electronic or other form reasonably requested by U.S. Bank to enable U.S. Bank or its designee to assume the Administrator&#146;s functions under the Administration Agreement and the Trust Related Agreements (including without limitation such information relating to Defaulted Student
Loans) and shall transfer (and cause any collection agent to transfer) to the Indenture Trustee for deposit into the TERI Pledge Fund for the benefit of the Trust all monies received by it with respect to the Defaulted Student Loans.  Subject to the foregoing, U.S. Bank will be required to begin performing its duties under this Back-up Agreement within 30 days of receiving notice of FMDS&#146; resignation or removal as Administrator under the Administration Agreement (or, if later, the effective date of the resignation or removal).  Out of pocket expenses incurred by U.S. Bank in connection with the transition of services hereunder shall be borne by FMDS.  To the extent that such expenses are not paid by FMDS, such expenses shall be paid by the Trust pursuant to the Indenture.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt;text-align:justify;'><font size=2>The provisions of Section 17 of the Administration Agreement are incorporated herein by reference and shall apply to this Back-up Agreement as they apply to the Administration Agreement.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:0.08in;text-align:justify;'><font size=2>Please evidence your agreement with the terms set forth herein by signing this letter below.</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>Sincerely,</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:2.5in;text-align:left;'><font SIZE=2>THE NATIONAL COLLEGIATE STUDENT LOAN</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:2.5in;text-align:left;'><font SIZE=2>TRUST 2006-1</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="40" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>By:</font></p> </td>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font SIZE=2>WILMINGTON TRUST COMPANY,</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:2.92in;text-align:left;'><font size=2>  not in its individual capacity but</font></p>

<p style=' margin-bottom:24pt; margin-top:0pt; text-indent:2.92in;text-align:left;'><font size=2>  solely as Owner Trustee</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:2.5in;text-align:left;'><font size=2>By:</font><u><font size=2>  /s/Michele C. Harra</font></u></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Name: Michele C. Harra</font></p> </td>
        <td style='padding:0pt 0pt 0pt 0pt' width="56">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:24.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="45" nowrap valign=top style='padding:0pt 0pt 24.0pt 0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Title:  </font></p> </td>
        <td  nowrap colspan="2" valign=top style='padding:0pt 0pt 24.0pt 0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Financial Services Officer</font></p> </td> </tr>
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        <td width="45" ></td>

        <td width="132" ></td>

        <td width="56" ></td> </tr> </table>

<p style=' margin-bottom:24pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font SIZE=2>FIRST MARBLEHEAD DATA SERVICES, INC.</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font size=2>By:</font><u><font size=2>  /s/Rosalyn Bonaventure</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; margin-left:2.75in;text-align:left;'><font size=2>Name: Rosalyn Bonaventure</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:24.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="45" nowrap valign=top style='padding:0pt 0pt 24.0pt 0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Title:  </font></p> </td>
        <td width="79" nowrap valign=top style='padding:0pt 0pt 24.0pt 0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>President</font></p> </td> </tr></table>

<p style=' margin-bottom:12pt; margin-top:0pt; margin-left:2.5in;text-align:left;'><font SIZE=2>THE NATIONAL COLLEGIATE FUNDING LLC</font></p>

<p style=' margin-bottom:12pt; margin-top:0pt; text-indent:2.5in;text-align:left;'><font size=2>By: GATE Holdings, Inc., Member</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:2.5in;text-align:left;'><font size=2>By: </font><u><font size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/Donald R. Peck</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:3in;text-align:left;'><font size=2>Name:  Donald R. Peck</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="45" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Title:  </font></p> </td>
        <td width="81" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Treasurer</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
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<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

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<font SIZE=2>ACCEPTED AND AGREED:</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font SIZE=2>WILMINGTON TRUST COMPANY,</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>not in its individual capacity but solely as</font></p>

<p style=' margin-bottom:24pt; margin-top:0pt;text-align:left;'><font size=2>Owner Trustee</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>By:</font><u><font size=2>  /s/Michele C. Harra</font></u></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td  nowrap colspan="2" valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Name: Michele C. Harra</font></p> </td>
        <td style='padding:0pt 0pt 0pt 0pt' width="56">
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></td> </tr>
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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:24.0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="45" nowrap valign=top style='padding:0pt 0pt 24.0pt 0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Title:  </font></p> </td>
        <td  nowrap colspan="2" valign=top style='padding:0pt 0pt 24.0pt 0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Financial Services Officer</font></p> </td> </tr>
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        <td width="16" ></td>

        <td width="45" ></td>

        <td width="132" ></td>

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<p style=' margin-bottom:24pt; margin-top:0pt;text-align:left;'><font SIZE=2>U.S. BANK NATIONAL ASSOCIATION</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>By:</font><u><font size=2>  /s/Vaneta I. Bernard</font></u></p>

<p style=' margin-bottom:0pt; margin-top:0pt; text-indent:0.25in;text-align:left;'><font size=2>Name: Vaneta I. Bernard</font></p>


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            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=1>&nbsp;</font></p> </td>
        <td width="45" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Title:  </font></p> </td>
        <td width="113" nowrap valign=top style='padding:0pt 0pt 0pt 0pt; '>
            <p style='margin-left:0pt;text-indent:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt'><font size=2>Vice President</font></p> </td> </tr></table>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>

<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>


<p style=' margin-bottom:0pt; margin-top:0pt;text-align:left;'><font size=2>&nbsp;</font></p>
<p style=' margin-bottom:0pt; margin-top:0pt;text-align:justify;'><font size=2>&nbsp;</font></p>
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