LISTING SUPPLEMENT $189000000 Class A-1 Notes $342100000 ...

USE OF PROCEEDS
On the closing date specified in the applicable prospectus supplement, the owner trustee
will purchase the trust student loans from us and make an initial deposit into the reserve account
and the pre-funding account, if any, with the net proceeds of sale of the notes. The owner trustee
may also apply the net proceeds for other purposes to the extent described in the related
prospectus supplement. We will use the money we receive for general corporate purposes,
including purchasing the student loans and acquiring any credit or cash flow enhancement
specified in the related prospectus supplement.
The Depositor
THE DEPOSITOR, THE FIRST MARBLEHEAD CORPORATION, THE
ADMINISTRATOR, THE SERVICERS AND THE CUSTODIANS
The National Collegiate Funding LLC is a wholly-owned subsidiary of The First
Marblehead Corporation. We were formed in Delaware on March 13, 2003 as a limited liability
company with a single member. We have only limited purposes, which include purchasing
student loans from various sellers, transferring the student loans to the trusts and other incidental
and related activities. Our principal executive offices are at 800 Boylston Street, 34 th Floor,
Boston, Massachusetts 02199-8157, and our telephone number is (800) 895-4283.
We have taken steps intended to prevent any application for relief by The First
Marblehead Corporation under any insolvency law from resulting in consolidation of our assets
and liabilities with those of The First Marblehead Corporation. We cannot, without the
affirmative vote of 100% of our board of managers, including the affirmative vote of each
independent manager, do any of the following:
Engage in any business or activity other than our limited purposes (described
above);
Incur any indebtedness other than in certain limited circumstances;
Dissolve or liquidate, in whole or in part;
Consolidate with or merge into any other entity or convey or transfer our
properties and assets substantially as an entirety to any entity; or
Institute proceedings to be adjudicated bankrupt or insolvent, or consent to the
institution of bankruptcy or insolvency proceedings against us, or file a petition
seeking or consenting to, reorganization or relief under any applicable federal or
state law relating to bankruptcy, or consent to the appointment of a receiver,
liquidator, assignee, trustee, sequestor of the sellers or a substantial property, or
make any assignment for the benefit of creditors, or admit in writing our inability
to pay our debts generally as they become due, or take any action in furtherance
of any of the above.
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