Document:

m1265_Exhibit 4.2

INDENTURE

among

KEYCORP STUDENT LOAN TRUST 2006-A,

as Issuer

and

Deutsche Bank Trust Company Americas,

not in its individual capacity but 

solely as Indenture Trustee, Paying Agent and Note Registrar

Dated as of December 1, 2006

TABLE OF CONTENTS

ARTICLE I

Definitions and Usage

3

SECTION 1.01.  Definitions and Usage

3

SECTION 1.02.  Incorporation by Reference of Trust Indenture Act

3

ARTICLE II

The Notes

3

SECTION 2.01.  Form

3

SECTION 2.02.  Execution, Authentication and Delivery

4

SECTION 2.03.  Temporary Notes

4

SECTION 2.04.  Registration; Registration of Transfer and Exchange

5

SECTION 2.05.  Mutilated, Destroyed, Lost or Stolen Notes

6

SECTION 2.06.  Persons Deemed Owner

7

SECTION 2.07.  Payment of Principal and Interest; Defaulted Interest

7

SECTION 2.08.  Cancellation

8

SECTION 2.09.  Release of Collateral

9

SECTION 2.10.  Book-Entry Notes

9

SECTION 2.11.  Notices to Clearing Agency

10

SECTION 2.12.  Definitive Notes

10

ARTICLE III

Covenants

10

SECTION 3.01.  Payment to Noteholders

10

SECTION 3.02.  Maintenance of Office or Agency

11

SECTION 3.03.  Money for Payments To Be Held in Trust

11

SECTION 3.04.  Existence

13

SECTION 3.05.  Protection of Indenture Trust Estate

13

SECTION 3.06.  Opinions as to Indenture Trust Estate

13

SECTION 3.07.  Performance of Obligations; Master Servicing of Financed Student Loans

14

SECTION 3.08.  Negative Covenants

17

SECTION 3.09.  Annual Statement as to Compliance

17

SECTION 3.10.  Issuer May Consolidate, etc., Only on Certain Terms

17

SECTION 3.11.  Successor or Transferee

19

SECTION 3.12.  No Other Business

19

SECTION 3.13.  No Borrowing

20

SECTION 3.14.  [Reserved].

20

SECTION 3.15.  Guarantees, Loans, Advances and Other Liabilities

20

SECTION 3.16.  Capital Expenditures

20

SECTION 3.17.  Restricted Payments

20

SECTION 3.18.  Notice of Events of Default

20

SECTION 3.19.  Further Instruments and Acts

20

SECTION 3.20.  Article 9 Provisions

21

ARTICLE IV

Satisfaction and Discharge

22

SECTION 4.01.  Satisfaction and Discharge of Indenture

22

SECTION 4.02.  Application of Trust Money

23

SECTION 4.03.  Repayment of Moneys Held by Paying Agent

23

ARTICLE V

Remedies

23

SECTION 5.01.  Events of Default

23

SECTION 5.02.  Acceleration of Maturity; Rescission and Annulment

25

SECTION 5.03.  Collection of Indebtedness and Suits for Enforcement by Indenture Trustee

26

SECTION 5.04.  Remedies; Priorities

28

SECTION 5.05.  Optional Preservation of the Financed Student Loans

36

SECTION 5.06.  Limitation of Suits

37

SECTION 5.07.  Unconditional Rights of Noteholders To Receive Principal and Interest

37

SECTION 5.08.  Restoration of Rights and Remedies

38

SECTION 5.09.  Rights and Remedies Cumulative

38

SECTION 5.10.  Delay or Omission Not a Waiver

38

SECTION 5.11.  Control by Noteholders

38

SECTION 5.12.  Waiver of Past Defaults

39

SECTION 5.13.  Undertaking for Costs

39

SECTION 5.14.  Waiver of Stay or Extension Laws

40

SECTION 5.15.  Action on Notes

40

SECTION 5.16.  Performance and Enforcement of Certain Obligations

40

ARTICLE VI

The Indenture Trustee

41

SECTION 6.01.  Duties of Indenture Trustee

41

SECTION 6.02.  Rights of Indenture Trustee

43

SECTION 6.03.  Individual Rights of Indenture Trustee

43

SECTION 6.04.  Indenture Trustee’s Disclaimer

43

SECTION 6.05.  Notice of Defaults

44

SECTION 6.06.  Reports by Indenture Trustee to Noteholders

44

SECTION 6.07.  Compensation and Indemnity

44

SECTION 6.08.  Replacement of Indenture Trustee

45

SECTION 6.09.  Successor Indenture Trustee by Merger

46

SECTION 6.10.  Appointment of Co-Trustee or Separate Trustee

46

SECTION 6.11.  Eligibility; Disqualification

47

SECTION 6.12.  Preferential Collection of Claims Against Issuer

47

SECTION 6.13.  [Reserved]

47

SECTION 6.14.  The Paying Agent and Note Registrar

48

ARTICLE VII

Noteholders’ Lists and Reports

48

SECTION 7.01.  Note Registrar To Furnish Indenture Trustee Names and Addresses of

Noteholders

48

SECTION 7.02.  Preservation of Information; Communications to Noteholders

48

SECTION 7.03.  Reports by Issuer

49

ARTICLE VIII

Accounts, Disbursements and Releases

49

SECTION 8.01.  Collection of Money

49

SECTION 8.02.  Trust Accounts

50

SECTION 8.03.  General Provisions Regarding Accounts

52

SECTION 8.04.  Release of Indenture Trust Estate

52

SECTION 8.05.  Opinion of Counsel

53

SECTION 8.06.  [Reserved]

53

ARTICLE IX

Supplemental Indentures

53

SECTION 9.01.  Supplemental Indentures Without Consent of Noteholders

53

SECTION 9.02.  Supplemental Indentures with Consent of Noteholders

54

SECTION 9.03.  Execution of Supplemental Indentures

56

SECTION 9.04.  Effect of Supplemental Indenture

56

SECTION 9.05.  Conformity with Trust Indenture Act

57

SECTION 9.06.  Reference in Notes to Supplemental Indentures

57

ARTICLE X

Redemption of Notes

57

SECTION 10.01.  Redemption

57

SECTION 10.02.  Form of Redemption Notice

57

SECTION 10.03.  Notes Payable on Redemption Date

58

ARTICLE XI

Miscellaneous

58

SECTION 11.01.  Compliance Certificates and Opinions, etc

58

SECTION 11.02.  Form of Documents Delivered to Indenture Trustee

60

SECTION 11.03.  Acts of Noteholders

61

SECTION 11.04.  Notices, etc., to Indenture Trustee, Issuer, Paying Agent, Note Registrar

and Rating Agencies

61

SECTION 11.05.  Notices to Noteholders; Waiver

62

SECTION 11.06.  Alternate Payment and Notice Provisions

63

SECTION 11.07.  Conflict with Trust Indenture Act

63

SECTION 11.08.  Effect of Headings and Table of Contents

63

SECTION 11.09.  Successors and Assigns

63

SECTION 11.10.  Separability

64

SECTION 11.11.  Benefits of Indenture

64

SECTION 11.12.  Legal Holidays

64

SECTION 11.13.  Governing Law

64

SECTION 11.14.  Counterparts

64

SECTION 11.15.  Recording of Indenture

64

SECTION 11.16.  Trust Obligations

64

SECTION 11.17.  No Petition

65

SECTION 11.18.  Inspection

65

SECTION 11.19.  Third-Party Beneficiaries

65

ARTICLE XII

Compliance with Regulation AB

66

SECTION 12.01.  Intent of the Parties; Reasonableness

66

APPENDIX A

Definitions and Usage

EXHIBIT A-1

Form of Class I-A-1 Note

EXHIBIT A-2

Form of Class I-A-2 Note

EXHIBIT A-3

Form of Class I-B Note

EXHIBIT A-4

Form of Class II-A-1 Note

EXHIBIT A-5

Form of Class II-A-2 Note

EXHIBIT A-6

Form of Class II-A-3 Note

EXHIBIT A-7

Form of Class II-A-4 Note

EXHIBIT A-8

Form of Class II-B Note

EXHIBIT A-9

Form of Class II-C Note

EXHIBIT B

Servicing Criteria to be Addressed in Assessment of Compliance

THIS INDENTURE dated as of December 1, 2006, is entered into among KEYCORP STUDENT LOAN TRUST 2006-A, a Delaware statutory trust (the “Issuer”), Deutsche Bank Trust Company Americas, as trustee and not in its individual capacity (the “Indenture Trustee”) and Deutsche Bank Trust Company Americas, as Paying Agent and Note Registrar and acknowledged by JPMorgan Chase Bank, National Association as eligible lender trustee on behalf of the Issuer and not in its individual capacity (the “Eligible Lender Trustee”).

Each party agrees as follows for the benefit of the other parties and for the equal and ratable benefit of the Holders of the Issuer’s Floating Rate Class I-A-1 Asset Backed Notes (the “Class I-A-1 Notes”), Floating Rate Class I-A-2 Asset Backed Notes (the “Class I-A-2 Notes”), Floating Rate Class I-B Asset Backed Notes (the “Class I-B Notes”), Floating Rate Class II-A-1 Asset Backed Notes (the “Class II-A-1 Notes”), Floating Rate Class II-A-2 Asset Backed Notes (the “Class II-A-2 Notes”), Floating Rate Class II-A-3 Asset Backed Notes (the “Class II-A-3 Notes”), Floating Rate Class II-A-4 Asset Backed Notes (the “Class II-A-4 Notes”), Floating Rate Class II-B Asset Backed Notes (the “Class II-B Notes”) and Floating Rate Class II-C Asset Backed Notes (the “Class II-C Notes” and together with the Class I-A-1 Notes, the Class I-A-2 Notes, the Class I-B Notes, the Class II-A-1 Notes, the Class II-A-2 Notes, the Class II-A-3 Notes, the Class II-A-4 Notes and the Class II-B Notes, the “Notes”):

GRANTING CLAUSE

The Issuer and, with respect to the legal title of the Financed Student Loans as acquired from time to time, the Eligible Lender Trustee on behalf of the Issuer hereby Grant to the Indenture Trustee at the Closing Date, as trustee for the benefit of the Holders of the Group I and Group II Notes, as their interests may appear herein all the Issuer’s right, title and interest in and to the following:

(X)

with respect to the Group I Notes:

(a)

the Group I Student Loans and any Add-On Consolidations Loans related thereto, and all obligations of the Obligors thereunder including all moneys paid thereunder on or after the Cutoff Date;

(b)

the Sale and Servicing Agreement, including the right of the Issuer to cause the Depositor to repurchase or substitute, or the Master Servicer to purchase  or substitute, Group I Student Loans from the Issuer under circumstances described therein, and including all of the related Assigned Rights;

(c)

each related Guarantee Agreement, including the right of the Issuer to cause the related Guarantor to make Guarantee Payments in respect of the Financed Group I Student Loans;

(d)

all funds on deposit from time to time in the Trust Accounts related to the Group I Notes, including the Group I Collection Account, the Group I Capitalized Interest Account, the Group I Reserve Account Initial Deposit and Investment Earnings; and

(e)

all present and future claims, demands, causes and choses in action in respect of any or all of the foregoing and all payments on or under and all proceeds of every kind and nature whatsoever in respect of any or all of the foregoing, including all proceeds of the conversion, voluntary or involuntary, into cash or other liquid property, all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, condemnation awards, rights to payment of any and every kind and other forms of obligations and receivables, instruments and other property which at any time constitute all or part of or are included in the proceeds of any of the foregoing (collectively, the “Group I Collateral”).

(Y)

with respect to the Group II Notes:

(f)

the Group II Student Loans and any Add-On Consolidations Loans related thereto, and all obligations of the Obligors thereunder including all moneys paid thereunder on or after the Cutoff Date;

(g)

the Sale and Servicing Agreement, including the right of the Issuer to cause the Depositor to repurchase or substitute, or the Master Servicer to purchase or substitute, Group II Student Loans from the Issuer under circumstances described therein, and including all of the related Assigned Rights;

(h)

each related Guarantee Agreement, including the right of the Issuer to cause the related Guarantor to make Guarantee Payments in respect of the Group II Student Loans;

(i)

all funds on deposit from time to time in the Trust Accounts related to the Group II Notes, including the Group II Collection Account, the Group II Reserve Account Initial Deposit and Investment Earnings; and

(j)

all present and future claims, demands, causes and choses in action in respect of any or all of the foregoing and all payments on or under and all proceeds of every kind and nature whatsoever in respect of any or all of the foregoing, including all proceeds of the conversion, voluntary or involuntary, into cash or other liquid property, all cash proceeds, accounts, accounts receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts, insurance proceeds, condemnation awards, rights to payment of any and every kind and other forms of obligations and receivables, instruments and other property which at any time constitute all or part of or are included in the proceeds of any of the foregoing (collectively, the “Group II Collateral,” and together with the Group I Collateral, “Collateral”).

The foregoing Grant is made in trust to secure the payment of principal of and/or interest on, as applicable, and any other amounts owing in respect of, the Group I Notes (with respect to the Group I Collateral) and the Group II Notes (with respect to the Group II Collateral), within each group equally and ratably, without prejudice, priority or distinction and to secure compliance with the provisions of this Indenture, all as provided in this Indenture.

The Indenture Trustee, as Indenture Trustee on behalf of the Holders of the Notes acknowledges such Grant, accepts the trusts under this Indenture in accordance with the provisions of this Indenture and agrees to perform its duties required in this Indenture to the best of its ability to the end that the interests of the Holders of the Notes may be adequately and effectively protected.

ARTICLE I

Definitions and Usage

SECTION 1.01.  Definitions and Usage.  Except as otherwise specified herein or as the context may otherwise require, capitalized terms used but not defined herein are defined in Appendix A hereto, which also contains rules as to usage that shall be applicable herein.

SECTION 1.02.  Incorporation by Reference of Trust Indenture Act.  Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture.  The following TIA terms used in this Indenture have the following meanings:

“Commission” means the Securities and Exchange Commission.

“indenture securities” means the Notes.

“indenture security holder” means a holder of the Notes.

“indenture to be qualified” means this Indenture.

“indenture trustee” or “institutional trustee” means the Indenture Trustee.

“obligor” on the indenture securities means the Issuer and any other obligor on the indenture securities.

All other TIA terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by Commission rule have the meaning assigned to them by such definitions.

ARTICLE II

The Notes

SECTION 2.01.  Form.  The Class I-A-1 Notes, Class I-A-2 Notes, Class I-B Notes, Class II-A-1 Notes, Class II-A-2 Notes, Class II-A-3 Notes, Class II-A-4 Notes, Class II-B Notes and Class II-C Notes, together with the Indenture Trustee’s certificate of authentication, shall be in substantially the forms set forth in Exhibits A-1 through A-9, respectively, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may, consistently herewith, be determined by the officers executing the Notes, as evidenced by their execution of the Notes.  Any portion of the text of any Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the Note.

The Definitive Notes shall be typewritten, printed, lithographed or engraved or produced by any combination of these methods (with or without steel engraved borders), all as determined by the officers executing such Notes, as evidenced by their execution of such Notes.

Each Note shall be dated the date of its authentication.  The terms of the Class I-A-1 Notes, Class I-A-2 Notes, Class I-B Notes, Class II-A-1 Notes, Class II-A-2 Notes, Class II-A-3 Notes, Class II-A-4 Notes, Class II-B Notes and Class II-C Notes set forth in Exhibits A-1 through A-9, respectively, are part of the terms of this Indenture.

SECTION 2.02.  Execution, Authentication and Delivery.  The Notes shall be executed on behalf of the Issuer by any of its Authorized Officers.  The signature of any such Authorized Officer on the Notes may be manual or facsimile.

Notes bearing the manual or facsimile signature of individuals who were at any time Authorized Officers of the Issuer shall bind the Issuer, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Notes or did not hold such offices at the date of such Notes.

The Indenture Trustee shall upon Issuer Order authenticate and deliver Notes for original issue in an aggregate principal amount of $84,000,000 with respect to the Class I-A-1 Notes, $149,170,000 with respect to the Class I-A-2 Notes, $7,211,000 with respect to the Class I-B Notes, $160,927,000 with respect to the Class II-A-1 Notes, $197,000,000 with respect to the Class II-A-2 Notes, $146,730,000 with respect to the Class II-A-3 Notes, $140,274,000 with respect to the Class II-A-4 Notes, $101,664,000 with respect to the Class II-B Notes and $47,655,000 with respect to the Class II-C Notes, except as provided in Section 2.05.

Each Note shall be dated the date of its authentication.  The Notes shall be issuable as registered Notes in the minimum denomination of $100,000 and in integral multiples of $1,000 in excess thereof.

No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose, unless there appears on such Note a certificate of authentication substantially in the form provided for herein executed by the Indenture Trustee by the manual signature of one of its authorized signatories, and such certificate upon any Note shall be conclusive evidence, and the only evidence, that such Note has been duly authenticated and delivered hereunder.

SECTION 2.03.  Temporary Notes.  Pending the preparation of Definitive Notes, the Issuer may execute, and upon receipt of an Issuer Order the Indenture Trustee shall authenticate and deliver, temporary Notes which are printed, lithographed, typewritten, mimeographed or otherwise produced, of the tenor of the Definitive Notes in lieu of which they are issued and with such variations not inconsistent with the terms of this Indenture as the officers executing such Notes may determine, as evidenced by their execution of such Notes.

If temporary Notes are issued, the Issuer will cause Definitive Notes to be prepared without unreasonable delay.  After the preparation of Definitive Notes, the temporary Notes shall be exchangeable for Definitive Notes upon surrender of the temporary Notes at the office or agency of the Issuer to be maintained as provided in Section 3.02, without charge to the holder of the Notes.  Upon surrender for cancellation of any one or more temporary Notes, the Issuer shall execute and the Indenture Trustee shall authenticate and deliver in exchange therefor a like initial principal amount or initial notional principal amount, as applicable, of Definitive Notes of authorized denominations.  Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits under this Indenture as Definitive Notes.

SECTION 2.04.  Registration; Registration of Transfer and Exchange.  The Issuer shall cause to be kept a register (the “Note Register”) in which, subject to such reasonable regulations as it may prescribe, the Issuer shall provide for the registration of Notes and the registration of transfers of Notes.  Deutsche Bank Trust Company Americas, shall be “Note Registrar” for the purpose of registering Notes and transfers of Notes as herein provided.  Deutsche Bank Trust Company Americas, hereby accepts the foregoing appointment.  Upon any resignation of the Note Registrar, the Issuer shall promptly appoint a successor or, if it elects not to make such an appointment, assume the duties of Note Registrar.  The Indenture Trustee and the Issuer shall have the right to inspect the Note Register at all reasonable times and to obtain copies thereof, and the Indenture Trustee and the Issuer shall have the right to rely upon a certificate executed on behalf of the Note Registrar by an Executive Officer thereof as to the names and addresses of the Holders of the Notes and the principal amounts or notional principal amount, as applicable, and number of such Notes.

If any Person other than the Indenture Trustee is appointed by the Issuer as successor Note Registrar, the Issuer will give the Indenture Trustee prompt written notice of the appointment of such Note Registrar and of the location, and any change in the location, of the Note Register.

Upon surrender for registration of transfer of any Note at the office or agency of the Issuer to be maintained as provided in Section 3.02, if the requirements of Section 8-401(a) of the UCC are met, the Issuer shall execute, and the Indenture Trustee shall authenticate and the holder of the Notes shall obtain from the Indenture Trustee, in the name of the designated transferee or transferees, one or more new Notes in any authorized denominations and a like aggregate initial principal amount or notional principal amount, as applicable.

At the option of the holder of the Notes, Notes may be exchanged for other Notes in any authorized denominations, a like class and a like aggregate initial principal amount or notional principal amount, as applicable, upon surrender of the Notes to be exchanged at such office or agency.  Whenever any Notes are so surrendered for exchange, if the requirements of Section 8-401(a) of the UCC are met, the Issuer shall execute, and the Indenture Trustee shall authenticate and the holder of the Notes shall obtain from the Indenture Trustee, the Notes which the holder of the Notes making the exchange is entitled to receive.

All Notes issued upon any registration of transfer or exchange of Notes shall be the valid obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Notes surrendered upon such registration of transfer or exchange.

Each transferee of a beneficial interest in the Notes will be deemed to have represented that either: (A) the transferee is not acquiring the Notes directly or indirectly for, or on behalf of, a Benefit Plan or any entity whose underlying assets are deemed to be plan assets of such Benefit Plan, or (B) the acquisition and holding of the Notes by the transferee qualifies for prohibited transaction exemptive relief under PTCE 95-60 (as modified by PTCE 2002-13), PTCE 96-23, PTCE 91-38 (as modified by PTCE 2002-13), PTCE 90-1, PTCE 84-14 (as modified by PTCE 2002-13), the non-fiduciary service provider statutory exemption under Section 408(b)(17) of ERISA and Section 4975(d)(20) of the code, or some other applicable exemption.

The Issuer initially appoints The Depository Trust Company (“DTC”) to act as depositary (the “Depositary”) with respect to the each Class of the Notes.

The Issuer initially appoints the Note Registrar to act as custodian with respect to the Notes.

Every Note presented or surrendered for registration of transfer or exchange shall be duly endorsed by, or be accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by the holder of the Notes thereof or such holder’s attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in Securities Transfer Agent’s Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Exchange Act.

No service charge shall be made to a holder of the Notes for any registration of transfer or exchange of Notes, but the Indenture Trustee may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Notes, other than exchanges pursuant to Section 2.03 or 9.06 not involving any transfer.

The preceding provisions of this Section notwithstanding, the Issuer shall not be required to make and the Note Registrar need not register transfers or exchanges of Notes selected for redemption or of any Note for a period of 15 days preceding the due date for any payment with respect to the Note.

SECTION 2.05.  Mutilated, Destroyed, Lost or Stolen Notes.  If (i) any mutilated Note is surrendered to the Indenture Trustee, or the Indenture Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, and (ii) there is delivered to the Indenture Trustee such security or indemnity as may be required by it to hold the Issuer and the Indenture Trustee harmless, then, in the absence of notice to the Issuer, the Note Registrar or the Indenture Trustee that such Note has been acquired by a bona fide purchaser, and provided that the requirements of Section 8-405 of the UCC are met, the Issuer shall execute and upon its request the Indenture Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a replacement Note; provided, however, that if any such destroyed, lost or stolen Note, but not a mutilated Note, shall have become or within 15 days shall be due and payable, or shall have been called for redemption, instead of issuing a replacement Note, the Issuer may pay such destroyed, lost or stolen Note when so due or payable or upon the Redemption Date without surrender thereof.  If, after the delivery of such replacement Note or payment of a destroyed, lost or stolen Note pursuant to the proviso to the preceding sentence, a bona fide purchaser of the original Note in lieu of which such replacement Note was issued presents for payment such original Note, the Issuer and the Indenture Trustee shall be entitled to recover such replacement Note (or such payment) from the Person to whom it was delivered or any Person taking such replacement Note from such Person to whom such replacement Note was delivered or any assignee of such Person, except a bona fide purchaser, and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Issuer or the Indenture Trustee in connection therewith.

Upon the issuance of any replacement Note under this Section, the Issuer may require the payment by the holder of the Notes thereof of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other reasonable expenses (including the fees and expenses of the Indenture Trustee and the Note Registrar) connected therewith.

Every replacement Note issued pursuant to this Section in replacement of any mutilated, destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Issuer, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Notes duly issued hereunder.

The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes.

SECTION 2.06.  Persons Deemed Owner.  Prior to due presentment for registration of transfer of any Note, the Issuer, the Indenture Trustee, the Note Registrar and any other agent of the Issuer, the Indenture Trustee or the Note Registrar may treat the Person in whose name any Note is registered (as of the day of determination) as the owner of such Note for the purpose of receiving payments of principal of and interest on, as applicable, the related group of Notes and such Class of Notes and for all other purposes whatsoever, whether or not such Note is overdue, and none of the Issuer, the Indenture Trustee, the Note Registrar nor any agent of the Issuer, the Indenture Trustee or the Note Registrar shall be affected by notice to the contrary.

SECTION 2.07.  Payment of Principal and Interest; Defaulted Interest.  (a)  The Class I-A-1 Notes, Class I-A-2 Notes, Class I-B Notes, Class II-A-1 Notes, Class II-A-2 Notes, Class II-A-3 Notes, Class II-A-4 Notes, Class II-B Notes and Class II-C Notes shall accrue interest as provided in the form of Class I-A-1 Note, Class I-A-2 Note, Class I-B Note, Class II-A-1 Note, Class II-A-2 Note, Class II-A-3 Note, Class II-A-4 Note, Class II-B Note and Class II-C Note set forth in Exhibits A-1 through A-9, respectively, and such interest shall be payable on each Distribution Date as specified therein, subject to Section 3.01.  Any installment of interest or principal, if any, with respect to each Class of Notes payable on any applicable Note which is punctually paid or duly provided for by the Issuer on the applicable Distribution Date shall be paid to the Person in whose name such Note (or one or more Predecessor Notes) is registered on the Record Date by check mailed first-class, postage prepaid to such Person’s address as it appears on the Note Register on such Record Date, except that, unless Definitive Notes have been issued pursuant to Section 2.12, with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payment will be made by wire transfer in immediately available funds to the account designated by such nominee and except for the final installment of principal payable with respect to such Note on a Distribution Date or on the applicable Note Final Maturity Date which shall be payable as provided below.  The funds represented by any such checks returned undelivered shall be held in accordance with Section 3.03.

(b)

The principal of each Note shall be payable in installments on each Distribution Date as provided in the form of Class I-A-1 Note, Class I-A-2 Note, Class I-B Note, Class II-A-1 Note, Class II-A-2 Note, Class II-A-3 Note, Class II-A-4 Note, Class II-B Note and Class II-C Note set forth in Exhibits A-1 through A-9, respectively, to the extent the amount of funds required and available to be distributed in respect of principal on such Class of Notes pursuant to the Sale and Servicing Agreement; provided, however, the entire unpaid principal amount of each Class of Notes shall be due and payable on its respective Final Maturity Date.  Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due and payable, if not previously paid, on the date on which an Event of Default shall have occurred and is continuing, if the Indenture Trustee, or (with respect to the Group I Notes only) the Group I Controlling Parties holding a majority of the Outstanding Amount of the related Classes of Group I Notes, or (with respect to the Group II Notes only) the Group II Controlling Parties holding a majority of the Outstanding Amount of the related Classes of Group II Notes have declared the related group of Notes to be immediately due and payable in the manner provided in Section 5.02.  All principal payments on each Class of Notes shall be made pro rata to the Holders of such Class of Notes entitled thereto.  The Indenture Trustee shall notify the Person in whose name a Note is registered at the close of business on the Record Date preceding the Distribution Date on which the Issuer expects that the final installment of principal of and interest on any Class of Notes.  Such notice shall be mailed or transmitted by facsimile prior to such final Distribution Date and shall specify that such final installment will be payable only upon presentation and surrender of such Note and shall specify the place where such Note may be presented and surrendered for payment of such installment.  Notices in connection with redemptions of Notes shall be mailed to the Holders of the Notes as provided in Section 10.02.

(c)

If the Issuer defaults in a payment of interest on any Class of the Notes, the Issuer shall pay defaulted interest (plus interest on such defaulted interest to the extent lawful) at the applicable Note Interest Rate in any lawful manner.  The Issuer may pay such defaulted interest to the persons who are Holders of such Class or Classes of Notes on a subsequent special record date, which date shall be at least three Business Days prior to the payment date.  The Issuer shall fix or cause to be fixed any such special record date and payment date, and, at least 15 days before any such special record date, the Issuer shall mail to each holder of the affected Class or Classes of Notes a notice that states the special record date, the payment date and the amount of defaulted interest to be paid.

SECTION 2.08.  Cancellation.  All Notes surrendered for payment, registration of transfer, exchange or redemption shall, if surrendered to any Person other than the Indenture Trustee, be delivered to the Indenture Trustee and shall be promptly cancelled by the Indenture Trustee.  The Issuer may at any time deliver to the Indenture Trustee for cancellation any Notes previously authenticated and delivered hereunder which the Issuer may have acquired in any manner whatsoever, and all Notes so delivered shall be promptly cancelled by the Indenture Trustee.  No Notes shall be authenticated in lieu of or in exchange for any Notes cancelled as provided in this Section, except as expressly permitted by this Indenture.  All cancelled Notes may be held or disposed of by the Indenture Trustee in accordance with its standard retention or disposal policy as in effect at the time, unless the Issuer shall direct by an Issuer Order that they be returned to it and so long as such Issuer Order is timely and the Notes have not been previously disposed of by the Indenture Trustee.

SECTION 2.09.  Release of Collateral.  Subject to Section 11.01 and the terms of the Basic Documents, the Indenture Trustee shall release property from the lien of this Indenture only upon receipt of an Issuer Request accompanied by an Officers’ Certificate of the Issuer, an Opinion of Counsel in each case, that all conditions required under the Indenture have been fulfilled and Independent Certificates in accordance with TIA §§ 314(c) and 314(d)(l) or an Opinion of Counsel in lieu of such Independent Certificates to the effect that the TIA does not require any such Independent Certificates.

SECTION 2.10.  Book-Entry Notes.  The Notes, upon original issuance, will be issued in the form of typewritten Notes representing the Book-Entry Notes, to be delivered to The Depository Trust Company, the initial Clearing Agency, by, or on behalf of, the Issuer.  Such Notes shall initially be registered on the Note Register in the name of Cede & Co., the nominee of the initial Clearing Agency, and no Note Owner will receive a Definitive Note (as defined below) representing such Note Owner’s interest in such Note, except as provided in Section 2.12.  Unless and until definitive, fully registered Notes (the “Definitive Notes”) have been issued to Note Owners pursuant to Section 2.12:

(i)

the provisions of this Section shall be in full force and effect;

(ii)

each of the Note Registrar and the Indenture Trustee may deal with the Clearing Agency for all purposes (including the payment of principal of and interest and other amounts on the Notes) as the authorized representative of the Note Owners;

(iii)

to the extent that the provisions of this Section conflict with any other provisions of this Indenture, the provisions of this Section shall control;

(iv)

the rights of Note Owners shall be exercised only through the Clearing Agency and shall be limited to those established by law and agreements between such Note Owners and the Clearing Agency and/or the Clearing Agency Participants pursuant to the Note Depository Agreements.  Unless and until Definitive Notes are issued pursuant to Section 2.12, the initial Clearing Agency will make book-entry transfers among the Clearing Agency Participants and receive and transmit payments of principal of and interest and other amounts on the Notes to such Clearing Agency Participants; and

(v)

whenever this Indenture requires or permits actions to be taken based upon instructions or directions of the Holders of the Notes evidencing a specified percentage of the Outstanding Amount of the Notes, the Clearing Agency shall be deemed to represent such percentage only to the extent that it has received instructions to such effect from Note Owners and/or Clearing Agency Participants owning or representing, respectively, such required percentage of the beneficial interest in the Notes and has delivered such instructions to the Indenture Trustee.

SECTION 2.11.  Notices to Clearing Agency.  Whenever a notice or other communication to the Holders of the Notes is required under this Indenture, unless and until Definitive Notes shall have been issued to Note Owners pursuant to Section 2.12, the Indenture Trustee shall give all such notices and communications specified herein to be given to the Holders of the Notes to the Clearing Agency.

SECTION 2.12.  Definitive Notes.  If (i) the Administrator advises the Indenture Trustee in writing that the Clearing Agency is no longer willing or able to properly discharge its responsibilities with respect to the Notes, and the Administrator is unable to locate a qualified successor, (ii) the Administrator at its option advises the Indenture Trustee in writing that it elects to terminate the book-entry system through the Clearing Agency or (iii) after the occurrence of an Event of Default, a Master Servicer Default or an Administrator Default, Note Owners representing beneficial interests aggregating at least a majority of the Outstanding Amount of such Class of Notes advise the Clearing Agency (which shall then notify the Indenture Trustee) in writing that the continuation of a book-entry system through the Clearing Agency is no longer in the best interests of the Note Owners of such Class of Notes, then the Indenture Trustee will cause the Clearing Agency to notify all Note Owners of such Class of Notes, through the Clearing Agency, of the occurrence of any such event and of the availability of Definitive Notes to such Note Owners requesting the same.  Upon surrender to the Indenture Trustee of the typewritten Notes representing the Book-Entry Notes by the Clearing Agency, accompanied by registration instructions, the Issuer shall execute and the Indenture Trustee shall authenticate the Definitive Notes in accordance with the instructions of the Clearing Agency.  None of the Issuer, the Owner Trustee, the Note Registrar or the Indenture Trustee shall be liable for any delay in delivery of such instructions and may conclusively rely on, and shall be protected in relying on, such instructions.  Upon the issuance of Definitive Notes, the Indenture Trustee shall recognize the Holders of the Definitive Notes as the Noteholders for such Class of Notes.

ARTICLE III

Covenants 

SECTION 3.01.  Payment to Noteholders.  The Issuer will duly and punctually pay the principal of and interest on each Class of Notes in accordance with the terms of such Notes and this Indenture.  Without limiting the foregoing, subject to Section 8.02(c), the Issuer will cause to be distributed to the Holders of the each Class of Notes in each group of Notes that portion of the amounts on deposit in the Trust Accounts related to such group of Notes on a Distribution Date, to which the Holders of each Class of Notes are entitled to receive pursuant to the Sale and Servicing Agreement.  Amounts properly withheld under the Code by any Person from a payment to any holder of the Notes of interest on and/or principal of such Notes shall be considered as having been paid by the Issuer to such Holder of the applicable Notes for all purposes of this Indenture.  The Notes will be non-recourse obligations of the Issuer and shall be limited in right of payment to amounts available from the Indenture Trust Estate as provided in this Indenture and the Issuer shall not be otherwise liable on the Notes.

SECTION 3.02.  Maintenance of Office or Agency.  The Issuer will maintain in the Borough of Manhattan, The City of New York, an office or agency where Notes may be surrendered for registration of transfer or exchange.  The Issuer hereby initially appoints the Note Registrar to serve as its agent for the foregoing purposes.  The Issuer will give prompt written notice to the Indenture Trustee of the location, and of any change in the location, of any such office or agency.  If at any time the Issuer shall fail to maintain any such office or agency or shall fail to furnish the Indenture Trustee with the address thereof, such surrenders may be made or served at the Corporate Trust Office, and the Issuer hereby appoints the Indenture Trustee as its agent to receive all such surrenders in respect of the Notes.

SECTION 3.03.  Money for Payments To Be Held in Trust.  All payments of amounts due and payable with respect to any Notes that are to be made from amounts distributed from the Distribution Account or the applicable Collection Account or any other Trust Account pursuant to Section 8.02(c) shall be made on behalf of the Issuer by the Paying Agent, and no amounts so distributed from the Distribution Account or the applicable Collection Account for payments of Group I or Group II Notes, as applicable, shall be paid over to the Issuer except as provided in this Section.  Deutsche Bank Trust Company Americas is hereby appointed as the initial “Paying Agent” hereunder and Deutsche Bank Trust Company Americas hereby accepts such appointment.

On or prior to the Closing Date, the Paying Agent shall establish a segregated trust account (the “Distribution Account”) designated as “Distribution Account – KeyCorp Student Loan Trust 2006-A” for the benefit of the Holders of the Notes and the other persons entitled to distributions therefrom.  Such account shall be an Eligible Deposit Account and shall be used for the sole purpose of distributing sums provided to the Paying Agent by or on behalf of the Issuer in accordance with this Indenture and the Sale and Servicing Agreement.

On or before the Business Day next preceding each Distribution Date, Special Redemption Date and Redemption Date, the Issuer shall distribute or cause to be distributed to the Distribution Account (or an eligible successor account designated by the Paying Agent) an aggregate sum sufficient to pay the amounts then becoming due under each Class of the Notes, such sum to be held in trust for the benefit of the Persons entitled thereto and (unless the Paying Agent is the Indenture Trustee at the time of such distribution) shall promptly notify the Indenture Trustee of its action or failure so to act.

The Issuer will cause each Paying Agent appointed as a replacement Paying Agent after the date of this Indenture to execute and deliver to the Indenture Trustee an instrument in which such Paying Agent shall agree with the Indenture Trustee, subject to the provisions of this Section, that such Paying Agent will:

(i)

hold all sums held by it for the payment of amounts due with respect to each Class of the Notes in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided and pay such sums to such Persons as herein provided;

(ii)

give the Indenture Trustee notice of any default by the Issuer of which it has actual knowledge (or any other obligor upon the Notes) in the making of any payment required to be made with respect to any Class of Notes;

(iii)

at any time during the continuance of any such default, upon the written request of the Indenture Trustee, forthwith pay to the Indenture Trustee all sums so held in trust by such Paying Agent;

(iv)

immediately resign as Paying Agent and forthwith pay to the Indenture Trustee all sums held by it in trust for the payment of each applicable Class of Notes if at any time it ceases to meet the standards required to be met by the Paying Agent at the time of its appointment; and

(v)

comply with all requirements of the Code with respect to the withholding from any payments made by it on any Class of the Notes of any applicable withholding taxes imposed thereon and with respect to any applicable reporting requirements in connection therewith.

Deutsche Bank Trust Company Americas hereby agrees to the provisions of clauses (i) through (v) above and this Indenture shall constitute the written instrument of Deutsche Bank Trust Company Americas referred to above.  If Deutsche Bank Trust Company Americas is the Paying Agent, or is subsequently appointed Paying Agent, it hereby agrees to the provisions of clauses (i) through (v) and no written instrument will be required from it in connection with such appointment.

The Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, by Issuer Order direct the Paying Agent to pay to the Indenture Trustee all sums held in trust by such Paying Agent, such sums to be held by the Indenture Trustee upon the same trusts as those upon which the sums were held by such Paying Agent; and upon such payment by the Paying Agent to the Indenture Trustee, such Paying Agent shall be released from all further liability with respect to such money.

Subject to applicable laws with respect to escheat of funds, any money held by the Indenture Trustee or the Paying Agent in trust for the payment of any amount due with respect to any Note and remaining unclaimed for two years after such amount has become due and payable shall be discharged from such trust and be paid to the Issuer on Issuer Request; and the holder of such Notes thereof shall thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof (but only to the extent of the amounts so paid to the Issuer), and all liability of the Indenture Trustee or such Paying Agent with respect to such trust money shall thereupon cease; provided, however, that the Indenture Trustee or such Paying Agent, before being required to make any such repayment, shall at the expense and direction of the Issuer cause to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in The City of New York, notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Issuer.  The Indenture Trustee shall also adopt and employ, at the expense of the Issuer, any other reasonable means of notification of such repayment (including mailing notice of such repayment to the Holders of the Notes whose Notes have been called but have not been surrendered for redemption or whose right to or interest in moneys due and payable but not claimed is determinable from the records of the Indenture Trustee or of the Paying Agent, at the last address of record for each such holder of the Notes).

SECTION 3.04.  Existence.  The Issuer will keep in full effect its existence, rights and franchises as a trust under the laws of the State of Delaware (unless it becomes, or any successor Issuer hereunder is or becomes, organized under the laws of any other State or of the United States of America, in which case the Issuer will keep in full effect its existence, rights and franchises under the laws of such other jurisdiction) and will obtain and preserve its qualification to do business in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of this Indenture, the Notes, the Collateral and each other instrument or agreement included in the Indenture Trust Estate.

SECTION 3.05.  Protection of Indenture Trust Estate.  The Issuer will from time to time execute and deliver all such supplements and amendments hereto and all such financing statements, continuation statements, instruments of further assurance and other instruments, and will take such other action necessary or advisable to:

(i)

maintain or preserve the lien and security interest (and the priority thereof) of this Indenture or carry out more effectively the purposes hereof;

(ii)

perfect, publish notice of or protect the validity of any Grant made or to be made by this Indenture;

(iii)

enforce any of the Collateral; or

(iv)

preserve and defend title to the Indenture Trust Estate and the rights of the Indenture Trustee, and the Holders of the Notes in such Indenture Trust Estate against the claims of all persons and parties.

The Issuer hereby designates the Indenture Trustee its agent and attorney-in-fact to execute any financing statement, continuation statement or other instrument required to be executed pursuant to this Section.

SECTION 3.06.  Opinions as to Indenture Trust Estate.  (a)  On the Closing Date, the Issuer shall furnish to the Indenture Trustee an Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the recording and filing of this Indenture, any indentures supplemental hereto, and any other requisite documents, and with respect to the execution and filing of any financing statements and continuation statements, as are necessary to perfect and make effective the lien and security interest of this Indenture and reciting the details of such action, or stating that, in the opinion of such counsel, no such action is necessary to make such lien and security interest effective.

(b)

On or before April 30 in each calendar year, beginning in 2007, the Issuer shall furnish to the Indenture Trustee and the Eligible Lender Trustee an Opinion of Counsel either stating that, in the opinion of such counsel, such action has been taken with respect to the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and with respect to the execution and filing of any financing statements and continuation statements as is necessary to maintain the lien and security interest created by this Indenture and reciting the details of such action or stating that in the opinion of such counsel no such action is necessary to maintain such lien and security interest.  Such Opinion of Counsel shall also describe the recording, filing, re-recording and refiling of this Indenture, any indentures supplemental hereto and any other requisite documents and the execution and filing of any financing statements and continuation statements that will, in the opinion of such counsel, be required to maintain the lien and security interest of this Indenture until April 30 in the following calendar year.

SECTION 3.07.  Performance of Obligations; Master Servicing of Financed Student Loans.  (a)  The Issuer will not take any action and will use its best efforts not to permit any action to be taken by others that would release any Person from any of such Person’s material covenants or obligations under any instrument or agreement included in the Indenture Trust Estate or that would result in the amendment, hypothecation, subordination, termination or discharge of, or impair the validity or effectiveness of, any such instrument or agreement, except as expressly provided in this Indenture, the Sale and Servicing Agreement or such other instrument or agreement.

(b)

The Issuer may contract with other Persons to assist it in performing its duties under this Indenture, and any performance of such duties by a Person identified to the Indenture Trustee in an Officers’ Certificate of the Issuer shall be deemed to be action taken by the Issuer.  Initially, the Issuer has contracted with the Master Servicer and the Administrator to assist the Issuer in performing its duties under this Indenture.

(c)

The Issuer will enforce all of its rights under this Indenture and the other Basic Documents and will punctually perform and observe all of its obligations and agreements contained in this Indenture, the other Basic Documents and in the instruments and agreements included in the Indenture Trust Estate, including filing or causing to be filed all UCC financing statements and continuation statements required to be filed by the terms of this Indenture and the Sale and Servicing Agreement in accordance with and within the time periods provided for herein and therein.  Except as otherwise expressly provided therein, the Issuer shall not waive, amend, modify, supplement or terminate any Basic Document or any provision thereof without the consent of the Indenture Trustee, (with respect to the Group I Notes only) the Group I Controlling Parties holding a majority of the Outstanding Amount of the related Classes of Group I Notes, and (with respect to the Group II Notes only) the Group II Controlling Parties holding a majority of the Outstanding Amount of the related Classes of Group II Notes).

(d)

If the Issuer shall have knowledge of the occurrence of a Master Servicer Default or an Administrator Default under the Sale and Servicing Agreement, the Issuer shall promptly notify the Indenture Trustee, the Group I Controlling Noteholders (with respect to Master Servicer Defaults only), the Group II Controlling Noteholders (with respect to the Master Servicer Defaults only) and the Rating Agencies thereof, and shall specify in such notice the action, if any, the Issuer is taking with respect to such default.  If a Master Servicer Default shall arise from the failure of the Master Servicer to perform any of its duties or obligations under the Sale and Servicing Agreement, or an Administrator Default shall arise from the failure of the Administrator to perform any of its duties or obligations under the Sale and Servicing Agreement or the Administration Agreement, as the case may be, with respect to the Financed Student Loans, the Issuer shall take all reasonable steps available to it to enforce its rights under the Basic Documents in respect of such failure.

(e)

As promptly as possible after the giving of notice of a partial or complete termination to the Master Servicer of the Master Servicer’s rights and powers with respect to either or both of the Group I or Group II Student Loans, or to the Administrator of the Administrator’s rights and powers, pursuant to Section 8.02 of the Sale and Servicing Agreement, the Issuer shall appoint a successor master servicer (the “Successor Master Servicer”), or a successor administrator (the “Successor Administrator”), and such Successor Master Servicer or Administrator, as the case may be, shall accept its appointment by a written assumption in a form acceptable to the Indenture Trustee.  In the event that a Successor Master Servicer or Administrator has not been appointed and accepted its appointment at the time when the Master Servicer or Administrator, as the case may be, ceases to act as Master Servicer or Administrator, as the case may be, the Indenture Trustee without further action shall automatically be appointed a Successor Master Servicer or Administrator, as the case may be.  The Indenture Trustee may resign as the Master Servicer or the Administrator pursuant to the terms of the Sale and Servicing Agreement by giving written notice of such resignation to the Issuer, and in such event will be released from such duties and obligations, such release not to be effective until the date a new master servicer or a new administrator enters into an agreement with the Issuer as provided below; provided, however, that nothing herein shall require or permit the Indenture Trustee to act as Master Servicer, or otherwise master service Financed Student Loans, in violation of the Higher Education Act.  Upon delivery of any such notice to the Issuer, the Issuer shall obtain a new master servicer or a new administrator as a Successor Master Servicer or Administrator under the Sale and Servicing Agreement.  Any Successor Master Servicer or Administrator, as the case may be, other than the Indenture Trustee shall (i) be an established institution (A) that satisfies any requirements of the Higher Education Act applicable to servicers and (B) whose regular business includes the servicing or administration of student loans and (ii) enter into a master servicing agreement or an administration agreement with the Issuer having substantially the same provisions as the provisions of the Sale and Servicing Agreement applicable to the predecessor Master Servicer or the provisions of the Sale and Servicing Agreement and the Administration Agreement applicable to the Administrator.  If within 30 days after the delivery of the notice referred to above, the Issuer shall not have obtained such a new master servicer or administrator, as the case may be, the Indenture Trustee may appoint, or may petition a court of competent jurisdiction to appoint, a Successor Master Servicer or Administrator; provided, however, that such right to appoint or to petition for the appointment of any such successor shall in no event relieve the Indenture Trustee from any obligations otherwise imposed on it under the Basic Documents until such successor has in fact assumed such appointment.  In connection with any such appointment, the Indenture Trustee may make such arrangements for the compensation of such successor as the Indenture Trustee and such successor shall agree, subject to the limitations set forth below and in the Sale and Servicing Agreement, and in accordance with Section 8.02 of the Sale and Servicing Agreement, the Issuer shall enter into an agreement with such successor for the servicing or administration of the Financed Student Loans (such agreement to be in form and substance satisfactory to the Indenture Trustee).  If the Indenture Trustee shall succeed as provided herein to the Master Servicer’s duties with respect to Financed Student Loans or the Administrator’s duties with respect to the Issuer and the Financed Student Loans, as the case may be, it shall do so in its individual capacity and not in its capacity as Indenture Trustee and, accordingly, the provisions of Article VI hereof shall be inapplicable to the Indenture Trustee in its duties as the successor to the Master Servicer or the Administrator, as the case may be, and the servicing or administration of the Financed Student Loans.  In case the Indenture Trustee shall become successor to the Master Servicer or the Administrator, as the case may be, under the Sale and Servicing Agreement, the Indenture Trustee shall be entitled to appoint as Master Servicer or as Administrator, as the case may be, any one of its affiliates or agents, provided that such appointment shall not affect or alter in any way the liability of the Indenture Trustee as a successor for the performance of the duties and obligations of the Master Servicer or the Administrator in accordance with the terms hereof.

(f)

Upon any partial or complete termination of the Master Servicer’s rights and powers pursuant to the Sale and Servicing Agreement, or any termination of the Administrator’s rights and powers pursuant to the Sale and Servicing Agreement, as the case may be, the Issuer shall promptly notify the Indenture Trustee.  As soon as a Successor Master Servicer or a Successor Administrator is appointed, the Issuer shall notify the Indenture Trustee of such appointment, specifying in such notice the name and address of such Successor Master Servicer or such Successor Administrator.

(g)

Without derogating from the absolute nature of the assignment granted to the Indenture Trustee under this Indenture or the rights of the Indenture Trustee hereunder, the Issuer agrees that it will not, without the prior written consent of the Indenture Trustee, (with respect to amendments affecting the Group I Notes) the Group I Controlling Parties holding a majority of the Outstanding Amount of the related Classes of Group I Notes, and (with respect to amendments affecting the Group II Notes) the Group II Controlling Parties holding a majority of the Outstanding Amount of the related Classes of Group II Notes, amend, modify, waive, supplement, terminate or surrender, or agree to any amendment, modification, supplement, termination, waiver or surrender of, the terms of any Collateral except as provided herein, except to the extent otherwise provided therein, or waive timely performance or observance by the Master Servicer, the Administrator, the Depositor, the Issuer or the Eligible Lender Trustee under the Sale and Servicing Agreement; provided, however, that no such amendment shall (i) increase or reduce in any manner the amount of, or accelerate or delay the timing of, collections of payments with respect to Group I or Group II Student Loans or distributions that shall be required to be made for the benefit of the Holders of Group I or Group II Notes or (ii) amend the aforesaid percentage of the Outstanding Amount of the related Class or Classes of Notes, which are required to consent to any such amendment, without the consent of all outstanding Holders of all Classes of Notes affected by such amendment (notwithstanding anything to the contrary contained herein or in the Trust Agreement, such rights of consent granted to the Holders of the Notes contained in clauses (i) and (ii) of this proviso shall not be exercisable by the Group I Controlling Parties on behalf of all of the Group I Noteholders or by the Group II Controlling Parties on behalf of all of the Group II Noteholders).

(h)

Notwithstanding the foregoing, in the event that the Master Servicer is being replaced by a Successor Master Servicer with respect to only one group of Financed Student Loans, pursuant to Section 8.02(a) of the Sale and Servicing Agreement, the Indenture Trustee shall continue to recognize KBNA as Master Servicer, and KBNA shall be permitted continue in its role of Master Servicer, with respect to the other group of Student Loans and the foregoing provisions shall only apply to the Successor Master Servicer in its capacity as Master Servicer of one group of Student Loans.

SECTION 3.08.  Negative Covenants.  So long as any Notes are Outstanding, the Issuer shall not:

(i)

except as expressly permitted by this Indenture or any other Basic Document, sell, transfer, exchange or otherwise dispose of any of the properties or assets of the Issuer, including those included in the Indenture Trust Estate, unless directed to do so by the Indenture Trustee;

(ii)

claim any credit on, or make any deduction from the principal or interest payable in respect of, the applicable Notes (other than amounts properly withheld from such payments under the Code or applicable state law) or assert any claim against any present or former holder of the Notes by reason of the payment of the taxes levied or assessed upon any part of the Indenture Trust Estate; or

(iii)

(A) permit the validity or effectiveness of this Indenture to be impaired, or permit the lien of this Indenture to be amended, hypothecated, subordinated, terminated or discharged, or permit any Person to be released from any covenants or obligations with respect to the Notes under this Indenture except as may be expressly permitted hereby, (B) permit any lien, charge, excise, claim, security interest, mortgage or other encumbrance (other than the lien of this Indenture) to be created on or extend to or otherwise arise upon or burden the Indenture Trust Estate or any part thereof or any interest therein or the proceeds thereof (other than tax liens and other liens that arise by operation of law, in each case arising solely as a result of an action or omission of the related Obligor, and other than as expressly permitted by the Basic Documents) or (C) permit the lien of this Indenture not to constitute a valid first priority (other than with respect to any such tax or other lien) security interest in the Indenture Trust Estate.

SECTION 3.09.  Annual Statement as to Compliance.  The Issuer will deliver to the Indenture Trustee and the Eligible Lender Trustee, on or before March 15, 2007 and on or before March 15 of each year thereafter, an Officers’ Certificate of the Issuer stating that:

(i)

a review of the activities of the Issuer during the previous calendar year and of performance under this Indenture has been made under such Authorized Officers’ supervision; and

(ii)

to the best of such Authorized Officers’ knowledge, based on such review, the Issuer has complied with all conditions and covenants under this Indenture throughout such year, or, if there has been a default in the compliance of any such condition or covenant, specifying each such default known to such Authorized Officers and the nature and status thereof.

SECTION 3.10.  Issuer May Consolidate, etc., Only on Certain Terms.  (a)  The Issuer shall not consolidate or merge with or into any other Person unless:

(i)

the Person (if other than the Issuer) formed by or surviving such consolidation or merger shall be a Person organized and existing under the laws of the United States of America or any State and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Indenture Trustee and the Note Registrar and Paying Agent in form satisfactory to the Indenture Trustee and the Note Registrar and Paying Agent, the due and punctual payment of the principal of and interest on each Class of Notes, and the performance or observance of every agreement and covenant of this Indenture on the part of the Issuer to be performed or observed, all as provided herein;

(ii)

immediately after giving effect to such transaction, no Default shall have occurred and be continuing;

(iii)

the Rating Agency Condition shall have been satisfied with respect to such transaction;

(iv)

the Issuer shall have received an Opinion of Counsel (and shall have delivered copies thereof to the Indenture Trustee and the Note Registrar and Paying Agent) to the effect that such transaction will not have any material adverse Federal tax consequence to the Issuer, any holder of the Notes or any holder of the Certificates;

(v)

any action as is necessary to maintain the lien and security interest created by this Indenture shall have been taken; and

(vi)

the Issuer shall have delivered to the Indenture Trustee and the Note Registrar and Paying Agent an Officers’ Certificate of the Issuer and an Opinion of Counsel each stating that such consolidation or merger and such supplemental indenture comply with this Article III and that all conditions precedent herein provided for relating to such transaction have been complied with (including any filing required by the Exchange Act).

(b)

Neither the Issuer nor, with respect solely to legal title of the Financed Student Loans, the Eligible Lender Trustee on behalf of the Issuer shall convey or transfer all or substantially all its properties or assets, including those included in the Indenture Trust Estate, to any Person unless:

(i)

the Person that acquires by conveyance or transfer the properties and assets of the Issuer the conveyance or transfer of which is hereby restricted shall (A) be a United States citizen or a Person organized and existing under the laws of the United States of America or any State, (B) expressly assumes, by an indenture supplemental hereto, executed and delivered to the Indenture Trustee and the Note Registrar and Paying Agent, in form satisfactory to the Indenture Trustee and the Note Registrar and Paying Agent, the due and punctual payment of the principal of and interest on each Class of Notes and the performance or observance of every agreement and covenant of this Indenture on the part of the Issuer to be performed or observed, all as provided herein, (C) expressly agrees by means of such supplemental indenture that all right, title and interest so conveyed or transferred shall be subject and subordinate to the rights of Noteholders, (D) unless otherwise provided in such supplemental indenture, expressly agrees to indemnify, defend and hold harmless the Issuer against and from any loss, liability or expense arising under or related to this Indenture and the Notes and (E) expressly agrees by means of such supplemental indenture that such Person (or if a group of Persons, then one specified Person) shall make all filings with the Commission (and any other appropriate Person) required by the Exchange Act in connection with the Notes;

(ii)

immediately after giving effect to such transaction, no Default shall have occurred and be continuing;

(iii)

the Rating Agency Condition shall have been satisfied with respect to such transaction;

(iv)

the Issuer shall have received an Opinion of Counsel (and shall have delivered copies thereof to the Indenture Trustee and the Note Registrar and Paying Agent) to the effect that such transaction will not have any material adverse Federal tax consequence to the Issuer, any Noteholder or any holder of the Certificates;

(v)

any action as is necessary to maintain the lien and security interest created by this Indenture shall have been taken; and

(vi)

the Issuer shall have delivered to the Indenture Trustee and the Note Registrar and Paying Agent an Officers’ Certificate of the Issuer and an Opinion of Counsel each stating that such conveyance or transfer and such supplemental indenture comply with this Article III and that all conditions precedent herein provided for relating to such transaction have been complied with (including any filing required by the Exchange Act).

SECTION 3.11.  Successor or Transferee.  (a)  Upon any consolidation or merger of the Issuer in accordance with Section 3.10(a), the Person formed by or surviving such consolidation or merger (if other than the Issuer) shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer under this Indenture with the same effect as if such Person had been named as the Issuer herein.

(b)

Upon a conveyance or transfer of all the assets and properties of the Issuer and, with respect to legal title of the Financed Student Loans, of the Eligible Lender Trustee on behalf of the Issuer pursuant to Section 3.10(b), KeyCorp Student Loan Trust 2006-A will be released from every covenant and agreement of this Indenture to be observed or performed on the part of the Issuer with respect to the Notes immediately upon the delivery by the Issuer of written notice to the Indenture Trustee and the Note Registrar and Paying Agent stating that KeyCorp Student Loan Trust 2006-A is to be so released.

SECTION 3.12.  No Other Business.  The Issuer shall not engage in any business other than financing, purchasing, owning, selling and managing the Financed Student Loans and making Additional Fundings in the manner contemplated by this Indenture and the other Basic Documents and activities incidental thereto.

SECTION 3.13.  No Borrowing.  The Issuer shall not issue, incur, assume, guarantee or otherwise become liable, directly or indirectly, for any indebtedness except for the Notes.

SECTION 3.14.  [Reserved].

SECTION 3.15.  Guarantees, Loans, Advances and Other Liabilities.  Except as contemplated by the Sale and Servicing Agreement or this Indenture, the Issuer shall not make any loan or advance or credit to, or guarantee (directly or indirectly or by an instrument having the effect of assuring another’s payment or performance on any obligation or capability of so doing or otherwise), endorse or otherwise become contingently liable, directly or indirectly, in connection with the obligations, stocks or dividends of, or own, purchase, repurchase or acquire (or agree contingently to do so) any stock, obligations, assets or securities of, or any other interest in, or make any capital contribution to, any other Person.

SECTION 3.16.  Capital Expenditures.  The Issuer shall not make any expenditure (by long-term or operating lease or otherwise) for capital assets (either realty or personalty).

SECTION 3.17.  Restricted Payments.  The Issuer shall not, directly or indirectly, (i) pay any dividend or make any distribution (by reduction of capital or otherwise), whether in cash, property, securities or a combination thereof, to the Eligible Lender Trustee or any owner of a beneficial interest in the Issuer or otherwise with respect to any ownership or equity interest or security in or of the Issuer or to the Depositor, the Master Servicer or the Administrator, (ii) redeem, purchase, retire or otherwise acquire for value any such ownership or equity interest or security or (iii) set aside or otherwise segregate any amounts for any such purpose; provided, however, that the Issuer may make, or cause to be made, distributions to the Depositor, the Master Servicer, the Eligible Lender Trustee, the Indenture Trustee, the holders of the Certificates, the Holders of the Notes, the Administrator and either of the Sellers as contemplated by, and to the extent funds are available for such purpose under, the Sale and Servicing Agreement.  The Issuer will not, directly or indirectly, make payments to or distributions from the Collection Account except in accordance with this Indenture and the other Basic Documents.

SECTION 3.18.  Notice of Events of Default.  The Issuer shall give the Indenture Trustee, the Note Registrar, the Paying Agent, the Group I Controlling Parties, the Group II Controlling Parties and the Rating Agencies prompt written notice of each Event of Default hereunder and each default on the part of the Depositor of its obligations under the Sale and Servicing Agreement, or the Master Servicer of its obligations under the Sale and Servicing Agreement or the Administrator of its obligations under the Sale and Servicing Agreement or the Administration Agreement.  In addition, the Issuer shall deliver to the Indenture Trustee, the Note Registrar and the Paying Agent, within five days after the occurrence thereof, written notice in the form of an Officers’ Certificate of the Issuer of any event which with the giving of notice and the lapse of time would become an Event of Default under Section 5.01(iii), its status and what action the Issuer is taking or proposes to take with respect thereto.

SECTION 3.19.  Further Instruments and Acts.  Upon request of the Indenture Trustee, the Note Registrar or the Paying Agent, the Issuer will execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture.

SECTION 3.20.  Article 9 Provisions .  The representations and warranties set forth in this Section speak as of the execution and delivery of this Indenture and as of the Closing Date, but shall survive the pledge of the Financed Student Loans to the Indenture Trustee.  The representations set forth in this Section may not be waived:

(a)

This Indenture creates a valid and continuing security interest (as defined in the New York UCC) in the Financed Student Loans in favor of the Indenture Trustee, which security interest is prior to all other Liens, and is enforceable as such as against creditors of and purchasers from the Issuer;

(b)

The Issuer has taken all steps necessary to perfect its security interest against the Depositor in the Financed Student Loans;

(c)

The Higher Education Act deems the Financed Federal Loans to constitute "accounts" within the meaning of the applicable UCC for the purposes of perfecting a security interest in the Financed Federal Loans;

(d)

Each promissory note executed by a borrower evidencing a Financed Student Loan (other than any master promissory note) constitute an “instrument” or in the case of any Electronic Note, a “payment intangible” within the meaning of the applicable UCC;

(e)

The Issuer or the Eligible Lender Trustee on behalf of the Issuer owns and has good and marketable title to the Financed Student Loans free and clear of any Lien, claim or encumbrance of any Person;

(f)

The Issuer has caused or will have caused, within ten days of the Closing Date, the filing of all appropriate financing statements in the proper filing office in the appropriate jurisdictions under applicable law in order to perfect the security interest in the Financed Student Loans granted to the Indenture Trustee hereunder;

(g)

Other than the security interest granted to the Indenture Trustee pursuant to this Indenture, the Issuer or the Eligible Lender Trustee on behalf of the Issuer has not pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Financed Student Loans.  The Issuer has not authorized the filing of and is not aware of any financing statements against the Issuer or the Eligible Lender Trustee on behalf of the Issuer that include a description of collateral covering the Financed Student Loans other than any financing statement relating to the security interest granted to the Indenture Trustee hereunder or that has been terminated. The Issuer is not aware of any judgment or tax lien filings against the Issuer; and

(h)

Each of the Sub-Servicers has in its possession all original copies of the Financed Student Loan Files that constitute or evidence the Financed Student Loans.  The Financed Student Loan Files that constitute or evidence the Financed Student Loans do not have any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than the Indenture Trustee.  All financing statements filed or to be filed against Seller, the Trust or the Issuer or the Eligible Lender Trustee on behalf of the Issuer in favor of the Indenture Trustee in connection herewith describing the Financed Student Loans contain a statement to the following effect:  “A purchase of or security interest in any collateral described in this financing statement will violate the rights of the Indenture Trustee.”

ARTICLE IV

Satisfaction and Discharge

SECTION 4.01.  Satisfaction and Discharge of Indenture.  This Indenture shall cease to be of further effect with respect to the Notes except as to (i) rights of registration of transfer and exchange, (ii) substitution of mutilated, destroyed, lost or stolen Notes, (iii) rights of Holders of the Notes to receive payments of principal thereof and interest thereon, (iv) Sections 3.03, 3.04, 3.05, 3.08, 3.10, 3.12 and 3.13, (v) the rights, obligations and immunities of the Indenture Trustee, the Note Registrar and the Paying Agent hereunder (including the rights of the Indenture Trustee under Section 6.07 and the obligations of the Indenture Trustee under Section 4.02 and the rights of the Paying Agent and Note Registrar under Section 6.14(b)) and (vi) the rights of Holders of the Notes, as beneficiaries hereof with respect to the property so deposited with the Indenture Trustee payable to all or any of them, and the Indenture Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture with respect to the Notes, when:

(A)

a period of 367 days has expired after either

(1)

all Group I and Group II Notes theretofore authenticated and delivered (other than (i) Notes that have been destroyed, lost or stolen and that have been replaced or paid as provided in Section 2.05 and (ii) Notes for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuer and thereafter repaid to the Issuer or discharged from such trust, as provided in Section 3.03) have been delivered to the Indenture Trustee for cancellation; or

(2)

all Notes not theretofore delivered to the Indenture Trustee for cancellation

(i)

have become due and payable,

(ii)

will become due and payable at the Class I-A-1 Final Maturity Date, the Class I-A-2 Final Maturity Date, the Class I-B Final Maturity Date, the Class II-A-1 Final Maturity Date, the Class II-A-2 Final Maturity Date, the Class II-A-3 Final Maturity Date, the Class II-A-4 Final Maturity Date, the Class II-B Final Maturity Date or the Class II-C Final Maturity Date, as the case may be, within one year, or

(iii)

are to be called for redemption within one year under arrangements satisfactory to the Indenture Trustee for the giving of notice of redemption by the Indenture Trustee in the name, and at the expense, of the Issuer,

and the Issuer, in the case of (i), (ii) or (iii) above, has irrevocably deposited or caused to be irrevocably deposited with the Indenture Trustee cash or direct obligations of or obligations guaranteed by the United States of America (which will mature prior to the date such amounts are payable), in trust for such purpose, in an amount sufficient to pay and discharge the entire indebtedness on such Notes not theretofore delivered to the Indenture Trustee for cancellation when due to the Class I-A-1 Final Maturity Date, the Class I-A-2 Final Maturity Date, the Class I-B Final Maturity Date, the Class II-A-1 Final Maturity Date, the Class II-A-2 Final Maturity Date, the Class II-A-3 Final Maturity Date, the Class II-A-4 Final Maturity Date, the Class II-B Final Maturity Date or the Class II-C Final Maturity Date, as the case may be;

(B)

a period of 367 days has expired after the later of the date on which no Group I or Group II Notes are outstanding; and

(C)

the Issuer has delivered to the Indenture Trustee and the Note Registrar and Paying Agent an Officers’ Certificate of the Issuer, an Opinion of Counsel and (if required by the TIA or the Indenture Trustee) an Independent Certificate from a firm of certified public accountants, each meeting the applicable requirements of Section 11.01(a) and, subject to Section 11.02, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with.

SECTION 4.02.  Application of Trust Money.  All moneys deposited with the Indenture Trustee pursuant to Section 4.01 hereof shall be held in trust and applied by it, in accordance with the provisions of the Group I and Group II Notes and this Indenture, to the payment, either directly or through the Paying Agent, as the Indenture Trustee shall be directed in writing by the Administrator, to the Holders of the particular Group I or Group II Notes for the payment or redemption of which such moneys have been deposited with the Indenture Trustee, of all sums due and to become due thereon for principal of and interest on each Class of Notes; but such moneys need not be segregated from other funds except to the extent required herein or in the Sale and Servicing Agreement or required by law.

SECTION 4.03.  Repayment of Moneys Held by Paying Agent.  In connection with the satisfaction and discharge of this Indenture with respect to the Notes, all moneys then held by the Paying Agent (other than the Indenture Trustee acting in the capacity of Paying Agent) under the provisions of this Indenture with respect to such Notes shall, upon demand of the Issuer, be paid to the Indenture Trustee to be held and applied according to Section 3.03 and thereupon such Paying Agent shall be released from all further liability with respect to such moneys.

ARTICLE V

Remedies

SECTION 5.01.  Events of Default.  “Event of Default”, wherever used herein, means any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body); provided, however, that an Event of Default that occurs with respect to any specific Class or Classes of Notes in either group of Notes (as set forth in clauses (i) or (ii) below) will not be an event of Event with respect to any Class of Notes in the other group of Notes, and the remedies exercisable by the affected Noteholders will not be exercisable by the other group of Noteholders:

(i)

default in the payment of any interest, but excluding any interest due on but not paid to the Holders of the Class I-B, Class II-B or Class II-C Notes, as applicable, as the result of the existence of a related Class I-B, Class II-B or Class II-C Note Interest Trigger, as applicable, on any Distribution Date, on any Group I or Group II Note when the same becomes due and payable, and such default shall continue for a period of three (3) Business Days (provided, however, so long as the Group I or Group II Senior Notes, as applicable, are outstanding, each holder of any Class I-B or Class II-B Note, respectively, or the Note Owner of any such Class I-B or Class II-B Note, as applicable, by such holder’s acceptance of such Class I-B or Class II-B Note, as applicable, or beneficial interest therein, as the case may be, shall be deemed to have consented to the delay in payment of interest on such Class I-B or Class II-B Note, as applicable, and to have waived its right to institute suit for enforcement of any such payment; provided, further that so long as the Class II-B Notes are outstanding, each holder of any Class II-C Note or the Note Owner of any such Class II-C Note, by such holder’s acceptance of such Class II-C Note, or beneficial interest therein, as the case may be, shall be deemed to have consented to the delay in payment of interest on such Class II-C Note, and to have waived its right to institute suit for enforcement of any such payment; or

(ii)

default in the payment of the principal of any Note (x) when the same becomes due and payable (but only to the extent there exists sufficient Group I or Group II Available Funds, as applicable, therefor), or (y) on the Final Maturity Date with respect thereto; or

(iii)

default in the observance or performance of any covenant or agreement of the Issuer made in this Indenture or any other Basic Document (other than a covenant or agreement, a default in the observance or performance of which is elsewhere in this Section specifically dealt with), or any representation or warranty of the Issuer made in this Indenture or any other Basic Document or in any certificate or other writing delivered pursuant hereto or in connection herewith proving to have been incorrect in any material respect as of the time when the same shall have been made, and such default shall continue or not be cured, or the circumstance or condition in respect of which such misrepresentation or warranty was incorrect shall not have been eliminated or otherwise cured, for a period of 30 days after there shall have been given, by registered or certified mail, to the Issuer by the Indenture Trustee or to the Issuer and the Indenture Trustee by (x) with respect to defaults hereunder affecting the Group I Notes, the Group I Controlling Parties, representing not less than 25% of the Outstanding Amount of the related Group I Notes, and (y) with respect to defaults hereunder affecting the Group II Notes, the Group II Controlling Parties, representing not less than 25% of the Outstanding Amount of the related Group II Notes; a written notice specifying such default or incorrect representation or warranty and requiring it to be remedied and stating that such notice is a notice of Default hereunder; or

(iv)

the filing of a decree or order for relief by a court having jurisdiction in the premises in respect of the Issuer or any substantial part of the Indenture Trust Estate in an involuntary case under any applicable Federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuer or for any substantial part of the Indenture Trust Estate, or ordering the winding-up or liquidation of the Issuer’s affairs, and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or

(v)

the commencement by the Issuer of a voluntary case under any applicable Federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by the Issuer to the entry of an order for relief in an involuntary case under any such law, or the consent by the Issuer to the appointment or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Issuer or for any substantial part of the Indenture Trust Estate, or the making by the Issuer of any general assignment for the benefit of creditors, or the failure by the Issuer generally to pay its debts as such debts become due, or the taking of action by the Issuer in furtherance of any of the foregoing.

SECTION 5.02.  Acceleration of Maturity; Rescission and Annulment.  If an Event of Default with respect to either group of Notes should occur and be continuing, then and in every such case the Indenture Trustee at the direction of (x) with respect to the Group I Notes, the Group I Controlling Parties, representing not less than a majority of the Outstanding Amount of the related Group I Notes, and (y) with respect to the Group II Notes, the Group II Controlling Parties, representing not less than a majority of the Outstanding Amount of the related Group II Notes, shall declare all the Group I or Group II Notes, as applicable, to be immediately due and payable, by a notice in writing to the Issuer (and to the Indenture Trustee if given by the Holders of the Notes), and upon any such declaration the unpaid principal amount of such group of Notes (but not the other group of Notes), together with accrued and unpaid interest thereon through the date of acceleration, shall become immediately due and payable.

At any time after such declaration of acceleration of maturity has been made and before a judgment or decree for payment of the money due has been obtained by the Indenture Trustee as hereinafter in this Article V provided, (x) with respect to the Group I Notes, the Group I Controlling Parties, representing not less than a majority of the Outstanding Amount of the related Group I Notes, and (y) with respect to the Group II Notes, the Group II Controlling Parties, representing not less than a majority of the Outstanding Amount of the related Group II Notes, by written notice to the Issuer and the Indenture Trustee, may rescind and annul such declaration and its consequences if:

(i)

the Issuer has paid or deposited with the Indenture Trustee a sum sufficient to pay:

(A)

all payments of principal of and interest on all Group I or Group II Notes, as applicable, and all other amounts that would then be due hereunder or upon such Group I or Group II Notes, respectively, if the Event of Default giving rise to such acceleration had not occurred; and

(B)

all sums paid or advanced by the Indenture Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel; and

(ii)

all Events of Default, other than the nonpayment of the principal of the Group I or Group II Notes, as the case may be, that have become due solely by such acceleration, have been cured or waived as provided in Section 5.12.

No such rescission shall affect any subsequent default or impair any right consequent thereto.

SECTION 5.03.  Collection of Indebtedness and Suits for Enforcement by Indenture Trustee.  (a)  The Issuer covenants that if (i) default is made in the payment of any interest on any Group I or Group II Note, as applicable, when the same becomes due and payable, and such default continues for a period of three Business Days, or (ii) default is made in the payment of the principal of or any installment of the principal on the related Final Maturity Date of a Class of Group I or Group II Notes, as applicable, when the same becomes due and payable in accordance with Section 2.07(b), the Issuer will, upon demand of the Indenture Trustee, pay to the Indenture Trustee, for the benefit of the Holders of the Group I or Group II Notes, as the case may be, the whole amount then due and payable on such Group I or Group II Notes for principal and interest, with interest upon the overdue principal, and, to the extent payment at such rate of interest shall be legally enforceable, upon overdue installments of interest at the rate specified in Section 2.07 and in addition thereto such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Indenture Trustee and its agents and counsel.

(b)

In case the Issuer shall fail forthwith to pay such amounts upon such demand, the Indenture Trustee, in its own name and as trustee of an express trust, may, or shall at the written direction of (x) with respect to the Group I Notes, the Group I Controlling Parties, representing not less than a majority of the Outstanding Amount of the related Group I Notes, and (y) with respect to the Group II Notes, the Group II Controlling Parties, representing not less than a majority of the Outstanding Amount of the related Group II Notes, institute a Proceeding for the collection of the sums so due and unpaid, and prosecute such Proceeding to judgment or final decree, and enforce the same against the Issuer or other obligor upon such Group I or Group II Notes, as applicable, and collect in the manner provided by law out of the property of the Issuer or other obligor upon such Group I or Group II Notes, as applicable, wherever situated, the moneys adjudged or decreed to be payable.

(c)

If an Event of Default occurs and is continuing, the Indenture Trustee may, or shall at the written direction of (x) with respect to the Group I Notes, the Group I Controlling Parties, representing not less than a majority of the Outstanding Amount of the related Group I Notes, and (y) with respect to the Group II Notes, the Group II Controlling Parties, representing not less than a majority of the Outstanding Amount of the related Group II Notes, as more particularly provided in Section 5.04, proceed to protect and enforce its rights and the rights of the Holders of the Group I or Group II Notes, as applicable, by such appropriate Proceedings as the Indenture Trustee is directed in writing by (xx) with respect to the Group I Notes, the Group I Controlling Parties, representing not less than a majority of the Outstanding Amount of the related Group I Notes, and (yy) with respect to the Group II Notes, the Group II Controlling Parties, representing not less than a majority of the Outstanding Amount of the related Group II Notes, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy or legal or equitable right vested in the Indenture Trustee by this Indenture or by law.

(d)

In case there shall be pending, relative to the Issuer or any other obligor upon the Group I or Group II Notes, as applicable, or any Person having or claiming an ownership interest in the Indenture Trust Estate, Proceedings under Title 11 of the United States Code or any other applicable Federal or state bankruptcy, insolvency or other similar law, or in case a receiver, assignee or trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall have been appointed for or taken possession of the Issuer or its property or such other obligor or Person, or in case of any other comparable judicial Proceedings relative to the Issuer or other obligor upon the Group I or Group II Notes, as applicable, or to the creditors or property of the Issuer or such other obligor, the Indenture Trustee, irrespective of whether the principal of any Group I or Group II Notes, as applicable, shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Indenture Trustee shall have made any demand pursuant to the provisions of this Section, shall at the written direction of (x) with respect to the Group I Notes, the Group I Controlling Parties, representing not less than a majority of the Outstanding Amount of the related Group I Notes, and (y) with respect to the Group II Notes, the Group II Controlling Parties, representing not less than a majority of the Outstanding Amount of the related Group II Notes, be entitled and empowered, by intervention in such proceedings or otherwise:

(i)

to file and prove a claim or claims for the whole amount of principal of and interest on each Class of Notes owing and unpaid in respect of the Group I or Group II Notes, as applicable, and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee (including any claim for reasonable compensation to the Indenture Trustee and each predecessor Indenture Trustee, and their respective agents, attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, and all advances made, by the Indenture Trustee and each predecessor Indenture Trustee, except as a result of negligence or bad faith) the Holders of the Group I or Group II Notes, as applicable, allowed in such Proceedings;

(ii)

unless prohibited by applicable law and regulations, to vote on behalf of the Holders of the Group I or Group II Notes, as applicable, in any election of a trustee, a standby trustee or Person performing similar functions in any such Proceedings;

(iii)

to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute all amounts received with respect to the claims of the Holders of the Group I or Group II Notes, as applicable, and of the Indenture Trustee on their behalf; and

(iv)

to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Indenture Trustee or the Holders of the Group I or Group II Notes, as the case may be, allowed in any judicial proceedings relative to the Issuer, its creditors and its property;

and any trustee, receiver, liquidator, custodian or other similar official in any such Proceeding is hereby authorized by each of such Holders of the Group I or Group II Notes, as the case may be, to make payments to the Indenture Trustee, and, in the event that the Indenture Trustee shall consent to the making of payments directly to such Holders of the Group I or Group II Notes, as applicable, to pay to the Indenture Trustee such amounts as shall be sufficient to cover reasonable compensation to the Indenture Trustee, each predecessor Indenture Trustee and their respective agents, attorneys and counsel, and all other expenses and liabilities incurred, and all advances made, by the Indenture Trustee and each predecessor Indenture Trustee except as a result of negligence or bad faith.

(e)

Nothing herein contained shall be deemed to authorize the Indenture Trustee to authorize or consent to or vote for or accept or adopt on behalf of any Holder of the Group I or Group II Notes, as applicable, any plan of reorganization, arrangement, adjustment or composition affecting the Group I or Group II Notes, as applicable, or the rights of any Holder of the Group I or Group II Notes, as applicable, thereof or to authorize the Indenture Trustee to vote in respect of the claim of any Holder of the Group I or Group II Notes, as applicable, in any such proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or similar Person.

(f)

All rights of action and of asserting claims under this Indenture, or under any of the Group I or Group II Notes, as applicable, may be enforced by the Indenture Trustee without the possession of any of the Group I or Group II Notes, as applicable, or the production thereof in any trial or other Proceedings relative thereto, and any such action or Proceedings instituted by the Indenture Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment, subject to the payment of the expenses, disbursements and compensation of the Indenture Trustee, each predecessor Indenture Trustee and their respective agents and attorneys, shall be for the ratable benefit of the Holders of the Group I or Group II Notes, as applicable.

(g)

In any Proceedings brought by the Indenture Trustee (and also any Proceedings involving the interpretation of any provision of this Indenture to which the Indenture Trustee shall be a party), the Indenture Trustee shall be held to represent all the Holders of the Group I or Group II Notes, as applicable, and it shall not be necessary to make any Holder of the Group I or Group II Notes, as applicable, a party to any such Proceedings.

SECTION 5.04.  Remedies; Priorities.  (a)  If an Event of Default with respect to the Group I or Group II Notes, as the case may be, shall have occurred and be continuing, the Indenture Trustee may, or shall at the written direction of (x) with respect to the Group I Notes, the Group I Controlling Parties, representing not less than a majority of the Outstanding Amount of the related Group I Notes (or such different percentage as set forth below), and (y) with respect to the Group II Notes, the Group II Controlling Parties, representing not less than a majority of the Outstanding Amount of the related Group II Notes (or such different percentage as set forth below), do one or more of the following (subject to Section 5.05):

(i)

institute Proceedings in its own name and as trustee of an express trust for the collection of all amounts then payable on the Group I or Group II Notes, as applicable, or under this Indenture with respect thereto, whether by declaration or otherwise, enforce any judgment obtained, and collect from the Issuer and any other obligor upon such Group I or Group II Notes, as applicable, moneys adjudged due;

(ii)

institute Proceedings from time to time for the complete or partial foreclosure of this Indenture with respect to the Indenture Trust Estate securing the Group I and/or Group II Notes, as applicable;

(iii)

exercise any remedies of a secured party under the UCC and take any other appropriate action to protect and enforce the rights and remedies of the Indenture Trustee and the Holders of the Group I or Group II Notes, as applicable; and

(iv)

sell the Indenture Trust Estate securing the Group I and/or Group II Notes, as applicable, or any portion thereof or rights or interest therein, at one or more public or private sales called and conducted in any manner permitted by law;

provided, however, that the Indenture Trustee may not sell or otherwise liquidate the Indenture Trust Estate securing the Group I and/or Group II Notes, as applicable, following an Event of Default, other than an Event of Default described in Section 5.01(i) or (ii), unless (i) (x) with respect to the Group I Notes, 100% of Group I Noteholders, or (y) with respect to the Group II Notes, 100% of Group II Noteholders, consent to such sale, (ii) the proceeds of such sale are sufficient to pay in full the principal of and the accrued interest on the outstanding Group I or Group II Notes or (iii) the Indenture Trustee determines that the collections on the Group I or Group II Student Loans, as the case may be, would not be sufficient on an ongoing basis to make all payments on the Group I or Group II Notes, respectively, as such payments would have become due if such obligations had not been declared due and payable, and the Indenture Trustee obtains the consent of (x) with respect to the Group I Notes, the Holders of the Group I Notes representing not less than 66.67% of the Outstanding Amount of the Group I Notes, and (y) with respect to the Group II Notes, the Holders of the Group II Notes representing not less than 66.67% of the Outstanding Amount of the Group II Notes.  In addition, notwithstanding anything herein to the contrary, the Indenture Trustee’s rights hereunder to sell the Group I or Group II Student Loans, as applicable, shall be subject to the provisions of Section 10.06 of the Sale and Servicing Agreement.

(b)

(X)  If the Indenture Trustee collects any money or property under this Article V following the occurrence and during the continuation of an Event of Default with respect to the Group I Notes and Sections 5.01(i), 5.01(ii), 5.01(iv) or 5.01(v) above or following the acceleration of the Group I Notes pursuant to Section 5.02, it shall pay out the money or property in the following order:

FIRST:  pari passu based on amounts due, to each of the Indenture Trustee, Paying Agent, Note Registrar, Eligible Lender Trustee and Owner Trustee, for fees and expenses under Section 6.07 or Section 6.14(b) or under Article VI of the Sale and Servicing Agreement or Section 8.01 of the Trust Agreement, as applicable, allocated to the Group I Notes, not to exceed (a) in the case of the Indenture Trustee, Paying Agent and Note Registrar, $400,000 per year in the aggregate, (b) in the case of the Eligible Lender Trustee, $50,000 per year in the aggregate, and (c) in the case of the Owner Trustee, $50,000 per year in the aggregate;

SECOND:  pro rata to the Master Servicer for due and unpaid Master Servicing Fees with respect to the Group I Student Loans and to the Administrator for due and unpaid Administration Fees allocated to the Group I Notes;

THIRD:  to the Holders of the Group I Class A Notes on a pro rata basis, for amounts due and unpaid on the Group I Class A Notes for interest;

FOURTH:  to the Holders of the Group I Class A Notes for amounts due and unpaid on the Group I Class A Notes for principal, ratably, without preference or priority of any kind, according to the amounts due and payable on the Group I Class A Notes for principal, until the Outstanding Amount of each such Class of Group I Class A Notes is zero;

FIFTH:  to the Holders of the Class I-B Notes for amounts due and unpaid on the Class I-B Notes for interest;

SIXTH:  to the Holders of the Class I-B Notes for amounts due and unpaid on the Class I-B Notes for principal, until the Outstanding Amount of the Class I-B Notes is zero;

SEVENTH:  to each of the Owner Trustee, the Indenture Trustee, the Eligible Lender Trustee and the Note Registrar and Paying Agent (pari passu based on amounts due) for amounts due under Section 6.07 or Section 6.14(b), or, in the case of the Owner Trustee, Article VI of the Sale and Servicing Agreement or Section 8.01 of the Trust Agreement but only to the extent not paid pursuant to priority FIRST above;

EIGHTH:  after all payments shown above are made, and if Group II Available Funds are insufficient to make all required payments on such Distribution Date, any remaining amounts shall be paid in the order and for the purposes set forth in Section 5.05(c)(Y) of the Sale and Servicing Agreement or Sections 5.04(b)(Y) or 5.04(c)(Y) of this Indenture, as applicable, up to the amount of such deficiency in Group II Available Funds (in each case excluding any amounts that would be distributed to the Certificateholder pursuant to such sub-section); and

NINTH:  to the Certificate Paying Agent (on behalf of the Issuer), for distribution to the Certificateholder in accordance with the terms of the Trust Agreement.  

(Y)  If the Indenture Trustee collects any money or property under this Article V following the occurrence and during the continuation of an Event of Default with respect to the Group II Notes and Sections 5.01(i), 5.01(ii), 5.01(iv) or 5.01(v) above or following the acceleration of the Group II Notes pursuant to Section 5.02, it shall pay out the money or property in the following order:

FIRST:  pari passu based on amounts due, to each of the Indenture Trustee, Paying Agent, Note Registrar, Eligible Lender Trustee and Owner Trustee, for fees and expenses under Section 6.07 or Section 6.14(b) or under Article VI of the Sale and Servicing Agreement or Section 8.01 of the Trust Agreement, as applicable, allocated to the Group II Notes, not to exceed (a) in the case of the Indenture Trustee, Paying Agent and Note Registrar, $400,000 per year in the aggregate, (b) in the case of the Eligible Lender Trustee, $50,000 per year in the aggregate, and (c) in the case of the Owner Trustee, $50,000 per year in the aggregate; 

SECOND:  pro rata to the Master Servicer for due and unpaid Master Servicing Fees with respect to the Group II Student Loans and to the Administrator for due and unpaid Administration Fees allocated to the Group II Notes;

THIRD:  to the Holders of the Group II Class A Notes on a pro rata basis, for amounts due and unpaid on the Group II Class A Notes for interest;

FOURTH:  to the Holders of the Group II Class A Notes for amounts due and unpaid on the Group II Class A Notes for principal, ratably, without preference or priority of any kind, according to the amounts due and payable on the Group II Class A Notes for principal, until the Outstanding Amount of each such Class of Group II Class A Notes is zero;

FIFTH:  to the Holders of the Class II-B Notes for amounts due and unpaid on the Class II-B Notes for interest;

SIXTH:  to the Holders of the Class II-C Notes for amounts due and unpaid on the Class II-C Notes for interest;

SEVENTH:  to the Holders of the Class II-B Notes for amounts due and unpaid on the Class II-B Notes for principal, until the Outstanding Amount of the Class II-B Notes is zero;

EIGHTH:  to the Holders of the Class II-C Notes for amounts due and unpaid on the Class II-C Notes for principal, until the Outstanding Amount of the Class II-C Notes is zero;

NINTH:  to each of the Owner Trustee, the Indenture Trustee, the Eligible Lender Trustee and the Note Registrar and Paying Agent (pari passu based on amounts due) for amounts due under Section 6.07 or Section 6.14(b), or in the case of the Owner Trustee, Article VI of the Sale of Servicing Agreement or Section 8.01 of the Trust Agreement, but only to the extent not paid pursuant to priority FIRST above;

TENTH:  after all payments shown above are made, and if Group I Available Funds are insufficient to make all required payments on such Distribution Date, any remaining amounts shall be paid in the order and for the purposes set forth in Section 5.05(c)(X) of the Sale and Servicing Agreement or Sections 5.04(b)(X) or 5.04(c)(X) of this Indenture, as applicable, up to the amount of such deficiency in Group I Available Funds (in each case excluding any amounts that would be distributed to the Certificateholder pursuant to such sub-section); and

ELEVENTH:  to the Certificate Paying Agent (on behalf of the Issuer), for distribution to the Certificateholder in accordance with the terms of the Trust Agreement.

The Indenture Trustee may fix a record date and payment date for any payment to the Holders of the Group I or Group II Notes, as applicable, pursuant to this Section.  At least 15 days before such record date, the Issuer shall mail to each Holder of the Group I or Group II Notes, as applicable, and the Indenture Trustee a notice that states the record date, the payment date and the amount to be paid.

(c)

(X)  If the Indenture Trustee collects any money or property under this Article V following the occurrence and during the continuation of an Event of Default with respect to the Group I Notes, other than with respect to Events of Default under Sections 5.01(i), 5.01(ii), 5.01(iv) or 5.01(v) above or following the acceleration of the Group I Notes pursuant to Section 5.02, it shall pay out the money or property on the related Distribution Date in the following order:

(1)

pari passu based on amounts due, to each of the Indenture Trustee, Paying Agent, Note Registrar, Eligible Lender Trustee and Owner Trustee, for fees and expenses under Section 6.07 or Section 6.14(b) or under Article VI of the Sale and Servicing Agreement or Section 8.01 of the Trust Agreement, as applicable, allocated to the Group I Notes, not to exceed (a) in the case of the Indenture Trustee, Paying Agent and Note Registrar, $400,000 per year in the aggregate, (b) in the case of the Eligible Lender Trustee, $50,000 per year in the aggregate, and (c) in the case of the Owner Trustee, $50,000 per year in the aggregate;

(2)

to the Master Servicer, the Master Servicing Fee with respect to the Group I Student Loans due on such Distribution Date and all prior unpaid Master Servicing Fees allocated to the Group I Student Loans;

(3)

to the administrator, the portion of the administration fee allocated to the group I notes and all unpaid administration fees from prior collection periods allocated to the group I notes;

(4)

from the amount of Group I Available Funds remaining after the application of clauses (1) through (3), to the Holders of the Group I Class A Notes, the Noteholders’ Interest Distribution Amount for the Group I Class A Notes pursuant to Section 8.02(c)(X)(i), pro rata, based on the ratio of each such amount to the total of such amounts;

(5)

from the amount of Group I Available Funds remaining after the application of clauses (1) through (4) and provided that a Class I-B Note Interest Trigger is not in effect on such Distribution Date, to the Holders of the Class I-B Notes, the Noteholders’ Interest Distribution Amount for the Class I-B Notes pursuant to Section 8.02(c)(X)(ii);

(6)

from the amount of Group I Available Funds remaining after the application of clauses (1) through (5), to the Holders of the Group I Notes, the Group I Principal Distribution Amount pursuant to Section 8.02(c)(X)(iii) in the following order of priority: (a) prior to the Stepdown Date, or after the Stepdown Date if a related Subordinate Note Principal Trigger is in effect, the Group I Principal Distribution Amount for the Group I Notes will be payable solely to the Group I Senior Notes in sequential order beginning with the Class I-A-1 Notes until paid in full and then to the Class I-A-2 Notes until paid in full; and (b) after the Stepdown Date and so long as no related Subordinate Note Principal Trigger is in effect, the related Senior Percentage of the Principal Distribution Amount for the Group I Notes will be payable to the Group I Senior Notes (in the same order of priority as described in the preceding sentence) and the related Subordinate Percentage of the Group I Principal Distribution Amount will be payable to the Class I-B Notes;

(7)

from the amount of Group I Available Funds remaining after the application of clauses (1) through (6), to the Group I Reserve Account, an amount, up to the amount, if any, necessary to reinstate the balance of the Group I Reserve Account to the related Specified Reserve Account Balance;

(8)

from the amount of Group I Available Funds remaining after the application of clauses (1) through (7) and in the event that a Class I-B Note Interest Trigger is in effect with respect to such Distribution Date, to the Holders of the Class I-B Notes, the Noteholders’ Interest Distribution Amount for the Class I-B Notes pursuant to Section 8.02(c)(X)(iv);

(9)

from the amount of Group I Available Funds remaining after the application of clauses (1) through (8) to each of the Owner Trustee, the Indenture Trustee, the Eligible Lender Trustee and the Note Registrar and Paying Agent (pari passu based on amounts due) for amounts due under Section 6.07 or Section 6.14(b) or, in the case of the Owner Trustee, Article VI of the Sale and Servicing Agreement or Section 8.01 of the Trust Agreement, but only to the extent not paid pursuant to clause (1) above;

(10)

from the amount of Group I Available Funds remaining after the application of clauses (1) through (9), after all payments shown above are made, and if Group II Available Funds are insufficient to make all required payments on such Distribution Date, any remaining amounts shall be paid in the order and for the purposes set forth in Section 5.05(c)(Y) of the Sale and Servicing Agreement or Sections 5.04(b)(Y) or 5.04(c)(Y) of this Indenture, as applicable, up to the amount of such deficiency in Group II Available Funds (in each case excluding any amounts that would be distributed to the Certificateholder pursuant to such sub-section); and

(11)

to the Certificate Paying Agent for distribution to the Certificateholder in accordance with the terms of the Trust Agreement, the amount of Group I Available Funds remaining after the application of clauses (1) through (10).

(Y)

If the Indenture Trustee collects any money or property under this Article V following the occurrence and during the continuation of an Event of Default with respect to the Group II Notes, other than with respect to Events of Default under Sections 5.01(i), 5.01(ii), 5.01(iv) or 5.01(v) above or following the acceleration of the Group II Notes pursuant to Section 5.02, it shall pay out the money or property on the related Distribution Date in the following order:

(12)

pari passu based on amounts due, to each of the Indenture Trustee, Paying Agent, Note Registrar, Eligible Lender Trustee and Owner Trustee, for fees and expenses under Section 6.07 or Section 6.14(b) or under Article VI of the Sale and Servicing Agreement or Section 8.01 of the Trust Agreement, as applicable, allocated to the Group II Notes, not to exceed (a) in the case of the Indenture Trustee, Paying Agent and Note Registrar, $400,000 per year in the aggregate, (b) in the case of the Eligible Lender Trustee, $50,000 per year in the aggregate, and (c) in the case of the Owner Trustee, $50,000 per year in the aggregate;

(13)

from the amount of Group II Available Funds remaining after the application of clause (1), to the Master Servicer, the Master Servicing Fee with respect to the Group II Student Loans due on such Distribution Date and all prior unpaid Master Servicing Fees allocated to the Group II Student Loans;

(14)

from the amount of Group II Available Funds remaining after the application of clauses (1) and (2), to the Administrator, the portion of the Administration Fee allocated to the Group II Notes and all unpaid Administration Fees from prior Collection Periods allocated to the Group II Notes;

(15)

from the amount of Group II Available Funds remaining after the application of clauses (1) through (3), to the Holders of the Group II Class A Notes, the Noteholders’ Interest Distribution Amount for the Group II Class A Notes pursuant to Section 8.02(c)(Y)(i);

(16)

from the amount of Group II Available Funds remaining after the application of clauses (1) through (4) and provided that a Class II-B Note Interest Trigger is not in effect on such Distribution Date, to the Holders of the Class II-B Notes, the Noteholders’ Interest Distribution Amount for the Class II-B Notes pursuant to Section 8.02(c)(Y)(ii);

(17)

from the amount of Group II Available Funds remaining after the application of clauses (1) through (5) and provided that a Class II-C Note Interest Trigger is not in effect on such Distribution Date, to the Holders of the Class II-C Notes, the Noteholders’ Interest Distribution Amount for the Class II-C Notes pursuant to Section 8.02(c)(Y)(iii);

(18)

from the amount of Group II Available Funds remaining after the application of clauses (1) through (6), to the Holders of the Group II Notes, the Group II Principal Distribution Amount pursuant to Section 8.02(Y)(iv) in the following order of priority (a) prior to the Stepdown Date, or after the Stepdown Date if a related Subordinate Note Principal Trigger is in effect, first, to the Holders of the Class II-A-1 Notes, the applicable Noteholders’ Principal Distribution Amount, until their outstanding principal balance has been reduced to zero, second, to the Holders of the Class II-A-2 Notes, the applicable Noteholders’ Principal Distribution Amount, until their outstanding principal balance has been reduced to zero, third, to the Holders of the Class II-A-3 Notes, the applicable Noteholders’ Principal Distribution Amount, until their outstanding principal balance has been reduced to zero, fourth, to the Holders of the Class II-A-4 Notes, the applicable Noteholders’ Principal Distribution Amount, until their outstanding principal balance has been reduced to zero and (after the Stepdown Date, if a related Subordinate Note Principal Trigger remains in effect following the payment in full of the Group II Senior Notes) fifth, to the Group II Subordinate Notes in the following sequential order: to the Holders of the Class II-B Notes, the applicable Noteholders’ Principal Distribution Amount, until their outstanding principal balance has been reduced to zero and then to the Holders of the Class II-C Notes, the applicable Noteholders’ Principal Distribution Amount, until their outstanding principal balance has been reduced to zero; and (b) after the Stepdown Date and so long as no related Subordinate Note Principal Trigger is in effect, the related Senior Percentage of the Principal Distribution Amount for the Group II Notes will be payable to the Group II Senior Notes (in the same order of priority as described in the preceding sentence) and the related Subordinate Percentage will be payable to the Holders of the Group II Subordinate Notes (pro rata based on their respective Outstanding Amounts);

(19)

from the amount of Group II Available Funds remaining after the application of clauses (1) through (7), to the Group II Reserve Account, an amount, up to the amount, if any, necessary to reinstate the balance of the Group II Reserve Account to the related Specified Reserve Account Balance;

(20)

from the amount of Group II Available Funds remaining after the application of clauses (1) through (8) and in the event that a Class II-B Note Interest Trigger is in effect with respect to such Distribution Date, to the Holders of the Class II-B Notes, the Noteholders’ Interest Distribution Amount for the Class II-B Notes pursuant to Section 8.02(c)(Y)(ii);

(21)

from the amount of Group II Available Funds remaining after the application of clauses (1) through (9) and in the event that a Class II-C Note Interest Trigger is in effect with respect to such Distribution Date, to the Holders of the Class II-C Notes, the Noteholders’ Interest Distribution Amount for the Class II-C Notes pursuant to Section 8.02(c)(Y)(iii);

(22)

from the amount of Group II Available Funds remaining after the application of clauses (1) through (10), to each of the Owner Trustee, the Indenture Trustee, the Eligible Lender Trustee and the Note Registrar and Paying Agent (pari passu based on amounts due) for amounts due under Section 6.07 or Section 6.14(b) or, in the case of the Owner Trustee, Article VI of the Sale and Servicing Agreement or Section 8.01 of the Trust Agreement, but only to the extent not paid pursuant to priority (1) above;

(23)

from the amount of Group II Available Funds remaining after the application of clauses (1) through (11), after all payments shown above are made, and if Group I Available Funds are insufficient to make all required payments on such Distribution Date, any remaining amounts shall be paid in the order and for the purposes set forth in Section 5.05(c)(X) of the Sale and Servicing Agreement or Sections 5.04(b)(X) or 5.04(c)(X) of this Indenture, as applicable, up to the amount of such deficiency in Group I Available Funds (in each case excluding any amounts that would be distributed to the Certificateholder pursuant to such sub-section); and

(24)

to the Certificate Paying Agent (on behalf of the Issuer) for distribution to the Certificateholder in accordance with the terms of the Trust Agreement, the amount of Group II Available Funds remaining after the application of clauses (1) through (12).

The Indenture Trustee may fix a record date and payment date for any payment to the Holders of the Group I or Group II Notes, as applicable, pursuant to this Section.  At least 15 days before such record date, the Issuer shall mail to each holder of the Group I or Group II Notes, as applicable, and the Indenture Trustee a notice that states the record date, the payment date and the amount to be paid.

SECTION 5.05.  Optional Preservation of the Financed Student Loans.  If either the Group I or Group II Notes have been declared to be due and payable under Section 5.02 following an Event of Default with respect to the Group I and/or Group II Notes and such declaration and its consequences have not been rescinded and annulled, the Indenture Trustee may, or shall at the written direction of (x) with respect to the Group I Notes, the Group I Controlling Parties, representing not less than a majority of the Outstanding Amount of the related Group I Notes, and (y) with respect to the Group II Notes, the Group II Controlling Parties, representing not less than a majority of the Outstanding Amount of the related Group II Notes, elect to maintain possession of the related Indenture Trust Estate.  It is the desire of the parties hereto and the Holders of the Group I and Group II Notes that there be at all times sufficient funds for the payment of principal of and interest on each Class of Group I and Group II Notes and the Indenture Trustee shall take such desire into account when determining whether or not to maintain possession of the Indenture Trust Estate.  In determining whether to maintain possession of the Indenture Trust Estate, the Indenture Trustee may, but need not, obtain and rely upon an opinion of an Independent investment banking or accounting firm of national reputation as to the feasibility of such proposed action and as to the sufficiency of the Indenture Trust Estate for such purpose.

SECTION 5.06.  Limitation of Suits.  No Holder of the Group I or Group II Notes shall have any right to institute any Proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless the following conditions listed below are satisfied:

(i)

such Holder of the Group I or Group II Notes, as the case may be, has previously given written notice to the Indenture Trustee of a continuing Event of Default;

(ii)

the Holders of not less than 25% of the Outstanding Amount of the Group I or the Group II Notes, as applicable and in each case, in the aggregate, have made written request to the Indenture Trustee to institute such Proceeding in respect of such Event of Default in its own name as Indenture Trustee hereunder;

(iii)

such Holder of the Group I or Group II Notes, as applicable, have offered to the Indenture Trustee indemnity satisfactory to it against the costs, expenses and liabilities to be incurred in complying with such request;

(iv)

the Indenture Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute such Proceeding; and

(v)

no direction inconsistent with such written request has been given to the Indenture Trustee during such 60-day period by the Holders of a majority of the Outstanding Amount of the Group I or Group II Notes, as applicable and in each case, in the aggregate;

it being understood and intended that no one or more Holders of the Group I or Group II Notes, as the case may be, shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Holders of the Group I or Group II Notes, as applicable, or to obtain or to seek to obtain priority or preference over any other Holders of the Group I or Group II Notes, as applicable, or to enforce any right under this Indenture, except in the manner herein provided.

In the event the Indenture Trustee shall receive conflicting or inconsistent requests and indemnity from (x) two or more groups of either the Group I or Group II Noteholders, as the case may be, each representing less than a majority of the Outstanding Amount of the Group I or Group II Notes, respectively, or (y) two groups from both the Group I and Group II Noteholders, each representing at least a majority of the Outstanding Amount of the Group I or Group II Notes, respectively, the Indenture Trustee in its sole discretion may determine what action, if any, shall be taken, notwithstanding any other provisions of this Indenture.

SECTION 5.07.  Unconditional Rights of Noteholders To Receive Principal and Interest.  Notwithstanding any other provisions in this Indenture, any Holder of any Class of Notes shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest, if any, on such Note, on or after the respective due dates thereof expressed in such Note or in this Indenture (or, in the case of redemption, on or after the Redemption Date) and to institute suit for the enforcement of any such payment, and such right shall not be impaired without the consent of such holder of any such Class of Notes.

SECTION 5.08.  Restoration of Rights and Remedies.  If the Indenture Trustee or any Holder of the Group I or Group II Notes, as the case may be, has instituted any Proceeding to enforce any right or remedy under this Indenture and such Proceeding has been discontinued or abandoned for any reason or has been determined adversely to the Indenture Trustee or to such Holder of the Group I or Group II Notes, as applicable, then and in every such case the Issuer, the Indenture Trustee and the Holders of the Group I or Group II Notes, as applicable, shall, subject to any determination in such Proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all rights and remedies of the Indenture Trustee and the Holders of the Group I or Group II Notes, respectively, shall continue as though no such Proceeding had been instituted.

SECTION 5.09.  Rights and Remedies Cumulative.  No right or remedy herein conferred upon or reserved to the Indenture Trustee or to the Holders of the Group I or Group II Notes, as the case may be, is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise.  The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

SECTION 5.10.  Delay or Omission Not a Waiver.  No delay or omission of the Indenture Trustee or any Holder of Group I or Group II Notes, as the case may be, to exercise any right or remedy accruing upon any Default shall impair any such right or remedy or constitute a waiver of any such Default or an acquiescence therein.  Every right and remedy given by this Article V or by law to the Indenture Trustee or to the Holders of the Group I or Group II Notes, as applicable, may be exercised from time to time, and as often as may be deemed expedient, by the Indenture Trustee or by the Holders of the Group I or Group II Notes, as the case may be.

SECTION 5.11.  Control by Noteholders.  With respect to the Group I Notes, the Group I Controlling Parties, representing not less than a majority of the Outstanding Amount of the related Group I Notes, and (y) with respect to the Group II Notes, the Group II Controlling Parties, representing not less than a majority of the Outstanding Amount of the related Group II Notes (or, in each case, if only one Class is affected thereby, a majority of the Outstanding Amount of such Class) shall have the right to direct the time, method and place of conducting any Proceeding for any remedy available to the Indenture Trustee with respect to the Group I or Group II Notes, as applicable, or exercising any trust or power conferred on the Indenture Trustee; provided that:

(i)

such direction shall not be in conflict with any rule of law or with this Indenture;

(ii)

subject to the express terms of Section 5.04, any direction to the Indenture Trustee to sell or liquidate the Indenture Trust Estate relating to the Group I Notes or Group II Notes, shall, in the case of the Group I Notes, be by the Holders of not less than 100% of the Outstanding Amount of the Group I Notes and, in the case of the Group II Notes, be by the Holders of not less than 100% of the Outstanding Amount of the Group II Notes;

(iii)

if the conditions set forth in Section 5.05 have been satisfied and the Indenture Trustee elects to retain the Indenture Trust Estate pursuant to such Section, then any direction to the Indenture Trustee by Holders of less than 100% of the Outstanding Amount of the Group I Notes or the Group II Notes, as applicable, to sell or liquidate the Indenture Trust Estate shall be of no force and effect; and

(iv)

the Indenture Trustee may take any other action deemed proper by the Indenture Trustee that is not inconsistent with such direction;

provided, however, that, subject to Section 6.01, the Indenture Trustee need not take any action that it determines might involve it in liability or might materially adversely affect the rights of any Holders of the Group I or Group II Notes, as applicable, not consenting to such action.

SECTION 5.12.  Waiver of Past Defaults.  Prior to the declaration of the acceleration of the Group I or Group II Notes, as applicable, as provided in Section 5.02, (x) with respect to the Group I Notes, the Group I Controlling Parties, representing not less than a majority of the Outstanding Amount of the related Group I Notes, and (y) with respect to the Group II Notes, the Group II Controlling Parties, representing not less than a majority of the Outstanding Amount of the related Group II Notes, may waive any past Default and its consequences except a Default (a) in payment when due of principal of or interest on any Group I Note or Group II Note, or (b) in respect of a covenant or provision hereof which cannot be modified or amended without the consent of each holder of the Group I or Group II Notes, as applicable. The consent of each holder of the Group I or Group II Notes, as applicable, shall be required with respect to a waiver of Default relating to clause (a) and (b) above. In the case of any such waiver, the Issuer, the Indenture Trustee and the Holders of the Group I or Group II Notes, as applicable, shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereto.

Upon any such waiver, such Default shall cease to exist and be deemed to have been cured and not to have occurred for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereto.

SECTION 5.13.  Undertaking for Costs.  All parties to this Indenture agree, and each holder of the Group I or Group II Notes, respectively, by such Group I or Group II Noteholder’s acceptance of any Group I or Group II Note, as the case may be, shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Indenture Trustee for any action taken, suffered or omitted by it as Indenture Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to (a) any suit instituted by the Indenture Trustee, (b) any suit instituted by any holder of the Group I or Group II Notes, as applicable, or group of Holders of the Group I or Group II Notes, as applicable, in each case holding in the aggregate more than 10% of the Outstanding Amount of the Group I or Group II Notes, respectively, or (c) any suit instituted by any holder of the Group I or Group II Notes, as applicable, for the enforcement of the payment of principal of or interest on any Group I Note or Group II Note, on or after the respective due dates expressed in such Group I or Group II Note, as the case may be, and in this Indenture (or, in the case of any redemption, on or after the related Redemption Date).

SECTION 5.14.  Waiver of Stay or Extension Laws.  The Issuer covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead or in any manner whatsoever, claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Indenture Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted.

SECTION 5.15.  Action on Notes.  The Indenture Trustee’s right to seek and recover judgment on the Group I or Group II Notes, as applicable, or under this Indenture shall not be affected by the seeking, obtaining or application of any other relief under or with respect to this Indenture.  Neither the lien of this Indenture nor any rights or remedies of the Indenture Trustee or the Holders of the Group I or Group II Notes, as applicable, shall be impaired by the recovery of any judgment by the Indenture Trustee against the Issuer or by the levy of any execution under such judgment upon any portion of the Indenture Trust Estate or upon any of the assets of the Issuer.  Any money or property collected by the Indenture Trustee shall be applied in accordance with Section 5.04(b).

SECTION 5.16.  Performance and Enforcement of Certain Obligations.  (a) Promptly following a request from the Indenture Trustee, and at the Administrator’s expense, the Issuer shall take all such lawful action as the Indenture Trustee may request to compel or secure the performance and observance by KBNA, the Depositor, the Administrator and the Master Servicer, as applicable, of each of their obligations to the Issuer under or in connection with the Sale and Servicing Agreement (and with respect to the Administrator only, the Administration Agreement, and with respect to KBNA only, under the Student Loan Transfer Agreement) in accordance with the terms thereof, and to exercise any and all rights, remedies, powers and privileges lawfully available to the Issuer under or in connection with the Sale and Servicing Agreement (and the Administration Agreement or the Student Loan Transfer Agreement, as applicable) to the extent and in the manner directed by the Indenture Trustee, including the transmission of notices of default on the part of the Depositor, the Administrator or the Master Servicer thereunder and the institution of legal or administrative actions or proceedings to compel or secure performance by the Depositor, the Administrator or the Master Servicer of each of their obligations under the Sale and Servicing Agreement (and the Administration Agreement or the Student Loan Transfer Agreement, as applicable).

(b)

If an Event of Default has occurred and is continuing, the Indenture Trustee shall at the written direction of (x) with respect to the Group I Notes, the Group I Controlling Parties, representing not less than 66.67% of the Outstanding Amount of the related Group I Notes, and (y) with respect to the Group II Notes, the Group II Controlling Parties, representing not less than 66.67% of the Outstanding Amount of the related Group II Notes, exercise all rights, remedies, powers, privileges and claims of the Issuer against KBNA, the Depositor, the Administrator or the Master Servicer, under or in connection with the Sale and Servicing Agreement (and the Administration Agreement or the Student Loan Transfer Agreement, as applicable), including the right or power to take any action to compel or secure performance or observance by KBNA, the Depositor, the Administrator and the Master Servicer of each of their obligations to the Issuer thereunder and to give any consent, request, notice, direction, approval, extension or waiver under the Sale and Servicing Agreement (and the Administration Agreement or the Student Loan Transfer Agreement, as applicable) and any right of the Issuer to take such action shall be suspended.

ARTICLE VI

The Indenture Trustee

SECTION 6.01.  Duties of Indenture Trustee.  (a)  If an Event of Default has occurred and is continuing, the Indenture Trustee shall exercise the rights and powers vested in it by this Indenture and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs.

(b)

Except during the continuance of an Event of Default:

(i)

the Indenture Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and the Sale and Servicing Agreement, and no implied covenants or obligations shall be read into this Indenture against the Indenture Trustee; and

(ii)

in the absence of bad faith on its part, the Indenture Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to a Responsible Officer of the Indenture Trustee and conforming to the requirements of this Indenture; provided, however, that the Indenture Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture.

(c)

The Indenture Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except that:

(i)

this paragraph does not limit the effect of paragraph (b) of this Section;

(ii)

the Indenture Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer unless it is proved that the Indenture Trustee was negligent in ascertaining the pertinent facts; and

(iii)

the Indenture Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 5.11.

(d)

Every provision of this Indenture that in any way relates to the Indenture Trustee is subject to paragraphs (a), (b), (c) and (g) of this Section.

(e)

The Indenture Trustee shall not be liable for interest on any money received by it except as the Indenture Trustee may agree in writing with the Issuer.

(f)

Money held in trust by the Indenture Trustee need not be segregated from other funds except to the extent required by law or the terms of this Indenture or the Sale and Servicing Agreement.

(g)

No provision of this Indenture shall require the Indenture Trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that repayments of such funds or adequate indemnity satisfactory to it against any loss, liability or expense is not reasonably assured to it.

(h)

Except as expressly provided in the Basic Documents, the Indenture Trustee shall have no obligation to administer, service or collect the Financed Student Loans or to maintain, monitor or otherwise supervise the administration, servicing or collection of the Financed Student Loans.

(i)

In the event that the Indenture Trustee is the Paying Agent or the Note Registrar, the rights and protections afforded to the Indenture Trustee pursuant to this Indenture shall also be afforded to the Indenture Trustee in its capacity as Paying Agent and Note Registrar.

(j)

Every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Indenture Trustee shall be subject to the provisions of this Section.

(k)

Notwithstanding any other provision in this Indenture or the other Basic Documents, nothing in this Indenture or the other Basic Documents shall be construed to limit the legal responsibility of the Indenture Trustee to the U.S. Secretary of Education or a Guarantor for any violations of statutory or regulatory requirements that may occur with respect to loans held by the Indenture Trustee pursuant to, or to otherwise comply with its obligations under, the Higher Education Act or implementing regulations, it being expressly understood that the Indenture Trustee has no obligation or duty pursuant to this Section except in the event of Foreclosure or pursuant to Section 8.02 of the Sale and Servicing Agreement as a successor Master Servicer.

(l)

For so long as reports are required to be filed with the Commission under the Exchange Act with respect to the Issuer, on or before March 15th of each calendar year, commencing in 2007, the Indenture Trustee shall deliver to the Issuer and the Administrator a report (in form and substance reasonably satisfactory to the Administrator, acting on behalf of the Issuer) regarding the Indenture Trustee’s assessment of compliance with the Applicable Servicing Criteria during the immediately preceding calendar year, as required under Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122(b) of Regulation AB.  Such report shall be addressed to the Issuer and signed by an authorized officer of the Indenture Trustee, and shall address the Applicable Servicing Criteria (only to the extent applicable to the Indenture Trustee as set forth in Exhibit B) specified on a certification in the form of Exhibit B attached hereto.  

SECTION 6.02.  Rights of Indenture Trustee.  (a)  The Indenture Trustee may rely on any document believed by it to be genuine and to have been signed or presented by the proper Person.  The Indenture Trustee need not investigate any fact or matter stated in such document.

(b)

Before the Indenture Trustee acts or refrains from acting, it may require an Officers’ Certificate of the Issuer or an Opinion of Counsel.  The Indenture Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel.

(c)

The Indenture Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys or a custodian or nominee, and the Indenture Trustee shall not be responsible for any misconduct or negligence on the part of, or for the supervision of, any such agent, attorney, custodian or nominee appointed with due care by it hereunder.

(d)

The Indenture Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized or within its rights or powers; provided, however, that the Indenture Trustee’s conduct does not constitute willful misconduct, negligence or bad faith.

(e)

The Indenture Trustee may consult with counsel, and the advice or opinion of counsel with respect to legal matters relating to this Indenture and the Notes shall be full and complete authorization and protection from liability in respect to any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel.

(f)

In the event that the Person acting as Indenture Trustee is also acting as securities intermediary all the rights, powers, immunities and indemnities afforded to the Indenture Trustee under the Basic Documents shall also be afforded to the securities intermediary.

(g)

Absent willful misconduct or fraud, the Indenture Trustee shall not be liable for any punitive, special, indirect, or consequential damages, regardless of the form of action and whether or not any such damages were foreseeable or contemplated.

SECTION 6.03.  Individual Rights of Indenture Trustee.  The Indenture Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were not Indenture Trustee.  Any Paying Agent, Note Registrar, co-registrar or co-paying agent may do the same with like rights.  However, the Indenture Trustee must comply with Sections 6.11 and 6.12.

SECTION 6.04.  Indenture Trustee’s Disclaimer.  The Indenture Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall not be accountable for the Issuer’s use of the proceeds from the Notes, and it shall not be responsible for any statement of the Issuer in the Indenture or in any document issued in connection with the sale of the Notes or in the Notes other than the Indenture Trustee’s certificate of authentication.

SECTION 6.05.  Notice of Defaults.  If a Default occurs and is continuing and if it is either actually known or written notice of the existence thereof has been delivered to a Responsible Officer of the Indenture Trustee, the Indenture Trustee shall mail to each holder of the Notes notice of the Default within 90 days after it occurs.  Except in the case of a Default in payment of principal of or interest on the Group I or Group II Notes (including payments pursuant to the mandatory redemption provisions of such Note), the Indenture Trustee may withhold the notice to the Holders of the Group I or Group II Notes, as applicable, if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of Holders of the Group I or Group II Notes, as applicable.

SECTION 6.06.  Reports by Indenture Trustee to Noteholders.  The Indenture Trustee shall deliver to each holder of the Notes (and to each Person who was a holder of the Notes at any time during the applicable calendar year) such information as may be required to enable such holder to prepare its Federal and state income tax returns.  Within 60 days after each December 31 beginning with the December 31 following the date of this Indenture, the Paying Agent on behalf of the Indenture Trustee shall mail to each holder of the Notes a brief report as of such December 31 that complies with TIA § 313(a) if required by said section.  The Indenture Trustee shall also comply with TIA § 313(b).  A copy of each such report required pursuant to TIA §§ 313(a) or (b) shall, at the time of such transmission to Holders of the Notes, be filed by the Paying Agent on behalf of the Indenture Trustee with the Commission and with each securities exchange, if any, upon which the Notes are listed, provided that the Issuer has previously notified the Indenture Trustee and the Paying Agent of such listing.

SECTION 6.07.  Compensation and Indemnity.  The Issuer shall pay, or following an Event of Default and pursuant to Section 3 of the Administration Agreement shall cause the Administrator to pay, to the Indenture Trustee reasonable compensation for its services in accordance with a separate agreement between the Administrator and the Indenture Trustee and shall cause the Administrator to reimburse the Indenture Trustee for all reasonable out-of-pocket expenses incurred or made by it as provided in such separate agreement.  The Indenture Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust.  The Issuer shall cause the Administrator to indemnify the Indenture Trustee against any and all loss, liability or expense (including attorneys’ fees and expenses) incurred by it in connection with the administration of this trust and the performance of its duties hereunder and under the other Basic Documents.  The Indenture Trustee shall notify the Issuer and the Administrator promptly of any claim for which it may seek indemnity.  Failure by the Indenture Trustee to so notify the Issuer and the Administrator shall not relieve the Issuer or the Administrator of its obligations hereunder and under the other Basic Documents.  The Issuer shall cause the Administrator to defend the claim and the Administrator shall not be liable for the legal fees and expenses of the Indenture Trustee after it has assumed such defense; provided, however, that, in the event that there may be a conflict between the positions of the Indenture Trustee and the Administrator in conducting the defense of such claim, the Indenture Trustee shall be entitled to separate counsel the fees and expenses of which shall be paid by the Administrator on behalf of the Issuer.  Neither the Issuer nor the Administrator need reimburse any expense or indemnify against any loss, liability or expense incurred by the Indenture Trustee through the Indenture Trustee’s own willful misconduct, negligence or bad faith.

The Issuer’s payment obligations to the Indenture Trustee pursuant to this Section shall survive the discharge of this Indenture or the earlier resignation or removal of the Indenture Trustee.  When the Indenture Trustee incurs expenses after the occurrence of a Default specified in Section 5.01(iv) or (v) with respect to the Issuer, the expenses are intended to constitute expenses of administration under Title 11 of the United States Code or any other applicable Federal or state bankruptcy, insolvency or similar law.

SECTION 6.08.  Replacement of Indenture Trustee.  No resignation or removal of the Indenture Trustee and no appointment of a successor Indenture Trustee shall become effective until the acceptance of appointment by the successor Indenture Trustee pursuant to this Section 6.08.  The Indenture Trustee may resign at any time by so notifying the Issuer.  The Holders of Notes of a majority in Outstanding Amount of the Notes may remove the Indenture Trustee by so notifying the Indenture Trustee and may appoint a successor Indenture Trustee.  The Issuer shall remove the Indenture Trustee if:

(i)

the Indenture Trustee fails to comply with Section 6.11;

(ii)

an Insolvency Event occurs with respect to the Indenture Trustee;

(iii)

a receiver or other public officer takes charge of the Indenture Trustee or its property; or

(iv)

the Indenture Trustee otherwise becomes incapable of acting.

If the Indenture Trustee resigns or is removed or if a vacancy exists in the office of Indenture Trustee for any reason (the Indenture Trustee in such event being referred to herein as the retiring Indenture Trustee), the Issuer shall promptly appoint a successor Indenture Trustee.

A successor Indenture Trustee shall deliver a written acceptance of its appointment to the retiring Indenture Trustee and the Issuer.  Thereupon the resignation or removal of the retiring Indenture Trustee shall become effective, and the successor Indenture Trustee shall have all the rights, powers and duties of the Indenture Trustee under this Indenture.  The successor Indenture Trustee shall mail a notice of its succession to the Holders of the Notes.  The retiring Indenture Trustee shall promptly transfer all property held by it as Indenture Trustee to the successor Indenture Trustee upon payment of all monies due and owing to the retiring Indenture Trustee.

If a successor Indenture Trustee does not take office within 60 days after the retiring Indenture Trustee resigns or is removed, the retiring Indenture Trustee, the Issuer or the Holders of a majority in Outstanding Amount of the Notes may petition any court of competent jurisdiction for the appointment of a successor Indenture Trustee.

If the Indenture Trustee fails to comply with Section 6.11, any holder of the Notes may petition any court of competent jurisdiction for the removal of the Indenture Trustee and the appointment of a successor Indenture Trustee.

Notwithstanding the replacement of the Indenture Trustee pursuant to this Section, the Issuer’s and the Administrator’s obligations under Section 6.07 shall continue for the benefit of the retiring Indenture Trustee.

SECTION 6.09.  Successor Indenture Trustee by Merger.  If the Indenture Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation without any further act shall be the successor Indenture Trustee; provided that such corporation or banking association shall be otherwise qualified and eligible under Section 6.11.  The Indenture Trustee shall provide the Rating Agencies written notice of any such transaction.

In case at the time such successor or successors by merger, conversion or consolidation to the Indenture Trustee shall succeed to the trusts created by this Indenture any of the Notes shall have been authenticated but not delivered, any such successor to the Indenture Trustee may adopt the certificate of authentication of any predecessor trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Indenture Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the successor to the Indenture Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Notes or in this Indenture provided that the certificate of the Indenture Trustee shall have.

SECTION 6.10.  Appointment of Co-Trustee or Separate Trustee.  (a)  Notwithstanding any other provisions of this Indenture, at any time, for the purpose of meeting any legal requirement of any jurisdiction in which any part of the Indenture Trust Estate may at the time be located, the Indenture Trustee shall have the power and may execute and deliver all instruments to appoint one or more Persons to act as a co-trustee or co-trustees, or separate trustee or separate trustees, of all or any part of the Indenture Trust Estate, and to vest in such Person or Persons, in such capacity and for the benefit of the Holders of the Notes, such title to the Indenture Trust Estate, or any part hereof, and, subject to the other provisions of this Section, such powers, duties, obligations, rights and trusts as the Indenture Trustee may consider necessary or desirable.  No co-trustee or separate trustee hereunder shall be required to meet the terms of eligibility as a successor trustee under Section 6.11 and no notice to Holders of the Notes of the appointment of any co-trustee or separate trustee shall be required under Section 6.08 hereof.

(b)

Every separate trustee and co-trustee shall, to the extent permitted by law, be appointed and act subject to the following provisions and conditions:

(i)

all rights, powers, duties and obligations conferred or imposed upon the Indenture Trustee shall be conferred or imposed upon and exercised or performed by the Indenture Trustee and such separate trustee or co-trustee jointly (it being understood that such separate trustee or co-trustee is not authorized to act separately without the Indenture Trustee joining in such act), except to the extent that under any law of any jurisdiction in which any particular act or acts are to be performed the Indenture Trustee shall be incompetent or unqualified to perform such act or acts, in which event such rights, powers, duties and obligations (including the holding of title to the Indenture Trust Estate or any portion thereof in any such jurisdiction) shall be exercised and performed singly by such separate trustee or co-trustee, but solely at the direction of the Indenture Trustee;

(ii)

no trustee hereunder shall be personally liable by reason of any act or omission of any other trustee hereunder; and

(iii)

the Indenture Trustee may at any time accept the resignation of or remove any separate trustee or co-trustee.

(c)

Any notice, request or other writing given to the Indenture Trustee shall be deemed to have been given to each of the then separate trustees and co-trustees, as effectively as if given to each of them.  Every instrument appointing any separate trustee or co-trustee shall refer to this Indenture and the conditions of this Article VI.  Each separate trustee and co-trustee, upon its acceptance of the trusts conferred, shall be vested with the estates or property specified in its instrument of appointment, either jointly with the Indenture Trustee or separately, as may be provided therein, subject to all the provisions of this Indenture, specifically including every provision of this Indenture relating to the conduct of, affecting the liability of, or affording protection to, the Indenture Trustee.  Every such instrument shall be filed with the Indenture Trustee.

(d)

Any separate trustee or co-trustee may at any time constitute the Indenture Trustee, its agent or attorney-in-fact with full power and authority, to the extent not prohibited by law, to do any lawful act under or in respect of this Indenture on its behalf and in its name.  If any separate trustee or co-trustee shall die, become incapable of acting, resign or be removed, all its estates, properties, rights, remedies and trusts shall vest in and be exercised by the Indenture Trustee, to the extent permitted by law, without the appointment of a new or successor trustee.

SECTION 6.11.  Eligibility; Disqualification.  The Indenture Trustee shall at all times satisfy the requirements of TIA § 310(a).  The Indenture Trustee shall have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition and it shall have a long term debt rating of Baa3 or better by Moody’s.  The Indenture Trustee shall comply with TIA § 310(b), including the optional provision permitted by the second sentence of TIA § 310(b)(9); provided, however, that there shall be excluded from the operation of TIA § 310(b)(1) any indenture or indentures under which other securities of the Issuer are outstanding if the requirements for such exclusion set forth in TIA § 310(b)(1) are met.

SECTION 6.12.  Preferential Collection of Claims Against Issuer.  The Indenture Trustee shall comply with TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b).  An Indenture Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated.

SECTION 6.13.  [Reserved]

SECTION 6.14.  The Eligible Lender Trustee.  (a) The Eligible Lender Trustee shall at all times meet the eligibility standards for the Indenture Trustee specified in Section 6.11.   The rights, immunities, indemnities and protections afforded to the Indenture Trustee pursuant to this Indenture shall also be afforded to the Eligible Lender Trustee, other than those rights and protections that relate specifically to actions taken by the Indenture Trustee in respect of the Collateral in connection with an Event of Default.

(b)

The Issuer, pursuant to Section 3 of the Administration Agreement, shall cause the Administrator to pay to the Eligible Lender Trustee reasonable compensation for its services in accordance with a separate agreement between the Administrator and the Eligible Lender Trustee and shall cause the Administrator to reimburse the Eligible Lender Trustee for all reasonable out-of-pocket expenses incurred or made by such Persons as provided in such separate agreement.  The Issuer shall cause the Administrator to indemnify the Eligible Lender Trustee to the same extent (and subject to the same conditions) as the Indenture Trustee is indemnified pursuant to Section 6.07.

(c)

The provisions of Section 6.08 and the first paragraph of Section 6.09 shall apply to the Eligible Lender Trustee to the same extent as such provisions apply to the Indenture Trustee.

ARTICLE VII

Noteholders’ Lists and Reports

SECTION 7.01.  Note Registrar To Furnish Indenture Trustee Names and Addresses of Noteholders.  The Note Registrar shall furnish (x) to the Indenture Trustee and the Paying Agent (a) not more than five days after the earlier of (i) each Record Date and (ii) three months after the last Record Date, a list, in such form as the Indenture Trustee or the Paying Agent may reasonably require, of the names and addresses of the Holders of the Notes as of such Record Date and (b) at such other times as the Indenture Trustee or the Paying Agent may request in writing, within 30 days after receipt by the Note Registrar of any such request, a list of similar form and content as of a date not more than 10 days prior to the time such list is furnished, and (y) upon the written request of the Administrator, to the Administrator within 30 days after receipt by the Note Registrar, a list, in such form as the Administrator may reasonably require, of the names and addresses of the Holders of the Notes as of the related Record Date.

SECTION 7.02.  Preservation of Information; Communications to Noteholders.  (a)  The Indenture Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses of the Holders of the Notes contained in the most recent list furnished to the Indenture Trustee as provided in Section 7.01.  The Note Registrar shall preserve, in as current a form as is reasonably practicable, the names and addresses of the Holders of the Notes received by it.  The Indenture Trustee may destroy any list furnished to it as provided in such Section 7.01 upon receipt of a new list so furnished.

(b)

Holders of the Notes may communicate pursuant to TIA § 312(b) with other Holders of the Notes with respect to their rights under this Indenture or under the Notes.  Upon receipt by the Indenture Trustee of any request by a holder of the Notes to receive a copy of the current list of Holders of the Notes (whether or not made pursuant to TIA § 312(b)), the Indenture Trustee shall promptly notify the Administrator thereof by providing to the Administrator a copy of such request and a copy of the list of Holders of the Notes produced in response thereto.

(c)

The Issuer, the Indenture Trustee and the Note Registrar shall have the protection of TIA § 312(c).

(d)

The Indenture Trustee shall furnish to the Holders of the Notes promptly upon receipt of a written request therefor, duplicates or copies of all reports, notices, requests, demands, certificates, financial statements and any other instruments furnished to the Indenture Trustee under the Basic Documents.

SECTION 7.03.  Reports by Issuer.  (a)  The Issuer shall:

(i)

file with the Indenture Trustee, within 15 days after the Issuer is required to file the same with the Commission, copies of the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) which the Issuer may be required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act;

(ii)

file with the Indenture Trustee and the Commission in accordance with rules and regulations prescribed from time to time by the Commission such additional information, documents and reports with respect to compliance by the Issuer with the conditions and covenants of this Indenture as may be required from time to time by such rules and regulations; and

(iii)

supply to the Indenture Trustee (and the Indenture Trustee shall transmit by mail to all Holders of the Notes described in TIA § 313(c)) such summaries of any information, documents and reports required to be filed by the Issuer pursuant to clauses (i) and (ii) of this Section 7.03(a) as may be required by rules and regulations prescribed from time to time by the Commission.

(b)

Unless the Issuer otherwise determines, the fiscal year of the Issuer shall end on December 31 of each year.

ARTICLE VIII

Accounts, Disbursements and Releases

SECTION 8.01.  Collection of Money.  Except as otherwise expressly provided herein, the Indenture Trustee may demand payment or delivery of, and shall receive and collect, directly and without intervention or assistance of any fiscal agent or other intermediary, all money and other property payable to or receivable by the Indenture Trustee pursuant to this Indenture.  The Indenture Trustee or the Paying Agent shall apply all such money received by it on behalf of the Holders of the Group I and Group II Notes, as applicable, pursuant to the Sale and Servicing Agreement and as provided in this Indenture.  Except as otherwise expressly provided in this Indenture, if any default occurs in the making of any payment or performance under any agreement or instrument that is part of the Indenture Trust Estate, the Indenture Trustee may take such action as may be appropriate to enforce such payment or performance, including the institution and prosecution of appropriate Proceedings.  Any such action shall be without prejudice to any right to claim a Default under this Indenture and any right to proceed thereafter as provided in Article V.

SECTION 8.02.  Trust Accounts.  (a)  On or prior to the Closing Date, the Issuer shall cause the Administrator to establish and maintain, in the name of the Indenture Trustee, for the benefit of the Holders of the Group I or Group II Notes, as applicable, the applicable Trust Accounts as provided in Section 5.01 of the Sale and Servicing Agreement.

(b)

On or before the Business Day preceding each Distribution Date, all Available Funds with respect to the preceding Collection Period will be deposited in the applicable Collection Account as provided in Section 5.02 of the Sale and Servicing Agreement.  On or before each Distribution Date, the related Noteholders’ Distribution Amount will be distributed from the applicable Collection Account and any other Trust Account to the Paying Agent on behalf of the Holders of the related Group I or Group II Notes, as applicable, as provided in Sections 5.04, 5.05 and 5.06 of the Sale and Servicing Agreement.

(c)

(X)  On each Distribution Date and any Redemption Date, the Paying Agent shall distribute all amounts received by it on behalf of the Holders of the Group I Notes, pursuant to paragraph (b) above to the Holders of the Group I Notes, to the extent of amounts due and unpaid on the Group I Notes, for principal and interest in the following amounts and in the following order of priority (except as otherwise provided in Sections 5.04(b) and 5.04(c) hereof):

(i)

the Noteholders’ Interest Distribution Amount with respect to the Class I-A-1 and Class I-A-2 Notes, to the Holders of the Class I-A-1 Notes and the Holders of the Class I-A-2 Notes in an amount equal to the accrued and unpaid interest on such Group I Notes; provided that if there are not sufficient funds received to pay the entire amount of accrued and unpaid interest then due on such Group I Notes, the amounts so received shall be applied to the payment of such interest on the Group I Notes on a pro rata basis;

(ii)

unless a Class I-B Note Interest Trigger is in effect on such Distribution Date, the Noteholders’ Interest Distribution Amount with respect to the Class I-B Notes, to the Holders of the Class I-B Notes;

(iii)

the applicable Noteholders’ Principal Distribution Amount, (a) prior to the Stepdown Date, or after the Stepdown Date if a related Subordinate Note Principal Trigger is in effect, to the Group I Senior Notes in sequential order beginning with the Class I-A-1 Notes until paid in full and then to the Class I-A-2 Notes; and (b) after the Stepdown Date and so long as no related Subordinate Note Principal Trigger is in effect, the applicable Senior Percentage of the Group I Principal Distribution Amount to the Group I Senior Notes (in the same order of priority as described in the preceding sentence) and the applicable Subordinate Percentage of the Group I Principal Distribution Amount to the Class I-B Notes; and

(iv)

in the event a Class I-B Note Interest Trigger is in effect on such Distribution Date, the Noteholders’ Interest Distribution Amount with respect to the Class I-B Notes, to the Holders of the Class I-B Notes.

(Y)  On each Distribution Date and any Redemption Date, the Paying Agent shall distribute all amounts received by it on behalf of the Holders of the Group II Notes, pursuant to paragraph (b) above to the Holders of the Group II Notes, to the extent of amounts due and unpaid on the Group II Notes, for principal and interest in the following amounts and in the following order of priority (except as otherwise provided in Sections 5.04(b) and 5.04(c) hereof):

(v)

the Noteholders’ Interest Distribution Amount with respect to the Class II-A-1 Notes, Class II-A-2 Notes, Class II-A-3 Notes and Class II-A-4 Notes, to the Holders of the Class II-A-1 Notes, Class II-A-2 Notes, Class II-A-3 Notes and Class II-A-4 Notes in an amount equal to the accrued and unpaid interest on such Group II Class A Notes; provided that if there are not sufficient funds received to pay the entire amount of accrued and unpaid interest then due on such Group II Class A Notes, the amounts so received shall be applied to the payment of such interest on the Group II Class A Notes on a pro rata basis;

(vi)

unless a Class II-B Note Interest Trigger is in effect on such Distribution Date, the Noteholders’ Interest Distribution Amount with respect to the Class II-B Notes to the Holders of the Class II-B Notes;

(vii)

unless a Class II-C Note Interest Trigger is in effect on such Distribution Date, the Noteholders’ Interest Distribution Amount with respect to the Class II-C Notes to the Holders of the Class II-C Notes;

(viii)

the applicable Noteholders’ Principal Distribution Amount, (a) prior to the Stepdown Date, or after the Stepdown Date if a related Subordinate Note Principal Trigger is in effect, to the Group II Senior Notes in sequential order beginning with the Class II-A-1 Notes until paid in full, to the Class II-A-2 Notes until paid in full, to the Class II-A-3 Notes until paid in full and then to the Class II-A-4 Notes until paid in full and, after the Stepdown Date if a related Subordinate Note Principal Trigger remains in effect following the payment in full of the Group II Senior Notes, then to the Group II Subordinate Notes in the following sequential order: to the Class II-B Notes until paid in full and then the Class II-C Notes until paid in full; and (b) after the Stepdown Date and so long as no related Subordinate Note Principal Trigger is in effect, the Senior Percentage of the Group II Principal Distribution Amount to the Group II Senior Notes (in the same order of priority as described in the preceding sentence) and the Subordinate Percentage of the Group II Principal Distribution Amount to the Group II Subordinate Notes (pro rata based on their respective Outstanding Amounts);

(ix)

in the event a Class II-B Note Interest Trigger is in effect on such Distribution Date, the Noteholders’ Interest Distribution Amount with respect to the Class II-B Notes to the Holders of the Class II-B Notes; and

(x)

in the event a Class II-C Note Interest Trigger is in effect on such Distribution Date, the Noteholders’ Interest Distribution Amount with respect to the Class II-C Notes to the Holders of the Class II-C Notes.

SECTION 8.03.  General Provisions Regarding Accounts.  (a)  So long as no Default shall have occurred and be continuing, all or a portion of the funds in the Trust Accounts shall be invested in Eligible Investments and reinvested by the Indenture Trustee upon Issuer Order, subject to the provisions of Section 5.01(b) of the Sale and Servicing Agreement.  All income or other gain from investments of moneys deposited in the Trust Accounts shall be deposited by the Indenture Trustee in the applicable Collection Account, and any loss resulting from such investments shall be charged to such Trust Account.  The Issuer will not direct the Indenture Trustee to make any investment of any funds or to sell any investment held in any of the Trust Accounts unless the security interest granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Issuer shall deliver to the Indenture Trustee an Opinion of Counsel, acceptable to the Indenture Trustee, to such effect.

(b)

Subject to Section 6.01(c), the Indenture Trustee shall not in any way be held liable by reason of any insufficiency in any of the Trust Accounts resulting from any loss on any Eligible Investment included therein except for losses attributable to the Indenture Trustee’s failure to make payments on such Eligible Investments issued by the Indenture Trustee, in its commercial capacity as principal obligor and not as trustee, in accordance with their terms.

(c)

If (i) the Issuer shall have failed to give investment directions for any funds on deposit in the Trust Accounts to the Indenture Trustee by 10:00 a.m. Eastern Time (or such other time as may be agreed by the Issuer and Indenture Trustee) on any Business Day; or (ii) a Default shall have occurred and be continuing with respect to the either the Group I or Group II Notes, as the case may be, but the Group I or Group II Notes, respectively, shall not have been declared due and payable pursuant to Section 5.02, or, if such Group I or Group II Notes, as applicable, shall have been declared due and payable following an Event of Default, amounts collected or receivable from the Indenture Trust Estate are being applied in accordance with Section 5.04 as if there had not been such a declaration; then the Indenture Trustee shall, to the fullest extent practicable, invest and reinvest funds in the Trust Accounts in such investment as set forth under paragraph (d) of the definition of Eligible Investments.

SECTION 8.04.  Release of Indenture Trust Estate.  (a)  Subject to the payment of its fees and expenses pursuant to Section 6.07, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee’s interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture.  No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any moneys.

(b)

The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.07 have been paid, release any remaining portion of the Indenture Trust Estate that secured the Group I and Group II Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts.  The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.04(b) only upon receipt of an Issuer Request accompanied by an Officers’ Certificate of the Issuer, an Opinion of Counsel and meeting the applicable requirements of Section 11.01.

SECTION 8.05.  Opinion of Counsel.  The Indenture Trustee and the Eligible Lender Trustee shall receive at least seven days’ notice when requested by the Issuer to take any action pursuant to Section 8.04(a), accompanied by copies of any instruments involved, and the Indenture Trustee shall also require, as a condition to such action, an Opinion of Counsel, in form and substance satisfactory to the Indenture Trustee, stating the legal effect of any such action, outlining the steps required to complete the same, and concluding that all conditions precedent to the taking of such action have been complied with and such action will not materially and adversely impair the security for the Group I or Group II Notes, as applicable or the rights of the Holders of the Group I and Group II Notes, as the case may be, in contravention of the provisions of this Indenture; provided, however, that such Opinion of Counsel shall not be required to express an opinion as to the fair value of the Indenture Trust Estate.  Counsel rendering any such opinion may rely, without independent investigation, on the accuracy and validity of any certificate or other instrument delivered to the Indenture Trustee in connection with any such action.

ARTICLE IX

Supplemental Indentures

SECTION 9.01.  Supplemental Indentures Without Consent of Noteholders.  (a)  Without the consent of any Holders of the Notes but with prior notice to the Rating Agencies the Issuer and the Indenture Trustee and the Eligible Lender Trustee, when authorized by an Issuer Order, at any time and from time to time, may enter into one or more indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as in force at the date of the execution thereof), in form satisfactory to the Indenture Trustee, for any of the following purposes:

(i)

to correct or amplify the description of any property at any time subject to the lien of this Indenture, or better to assure, convey and confirm unto the Indenture Trustee any property subject or required to be subjected to the lien of this Indenture, or to subject to the lien of this Indenture additional property;

(ii)

to evidence the succession, in compliance with the applicable provisions hereof, of another person to the Issuer, and the assumption by any such successor of the covenants of the Issuer herein and in the Notes contained;

(iii)

to add to the covenants of the Issuer, for the benefit of the Holders of the Notes, or to surrender any right or power herein conferred upon the Issuer;

(iv)

to convey, transfer, assign, mortgage or pledge any property to or with the Indenture Trustee;

(v)

to cure any ambiguity, to correct or supplement any provision herein or in any supplemental indenture which may be inconsistent with any other provision herein or in any supplemental indenture or to make any other provisions with respect to matters or questions arising under this Indenture or in any supplemental indenture; provided that such action shall not materially adversely affect the interests of the Holders of the Notes;

(vi)

to evidence and provide for the acceptance of the appointment hereunder by a successor trustee with respect to the Notes and to add to or change any of the provisions of this Indenture as shall be necessary to facilitate the administration of the trusts hereunder by more than one trustee, pursuant to the requirements of Article VI; or

(vii)

to modify, eliminate or add to the provisions of this Indenture to such extent as shall be necessary to effect the qualification of this Indenture under the TIA or under any similar Federal statute hereafter enacted and to add to this Indenture such other provisions as may be expressly required by the TIA;

The Indenture Trustee is hereby authorized to join in the execution of any such supplemental indenture and to make any further appropriate agreements and stipulations that may be therein contained.

(b)

The Issuer, the Indenture Trustee and the Eligible Lender Trustee, when authorized by an Issuer Order, may, also without the consent of any of the Holders of the Notes but with prior notice to the Rating Agencies, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any manner the rights of the Holders of the Notes under this Indenture; provided, however, that such action shall not, as evidenced by an Opinion of Counsel, adversely affect in any material respect the interests of any Holder of the Notes.

SECTION 9.02.  Supplemental Indentures with Consent of Noteholders.  The Issuer, the Indenture Trustee and the Eligible Lender Trustee, when authorized by an Issuer Order, also may, with prior notice to the Rating Agencies, and with the consent of: (x) the Group I Controlling Parties holding a majority of the Outstanding Amount of the related Classes of Group I Notes, (unless any such proposed amendment does not affect the Group I Student Loans or the Group I Notes as evidenced by an Opinion of Counsel of the Depositor regarding the lack of changes to any legal rights and remedies of the Group I Noteholders, and a confirmation from each Rating Agency that such amendment will not result in the downgrading of the then current ratings of any of the Group I Notes), and (y) the Group II Controlling Parties holding a majority of the Outstanding Amount of the related Classes of Group II Notes (unless any such proposed amendment does not affect the Group II Student Loans or the Group II Notes as evidenced by an Opinion of Counsel of the Depositor regarding the lack of changes to any legal rights and remedies of the Group II Noteholders, and a confirmation from each Rating Agency that such amendment will not result in the downgrading of the then current ratings of any of the Group II Notes), may enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to, or changing in any manner or eliminating any of the provisions of, this Indenture or of modifying in any manner the rights of the Holders of the Group I or Group II Notes, as applicable, under this Indenture; provided, however, that no such supplemental indenture shall, without the consent of the holder of each Outstanding Note affected thereby:

(i)

change the date of payment of any installment of principal of or interest on any Class of Notes, or reduce the principal amount thereof, the interest rate thereon or the Redemption Price with respect thereto, change the provisions of this Indenture relating to the application of collections on, or the proceeds of the sale of, the Indenture Trust Estate to payment of principal of or interest on the applicable Notes, or change any place of payment where, or the coin or currency in which, any Note or the interest thereon is payable, or impair the right to institute suit for the enforcement of the provisions of this Indenture requiring the application of funds available therefor, as provided in Article V, to the payment of any such amount due on the Notes on or after the respective due dates thereof (or, in the case of redemption, on or after the Redemption Date);

(ii)

reduce the percentage of the Outstanding Amount of the related Group of Notes, the consent of the Holders of the related Group of Notes of which is required for any such supplemental indenture, or the consent of the Holders of the related Group of Notes of which is required for any waiver of compliance with certain provisions of this Indenture or certain defaults hereunder and their consequences provided for in this Indenture;

(iii)

modify or alter the provisions of the proviso to the definition of the term “Outstanding”;

(iv)

reduce the percentage of the Outstanding Amount of the related Group of Notes required to direct the Indenture Trustee to direct the Issuer to sell or liquidate the Indenture Trust Estate pursuant to Section 5.04;

(v)

modify any provision of this Section except to increase any percentage specified herein or to provide that certain additional provisions of this Indenture or the other Basic Documents cannot be modified or waived without the consent of the holder of each Outstanding Note affected thereby;

(vi)

modify any of the provisions of this Indenture in such manner as to affect the calculation of the amount of any payment of interest or principal due on any applicable Note on any Distribution Date (including the calculation of any of the individual components of such calculation) or to affect the rights of the Holders of the Notes to the benefit of any provisions for the mandatory redemption of the Notes contained herein;

(vii)

permit the creation of any lien ranking prior to or on a parity with the lien of this Indenture with respect to any part of the Indenture Trust Estate or, except as otherwise permitted or contemplated herein, terminate the lien of this Indenture on any property at any time subject hereto or deprive any holder of any Note of the security provided by the lien of this Indenture; or

(viii)

or change the definition of Group I Controlling Noteholders, Group II Controlling Noteholders, Group I Controlling Parties or Group II Controlling Parties, as the case may be.

Notwithstanding anything to the contrary contained in this Indenture, such rights of consent granted to the Holders of the Notes contained in clauses (i) through (viii) of this proviso shall not be exercisable by the Group I Controlling Noteholders on behalf of all of the Group I Noteholders or by the Group II Controlling Noteholders on behalf of all of the Group II Noteholders.

It shall not be necessary for any Act of Holders of the Notes under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof.

Promptly after the execution by the Issuer and the Indenture Trustee of any supplemental indenture pursuant to this Section, the Indenture Trustee shall mail to the Note Registrar (if it is not also the Indenture Trustee), the Eligible Lender Trustee and to the Holders of the related group of Notes to which such amendment or supplemental indenture relates a notice prepared by the Issuer setting forth in general terms the substance of such supplemental indenture.  Any failure of the Indenture Trustee to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such supplemental indenture.

SECTION 9.03.  Execution of Supplemental Indentures.  In executing, or permitting the additional trusts created by, any supplemental indenture permitted by this Article IX or the modifications thereby of the trusts created by this Indenture, the Indenture Trustee and the Eligible Lender Trustee shall be entitled to receive, and subject to Sections 6.01 and 6.02, shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture.  The Indenture Trustee and the Eligible Lender Trustee may, but shall not be obligated to, enter into any such supplemental indenture that affects the Indenture Trustee and the Eligible Lender Trustee’s own rights, duties, liabilities or immunities under this Indenture or otherwise.  It shall not be a requirement of any supplemental indenture that such supplemental indenture be executed by, or that the Issuer receive the consent of, the Paying Agent and the Note Registrar; provided, however, that no supplemental indenture materially affecting the Paying Agent’s or the Note Registrar’s rights, duties, liabilities or immunities under this Indenture or otherwise shall be effective unless it is signed by the Paying Agent or the Note Registrar, as applicable.

SECTION 9.04.  Effect of Supplemental Indenture.  Upon the execution of any supplemental indenture pursuant to the provisions hereof, this Indenture shall be and be deemed to be modified and amended in accordance therewith with respect to the related group or groups of Notes affected thereby, and the respective rights, limitations of rights, obligations, duties, liabilities and immunities under this Indenture of the Indenture Trustee, the Eligible Lender Trustee, the Issuer, the Paying Agent, the Note Registrar and the Holders of the Group I or Group II Notes, as applicable, shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes.

SECTION 9.05.  Conformity with Trust Indenture Act.  Every amendment of this Indenture and every supplemental indenture executed pursuant to this Article IX shall conform to the requirements of the Trust Indenture Act as then in effect so long as this Indenture shall then be qualified under the Trust Indenture Act.

SECTION 9.06.  Reference in Notes to Supplemental Indentures.  Notes authenticated and delivered after the execution of any supplemental indenture pursuant to this Article IX may, and if required by the Indenture Trustee shall, bear a notation in form approved by the Indenture Trustee as to any matter provided for in such supplemental indenture.  If the Issuer or the Indenture Trustee shall so determine, new Notes so modified as to conform, in the opinion of the Indenture Trustee and the Issuer, to any such supplemental indenture may be prepared and executed by the Issuer and authenticated and delivered by the Indenture Trustee in exchange for Outstanding Notes.

ARTICLE X

Redemption of Notes

SECTION 10.01.  Redemption.  In the event that all or some of the assets of the Trust are sold pursuant to Section 9.01 of the Sale and Servicing Agreement, that portion of the amounts on deposit in the Trust Accounts to be distributed to the Holders of the Group I or Group II Notes, as applicable shall be paid to the Holders of the Group I or Group II Notes, respectively, up to the Outstanding Amount of the Group I or Group II Notes, as the case may be, and all accrued and unpaid interest thereon with respect to each Class of Notes.  If amounts are to be paid to Holders of the Group I or Group II Notes, as the case may be, pursuant to this Section 10.01, the Master Servicer, the Administrator or the Issuer shall, to the extent practicable, furnish notice of such event to the Indenture Trustee not later than 35 days prior to the Redemption Date whereupon all such amounts shall be payable on the Redemption Date.

SECTION 10.02.  Form of Redemption Notice.  Notice of redemption under Section 10.01 shall be given by the Indenture Trustee by first-class mail, postage prepaid, or by facsimile, mailed or transmitted on or prior to the applicable Redemption Date to each holder of the applicable Class or Classes of Notes (with a copy to the Note Registrar, the Eligible Lender Trustee and the Paying Agent), no later than 30 days prior to the applicable Redemption Date, at such applicable Noteholder’s address or facsimile number appearing in the Note Register.

All notices of redemption shall state:

(i)

the Redemption Date;

(ii)

the Redemption Price; and

(iii)

the place where such Notes are to be surrendered for payment of the Redemption Price (which shall be the office or agency of the Issuer to be maintained as provided in Section 3.02).

Notice of redemption of the Group I or Group II Notes, as applicable, shall be given by the Indenture Trustee in the name and at the expense of the Issuer.  Failure to give notice of redemption, or any defect therein, to any holder of any Group I or Group II Note, as the case may be, shall not impair or affect the validity of the redemption of any other Group I or Group II Note, as the case may be.

SECTION 10.03.  Notes Payable on Redemption Date.  The Group I or Group II Notes, as the case may be, or portions thereof to be redeemed shall on the Redemption Date become due and payable at the Redemption Price and (unless the Issuer shall default in the payment of the Redemption Price) no interest shall accrue on the Redemption Price for any period after the date to which accrued interest is calculated for purposes of calculating the Redemption Price.

ARTICLE XI

Miscellaneous

SECTION 11.01.  Compliance Certificates and Opinions, etc.  (a)  Upon any application or request by the Issuer to the Indenture Trustee to take any action under any provision of this Indenture, the Issuer shall furnish to the Indenture Trustee (i) an Officers’ Certificate of the Issuer stating that all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with, (ii) an Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if any, have been complied with and (iii) (if required by the TIA unless no Notes remain outstanding) an Independent Certificate from a firm of certified public accountants meeting the applicable requirements of this Section, except that, in the case of any such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture, no additional certificate or opinion need be furnished.

Every certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include:

(i)

a statement that each signatory of such certificate or opinion has read or has caused to be read such covenant or condition and the definitions herein relating thereto;

(ii)

a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based;

(iii)

a statement that, in the opinion of each such signatory, such signatory has made such examination or investigation as is necessary to enable such signatory to express an informed opinion as to whether or not such covenant or condition has been complied with; and

(iv)

a statement as to whether, in the opinion of each such signatory, such condition or covenant has been complied with.

(b)

 (i)  Prior to the deposit of any Collateral or other property or securities with the Indenture Trustee that is to be made the basis for the release of any property or securities subject to the lien of this Indenture, the Issuer shall, in addition to any obligation imposed in Section 11.01(a) or elsewhere in this Indenture, furnish to the Indenture Trustee an Officers’ Certificate of the Issuer certifying or stating the opinion of each person signing such certificate as to the fair value (within 90 days of such deposit) to the Issuer of the Collateral or other property or securities to be so deposited.

(ii)

Whenever the Issuer is required to furnish to the Indenture Trustee an Officers’ Certificate of the Issuer certifying or stating the opinion of any signer thereof as to the matters described in clause (i) above, the Issuer shall also deliver to the Indenture Trustee an Independent Certificate as to the same matters, if the fair value to the Issuer of the securities to be so deposited and of all other such securities made the basis of any such withdrawal or release since the commencement of the then-current fiscal year of the Issuer, as set forth in the certificates delivered pursuant to clause (i) above and this clause (ii), is 10% or more of the Outstanding Amount of the Group I or Group II Notes, as applicable, but such a certificate need not be furnished with respect to any securities so deposited, if the fair value thereof to the Issuer as set forth in the related Officers’ Certificate is less than $25,000 or less than one percent of the Outstanding Amount of the Group I or Group II Notes, as applicable.

(iii)

Other than any property released as contemplated by clause (v) below, whenever any property or securities are to be released from the lien of this Indenture, the Issuer shall also furnish to the Indenture Trustee an Officers’ Certificate of the Issuer certifying or stating the opinion of each person signing such certificate as to the fair value (within 90 days of such release) of the property or securities proposed to be released and stating that in the opinion of such person the proposed release will not impair the security under this Indenture in contravention of the provisions hereof.

(iv)

Whenever the Issuer is required to furnish to the Indenture Trustee an Officers’ Certificate of the Issuer certifying unless no Notes remain outstanding or stating the opinion of any signer thereof as to the matters described in clause (iii) above, unless no Notes then remain outstanding, the Issuer shall also furnish to the Indenture Trustee an Independent Certificate as to the same matters if the fair value of the property or securities and of all other property, other than property as contemplated by clause (v) below, or securities released from the lien of this Indenture since the commencement of the then-current calendar year, as set forth in the certificates required by clause (iii) above and this clause (iv), equals 10% or more of the Outstanding Amount of the Group I or Group II Notes, as applicable, but such certificate need not be furnished in the case of any release of property or securities if the fair value thereof as set forth in the related Officers’ Certificate is less than $25,000 or less than one percent of the then Outstanding Amount of the Group I or Group II Notes, as applicable.

(v)

Notwithstanding Section 2.09 or any other provision of this Section, the Issuer may, without compliance with the requirements of the other provisions of this Section, (A) collect, liquidate, sell or otherwise dispose of Group I or Group II Student Loans, as the case may be, as and to the extent permitted or required by the Basic Documents, (B) make cash payments out of the Trust Accounts as and to the extent permitted or required by the Basic Documents and (C) convey to the Depositor, in order to allow the applicable Seller to make Consolidation Loans, those specified Financed Student Loans as and to the extent permitted or required by and in accordance with Section 2.03 of the Sale and Servicing Agreement, so long as the Issuer shall deliver to the Indenture Trustee every six months, commencing no later than March 15, 2007, an Officers’ Certificate of the Issuer stating that all the dispositions of Collateral described in clauses (A), (B) or (C) above that occurred during the immediately preceding six calendar months were in the ordinary course of the Issuer’s business and that the proceeds thereof were applied in accordance with the Basic Documents.

SECTION 11.02.  Form of Documents Delivered to Indenture Trustee.  In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents.

Any certificate or opinion of an Authorized Officer of the Issuer may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which his certificate or opinion is based are erroneous.  Any such certificate of an Authorized Officer or Opinion of Counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Master Servicer, the Depositor, the Issuer or the Administrator, stating that the information with respect to such factual matters is in the possession of the Master Servicer, the Depositor, the Issuer or the Administrator, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous.

Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument.

Whenever in this Indenture, in connection with any application or certificate or report to the Indenture Trustee, it is provided that the Issuer shall deliver any document as a condition of the granting of such application, or as evidence of the Issuer’s compliance with any term hereof, it is intended that the truth and accuracy, at the time of the granting of such application or at the effective date of such certificate or report (as the case may be), of the facts and opinions stated in such document shall in such case be conditions precedent to the right of the Issuer to have such application granted or to the sufficiency of such certificate or report.  The foregoing shall not, however, be construed to affect the Indenture Trustee’s right to rely upon the truth and accuracy of any statement or opinion contained in any such document as provided in Article VI.

SECTION 11.03.  Acts of Noteholders.  (a)  Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Holders of the Group I or Group II Notes, as applicable, may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders of the Group I or Group II Notes, as applicable, in person or by agents duly appointed in writing; and except as herein otherwise expressly provided such action shall become effective when such instrument or instruments are delivered to the Indenture Trustee, and, where it is hereby expressly required, to the Issuer.  Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders of the Group I or Group II Notes, as applicable, signing such instrument or instruments.  Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 6.01) conclusive in favor of the Indenture Trustee and the Issuer, if made in the manner provided in this Section.

(b)

The fact and date of the execution by any person of any such instrument or writing may be proved in any manner that the Indenture Trustee deems sufficient.

(c)

The ownership of Group I or Group II Notes, as applicable, shall be proved by the Note Register.

(d)

Any request, demand, authorization, direction, notice, consent, waiver or other action by the holder of any Group I or Group II Notes, as applicable, shall bind the holder of every Group I or Group II Note, respectively, issued upon the registration thereof or in exchange therefor or in lieu thereof, in respect of anything done, omitted or suffered to be done by the Indenture Trustee or the Issuer in reliance thereon, whether or not notation of such action is made upon such Group I or Group II Note, as applicable.

SECTION 11.04.  Notices, etc., to Indenture Trustee, Issuer, Paying Agent, Note Registrar and Rating Agencies.  Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders of Group I or Group II Notes, as applicable, or other documents provided or permitted by this Indenture shall be in writing and if such request, demand, authorization, direction, notice, consent, waiver or act of Holders of Group I or Group II Notes, as applicable, is to be made upon, given or furnished to or filed with:

(a)

the Indenture Trustee by any holder of Group I or Group II Notes, as applicable, or by the Issuer, the Note Registrar or the Paying Agent shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing to or with the Deutsche Bank Trust Company Americas, c/o Deutsche Bank National Trust Company, Global Transaction Banking Trust & Securities Services, at 25 DeForest Avenue MS: 010105, Summit, New Jersey 07901,

(b)

the Issuer by the Indenture Trustee, the Paying Agent and the Note Registrar or by any holder of Group I or Group II Notes, as applicable, shall be sufficient for every purpose hereunder if in writing and mailed, first-class, postage prepaid, to the Issuer addressed to:  KeyCorp Student Loan Trust 2006-A, in care of The Bank of New York (Delaware), White Clay Center, Route 273, Newark, DE 19711, Attention:  Kristine Gullo, Facsimile: (302) 453-4400; with a copy to the Administrator, 4910 Tiedeman Rd., 6th Floor, Brooklyn, Ohio 44144, Attention: KeyCorp Education Resources, KeyCorp Student Loan Trust 2006-A, Telephone: (216) 813-7738, Facsimile: (216) 813-8840, E-mail: student_loans_investor_rptg@keybank.com, or at any other address previously furnished in writing to the Indenture Trustee by the Issuer or the Administrator.  The Issuer shall promptly transmit any notice received by it from the Holders of the Notes to the Indenture Trustee, or

(c)

the Eligible Lender Trustee by the Indenture Trustee, the Issuer or by any holder of Group I or Group II Notes, as applicable, shall be sufficient for every purpose hereunder if in writing and mailed, first-class, postage prepaid, to the Paying Agent and the Note Registrar addressed to:  JPMorgan Chase Bank, National Association, 4 New York Plaza, New York, New York 10004, Attention: Worldwide Securities Services, Structured Finance/KeyCorp Student Loan Trust 2006-A, c/o The Bank of New York Trust Company, N.A., 10161 Centurion Parkway, Jacksonville, Florida 32256, Attention: Clay Cardozo, Vice President, Phone: (904) 998-4718, Facsimile: (904) 645-1931, E-mail: wcardozo@bankofny.com, or at any other address previously furnished in writing to the Indenture Trustee and the Issuer by the Paying Agent or the Note Registrar, as applicable.  The Issuer shall promptly transmit any notice received by it from the Holders of the Notes to the Note Registrar and the Paying Agent.

Notices required to be given to the Rating Agencies by the Issuer, the Indenture Trustee or the Eligible Lender Trustee shall be in writing, personally delivered or mailed by certified mail, return receipt requested, to (i) in the case of Moody’s, at the following address: Moody’s Investors Service, Inc., ABS Monitoring Department, 99 Church Street, New York, New York 10007; (ii) in the case of Standard & Poor’s, at the following address: Standard & Poor’s Rating Services, 55 Water Street, New York, New York 10041, Attention of Asset Backed Surveillance Department; and (iii) in the case of Fitch, at the following address:  Fitch Ratings, One State Street Plaza, New York, New York 10004, Attention: Structured Finance Group; or as to each of the foregoing, at such other address as shall be designated by written notice to the other parties.

SECTION 11.05.  Notices to Noteholders; Waiver.  Where this Indenture provides for notice to Holders of Group I or Group II Notes, as applicable, of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and mailed, first-class, postage prepaid to each holder of Group I or Group II Notes, as applicable, affected by such event, at his address as it appears on the Note Register, not later than the latest date, and not earlier than the earliest date, prescribed for the giving of such notice.  In any case where notice to Holders of the Notes is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular holder of Group I or Group II Notes, as applicable, shall affect the sufficiency of such notice with respect to other Holders of Group I or Group II Notes, as applicable, and any notice that is mailed in the manner herein provided shall conclusively be presumed to have been duly given.

Where this Indenture provides for notice in any manner, such notice may be waived in writing by any Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice.  Waivers of notice by Holders of the Group I or Group II Notes, as applicable, shall be filed with the Indenture Trustee but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such a waiver.

In case, by reason of the suspension of regular mail service as a result of a strike, work stoppage or similar activity, it shall be impractical to mail notice of any event to Holders of the Group I or Group II Notes, as applicable, when such notice is required to be given pursuant to any provision of this Indenture, then any manner of giving such notice as shall be satisfactory to the Indenture Trustee shall be deemed to be a sufficient giving of such notice.

Where this Indenture provides for notice to the Rating Agencies, failure to give such notice shall not affect any other rights or obligations created hereunder, and shall not under any circumstance constitute a Default.

SECTION 11.06.  Alternate Payment and Notice Provisions.  Notwithstanding any provision of this Indenture or any of the Group I or Group II Notes, as applicable, to the contrary, the Issuer may enter into any agreement with any holder of the Group I or Group II Notes, as applicable, providing for a method of payment, or notice by the Indenture Trustee or the Paying Agent to such holder of the Group I or Group II Notes, as applicable, that is different from the methods provided for in this Indenture for such payments or notices.  The Issuer will furnish to the Indenture Trustee and the Paying Agent a copy of each such agreement and the Indenture Trustee and the Paying Agent will cause payments to be made and notices to be given in accordance with such agreements.

SECTION 11.07.  Conflict with Trust Indenture Act.  If any provision hereof limits, qualifies or conflicts with another provision hereof that is required to be included in this Indenture by any of the provisions of the Trust Indenture Act, such required provision shall control.

The provisions of TIA §§ 310 through 317 that impose duties on any Person (including the provisions automatically deemed included herein unless expressly excluded by this Indenture) are a part of and govern this Indenture, whether or not physically contained herein.

SECTION 11.08.  Effect of Headings and Table of Contents.  The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof.

SECTION 11.09.  Successors and Assigns.  All covenants and agreements in this Indenture and the Notes by the Issuer shall bind its successors and assigns, whether so expressed or not.  All agreements of the Indenture Trustee in this Indenture shall bind the successors, co-trustees and agents (excluding any legal representatives or accountants) of the Indenture Trustee.

SECTION 11.10.  Separability.  In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

SECTION 11.11.  Benefits of Indenture.  Nothing in this Indenture or in the Notes, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder, and the Holders of the Notes, and any other party secured hereunder, and any other Person with an ownership interest in any part of the Indenture Trust Estate, any benefit or any legal or equitable right, remedy or claim under this Indenture.

SECTION 11.12.  Legal Holidays.  In any case where the date on which any payment is due shall not be a Business Day, then (notwithstanding any other provision of the Notes or this Indenture) payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the date on which nominally due, and no interest shall accrue for the period from and after any such nominal date.

SECTION 11.13.  Governing Law.  THIS INDENTURE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

SECTION 11.14.  Counterparts.  This Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument.

SECTION 11.15.  Recording of Indenture.  If this Indenture is subject to recording in any appropriate public recording offices, such recording is to be effected by the Issuer and at its expense accompanied by an Opinion of Counsel (which may be counsel to the Indenture Trustee or any other counsel reasonably acceptable to the Indenture Trustee) to the effect that such recording is necessary either for the protection of the Holders of the Group I or Group II Notes, as the case may be, or any other Person secured hereunder or for the enforcement of any right or remedy granted to the Indenture Trustee under this Indenture.

SECTION 11.16.  Trust Obligations.  No recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Depositor, the Administrator, the Master Servicer, the Eligible Lender Trustee, the Indenture Trustee, the Paying Agent or the Note Registrar on the Notes or under this Indenture or any certificate or other writing delivered in connection herewith or therewith, against (i) the Depositor, the Administrator, the Master Servicer, the Indenture Trustee, the Paying Agent, the Note Registrar, the Owner Trustee or the Eligible Lender Trustee in its individual capacity or (ii) any partner, owner, beneficiary, agent, officer, director, employee or agent of the Depositor, the Administrator, the Master Servicer, the Indenture Trustee, the Paying Agent, the Note Registrar, the Owner Trustee or the Eligible Lender Trustee in its individual capacity, any holder or owner of a beneficial interest in the Issuer, the Owner Trustee, the Eligible Lender Trustee, the Indenture Trustee, the Paying Agent or the Note Registrar or of any successor or assign of the Depositor, the Administrator, the Master Servicer, the Indenture Trustee, the Paying Agent, the Note Registrar, the Owner Trustee or the Eligible Lender Trustee in its individual capacity, except as any such Person may have expressly agreed (it being understood that the Indenture Trustee, the Paying Agent, the Note Registrar, the Owner Trustee and the Eligible Lender Trustee have no such obligations in their individual capacity) and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity.  For all purposes of this Indenture, in the performance of any duties or obligations of the Issuer hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Article VI, VII and VIII of the Trust Agreement.

SECTION 11.17.  No Petition.  The Indenture Trustee, the Paying Agent and the Note Registrar by entering into this Indenture, and each holder of each Class of the Notes, by accepting a Note, hereby covenant and agree that they will not at any time institute against a Seller, the Depositor or the Issuer, or join in any institution against a Seller, the Depositor or the Issuer of, any bankruptcy, reorganization, arrangement, insolvency, receivership or liquidation proceedings, or other proceedings under any United States Federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, this Indenture or any of the other Basic Documents.

SECTION 11.18.  Inspection.  The Issuer agrees that, on reasonable prior notice, it will permit any representative of the Indenture Trustee, during the Issuer’s normal business hours, to examine all the books of account, records, reports, and other papers of the Issuer, to make copies and extracts therefrom, to cause such books to be audited by Independent certified public accountants, and to discuss the Issuer’s affairs, finances and accounts with the Issuer’s officers, employees, and Independent certified public accountants, all at such reasonable times and as often as may be reasonably requested.  The Indenture Trustee shall and shall cause its representatives to hold in confidence all such information obtained from such examination or inspection except to the extent disclosure may be required by law (and all reasonable applications for confidential treatment are unavailing) and except to the extent that the Indenture Trustee may reasonably determine that such disclosure is consistent with its obligations hereunder.

SECTION 11.19.  Third-Party Beneficiaries.  This Indenture will inure to the benefit of and be binding upon the parties hereto, the Noteholders, the Note Owners and their respective successors and permitted assigns.  Except as otherwise provided in this Indenture, no other person will have any right or obligation hereunder.

ARTICLE XII

Compliance with Regulation AB

SECTION 12.01.  Intent of the Parties; Reasonableness.  The Issuer, the Eligible Lender Trustee, the Indenture Trustee, the Paying Agent and the Note Registrar acknowledge and agree that the purpose of Article XII of this Agreement is to facilitate compliance by the Issuer with the provisions of Regulation AB and related rules and regulations of the Commission.  

(a)

The Eligible Lender Trustee and the Issuer, shall not exercise their respective rights to request delivery of information or other performance under these provisions other than in good faith, or for purposes other than compliance with the Securities Act, the Exchange Act and the rules and regulations of the Commission thereunder (or the provision in a private offering of disclosure comparable to that required under the Securities Act).  The Indenture Trustee acknowledges that interpretations of the requirements of Regulation AB may change over time, whether due to interpretive guidance provided by the Commission or its staff, consensus among participants in the asset-backed securities markets, advice of counsel, or otherwise, and agrees to comply with requests made by the Administrator, on behalf of the Issuer, in good faith for delivery of information under these provisions on the basis of evolving interpretations of Regulation AB.  The Indenture Trustee shall cooperate with the Issuer and the Administrator in connection with the satisfaction of the Issuer’s reporting requirements under the Exchange Act with respect to the Issuer.  The Indenture Trustee shall provide the Issuer and the Administrator with (a) such information which is available to the Indenture Trustee without unreasonable effort or expense within such timeframe as may be reasonably requested by the Issuer or the Administrator on the Issuer’s behalf, in order to comply with the Issuer’s reporting obligations under the Exchange Act and (b) to the extent the Indenture Trustee is a party (and the Issuer is not a party) to any agreement or amendment required to be filed, copies of such agreement or amendment in EDGAR-compatible form.

(b)

If so requested by the Administrator, acting on behalf of the Issuer, for the purpose of satisfying its reporting obligation under the Exchange Act with respect to any class of Notes, the Eligible Lender Trustee and the Indenture Trustee shall (i) notify the Issuer and the Administrator in writing of any material litigation or governmental proceedings pending against the Eligible Lender Trustee and the Indenture Trustee, (ii) provide to the Issuer a description of such proceedings, and (iii) notify the Issuer and the Administrator in writing if the Eligible Lender Trustee or the Indenture Trustee shall become and affiliate of any of the Subservicer, the Master Servicer or the Owner Trustee.

(c)

As a condition to the succession to the Eligible Lender Trustee or the Indenture Trustee by any Person (i) into which the Eligible Lender Trustee or the Indenture Trustee may be merged or consolidated, or (ii) which may be appointed as a successor to the Eligible Lender Trustee or the Indenture Trustee, the Eligible Lender Trustee and the Indenture Trustee, as applicable, shall provide to the Issuer and the Administrator, at least 10 Business Days prior to the effective date of such succession or appointment, (x) written notice to the Issuer of such succession or appointment and (y) in writing and in form and substance reasonably satisfactory to the Administrator, acting on behalf of the Issuer, all information reasonably requested by the Administrator, acting on behalf of the Issuer, in order to comply with its reporting obligation under Item 6.02 of Form 8-K with respect to any class of Notes.

[SIGNATURES COMMENCE ON THE FOLLOWING PAGE]

IN WITNESS WHEREOF, the Issuer, the Indenture Trustee, the Eligible Lender Trustee and the Paying Agent and Note Registrar have caused this Indenture to be duly executed by their respective officers, thereunto duly authorized and duly attested, all as of the day and year first above written.  

	KEYCORP STUDENT LOAN TRUST 2006-A,

	By:

THE BANK OF NEW YORK (DELAWARE), not in its individual capacity but solely as Owner Trustee

	By:

/s/ Vincent E. Sampson

	Name:  Vincent E. Sampson

	Title:    President

	DEUTSCHE BANK TRUST COMPANY AMERICAS, 

not in its individual capacity 

but solely as Indenture Trustee

	By:

/s/ Jenna Kaufman

	Name:  Jenna Kaufman 

	Title:    Vice President

	 

	By:

/s/ Irene Siegel

	Name:  Irene Siegel 

	Title:    Vice President

	Acknowledged, accepted, and with

respect to the Granting Clause, agreed to,

as of the day and year 

first above written:

	JPMORGAN CHASE BANK, NATIONAL ASSOCIATION,

	not in its individual capacity but solely as

	Eligible Lender Trustee

	 
	By:

/s/ William Cardozo

	The Bank of New York Trust Company, N.A., as attorney-in-fact

	Name:  William Cardozo

	Title:    Vice President

	DEUTSCHE BANK TRUST COMPANY AMERICAS

as Paying Agent and Note Registrar

	By:

/s/ Jenna Kaufman

	Name:  Jenna Kaufman 

	Title:    Vice President

	 
	By:

/s/ Irene Siegel

	Name:  Irene Siegel 

	Title:    Vice President

APPENDIX A

[See Appendix A to the Sale and Servicing Agreement]

EXHIBIT A-1

TO THE INDENTURE

[FORM OF CLASS I-A-1 NOTES]

SEE REVERSE FOR CERTAIN DEFINITIONS

Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Issuer (as defined below) or its agent for registration of transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.

THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH IN THE INDENTURE AND THE SALE AND SERVICING AGREEMENT.  ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.  THIS NOTE IS NOT GUARANTEED OR INSURED BY ANY GOVERNMENTAL AGENCY.

REGISTERED:  $84,000,000 1/

CUSIP NO. 49327H AA 3

No. I-A-1-1

KEYCORP STUDENT LOAN TRUST 2006-A

FLOATING RATE CLASS I-A-1 ASSET BACKED NOTES

KeyCorp Student Loan Trust 2006-A, a trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of $84,000,000 DOLLARS no later than on the September 25, 2020 Distribution Date (the “Final Maturity Date”).

The Issuer will pay interest on this Class I-A-1 Note (this “Note”) at the rate per annum equal to the Note Interest Rate (as defined on the reverse hereof) for this Note, on each Distribution Date until the principal of this Note is paid or made available for payment, on the principal amount of this Note outstanding on the preceding Distribution Date (after giving effect to all payments of principal made on the preceding Distribution Date), subject to certain limitations contained in Section 3.01 of the Indenture.  Interest on this Note will accrue for each Distribution Date from the most recent Distribution Date on which interest has been paid to but excluding such Distribution Date or, if no interest has yet been paid, from the Closing Date).  Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof.

1/

Denominations of $100,000 and integral multiples of $1,000 in excess thereof.

The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts.  All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note.

Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note.

Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed, manually or in facsimile, as of the date set forth below.

	KEYCORP STUDENT LOAN TRUST 2006-A

	By:

The Bank of New York (Delaware), not in its individual capacity but solely as Owner Trustee under the Trust Agreement

	By:  _____________________________

	Authorized Officer

Date: December 7, 2006

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

This is one of the Notes designated above and referred to in the within-mentioned Indenture.

	Deutsche Bank Trust Company Americas, not in its individual capacity but solely as Indenture Trustee

	By:  ________________________________

	Authorized Officer

Date: December 7, 2006

[REVERSE OF NOTE]

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Floating Rate Class I-A-1 Asset Backed Notes (herein also called the “Class I-A-1 Notes”), all issued under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the holders of the Notes.  The Class I-A-1 Notes are subject to all terms of the Indenture.  To the extent that any provisions of this Note contradicts or is inconsistent with the provisions of the Indenture, the provisions of the Indenture shall control and supersede such contradictory or inconsistent provision herein.  Capitalized but undefined terms shall have the meanings set forth in the Indenture dated as of December 1, 2006 between KeyCorp Student Loan Trust 2006-A and Deutsche Bank Trust Company Americas, as Indenture Trustee, Paying Agent and Note Registrar, including Appendix A to the Indenture.

The Class I-A-1 Notes and the Issuer’s Floating Rate Class I-A-2 Asset Backed Notes (the “Class I-A-2 Notes” and together with the Class I-A-1 Notes, the “Group I Class A Notes”) are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture.  The rights of the Issuer’s Floating Rate Class I-B Asset Backed Notes (the “Class I-B Notes” and together with the Group I Class A Notes, the “Group I Notes”) are and will be subordinated to the rights of the Group I Class A Notes as provided in the Indenture.  At the same time, the Issuer will also issue its Class II-A-1 Notes, Class II-A-2 Notes, Class II-A-3 Notes, Class II-A-4 Notes, Class II-B Notes and Class II-C Notes (the “Group II Notes” and together with the Group I Notes, the “Notes”) that will also be secured by other items of collateral constituting the Trust Estate.

Principal of the Group I Notes will be payable on each Distribution Date to the extent funds are available therefor set forth in the Sale and Servicing Agreement and the Indenture. “Distribution Date” means the twenty-seventh day of each March, June, September and December, or, if any such date is not a Business Day, the next succeeding Business Day, commencing March 27, 2007.

As described on the face hereof, the entire unpaid principal amount of this Note shall be due and payable on its Final Maturity Date.  Notwithstanding the foregoing, the entire unpaid principal amount of the Group I Notes shall be due and payable on the date on which (i) an Event of Default with respect to the Group I Notes shall have occurred and be continuing and (ii) the Indenture Trustee at the written direction of the Group I Controlling Parties holding a majority of the Outstanding Amount of the related Classes of Group I Notes shall have declared the Group I Notes to be immediately due and payable in the manner provided in Section 5.02 of the Indenture.  All principal payments on the Group I Notes of the same Class shall be made pro rata to the holders of such Group I Notes entitled thereto.

Interest on the Group I Notes will be payable on each Distribution Date on the principal amount outstanding of each Class of Group I Notes until the principal amount thereof is paid in full, at a rate per annum equal to the Note Interest Rate for such Class of Group I Notes.

The “Note Interest Rate” means, with respect to any Interest Period and the Class I-A-1 Notes, the interest rate per annum (computed on the basis of the actual number of days elapsed in the related Interest Period divided by 360) equal to Three-Month LIBOR plus 0.00%.

Pursuant to the Sale and Servicing Agreement, the Administrator shall determine the Three-Month LIBOR for purposes of calculating the Note Interest Rates for each given Interest Period.  “Three-Month LIBOR” means the London interbank offered rate for deposits in U.S. dollars having a maturity of three months commencing on the related LIBOR Determination Date (the “Index Maturity”) which appears on Telerate Page 3750 (or such comparable page on another comparable service), as of 11:00 a.m., London time, on such LIBOR Determination Date.  If such rate does not appear on Telerate Page 3750 (or such comparable page on another comparable service), the rate for that day will be determined on the basis of the rates at which deposits in U.S. dollars, having the Index Maturity and in a principal amount of not less than U.S. $1,000,000, are offered at approximately 11:00 a.m., London time, on such LIBOR Determination Date to prime banks in the London interbank market by the Reference Banks.  The Administrator will request the principal London office of each of such Reference Banks to provide a quotation of its rate.  If at least two such quotations are provided, the rate for that day will be the arithmetic mean of the quotations.  If fewer than two quotations are provided, the rate for that day will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Administrator, at approximately 11:00 a.m., New York City time, on such LIBOR Determination Date for loans in the U.S. dollars to leading European banks having the Index Maturity and in a principal amount equal to an amount of not less than U.S. $1,000,000; provided that if the banks selected as aforesaid are not quoting as mentioned in this sentence, Three-Month LIBOR in effect for the applicable Interest Period will be Three-Month LIBOR in effect for the previous Interest Period.  For purposes of calculating Three-Month LIBOR, a Business Day is any day on which banks in London and New York City are open for the transaction of business.  Interest due for any Interest Period will be determined based on the actual number of days in such Interest Period over a 360 day year.

“Reference Bank” means a leading bank (i) engaged in transactions in Eurodollar deposits in the international Eurocurrency market, (ii) not controlling, controlled by or under common control with the Administrator and (iii) having an established place of business in London.

“LIBOR Determination Date” means, for each Interest Period, the second Business Day before the beginning of that Interest Period.  For purposes of this definition, a “Business Day” is any day on which banks in London and New York City are open for the transaction of business.

Any Noteholders’ Interest Carryover Shortfall with respect to the Group I Class A Notes that may exist on any Distribution Date attributable shall be payable to the holders of the Group I Class A Notes, on a pro rata basis based on the amount of Noteholders’ Interest Carryover Shortfall then owing on the Group I Class A Notes on that Distribution Date and any succeeding Distribution Dates solely out of the funds available and required to be applied thereto pursuant to the Sale and Servicing Agreement.

Payments of interest on this Note due and payable on each Distribution Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Note (or one or more Predecessor Notes) on the Note Register on the Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency, unless Definitive Notes have been issued (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee.  Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for notation of payment, and the mailing of such check shall constitute payment of the amount thereof regardless of whether such check is returned undelivered.  Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all future Noteholders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon.  If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a Distribution Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Noteholder hereof as of the Record Date preceding such Distribution Date by notice mailed no later than five days prior to such Distribution Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Indenture Trustee’s Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for such purposes located in the Borough of Manhattan, The City of New York.

The Issuer shall pay interest on overdue installments of interest at the Note Interest Rate for this Note to the extent lawful.

As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Noteholder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in Securities Transfer Agent’s Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP (all in accordance with the Exchange Act), and such other documents as the Indenture Trustee may require, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated transferee or transferees.  No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange.

Each holder of the Notes or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in the Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Depositor, the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (i) the Depositor, the Indenture Trustee or the Eligible Lender Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Depositor, the Indenture Trustee or the Eligible Lender Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Depositor, the Eligible Lender Trustee or the Indenture Trustee, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity.

Each transferee of a beneficial interest in the Notes will be deemed to have represented that either: (A) the transferee is not acquiring the Notes directly or indirectly for, or on behalf of, a Benefit Plan or any entity whose underlying assets are deemed to be plan assets of such Benefit Plan, or (B) the acquisition and holding of the Notes by the transferee qualifies for prohibited transaction exemptive relief under PTCE 95-60 (as modified by PTCE 2002-13), PTCE 96-23, PTCE 91-38 (as modified by PTCE 2002-13), PTCE 90-1, PTCE 84-14 (as modified by PTCE 2002-13), the non-fiduciary service provider statutory exemption under Section 408(b)(17) of ERISA and Section 4975(d)(20) of the code, or some other applicable exemption.

It is the intent of the Issuer, the Depositor, the Administrator, the Master Servicer, KeyBank National Association, the Noteholders and the Note Owners that, for purposes of Federal and State income tax and any other tax measured in whole or in part by income, this Note will qualify as indebtedness of the Certificateholder.  The Noteholders and the Note Owners, by acceptance of this Note, agree to treat, and to take no action inconsistent with the treatment of, this Note for such tax purposes as indebtedness of the Certificateholder.

Each holder of the Notes or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that by accepting the benefits of the Indenture that such holder of the Notes or Note Owner will not at any time institute against the Depositor or the Issuer, or join in any institution against the Depositor or the Issuer of, any bankruptcy, reorganization, arrangement, insolvency, receivership or liquidation proceedings or other proceedings under any United States Federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, the Indenture or the other Basic Documents.

Prior to the due presentment for registration of transfer of this Note, the Issuer, the Depositor, the Indenture Trustee, and any agent of the Issuer, the Depositor or the Indenture Trustee, may treat the Person in whose name this Group I Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes whether or not this Group I Note be overdue, and none of the Issuer, the Depositor, the Indenture Trustee, nor any such agent shall be affected by notice to the contrary.

The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture.

The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the holders of the Notes under the Indenture.

The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

THIS NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency, herein prescribed.

Anything herein to the contrary notwithstanding, except as expressly provided in the Basic Documents, none of The Bank of New York (Delaware), in its individual capacity, Deutsche Bank Trust Company Americas, in its individual capacity, the Depositor, any owner of a beneficial interest in the Issuer or the Depositor, nor any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in this Note or the Indenture; it being expressly understood that said covenants, obligations and indemnifications have been made by the Eligible Lender Trustee for the sole purposes of binding the interests of the Eligible Lender Trustee in the assets of the Issuer.  The holder of the Notes by the acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture, the holder of any Class of the Notes shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the Indenture Trust Estate for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note.

ASSIGNMENTS

Social Security or taxpayer I.D. or other identifying number of assignee

FOR VALUE RECEIVED, the undersigned hereby sells,

assigns and transfers unto _________________________________________

______________________________________________________________

(name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints ______________________, attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises.

Dated:  __________________

______________________________ */

Signature Guaranteed:

______________________________ */

_______________

*/

NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatever.  Such signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in STAMP or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

EXHIBIT A-2

TO THE INDENTURE

[FORM OF CLASS I-A-2 NOTE]

SEE REVERSE FOR CERTAIN DEFINITIONS

Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Issuer (as defined below) or its agent for registration of transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.

THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH IN THE INDENTURE AND THE SALE AND SERVICING AGREEMENT.  ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.  THIS NOTE IS NOT GUARANTEED OR INSURED BY ANY GOVERNMENTAL AGENCY.

REGISTERED:  $149,170,0001/

CUSIP NO. 49327H AB 1

No. I-A-2-1

KEYCORP STUDENT LOAN TRUST 2006-A

FLOATING RATE CLASS I-A-2 ASSET BACKED NOTES

KeyCorp Student Loan Trust 2006-A, a trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of $149,170,000 DOLLARS no later than on the March 25, 2038 Distribution Date (the “Final Maturity Date”).

The Issuer will pay interest on this Class I-A-2 Note (this “Note”) at the rate per annum equal to the Note Interest Rate (as defined on the reverse hereof) for this Note, on each Distribution Date until the principal of this Note is paid or made available for payment, on the principal amount of this Note outstanding on the preceding Distribution Date (after giving effect to all payments of principal made on the preceding Distribution Date), subject to certain limitations contained in Section 3.01 of the Indenture.  Interest on this Note will accrue for each Distribution Date from the most recent Distribution Date on which interest has been paid to but excluding such Distribution Date or, if no interest has yet been paid, from the Closing Date).  Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof.

1/

Denominations of $100,000 and integral multiples of $1,000 in excess thereof.

The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts.  All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note.

Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note.

Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed, manually or in facsimile, as of the date set forth below.

	KEYCORP STUDENT LOAN TRUST 2006-A

	By:

The Bank of New York (Delaware), not in its individual capacity but solely as Owner Trustee under the Trust Agreement

	By:  _____________________________

	Authorized Officer

Date: December 7, 2006

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

This is one of the Notes designated above and referred to in the within-mentioned Indenture.

	Deutsche Bank Trust Company Americas, not in its individual capacity but solely as Indenture Trustee

	By:  ________________________________

	Authorized Officer

Date: December 7, 2006

[REVERSE OF NOTE]

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Floating Rate Class I-A-2 Asset Backed Notes (herein also called the “Class I-A-2 Notes”), all issued under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the holders of the Notes.  The Class I-A-2 Notes are subject to all terms of the Indenture.  To the extent that any provisions of this Note contradicts or is inconsistent with the provisions of the Indenture, the provisions of the Indenture shall control and supersede such contradictory or inconsistent provision herein.  Capitalized but undefined terms shall have the meanings set forth in the Indenture dated as of December 1, 2006 between KeyCorp Student Loan Trust 2006-A and Deutsche Bank Trust Company Americas, as Indenture Trustee, Paying Agent and Note Registrar, including Appendix A to the Indenture.

The Class I-A-2 Notes and the Issuer’s Floating Rate Class I-A-1 Asset Backed Notes (the “Class I-A-1 Notes” and together with the Class I-A-2 Notes, the “Group I Class A Notes”) are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture.  The rights of the Issuer’s Floating Rate Class I-B Asset Backed Notes (the “Class I-B Notes” and together with the Group I Class A Notes, the “Group I Notes”) are and will be subordinated to the rights of the Group I Class A Notes as provided in the Indenture.  At the same time, the Issuer will also issue its Class II-A-1 Notes, Class II-A-2 Notes, Class II-A-3 Notes, Class II-A-4 Notes, Class II-B Notes and Class II-C Notes (the “Group II Notes” and together with the Group I Notes, the “Notes”) that will also be secured by other items of collateral constituting the Trust Estate.

Principal of the Group I Notes will be payable on each Distribution Date to the extent funds are available therefor set forth in the Sale and Servicing Agreement and the Indenture. “Distribution Date” means the twenty-seventh day of each March, June, September and December, or, if any such date is not a Business Day, the next succeeding Business Day, commencing March 27, 2007.

As described on the face hereof, the entire unpaid principal amount of this Note shall be due and payable on its Final Maturity Date.  Notwithstanding the foregoing, the entire unpaid principal amount of the Group I Notes shall be due and payable on the date on which (i) an Event of Default with respect to the Group I Notes shall have occurred and be continuing and (ii) the Indenture Trustee at the written direction of the Group I Controlling Parties holding a majority of the Outstanding Amount of the related Classes of Group I Notes shall have declared the Group I Notes to be immediately due and payable in the manner provided in Section 5.02 of the Indenture.  All principal payments on the Group I Notes of the same Class shall be made pro rata to the holders of such Group I Notes entitled thereto.

Interest on the Group I Notes will be payable on each Distribution Date on the principal amount outstanding of each Class of Group I Notes until the principal amount thereof is paid in full, at a rate per annum equal to the Note Interest Rate for such Class of Group I Notes.

The “Note Interest Rate” means, with respect to any Interest Period and the Class I-A-2 Notes, the interest rate per annum (computed on the basis of the actual number of days elapsed in the related Interest Period divided by 360) equal to Three-Month LIBOR plus 0.11%.

Pursuant to the Sale and Servicing Agreement, the Administrator shall determine the Three-Month LIBOR for purposes of calculating the Note Interest Rates for each given Interest Period.  “Three-Month LIBOR” means the London interbank offered rate for deposits in U.S. dollars having a maturity of three months commencing on the related LIBOR Determination Date (the “Index Maturity”) which appears on Telerate Page 3750 (or such comparable page on another comparable service), as of 11:00 a.m., London time, on such LIBOR Determination Date.  If such rate does not appear on Telerate Page 3750 (or such comparable page on another comparable service), the rate for that day will be determined on the basis of the rates at which deposits in U.S. dollars, having the Index Maturity and in a principal amount of not less than U.S. $1,000,000, are offered at approximately 11:00 a.m., London time, on such LIBOR Determination Date to prime banks in the London interbank market by the Reference Banks.  The Administrator will request the principal London office of each of such Reference Banks to provide a quotation of its rate.  If at least two such quotations are provided, the rate for that day will be the arithmetic mean of the quotations.  If fewer than two quotations are provided, the rate for that day will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Administrator, at approximately 11:00 a.m., New York City time, on such LIBOR Determination Date for loans in the U.S. dollars to leading European banks having the Index Maturity and in a principal amount equal to an amount of not less than U.S. $1,000,000; provided that if the banks selected as aforesaid are not quoting as mentioned in this sentence, Three-Month LIBOR in effect for the applicable Interest Period will be Three-Month LIBOR in effect for the previous Interest Period.  For purposes of calculating Three-Month LIBOR, a Business Day is any day on which banks in London and New York City are open for the transaction of business.  Interest due for any Interest Period will be determined based on the actual number of days in such Interest Period over a 360 day year.

“Reference Bank” means a leading bank (i) engaged in transactions in Eurodollar deposits in the international Eurocurrency market, (ii) not controlling, controlled by or under common control with the Administrator and (iii) having an established place of business in London.

“LIBOR Determination Date” means, for each Interest Period, the second Business Day before the beginning of that Interest Period.  For purposes of this definition, a “Business Day” is any day on which banks in London and New York City are open for the transaction of business.

Any Noteholders’ Interest Carryover Shortfall with respect to the Group I Class A Notes that may exist on any Distribution Date attributable shall be payable to the holders of the Group I Class A Notes, on a pro rata basis based on the amount of Noteholders’ Interest Carryover Shortfall then owing on the Group I Class A Notes on that Distribution Date and any succeeding Distribution Dates solely out of the funds available and required to be applied thereto pursuant to the Sale and Servicing Agreement.

Payments of interest on this Note due and payable on each Distribution Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Note (or one or more Predecessor Notes) on the Note Register on the Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency, unless Definitive Notes have been issued (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee.  Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for notation of payment, and the mailing of such check shall constitute payment of the amount thereof regardless of whether such check is returned undelivered.  Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all future Noteholders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon.  If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a Distribution Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Noteholder hereof as of the Record Date preceding such Distribution Date by notice mailed no later than five days prior to such Distribution Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Indenture Trustee’s Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for such purposes located in the Borough of Manhattan, The City of New York.

The Issuer shall pay interest on overdue installments of interest at the Note Interest Rate for this Note to the extent lawful.

As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Noteholder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in Securities Transfer Agent’s Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP (all in accordance with the Exchange Act), and such other documents as the Indenture Trustee may require, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated transferee or transferees.  No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange.

Each holder of the Notes or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in the Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Depositor, the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (i) the Depositor, the Indenture Trustee or the Eligible Lender Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Depositor, the Indenture Trustee or the Eligible Lender Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Depositor, the Eligible Lender Trustee or the Indenture Trustee, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity.

Each transferee of a beneficial interest in the Notes will be deemed to have represented that either: (A) the transferee is not acquiring the Notes directly or indirectly for, or on behalf of, a Benefit Plan or any entity whose underlying assets are deemed to be plan assets of such Benefit Plan, or (B) the acquisition and holding of the Notes by the transferee qualifies for prohibited transaction exemptive relief under PTCE 95-60 (as modified by PTCE 2002-13), PTCE 96-23, PTCE 91-38 (as modified by PTCE 2002-13), PTCE 90-1, PTCE 84-14 (as modified by PTCE 2002-13), the non-fiduciary service provider statutory exemption under Section 408(b)(17) of ERISA and Section 4975(d)(20) of the code, or some other applicable exemption.

It is the intent of the Issuer, the Depositor, the Administrator, the Master Servicer, KeyBank National Association, the Noteholders and the Note Owners that, for purposes of Federal and State income tax and any other tax measured in whole or in part by income, this Note will qualify as indebtedness of the Certificateholder.  The Noteholders and the Note Owners, by acceptance of this Note, agree to treat, and to take no action inconsistent with the treatment of, this Note for such tax purposes as indebtedness of the Certificateholder.

Each holder of the Notes or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that by accepting the benefits of the Indenture that such holder of the Notes or Note Owner will not at any time institute against the Depositor or the Issuer, or join in any institution against the Depositor or the Issuer of, any bankruptcy, reorganization, arrangement, insolvency, receivership or liquidation proceedings or other proceedings under any United States Federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, the Indenture or the other Basic Documents.

Prior to the due presentment for registration of transfer of this Note, the Issuer, the Depositor, the Indenture Trustee, and any agent of the Issuer, the Depositor or the Indenture Trustee, may treat the Person in whose name this Group I Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes whether or not this Group I Note be overdue, and none of the Issuer, the Depositor, the Indenture Trustee, nor any such agent shall be affected by notice to the contrary.

The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture.

The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the holders of the Notes under the Indenture.

The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

THIS NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency, herein prescribed.

Anything herein to the contrary notwithstanding, except as expressly provided in the Basic Documents, The Bank of New York (Delaware), in its individual capacity, Deutsche Bank Trust Company Americas, in its individual capacity, the Depositor, any owner of a beneficial interest in the Issuer or the Depositor, nor any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in this Note or the Indenture; it being expressly understood that said covenants, obligations and indemnifications have been made by the Eligible Lender Trustee for the sole purposes of binding the interests of the Eligible Lender Trustee in the assets of the Issuer.  The holder of the Notes by the acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture, the holder of any Class of the Notes shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the Indenture Trust Estate for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note.

ASSIGNMENTS

Social Security or taxpayer I.D. or other identifying number of assignee

FOR VALUE RECEIVED, the undersigned hereby sells,

assigns and transfers unto _________________________________________

______________________________________________________________

(name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints ______________________, attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises.

Dated:  __________________

______________________________ */

Signature Guaranteed:

______________________________ */

_______________

*/

NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatever.  Such signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in STAMP or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

EXHIBIT A-3

TO THE INDENTURE

[FORM OF CLASS I-B NOTE]

SEE REVERSE FOR CERTAIN DEFINITIONS

Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Issuer (as defined below) or its agent for registration of transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.

THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH IN THE INDENTURE AND THE SALE AND SERVICING AGREEMENT.  ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.  THIS NOTE IS NOT GUARANTEED OR INSURED BY ANY GOVERNMENTAL AGENCY.

REGISTERED:  $7,211,0001/

CUSIP NO. 49327H AC 9

No. I-B-1

KEYCORP STUDENT LOAN TRUST 2006-A

FLOATING RATE CLASS I-B ASSET BACKED NOTES

KeyCorp Student Loan Trust 2006-A, a trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of $7,211,000 DOLLARS no later than on the December 26, 2039 Distribution Date (the “Final Maturity Date”).

The Issuer will pay interest on this Class I-B Note (this “Note”) at the rate per annum equal to the Note Interest Rate (as defined on the reverse hereof) for this Note, on each Distribution Date until the principal of this Note is paid or made available for payment, on the principal amount of this Note outstanding on the preceding Distribution Date (after giving effect to all payments of principal made on the preceding Distribution Date), subject to certain limitations contained in Section 3.01 of the Indenture.  Interest on this Note will accrue for each Distribution Date from the most recent Distribution Date on which interest has been paid to but excluding such Distribution Date or, if no interest has yet been paid, from the Closing Date).  Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof.

1/

Denominations of $100,000 and integral multiples of $1,000 in excess thereof.

The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts.  All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note.

Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note.

Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed, manually or in facsimile, as of the date set forth below.

	KEYCORP STUDENT LOAN TRUST 2006-A

	By:

The Bank of New York (Delaware), not in its individual capacity but solely as Owner Trustee under the Trust Agreement

	By:  _____________________________

	Authorized Officer

Date: December 7, 2006

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

This is one of the Notes designated above and referred to in the within-mentioned Indenture.

	Deutsche Bank Trust Company Americas, not in its individual capacity but solely as Indenture Trustee

	By:  ________________________________

	Authorized Officer

Date: December 7, 2006

[REVERSE OF NOTE]

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Floating Rate Class I-B Asset Backed Notes (herein also called the “Class I-B Notes”), all issued under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the holders of the Notes.  The Class I-B Notes are subject to all terms of the Indenture.  To the extent that any provisions of this Note contradicts or is inconsistent with the provisions of the Indenture, the provisions of the Indenture shall control and supersede such contradictory or inconsistent provision herein.  Capitalized but undefined terms shall have the meanings set forth in the Indenture dated as of December 1, 2006 between KeyCorp Student Loan Trust 2006-A and Deutsche Bank Trust Company Americas, as Indenture Trustee, Paying Agent and Note Registrar, including Appendix A to the Indenture.

The Class I-A-1 Notes (the “Class I-A-1 Notes”) and the Issuer’s Floating Rate Class I-A-2 Asset Backed Notes (the “Class I-A-2 Notes” and together with the Class I-A-1 Notes, the “Group I Class A Notes”) are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture.  The rights of the Issuer’s Floating Rate Class I-B Asset Backed Notes (the “Class I-B Notes” and together with the Group I Class A Notes, the “Group I Notes”) are and will be subordinated to the rights of the Group I Class A Notes as provided in the Indenture.  At the same time, the Issuer will also issue its Class II-A-1 Notes, Class II-A-2 Notes, Class II-A-3 Notes, Class II-A-4 Notes, Class II-B Notes and Class II-C Notes (the “Group II Notes” and together with the Group I Notes, the “Notes”) that will also be secured by other items of collateral constituting the Trust Estate.

Principal of the Group I Notes will be payable on each Distribution Date to the extent funds are available therefor set forth in the Sale and Servicing Agreement and the Indenture. “Distribution Date” means the twenty-fifth day of each March, June, September and December, or, if any such date is not a Business Day, the next succeeding Business Day, commencing March 27, 2007.

As described on the face hereof, the entire unpaid principal amount of this Note shall be due and payable on its Final Maturity Date.  Notwithstanding the foregoing, the entire unpaid principal amount of the Group I Notes shall be due and payable on the date on which (i) an Event of Default with respect to the Group I Notes shall have occurred and be continuing and (ii) the Indenture Trustee at the written direction of the Group I Controlling Parties holding a majority of the Outstanding Amount of the related Classes of Group I Notes (which, until all of the Group I Class A Notes have been paid in full, shall exclude the Class I-B Notes) shall have declared the Group I Notes to be immediately due and payable in the manner provided in Section 5.02 of the Indenture.  All principal payments on the Group I Notes of the same Class shall be made pro rata to the holders of such Group I Notes entitled thereto.

Interest on the Group I Notes will be payable on each Distribution Date on the principal amount outstanding of each Class of Group I Notes until the principal amount thereof is paid in full, at a rate per annum equal to the Note Interest Rate for such Class of Group I Notes.

The “Note Interest Rate” means, with respect to any Interest Period and the Class I-B Notes, the interest rate per annum (computed on the basis of the actual number of days elapsed in the related Interest Period divided by 360) equal to Three-Month LIBOR plus 0.45%.

Pursuant to the Sale and Servicing Agreement, the Administrator shall determine the Three-Month LIBOR for purposes of calculating the Note Interest Rates for each given Interest Period.  “Three-Month LIBOR” means the London interbank offered rate for deposits in U.S. dollars having a maturity of three months commencing on the related LIBOR Determination Date (the “Index Maturity”) which appears on Telerate Page 3750 (or such comparable page on another comparable service), as of 11:00 a.m., London time, on such LIBOR Determination Date.  If such rate does not appear on Telerate Page 3750 (or such comparable page on another comparable service), the rate for that day will be determined on the basis of the rates at which deposits in U.S. dollars, having the Index Maturity and in a principal amount of not less than U.S. $1,000,000, are offered at approximately 11:00 a.m., London time, on such LIBOR Determination Date to prime banks in the London interbank market by the Reference Banks.  The Administrator will request the principal London office of each of such Reference Banks to provide a quotation of its rate.  If at least two such quotations are provided, the rate for that day will be the arithmetic mean of the quotations.  If fewer than two quotations are provided, the rate for that day will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Administrator, at approximately 11:00 a.m., New York City time, on such LIBOR Determination Date for loans in the U.S. dollars to leading European banks having the Index Maturity and in a principal amount equal to an amount of not less than U.S. $1,000,000; provided that if the banks selected as aforesaid are not quoting as mentioned in this sentence, Three-Month LIBOR in effect for the applicable Interest Period will be Three-Month LIBOR in effect for the previous Interest Period.  For purposes of calculating Three-Month LIBOR, a Business Day is any day on which banks in London and New York City are open for the transaction of business.  Interest due for any Interest Period will be determined based on the actual number of days in such Interest Period over a 360 day year.

“Reference Bank” means a leading bank (i) engaged in transactions in Eurodollar deposits in the international Eurocurrency market, (ii) not controlling, controlled by or under common control with the Administrator and (iii) having an established place of business in London.

“LIBOR Determination Date” means, for each Interest Period, the second Business Day before the beginning of that Interest Period.  For purposes of this definition, a “Business Day” is any day on which banks in London and New York City are open for the transaction of business.

Any Noteholders’ Interest Carryover Shortfall that may exist on any Distribution Date attributable to the Class I-B Notes shall be payable to the holders of the Class I-B Notes on that Distribution Date and any succeeding Distribution Date solely out of the funds available and required to be applied thereto pursuant to the Sale and Servicing Agreement.

Payments of interest on this Note due and payable on each Distribution Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Note (or one or more Predecessor Notes) on the Note Register on the Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency, unless Definitive Notes have been issued (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee.  Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for notation of payment, and the mailing of such check shall constitute payment of the amount thereof regardless of whether such check is returned undelivered.  Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all future Noteholders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon.  If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a Distribution Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Noteholder hereof as of the Record Date preceding such Distribution Date by notice mailed no later than five days prior to such Distribution Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Indenture Trustee’s Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for such purposes located in the Borough of Manhattan, The City of New York.

The Issuer shall pay interest on overdue installments of interest at the Note Interest Rate for this Note to the extent lawful.

As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Noteholder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in Securities Transfer Agent’s Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP (all in accordance with the Exchange Act), and such other documents as the Indenture Trustee may require, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated transferee or transferees.  No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange.

Each holder of the Notes or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in the Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Depositor, the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (i) the Depositor, the Indenture Trustee or the Eligible Lender Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Depositor, the Indenture Trustee or the Eligible Lender Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Depositor, the Eligible Lender Trustee or the Indenture Trustee, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity.

Each transferee of a beneficial interest in the Notes will be deemed to have represented that either: (A) the transferee is not acquiring the Notes directly or indirectly for, or on behalf of, a Benefit Plan or any entity whose underlying assets are deemed to be plan assets of such Benefit Plan, or (B) the acquisition and holding of the Notes by the transferee qualifies for prohibited transaction exemptive relief under PTCE 95-60 (as modified by PTCE 2002-13), PTCE 96-23, PTCE 91-38 (as modified by PTCE 2002-13), PTCE 90-1, PTCE 84-14 (as modified by PTCE 2002-13), the non-fiduciary service provider statutory exemption under Section 408(b)(17) of ERISA and Section 4975(d)(20) of the code, or some other applicable exemption.

It is the intent of the Issuer, the Depositor, the Administrator, the Master Servicer, KeyBank National Association, the Noteholders and the Note Owners that, for purposes of Federal and State income tax and any other tax measured in whole or in part by income, this Note will qualify as indebtedness of the Certificateholder.  The Noteholders and the Note Owners, by acceptance of this Note, agree to treat, and to take no action inconsistent with the treatment of, this Note for such tax purposes as indebtedness of the Certificateholder.

Each holder of the Notes or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that by accepting the benefits of the Indenture that such holder of the Notes or Note Owner will not at any time institute against the Depositor or the Issuer, or join in any institution against the Depositor or the Issuer of, any bankruptcy, reorganization, arrangement, insolvency, receivership or liquidation proceedings or other proceedings under any United States Federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, the Indenture or the other Basic Documents.

Prior to the due presentment for registration of transfer of this Note, the Issuer, the Depositor, the Indenture Trustee, and any agent of the Issuer, the Depositor or the Indenture Trustee, may treat the Person in whose name this Group I Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes whether or not this Group I Note be overdue, and none of the Issuer, the Depositor, the Indenture Trustee, nor any such agent shall be affected by notice to the contrary.

The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture.

The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the holders of the Notes under the Indenture.

The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

THIS NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency, herein prescribed.

Anything herein to the contrary notwithstanding, except as expressly provided in the Basic Documents, none of The Bank of New York (Delaware), in its individual capacity, Deutsche Bank Trust Company Americas, in its individual capacity, the Depositor, any owner of a beneficial interest in the Issuer or the Depositor, nor any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in this Note or the Indenture; it being expressly understood that said covenants, obligations and indemnifications have been made by the Eligible Lender Trustee for the sole purposes of binding the interests of the Eligible Lender Trustee in the assets of the Issuer.  The holder of the Notes by the acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture, the holder of any Class of the Notes shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the Indenture Trust Estate for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note.

Default in the payment of interest on a Class I-B Note is not an Event of Default under the Indenture so long as any Group I Class A Notes are outstanding.  By acceptance of this Class I-B Note or any beneficial interest herein, you are deemed to have consented to the delay in payment of interest on such Class I-B Note and waived your rights to institute suit for enforcement of any such payment to the extent described in the Indenture.

By acceptance of this Class I-B Note you are hereby deemed to have agreed, that until the Class I-A-1 Notes, and Class I-A-2 Notes have been paid in full, such Classes will possess the rights of the Group II Controlling Noteholders.

ASSIGNMENTS

Social Security or taxpayer I.D. or other identifying number of assignee

FOR VALUE RECEIVED, the undersigned hereby sells,

assigns and transfers unto _________________________________________

______________________________________________________________

(name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints ______________________, attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises.

Dated:  __________________

______________________________ */

Signature Guaranteed:

______________________________ */

_______________

*/

NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatever.  Such signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in STAMP or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

EXHIBIT A-4

TO THE INDENTURE

[FORM OF CLASS II-A-1 NOTE]

SEE REVERSE FOR CERTAIN DEFINITIONS

Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Issuer (as defined below) or its agent for registration of transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.

THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH IN THE INDENTURE AND THE SALE AND SERVICING AGREEMENT.  ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.  THIS NOTE IS NOT GUARANTEED OR INSURED BY ANY GOVERNMENTAL AGENCY.

REGISTERED:  $160,927,0001/

CUSIP NO. 49327H AD 7

No. II-A-1-1

KEYCORP STUDENT LOAN TRUST 2006-A

FLOATING RATE CLASS II-A-1 ASSET BACKED NOTES

KeyCorp Student Loan Trust 2006-A, a trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of $160,927,000 DOLLARS no later than on the September 27, 2021 Distribution Date (the “Final Maturity Date”).

The Issuer will pay interest on this Class II-A-1 Note (this “Note”) at the rate per annum equal to the Note Interest Rate (as defined on the reverse hereof) for this Note, on each Distribution Date until the principal of this Note is paid or made available for payment, on the principal amount of this Note outstanding on the preceding Distribution Date (after giving effect to all payments of principal made on the preceding Distribution Date), subject to certain limitations contained in Section 3.01 of the Indenture.  Interest on this Note will accrue for each Distribution Date from the most recent Distribution Date on which interest has been paid to but excluding such Distribution Date or, if no interest has yet been paid, from the Closing Date).  Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof.

The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts.  All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note.

Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note.

Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

1/

Denominations of $100,000 and integral multiples of $1,000 in excess thereof.

IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed, manually or in facsimile, as of the date set forth below.

	KEYCORP STUDENT LOAN TRUST 2006-A

	By:

The Bank of New York (Delaware), not in its individual capacity but solely as Owner Trustee under the Trust Agreement

	By:  _____________________________

	Authorized Officer

Date: December 7, 2006

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

This is one of the Notes designated above and referred to in the within-mentioned Indenture.

	Deutsche Bank Trust Company Americas, not in its individual capacity but solely as Indenture Trustee

	By:  ________________________________

	Authorized Officer

Date: December 7, 2006

[REVERSE OF NOTE]

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Floating Rate Class II-A-1 Asset Backed Notes (herein also called the “Class II-A-1 Notes”), all issued under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the holders of the Notes.  The Class II-A-1 Notes are subject to all terms of the Indenture.  To the extent that any provisions of this Note contradicts or is inconsistent with the provisions of the Indenture, the provisions of the Indenture shall control and supersede such contradictory or inconsistent provision herein.  Capitalized but undefined terms shall have the meanings set forth in the Indenture dated as of December 1, 2006 between KeyCorp Student Loan Trust 2006-A and Deutsche Bank Trust Company Americas, as Indenture Trustee, Paying Agent and Note Registrar, including Appendix A to the Indenture.

The Class II-A-1 Notes, the Issuer’s Floating Rate Class II-A-2 Asset Backed Notes (the “Class II-A-2 Notes”), Floating Rate Class II-A-3 Asset Backed Notes (the “Class II-A-3 Notes”) and Floating Rate Class II-A-4 Asset Backed Notes (the “Class II-A-4 Notes” and, together with the Class II-A-1 Notes, Class II-A-2 Notes and Class II-A-3 Notes, the “Group II Class A Notes”), Floating Rate Class II-B Asset Backed Notes (the “Class II-B Notes”), Floating Rate Class II-C Asset Backed Notes (the “Class II-C Notes” and together with the Group II Class A Notes, the Class II-B Notes and the Class II-C Notes, the “Group II Notes”) are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture.  At the same time, the Issuer will also issue its Class I-A-1 Notes, Class I-A-2 Notes and Class I-B Notes (collectively, the “Group I Notes” and together with the Group II Notes, the “Notes”) that will also be secured by other items of collateral constituting the Trust Estate.

Principal of the Group II Notes will be payable on each Distribution Date to the extent funds are available therefor set forth in the Sale and Servicing Agreement and the Indenture. “Distribution Date” means the twenty-seventh day of each March, June, September and December, or, if any such date is not a Business Day, the next succeeding Business Day, commencing March 27, 2007.

As described on the face hereof, the entire unpaid principal amount of this Note shall be due and payable on its Final Maturity Date.  Notwithstanding the foregoing, the entire unpaid principal amount of the Group II Notes shall be due and payable on the date on which (i) an Event of Default with respect to the Group II Notes shall have occurred and be continuing and (ii) the Indenture Trustee at the written direction of the Group II Controlling Noteholders representing not less than a majority of the Outstanding Amount of the applicable Group II Notes shall have declared the Group II Notes to be immediately due and payable in the manner provided in Section 5.02 of the Indenture.  All principal payments on the Group II Notes of the same Class shall be made pro rata to the holders of such Notes entitled thereto.

Interest on the Group II Notes will be payable on each Distribution Date on the principal amount, or principal notional amount, as applicable, outstanding of each Class of Notes until the principal amount, or principal notional amount, as applicable, thereof is paid in full, at a rate per annum equal to the Note Interest Rate for such Class of Notes.

The “Note Interest Rate” means, with respect to any Interest Period and the Class II-A-1 Notes, the interest rate per annum (computed on the basis of the actual number of days elapsed in the related Interest Period divided by 360) equal to Three-Month LIBOR plus 0.03%.

Pursuant to the Sale and Servicing Agreement, the Administrator shall determine the Three-Month LIBOR for purposes of calculating the Note Interest Rates for each given Interest Period.  “Three-Month LIBOR” means the London interbank offered rate for deposits in U.S. dollars having a maturity of three months commencing on the related LIBOR Determination Date (the “Index Maturity”) which appears on Telerate Page 3750 (or such comparable page on another comparable service), as of 11:00 a.m., London time, on such LIBOR Determination Date.  If such rate does not appear on Telerate Page 3750 (or such comparable page on another comparable service), the rate for that day will be determined on the basis of the rates at which deposits in U.S. dollars, having the Index Maturity and in a principal amount of not less than U.S. $1,000,000, are offered at approximately 11:00 a.m., London time, on such LIBOR Determination Date to prime banks in the London interbank market by the Reference Banks.  The Administrator will request the principal London office of each of such Reference Banks to provide a quotation of its rate.  If at least two such quotations are provided, the rate for that day will be the arithmetic mean of the quotations.  If fewer than two quotations are provided, the rate for that day will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Administrator, at approximately 11:00 a.m., New York City time, on such LIBOR Determination Date for loans in the U.S. dollars to leading European banks having the Index Maturity and in a principal amount equal to an amount of not less than U.S. $1,000,000; provided that if the banks selected as aforesaid are not quoting as mentioned in this sentence, Three-Month LIBOR in effect for the applicable Interest Period will be Three-Month LIBOR in effect for the previous Interest Period.  For purposes of calculating Three-Month LIBOR, a Business Day is any day on which banks in London and New York City are open for the transaction of business.  Interest due for any Interest Period will be determined based on the actual number of days in such Interest Period over a 360 day year.

“Reference Bank” means a leading bank (i) engaged in transactions in Eurodollar deposits in the international Eurocurrency market, (ii) not controlling, controlled by or under common control with the Administrator and (iii) having an established place of business in London.

“LIBOR Determination Date” means, for each Interest Period, the second Business Day before the beginning of that Interest Period.  For purposes of this definition, a “Business Day” is any day on which banks in London and New York City are open for the transaction of business.

Any Noteholders’ Interest Carryover Shortfall with respect to the Group II Class A Notes, that may exist on any Distribution Date attributable shall be payable to the holders of such Group II Class A Notes, on a pro rata basis based on the amount of Noteholders’ Interest Carryover Shortfall then owing on such Group II Class A Notes on that Distribution Date and any succeeding Distribution Dates solely out of the funds available and required to be applied thereto pursuant to the Sale and Servicing Agreement.

Payments of interest on this Note due and payable on each Distribution Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Note (or one or more Predecessor Notes) on the Note Register on the Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency, unless Definitive Notes have been issued (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee.  Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for notation of payment, and the mailing of such check shall constitute payment of the amount thereof regardless of whether such check is returned undelivered.  Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all future Noteholders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon.  If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a Distribution Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Noteholder hereof as of the Record Date preceding such Distribution Date by notice mailed no later than five days prior to such Distribution Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Indenture Trustee’s Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for such purposes located in the Borough of Manhattan, The City of New York.

The Issuer shall pay interest on overdue installments of interest at the Note Interest Rate for this Note to the extent lawful.

As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Noteholder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in Securities Transfer Agent’s Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP (all in accordance with the Exchange Act), and such other documents as the Indenture Trustee may require, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated transferee or transferees.  No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange.

Each holder of the Notes or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in the Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Depositor, the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (i) the Depositor, the Indenture Trustee or the Eligible Lender Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Depositor, the Indenture Trustee or the Eligible Lender Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Depositor, the Eligible Lender Trustee or the Indenture Trustee, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity.

Each transferee of a beneficial interest in the Notes will be deemed to have represented that either: (A) the transferee is not acquiring the Notes directly or indirectly for, or on behalf of, a Benefit Plan or any entity whose underlying assets are deemed to be plan assets of such Benefit Plan, or (B) the acquisition and holding of the Notes by the transferee qualifies for prohibited transaction exemptive relief under PTCE 95-60 (as modified by PTCE 2002-13), PTCE 96-23, PTCE 91-38 (as modified by PTCE 2002-13), PTCE 90-1, PTCE 84-14 (as modified by PTCE 2002-13), the non-fiduciary service provider statutory exemption under Section 408(b)(17) of ERISA and Section 4975(d)(20) of the code, or some other applicable exemption.

It is the intent of the Issuer, the Depositor, the Administrator, the Master Servicer, KeyBank National Association, the Noteholders and the Note Owners that, for purposes of Federal and State income tax and any other tax measured in whole or in part by income, this Note will qualify as indebtedness of the Certificateholder.  The Noteholders and the Note Owners, by acceptance of this Note, agree to treat, and to take no action inconsistent with the treatment of, this Note for such tax purposes as indebtedness of the Certificateholder.

Each holder of the Notes or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that by accepting the benefits of the Indenture that such holder of the Notes or Note Owner will not at any time institute against the Depositor or the Issuer, or join in any institution against the Depositor or the Issuer of, any bankruptcy, reorganization, arrangement, insolvency, receivership or liquidation proceedings or other proceedings under any United States Federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, the Indenture or the other Basic Documents.

Prior to the due presentment for registration of transfer of this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee, may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes whether or not this Note be overdue, and none of the Issuer, the Depositor, the Indenture Trustee nor any such agent shall be affected by notice to the contrary.

The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture.

The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the holders of the Notes under the Indenture.

The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

THIS NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency, herein prescribed.

Anything herein to the contrary notwithstanding, except as expressly provided in the Basic Documents, none of The Bank of New York (Delaware), in its individual capacity, Deutsche Bank Trust Company Americas in its individual capacity, the Depositor, any owner of a beneficial interest in the Issuer or the Depositor, nor any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in this Note or the Indenture; it being expressly understood that said covenants, obligations and indemnifications have been made by the Eligible Lender Trustee for the sole purposes of binding the interests of the Eligible Lender Trustee in the assets of the Issuer.  The holder of the Notes by the acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture, the holder of any Class of the Notes shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the Indenture Trust Estate for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note.

ASSIGNMENTS

Social Security or taxpayer I.D. or other identifying number of assignee

FOR VALUE RECEIVED, the undersigned hereby sells,

assigns and transfers unto _________________________________________

______________________________________________________________

(name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints ______________________, attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises.

Dated:  __________________

______________________________ */

Signature Guaranteed:

______________________________ */

_______________

*/

NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatever.  Such signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in STAMP or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

EXHIBIT A-5

TO THE INDENTURE

[FORM OF CLASS II-A-2 NOTE]

SEE REVERSE FOR CERTAIN DEFINITIONS

Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Issuer (as defined below) or its agent for registration of transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.

THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH IN THE INDENTURE AND THE SALE AND SERVICING AGREEMENT.  ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.  THIS NOTE IS NOT GUARANTEED OR INSURED BY ANY GOVERNMENTAL AGENCY.

REGISTERED:  $197,000,000 1/

CUSIP NO. 49327H AE 5

No. II-A-2-1

KEYCORP STUDENT LOAN TRUST 2006-A

FLOATING RATE CLASS II-A-2 ASSET BACKED NOTES

KeyCorp Student Loan Trust 2006-A, a trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of $197,000,000 DOLLARS no later than on the June 25, 2025 Distribution Date (the “Final Maturity Date”).

The Issuer will pay interest on this Class II-A-2 Note (this “Note”) at the rate per annum equal to the Note Interest Rate (as defined on the reverse hereof) for this Note, on each Distribution Date until the principal of this Note is paid or made available for payment, on the principal amount of this Note outstanding on the preceding Distribution Date (after giving effect to all payments of principal made on the preceding Distribution Date), subject to certain limitations contained in Section 3.01 of the Indenture.  Interest on this Note will accrue for each Distribution Date from the most recent Distribution Date on which interest has been paid to but excluding such Distribution Date or, if no interest has yet been paid, from the Closing Date).  Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof.

The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts.  All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note.

Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note.

Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

1/

Denominations of $100,000 and integral multiples of $1,000 in excess thereof.

IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed, manually or in facsimile, as of the date set forth below.

	KEYCORP STUDENT LOAN TRUST 2006-A

	By:

The Bank of New York (Delaware), not in its individual capacity but solely as Owner Trustee under the Trust Agreement

	By:  _____________________________

	Authorized Officer

Date: December 7, 2006

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

This is one of the Notes designated above and referred to in the within-mentioned Indenture.

	Deutsche Bank Trust Company Americas, not in its individual capacity but solely as Indenture Trustee

	By:  ________________________________

	Authorized Officer

Date: December 7, 2006

[REVERSE OF NOTE]

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Floating Rate Class II-A-2 Asset Backed Notes (herein also called the “Class II-A-2 Notes”), all issued under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the holders of the Notes.  The Class II-A-2 Notes are subject to all terms of the Indenture.  To the extent that any provisions of this Note contradicts or is inconsistent with the provisions of the Indenture, the provisions of the Indenture shall control and supersede such contradictory or inconsistent provision herein.  Capitalized but undefined terms shall have the meanings set forth in the Indenture dated as of December 1, 2006 between KeyCorp Student Loan Trust 2006-A and Deutsche Bank Trust Company Americas, as Indenture Trustee, Paying Agent and Note Registrar, including Appendix A to the Indenture.

The Class II-A-2 Notes and the Issuer’s Floating Rate Class II-A-1 Asset Backed Notes (the “Class II-A-1 Notes”), Floating Rate Class II-A-3 Asset Backed Notes (the “Class II-A-3 Notes), Floating Rate Class II-A-4 Asset Backed Notes (the “Class II-A-4 Notes” and together with the Class II-A-2 Notes, the Class II-A-3 Notes, the “Group II Class A Notes”), Floating Rate Class II-B Asset Backed Notes (the “Class II-B Notes”), Floating Rate Class II-C Asset Backed Notes (the “Class II-C Notes” and together with the Group II Class A Notes, the Class II-B Notes and the Class II-C Notes, the “Group II Notes”) are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture.  At the same time, the Issuer will also issue its Class I-A-1 Notes, Class I-A-2 Notes and Class I-B Notes (collectively, the “Group I Notes” and together with the Group II Notes, the “Notes”) that will also be secured by other items of collateral constituting the Trust Estate.

Principal of the Group II Notes will be payable on each Distribution Date to the extent funds are available therefor set forth in the Sale and Servicing Agreement and the Indenture. “Distribution Date” means the twenty-seventh day of each March, June, September and December, or, if any such date is not a Business Day, the next succeeding Business Day, commencing March 27, 2007.

As described on the face hereof, the entire unpaid principal amount of this Note shall be due and payable on its Final Maturity Date.  Notwithstanding the foregoing, the entire unpaid principal amount of the Group II Notes shall be due and payable on the date on which (i) an Event of Default with respect to the Group II Notes shall have occurred and be continuing and (ii) the Indenture Trustee at the written direction of the Group II Controlling Noteholders representing not less than a majority of the Outstanding Amount of the applicable Group II Notes shall have declared the Group II Notes to be immediately due and payable in the manner provided in Section 5.02 of the Indenture.  All principal payments on the Group II Notes of the same Class shall be made pro rata to the holders of such Notes entitled thereto.

Interest on the Group II Notes will be payable on each Distribution Date on the principal amount, or principal notional amount, as applicable, outstanding of each Class of Notes until the principal amount, or principal notional amount, as applicable, thereof is paid in full, at a rate per annum equal to the Note Interest Rate for such Class of Notes.

The “Note Interest Rate” means, with respect to any Interest Period and the Class II-A-2 Notes, the interest rate per annum (computed on the basis of the actual number of days elapsed in the related Interest Period divided by 360) equal to Three-Month LIBOR plus 0.08%.

Pursuant to the Sale and Servicing Agreement, the Administrator shall determine the Three-Month LIBOR for purposes of calculating the Note Interest Rates for each given Interest Period.  “Three-Month LIBOR” means the London interbank offered rate for deposits in U.S. dollars having a maturity of three months commencing on the related LIBOR Determination Date (the “Index Maturity”) which appears on Telerate Page 3750 (or such comparable page on another comparable service), as of 11:00 a.m., London time, on such LIBOR Determination Date.  If such rate does not appear on Telerate Page 3750 (or such comparable page on another comparable service), the rate for that day will be determined on the basis of the rates at which deposits in U.S. dollars, having the Index Maturity and in a principal amount of not less than U.S. $1,000,000, are offered at approximately 11:00 a.m., London time, on such LIBOR Determination Date to prime banks in the London interbank market by the Reference Banks.  The Administrator will request the principal London office of each of such Reference Banks to provide a quotation of its rate.  If at least two such quotations are provided, the rate for that day will be the arithmetic mean of the quotations.  If fewer than two quotations are provided, the rate for that day will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Administrator, at approximately 11:00 a.m., New York City time, on such LIBOR Determination Date for loans in the U.S. dollars to leading European banks having the Index Maturity and in a principal amount equal to an amount of not less than U.S. $1,000,000; provided that if the banks selected as aforesaid are not quoting as mentioned in this sentence, Three-Month LIBOR in effect for the applicable Interest Period will be Three-Month LIBOR in effect for the previous Interest Period.  For purposes of calculating Three-Month LIBOR, a Business Day is any day on which banks in London and New York City are open for the transaction of business.  Interest due for any Interest Period will be determined based on the actual number of days in such Interest Period over a 360 day year.

“Reference Bank” means a leading bank (i) engaged in transactions in Eurodollar deposits in the international Eurocurrency market, (ii) not controlling, controlled by or under common control with the Administrator and (iii) having an established place of business in London.

“LIBOR Determination Date” means, for each Interest Period, the second Business Day before the beginning of that Interest Period.  For purposes of this definition, a “Business Day” is any day on which banks in London and New York City are open for the transaction of business.

Any Noteholders’ Interest Carryover Shortfall with respect to the Group II Class A Notes, that may exist on any Distribution Date attributable shall be payable to the holders of such Group II Class A Notes, on a pro rata basis based on the amount of Noteholders’ Interest Carryover Shortfall then owing on such Group II Class A Notes on that Distribution Date and any succeeding Distribution Dates solely out of the funds available and required to be applied thereto pursuant to the Sale and Servicing Agreement.

Payments of interest on this Note due and payable on each Distribution Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Note (or one or more Predecessor Notes) on the Note Register on the Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency, unless Definitive Notes have been issued (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee.  Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for notation of payment, and the mailing of such check shall constitute payment of the amount thereof regardless of whether such check is returned undelivered.  Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all future Noteholders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon.  If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a Distribution Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Noteholder hereof as of the Record Date preceding such Distribution Date by notice mailed no later than five days prior to such Distribution Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Indenture Trustee’s Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for such purposes located in the Borough of Manhattan, The City of New York.

The Issuer shall pay interest on overdue installments of interest at the Note Interest Rate for this Note to the extent lawful.

As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Noteholder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in Securities Transfer Agent’s Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP (all in accordance with the Exchange Act), and such other documents as the Indenture Trustee may require, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated transferee or transferees.  No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange.

Each holder of the Notes or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in the Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Depositor, the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (i) the Depositor, the Indenture Trustee or the Eligible Lender Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Depositor, the Indenture Trustee or the Eligible Lender Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Depositor, the Eligible Lender Trustee or the Indenture Trustee, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity.

Each transferee of a beneficial interest in the Notes will be deemed to have represented that either: (A) the transferee is not acquiring the Notes directly or indirectly for, or on behalf of, a Benefit Plan or any entity whose underlying assets are deemed to be plan assets of such Benefit Plan, or (B) the acquisition and holding of the Notes by the transferee qualifies for prohibited transaction exemptive relief under PTCE 95-60 (as modified by PTCE 2002-13), PTCE 96-23, PTCE 91-38 (as modified by PTCE 2002-13), PTCE 90-1, PTCE 84-14 (as modified by PTCE 2002-13), the non-fiduciary service provider statutory exemption under Section 408(b)(17) of ERISA and Section 4975(d)(20) of the code, or some other applicable exemption.

It is the intent of the Issuer, the Depositor, the Administrator, the Master Servicer, KeyBank National Association, the Noteholders and the Note Owners that, for purposes of Federal and State income tax and any other tax measured in whole or in part by income, this Note will qualify as indebtedness of the Certificateholder.  The Noteholders and the Note Owners, by acceptance of this Note, agree to treat, and to take no action inconsistent with the treatment of, this Note for such tax purposes as indebtedness of the Certificateholder.

Each holder of the Notes or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that by accepting the benefits of the Indenture that such holder of the Notes or Note Owner will not at any time institute against the Depositor or the Issuer, or join in any institution against the Depositor or the Issuer of, any bankruptcy, reorganization, arrangement, insolvency, receivership or liquidation proceedings or other proceedings under any United States Federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, the Indenture or the other Basic Documents.

Prior to the due presentment for registration of transfer of this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee, may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes whether or not this Note be overdue, and none of the Issuer, the Depositor, the Indenture Trustee nor any such agent shall be affected by notice to the contrary.

The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture.

The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the holders of the Notes under the Indenture.

The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

THIS NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency, herein prescribed.

Anything herein to the contrary notwithstanding, except as expressly provided in the Basic Documents, none of The Bank of New York (Delaware), in its individual capacity, Deutsche Bank Trust Company Americas in its individual capacity, the Depositor, any owner of a beneficial interest in the Issuer or the Depositor, nor any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in this Note or the Indenture; it being expressly understood that said covenants, obligations and indemnifications have been made by the Eligible Lender Trustee for the sole purposes of binding the interests of the Eligible Lender Trustee in the assets of the Issuer.  The holder of the Notes by the acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture, the holder of any Class of the Notes shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the Indenture Trust Estate for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note.

 ASSIGNMENTS

Social Security or taxpayer I.D. or other identifying number of assignee

FOR VALUE RECEIVED, the undersigned hereby sells,

assigns and transfers unto _________________________________________

______________________________________________________________

(name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints ______________________, attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises.

Dated:  __________________

______________________________ */

Signature Guaranteed:

______________________________ */

_______________

*/

NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatever.  Such signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in STAMP or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

EXHIBIT A-6

TO THE INDENTURE

[FORM OF CLASS II-A-3 NOTE]

SEE REVERSE FOR CERTAIN DEFINITIONS

Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Issuer (as defined below) or its agent for registration of transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.

THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH IN THE INDENTURE AND THE SALE AND SERVICING AGREEMENT.  ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.  THIS NOTE IS NOT GUARANTEED OR INSURED BY ANY GOVERNMENTAL AGENCY.

REGISTERED:  $146,730,000 1/

CUSIP NO. 49327H AF 2

No. II-A-3-1

KEYCORP STUDENT LOAN TRUST 2006-A

FLOATING RATE CLASS II-A-3 ASSET BACKED NOTES

KeyCorp Student Loan Trust 2006-A, a trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of $146,730,000 DOLLARS no later than on the June 26, 2029 Distribution Date (the “Final Maturity Date”).

The Issuer will pay interest on this Class II-A-3 Note (this “Note”) at the rate per annum equal to the Note Interest Rate (as defined on the reverse hereof) for this Note, on each Distribution Date until the principal of this Note is paid or made available for payment, on the principal amount of this Note outstanding on the preceding Distribution Date (after giving effect to all payments of principal made on the preceding Distribution Date), subject to certain limitations contained in Section 3.01 of the Indenture.  Interest on this Note will accrue for each Distribution Date from the most recent Distribution Date on which interest has been paid to but excluding such Distribution Date or, if no interest has yet been paid, from the Closing Date).  Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof.

The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts.  All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note.

Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note.

Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

1/

Denominations of $100,000 and integral multiples of $1,000 in excess thereof.

IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed, manually or in facsimile, as of the date set forth below.

	KEYCORP STUDENT LOAN TRUST 2006-A

	By:

The Bank of New York (Delaware), not in its individual capacity but solely as Owner Trustee under the Trust Agreement

	By:  _____________________________

	Authorized Officer

Date: December 7, 2006

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

This is one of the Notes designated above and referred to in the within-mentioned Indenture.

	Deutsche Bank Trust Company Americas, not in its individual capacity but solely as Indenture Trustee

	By:  ________________________________

	Authorized Officer

Date: December 7, 2006

[REVERSE OF NOTE]

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Floating Rate Class II-A-3 Asset Backed Notes (herein also called the “Class II-A-3 Notes”), all issued under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the holders of the Notes.  The Class II-A-3 Notes are subject to all terms of the Indenture.  To the extent that any provisions of this Note contradicts or is inconsistent with the provisions of the Indenture, the provisions of the Indenture shall control and supersede such contradictory or inconsistent provision herein.  Capitalized but undefined terms shall have the meanings set forth in the Indenture dated as of December 1, 2006 between KeyCorp Student Loan Trust 2006-A and Deutsche Bank Trust Company Americas, as Indenture Trustee, Paying Agent and Note Registrar, including Appendix A to the Indenture.

The Class II-A-3 Notes and the Issuer’s Floating Rate Class II-A-1 Asset Backed Notes (the “Class II-A-1 Notes”), Floating Rate Class II-A-2 Asset Backed Notes (the “Class II-A-2 Notes Floating Rate Class II-A-4 Asset Backed Notes (the “Class II-A-4 Notes” and together with the Class II-A-1 Notes and the Class II-A-2 Notes, the “Group II Class A Notes”), Floating Rate Class II-B Asset Backed Notes (the “Class II-B Notes”), Floating Rate Class II-C Asset Backed Notes (the “Class II-C Notes” and together with the Group II Class A Notes, the Class II-B Notes and the Class II-C Notes, the “Group II Notes”) are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture.  At the same time, the Issuer will also issue its Class I-A-1 Notes, Class I-A-2 Notes and Class I-B Notes (collectively, the “Group I Notes” and together with the Group II Notes, the “Notes”) that will also be secured by other items of collateral constituting the Trust Estate.

Principal of the Group II Notes will be payable on each Distribution Date to the extent funds are available therefor set forth in the Sale and Servicing Agreement and the Indenture. “Distribution Date” means the twenty-seventh day of each March, June, September and December, or, if any such date is not a Business Day, the next succeeding Business Day, commencing March 27, 2007.

As described on the face hereof, the entire unpaid principal amount of this Note shall be due and payable on its Final Maturity Date.  Notwithstanding the foregoing, the entire unpaid principal amount of the Group II Notes shall be due and payable on the date on which (i) an Event of Default with respect to the Group II Notes shall have occurred and be continuing and (ii) the Indenture Trustee at the written direction of the Group II Controlling Noteholders representing not less than a majority of the Outstanding Amount of the applicable Group II Notes shall have declared the Group II Notes to be immediately due and payable in the manner provided in Section 5.02 of the Indenture.  All principal payments on the Group II Notes of the same Class shall be made pro rata to the holders of such Notes entitled thereto.

Interest on the Group II Notes will be payable on each Distribution Date on the principal amount, or principal notional amount, as applicable, outstanding of each Class of Notes until the principal amount, or principal notional amount, as applicable, thereof is paid in full, at a rate per annum equal to the Note Interest Rate for such Class of Notes.

The “Note Interest Rate” means, with respect to any Interest Period and the Class II-A-3 Notes, the interest rate per annum (computed on the basis of the actual number of days elapsed in the related Interest Period divided by 360) equal to Three-Month LIBOR plus 0.19%.

Pursuant to the Sale and Servicing Agreement, the Administrator shall determine the Three-Month LIBOR for purposes of calculating the Note Interest Rates for each given Interest Period.  “Three-Month LIBOR” means the London interbank offered rate for deposits in U.S. dollars having a maturity of three months commencing on the related LIBOR Determination Date (the “Index Maturity”) which appears on Telerate Page 3750 (or such comparable page on another comparable service), as of 11:00 a.m., London time, on such LIBOR Determination Date.  If such rate does not appear on Telerate Page 3750 (or such comparable page on another comparable service), the rate for that day will be determined on the basis of the rates at which deposits in U.S. dollars, having the Index Maturity and in a principal amount of not less than U.S. $1,000,000, are offered at approximately 11:00 a.m., London time, on such LIBOR Determination Date to prime banks in the London interbank market by the Reference Banks.  The Administrator will request the principal London office of each of such Reference Banks to provide a quotation of its rate.  If at least two such quotations are provided, the rate for that day will be the arithmetic mean of the quotations.  If fewer than two quotations are provided, the rate for that day will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Administrator, at approximately 11:00 a.m., New York City time, on such LIBOR Determination Date for loans in the U.S. dollars to leading European banks having the Index Maturity and in a principal amount equal to an amount of not less than U.S. $1,000,000; provided that if the banks selected as aforesaid are not quoting as mentioned in this sentence, Three-Month LIBOR in effect for the applicable Interest Period will be Three-Month LIBOR in effect for the previous Interest Period.  For purposes of calculating Three-Month LIBOR, a Business Day is any day on which banks in London and New York City are open for the transaction of business.  Interest due for any Interest Period will be determined based on the actual number of days in such Interest Period over a 360 day year.

“Reference Bank” means a leading bank (i) engaged in transactions in Eurodollar deposits in the international Eurocurrency market, (ii) not controlling, controlled by or under common control with the Administrator and (iii) having an established place of business in London.

“LIBOR Determination Date” means, for each Interest Period, the second Business Day before the beginning of that Interest Period.  For purposes of this definition, a “Business Day” is any day on which banks in London and New York City are open for the transaction of business.

Any Noteholders’ Interest Carryover Shortfall with respect to the Group II Class A Notes, that may exist on any Distribution Date attributable shall be payable to the holders of such Group II Class A Notes, on a pro rata basis based on the amount of Noteholders’ Interest Carryover Shortfall then owing on such Group II Class A Notes on that Distribution Date and any succeeding Distribution Dates solely out of the funds available and required to be applied thereto pursuant to the Sale and Servicing Agreement.

Payments of interest on this Note due and payable on each Distribution Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Note (or one or more Predecessor Notes) on the Note Register on the Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency, unless Definitive Notes have been issued (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee.  Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for notation of payment, and the mailing of such check shall constitute payment of the amount thereof regardless of whether such check is returned undelivered.  Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all future Noteholders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon.  If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a Distribution Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Noteholder hereof as of the Record Date preceding such Distribution Date by notice mailed no later than five days prior to such Distribution Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Indenture Trustee’s Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for such purposes located in the Borough of Manhattan, The City of New York.

The Issuer shall pay interest on overdue installments of interest at the Note Interest Rate for this Note to the extent lawful.

As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Noteholder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in Securities Transfer Agent’s Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP (all in accordance with the Exchange Act), and such other documents as the Indenture Trustee may require, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated transferee or transferees.  No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange.

Each holder of the Notes or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in the Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Depositor, the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (i) the Depositor, the Indenture Trustee or the Eligible Lender Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Depositor, the Indenture Trustee or the Eligible Lender Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Depositor, the Eligible Lender Trustee or the Indenture Trustee, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity.

Each transferee of a beneficial interest in the Notes will be deemed to have represented that either: (A) the transferee is not acquiring the Notes directly or indirectly for, or on behalf of, a Benefit Plan or any entity whose underlying assets are deemed to be plan assets of such Benefit Plan, or (B) the acquisition and holding of the Notes by the transferee qualifies for prohibited transaction exemptive relief under PTCE 95-60 (as modified by PTCE 2002-13), PTCE 96-23, PTCE 91-38 (as modified by PTCE 2002-13), PTCE 90-1, PTCE 84-14 (as modified by PTCE 2002-13), the non-fiduciary service provider statutory exemption under Section 408(b)(17) of ERISA and Section 4975(d)(20) of the code, or some other applicable exemption.

It is the intent of the Issuer, the Depositor, the Administrator, the Master Servicer, KeyBank National Association, the Noteholders and the Note Owners that, for purposes of Federal and State income tax and any other tax measured in whole or in part by income, this Note will qualify as indebtedness of the Certificateholder.  The Noteholders and the Note Owners, by acceptance of this Note, agree to treat, and to take no action inconsistent with the treatment of, this Note for such tax purposes as indebtedness of the Certificateholder.

Each holder of the Notes or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that by accepting the benefits of the Indenture that such holder of the Notes or Note Owner will not at any time institute against the Depositor or the Issuer, or join in any institution against the Depositor or the Issuer of, any bankruptcy, reorganization, arrangement, insolvency, receivership or liquidation proceedings or other proceedings under any United States Federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, the Indenture or the other Basic Documents.

Prior to the due presentment for registration of transfer of this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee, may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes whether or not this Note be overdue, and none of the Issuer, the Depositor, the Indenture Trustee nor any such agent shall be affected by notice to the contrary.

The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture.

The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the holders of the Notes under the Indenture.

The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

THIS NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency, herein prescribed.

Anything herein to the contrary notwithstanding, except as expressly provided in the Basic Documents, none of The Bank of New York (Delaware), in its individual capacity, Deutsche Bank Trust Company Americas in its individual capacity, the Depositor, any owner of a beneficial interest in the Issuer or the Depositor, nor any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in this Note or the Indenture; it being expressly understood that said covenants, obligations and indemnifications have been made by the Eligible Lender Trustee for the sole purposes of binding the interests of the Eligible Lender Trustee in the assets of the Issuer.  The holder of the Notes by the acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture, the holder of any Class of the Notes shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the Indenture Trust Estate for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note.

ASSIGNMENTS

Social Security or taxpayer I.D. or other identifying number of assignee

FOR VALUE RECEIVED, the undersigned hereby sells,

assigns and transfers unto _________________________________________

______________________________________________________________

(name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints ______________________, attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises.

Dated:  __________________

______________________________ */

Signature Guaranteed:

______________________________ */

_______________

*/

NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatever.  Such signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in STAMP or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

EXHIBIT A-7

TO THE INDENTURE

[FORM OF CLASS II-A-4 NOTE]

SEE REVERSE FOR CERTAIN DEFINITIONS

Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Issuer (as defined below) or its agent for registration of transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.

THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH IN THE INDENTURE AND THE SALE AND SERVICING AGREEMENT.  ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.  THIS NOTE IS NOT GUARANTEED OR INSURED BY ANY GOVERNMENTAL AGENCY.

REGISTERED:  $140,274,000 1/

CUSIP NO. 49327H AG 0

No. II-A-4-1

KEYCORP STUDENT LOAN TRUST 2006-A

FLOATING RATE CLASS II-A-4 ASSET BACKED NOTES

KeyCorp Student Loan Trust 2006-A, a trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of $140,274,000 DOLLARS no later than on the September 25, 2035 Distribution Date (the “Final Maturity Date”).

The Issuer will pay interest on this Class II-A-4 Note (this “Note”) at the rate per annum equal to the Note Interest Rate (as defined on the reverse hereof) for this Note, on each Distribution Date until the principal of this Note is paid or made available for payment, on the principal amount of this Note outstanding on the preceding Distribution Date (after giving effect to all payments of principal made on the preceding Distribution Date), subject to certain limitations contained in Section 3.01 of the Indenture.  Interest on this Note will accrue for each Distribution Date from the most recent Distribution Date on which interest has been paid to but excluding such Distribution Date or, if no interest has yet been paid, from the Closing Date).  Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof.

1/

Denominations of $100,000 and integral multiples of $1,000 in excess thereof.

The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts.  All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note.

Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note.

Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed, manually or in facsimile, as of the date set forth below.

	KEYCORP STUDENT LOAN TRUST 2006-A

	By:

The Bank of New York (Delaware), not in its individual capacity but solely as Owner Trustee under the Trust Agreement

	By:  _____________________________

	Authorized Officer

Date: December 7, 2006

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

This is one of the Notes designated above and referred to in the within-mentioned Indenture.

	Deutsche Bank Trust Company Americas, not in its individual capacity but solely as Indenture Trustee

	By:  ________________________________

	Authorized Officer

Date: December 7, 2006

[REVERSE OF NOTE]

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Floating Rate Class II-A-4 Asset Backed Notes (herein also called the “Class II-A-4 Notes”), all issued under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the holders of the Notes.  The Class II-A-4 Notes are subject to all terms of the Indenture.  To the extent that any provisions of this Note contradicts or is inconsistent with the provisions of the Indenture, the provisions of the Indenture shall control and supersede such contradictory or inconsistent provision herein.  Capitalized but undefined terms shall have the meanings set forth in the Indenture dated as of December 1, 2006 between KeyCorp Student Loan Trust 2006-A and Deutsche Bank Trust Company Americas, as Indenture Trustee, Paying Agent and Note Registrar, including Appendix A to the Indenture.

The Class II-A-4 Notes and the Issuer’s Floating Rate Class II-A-1 Asset Backed Notes (the “Class II-A-1 Notes”), Floating Rate Class II-A-2 Asset Backed Notes (the “Class II-A-2 Notes), Floating Rate Class II-A-3 Asset Backed Notes (the “Class II-A-3 Notes” and together with the Class II-A-1 Notes and the Class II-A-2 Notes, the “Group II Class A Notes”), Floating Rate Class II-B Asset Backed Notes (the “Class II-B Notes”), Floating Rate Class II-C Asset Backed Notes (the “Class II-C Notes” and together with the Group II Class A Notes, the Class II-B Notes and the Class II-C Notes, the “Group II Notes”) are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture.  At the same time, the Issuer will also issue its Class I-A-1 Notes, Class I-A-2 Notes and Class I-B Notes (collectively, the “Group I Notes” and together with the Group II Notes, the “Notes”) that will also be secured by other items of collateral constituting the Trust Estate.

Principal of the Group II Notes will be payable on each Distribution Date to the extent funds are available therefor set forth in the Sale and Servicing Agreement and the Indenture. “Distribution Date” means the twenty-seventh day of each March, June, September and December, or, if any such date is not a Business Day, the next succeeding Business Day, commencing March 27, 2007.

As described on the face hereof, the entire unpaid principal amount of this Note shall be due and payable on its Final Maturity Date.  Notwithstanding the foregoing, the entire unpaid principal amount of the Group II Notes shall be due and payable on the date on which (i) an Event of Default with respect to the Group II Notes shall have occurred and be continuing and (ii) the Indenture Trustee at the written direction of the Group II Controlling Noteholders representing not less than a majority of the Outstanding Amount of the applicable Group II Notes shall have declared the Group II Notes to be immediately due and payable in the manner provided in Section 5.02 of the Indenture.  All principal payments on the Group II Notes of the same Class shall be made pro rata to the holders of such Notes entitled thereto.

Interest on the Group II Notes will be payable on each Distribution Date on the principal amount, or principal notional amount, as applicable, outstanding of each Class of Notes until the principal amount, or principal notional amount, as applicable, thereof is paid in full, at a rate per annum equal to the Note Interest Rate for such Class of Notes.

The “Note Interest Rate” means, with respect to any Interest Period and the Class II-A-4 Notes, the interest rate per annum (computed on the basis of the actual number of days elapsed in the related Interest Period divided by 360) equal to Three-Month LIBOR plus 0.31%.

Pursuant to the Sale and Servicing Agreement, the Administrator shall determine the Three-Month LIBOR for purposes of calculating the Note Interest Rates for each given Interest Period.  “Three-Month LIBOR” means the London interbank offered rate for deposits in U.S. dollars having a maturity of three months commencing on the related LIBOR Determination Date (the “Index Maturity”) which appears on Telerate Page 3750 (or such comparable page on another comparable service), as of 11:00 a.m., London time, on such LIBOR Determination Date.  If such rate does not appear on Telerate Page 3750 (or such comparable page on another comparable service), the rate for that day will be determined on the basis of the rates at which deposits in U.S. dollars, having the Index Maturity and in a principal amount of not less than U.S. $1,000,000, are offered at approximately 11:00 a.m., London time, on such LIBOR Determination Date to prime banks in the London interbank market by the Reference Banks.  The Administrator will request the principal London office of each of such Reference Banks to provide a quotation of its rate.  If at least two such quotations are provided, the rate for that day will be the arithmetic mean of the quotations.  If fewer than two quotations are provided, the rate for that day will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Administrator, at approximately 11:00 a.m., New York City time, on such LIBOR Determination Date for loans in the U.S. dollars to leading European banks having the Index Maturity and in a principal amount equal to an amount of not less than U.S. $1,000,000; provided that if the banks selected as aforesaid are not quoting as mentioned in this sentence, Three-Month LIBOR in effect for the applicable Interest Period will be Three-Month LIBOR in effect for the previous Interest Period.  For purposes of calculating Three-Month LIBOR, a Business Day is any day on which banks in London and New York City are open for the transaction of business.  Interest due for any Interest Period will be determined based on the actual number of days in such Interest Period over a 360 day year.

“Reference Bank” means a leading bank (i) engaged in transactions in Eurodollar deposits in the international Eurocurrency market, (ii) not controlling, controlled by or under common control with the Administrator and (iii) having an established place of business in London.

“LIBOR Determination Date” means, for each Interest Period, the second Business Day before the beginning of that Interest Period.  For purposes of this definition, a “Business Day” is any day on which banks in London and New York City are open for the transaction of business.

Any Noteholders’ Interest Carryover Shortfall with respect to the Group II Class A Notes, that may exist on any Distribution Date attributable shall be payable to the holders of such Group II Class A Notes, on a pro rata basis based on the amount of Noteholders’ Interest Carryover Shortfall then owing on such Group II Class A Notes on that Distribution Date and any succeeding Distribution Dates solely out of the funds available and required to be applied thereto pursuant to the Sale and Servicing Agreement.

Payments of interest on this Note due and payable on each Distribution Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Note (or one or more Predecessor Notes) on the Note Register on the Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency, unless Definitive Notes have been issued (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee.  Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for notation of payment, and the mailing of such check shall constitute payment of the amount thereof regardless of whether such check is returned undelivered.  Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all future Noteholders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon.  If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a Distribution Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Noteholder hereof as of the Record Date preceding such Distribution Date by notice mailed no later than five days prior to such Distribution Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Indenture Trustee’s Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for such purposes located in the Borough of Manhattan, The City of New York.

The Issuer shall pay interest on overdue installments of interest at the Note Interest Rate for this Note to the extent lawful.

As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Noteholder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in Securities Transfer Agent’s Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP (all in accordance with the Exchange Act), and such other documents as the Indenture Trustee may require, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated transferee or transferees.  No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange.

Each holder of the Notes or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in the Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Depositor, the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (i) the Depositor, the Indenture Trustee or the Eligible Lender Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Depositor, the Indenture Trustee or the Eligible Lender Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Depositor, the Eligible Lender Trustee or the Indenture Trustee, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity.

Each transferee of a beneficial interest in the Notes will be deemed to have represented that either: (A) the transferee is not acquiring the Notes directly or indirectly for, or on behalf of, a Benefit Plan or any entity whose underlying assets are deemed to be plan assets of such Benefit Plan, or (B) the acquisition and holding of the Notes by the transferee qualifies for prohibited transaction exemptive relief under PTCE 95-60 (as modified by PTCE 2002-13), PTCE 96-23, PTCE 91-38 (as modified by PTCE 2002-13), PTCE 90-1, PTCE 84-14 (as modified by PTCE 2002-13), the non-fiduciary service provider statutory exemption under Section 408(b)(17) of ERISA and Section 4975(d)(20) of the code, or some other applicable exemption.

It is the intent of the Issuer, the Depositor, the Administrator, the Master Servicer, KeyBank National Association, the Noteholders and the Note Owners that, for purposes of Federal and State income tax and any other tax measured in whole or in part by income, this Note will qualify as indebtedness of the Certificateholder.  The Noteholders and the Note Owners, by acceptance of this Note, agree to treat, and to take no action inconsistent with the treatment of, this Note for such tax purposes as indebtedness of the Certificateholder.

Each holder of the Notes or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that by accepting the benefits of the Indenture that such holder of the Notes or Note Owner will not at any time institute against the Depositor or the Issuer, or join in any institution against the Depositor or the Issuer of, any bankruptcy, reorganization, arrangement, insolvency, receivership or liquidation proceedings or other proceedings under any United States Federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, the Indenture or the other Basic Documents.

Prior to the due presentment for registration of transfer of this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee, may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes whether or not this Note be overdue, and none of the Issuer, the Depositor, the Indenture Trustee nor any such agent shall be affected by notice to the contrary.

The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture.

The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the holders of the Notes under the Indenture.

The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

THIS NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency, herein prescribed.

Anything herein to the contrary notwithstanding, except as expressly provided in the Basic Documents, none of The Bank of New York (Delaware), in its individual capacity, Deutsche Bank Trust Company Americas in its individual capacity, the Depositor, any owner of a beneficial interest in the Issuer or the Depositor, nor any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in this Note or the Indenture; it being expressly understood that said covenants, obligations and indemnifications have been made by the Eligible Lender Trustee for the sole purposes of binding the interests of the Eligible Lender Trustee in the assets of the Issuer.  The holder of the Notes by the acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture, the holder of any Class of the Notes shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the Indenture Trust Estate for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note.

 ASSIGNMENTS

Social Security or taxpayer I.D. or other identifying number of assignee

FOR VALUE RECEIVED, the undersigned hereby sells,

assigns and transfers unto _________________________________________

______________________________________________________________

(name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints ______________________, attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises.

Dated:  __________________

______________________________ */

Signature Guaranteed:

______________________________ */

_______________

*/

NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatever.  Such signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in STAMP or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

EXHIBIT A-8

TO THE INDENTURE

[FORM OF CLASS II-B NOTE]

SEE REVERSE FOR CERTAIN DEFINITIONS

Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Issuer (as defined below) or its agent for registration of transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.

THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH IN THE INDENTURE AND THE SALE AND SERVICING AGREEMENT.  ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.  THIS NOTE IS NOT GUARANTEED OR INSURED BY ANY GOVERNMENTAL AGENCY.

REGISTERED:  $101,664,000 1/

CUSIP NO. 49327H AH 8

No. II-B-1

KEYCORP STUDENT LOAN TRUST 2006-A

FLOATING RATE CLASS II-B ASSET BACKED NOTES

KeyCorp Student Loan Trust 2006-A, a trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of $101,664,000 DOLLARS no later than on the December 26, 2041 Distribution Date (the “Final Maturity Date”).

The Issuer will pay interest on this Class II-B Note (this “Note”) at the rate per annum equal to the Note Interest Rate (as defined on the reverse hereof) for this Note, on each Distribution Date until the principal of this Note is paid or made available for payment, on the principal amount of this Note outstanding on the preceding Distribution Date (after giving effect to all payments of principal made on the preceding Distribution Date), subject to certain limitations contained in Section 3.01 of the Indenture.  Interest on this Note will accrue for each Distribution Date from the most recent Distribution Date on which interest has been paid to but excluding such Distribution Date or, if no interest has yet been paid, from the Closing Date).  Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof.

1/

Denominations of $100,000 and integral multiples of $1,000 in excess thereof.

The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts.  All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note.

Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note.

Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed, manually or in facsimile, as of the date set forth below.

	KEYCORP STUDENT LOAN TRUST 2006-A

	By:

The Bank of New York (Delaware), not in its individual capacity but solely as Owner Trustee under the Trust Agreement

	By:  _____________________________

	Authorized Officer

Date: December 7, 2006

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

This is one of the Notes designated above and referred to in the within-mentioned Indenture.

	Deutsche Bank Trust Company Americas, not in its individual capacity but solely as Indenture Trustee

	By:  ________________________________

	Authorized Officer

Date: December 7, 2006

[REVERSE OF NOTE]

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Floating Rate Class II-B Asset Backed Notes (herein also called the “Class II-B Notes”), all issued under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the holders of the Notes.  The Class II-B Notes are subject to all terms of the Indenture.  To the extent that any provisions of this Note contradicts or is inconsistent with the provisions of the Indenture, the provisions of the Indenture shall control and supersede such contradictory or inconsistent provision herein.  Capitalized but undefined terms shall have the meanings set forth in the Indenture dated as of December 1, 2006 between KeyCorp Student Loan Trust 2006-A and Deutsche Bank Trust Company Americas, as Indenture Trustee, Paying Agent and Note Registrar, including Appendix A to the Indenture.

The Floating Rate Class II-A-1 Asset Backed Notes (the “Class II-A-1 Notes”), Floating Rate Class II-A-2 Asset Backed Notes (the “Class II-A-2 Notes”), Floating Rate Class II-A-3 Asset Backed Notes (the “Class II-A-3 Notes”), Floating Rate Class II-A-4 Asset Backed Notes (the “Class II-A-4 Notes” and together with the Class II-A-1 Notes, the Class II-A-2 Notes and Class II-A-3 Notes, “Group II Class A Notes”) are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture.  The rights of the Issuer’s Floating Rate Class II-B Asset Backed Notes (the “Class II-B Notes”),  Floating Rate Class II-C Asset Backed Notes (the “Class II-C Notes” and together with the Group II Class A Notes, the Class II-B Notes and the Class II-C Notes, the “Group II Notes”) are and will be subordinated to the rights of the Group II Class A Notes as provided in the Indenture.  At the same time, the Issuer will also issue its Class I-A-1 Notes, Class I-A-2 Notes and Class I-B Notes (the “Group I Notes” and together with the Group II Notes, the “Notes”) that will also be secured by other items of collateral constituting the Trust Estate.

Principal of the Group II Notes will be payable on each Distribution Date to the extent funds are available therefor set forth in the Sale and Servicing Agreement and the Indenture. “Distribution Date” means the twenty-seventh day of each March, June, September and December, or, if any such date is not a Business Day, the next succeeding Business Day, commencing March 27, 2007.

As described on the face hereof, the entire unpaid principal amount of this Note shall be due and payable on its Final Maturity Date.  Notwithstanding the foregoing, the entire unpaid principal amount of the Group II Notes shall be due and payable on the date on which (i) an Event of Default with respect to the Group II Notes shall have occurred and be continuing and (ii) the Indenture Trustee at the written direction of the Group II Controlling Parties holding a majority of the Outstanding Amount of the related Classes of Group II Notes (which, until all of the Group II Class A Notes have been paid in full, shall exclude the Class II-B Notes) shall have declared the Group I Notes to be immediately due and payable in the manner provided in Section 5.02 of the Indenture.  All principal payments on the Group II Notes of the same Class shall be made pro rata to the holders of such Group II Notes entitled thereto.

Interest on the Group II Notes will be payable on each Distribution Date on the principal amount outstanding of each Class of Group II Notes, until the principal amount or notional principal amount, as applicable, thereof is paid in full, at a rate per annum equal to the Note Interest Rate for such Class of Group II Notes.

The “Note Interest Rate” means, with respect to any Interest Period and the Class II-B Notes, the interest rate per annum (computed on the basis of the actual number of days elapsed in the related Interest Period divided by 360) equal to Three-Month LIBOR plus 0.48%.

Pursuant to the Sale and Servicing Agreement, the Administrator shall determine the Three-Month LIBOR for purposes of calculating the Note Interest Rates for each given Interest Period.  “Three-Month LIBOR” means the London interbank offered rate for deposits in U.S. dollars having a maturity of three months commencing on the related LIBOR Determination Date (the “Index Maturity”) which appears on Telerate Page 3750 (or such comparable page on another comparable service), as of 11:00 a.m., London time, on such LIBOR Determination Date.  If such rate does not appear on Telerate Page 3750 (or such comparable page on another comparable service), the rate for that day will be determined on the basis of the rates at which deposits in U.S. dollars, having the Index Maturity and in a principal amount of not less than U.S. $1,000,000, are offered at approximately 11:00 a.m., London time, on such LIBOR Determination Date to prime banks in the London interbank market by the Reference Banks.  The Administrator will request the principal London office of each of such Reference Banks to provide a quotation of its rate.  If at least two such quotations are provided, the rate for that day will be the arithmetic mean of the quotations.  If fewer than two quotations are provided, the rate for that day will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Administrator, at approximately 11:00 a.m., New York City time, on such LIBOR Determination Date for loans in the U.S. dollars to leading European banks having the Index Maturity and in a principal amount equal to an amount of not less than U.S. $1,000,000; provided that if the banks selected as aforesaid are not quoting as mentioned in this sentence, Three-Month LIBOR in effect for the applicable Interest Period will be Three-Month LIBOR in effect for the previous Interest Period.  For purposes of calculating Three-Month LIBOR, a Business Day is any day on which banks in London and New York City are open for the transaction of business.  Interest due for any Interest Period will be determined based on the actual number of days in such Interest Period over a 360 day year.

“Reference Bank” means a leading bank (i) engaged in transactions in Eurodollar deposits in the international Eurocurrency market, (ii) not controlling, controlled by or under common control with the Administrator and (iii) having an established place of business in London.

“LIBOR Determination Date” means, for each Interest Period, the second Business Day before the beginning of that Interest Period.  For purposes of this definition, a “Business Day” is any day on which banks in London and New York City are open for the transaction of business.

Any Noteholders’ Interest Carryover Shortfall that may exist on any Distribution Date attributable to the Class II-B Notes shall be payable to the holders of the Class II-B Notes on that Distribution Date and any succeeding Distribution Date solely out of the funds available and required to be applied thereto pursuant to the Sale and Servicing Agreement.

Payments of interest on this Note due and payable on each Distribution Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Note (or one or more Predecessor Notes) on the Note Register on the Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency, unless Definitive Notes have been issued (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee.  Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for notation of payment, and the mailing of such check shall constitute payment of the amount thereof regardless of whether such check is returned undelivered.  Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all future Noteholders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon.  If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a Distribution Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Noteholder hereof as of the Record Date preceding such Distribution Date by notice mailed no later than five days prior to such Distribution Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Indenture Trustee’s Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for such purposes located in the Borough of Manhattan, The City of New York.

The Issuer shall pay interest on overdue installments of interest at the Note Interest Rate for this Note to the extent lawful.

As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Noteholder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in Securities Transfer Agent’s Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP (all in accordance with the Exchange Act), and such other documents as the Indenture Trustee may require, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated transferee or transferees.  No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange.

Each holder of the Notes or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in the Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Depositor, the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (i) the Depositor, the Indenture Trustee or the Eligible Lender Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Depositor, the Indenture Trustee or the Eligible Lender Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Depositor, the Eligible Lender Trustee or the Indenture Trustee, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity.

Each transferee of a beneficial interest in the Notes will be deemed to have represented that either: (A) the transferee is not acquiring the Notes directly or indirectly for, or on behalf of, a Benefit Plan or any entity whose underlying assets are deemed to be plan assets of such Benefit Plan, or (B) the acquisition and holding of the Notes by the transferee qualifies for prohibited transaction exemptive relief under PTCE 95-60 (as modified by PTCE 2002-13), PTCE 96-23, PTCE 91-38 (as modified by PTCE 2002-13), PTCE 90-1, PTCE 84-14 (as modified by PTCE 2002-13), the non-fiduciary service provider statutory exemption under Section 408(b)(17) of ERISA and Section 4975(d)(20) of the code, or some other applicable exemption.

It is the intent of the Issuer, the Depositor, the Administrator, the Master Servicer, the Certificateholder, the Noteholders and the Note Owners that, for purposes of Federal and State income tax and any other tax measured in whole or in part by income, this Note will qualify as indebtedness of the Certificateholder.  The Noteholders and the Note Owners, by acceptance of this Note, agree to treat, and to take no action inconsistent with the treatment of, this Note for such tax purposes as indebtedness of the Certificateholder.

Each holder of the Notes or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that by accepting the benefits of the Indenture that such holder of the Notes or Note Owner will not at any time institute against the Depositor or the Issuer, or join in any institution against the Depositor or the Issuer of, any bankruptcy, reorganization, arrangement, insolvency, receivership or liquidation proceedings or other proceedings under any United States Federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, the Indenture or the other Basic Documents.

Prior to the due presentment for registration of transfer of this Note, the Issuer, the Depositor, the Indenture Trustee, and any agent of the Issuer, the Depositor or the Indenture Trustee, may treat the Person in whose name this Group II Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes whether or not this Group II Note be overdue, and none of the Issuer, the Depositor, the Indenture Trustee, nor any such agent shall be affected by notice to the contrary.

The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture.

The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the holders of the Notes under the Indenture.

The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

THIS NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency, herein prescribed.

Anything herein to the contrary notwithstanding, except as expressly provided in the Basic Documents, none of The Bank of New York (Delaware), in its individual capacity, Deutsche Bank Trust Company Americas, in its individual capacity, the Depositor, any owner of a beneficial interest in the Issuer or the Depositor, nor any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in this Note or the Indenture; it being expressly understood that said covenants, obligations and indemnifications have been made by the Eligible Lender Trustee for the sole purposes of binding the interests of the Eligible Lender Trustee in the assets of the Issuer.  The holder of the Notes by the acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture, the holder of any Class of the Notes shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the Indenture Trust Estate for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note.

Default in the payment of interest on a Class II-B Note is not an Event of Default under the Indenture so long as any Group II Class A Notes are outstanding.  By acceptance of this Class II-B Note or any beneficial interest herein, you are deemed to have consented to the delay in payment of interest on such Class II-B Note and waived your rights to institute suit for enforcement of any such payment to the extent described in the Indenture.

By acceptance of this Class II-B Note you are hereby deemed to have agreed, that until the Class II-A-1, Class II-A-2 Notes, Class II-A- 3 Notes and Class II-A-4 Notes  have been paid in full, such Classes will possess the rights of the Group II Controlling Noteholders.

ASSIGNMENTS

Social Security or taxpayer I.D. or other identifying number of assignee

FOR VALUE RECEIVED, the undersigned hereby sells,

assigns and transfers unto _________________________________________

______________________________________________________________

(name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints ______________________, attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises.

Dated:  __________________

______________________________ */

Signature Guaranteed:

______________________________ */

_______________

*/

NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatever.  Such signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in STAMP or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

EXHIBIT A-9

TO THE INDENTURE

[FORM OF CLASS II-C NOTE]

SEE REVERSE FOR CERTAIN DEFINITIONS

Unless this Note is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Issuer (as defined below) or its agent for registration of transfer, exchange or payment, and any Note issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede & Co., has an interest herein.

THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH IN THE INDENTURE AND THE SALE AND SERVICING AGREEMENT.  ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.  THIS NOTE IS NOT GUARANTEED OR INSURED BY ANY GOVERNMENTAL AGENCY.

REGISTERED:  $47,655,000 1/

CUSIP NO. 49327H AJ 4

No. II-C

KEYCORP STUDENT LOAN TRUST 2006-A

FLOATING RATE CLASS II-C ASSET BACKED NOTES

KeyCorp Student Loan Trust 2006-A, a trust organized and existing under the laws of the State of Delaware (herein referred to as the “Issuer”), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum of $47,655,000 DOLLARS no later than on the March 25, 2042 Distribution Date (the “Final Maturity Date”).

The Issuer will pay interest on this Class II-C Note (this “Note”) at the rate per annum equal to the Note Interest Rate (as defined on the reverse hereof) for this Note, on each Distribution Date until the principal of this Note is paid or made available for payment, on the principal amount of this Note outstanding on the preceding Distribution Date (after giving effect to all payments of principal made on the preceding Distribution Date), subject to certain limitations contained in Section 3.01 of the Indenture.  Interest on this Note will accrue for each Distribution Date from the most recent Distribution Date on which interest has been paid to but excluding such Distribution Date or, if no interest has yet been paid, from the Closing Date).  Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof.

1/

Denominations of $100,000 and integral multiples of $1,000 in excess thereof.

The principal of and interest on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts.  All payments made by the Issuer with respect to this Note shall be applied first to interest due and payable on this Note as provided above and then to the unpaid principal of this Note.

Reference is made to the further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on the face of this Note.

Unless the certificate of authentication hereon has been executed by the Indenture Trustee whose name appears below by manual signature, this Note shall not be entitled to any benefit under the Indenture referred to on the reverse hereof, or be valid or obligatory for any purpose.

IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed, manually or in facsimile, as of the date set forth below.

	KEYCORP STUDENT LOAN TRUST 2006-A

	By:

The Bank of New York (Delaware), not in its individual capacity but solely as Owner Trustee under the Trust Agreement

	By:  _____________________________

	Authorized Officer

Date: December 7, 2006

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

This is one of the Notes designated above and referred to in the within-mentioned Indenture.

	Deutsche Bank Trust Company Americas, not in its individual capacity but solely as Indenture Trustee

	By:  ________________________________

	Authorized Officer

Date: December 7, 2006

[REVERSE OF NOTE]

This Note is one of a duly authorized issue of Notes of the Issuer, designated as its Floating Rate Class II-C Asset Backed Notes (herein also called the “Class II-C Notes”), all issued under the Indenture, to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights and obligations thereunder of the Issuer, the Indenture Trustee and the holders of the Notes.  The Class II-C Notes are subject to all terms of the Indenture.  To the extent that any provisions of this Note contradicts or is inconsistent with the provisions of the Indenture, the provisions of the Indenture shall control and supersede such contradictory or inconsistent provision herein.  Capitalized but undefined terms shall have the meanings set forth in the Indenture dated as of December 1, 2006 between KeyCorp Student Loan Trust 2006-A and Deutsche Bank Trust Company Americas, as Indenture Trustee, Paying Agent and Note Registrar, including Appendix A to the Indenture.

The Floating Rate Class II-A-1 Asset Backed Notes (the “Class II-A-1 Notes”), Floating Rate Class II-A-2 Asset Backed Notes (the “Class II-A-2 Notes”), Floating Rate Class II-A-3 Asset Backed Notes (the “Class II-A-3 Notes”), Floating Rate Class II-A-4 Asset Backed Notes (the “Class II-A-4 Notes” and together with the Class II-A-1 Notes, Class II-A-2 Notes, Class II-A-3 Notes and Class II-A-4 Notes, the “Group II Class A Notes”) are and will be equally and ratably secured by the collateral pledged as security therefor as provided in the Indenture.  The rights of the Issuer’s Floating Rate Class II-C Asset Backed Notes (the “Class II-C Notes”), Floating Rate Class II-B Asset Backed Notes (the “Class II-B Notes” and together with the Group II Class A Notes, the Class II-B Notes and the Class II-C Notes, the “Group II Notes”) are and will be subordinated to the rights of the Group II Class A Notes as provided in the Indenture.  At the same time, the Issuer will also issue its Class I-A-1 Notes, Class I-A-2 Notes and Class I-B Notes (the “Group I Notes” and together with the Group II Notes, the “Notes”) that will also be secured by other items of collateral constituting the Trust Estate.

Principal of the Group II Notes will be payable on each Distribution Date to the extent funds are available therefor set forth in the Sale and Servicing Agreement and the Indenture. “Distribution Date” means the twenty-seventh day of each March, June, September and December, or, if any such date is not a Business Day, the next succeeding Business Day, commencing March 27, 2007.

As described on the face hereof, the entire unpaid principal amount of this Note shall be due and payable on its Final Maturity Date.  Notwithstanding the foregoing, the entire unpaid principal amount of the Group II Notes shall be due and payable on the date on which (i) an Event of Default with respect to the Group II Notes shall have occurred and be continuing and (ii) the Indenture Trustee at the written direction of the Group II Controlling Noteholders representing not less than a majority of the Outstanding Amount of the applicable Group II Notes shall have declared the Group II Notes to be immediately due and payable in the manner provided in Section 5.02 of the Indenture.  All principal payments on the Group II Notes of the same Class shall be made pro rata to the holders of such Notes entitled thereto.

Interest on the Group II Notes will be payable on each Distribution Date on the principal amount, or principal notional amount, as applicable, outstanding of each Class of Notes until the principal amount, or principal notional amount, as applicable, thereof is paid in full, at a rate per annum equal to the Note Interest Rate for such Class of Notes.

The “Note Interest Rate” means, with respect to any Interest Period and the Class II-C Notes, the interest rate per annum (computed on the basis of the actual number of days elapsed in the related Interest Period divided by 360) equal to Three-Month LIBOR plus 1.15%.

Pursuant to the Sale and Servicing Agreement, the Administrator shall determine the Three-Month LIBOR for purposes of calculating the Note Interest Rates for each given Interest Period.  “Three-Month LIBOR” means the London interbank offered rate for deposits in U.S. dollars having a maturity of three months commencing on the related LIBOR Determination Date (the “Index Maturity”) which appears on Telerate Page 3750 (or such comparable page on another comparable service), as of 11:00 a.m., London time, on such LIBOR Determination Date.  If such rate does not appear on Telerate Page 3750 (or such comparable page on another comparable service), the rate for that day will be determined on the basis of the rates at which deposits in U.S. dollars, having the Index Maturity and in a principal amount of not less than U.S. $1,000,000, are offered at approximately 11:00 a.m., London time, on such LIBOR Determination Date to prime banks in the London interbank market by the Reference Banks.  The Administrator will request the principal London office of each of such Reference Banks to provide a quotation of its rate.  If at least two such quotations are provided, the rate for that day will be the arithmetic mean of the quotations.  If fewer than two quotations are provided, the rate for that day will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Administrator, at approximately 11:00 a.m., New York City time, on such LIBOR Determination Date for loans in the U.S. dollars to leading European banks having the Index Maturity and in a principal amount equal to an amount of not less than U.S. $1,000,000; provided that if the banks selected as aforesaid are not quoting as mentioned in this sentence, Three-Month LIBOR in effect for the applicable Interest Period will be Three-Month LIBOR in effect for the previous Interest Period.  For purposes of calculating Three-Month LIBOR, a Business Day is any day on which banks in London and New York City are open for the transaction of business.  Interest due for any Interest Period will be determined based on the actual number of days in such Interest Period over a 360 day year.

“Reference Bank” means a leading bank (i) engaged in transactions in Eurodollar deposits in the international Eurocurrency market, (ii) not controlling, controlled by or under common control with the Administrator and (iii) having an established place of business in London.

“LIBOR Determination Date” means, for each Interest Period, the second Business Day before the beginning of that Interest Period.  For purposes of this definition, a “Business Day” is any day on which banks in London and New York City are open for the transaction of business.

Any Noteholders’ Interest Carryover Shortfall with respect to the Group II Class A Notes, that may exist on any Distribution Date attributable shall be payable to the holders of such Group II Class A Notes, on a pro rata basis based on the amount of Noteholders’ Interest Carryover Shortfall then owing on such Group II Class A Notes on that Distribution Date and any succeeding Distribution Dates solely out of the funds available and required to be applied thereto pursuant to the Sale and Servicing Agreement.

Payments of interest on this Note due and payable on each Distribution Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Note (or one or more Predecessor Notes) on the Note Register on the Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency, unless Definitive Notes have been issued (initially, such nominee to be Cede & Co.), payments will be made by wire transfer in immediately available funds to the account designated by such nominee.  Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for notation of payment, and the mailing of such check shall constitute payment of the amount thereof regardless of whether such check is returned undelivered.  Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all future Noteholders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon.  If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a Distribution Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, will notify the Person who was the Noteholder hereof as of the Record Date preceding such Distribution Date by notice mailed no later than five days prior to such Distribution Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Indenture Trustee’s Corporate Trust Office or at the office of the Indenture Trustee’s agent appointed for such purposes located in the Borough of Manhattan, The City of New York.

The Issuer shall pay interest on overdue installments of interest at the Note Interest Rate for this Note to the extent lawful.

As provided in the Indenture and subject to certain limitations set forth therein, the transfer of this Note may be registered on the Note Register upon surrender of this Note for registration of transfer at the office or agency designated by the Issuer pursuant to the Indenture, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Indenture Trustee duly executed by, the Noteholder hereof or his attorney duly authorized in writing, with such signature guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in Securities Transfer Agent’s Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP (all in accordance with the Exchange Act), and such other documents as the Indenture Trustee may require, and thereupon one or more new Notes of authorized denominations and in the same aggregate principal amount will be issued to the designated transferee or transferees.  No service charge will be charged for any registration of transfer or exchange of this Note, but the transferor may be required to pay a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any such registration of transfer or exchange.

Each holder of the Notes or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in the Note, covenants and agrees that no recourse may be taken, directly or indirectly, with respect to the obligations of the Issuer, the Depositor, the Indenture Trustee on the Notes or under the Indenture or any certificate or other writing delivered in connection therewith, against (i) the Depositor, the Indenture Trustee or the Eligible Lender Trustee in its individual capacity, (ii) any owner of a beneficial interest in the Issuer or (iii) any partner, owner, beneficiary, agent, officer, director or employee of the Depositor, the Indenture Trustee or the Eligible Lender Trustee in its individual capacity, any holder of a beneficial interest in the Issuer, the Depositor, the Eligible Lender Trustee or the Indenture Trustee, except as any such Person may have expressly agreed and except that any such partner, owner or beneficiary shall be fully liable, to the extent provided by applicable law, for any unpaid consideration for stock, unpaid capital contribution or failure to pay any installment or call owing to such entity.

Each transferee of a beneficial interest in the Notes will be deemed to have represented that either: (A) the transferee is not acquiring the Notes directly or indirectly for, or on behalf of, a Benefit Plan or any entity whose underlying assets are deemed to be plan assets of such Benefit Plan, or (B) the acquisition and holding of the Notes by the transferee qualifies for prohibited transaction exemptive relief under PTCE 95-60 (as modified by PTCE 2002-13), PTCE 96-23, PTCE 91-38 (as modified by PTCE 2002-13), PTCE 90-1, PTCE 84-14 (as modified by PTCE 2002-13), the non-fiduciary service provider statutory exemption under Section 408(b)(17) of ERISA and Section 4975(d)(20) of the code, or some other applicable exemption.

It is the intent of the Issuer, the Depositor, the Administrator, the Master Servicer, KeyBank National Association, the Noteholders and the Note Owners that, for purposes of Federal and State income tax and any other tax measured in whole or in part by income, this Note will qualify as indebtedness of the Certificateholder.  The Noteholders and the Note Owners, by acceptance of this Note, agree to treat, and to take no action inconsistent with the treatment of, this Note for such tax purposes as indebtedness of the Certificateholder.

Each holder of the Notes or Note Owner, by acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, covenants and agrees that by accepting the benefits of the Indenture that such holder of the Notes or Note Owner will not at any time institute against the Depositor or the Issuer, or join in any institution against the Depositor or the Issuer of, any bankruptcy, reorganization, arrangement, insolvency, receivership or liquidation proceedings or other proceedings under any United States Federal or state bankruptcy or similar law in connection with any obligations relating to the Notes, the Indenture or the other Basic Documents.

Prior to the due presentment for registration of transfer of this Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture Trustee, may treat the Person in whose name this Note (as of the day of determination or as of such other date as may be specified in the Indenture) is registered as the owner hereof for all purposes whether or not this Note be overdue, and none of the Issuer, the Depositor, the Indenture Trustee nor any such agent shall be affected by notice to the contrary.

The term “Issuer” as used in this Note includes any successor to the Issuer under the Indenture.

The Issuer is permitted by the Indenture, under certain circumstances, to merge or consolidate, subject to the rights of the Indenture Trustee and the holders of the Notes under the Indenture.

The Notes are issuable only in registered form in denominations as provided in the Indenture, subject to certain limitations therein set forth.

THIS NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER AND THEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place, and rate, and in the coin or currency, herein prescribed.

Anything herein to the contrary notwithstanding, except as expressly provided in the Basic Documents, none of The Bank of New York (Delaware), in its individual capacity, Deutsche Bank Trust Company Americas, in its individual capacity, the Depositor, any owner of a beneficial interest in the Issuer or the Depositor, nor any of their respective partners, beneficiaries, agents, officers, directors, employees or successors or assigns shall be personally liable for, nor shall recourse be had to any of them for, the payment of principal of or interest on, or performance of, or omission to perform, any of the covenants, obligations or indemnifications contained in this Note or the Indenture; it being expressly understood that said covenants, obligations and indemnifications have been made by the Eligible Lender Trustee for the sole purposes of binding the interests of the Eligible Lender Trustee in the assets of the Issuer.  The holder of the Notes by the acceptance hereof agrees that, except as expressly provided in the Basic Documents, in the case of an Event of Default under the Indenture, the holder of any Class of the Notes shall have no claim against any of the foregoing for any deficiency, loss or claim therefrom; provided, however, that nothing contained herein shall be taken to prevent recourse to, and enforcement against, the Indenture Trust Estate for any and all liabilities, obligations and undertakings contained in the Indenture or in this Note.

Default in the payment of interest on a Class II-C Note is not an Event of Default under the Indenture so long as any Group II Class A Notes or Class B Notes are outstanding.  By acceptance of this Class II-C Note or any beneficial interest herein, you are deemed to have consented to the delays in payment of interest on such Class II-C Note and waived your rights to institute suit for enforcement of any such payment to the extent described in the Indenture.

By acceptance of this Class II-C Note you are hereby deemed to have agreed, that until the Class II-A-1 Notes, Class II-A-2 Notes, Class II-A-3 Notes and Class II-A-4 Notes have been paid in full, such Classes will possess the rights of the Group II Controlling Noteholders and after the Class II-A-1 Notes, Class II-A-2 Notes, Class II-A-3 Notes and Class II-A-4 Notes have been paid in full, the Class II-B Noteholders will possess the rights of the Group II Controlling Noteholders.

ASSIGNMENTS

Social Security or taxpayer I.D. or other identifying number of assignee

FOR VALUE RECEIVED, the undersigned hereby sells,

assigns and transfers unto _________________________________________

______________________________________________________________

(name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints ______________________, attorney, to transfer said Note on the books kept for registration thereof, with full power of substitution in the premises.

Dated:  __________________

______________________________ */

Signature Guaranteed:

______________________________ */

_______________

*/

NOTICE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the within Note in every particular, without alteration, enlargement or any change whatever.  Such signature must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Note Registrar, which requirements include membership or participation in STAMP or such other “signature guarantee program” as may be determined by the Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

EXHIBIT B

Servicing Criteria To Be Addressed In Assessment Of Compliance

The assessment of compliance to be delivered by Deutsche Bank Trust Company Americas, as Indenture Trustee, shall address, at a minimum, the criteria identified as below as “Applicable Servicing Criteria”:

	Reference

	Criteria

	Applicability

	 	 	 
	General Servicing Considerations

	 	 	 
	1122(d)(1)(i)

	Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the Basic Documents.

	N/A

	1122(d)(1)(ii)

	If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing activities.

	N/A

	1122(d)(1)(iii)

	Any requirements in the Basic Documents to maintain a back-up Master Servicer for the Financed Student Loans are maintained.

	N/A

	1122(d)(1)(iv)

	A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements.

	N/A

	 	 	 
	Cash Collection and Administration

	 	 	 
	1122(d)(2)(i)

	Payments on Financed Student Loans are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days specified in the Basic Documents.

	N/A

	1122(d)(2)(ii)

	Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.

	X

	1122(d)(2)(iii)

	Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the Basic Documents.

	N/A

	1122(d)(2)(iv)

	The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the Basic Documents.

	N/A

	1122(d)(2)(v)

	Each custodial account is maintained at a federally insured depository institution as set forth in the Basic Documents. For purposes of this criterion, “federally insured depository institution” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act.

	N/A

	1122(d)(2)(vi)

	Unissued checks are safeguarded so as to prevent unauthorized access.

	N/A

	1122(d)(2)(vii)

	 Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the Basic Documents; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the Basic Documents.

	N/A

	 	 	 
	 	 	 
	Investor Remittances and Reporting

	 	 	 
	1122(d)(3)(i)

	Reports to investors, including those to be filed with the Commission, are maintained in accordance with the Basic Documents and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the Basic Documents; (B) provide information calculated in accordance with the terms specified in the Basic Documents; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of student loans serviced by the Master Servicer.

	N/A

	1122(d)(3)(ii)

	Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the Basic Documents.

	X

	1122(d)(3)(iii)

	Disbursements made to an investor are posted within two business days to the Master Servicer’s investor records, or such other number of days specified in the Basic Documents.

	X

	1122(d)(3)(iv)

	Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.

	X

	 	 	 
	Pool Asset Administration

	 	 	 
	1122(d)(4)(i)

	Collateral or security on student loans is maintained as required by the Basic Documents or related student loan documents.

	N/A

	1122(d)(4)(ii)

	Student loan and related documents are safeguarded as required by the Basic Documents

	N/A

	1122(d)(4)(iii)

	Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the Basic Documents.

	N/A

	1122(d)(4)(iv)

	Payments on student loans, including any payoffs, made in accordance with the related student loan documents are posted to the Master Servicer’s obligor records maintained no more than two business days after receipt, or such other number of days specified in the Basic Documents, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related student loan documents.

	N/A

	1122(d)(4)(v)

	The Master Servicer’s records regarding the student loans agree with the Master Servicer’s records with respect to an obligor’s unpaid principal balance.

	N/A

	1122(d)(4)(vi)

	Changes with respect to the terms or status of an obligor's student loans (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the Basic Documents and related pool asset documents.

	N/A

	1122(d)(4)(vii)

	Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the Basic Documents.

	N/A

	1122(d)(4)(viii)

	Records documenting collection efforts are maintained during the period a student loan is delinquent in accordance with the Basic Documents. Such records are maintained on at least a monthly basis, or such other period specified in the Basic Documents, and describe the entity’s activities in monitoring delinquent student loans including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment).

	N/A

	1122(d)(4)(ix)

	Adjustments to interest rates or rates of return for student loans with variable rates are computed based on the related student loan documents.

	N/A

	1122(d)(4)(x)

	Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s student loan documents, on at least an annual basis, or such other period specified in the Basic Documents; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable student loan documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related student loans, or such other number of days specified in the Basic Documents.

	N/A

	1122(d)(4)(xi)

	Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the Master Servicer at least 30 calendar days prior to these dates, or such other number of days specified in the Basic Documents.

	N/A

	1122(d)(4)(xii)

	Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the Master Servicer’s funds and not charged to the obligor, unless the late payment was due to the obligor’s error or omission.

	N/A

	1122(d)(4)(xiii)

	Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the Master Servicer, or such other number of days specified in the Basic Documents.

	N/A

	1122(d)(4)(xiv)

	 Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the Basic Documents.

	N/A

	1122(d)(4)(xv)

	Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the Basic Documents.

	N/AKEYCORP 2000-B: SALE & SERV. AGMT.

EXECUTION COPY

SALE AND SERVICING AGREEMENT

Among

KEYCORP STUDENT LOAN TRUST 2006-A

as Issuer,

KEY CONSUMER RECEIVABLES LLC,

as Depositor,

KEYBANK NATIONAL ASSOCIATION

as Master Servicer and Seller,

JPMORGAN CHASE BANK, NATIONAL ASSOCIATION

not in its individual capacity but solely

as Eligible Lender Trustee and as Depositor Eligible Lender Trustee,

and

KEYBANK NATIONAL ASSOCIATION

as Administrator

Dated as of December 1, 2006

TABLE OF CONTENTS

PAGE

ARTICLE I

DEFINITIONS AND USAGE

1

ARTICLE II

CONVEYANCE OF FINANCED STUDENT LOANS

1

SECTION 2.01.  Conveyance of Financed Student Loans

1

SECTION 2.02.  Conveyance of Financed Student Loans by the Eligible Lender Trustee 

to the Depositor in Connection with Consolidation Loans

2

SECTION 2.03.  Add-On Consolidation Loans

2

SECTION 2.04.  Indorsement

2

SECTION 2.05.  Sale Not Secured Financing

3

SECTION 2.06.  MPN Loans

4

ARTICLE III

THE FINANCED STUDENT LOANS

5

SECTION 3.01.  Representations and Warranties of Depositor with Respect to the 

Financed Student Loans

5

SECTION 3.02.  Repurchase or Substitution upon Breach; Reimbursement

10

SECTION 3.03.  Custody of Financed Student Loan Files

12

SECTION 3.04.  Duties of Master Servicer as Custodian

13

SECTION 3.05.  Instructions; Authority To Act

14

SECTION 3.06.  Custodian’s Indemnification

14

SECTION 3.07.  Effective Period and Termination

14

SECTION 3.08.  Schedule of Financed Student Loans

15

ARTICLE IV

ADMINISTRATION AND SERVICING OF FINANCED STUDENT LOANS

15

SECTION 4.01.  Duties of Master Servicer

15

SECTION 4.02.  Collection of Financed Student Loan Payments

17

SECTION 4.03.  Realization upon Financed Student Loans

18

SECTION 4.04.  Computation of Note Interest Rate

18

SECTION 4.05.  No Impairment

18

SECTION 4.06.  Purchase or Substitution of Financed Student Loans; Reimbursement

18

SECTION 4.07.  Master Servicing Fee

20

SECTION 4.08.  Administrator’s Certificate; Servicer’s Report

20

SECTION 4.09.  Annual Statement as to Compliance; Notice of Default

21

SECTION 4.10.  Annual Independent Certified Public Accountants’ Report

21

SECTION 4.11.  Access to Certain Documentation and Information Regarding Financed 

Student Loans

22

SECTION 4.12.  Master Servicer and Administrator Expenses

23

SECTION 4.13.  Appointment of Subservicers.

23

SECTION 4.14.  Special Programs

24

SECTION 4.15.  Maintenance of Fidelity Bond and Errors and Omission Policy

24

ARTICLE V

DISTRIBUTIONS; ACCOUNTS; STATEMENTS TO NOTEHOLDERS

25

SECTION 5.01.  Establishment of Trust Accounts

25

SECTION 5.02.  Collections

27

SECTION 5.03.  Application of Collections

28

SECTION 5.04.  Additional Deposits

28

SECTION 5.05.  Distributions

29

SECTION 5.06.  Reserve Accounts

33

SECTION 5.07.  Statements to Noteholders

37

SECTION 5.08.  [Reserved]

37

SECTION 5.09.  [Reserved]

38

SECTION 5.10.  Paying Agent

38

ARTICLE VI

THE ADMINISTRATOR AND THE DEPOSITOR

38

SECTION 6.01.  Representations of the Administrator

38

SECTION 6.02.  Representations of the Depositor

40

SECTION 6.03.  Existence

41

SECTION 6.04.  Liability of the Depositor; Indemnities

41

SECTION 6.05.  Liability of Administrator; Indemnities

43

SECTION 6.06.  Merger or Consolidation of, or Assumption of the Obligations of, the 

Administrator and the Depositor

43

SECTION 6.07.  Limitation on Liability of the Depositor, Administrator and Others

44

SECTION 6.08.  Ownership by the Depositor, KBNA and its Affiliates

45

SECTION 6.09.  KBNA Not To Resign as Administrator

45

ARTICLE VII

THE MASTER SERVICER

46

SECTION 7.01.  Representations of Master Servicer

46

SECTION 7.02.  Indemnities of Master Servicer

47

SECTION 7.03.  Merger or Consolidation of, or Assumption of the Obligations of, 

Master Servicer

48

SECTION 7.04.  Limitation on Liability of Master Servicer and Others

49

SECTION 7.05.  KBNA Not To Resign as Master Servicer

49

ARTICLE VIII

DEFAULT

50

SECTION 8.01.  Master Servicer Default; Administrator Default

50

SECTION 8.02.  Appointment of Successor

53

SECTION 8.03.  Notification to Noteholders

54

SECTION 8.04.  Waiver of Past Defaults

54

ARTICLE IX

TERMINATION

55

SECTION 9.01.  Termination

55

ARTICLE X

ADDITIONAL PROVISIONS REGARDING FINANCED STUDENT LOANS

56

SECTION 10.01.  Periodic Reports

56

SECTION 10.02.  Cooperation

57

SECTION 10.03.  Confidentiality

57

SECTION 10.04.  Future Purchases

58

SECTION 10.05.  Private Guarantee Fee

58

SECTION 10.06.  Bids/First Refusal Rights

58

SECTION 10.07.  Consolidation Loans

59

ARTICLE XI

MISCELLANEOUS

59

SECTION 11.01.  Amendment

59

SECTION 11.02.  Protection of Interests in Trust

60

SECTION 11.03.  Notices

63

SECTION 11.04.  Assignment

64

SECTION 11.05.  Limitations on Rights of Others

64

SECTION 11.06.  Severability

64

SECTION 11.07.  Separate Counterparts

64

SECTION 11.08.  Headings

64

SECTION 11.09.  Governing Law

64

SECTION 11.10.  Assignment to Indenture Trustee

64

SECTION 11.11.  Nonpetition Covenants

65

SECTION 11.12.  Limitation of Liability of Eligible Lender Trustee and Indenture 

Trustee

65

SECTION 11.13.  Third-Party Beneficiaries

66

ARTICLE XII

REGULATION AB

66

SECTION 12.01.  Intent of the Parties; Reasonableness

66

SECTION 12.02.  Reporting Requirements.

67

SECTION 12.03.  Servicer Compliance Statement

67

SECTION 12.04.  Report on Assessment of Compliance and Attestation.

67

	 	 	 
	APPENDIX A

	Definitions and Usage

	 
	 	 	 
	SCHEDULE A-1

	Schedule of Group I Student Loans

	 
	SCHEDULE A-2

	Schedule of Group II Student Loans

	 
	SCHEDULE B

	[Reserved]

	 
	SCHEDULE C

	Location of Financed Student Loan Files

	 
	SCHEDULE D

	[Reserved]

	 
	SCHEDULE E

	Servicing Fees Schedule

	 
	 	 	 
	EXHIBIT A

	Form of Report to Noteholders

	 
	EXHIBIT B

	[Reserved]

	 
	EXHIBIT C

	[Reserved]

	 
	EXHIBIT D

	Form of Assignment on Closing Date

	 
	EXHIBIT E

	[Reserved]

	 
	EXHIBIT F

	Servicing Criteria

	 
	EXHIBIT G

	Annual Certification

	 

SALE AND SERVICING AGREEMENT dated as of December 1, 2006, among KEYCORP STUDENT LOAN TRUST 2006-A, a Delaware statutory trust (the “Issuer”), KEYBANK NATIONAL ASSOCIATION, a national banking association, as master servicer (the “Master Servicer”) and seller (the “Seller”), KEY CONSUMER RECEIVABLES LLC, a Delaware limited liability company, as depositor (the “Depositor”), JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, a national banking association, solely as eligible lender trustee on behalf of the Issuer and not in its individual capacity (the “Eligible Lender Trustee”) and as depositor eligible lender trustee (the “Depositor Eligible Lender Trustee”) on behalf of  the Depositor, and KEYBANK NATIONAL ASSOCIATION, a national banking association, as administrator (the “Administrator”).

WHEREAS, the Depositor and, with respect to legal title, the Depositor Eligible Lender Trustee, intends to assign to the Issuer and, with respect to legal title, the Eligible Lender Trustee, its rights in a portfolio of student loans purchased from KeyBank National Association (“KBNA” or the “Seller”);

WHEREAS, the Issuer and, with respect to legal title, the Eligible Lender Trustee, desires to purchase, and the Depositor and, with respect to legal title, the Depositor Eligible Lender Trustee, is willing to sell to the Issuer and, with respect to legal title, the Eligible Lender Trustee, such student loans;

WHEREAS, the Eligible Lender Trustee is willing to hold legal title to, and serve as eligible lender trustee with respect to, such student loans on behalf of the Issuer; 

WHEREAS, the Master Servicer is willing to master service such student loans; and

WHEREAS, the Administrator is willing to undertake certain administrative functions with respect to such student loans.

NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, the parties hereto agree as follows:

ARTICLE I

DEFINITIONS AND USAGE

Capitalized terms used but not defined herein are defined in Appendix A hereto, which also contains rules as to usage and construction that shall be applicable herein.

ARTICLE II

CONVEYANCE OF FINANCED STUDENT LOANS

SECTION 2.01.  Conveyance of Financed Student Loans.  In consideration of the Issuer’s delivery to or upon the order of the Depositor on the Closing Date of the Certificates and of the net proceeds from the sale of the Notes and the other amounts to be distributed from time to time to the Depositor in accordance with the terms of this Agreement, the Depositor (and with respect to legal title, the Depositor Eligible Lender Trustee, on behalf of the Depositor) does hereby, as evidenced by a duly executed written assignment in the form of Exhibit D, sell, transfer, assign, set over and otherwise convey to the Issuer (and with respect to legal title, to the Eligible Lender Trustee on behalf of the Issuer), without recourse (subject to the obligations herein):

(i)

all right, title and interest of the Depositor (and, with respect to legal title, the Depositor Eligible Lender Trustee on behalf of the Depositor) in and to the Financed Student Loans and all obligations of the Obligors thereunder, including all moneys paid thereunder, and all written communications received by the Depositor (and the Depositor Eligible Lender Trustee) with respect thereto (including borrower correspondence, notices of death, disability or bankruptcy and requests for deferrals or forbearances), on or after the Cutoff Date;

(ii)

(x) all right, title and interest of the Depositor (and, with respect to legal title, the Depositor Eligible Lender Trustee, on behalf of the Depositor) as assigned to the Depositor by the Seller, under the Assigned Agreements insofar as they relate to the Financed Guaranteed Private Loans but not with respect to any other loans covered thereby and (y) all right, title and interest of the Depositor (and the Depositor Eligible Lender Trustee) in and to (but none of the obligations under) the Student Loan Transfer Agreement (collectively, the “Assigned Rights”);

(iii)

all right, title and interest of the Depositor in and to all funds on deposit from time to time in the Trust Accounts, including, but not limited to, the Group I and Group II Reserve Account Initial Deposit (including all income thereon) and the Group I Capitalized Interest Account; and

(iv)

the proceeds of any and all of the foregoing.

SECTION 2.02.  [Reserved]

SECTION 2.03.  Add-On Consolidation Loans.  

(a)

During the Consolidation Loan Add-On Period, the Trust will be permitted to fund Add-On Consolidation Loans, up to an aggregate principal amount of $500,000, but only to the extent of principal collections received from the Group I Student Loans during such period.

(b)

If principal collections are insufficient to fund an Add-On Consolidation Loan, the Depositor hereby convents, represents and warrants that it will repurchase the related Federal Consolidation Loan or substitute (or cause the Seller to do so) in the manner set forth in Section 3.02.

(c)

Add-On Consolidation Loans will be funded by the Issuer at a price equal to their aggregate outstanding principal balance plus accrued and unpaid interest, if any, thereon, and following the repayment in full of the related outstanding eligible education loan which the applicable Obligor wants to add to an existing Federal Consolidation Loan, the aggregate outstanding principal balance of the related Federal Consolidation Loan will be increased by the amount withdrawn from the Group I Collection Account to fund such Add-On Consolidation Loan.  In addition, the Master Servicer shall cause the related Subservicer to revise the related Schedule of Financed Student Loans to reflect the addition of any Add-On Consolidation Loan to the Trust Estate.

(d)

For all purposes hereunder, including without limitation the representations and warranties contained in Section 3.01, an Add-On Consolidation Loan shall be deemed to be an integral part of the related Federal Consolidation Loan and may not be separated from such Federal Consolidation Loan.

SECTION 2.04.  Indorsement.  The Depositor (and the Depositor Eligible Lender Trustee, each) hereby appoints each of the Eligible Lender Trustee and the Indenture Trustee as the Depositor’s (and the Depositor Eligible Lender Trustee’s) true and lawful attorney-in-fact with full power of substitution to indorse the Depositor’s (and the Depositor Eligible Lender Trustee’s) name on any promissory note evidencing the Financed Student Loans transferred to the Issuer (and with respect to legal title, to the Eligible Lender Trustee on behalf of the Issuer) pursuant to Section 2.01.  The Depositor (and the Depositor Eligible Lender Trustee each) acknowledges and agrees that this power of attorney shall be construed as a power coupled with an interest, shall be irrevocable as long as the Trust Agreement remains in effect and shall continue in effect until the Trust Agreement terminates.

SECTION 2.05.  Sale Not Secured Financing.  It is the express intent of the parties hereto that the conveyance of the Financed Student Loans by the Depositor to the Issuer, as contemplated by this Agreement be (and be treated as) a sale.  It is, further, not the intention of the parties that such conveyance be deemed a pledge of any such Financed Student Loans by the Depositor to the Issuer to secure a debt or other obligation of the Depositor.  However, in the event that, notwithstanding the intent of the parties, any of the Financed Student Loans are held by a court to continue to be property of the Depositor, then (a) this Agreement shall also be deemed to be a security agreement within the meaning of Articles 8 and 9 of the applicable Uniform Commercial Code; (b) the transfer of such Financed Student Loans and all such other items set forth in Section 2.01 provided for herein shall be deemed to be a grant by the Depositor and the Depositor Eligible Lender Trustee on behalf of the Depositor to the Issuer and the Eligible Lender Trustee on behalf of the Issuer of a security interest in all of the Depositor’s right, title and interest in and to such Financed Student Loans and all amounts payable to the holders of such Financed Student Loans and all such items set forth in Section 2.01 in accordance with the terms thereof and all proceeds of the conversion, voluntary or involuntary, of the foregoing into cash, instruments, securities or other property, to the extent the Issuer would otherwise be entitled to own such Financed Student Loans and proceeds pursuant to Article II hereof, including all amounts, from time to time held or invested in any Trust Accounts created pursuant to this Agreement, whether in the form of cash, instruments, securities or other property; (c) the possession by the Master Servicer or the Subservicers, as applicable, of each Financed Student Loan File or by the Indenture Trustee of each applicable Trust Account, and such other items of property as constitute instruments, money, negotiable documents or tangible chattel paper shall be deemed to be “possession by the secured party” for purposes of perfecting the security interest pursuant to Section 9-313(a) (or comparable provision) of the applicable Uniform Commercial Code; and (d) notifications to persons holding such property, and acknowledgments, receipts or confirmations from persons holding such property, shall be deemed notifications to, or acknowledgments, receipts or confirmations from, financial intermediaries, bailees or agents (as applicable) of the Issuer for the purpose of perfecting such security interest under applicable law.  Any assignment of the interest of the Issuer pursuant to any provision hereof or pursuant to the Indenture shall also be deemed to be an assignment of any security interest created hereby.  The Depositor and the Issuer shall, to the extent consistent with this Agreement, take such actions as may be reasonably necessary to ensure that, if this Agreement were deemed to create a security interest in the Financed Student Loans, such security interest would be deemed to be a perfected security interest of first priority under applicable law and will be maintained as such throughout the term of this Agreement and the Indenture.

SECTION 2.06.  MPN Loans.  With respect to each Transferred MPN Loan and each related Master Note that relates to a Student Loan, the Depositor hereby represents and warrants, and KBNA, as the applicable MPN Holder, on an on-going basis, hereby covenants as follows:

(A)

Transfer of Beneficial Interest in Transferred MPN Loan.  Each Transferred MPN Loan represents a 100% beneficial interest in such MPN Loan, and is being transferred to the Issuer pursuant to this Agreement.  The MPN Holder shall hold bare legal title to the Master Note solely for the benefit of all MPN Loan Holders; provided, however, that the MPN Holder may also be an MPN Loan Holder. The sale of an MPN Loan excludes an assignment of the Depositor’s right to offer future MPN Loans under a Master Note. The MPN Holder shall not provide to MPN Loan Holders more than one copy of the Master Note for each MPN Loan, to be marked “Official Copy” in red ink.

(B)

Custody of Master Note.  The MPN Holder shall hold, or cause the Master Servicer or a Subservicer to hold, the Master Note underlying each Transferred MPN Loan for the use and benefit of all present and future MPN Loan Holders.  The MPN Holder shall maintain, or cause the Master Servicer or a Subservicer to maintain, continuous and exclusive possession, dominion and control over the Master Note and related documents.

(C)

MPN Loan Transfers.  The MPN Holder shall maintain book-entry records with respect to the identity of present and future MPN Loan Holders.  The MPN Holder shall not transfer or register the transfer of any MPN Loan to any other person except in accordance with the instructions of the person identified on its books and records as the MPN Loan Holder.

(D)

MPN Loan Modification; Subsequent Advances; Copies of Master Note.  The MPN Holder shall not agree to any modification, waiver, forbearance or amendment of any term of any Transferred MPN Loan other than as provided in Section 4.01 of this Agreement.  The MPN Holder shall make no subsequent advances to a borrower under the related Master Note except pursuant to a separate MPN Loan. The MPN Holder shall not provide to any person other than an MPN Loan Holder any copy of a Master Note except to the Master Servicer or a Subservicer for administrative purposes or for the MPN Holder’s internal administrative purposes.

(E)

Access to Information.  The MPN Holder shall furnish to the Indenture Trustee from time to time upon written request of the Indenture Trustee (i) a list of the names and addresses of all MPN Loan Holders, (ii) a list containing the names and social security numbers of the borrowers under the related Master Notes, (iii) access to inspect the Master Notes and related records upon reasonable advance notice, and (iv) such other information with respect to the Master Notes which is reasonably requested by the Indenture Trustee.

(F)

Resignation or Removal of MPN Holder.  The MPN Holder may at any time resign by giving written notice thereof to the Indenture Trustee and delivering all related Master Notes to a successor MPN Holder, which agrees to the terms of this Agreement, or to the Indenture Trustee. If at any time the MPN Holder shall fail to perform its duties hereunder, or shall be adjudged bankrupt or insolvent, then the Indenture Trustee, at the written direction of a majority in interest of the Group I Controlling Parties (with respect to the Group I Student Loans) may remove the MPN Holder and appoint a successor MPN Holder, which agrees to the terms of this Agreement by written instrument, a copy of which instrument shall be delivered to the MPN Holder so removed, or may require the MPN Holder to deliver the related Master Notes to the Indenture Trustee.

(G)

MPN Holder Other Than KBNA.  So long as KBNA has not transferred all of its right, title and interest in a related Master Note, if KBNA is not the MPN Holder, KBNA shall cause such other MPN Holder to perform all covenants of the MPN Holder set forth in this Agreement.

(H)

Financing Statements and Further Assurances.  KBNA will cause to be filed all necessary financing statements or other instruments necessary to be kept and filed in such manner and in such places as may be required by law to give to and maintain (i) with the Eligible Lender Trustee, on behalf of the Issuer, a first priority perfected ownership interest in such MPN Loans, and (ii) with the Indenture Trustee, for the benefit of the Noteholders, a first priority perfected security interest in such MPN Loans.  KBNA shall from time to time, execute, acknowledge and deliver, or cause to be executed, acknowledged and delivered, within 10 days of such request, such amendments to the Basic Documents and such further instruments and take such further action as may be reasonably necessary to maintain such first priority perfected ownership and security interests.

ARTICLE III

THE FINANCED STUDENT LOANS

SECTION 3.01.  Representations and Warranties of Depositor with Respect to the Financed Student Loans.  The Depositor makes the following representations and warranties as to the Financed Student Loans on which each of the Issuer and the Eligible Lender Trustee is deemed to have relied in acquiring the Financed Student Loans, and which are made for the benefit of the Issuer, the Noteholders and the Indenture Trustee.  Such representations and warranties speak as of the execution and delivery of this Agreement and as of the Closing Date, in the case of the Financed Student Loans and as of the applicable Subsequent Transfer Date, in the case of Substituted Student Loans (in which case the term Closing Date shall be substituted with the term Subsequent Transfer Date, unless otherwise indicated), but, in either case, shall survive the sale, transfer and assignment of the Financed Student Loans to the Issuer (and with respect to legal title to the Eligible Lender Trustee on behalf of the Issuer) and the pledge thereof to the Indenture Trustee pursuant to the Indenture.

(i)

Characteristics of Financed Student Loans.  Each Financed Student Loan (A) was originated in the United States of America, its territories, its possessions or other areas subject to its jurisdiction by the Seller (or originated by KBUSA as predecessor to the Seller or by another lender in the United States of America and purchased by KBUSA or the Seller) in the ordinary course of its business to an eligible borrower under applicable law and agreements and was fully and properly executed by the parties thereto, and in connection with the Financed Student Loans except for a small number of borrowers of in-school consolidation loans who are in deferral status, to an eligible borrower who (or with respect to certain loans, to a parent or sponsor of a student who) has graduated or otherwise left school or is expected to graduate or otherwise leave school by December 31, 2006, and (B) provides 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 such Financed Student Loan by its maturity and yield interest at the rate applicable thereto, as such maturity may be modified in accordance with any applicable deferral or forbearance periods granted in accordance with applicable laws and restrictions, including those of the Higher Education Act, any Guarantee Agreement or the Programs.  Each Financed Student Loan that is a Financed Federal Loan qualifies the holder thereof to receive Interest Subsidy Payments (other than SLS Loans, unsubsidized Stafford Loans and certain Consolidation Loans) and Special Allowance Payments from the Department and Guarantee Payments from the applicable Guarantor and qualifies the applicable Guarantor to receive reinsurance payments thereon from the Department.  Each Financed Student Loan that is a Financed Guaranteed Private Loan qualifies the holder thereof to receive Guarantee Payments from the applicable Guarantor pursuant to the related Guarantee Agreement.

(ii)

Schedules of Financed Student Loans.  The information set forth in Schedule A-1 (with respect to all Financed Student Loans that are Group I Student Loans) and Schedule A-2 (with respect to all Financed Student Loans that are Group II Student Loans), to this Agreement is true and correct in all material respects as of the opening of business on the Cutoff Date and no selection procedures believed to be adverse to the Holders of Notes or Certificateholders were utilized in selecting the Financed Student Loans.  The computer tapes regarding the Group I and Group II Student Loans made available to the Issuer and its assigns are true and correct in all material respects as of the Cutoff Date.  There will be no material changes made to either Schedule A-1 or A-2 to this Agreement without the acknowledgement of the Rating Agencies that such material change will not affect the ratings assigned to any Class of the Notes.

(iii)

Compliance with Law.  Each Financed Student Loan complied at the time it was originated or made and at the execution of this Agreement, complies, and the Depositor and its agents (including for such purpose, the Seller), with respect to each such Financed Student Loan, have at all times complied, in all material respects with all requirements of applicable Federal, state and local laws and regulations thereunder, including the Higher Education Act (with respect to the Group I Student Loans), usury law, the Federal Truth-in-Lending Act, the Equal Credit Opportunity Act, the Federal Reserve Board’s Regulation B and other consumer credit laws and equal credit opportunity and disclosure laws and all applicable requirements of any Guarantee Agreements.

(iv)

Binding Obligation.  Each Financed Student Loan represents the genuine, legal, valid and binding payment obligation in writing (or a single authoritative original of the Electronic Note in the case of an Electronic Loan) of the borrower thereof, enforceable by or on behalf of the holder thereof in accordance with its terms, and no Financed Student Loan has been satisfied, subordinated or rescinded, subject to clause (xiii) below.

(v)

No Defenses.  No right of rescission, setoff, counterclaim or defense has been asserted or threatened or exists with respect to any Financed Student Loan.

(vi)

No Default.  No Financed Student Loan has a payment that is more than 268 days past due as of the Cutoff Date for Group I Student Loans, or 150 days past due as of the Cutoff Date for Group II Student Loans and, except as permitted in this paragraph and Section 3.01(xix) below, no default, breach, violation or event permitting acceleration under the terms of any Financed Student Loan has occurred; and neither the Depositor nor the Seller, has waived and neither the Depositor nor KBNA shall waive any of the foregoing other than as permitted by the Basic Documents.  

(vii)

Title.  It is the intention of the Depositor that the transfer and assignment herein contemplated constitute a sale of the Financed Student Loans from the Depositor (and, with respect to legal title, the Depositor Eligible Lender Trustee) to the Issuer (and with respect to legal title to the Eligible Lender Trustee on behalf of the Issuer) and that the beneficial interest in and title to such Financed Student Loans not be part of the debtor’s estate in the event of an insolvency or bankruptcy proceeding with respect to the Depositor.  No Financed Student Loan has been sold, transferred, assigned or pledged by the Depositor to any Person other than the Issuer (and with respect to legal title to the Eligible Lender Trustee on behalf of the Issuer).  Immediately prior to the transfer and assignment herein contemplated, the Depositor had good title to each Financed Student Loan, free and clear of all Liens and, immediately upon the transfer thereof, the Eligible Lender Trustee on behalf of the Issuer shall have good legal title to each such Financed Student Loan, free and clear of all Liens and the transfer shall have been perfected under the UCC and the Issuer shall be the sole owner of the beneficial interest therein.

(viii)

Lawful Assignment.  No Financed Student Loan has been originated in, or is subject to the laws of, any jurisdiction under which the sale, transfer and assignment of such Financed Student Loan is unlawful, void or voidable.

(ix)

Security Interest Perfected; Delivery of Loan Files.  All filings (including UCC filings) and/or delivery requirements necessary in any jurisdiction to give the Eligible Lender Trustee on behalf of the Issuer a first perfected ownership interest in the Financed Student Loans, and to give the Indenture Trustee a first perfected security interest therein pursuant to the security interest granted under the Indenture, have been made or satisfied, as the case may be.  A Financed Student Loan File has been delivered to the Master Servicer (or a Subservicer) for each Financed Student Loan and each such file contains the original fully executed note (or a copy of a fully executed master promissory note) or the Electronic Note in the case of an Electronic Loan evidencing such Financed Student Loan.  The promissory notes that constitute or evidence the Financed Student Loans do not have any marks or notations indicating that they have been pledged, assigned or otherwise conveyed to any Person other than the Eligible Lender Trustee on behalf of the Issuer and the Indenture Trustee on behalf of the Noteholders. All financing statements filed or to be filed promptly after closing against the Depositor in favor of the Eligible Lender Trustee on behalf of the Issuer in connection herewith, and the Indenture Trustee on behalf of the Noteholders, describing the Financed Student Loans contain or will contain a statement to the following effect: “A purchase of or security interest in any collateral described in this financing statement will violate the rights of the Secured Party other than a purchase of such collateral from the Secured Party as contemplated by a written agreement among the Debtor and the Secured Parties.”

(x)

One Original.  With respect to each Financed Student Loan other than an Electronic Loan, there is only one original executed copy of the promissory note evidencing such Financed Student Loan.  With respect to each Electronic Loan, there is a single authoritative original of the Electronic Note evidencing such Electronic Loan.

(xi)

Principal Balance.  The aggregate principal balance of the Group I Student Loans, plus accrued interest to be capitalized with respect thereto, as of the Cutoff Date, is $230,019,650 and the aggregate principal balance of the Group II Student Loans, plus accrued interest to be capitalized with respect thereto, as of the Cutoff Date, is $792,818,839.

(xii)

No Claims.  As of the Cutoff Date, no claim for payment with respect to a Financed Student Loan has been made to a Guarantor.

(xiii)

No Bankruptcies or Deaths.  No borrower of any Financed Student Loan as of the Cutoff Date was noted in the related Financed Student Loan File as being currently the subject of a bankruptcy proceeding or as having died.

(xiv)

Interest Accruing.  Each Financed Student Loan is accruing interest (whether or not such interest is being paid currently, by the borrower or by the Department, or is being capitalized), except as otherwise expressly permitted by the Basic Documents.

(xv)

No Government Borrower.  No borrower of a Financed Student Loan is the United States of America or any State or any agency, department, subdivision or instrumentality thereof.

(xvi)

Origination.  KBNA (or its predecessor, KBUSA) had all necessary licenses and permits to originate or originally purchase each Financed Student Loan at the time of its origination or purchase of such Financed Student Loan.

(xvii)

Origination Practices.  The origination practices used by the originator or KBNA or its predecessor, KBUSA, with respect to the Financed Student Loans have been in all respects in compliance with all applicable laws and regulations.

(xviii)

Conformance with Underwriting Guidelines.  Each Group II Student Loan was underwritten in accordance with the guidelines of the originator or KBNA or its predecessor, KBUSA, in existence at the time of origination and made available to the Underwriters and the Rating Agencies prior to sale hereunder.

(xix)

No Sub-Prime Student Loans.  Except with respect to Rehabilitated Student Loans, the Financed Student Loans do not and will not include any Financed Student Loans originated to individuals who have previously defaulted on their student loans.

(xx)

No Non-Performing Loans.  No Financed Student Loan, as of the Cutoff Date, is in default nor does the Depositor expect to write-off any amount thereof as a loss.

(xxi)

Instrument or Payment Intangible.  Each promissory note executed by a borrower evidencing a Financed Student Loan (other than any master promissory note) constitutes an “instrument” or in the case of any Electronic Note, a “payment intangible” within the meaning of the UCC as in effect in the states in which each such borrower resides at origination.

(xxii)

Depositor’s Representations.  The representations and warranties of the Depositor contained in Section 6.02 hereof are true and correct.

(xxiii)

MPN Loans.  The Depositor shall cause KBNA to adhere to the covenants set forth in Section 2.06 with respect to such Transferred MPN Loans.

(xxiv)

Security Interest Granted Hereunder.  To the extent any conveyance of a Financed Student Loan by the Depositor to the Issuer is determined not to be a sale, the transfer of such Financed Student Loan provided for herein creates a valid and continuing security interest in such Financed Student Loan in favor of the Issuer and the Eligible Lender Trustee on behalf of the Issuer, which security interest is prior to all other Liens, and is enforceable as such against creditors and purchasers of the Depositor.

(xxv)

Security Interest Granted Under the Indenture.  The Indenture creates a valid and continuing security interest in the Financed Student Loans in favor of the Indenture Trustee on behalf of the Noteholders, which security interest is prior to all other Liens, and is enforceable as such against creditors and purchasers of the Issuer.

(xxvi)

Issuer Ownership.  Immediately prior to grant of the security interest under the Indenture, the Issuer and, with respect to legal title, the Eligible Lender Trustee on behalf of the Issuer, will own and have good and marketable title to each Financed Student Loan free and clear of any Lien, claim or encumbrance of any Person.

(xxvii)

 Consents.  The Depositor has received all consents and approvals (if any) required for the sale of the Financed Student Loans hereunder to the Issuer (and with respect to legal title the Eligible Lender Trustee on behalf of the Issuer).

(xxviii)

No Other Security Interests Granted.  Other than (x) the sale to the Issuer (or with respect to legal title, to the Eligible Lender Trustee on behalf of the Issuer) hereunder (and/or the security interest granted to the Eligible Lender Trustee on behalf of the Issuer pursuant to Section 2.05 of this Agreement), and (y) the grant of the security interest granted to the Indenture Trustee on behalf of Noteholders, neither the Depositor nor the Issuer, respectively, has  pledged, assigned, sold, granted a security interest in, or otherwise conveyed any of the Financed Student Loans other than security interests to be released in connection with the sale to the Issuer hereunder.  Neither the Depositor nor the Issuer has authorized the filing or is aware of any financing statements against the Depositor or the Issuer, respectively, that includes a description of collateral relating to the Financed Student Loans other than any financing statement relating to the security interest granted to the Issuer and, with respect to legal title, the Eligible Lender Trustee on behalf of the Issuer under the Sale and Servicing Agreement, or by the Issuer and, with respect to legal title, the Eligible Lender Trustee to the Indenture Trustee on behalf of the Noteholders under the Indenture.  The Depositor is not aware of any judgment or tax lien filings against the Depositor or the Issuer.  

(xxix)

No Prior Obligation.  No Financed Student Loan consists of a Student Loan that was subject to the Seller’s prior obligation to sell such loan to a third party.

(xxx)

Title IV Eligible School.  No Financed Student Loan was originated to a student attending a non-Title IV eligible school.

SECTION 3.02.  Repurchase or Substitution upon Breach; Reimbursement.  (a) The Depositor, the Master Servicer , the Issuer or the Eligible Lender Trustee, as the case may be, shall inform the other parties to this Agreement and the Indenture Trustee promptly, in writing, upon the discovery of any breach of the representations, warranties or covenants made pursuant to Section 3.01 or Section 6.02.  Unless any such breach shall have been cured within 60 days following the discovery thereof by the Issuer and the Eligible Lender Trustee or receipt by the Issuer and the Eligible Lender Trustee of written notice from the Depositor or the Master Servicer of such breach, the Depositor shall be obligated to repurchase or substitute (or shall cause KBNA to repurchase or substitute) any such Financed Student Loan if the interests of the Holders of related group of Notes in the Group I Student Loans or Group II Student Loans, as applicable, are materially and adversely affected by any such breach (as determined by the Master Servicer), as of the first day succeeding the end of such 60-day period that is the last day of a Collection Period; provided that it is understood that any such breach that does not affect any Guarantor’s obligation to guarantee payment of each Financed Student Loan that is a Financed Guaranteed Loan to the Eligible Lender Trustee in accordance with the related Guarantee Agreements will not be considered in determining whether there has been a material adverse effect for this purpose.  In consideration of and simultaneously with the repurchase or substitution of any Financed Student Loan, the Depositor (or KBNA on its behalf) shall remit, with respect to a repurchase, the Purchase Amount, or, with respect to a substitution, the amount of any shortfall (the “Substitution Shortfall”) between the Purchase Amount of the Substituted Student Loans and the Purchase Amount of the Financed Student Loans for which they are being substituted, in the manner specified in Section 5.04, and the Issuer shall execute such assignments and other documents reasonably requested by the Depositor (or KBNA on its behalf) in order to effect such transfer.  Upon any such transfer or substitution of a Financed Student Loan, legal title to and beneficial ownership and control of the related Financed Student Loan File will thereafter belong to the Depositor and the Depositor Eligible Lender Trustee (or KBNA as their designee).  In addition, if any such breach does not trigger such a repurchase or substitution obligation but does result in the refusal by a Federal Guarantor to guarantee all or a portion of the accrued interest, or the loss (including any obligation of the Issuer to repay to the Department) of certain Interest Subsidy Payments and Special Allowance Payments, with respect to a Financed Federal Loan, then, unless such breach, if curable, is cured within 60 days, the Depositor (or KBNA on its behalf) shall reimburse the Issuer by remitting an amount equal to the sum of all such non-guaranteed interest amounts not otherwise paid, and such forfeited Interest Subsidy Payments and Special Allowance Payments (with respect to the Group I Student Loans) in the manner specified in Section 5.04.  

(b)

In the event of a substitution pursuant to Section 3.02(a) above, the Depositor shall substitute Student Loans or arrange for the substitution of Student Loans by KBNA on its behalf which are substantially similar on an aggregate basis as of the date of substitution to the Financed Student Loans for which they are being substituted with respect to the following characteristics:

(i)

Status (i.e., in-school, grace, deferment, forbearance or repayment);

(ii)

Program type;

(iii)

Interest rate;

(iv)

Principal balance; and

(v)

Remaining term to maturity;

In addition, each Substituted Student Loan under this Section 3.02(b), as of the date of substitution (such date to be the applicable “Subsequent Transfer Date”), will be no more than 90 days overdue and will comply with all of the representations and warranties made hereunder. In choosing Student Loans to be substituted pursuant to this Section 3.02(b), the Administrator shall make a reasonable determination that the Student Loans to be substituted will not have a material adverse effect on the Noteholders. 

(c)

Subject to the provisions of Section 6.03 hereof, the sole remedy of the Issuer, the Eligible Lender Trustee, the Indenture Trustee and the Holders of related group of Notes with respect to a breach of representations and warranties pursuant to Section 3.01 and the agreement contained in this Section shall be to require the Depositor (or KBNA on its behalf) to repurchase or substitute such Financed Student Loans or to reimburse the Issuer as provided above pursuant to this Section, subject to the conditions contained herein.

SECTION 3.03.  Custody of Financed Student Loan Files.  To assure uniform quality in servicing the Financed Student Loans and to reduce administrative costs, the Issuer hereby appoints the Master Servicer, and the Master Servicer hereby accepts such appointment, to act for the benefit of the Noteholders, the Issuer and the Indenture Trustee as custodian of the following documents or instruments related to the Group I and Group II Student Loans (as set forth in Schedules A-1 and A-2 hereto), which are also hereby constructively delivered to the Indenture Trustee, as pledgee of the Issuer (or, in the case of the Substituted Student Loans, will be, as of the applicable Subsequent Transfer Date, constructively delivered to the Indenture Trustee, as pledgee of the Issuer) with respect to each Financed Student Loan:

(a)

the Financed Student Loan Note or Electronic Note in the case of an Electronic Loan;

(b)

the original loan application fully executed by the borrower or the electronic loan application duly authenticated by the borrower in the case of an Electronic Loan; and

(c)

any and all other documents and computerized records that any of the Master Servicer (or a Subservicer on behalf of the Master Servicer), the Administrator, the Depositor, or the Seller shall keep on file, in accordance with its customary procedures, relating to such Financed Student Loan or any Obligor with respect thereto (collectively, the items in clauses (a), (b) and (c) are referred to as the “Financed Student Loan Files”).

Notwithstanding the foregoing, and without releasing the Master Servicer from its duties and obligations hereunder, for so long as KBNA, or an affiliate thereof, is the Master Servicer hereunder, the Master Servicer shall (and in all other cases, may) appoint one or more Subservicers to act as “custodian” on behalf of the Issuer and the Indenture Trustee (but at the direction of the Master Servicer) with respect to the Financed Student Loans such Subservicer is servicing, in each case consistent with the terms of this Article III, and all references to the Master Servicer, as custodian shall be read to apply to such Subservicer acting as custodian pursuant to this Agreement and the related subservicing agreement; and, provided, further, that if KBNA is the Master Servicer, the Master Servicer shall not replace such Subservicer unless and until a successor Subservicer assumes the role of “custodian” on behalf of the Issuer and the Indenture Trustee with respect to all the Financed Student Loans it will be servicing.  Notwithstanding the foregoing, the Master Servicer shall be responsible hereunder for any breaches by any Subservicer of its obligations as custodian hereunder.

Notwithstanding the foregoing, in the event that the Master Servicer is directly servicing any Financed Student Loan (other than an Electronic Loan), the Master Servicer shall appoint a separate custodian, at its sole cost and expense, for all Financed Student Loan Files relating to those Financed Student Loans pursuant to a separate custodial agreement and such third party custodian shall relinquish possession of a Financed Student Loan File, as applicable, under the terms of and for the limited purposes set forth in the related custodial agreement.  

The appointment of the Master Servicer or any Subservicer as custodian hereunder is for administrative purposes only and does not, and is not intended to, transfer any of the Issuer’s or the Indenture Trustee’s right, title or interest in or to the Financed Student Loans to the Master Servicer or such Subservicer and the Master Servicer hereby acknowledges that it has not and will not obtain any such right, title or interest in or to such Financed Student Loans.  The Master Servicer (so long as it is KBNA) hereby acknowledges that it does not currently have possession, and agrees that it will not at any time in the future take physical possession, of any Financed Student Loan Files (other than an Electronic Loan).

SECTION 3.04.  Duties of Master Servicer as Custodian.  (a)  Safekeeping.  The Master Servicer, as custodian, shall (or shall cause the applicable Subservicers to) hold the Financed Student Loan Files for the benefit of the Noteholders, the Issuer, the Eligible Lender Trustee and the Indenture Trustee and maintain such accurate and complete accounts, records and computer systems pertaining to each Financed Student Loan File as shall enable the Issuer to comply with this Agreement.  In performing its duties as custodian the Master Servicer shall (or shall cause the applicable Subservicers to) act with reasonable care, using that degree of skill and attention that the Master Servicer (or such Subservicer) exercises with respect to the student loan files relating to other comparable student loans held in securitization trusts that the Master Servicer (or such Subservicer) services but in any event, in accordance with customary and usual standards of practice of prudent loan servicers administering similar loans and shall ensure that it complies fully and completely with all applicable Federal and State laws, including the Higher Education Act, with respect thereto.  The Master Servicer shall (or shall cause the applicable Subservicers to) conduct, or cause to be conducted, periodic audits of the Financed Student Loan Files held by it under this Agreement and of the related accounts, records and computer systems, in such a manner as shall enable the Issuer or the Indenture Trustee to verify the accuracy of the Master Servicer’s (or such Subservicer’s) record keeping.  The Master Servicer shall (or shall cause the applicable Subservicers to) promptly report to the Issuer and the Indenture Trustee any failure on its part (or on the part of a Subservicer) to hold the Financed Student Loan Files and maintain its accounts, records and computer systems as herein provided and promptly take appropriate action to remedy any such failure.  The Master Servicer shall (or shall cause each Subservicer to) deliver the Trust Receipts to the Issuer and the Indenture Trustee on the Closing Date.  Nothing herein shall be deemed to require any periodic review by the Issuer, the Eligible Lender Trustee or the Indenture Trustee of the Financed Student Loan Files.

(b)

Maintenance of and Access to Records.  The Master Servicer, as custodian, shall (or shall cause the applicable Subservicers to) maintain each Financed Student Loan File at one of its offices (or the offices of the applicable Subservicer) specified in Schedule C to this Agreement or at such other office as shall be specified by written notice to the Issuer and the Indenture Trustee not later than 60 days prior to any change in location.  Upon reasonable prior notice, the Master Servicer shall (or shall cause the applicable Subservicers to) make available to the Issuer and the Indenture Trustee or their respective duly authorized representatives, attorneys or auditors a list of locations of the Financed Student Loan Files and the related accounts, records and computer systems maintained by the Master Servicer (or such Subservicer) at such times during normal business hours as the Issuer or the Indenture Trustee shall instruct.

(c)

Release of Documents.  Upon instruction from the Indenture Trustee, the Master Servicer, as custodian, shall (or shall cause the applicable Subservicers to) release any Financed Student Loan File to the Indenture Trustee, the Indenture Trustee’s agent, or the Indenture Trustee’s designee, as the case may be, at such place or places as the Indenture Trustee may designate, as soon as practicable.

SECTION 3.05.  Instructions; Authority To Act.  The Master Servicer, as custodian, shall be deemed to have received proper instructions with respect to the Financed Student Loan Files upon its receipt of written instructions signed by a Responsible Officer of the Indenture Trustee.

SECTION 3.06.  Custodian’s Indemnification.  The Master Servicer as custodian shall pay for any loss, liability or expense, including reasonable attorney’s fees, that may be imposed on, incurred by or asserted against the Issuer, the Eligible Lender Trustee or the Indenture Trustee or any of their officers, directors, employees and agents as the result of any improper act or omission in any way relating to the maintenance and custody by the Master Servicer (or any Subservicer) as custodian of the Financed Student Loan Files where the final determination that any such improper act or omission by the Master Servicer resulted in such loss, liability or expense is established by a court of law, by an arbitrator or by way of settlement agreed to by the Master Servicer; provided, however, that the Master Servicer shall not be liable to the Eligible Lender Trustee for any portion of any such amount resulting from the willful misfeasance, bad faith or negligence of the Eligible Lender Trustee and the Master Servicer shall not be liable to the Indenture Trustee for any portion of any such amount resulting from the willful misfeasance, bad faith or negligence of the Indenture Trustee.

The obligation of the Master Servicer to indemnify the Issuer, the Eligible Lender Trustee or the Indenture Trustee, or any of their officers, directors, employees and agents, under this Section 3.06 shall survive the termination of this Agreement.  If the Master Servicer shall have made any payments pursuant to this Section and the Person to or on behalf of whom such payments are made thereafter collects any of such amounts from others, such Person shall promptly repay such amounts to the Master Servicer, without interest.

SECTION 3.07.  Effective Period and Termination.  The appointment of the Master Servicer as custodian shall become effective as of the Closing Date and shall continue in full force and effect for so long as the Master Servicer shall remain the Master Servicer hereunder, subject to the requirements of Section 3.03 hereof.  If the Master Servicer or any successor Master Servicer shall resign as Master Servicer in accordance with the provisions of this Agreement or if all the rights and obligations of the Master Servicer or any such successor Master Servicer shall have been terminated under Section 8.01, the appointment of the Master Servicer or such successor Master Servicer as custodian shall be terminated simultaneously with the effectiveness of such resignation or termination.  As soon as practicable on or after any termination of such appointment  (and in any event within (i) 10 Business Days, with respect to that portion of the Financed Student Loan Files it holds consisting of electronic records and information, and (ii) 40 Business Days, with respect to the remaining portion of the Financed Student Loan Files it holds), the Master Servicer shall (or shall cause the applicable Subservicers to) deliver the Financed Student Loan Files it holds to the Indenture Trustee or the Indenture Trustee’s agent at such place or places as the Indenture Trustee may reasonably designate; provided, however, that until such time as such Financed Student Loan Files have been delivered, the Master Servicer shall continue to be responsible for the custody of such Financed Student Loan Files.

SECTION 3.08.  Schedule of Financed Student Loans.  Schedules A-1 and A-2 hereto shall indicate by name any Subservicer who has been appointed by the Master Servicer to service, on behalf of the Master Servicer, each Group I or Group II Student Loan, as applicable.  Such Schedule shall also indicate whether a Subservicer is in possession of the related Financed Student Loan File.  Such indication may be amended by the Master Servicer, from time to time, to replace the name of the applicable Subservicer, in accordance with the provisions of this Agreement relating to the servicing of the Financed Student Loans.

ARTICLE IV

ADMINISTRATION AND SERVICING OF FINANCED STUDENT LOANS

SECTION 4.01.  Duties of Master Servicer.  The Master Servicer, for the benefit of the Noteholders and the Issuer (to the extent provided herein), shall (or shall cause the applicable Subservicers to) follow the Accepted Servicing Procedures with reasonable care, using that degree of skill and attention that the Master Servicer (or such Subservicer) exercises with respect to comparable student loans held in securitization trusts that it services but in any event, in accordance with customary and usual standards of practice of prudent loan servicers administering similar student loans and in accordance with Section 3.04 hereof.  Without limiting the generality of the foregoing or of any other provision set forth in this Agreement and notwithstanding any other provision to the contrary set forth herein, the Master Servicer shall (or shall cause the applicable Subservicer to) manage, service, administer and make collections with respect to the Financed Student Loans (other than collection of any Interest Subsidy Payments and Special Allowance Payments, which the Eligible Lender Trustee will perform on behalf of the Trust in accordance with Section 4.02(c) hereof) in accordance with, and otherwise comply with, all applicable Federal and state laws, including all applicable standards, guidelines and requirements of the Higher Education Act (in the case of the Financed Federal Loans) and any Guarantee Agreement (in the case of the Financed Guaranteed Loans), the failure to comply with which would adversely affect the eligibility of one or more of the Financed Federal Loans for federal reinsurance or Interest Subsidy Payments or Special Allowance Payments or one or more of the Financed Guaranteed Loans for receipt of Guarantee Payments or would have an adverse effect on the Holders of Group I or Group II Notes, as applicable.

The Master Servicer’s duties (or the duties of the applicable Subservicers on behalf of the Master Servicer) shall include collection and posting of all payments, responding to inquiries of borrowers on such Financed Student Loans, monitoring borrowers’ status, making required disclosures to borrowers, investigating delinquencies, sending payment coupons to borrowers and otherwise establishing repayment terms, reporting tax information to borrowers, if applicable, accounting for collections and furnishing monthly and annual statements with respect thereto to the Administrator.  The Master Servicer shall (or shall cause the applicable Subservicers to) keep separate records with respect to the Group I and Group II Student Loans so that separate reports can be generated with respect to each group of Financed Student Loans.  Subject to the provisions of Section 4.02 and the first paragraph of this Section 4.01, the Master Servicer shall (or shall cause the applicable Subservicer to) follow its customary standards, policies and procedures in performing its duties as Master Servicer (or Subservicer, as the case may be).  Without limiting the generality of the foregoing, the Master Servicer is authorized and empowered to execute and deliver (and may cause the applicable Subservicer to execute and deliver), on behalf of itself, the Issuer, the Eligible Lender Trustee, the Indenture Trustee and the Holders of the related group of Notes or any of them, instruments of satisfaction or cancellation, or partial or full release or discharge, and all other comparable instruments, with respect to such Group I or Group II Student Loans; provided, however, that the Master Servicer agrees that it will not (nor will it permit a Subservicer to) (a) permit any rescission or cancellation of a Group I or Group II Student Loan except as ordered by a court of competent jurisdiction or governmental authority or as otherwise consented to in writing by the Issuer and the Indenture Trustee or (b) reschedule, revise, defer or otherwise compromise with respect to payments due on any Group I or Group II Student Loan except pursuant to any applicable deferral or forbearance periods or otherwise in accordance with all applicable standards, guidelines and requirements of the Higher Education Act, any Guarantee Agreement or the Programs with respect to the servicing of the Group I and Group II Student Loans and except as otherwise permitted in accordance with Section 4.14; provided further, however, that the Master Servicer shall not agree (nor shall it permit any Subservicer to agree) to any decrease of the interest rate on, or the principal amount payable with respect to, any Group I or Group II Student Loan except in accordance with the applicable standards, guidelines and requirements of the Higher Education Act, any Guarantee Agreement or the Programs or otherwise in a manner consistent with the treatment of similar student loans owned or serviced by the Master Servicer and as otherwise permitted in accordance with Section 4.14.  The Issuer and the Eligible Lender Trustee on behalf of the Issuer each hereby grants a power of attorney and all necessary authorization to the Master Servicer to (or to cause the applicable Subservicer to) maintain any and all collection procedures with respect to the Group I and Group II Student Loans it services (or subservices), including filing, pursuing and recovering claims against the Guarantors for Guarantee Payments and taking any steps to enforce such Group I and Group II Student Loan such as commencing a legal proceeding to enforce a Group I or Group II Student Loan in the name of the Issuer, the Eligible Lender Trustee, the Indenture Trustee or the Holders of the related group of Notes.  The Issuer, the Eligible Lender Trustee or the Indenture Trustee shall, upon the written request of the Master Servicer or the Administrator, furnish the Master Servicer or the Administrator (or at the written direction of the Master Servicer or the Administrator, the related Subservicer) with any other powers of attorney and other documents reasonably necessary or appropriate to enable the Master Servicer or the Administrator (or related Subservicer) to carry out their servicing and administrative duties hereunder (or under the related Subservicing Agreement).

Notwithstanding the foregoing, and without releasing the Master Servicer from its duties and obligations hereunder, the Master Servicer has appointed PHEAA and GLELSI as Subservicers and may appoint one or more additional Subservicers to act as “subservicer” on its behalf with respect to the Financed Student Loans such Subservicer is subservicing, in each case consistent with the terms of this Article IV and any other provision of this Agreement, and all references to the Master Servicer shall be read to apply to such Subservicer acting on behalf of the Master Servicer.  In addition, the Master Servicer may, in the event that a Subservicer has been terminated or is no longer servicing the Financed Student Loans, perform the servicing functions required hereunder for up to 180 days, or a longer period of time if the Rating Agency Condition is met.

In addition, none of KBNA, the Depositor or the Master Servicer shall make any change to a Program that affects any Group I or Group II Student Loan, if such change would have a material adverse effect on the interests of the Group I or Group II Noteholders, as applicable.  

SECTION 4.02.  Collection of Financed Student Loan Payments.  (a)  The Master Servicer shall (or shall cause the applicable Subservicers to) make reasonable efforts (including all efforts that may be specified under the Higher Education Act or any Guarantee Agreement) to collect all payments called for under the terms and provisions of the Group I or Group II Student Loans as and when the same shall become due and shall follow the Accepted Servicing Procedures.  The Master Servicer shall (or shall cause the applicable Subservicer to) allocate collections with respect to the Group I and Group II Student Loans between principal and interest in accordance with Section 5.03.  With the written consent of the Administrator, the Master Servicer (or at the direction of the Master Servicer, the related Subservicer) may in its discretion waive any charge or any other fee that may be collected in the ordinary course of servicing a Group I or Group II Student Loan.

(b)

The Master Servicer shall (or shall cause the applicable Subservicer to) make reasonable efforts to claim, pursue and collect all Guarantee Payments from the Guarantors pursuant to the Guarantee Agreements with respect to any of the Financed Guaranteed Loans as and when the same shall become due and payable, shall comply with all applicable laws and agreements with respect to claiming, pursuing and collecting such payments and shall follow such practices and procedures as it follows with respect to other comparable guarantee agreements and other student loans held in securitization trusts that it services.  In connection therewith, the Master Servicer is hereby authorized and empowered (or at the direction of the Master Servicer, the related Subservicer is authorized and empowered) to convey to any Guarantor the note and the related Financed Student Loan File representing any Financed Guaranteed Loan in connection with submitting a claim to such Guarantor for a Guarantee Payment in accordance with the terms of the applicable Guarantee Agreement.

(c)

The Eligible Lender Trustee shall, with the assistance of the Administrator as set forth below and on behalf of the Issuer, make reasonable efforts to claim, pursue and collect all Interest Subsidy Payments and Special Allowance Payments from the Department with respect to any of the Financed Federal Loans as and when the same shall become due and payable, shall comply with all applicable laws and agreements with respect to claiming, pursuing and collecting such payments and shall follow such practices and procedures as the Administrator follows with respect to other comparable student loans held in securitization trusts.  All amounts so collected by the Eligible Lender Trustee shall constitute Group I Available Funds for the applicable Collection Period and shall be deposited into the Group I Collection Account, in accordance with Section 5.02.  In connection therewith, the Administrator shall prepare and file with the Department on a timely basis all claims forms and other documents and filings necessary or appropriate in connection with the claiming of Interest Subsidy Payments and Special Allowance Payments on behalf of the Eligible Lender Trustee.  The Eligible Lender Trustee shall upon the written request of the Administrator furnish the Administrator with any power of attorney and other documents reasonably necessary or appropriate to enable the Administrator to prepare and file such claims forms and other documents and filings.

The Eligible Lender Trustee may permit trusts, other than the Trust, established by the Depositor, KBUSA or KBNA to securitize student loans to use the Department lender identification number applicable to the Trust.  In such event, the Eligible Lender Trustee may claim and collect Interest Subsidy Payments and Special Allowance Payments with respect to Group I Student Loans in the Trust and student loans in such other trusts using such common lender identification number.  Notwithstanding anything herein or in the Basic Documents to the contrary, any amounts assessed against payments (including, but not limited to, Interest Subsidy Payments and Special Allowance Payments) due from the Department or any Federal Guarantor to any such other trust using such common lender identification number as a result of amounts (including, but not limited to, the Federal Consolidation Loan Rebate) owing to the Department or any Federal Guarantor from the Trust will be deemed for all purposes hereof and of the Basic Documents (including for purposes of determining amounts paid by the Department or any Federal Guarantor with respect to the student loans in the Trust and such other trust) to have been assessed against the Trust and shall be deducted by the Eligible Lender Trustee or the Master Servicer and paid to such other trust from any collections made by them which would otherwise have been payable to the Group I Collection Account for the Trust.  If so specified in the servicing agreement applicable to any such other trust, any amounts assessed against payments due from the Department or any Federal Guarantor to the Trust as a result of amounts owing to the Department or any Federal Guarantor from such other trust using such common lender identification number will be deemed to have been assessed against such other trust and will be deducted by the Eligible Lender Trustee or the Master Servicer from any collections made by them which would otherwise be payable to the collection account for such other trust and paid to the Trust.

SECTION 4.03.  Realization upon Financed Student Loans.  For the benefit of the Noteholders and the Issuer, the Master Servicer shall (or shall cause the applicable Subservicer to) use reasonable efforts consistent with the Accepted Servicing Procedures in its servicing (or subservicing) of any delinquent Group I or Group II Student Loans.

SECTION 4.04.  Computation of Note Interest Rate.  Prior to each Determination Date, the Administrator shall determine each Note Interest Rate that will be applicable to the Distribution Date following such Determination Date, in compliance with its obligation to prepare and deliver an Administrator’s Certificate on such Determination Date pursuant to Section 4.08.  In connection therewith, the Administrator shall calculate Three-Month LIBOR in accordance with the definition thereof with respect to such Distribution Date.

SECTION 4.05.  No Impairment.  The Master Servicer shall not (nor shall it permit the applicable Subservicer to) impair the rights of the Issuer, the Eligible Lender Trustee, the Indenture Trustee or the Holders of Notes in such Financed Student Loans; provided, however, that all obligations, servicing standards, servicing requirements and other provisions dealing with the obligations or conduct of the Master Servicer (or applicable Subservicer) set forth in this Agreement shall in no event be deemed to impair such rights.  

SECTION 4.06.  Purchase or Substitution of Financed Student Loans; Reimbursement.  (a) The Issuer, the Eligible Lender Trustee or the Master Servicer (or the applicable Subservicer on its behalf) shall inform the other party as well as the Indenture Trustee, the Depositor and KBNA promptly, in writing, upon the discovery of any breach pursuant to Section 4.01, 4.02, 4.03 or 4.05.  Unless the breach shall have been cured within 60 days following such discovery (or, at the Master Servicer’s election, the last day of the first month following such discovery), the Master Servicer shall purchase or substitute (or shall cause the applicable Subservicer to purchase or substitute) any Group I or Group II Student Loan if the interests of the Holders of related group of Notes are materially and adversely affected in the aggregate by any such breach (as determined by the Master Servicer), as of the first day succeeding the end of such 60-day period that is the last day of a Collection Period (it being understood that any such breach that does not affect any Guarantor’s obligation to guarantee payment of such Group I or Group II Student Loan in accordance with Guarantee Agreements will not be considered to have a material adverse effect for this purpose).  If the Master Servicer takes any action or fails to take any action (including, without limitation, all actions taken or not taken by a Subservicer on its behalf) during any Collection Period pursuant to the sections referred to above that impairs the rights of the Issuer, the Indenture Trustee, the Eligible Lender Trustee or the Holders of the related group of Notes in any Financed Student Loan or otherwise than as provided in such sections, the Master Servicer shall purchase or substitute (or shall cause the applicable Subservicer to purchase or substitute) such Group I or Group II Student Loan as of the last day of such Collection Period.  In consideration of the purchase or substitution of any such Group I or Group II Student Loan pursuant to either of the two preceding sentences, the Master Servicer shall remit (or shall cause the applicable Subservicer to remit) the related Purchase Amount or Substitution Shortfall in the manner specified in Section 5.04. Upon any such transfer or substitution of a Financed Student Loan, legal title to and beneficial ownership and control of the related Financed Student Loan File will thereafter belong to the Master Servicer (or applicable Subservicer).  In addition, if any such breach by the Master Servicer (or a Subservicer acting on its behalf) does not trigger such a purchase or substitution obligation but does result in the refusal by a Federal Guarantor to guarantee all or a portion of the accrued interest, or the loss (including any obligation of the Issuer to repay to the Department) of certain Interest Subsidy Payments and Special Allowance Payments, with respect to a Financed Federal Loan, then, unless such breach, if curable, is cured within 60 days, the Master Servicer shall reimburse (or shall cause the applicable Subservicer to reimburse) the Issuer by remitting an amount equal to the sum of all such non-guaranteed interest amounts, not previously paid, and such forfeited Interest Subsidy Payments and Special Allowance Payments in the manner specified in Section 5.04.  Subject to Section 7.02, the sole remedy of the Issuer, the Eligible Lender Trustee, the Indenture Trustee and the Holders of related group of Notes with respect to a breach pursuant to Section 4.01, 4.02, 4.03 or 4.05 shall be to require the Master Servicer to purchase or substitute (or shall cause the applicable Subservicer to purchase or substitute) such Group I and/or Group II Student Loans or to reimburse the Issuer as provided above pursuant to this Section.  The Eligible Lender Trustee shall have no duty to conduct any affirmative investigation as to the occurrence of any condition requiring the purchase of any Group I or Group II Student Loan or the reimbursement for any interest penalty pursuant to this Section 4.06.

(b) In the event of a substitution pursuant to Section 4.06(a) above, the Master Servicer shall substitute Student Loans or arrange for the substitution of Student Loans by the applicable Subservicer on its behalf which are substantially similar on an aggregate basis as of the date of substitution to the Financed Student Loans for which they are being substituted with respect to the following characteristics:

(i)

Status (i.e., in-school, grace, deferment, forbearance or repayment);

(ii)

Program type;

(iii)

Interest rate;

(iv)

Principal balance; and

(v)

Remaining term to maturity;

In addition, each Substituted Student Loan substituted under this Section 4.06(b), as of the date of substitution (such date to be the applicable “Subsequent Transfer Date”), will be no more than 90 days overdue and will comply with all of the representations and warranties made hereunder. In choosing Student Loans to be substituted pursuant to this Section 4.06(b), the Administrator shall make a reasonable determination that the Student Loans to be substituted will not have a material adverse effect on the Noteholders. 

 

SECTION 4.07.  Master Servicing Fee.  (a)  The Master Servicing Fee for each calendar month and each group of Financed Student Loans payable on each Monthly Servicing Payment Date shall be equal to the amounts determined by reference to the schedule of fees as set forth in the Servicing Fee Schedule, attached hereto as Schedule E.  In addition to the Master Servicing Fee, the Master Servicer shall be entitled to retain applicable administrative fees, late fees and similar charges collected with respect to the Financed Student Loans.

(b)

[Reserved].

SECTION 4.08.  Administrator’s Certificate; Servicer’s Report.  (a)  On or before the Closing Date or the fifteenth day of each month (or, if any such day is not a Business Day, on the next succeeding Business Day) the Master Servicer shall (or shall cause each Subservicer to) deliver to the Administrator a Servicer’s Report with respect to the preceding calendar month containing all information necessary for the Administrator’s preparation of the Administrator’s Officer’s Certificate and the Administrator’s Certificate covering such calendar month referred to in paragraphs (b) and (c) below.

(b)

On each Determination Date prior to a Monthly Servicing Payment Date that is not a Distribution Date, the Administrator shall deliver to the Owner Trustee, the Indenture Trustee, the Depositor and (if KBNA is not the Administrator) KBNA, an Officer’s Certificate of the Administrator containing all information necessary to pay the Master Servicer the related Master Servicing Fee for each group of Financed Student Loans due on such Monthly Servicing Payment Date pursuant to Sections 5.05(b) and 5.06, as well as any Campus Door Fees payable to the Master Servicer on such Monthly Servicing Payment Date.  

(c)

On each Determination Date prior to a Distribution Date, the Administrator shall deliver to the Eligible Lender Trustee, the Owner Trustee,  the Indenture Trustee, the Paying Agent, the Depositor and (if KBNA is not the Administrator) to KBNA, with a copy to the Rating Agencies, an Administrator’s Certificate containing all information necessary to make the distributions pursuant to Sections 5.05 and 5.06, if applicable, for the Collection Period preceding the date of such Administrator’s Certificate.  All Group I and/or Group II Student Loans to be repurchased or substituted by the Depositor (or KBNA on its behalf) or purchased or substituted by the Master Servicer (or a Subservicer on its behalf) or acquired by any Guarantor shall be identified by the Administrator by type of loan and unique loan identification number with respect to such Group I or Group II Student Loan (as specified in Schedule A-1 and A-2, as the case may be).

SECTION 4.09.  Annual Statement as to Compliance; Notice of Default.  (a) Each of the Administrator and the Master Servicer shall (and the Master Servicer shall cause each Subservicer to) deliver to the Depositor, KBNA, the Eligible Lender Trustee, the Owner Trustee and the Indenture Trustee, on or before March 15, 2007 and on or before March 15 each year thereafter (or, in each case, such earlier date required to permit timely filing of the Issuer’s Exchange Act filings, if any, in accordance with then-current Commission rules and regulations), an Officers’ Certificate of the Administrator or Master Servicer (and each Subservicer) as the case may be, dated as of December 31 of the preceding year, stating that (i) a review of the activities of the Administrator or the Master Servicer (and each Subservicer on its behalf), as the case may be, during the preceding 12-month period (or, in the case of the first such certificate, during the period from the Closing Date to December 31, 2006) and of its performance under this Agreement (or the related Subservicing Agreement, as applicable) has been made under such officers’ supervision and (ii) to the best of such officers’ knowledge, based on such review, the Administrator or the Master Servicer (or such Subservicer), as the case may be, has fulfilled all its obligations under this Agreement and the Administration Agreement (or the related Subservicing Agreement), as applicable, throughout such year or, if there has been a default in the fulfillment of any such obligation, specifying each such default known to such officers and the nature and status thereof.  The Indenture Trustee shall send a copy of each such Officers’ Certificate and each report referred to in Section 4.10 to the Rating Agencies.  A copy of each such Officers’ Certificate and each report referred to in Section 4.10 may be obtained by any Holder of Notes or Note Owner by a request in writing to the Indenture Trustee addressed to its Corporate Trust Office, together with evidence satisfactory to the Indenture Trustee that such Person is one of the foregoing parties.  Upon the written request of the Owner Trustee or KBNA, the Indenture Trustee will promptly furnish the Owner Trustee or KBNA a list of Holders of Notes as of the date specified by the Owner Trustee or KBNA.

(b)

The Master Servicer shall deliver to the Owner Trustee, the Indenture Trustee, the Depositor and the Rating Agencies, promptly after having obtained knowledge thereof, but in no event later than five Business Days thereafter, written notice in an Officers’ Certificate of the Master Servicer of any event which with the giving of notice or lapse of time, or both, would become a Master Servicer Default under Section 8.01(a)(1), (2) or (5).

(c)

The Administrator shall deliver to the Eligible Lender Trustee, the Owner Trustee, the Indenture Trustee, the Master Servicer, KBNA, the Depositor and the Rating Agencies, promptly after having obtained knowledge thereof, but in no event later than five Business Days thereafter, written notice in an Officers’ Certificate of the Administrator of any event which with the giving of notice or lapse of time, or both, would become an Administrator Default under Section 8.01(b)(1), (2) or (4).

SECTION 4.10.  Annual Independent Certified Public Accountants’ Report.  Each of the Administrator and the Master Servicer shall (or the Master Servicer shall cause each Subservicer to) cause a registered public accounting firm (as the term is used in Section 1122 of Regulation AB), which may also render other services to the Administrator or the Master Servicer (or such Subservicer), as the case may be, to deliver to the Depositor, the Eligible Lender Trustee, the Owner Trustee and the Indenture Trustee on or before March 15 of each year beginning March 15, 2007 (or, in each case, such earlier date required to permit timely filing of the Issuer’s Exchange Act filings, if any, in accordance with then-current Commission rules and regulations), a report addressed to the said parties, to the effect that such firm has examined certain documents and records relating to the servicing of the Financed Student Loans during the preceding calendar year (or, in the case of the first such report, during the period from the Closing Date to December 31, 2006), and that, on the basis of the accounting and auditing procedures considered appropriate under the circumstances (but in any event, in accordance with standards established by the American Institute of Certified Public Accountants and the Public Company Accounting Oversight Board, as applicable), such firm is of the opinion that such servicing was conducted in compliance with the terms of this Agreement, except for (i) such exceptions as such firm shall believe to be immaterial and (ii) such other exceptions as shall be set forth in such report.  In the event such firm requires the Indenture Trustee, the Eligible Lender Trustee and the Owner Trustee to agree to the procedures performed by such firm, the Administrator shall direct the Indenture Trustee and the Owner Trustee in writing to so agree; it being understood and agreed that the Indenture Trustee and the Owner Trustee will deliver such letter of agreement in conclusive reliance upon the direction of the Administrator, and the Indenture Trustee and the Owner Trustee make no independent inquiry or investigation as to, and shall have no obligation or liability in respect of, the sufficiency, validity or correctness of such procedures.

Such report will also indicate that the firm is independent of the Administrator or the Master Servicer (or such Subservicer), as the case may be, within the meaning of the Code of Professional Ethics of the American Institute of Certified Public Accountants.

In addition, the Master Servicer (and each Subservicer) shall comply with, and the examination performed by each such firm of independent certified public accountants as required by this Section 4.10 will be performed and delivered in accordance with the, Audit Guide, Compliance Audits (Attestation Engagements) for Lenders and Lender Servicers Participating in the Federal Family Education Loan Program (Audit Guide), issued by the Department, Office of the Inspector General, dated October 1996 or as subsequently revised and deliver such report in accordance with regulation.

SECTION 4.11.  Access to Certain Documentation and Information Regarding Financed Student Loans.  Upon reasonable prior notice, the Master Servicer shall (or shall cause the Subservicers to) provide to the Depositor, the Indenture Trustee and the Holders of the related group of Notes access to the related Financed Student Loan Files in such cases where the Holders of the related group of Notes shall be required by applicable statutes or regulations to review such documentation, as demonstrated by evidence satisfactory to the Master Servicer (the applicable Subservicer under the related Subservicing Agreement) in its (or their) reasonable judgment.  Access shall be afforded without charge, but only upon reasonable request and during the normal business hours at the respective offices of the Master Servicer (or the applicable Subservicer).  Nothing in this Section shall affect the obligation of the Master Servicer (or the applicable Subservicer on its behalf) to observe any applicable law prohibiting disclosure of information regarding the Obligors and the failure of the Master Servicer (or the applicable Subservicer) to provide access to information as a result of such obligation shall not constitute a breach of this Section.

SECTION 4.12.  Master Servicer and Administrator Expenses.  The Master Servicer and the Administrator shall be severally required to pay or cause to be paid all expenses incurred by it (or its agents acting on its behalf) in connection with its activities hereunder, including fees and disbursements of independent accountants, taxes imposed on the Master Servicer or the Administrator, as the case may be, and expenses incurred in connection with distributions and reports to the Administrator, the Depositor, the Eligible Lender Trustee, the Owner Trustee, or to the Holders of the related group of Notes, as the case may be; provided, however, that any amounts expended by the Master Servicer (or any Subservicer on its behalf) in connection with Liquidation Proceeds or Recoveries shall be netted out of Liquidation Proceeds or Recoveries, as the case may be, and retained by the Master Servicer or the Subservicer, as the case may be.

SECTION 4.13.  Appointment of Subservicers.  

(a)

The Master Servicer may at any time, (i) upon the written consent of the Administrator, appoint one or more Subservicers to perform all or any portion of its obligations as Master Servicer hereunder, provided, that the Rating Agency Condition shall have been satisfied in connection therewith, and (ii) without notice or consent, delegate specific duties to sub-contractors who are in the business of performing such duties; provided, however,  that the Master Servicer shall remain obligated and be liable to the Issuer, the Eligible Lender Trustee, the Indenture Trustee and the Holders of the related group of Notes for the servicing and administering of the Group I and Group II Student Loans, in accordance with the provisions hereof without diminution of such obligation and liability by virtue of the appointment of such Subservicer (and any such sub-contractors) or other delegation of such duties and to the same extent and under the same terms and conditions as if the Master Servicer alone were servicing and administering the Group I and Group II Student Loans.  The fees and expenses of each Subservicer (and any such sub-contractors) shall be as agreed between the Master Servicer and the applicable Subservicer or sub-contractor from time to time and none of the Issuer, the Eligible Lender Trustee, the Indenture Trustee or the Holders of Notes shall have any responsibility therefor.  The parties hereto hereby acknowledge and consent to the appointment of PHEAA and GLELSI as the initial Subservicers (and custodians of the Financed Student Loans each such Subservicer is servicing) pursuant to the PHEAA Subservicing Agreements and the GLELSI Subservicing Agreements, respectively, and acknowledge that the requirements of this Section 4.13 are deemed to have been met with respect to PHEAA and GLELSI.

(b)

The Master Servicer shall cause any Subservicer used by the Master Servicer (or by any Subservicer) for the benefit of the Issuer to comply with the provisions of the reporting and compliance provisions of this Agreement to the same extent as if such Subservicer were the Master Servicer, and to provide the information required with respect to such Subservicer as is required to be filed  with the Commission.  The Master Servicer shall be responsible for obtaining from each Subservicer and delivering to the Issuer and the Administrator any servicer compliance statement required to be delivered by such Subservicer, any assessment of compliance and attestation required to be delivered by such Subservicer each as set forth in Article VII of this Agreement and any certification required to be delivered to the Person that will be responsible for signing a Sarbanes Certification on behalf of the Issuer as and when required to be delivered.

(c)

 The Master Servicer shall promptly upon request provide (or cause any applicable Subservicer to provide) to the Issuer a written description (in form and substance satisfactory to the Issuer) of the role and function of each Subcontractor utilized by the Master Servicer or any Subservicer, specifying (i) the identity of each such Subcontractor, (ii) which (if any) of such Subcontractors are “participating in the servicing function” within the meaning of Item 1122 of Regulation AB, and (iii) which, if any, elements of the Servicing Criteria will be addressed in assessments of compliance provided by each Subcontractor identified in clause (ii) of this paragraph.

(d)

As a condition to the utilization of any Subcontractor determined to be “participating in the servicing function” within the meaning of Item 1122 of Regulation AB, the Master Servicer shall cause (or cause any applicable Subservicer to cause) any such Subcontractor used by the Master Servicer (or by any Subservicer) for the benefit of the Issuer to comply with the reporting and compliance provisions of Article VII of this Agreement to the same extent as if such Subcontractor were the Master Servicer (or any Subservicer).  The Master Servicer shall be responsible for obtaining from each Subcontractor and delivering to the Issuer and the Administrator any assessment of compliance and attestation required to be delivered by such Subcontractor, each as set forth in Article VII of this Agreement, in each case as and when required to be delivered.

SECTION 4.14.  Special Programs.  The Master Servicer may at its option, but is under no obligation to, offer (and may permit the Subservicers to offer) borrowers of the Group I and Group II Student Loans certain special incentive programs, whether or not in existence as of the date of this Agreement, generally offered to the obligors of comparable loans originated by the Seller and/or serviced by the Master Servicer; provided, however, that unless such programs are: (a) in existence as of the date of this Agreement or (b) required by the Higher Education Act (in the case of the Financed Federal Loans), or (c) part of the special incentive program designated as the “Keys2Repay Program”, no such programs shall have the effect of reducing the yield on the related Group I or Group II Student Loans (either by reducing borrower payments or reducing principal balance).

SECTION 4.15.  Maintenance of Fidelity Bond and Errors and Omission Policy.  The Master Servicer shall maintain in full force and effect, at such time as its long-term debt is rated less than “A-” by S&P or “A3” by Moody’s, a policy or policies of insurance covering errors and omissions and a fidelity bond in respect of its officers, employees and agents with a fidelity bond provider rated not less than “A-” by S&P, “A-1” by Fitch, “A3” by Moody’s or “A-” by A.M. Best Company, Inc.  Such policy or policies and such fidelity bond shall be in such form and amounts as is generally customary among Persons that service a portfolio of student loans having an aggregate principal amount of $100,000,000 or more and that are generally regarded as servicers acceptable to institutional investors.

ARTICLE V

DISTRIBUTIONS; ACCOUNTS;

STATEMENTS TO NOTEHOLDERS

SECTION 5.01.  Establishment of Trust Accounts.  (a) (i)  The Administrator, for the benefit of the Noteholders and the Issuer, shall establish and maintain in the name of the Indenture Trustee two Eligible Deposit Accounts (the “Collection Accounts”), one with respect to the Group I Student Loans (the “Group I Collection Account”) and the other with respect to the Group II Student Loans (the “Group II Collection Account”), each bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Noteholders and the Issuer.  Collections with respect to the Group I Student Loans will be deposited into the Group I Collection Account for the benefit of the Group I Noteholders, and collections with respect to the Group II Student Loans will be deposited into the Group II Collection Account for the benefit of the Group II Noteholders.  The Collection Accounts will initially be established as segregated accounts at KBNA in the name of the Indenture Trustee.  The Depositor will make an initial deposit on the Closing Date into (x) the Group I Collection Account of cash or certain Eligible Investments equal to $0 and (y) the Group II Collection Account of cash or certain Eligible Investments equal to $0.

(ii)

The Administrator, for the benefit of the Noteholders and the Issuer, shall establish and maintain in the name of the Indenture Trustee two Eligible Deposit Accounts (the “Reserve Accounts”), one with respect to the Group I Notes (the “Group I Reserve Account”) and the other with respect to the Group II Notes (the “Group II Reserve Account”) each bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Noteholders and the Issuer.  The Reserve Accounts each initially will be established as segregated accounts at KBNA in the name of the Indenture Trustee. The Depositor will make an initial deposit on the Closing Date into (x) the Group I Reserve Account of cash or certain Eligible Investments equal to $575,049 and (y) the Group II Reserve Account of cash or certain Eligible Investments equal to $27,748,659.

(iii)

The Administrator, for the benefit of the Noteholders and the Issuer, shall establish and maintain in the name of the Indenture Trustee the Group I Capitalized Interest Account with respect to the Group I Notes bearing a designation clearly indicating that the funds deposited therein are held for the benefit of the Noteholders and the Issuer.  The Group I Capitalized Interest Account will be established as a segregated account at KBNA in the name of the Indenture Trustee. The Depositor will make an initial deposit on the Closing Date into Group I Capitalized Interest Account of cash or certain Eligible Investments equal to $5,500,000.

(iv)

 [Reserved]

(b)

Funds on deposit in the Collection Accounts, the Group I Capitalized Interest Account and the Reserve Accounts (collectively, the “Trust Accounts”) shall be invested by the Indenture Trustee (or any custodian or designated agent with respect to any amounts on deposit in such accounts) in Eligible Investments pursuant to written instructions by the Administrator; provided, however, it is understood and agreed that neither the Administrator nor the Indenture Trustee shall be liable for any loss arising from such investment in Eligible Investments.  All such Eligible Investments shall be held by (or by any custodian on behalf of) the Indenture Trustee for the benefit of the Noteholders and the Issuer; provided that on the Business Day preceding each Distribution Date all interest and other investment income (net of losses and investment expenses) on funds on deposit therein (the “Investment Earnings”) shall be deposited into the Group I Collection Account (with respect to all Trust Accounts relating to the Group I Notes or the Group I Student Loans) or the Group II Collection Account (with respect to all Trust Accounts relating to the Group II Notes or the Group II Student Loans) and shall constitute a portion of the Group I or Group II Available Funds, respectively, for such Distribution Date.  Other than as described in the following proviso or as otherwise permitted by the Rating Agencies, funds on deposit in the Trust Accounts shall be invested in Eligible Investments that will mature so that such funds will be available at the close of business on the Business Day preceding the following Distribution Date (provided, however, that any other investments that may be permitted by the Rating Agencies shall comply with the requirements of Paragraph 35(c)(6) of FAS 140).  Funds deposited in a Trust Account on a Business Day which immediately precedes a Distribution Date upon the maturity of any Eligible Investments are not required to be invested overnight.  

(c)

(i) The Indenture Trustee, on behalf of the related group of Noteholders, shall possess all right, title and interest in all funds on deposit from time to time in the Trust Accounts and in all proceeds thereof (including all income thereon) and all such funds, investments, proceeds and income shall be part of the Indenture Trust Estate.  Subject to the Administrator’s power to instruct the Indenture Trustee pursuant to paragraph 5.01(b) above and paragraph 5.01(c)(ii) below, the Trust Accounts shall be under the sole dominion and control of the Indenture Trustee for the benefit of the related group of Noteholders.  If, at any time, any of the Trust Accounts ceases to be an Eligible Deposit Account, the Indenture Trustee (or the Administrator on its behalf) agrees, by its acceptance hereto, that it shall within 5 Business Days (or such longer period, not to exceed 30 calendar days, as to which each Rating Agency may consent), upon receipt of written notice from KBNA if such account is maintained with KBNA, establish a new Trust Account as an Eligible Deposit Account and shall transfer any cash and/or any investments to such new Trust Account.  In connection with the foregoing, the Administrator agrees that, in the event that any of the Trust Accounts are not accounts with the Indenture Trustee, the Administrator shall notify the Indenture Trustee, in writing, promptly upon any of such Trust Accounts ceasing to be an Eligible Deposit Account.  In the event that KBNA is no longer the Administrator and the Master Servicer, the Indenture Trustee shall establish new Trust Accounts at an institution other than KBNA.

(ii)

With respect to the Trust Account Property, the Indenture Trustee agrees, by its acceptance hereof, that:

(A)

any Trust Account Property that is held in deposit accounts shall be held solely in Eligible Deposit Accounts, subject to the penultimate sentence of Section 5.01(c)(i); and, subject to Section 5.01(b), each such Eligible Deposit Account shall be subject to the exclusive control of the Indenture Trustee, and the Indenture Trustee shall have sole signature authority with respect thereto;

(B)

any Trust Account Property shall be Delivered to the Indenture Trustee in accordance with the definition of “Delivery” and shall be held, pending maturity or disposition, solely by the Indenture Trustee or such other Person acting solely for the Indenture Trustee as required for Delivery;

(C)

In the event that KBNA or the Indenture Trustee acting in its capacity as securities intermediary, has or subsequently obtains by agreement, operation of law or otherwise a security interest in the Trust Accounts or any security entitlement credited thereto, KBNA or the Indenture Trustee acting in its capacity as securities intermediary hereby agrees that such security interest shall be subordinate to the security interest of KBNA or the Indenture Trustee, as applicable.  The financial assets and other items deposited to the Trust Accounts will not be subject to deduction, set-off, banker’s lien, or any other right in favor of any person other than the Indenture Trustee (except that KBNA or the Indenture Trustee acting in its capacity as securities intermediary may set off (i) the face amount of any checks which have been credited to the Trust Accounts but are subsequently returned unpaid because of uncollected or insufficient funds, and (ii) all amounts due to it in respect of its customary fees and expenses for the routine maintenance and operation of the Trust Accounts).

(D)

The Administrator shall have the power, revocable for cause or upon the occurrence and during the continuance of an Administrator Default by the Indenture Trustee or by the Owner Trustee with the consent of the Indenture Trustee, to instruct the Indenture Trustee to make withdrawals and payments from the Trust Accounts for the purpose of permitting the Master Servicer, the Administrator, the Owner Trustee or the Eligible Lender Trustee to carry out its respective duties hereunder or permitting the Indenture Trustee to carry out its duties under the Indenture.

SECTION 5.02.  Collections.  The Master Servicer shall (or shall cause the applicable Subservicers to) remit within two Business Days of receipt thereof to the Group I Collection Account (with respect to the Group I Student Loans) or the Group II Collection Account (with respect to the Group II Student Loans) all payments by or on behalf of the Obligors with respect to the Group I and Group II Student Loans, respectively (other than Purchased Student Loans and subject to the definition of Group I and Group II Available Funds), and all related Liquidation Proceeds and Recoveries, as collected during the Collection Period.  Notwithstanding the foregoing, for so long as (i) KBNA (or its Affiliate) is the Master Servicer, (ii) no Master Servicer Default shall have occurred and be continuing, (iii) the Master Servicer’s long-term debt is rated at least “A-” by S&P and its short-term debt is rated at least “P-1” by Moody’s and at least “F-1” by Fitch and (iv) prior to ceasing daily remittances to the applicable Collection Account, the Rating Agency Condition shall have been satisfied (which the parties hereto agree shall be deemed to have been satisfied on the Closing Date) (and any conditions or limitations imposed by the Rating Agencies in connection therewith are complied with), the Master Servicer shall (or shall cause the applicable Subservicers to) remit such collections within two Business Days of receipt thereof to the Master Servicer, and the Master Servicer need not deposit such collections into the Group I Collection Account or the Group II Collection Account, as applicable, until one Business Day immediately prior to the next following Distribution Date or Redemption Date; provided, however, that, notwithstanding the foregoing, on or before the Business Day preceding each Monthly Servicing Payment Date that is not a Distribution Date, the Master Servicer shall deposit into the Group I Collection Account or the Group II Collection Account, as applicable, that portion of such amounts received by it that is equal to the related Master Servicing Fee payable on such date; provided further however, that for so long as KBNA is the Master Servicer, for administrative convenience, Master Servicing Fees and Administration Fees due and payable to KBNA need not be deposited into the Collection Accounts, but rather may be retained by KBNA and all such amounts shall be deemed to have been paid out of the Collection Accounts and shall be accounted as such.  In the event that any of the foregoing conditions for ceasing daily remittances shall no longer be satisfied, then the Master Servicer shall deposit all collections held by it into the Group I Collection Account or the Group II Collection Account, as applicable, within two Business Days of receipt thereof.  For purposes of this Article V, the phrase “payments by or on behalf of Obligors” shall mean payments (other than administrative fees, late fees and similar charges and subject to the definition of Group I and Group II Available Funds) made with respect to the Group I or Group II Student Loans, as applicable, by or on behalf of borrowers thereof and the Guarantors (but excluding the Department).

SECTION 5.03.  Application of Collections.  (a)  With respect to each Group I and Group II Student Loan, all collections (including all Guarantee Payments) with respect thereto that constitute Available Funds for any Collection Period shall be applied to interest and principal on such Group I or Group II Student Loan, as applicable, by the Master Servicer (or the applicable Subservicer on its behalf) in accordance with its customary practice with respect to other comparable student loans held in securitization trusts by allocating to interest the portion of such collection equal to the product of (A) the applicable interest rate on such Group I or Group II Student Loan, as applicable (B) the unpaid principal balance of such Group I or Group II Student Loan, as applicable, and (C) the period of time elapsed since the preceding payment of interest on such Group I or Group II Student Loan, as applicable, was made (over the actual number of days in a year) (“Interest Collections”) and by allocating the remainder of such collection to principal.

(b)

All Liquidation Proceeds  and Recoveries shall be applied to the related Group I or Group II Student Loan, as applicable.

SECTION 5.04.  Additional Deposits.  (a)  Within two Business Days after receipt thereof, the Eligible Lender Trustee or the Administrator, as the case may be, shall deposit in the Group I Collection Account the aggregate amount of Interest Subsidy Payments and Special Allowance Payments received by it with respect to the Financed Federal Loans.

(b)

 The Master Servicer shall (or shall cause the applicable Subservicers to) deposit in the Group I Collection Account or the Group II Collection Account, as applicable, the aggregate Purchase Amount with respect to Purchased Student Loans and the aggregate Substitution Shortfall with respect to Substituted Student Loans, which are Group I or Group II Student Loans, and all other amounts to be paid by the Master Servicer under Section 4.06 when such amounts are due, and the Depositor (or KBNA on its behalf) shall deposit or cause to be deposited therein the aggregate Purchase Amount with respect to Purchased Student Loans and the aggregate Substitution Shortfall with respect to Substituted Student Loans and all other amounts to be paid by the Depositor (or KBNA on its behalf) or the Master Servicer, as applicable, under Sections 3.02, 4.06 and 9.01 when such amounts are due.

SECTION 5.05.  Distributions.  (A)  On each Determination Date, the Administrator shall calculate all amounts required to determine the amounts to be transferred from each of the Trust Accounts into the applicable Collection Account and the amounts to be distributed therefrom on the related Monthly Servicing Payment Date or Distribution Date. On the Business Day prior to each Distribution Date or Redemption Date (and prior to each Monthly Servicing Payment Date with respect to Master Servicing Fees), the Administrator shall transfer (and the Indenture Trustee  and the Paying Agent each hereby authorizes each such transfer) from and to the extent of the Group I or Group II Available Funds on deposit in the Group I Collection Account or the Group II Collection Account, respectively, the amount necessary to make the required distribution for such Distribution Date pursuant to Section 5.05(c) below; provided, however, that (i) the Master Servicing Fees, Campus Door Fees and Administration Fees to be distributed pursuant to Sections 5.05(b), 5.05(c)(X)(1) and (2) and 5.05(c)(Y)(1) and (2) below shall be released (and the Indenture Trustee and the Paying Agent each hereby authorizes each such release) directly to the Master Servicer and the Administrator from the relevant Collection Account, and (ii) any amounts to be distributed to the Certificateholder pursuant to Sections 5.05(c)(X)(9) and 5.05(c)(Y)(11) below, shall be released (and the Owner Trustee and the Paying Agent each hereby authorizes each such release) directly to the Administrator, but only if the Administrator or its affiliate is the Certificateholder; provided further however, that for so long as KBNA is the Master Servicer, for administrative convenience, Master Servicing Fees and Administration Fees due and payable to KBNA need not be deposited into the Collection Accounts, but rather may be retained by KBNA and all such amounts shall be deemed to have been paid out of the Collection Accounts and shall be accounted as such.

(b)

On each Monthly Servicing Payment Date that is not a Distribution Date, the Administrator shall instruct the Paying Agent in writing (based on the information contained in the Administrator’s Officer’s Certificate and each related Servicer’s Report delivered pursuant to Section 4.08(a) and (b)) to authorize distribution to the Master Servicer by 11:00 a.m. (New York time), from and to the extent of the Group I or Group II Available Funds on deposit in the Group I Collection Account or the Group II Collection Account, respectively, the related Master Servicing Fee with respect to the Group I or Group II Student Loans, as applicable, due with respect to the preceding calendar month and all related unpaid Master Servicing Fees from prior months, and the Indenture Trustee shall comply with such instructions.  In addition, on each Monthly Servicing Payment Date (regardless of whether such date is or is not a Distribution Date), the Administrator shall instruct the Indenture Trustee in writing (based on the information contained in the Administrator’s Officer’s Certificate and each related Servicer’s Report delivered pursuant to Section 4.08) to authorize distribution to the Master Servicer by 11:00 a.m. (New York time), from and to the extent of amounts on deposit in the Group II Collection Account all Campus Door Fees then payable by KBNA, and the Indenture Trustee shall comply with such instructions.

(c)

(X)  With respect to the Group I Notes, on each Distribution Date (other than a Distribution Date following an Event of Default pursuant to Section 5.01 of the Indenture (and the related Event of Default has not been waived)), the Administrator shall instruct the Indenture Trustee in writing (based on the information contained in the Administrator’s Certificate and each related Servicer’s Report delivered pursuant to Section 4.08(a) and (c)) to make the following deposits and distributions to the Persons or to the account specified below by 11:00 a.m. (New York time), to the extent of the amount of Group I Available Funds in the Group I Collection Account, in the following order of priority and the Indenture Trustee shall comply with such instructions:

(1)

to the Master Servicer, the Master Servicing Fee with respect to the Group I Student Loans due on such Distribution Date and all prior unpaid Master Servicing Fees allocated to the Group I Student Loans;

(2)

from the amount of Group I Available Funds remaining after the application of clause (1), pari passu based on amounts due, to the Administrator, Indenture Trustee, Paying Agent, Note Registrar, Eligible Lender Trustee and Owner Trustee, fees and other amounts due to the Administrator, Indenture Trustee, Paying Agent, Note Registrar, Eligible Lender Trustee and Owner Trustee under the Basic Documents, allocated to the Group I Notes, and all such unpaid fees from prior Collection Periods allocated to the Group I Notes;;

(3)

from the amount of Group I Available Funds remaining after the application of clauses (1) and (2), to the Holders of the Group I Class A Notes, the Noteholders’ Interest Distribution Amount for the Group I Class A Notes pursuant to Section 8.02(c)(X)(i) of the Indenture pro rata, based on the ratio of each such amount to the total of such amounts;

(4)

from the amount of Group I Available Funds remaining after the application of clauses (1) through (3) and provided that a Class I-B Note Interest Trigger is not in effect on such Distribution Date, to the Holders of the Class I-B Notes, the Noteholders’ Interest Distribution Amount for the Class I-B Notes pursuant to Section 8.02(c)(X)(ii) of the Indenture;

(5)

from the amount of Group I Available Funds remaining after the application of clauses (1) through (4), to the Holders of the Group I Notes, the Group I Principal Distribution Amount pursuant to Section 8.02(c)(X)(iii) of the Indenture, in the following order of priority: (a) prior to the Stepdown Date, or after the Stepdown Date if a Subordinate Note Principal Trigger for the Group I Notes is in effect, the Group I Principal Distribution Amount for the Group I Notes will be payable solely to the Group I Senior Notes in sequential order beginning with the Class I-A-1 Notes until paid in full and then to the Class I-A-2 Notes; and (b) after the Stepdown Date and so long as no Subordinate Note Principal Trigger for the Group I Notes is in effect, the related Senior Percentage of the Principal Distribution Amount for the Group I Notes will be payable to the Group I Senior Notes (in the same order of priority as described in the preceding sentence) and the Subordinate Percentage of the Group I Principal Distribution Amount will be payable to the Class I-B Notes;

(6)

from the amount of Group I Available Funds remaining after the application of clauses (1) through (5), to the Group I Reserve Account, an amount, up to the amount, if any, necessary to reinstate the balance of the Group I Reserve Account to the related Specified Reserve Account Balance;

(7)

from the amount of Group I Available Funds remaining after the application of clauses (1) through (6) and in the event that a Class I-B Note Interest Trigger is in effect on such Distribution Date, to the Holders of the Class I-B Notes, the Noteholders’ Interest Distribution Amount for the Class I-B Notes pursuant to Section 8.02(c)(X)(iv) of the Indenture;

(8)

from the amount of Group I Available Funds remaining after the application of clauses (1) through (7), after all payments shown above are made, and if Group II Available Funds are insufficient to make all required payments on such Distribution Date, any remaining amounts shall be paid in the order and for the purposes set forth in Section 5.05(c)(Y) of this Agreement, or Section 5.04(b)(Y) or Section 5.04(c)(Y) of the Indenture, as applicable, up to the amount of such deficiency in Group II Available Funds (in each case excluding any amounts that would be distributed to the Certificateholder pursuant to such sub-section); and

(9)

to the Certificate Paying Agent for distribution to the Certificateholder in accordance with the terms of the Trust Agreement, the amount of Group I Available Funds remaining after the application of clauses (1) through (8);

provided, however, that, following an Event of Default pursuant to Section 5.01 of the Indenture (and the related Event of Default has not been waived), amounts will be distributed pursuant to Section 5.04 of the Indenture instead of pursuant to this Section.

(Y)  With respect to the Group II Notes, on each Distribution Date (other than a Distribution Date following an Event of Default pursuant to Section 5.01 of the Indenture (and the related Event of Default has not been waived)), the Administrator shall instruct the Indenture Trustee in writing (based on the information contained in the Administrator’s Certificate and each related Servicer’s Report delivered pursuant to Section 4.08(a) and (c)) to make the following deposits and distributions to the Persons or to the account specified below by 11:00 a.m. (New York time), to the extent of the amount of Group II Available Funds in the Group II Collection Account and after making any distribution required by the last sentence of Section 5.05(b), in the following order of priority and the Indenture Trustee shall comply with such instructions:

(1)

to the Master Servicer, the Master Servicing Fee with respect to the Group II Student Loans due on such Distribution Date and all prior unpaid Master Servicing Fees allocated to the Group II Student Loans;

(2)

from the amount of Group II Available Funds remaining after the application of clause (1), pari passu based on amounts due, to the Administrator, Indenture Trustee, Paying Agent, Note Registrar, Eligible Lender Trustee and Owner Trustee, fees and other amounts due to the Administrator, Indenture Trustee, Paying Agent, Note Registrar, Eligible Lender Trustee and Owner Trustee under the Basic Documents, allocated to the Group II Notes, and all such unpaid fees from prior Collection Periods allocated to the Group II Notes;

(3)

from the amount of Group II Available Funds remaining after the application of clauses (1) through (2), to the Holders of the Group II Class A Notes, the Noteholders’ Interest Distribution Amount for the Group II Class A Notes pursuant to Section 8.02(c)(Y)(i) of the Indenture pro rata, based on the ratio of each such amount to the total of such amounts;

(4)

from the amount of Group II Available Funds remaining after the application of clauses (1) through (3) and provided that a Class II-B Note Interest Trigger is not in effect on such Distribution Date, to the Holders of the Class II-B Notes, the Noteholders’ Interest Distribution Amount for the Class II-B Notes pursuant to Section 8.02(c)(Y)(ii) of the Indenture;

(5)

from the amount of Group II Available Funds remaining after the application of clauses (1) through (4) and provided that a Class II-C Note Interest Trigger is not in effect on such Distribution Date, to the Holders of the Class II-C Notes, the Noteholders’ Interest Distribution Amount for the Class II-C Notes pursuant to Section 8.02(c)(Y)(iii) of the Indenture;

(6)

from the amount of Group II Available Funds remaining after the application of clauses (1) through (5), to the Holders of the Group II Notes, the Group II Principal Distribution Amount pursuant to Section 8.02(c)(Y)(iv) of the Indenture, in the following order of priority: (a) prior to the Stepdown Date, or after the Stepdown Date if a related Subordinate Note Principal Trigger is in effect, first, to the Holders of the Class II-A-1 Notes, the applicable Noteholders’ Principal Distribution Amount, until their outstanding principal balance has been reduced to zero, second, to the Holders of the Class II-A-2 Notes, the applicable Noteholders’ Principal Distribution Amount, until their outstanding principal balance has been reduced to zero, third, to the Holders of the Class II-A-3 Notes, the applicable Noteholder’s Principal Distribution Amount, until their outstanding principal balance has been reduced to zero, fourth, to the Holders of the Class II-A-4 Notes, the applicable Noteholder’s Principal Distribution Amount, until their outstanding principal balance has been reduced to zero, and (after the Stepdown Date, if a related Subordinate Note Principal Trigger remains in effect following the payment in full of the Group II Senior Notes), fifth, to the Group II Subordinate Notes in the following sequential order: to the Holders of the Class II-B Notes, the applicable Noteholders’ Principal Distribution Amount, until their outstanding principal balance has been reduced to zero, then to the Holders of the Class II-C Notes, the applicable Noteholders’ Principal Distribution Amount, until their outstanding principal balance has been reduced to zero; and (b) after the Stepdown Date and so long as no related Subordinate Note Principal Trigger is in effect, the related Senior Percentage of the Principal Distribution Amount for the Group II Notes will be payable to the Group II Senior Notes (in the same order of priority as described in the preceding sentence) and the related Subordinate Percentage will be payable to the Holders of the Group II Subordinate Notes (pro rata based on their respective outstanding principal balances);

(7)

from the amount of Group II Available Funds remaining after the application of clauses (1) through (6), to the Group II Reserve Account, an amount, up to the amount, if any, necessary to reinstate the balance of the Group II Reserve Account to the related Specified Reserve Account Balance;

(8)

from the amount of Group II Available Funds remaining after the application of clauses (1) through (7) and in the event that a Class II-B Note Interest Trigger is in effect with respect to such Distribution Date, to the Holders of the Class II-B Notes, the Noteholders’ Interest Distribution Amount for the Class II-B Notes pursuant to Section 8.02(c)(Y)(vi) of the Indenture;

(9)

from the amount of Group II Available Funds remaining after the application of clauses (1) through (8) and in the event that a Class II-C Note Interest Trigger is in effect with respect to such Distribution Date, to the Holders of the Class II-C  Notes, the Noteholders’ Interest Distribution Amount for the Class II-C Notes pursuant to Section 8.02(c)(Y)(vii) of the Indenture;

(10)

from the amount of Group II Available Funds remaining after the application of clauses (1) through (9), after all payments shown above are made, and if Group I Available Funds are insufficient to make all required payments on such Distribution Date, any remaining amounts shall be paid in the order and for the purposes set forth in Section 5.05(c)(X) of this Agreement or Section 5.04(b)(X) or Section 5.04(c)(X) of the Indenture, as applicable, up to the amount of such deficiency in Group I Available Funds (in each case excluding any amounts that would be distributed to the Certificateholder pursuant to such sub-section); and

(11)

to the Certificate Paying Agent for distribution to the Certificateholder in accordance with the terms of the Trust Agreement, the amount of Group II Available Funds remaining after the application of clauses (1) through (10);

provided, however, that, following an Event of Default pursuant to Section 5.01 of the Indenture (and the related Event of Default has not been waived)), amounts will be distributed pursuant to Section 5.04 of the Indenture instead of pursuant to this Section.

SECTION 5.06.  Reserve Accounts.  (a)  On the Closing Date, the Depositor shall deposit the Group I Reserve Account Initial Deposit, in the amount of $575,049 into the Group I Reserve Account and the Group II Reserve Account Initial Deposit, in the amount of $27,748,659, into the Group II Reserve Account.  On the Closing Date, the Group I Reserve Account Initial Deposit and the Group II Reserve Account Initial Deposit will equal the related Specified Reserve Account Balance for the Group I and Group II Reserve Accounts, respectively.

(b)

(i)  On the Business Day prior to each Distribution Date (and prior to each Monthly Servicing Payment Date with respect to Master Servicing Fees), the Administrator shall transfer (and the Indenture Trustee and the Paying Agent each hereby authorizes each such transfer) from and to the extent of funds in the Group I Reserve Account or the Group II Reserve Account, respectively, to the Distribution Account the amounts, if any, to be distributed in accordance with this Section 5.06(b), in the priority set forth below; provided, however, that Master Servicing Fees and Administration Fees to be distributed pursuant to Sections 5.06(b)(ii) and (iii) below shall be released (and the Indenture Trustee and the Paying Agent each hereby authorizes each such release) directly to the Master Servicer and the Administrator from the related Reserve Account.

(ii)

In the event that the Master Servicing Fee with respect to the Group I or Group II Student Loans for any Monthly Servicing Payment Date or Distribution Date exceeds the amount distributed to the Master Servicer pursuant to Sections 5.05(b) and either Section 5.05(c)(X)(1), with respect to the Group I Student Loans, or Section 5.05(c)(Y)(1), with respect to the Group II Student Loans, on such Monthly Servicing Payment Date or Distribution Date, the Administrator shall instruct the Indenture Trustee in writing to authorize the withdrawal from the Group I or Group II Reserve Account, as the case may be, on such Monthly Servicing Payment Date or Distribution Date an amount equal to such excess, to the extent of funds available therein, and the distribution of such amount to the Master Servicer.

(iii)

In the event that the fees and other amounts due to the Administrator, Indenture Trustee, Paying Agent, Note Registrar, Eligible Lender Trustee or Owner Trustee that are allocated to the Group I or Group II Notes for any Distribution Date exceed the amount distributed to the Administrator, Indenture Trustee, Paying Agent, Note Registrar, Eligible Lender Trustee or Owner Trustee, respectively, pursuant to Section 5.05(c)(X)(2), with respect to the Group I Notes, or Section 5.05(c)(Y)(2), with respect to the Group II Notes, on such Distribution Date, the Administrator, Indenture Trustee, Paying Agent, Note Registrar, Eligible Lender Trustee or Owner Trustee, respectively, shall instruct the Indenture Trustee in writing to authorize the withdrawal from the Group I or Group II Reserve Account, as the case may be, on such Distribution Date an amount equal to such excess, to the extent of funds available therein after giving effect to paragraph (b)(ii) above, and the distribution of such amount to the Administrator, Indenture Trustee, Paying Agent, Note Registrar, Eligible Lender Trustee or Owner Trustee, respectively.

(iv)

In the event that the Noteholders’ Interest Distribution Amount with respect to either the Group I Class A Notes or the Group II Class A Notes for a Distribution Date exceeds the amount distributed to the Holders of the Group I Class A Notes or the Group II Class A Notes, respectively, pursuant to Section 5.05(c)(X)(3), with respect to the Group I Notes, or Section 5.05(c)(Y)(3), with respect to the Group II Notes, as the case may be, on such Distribution Date, the Administrator shall instruct the Indenture Trustee in writing to withdraw from the Group I or Group II Reserve Account, as applicable, on such Distribution Date an amount equal to such excess, to the extent of funds available therein in each case after giving effect to paragraphs (b)(ii) and (b)(iii) above, and to distribute such amount to the Holders of Group I or Group II Notes, as applicable, entitled thereto in the same order and priority as is set forth in Section 5.05(c)(X)(3), with respect to the Group I Notes, or Section 5.05(c)(Y)(3), with respect to the Group II Notes, as the case may be.

(v)

In the event that the Noteholders’ Interest Distribution Amount with respect to the Class I-B Notes or the Class II-B Notes, as applicable, for a Distribution Date exceeds the amount distributed to the Holders of the Class I-B or the Class II-B Notes, as applicable, pursuant to Section 5.05(c)(X)(4) or Section 5.05(c)(Y)(4), as applicable, and provided that a related Class I-B or Class II-B Note Interest Trigger is not in effect on such Distribution Date, the Administrator shall instruct the Indenture Trustee in writing to withdraw from the Group I or Group II Reserve Account, as applicable, on such Distribution Date an amount equal to such excess, to the extent of funds available therein after giving effect to paragraphs (b)(ii) through (b)(iv) above, and to distribute such amount to the Holders of the Class I-B or Class II-B Notes, as applicable, entitled thereto in the same order and priority as is set forth in Section 5.05(c)(X)(4) or Section 5.05 (c)(Y)(4), as applicable.

(vi)

With respect to the Group II Notes only, in the event that the Noteholders’ Interest Distribution Amount with respect to the Class II-C Notes for a Distribution Date exceeds the amount distributed to the Holders of the Class II-C Notes pursuant to Section  Section 5.05(c)(Y)(5), and provided that a Class II-C Note Interest Trigger is not in effect on such Distribution Date, the Administrator shall instruct the Indenture Trustee in writing to withdraw from the Group II Reserve Account on such Distribution Date an amount equal to such excess, to the extent of funds available therein after giving effect to paragraphs (b)(ii) through (b)(v) above, and to distribute such amount to the Holders of the Class II-C Notes entitled thereto in the same order and priority as is set forth in Section 5.05 (c)(Y)(5).

(vii)

With respect to the Group I Notes only, (X) in the event that on the Final Maturity Date for the Class I-A-1 Notes, the outstanding principal balance of the Class I-A-1 Notes (prior to giving effect to any distribution of principal thereon on such date) exceeds the amount of principal distributed to the Holders of the Class I-A-1 Notes on such date pursuant to Section 5.05(c)(X)(5), the Administrator shall instruct the Indenture Trustee in writing on such date to withdraw from the Group I Reserve Account on such date an amount equal to such excess, to the extent of funds available therein, after giving effect to paragraphs (b)(ii) through (b)(vi) above and to distribute such amount to the Holders of the Class I-A-1 Notes, in the same order and priority as is set forth in Section 5.05(c)(X)(5); (Y) in the event that on the Final Maturity Date for the Class I-A-2 Notes the outstanding principal balance of the Class I-A-2 Notes (prior to giving effect to any distribution of principal thereon on such date) exceeds the amount of principal distributed to the Holders of the Class I-A-2 Notes on such date pursuant to Section 5.05(c)(X)(5), the Administrator shall instruct the Indenture Trustee in writing on such date to withdraw from the Group I Reserve Account on such date an amount equal to such excess, to the extent of funds available therein, after giving effect to paragraphs (b)(ii) through (b)(vi) above, and to distribute such amount to the Holders of the Class I-A-2 Notes, in the same order and priority as set forth in Section 5.05(c)(X)(5); and (Z) in the event that on the Final Maturity Date for the Class I-B Notes the outstanding principal balance of the Class I-B Notes (prior to giving effect to any distribution of principal thereon on such date) exceeds the amount of principal distributed to the Holders of the Class I-B Notes on such date pursuant to Section 5.05(c)(X)(5), the Administrator shall instruct the Indenture Trustee in writing on such date to withdraw from the Group I Reserve Account on such date an amount equal to such excess, to the extent of funds available therein, after giving effect to paragraphs (b)(ii) through (b)(vi) above, and to distribute such amount to the Holders of the Class I-B Notes, in the same order and priority as set forth in Section 5.05(c)(X)(5).

(viii)

With respect to the Group II Notes only, (A) in the event that on the Final Maturity Date for the Class II-A-1 Notes, the outstanding principal balance of the Class II-A-1 Notes (prior to giving effect to any distribution of principal thereon on such date) exceeds the amount of principal distributed to the Holders of the Class II-A-1 Notes on such date pursuant to Section 5.05(c)(Y)(6), the Administrator shall instruct the Indenture Trustee in writing on such date to withdraw from the Group II Reserve Account on such date an amount equal to such excess, to the extent of funds available therein, after giving effect to paragraphs (b)(ii) through (b)(vii) above and to distribute such amount to the Holders of the Class II-A-1 Notes, in the same order and priority as is set forth in Section 5.05(c)(Y)(6); (B) in the event that on the Final Maturity Date for the Class II-A-2 Notes the outstanding principal balance of the Class II-A-2 Notes (prior to giving effect to any distribution of principal thereon on such date), exceeds the amount of principal distributed to the Holders of the Class II-A-2 Notes on such date pursuant to Section 5.05(c)(Y)(6), the Administrator shall instruct the Indenture Trustee in writing on such date to withdraw from the Group II Reserve Account on such date an amount equal to such excess, to the extent of funds available therein, after giving effect to paragraphs (b)(ii) through (b)(vii) above, and to distribute such amount to the Holders of the Class II-A-2 Notes, in the same order and priority as set forth in Section 5.05(c)(Y)(6); (C) in the event that on the Final Maturity Date for the Class II-A-3 Notes the outstanding principal balance of the Class II-A-3 Notes (prior to giving effect to any distribution of principal thereon on such date), exceeds the amount of principal distributed to the Holders of the Class II-A-3 Notes on such date pursuant to Section 5.05(c)(Y)(6), the Administrator shall instruct the Indenture Trustee in writing on such date to withdraw from the Group II Reserve Account on such date an amount equal to such excess, to the extent of funds available therein, after giving effect to paragraphs (b)(ii) through (b)(vii) above, and to distribute such amount to the Holders of the Class II-A-3 Notes, in the same order and priority as set forth in Section 5.05(c)(Y)(6); (D) in the event that on the Final Maturity Date for the Class II-A-4 Notes the outstanding principal balance of the Class II-A-4 Notes (prior to giving effect to any distribution of principal thereon on such date), exceeds the amount of principal distributed to the Holders of the Class II-A-4 Notes on such date pursuant to Section 5.05(c)(Y)(6), the Administrator shall instruct the Indenture Trustee in writing on such date to withdraw from the Group II Reserve Account on such date an amount equal to such excess, to the extent of funds available therein, after giving effect to paragraphs (b)(ii) through (b)(vii) above, and to distribute such amount to the Holders of the Class II-A-4 Notes, in the same order and priority as set forth in Section 5.05(c)(Y)(6); (E) in the event that on the Final Maturity Date for the Class II-B Notes the outstanding principal balance of the Class II-B Notes (prior to giving effect to any distribution of principal thereon on such date), exceeds the amount of principal distributed to the Holders of the Class II-B Notes on such date pursuant to Section 5.05(c)(Y)(6), the Administrator shall instruct the Indenture Trustee in writing on such date to withdraw from the Group II Reserve Account on such date an amount equal to such excess, to the extent of funds available therein, after giving effect to paragraphs (b)(ii) through (b)(vii) above, and to distribute such amount to the Holders of the Class II-B Notes, in the same order and priority as set forth in Section 5.05(c)(Y)(6); and (F) in the event that on the Final Maturity Date for the Class II-C Notes the outstanding principal balance of the Class II-C Notes (prior to giving effect to any distribution of principal thereon on such date), exceeds the amount of principal distributed to the Holders of the Class II-C Notes on such date pursuant to Section 5.05(c)(Y)(6), the Administrator shall instruct the Indenture Trustee in writing on such date to withdraw from the Group II Reserve Account on such date an amount equal to such excess, to the extent of funds available therein, after giving effect to paragraphs (b)(ii) through (b)(vii) above, and to distribute such amount to the Holders of the Class II-C Notes, in the same order and priority as set forth in Section 5.05(c)(Y)(6).

(c)

If the amount on deposit in either the Group I or Group II Reserve Account, as applicable, on any Distribution Date (without giving effect to all deposits or withdrawals therefrom on such Distribution Date) is greater than the related Specified Reserve Account Balance for such Distribution Date, the Administrator shall instruct the Indenture Trustee in writing to deposit the amount of such excess into the Group I Collection Account or the Group II Collection Account, as applicable, for distribution on such Distribution Date.

(d)

Following the payment in full of the aggregate outstanding principal balance of the Group I or Group II Notes, as the case may be, and of all other amounts owing or to be distributed hereunder or under the Indenture or the Trust Agreement to Holders of Group I or Group II Notes, respectively, the Master Servicer, Indenture Trustee, Paying Agent, Note Registrar, Eligible Lender Trustee, Owner Trustee or the Administrator and the termination of the Trust, if applicable, (x) any amount remaining on deposit in the Group I Reserve Account, shall become Group II Available Funds on the related Distribution Date, and (y) any amount remaining on deposit in the Group II Reserve Account shall be distributed to the Depositor.  The Depositor shall in no event be required to refund any amounts properly distributed pursuant to this Section 5.06(d).

(e)

Subject to Section 5.06(b)(i) above, all amounts withdrawn from the Group I or Group II Reserve Account shall first be deposited into the Group I or Group II Collection Account, as applicable, and then transferred to the Distribution Account prior to being disbursed for the uses and to the persons set forth above.

SECTION 5.07.  Statements to Noteholders.  On each Determination Date preceding a Distribution Date, the Administrator shall provide to the Indenture Trustee and the Paying Agent (with a copy to the Owner Trustee, the Certificate Paying Agent, the Depositor and the Rating Agencies) for the Paying Agent to forward on such succeeding Distribution Date to each Holder of record of the Notes a statement substantially in the form of Exhibit A. A copy of the statement may be obtained by any Note Owner by a written request to the Indenture Trustee addressed to the Corporate Trust Office.

SECTION 5.08.  The Group I Capitalized Interest Account.

(a)

The Group I Capitalized Interest Account will be available to fund shortfalls of interest on the Group I Notes until the Distribution Date in September 2008.

(b)

On each Distribution Date prior to and including the September 2008 Distribution Date, amounts, if any, in excess of the Group I Capitalized Interest Account Specified Amount for such Distribution Date, will be withdrawn from the Group I Capitalized Interest Account and deposited into the Group I Collection Account and will become part of Group I Available Funds on such Distribution Date.  

(c)

After all amounts in excess of the Group I Capitalized Interest Account Specified Amount applicable for such Distribution Date have been withdrawn from the Group I Capitalized Interest Account, any remaining amounts (to the extent of funds on deposit), may be withdrawn and paid: first, to the Class I-A-1 Noteholders and Class I-A-2 Noteholders and then second, any remaining amounts, to the Class I-B Noteholders, to fund shortfalls in the payment of interest on the Group I Notes; provided that, (1) if the Class I-B Note Interest Trigger is not in effect on such distribution date, such amounts will be withdrawn after all Available Funds and amounts on deposit in the Group I Reserve Account have been applied for such purpose, and (2) if the Class I-B Note Interest Trigger is in effect on such Distribution Date, such amounts will be withdrawn and paid, first, to the Group I Senior Notes after all Group I Available Funds and amounts on deposit in the Group I Reserve Account have been applied for such purpose, and, second, any amounts remaining on deposit in the Group I Capitalized Interest Account after any shortfalls in interest due to the Group I Senior Notes have been paid in full, to the Group I Subordinate Notes, after all available amounts on deposit in the Group I Collection Account have been applied for such purpose.  Amounts withdrawn from the Group I Capitalized Interest Account and used to pay shortfalls in interest will not be part of Group I Available Funds on such Distribution Date and may be used for no other purpose.

(d)

No amounts withdrawn from the Group I Capitalized Interest Account, whether to achieve the Group I Capitalized Interest Account Specified Amount or used to pay any interest shortfalls will be replenished.  

(e)

On the September 2008 Distribution Date, any funds remaining in the Group I Capitalized Interest Account will be transferred to the Group I Collection Account and will be included as part of Group I Available Funds on that Distribution Date.

SECTION 5.09.  [Reserved].  

SECTION 5.10.  Paying Agent.  For purposes of this Article V, it is understood and agreed that, if the Paying Agent is not also the Indenture Trustee, then the Paying Agent shall receive copies of any and all instructions to the Indenture Trustee and that the Paying Agent, based on instructions from the Administrator, on behalf of the Indenture Trustee, shall make the applicable distributions to the Noteholders (and the Certificate Paying Agent if other than KBNA or its affiliates, per Section 5.05(a)) (unless such instructions indicate that the Indenture Trustee shall make such distributions), and perform such other transfers, withdrawals or deposits designated as the obligation of the Paying Agent in such instructions, and JPMorgan Chase Bank, National Association shall have no duty to evaluate such instructions of KBNA and have no liability therefor.

ARTICLE VI

THE ADMINISTRATOR AND THE DEPOSITOR

SECTION 6.01.  Representations of the Administrator.  KBNA, as Administrator, makes the following representations on which the Issuer is deemed to have relied in acquiring the Financed Student Loans.  The representations speak as of the execution and delivery of this Agreement, the Student Loan Transfer Agreement and the Administration Agreement and as of the Closing Date, and shall survive the sale of the Financed Student Loans to the Issuer (and with respect to legal title, to the Eligible Lender Trustee on behalf of the Issuer) and the pledge thereof to the Indenture Trustee pursuant to the Indenture.   

(a)

Organization and Good Standing.  KBNA is duly organized and validly existing as a national banking association in good standing under the laws of the United States of America, with the 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 Student Loans.

(b)

Power and Authority of KBNA.  KBNA has the corporate power and authority to execute and deliver this Agreement and the Administration Agreement and to carry out their respective terms; this Agreement and the Administration Agreement have been duly authorized by KBNA by all necessary corporate action; KBNA has full corporate power and authority to sell and assign the property to be sold and assigned to and deposited with the Depositor pursuant to the Student Loan Transfer Agreement (or with the Depositor Eligible Lender Trustee on behalf of the Depositor) and KBNA has duly authorized such sale and assignment to the Depositor (or to the Depositor Eligible Lender Trustee on behalf of the Depositor) by all necessary corporate action.

(c)

Binding Obligation.  This Agreement, the Student Loan Transfer Agreement and the Administration Agreement each constitutes a legal, valid and binding obligation of KBNA, in each case enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization and similar laws relating to creditors’ rights generally or the rights of creditors of banks the deposit accounts of which are insured by the FDIC and subject to general principles of equity.

(d)

No Violation.  The consummation of the transactions contemplated by this Agreement, the Student Loan Transfer Agreement or the Administration Agreement and the fulfillment of the terms hereof or thereof do not conflict with, result in any breach of any of the terms and provisions of, nor constitute (with or without notice or lapse of time or both) a default under, the articles of association or by-laws of KBNA, or any indenture, agreement or other instrument to which KBNA is a party or by which it shall be bound, which breach or default would reasonably be expected to have a material adverse effect on the condition of KBNA, financial or otherwise, or adversely affect the transactions contemplated by this Agreement, the Student Loan Transfer Agreement or the Administration Agreement; nor 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 (other than pursuant to the Basic Documents); nor violate any law or, to the knowledge of KBNA, any order, rule or regulation applicable to KBNA of any court or of any Federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over KBNA.

(e)

No Proceedings.  There are no proceedings or, to its best knowledge, investigations pending against KBNA or, to its best knowledge, threatened against KBNA before any court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over KBNA or its properties:  (i) asserting the invalidity of this Agreement, the Indenture or any of the other Basic Documents or the Notes, (ii) seeking to prevent the issuance of the Notes or the consummation of any of the transactions contemplated by this Agreement, the Indenture or any of the other Basic Documents, (iii) seeking any determination or ruling that could reasonably be expected to have a material and adverse effect on the performance by KBNA of its obligations under, or the validity or enforceability of, this Agreement, the Indenture, any of the other Basic Documents or the Notes or (iv) seeking to affect adversely the Federal or state income tax attributes of the Issuer or the Notes.

(f)

All Consents.  All authorizations, consents, orders or approvals of or registrations or declarations with any court, regulatory body, administrative agency or other government instrumentality required to be obtained, effected or given by KBNA in connection with the execution and delivery by KBNA of this Agreement, the Student Loan Transfer Agreement and the Administration Agreement and the performance by KBNA of its duties contemplated by this Agreement and the Administration Agreement, have in each case been duly obtained, effected or given and are in full force and effect.

(g)

Resolutions.  The resolutions of the Board of Directors of KBNA approving this Agreement and the other Basic Documents to which it is a party and all documents relating thereto are and shall be continuously reflected in the minutes of the Board of Directors of KBNA.  This Agreement and each of the other Basic Documents to which it is a party and all documents relating thereto are and shall be, continuously from the time of their respective execution by KBNA, official records of KBNA.

SECTION 6.02.  Representations of the Depositor.  The Depositor, makes the following representations on which the Issuer is deemed to have relied in acquiring the Financed Student Loans.  The representations speak as of the execution and delivery of this Agreement and as of the Closing Date, and shall survive the sale of the Financed Student Loans to the Issuer (or with respect to legal title, to the Eligible Lender Trustee on behalf of the Issuer) and the pledge thereof to the Indenture Trustee pursuant to the Indenture.  

(a)

Organization and Good Standing.  The Depositor is duly organized and validly existing as a limited liability company in good standing under the laws of the State of Delaware, with the 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 Financed Student Loans.

(b)

Power and Authority of the Depositor.  The Depositor has the corporate power and authority to execute and deliver this Agreement and to carry out its terms; the Depositor has full corporate power and authority to sell and assign the property to be sold and assigned to and deposited with the Issuer (or with the Eligible Lender Trustee on behalf of the Issuer) and the Depositor has duly authorized such sale and assignment to the Issuer (or to the Eligible Lender Trustee on behalf of the Issuer) by all necessary corporate action; and the execution, delivery and performance of this Agreement have been duly authorized by the Depositor by all necessary limited liability company action.

(c)

Binding Obligation.  This Agreement constitutes a legal, valid and binding obligation of the Depositor, enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization and similar laws relating to creditors’ rights generally and subject to general principles of equity.

(d)

No Violation.  The consummation of the transactions contemplated by this Agreement and the fulfillment of the terms hereof or thereof do not conflict with, result in any breach of any of the terms and provisions of, nor constitute (with or without notice or lapse of time or both) a default under, the limited liability company agreement or other organization documents of the Depositor, or any indenture, agreement or other instrument to which the Depositor is a party or by which it shall be bound, which breach or default would reasonably be expected to have a material adverse effect on the condition of the Depositor, financial or otherwise, or adversely affect the transactions contemplated by this Agreement; nor 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 (other than pursuant to the Basic Documents); nor violate any law or, to the knowledge of the Depositor, any order, rule or regulation applicable to the Depositor of any court or of any Federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Depositor or its properties.

(e)

No Proceedings.  There are no proceedings or, to its best knowledge, investigations pending against the Depositor or, to its best knowledge, threatened against the Depositor before any court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Depositor or its properties:  (i) asserting the invalidity of this Agreement, the Indenture or any of the other Basic Documents or the Notes, (ii) seeking to prevent the issuance of the Notes or the consummation of any of the transactions contemplated by this Agreement, the Indenture or any of the other Basic Documents, (iii) seeking any determination or ruling that could reasonably be expected to have a material and adverse effect on the performance by the Depositor of its obligations under, or the validity or enforceability of, this Agreement, the Indenture, any of the other Basic Documents or the Notes or (iv) seeking to affect adversely the Federal or state income tax attributes of the Issuer or the Notes.

(f)

All Consents.  All authorizations, consents, orders or approvals of or registrations or declarations with any court, regulatory body, administrative agency or other government instrumentality required to be obtained, effected or given by the Depositor in connection with the execution and delivery by the Depositor of this Agreement and the performance by the Depositor of the transactions contemplated by this Agreement have been duly obtained, effected or given and are in full force and effect.

(g)

Resolutions.  The resolutions of the Board of Directors of the Depositor approving this Agreement and the Trust Agreement and all documents relating thereto are and shall be continuously reflected in the minutes of the Board of Directors of the Depositor.  This Agreement and the Trust Agreement and all documents relating thereto are and shall be, continuously from the time of their respective execution by the Depositor, official records of the Depositor.

SECTION 6.03.  Existence.  During the term of this Agreement, the Depositor will keep in full force and effect its existence as a special purpose limited liability company under the laws of the State of Delaware.

SECTION 6.04.  Liability of the Depositor; Indemnities.  The Depositor shall be liable in accordance herewith only to the extent of the obligations specifically undertaken by the Depositor under this Agreement.

(a)

KBNA and the Depositor shall jointly and severally indemnify, defend and hold harmless the Issuer, the Eligible Lender Trustee, the Owner Trustee and the Indenture Trustee and their officers, directors, employees and agents from and against any taxes that may at any time be asserted against any such Person with respect to the transactions contemplated herein and in the other Basic Documents (except any such income taxes arising out of fees paid to the Owner Trustee, the Eligible Lender Trustee or the Indenture Trustee), including any sales, gross receipts, general corporation, tangible personal property, privilege or license taxes (but, in the case of the Issuer, not including any taxes asserted with respect to, and as of the date of, the sale of the Financed Student Loans to the Issuer or the issuance and original sale of the Notes, or asserted with respect to ownership of the Financed Student Loans or Federal or other income taxes arising out of distributions on the Notes) and costs and expenses in defending against the same.

(b)

KBNA and the Depositor shall jointly and severally indemnify, defend and hold harmless the Issuer, the Eligible Lender Trustee, the Owner Trustee, the Indenture Trustee, the Master Servicer and the Holders of Notes and the officers, directors, employees and agents of the Issuer, the Eligible Lender Trustee, the Owner Trustee, the Indenture Trustee and the Master Servicer from and against any and all costs, expenses, losses, claims, damages and liabilities arising out of, or imposed upon such Person through, (i) the Depositor’s willful misfeasance, bad faith or negligence in the performance of its duties under this Agreement, or by reason of reckless disregard of its obligations and duties under this Agreement and (ii) KBNA’s, the Depositor’s or the Issuer’s violation of Federal or state securities laws in connection with the offering and sale of the Notes.

(c)

KBNA and the Depositor shall jointly and severally be liable as primary obligor for, and shall indemnify, defend and hold harmless the Eligible Lender Trustee, the Owner  Trustee and their respective officers, directors, employees and agents from and against, all costs, expenses, losses, claims, damages, obligations and liabilities arising out of, incurred in connection with or relating to the Trust Agreement, the other Basic Documents, the Trust Estate, as applicable, the acceptance or performance of the trusts and duties set forth herein and in the  Interim Trust Agreements and the Trust Agreement, as applicable, or the action or the inaction of the Eligible Lender Trustee hereunder and of the Eligible Lender Trustee under the Interim Trust Agreements and the Owner Trustee under the Trust Agreement, except to the extent that such cost, expense, loss, claim, damage, obligation or liability: (i) shall be due to the willful misfeasance, bad faith or negligence (except for errors in judgment) of the Eligible Lender Trustee or the Owner Trustee, as applicable, (ii) with respect to the Eligible Lender Trustee, shall arise from any breach by the Eligible Lender Trustee of its covenants under any of the Basic Documents; or (iii) shall arise from the breach by the Owner Trustee of any of its representations or warranties set forth in Section 7.03 of the Trust Agreement.  In the event of any claim, action or proceeding for which indemnity will be sought pursuant to this paragraph, the Eligible Lender Trustee’s or the Owner Trustee’s, as applicable, choice of legal counsel shall be subject to the approval of the Depositor and KBNA, which approval shall not be unreasonably withheld.

(d)

The Depositor shall pay any and all taxes levied or assessed upon all or any part of the Trust Estate (other than those taxes expressly excluded from the Depositor’s responsibilities pursuant to Section 6.04(a) above).

Indemnification under this Section shall survive the resignation or removal of the Eligible Lender Trustee, Owner Trustee or the Indenture Trustee and the termination of this Agreement or the Indenture or the Trust Agreement, as applicable, and shall include reasonable fees and expenses of counsel and expenses of litigation.  If KBNA or the Depositor shall have made any indemnity payments pursuant to this Section and the Person to or on behalf of whom such payments are made thereafter shall collect any of such amounts from others, such Person shall promptly repay such amounts to the Depositor or KBNA, as applicable, without interest.

SECTION 6.05.  Liability of Administrator; Indemnities.  The Administrator shall be liable in accordance herewith only to the extent of the obligations specifically undertaken by the Administrator under this Agreement or the Administration Agreement.

The Administrator shall indemnify, defend and hold harmless the Issuer, the Eligible Lender Trustee, the Depositor, the Owner Trustee, the Indenture Trustee, the Master Servicer, the Holders of Notes and any of the officers, directors, employees and agents of the Issuer, the Eligible Lender Trustee, the Owner Trustee, the Indenture Trustee and the Master Servicer from and against any and all costs, expenses, losses, claims, damages and liabilities to the extent that such cost, expense, loss, claim, damage or liability arose out of, or was imposed upon any such Person through, the negligence, willful misfeasance or bad faith of the Administrator in the performance of its duties under this Agreement or the Administration Agreement or by reason of reckless disregard of its obligations and duties hereunder or thereunder.

The Administrator, in accordance with Section 3 of the Administration Agreement, shall pay reasonable compensation to the Indenture Trustee, Eligible Lender Trustee and Owner Trustee to the extent not paid by the Issuer and shall reimburse the Indenture Trustee, Eligible Lender Trustee and Owner Trustee for all reasonable expenses, disbursements and advances, and indemnify, defend and hold harmless the Indenture Trustee and its officers, directors, employees and agents from and against all costs, expenses, losses, claims, damages and liabilities, to the extent not paid by the Issuer and in the manner provided in, and subject to the limitations of, Section 6.07 of the Indenture and Section 3 of the Administration Agreement.

For purposes of this Section, in the event of the termination of the rights and obligations of the Administrator (or any successor thereto pursuant to Section 6.06 or 6.09) as Administrator pursuant to Section 8.01(b), or a resignation by such Administrator pursuant to this Agreement, such Administrator shall be deemed to be the Administrator pending appointment of a successor Administrator pursuant to Section 8.02.

Indemnification under this Section shall survive the resignation or removal of the Eligible Lender Trustee, Owner Trustee or the Indenture Trustee or the termination of this Agreement and the Administration Agreement and shall include reasonable fees and expenses of counsel and expenses of litigation.  If the Administrator shall have made any indemnity payments pursuant to this Section and the Person to or on behalf of whom such payments are made thereafter collects any of such amounts from others, such Person shall promptly repay such amounts to the Administrator, without interest.

SECTION 6.06.  Merger or Consolidation of, or Assumption of the Obligations of, the Administrator and the Depositor.  Any Person (a) into which the Administrator may be merged or consolidated, (b) which may result from any merger or consolidation to which the Administrator shall be a party or (c) which may succeed to the properties and assets of the Administrator substantially as a whole, shall be the successor to the Administrator without the execution or filing of any document or any further act by any of the parties to this Agreement or to the Administration Agreement; provided, however, that the Administrator hereby covenants that it will not consummate any of the foregoing transactions except upon satisfaction of the following:  (i) the surviving Administrator, as the case may be, if other than KBNA (or affiliate thereof), executes an agreement of assumption to perform every obligation of the Administrator under this Agreement and the Administration Agreement, (ii) immediately after giving effect to such transaction, no representation or warranty made pursuant to Section 3.01 or 6.01 shall have been breached and no Administrator Default, and no event that, after notice or lapse of time, or both, would become an Administrator Default shall have occurred and be continuing, (iii) the surviving Administrator if other than KBNA (or affiliate thereof), shall have delivered to the Eligible Lender Trustee, the Owner Trustee and the Indenture Trustee an Officers’ Certificate and an Opinion of Counsel each stating that such consolidation, merger or succession and such agreement of assumption comply with this Section and that all conditions precedent, if any, provided for in this Agreement relating to such transaction have been complied with, and that the Rating Agency Condition shall have been satisfied with respect to such transaction, (iv) the surviving Administrator shall have a consolidated net worth at least equal to that of the predecessor Administrator, (v)  such transaction will not result in a material adverse Federal or state tax consequence to the Issuer or the Holders of Notes and (vi) unless KBNA (or affiliate thereof) is the surviving entity, the Administrator shall have delivered to the Eligible Lender Trustee, the Owner Trustee and the Indenture Trustee an Opinion of Counsel either (A) stating that, in the opinion of such counsel, all financing statements and continuation statements and amendments thereto have been executed and filed that are necessary fully to preserve and protect the interest of the Eligible Lender Trustee and Indenture Trustee, respectively, in the Financed Student Loans and reciting the details of such filings, or (B) stating that, in the opinion of such counsel, no such action shall be necessary to preserve and protect such interests.

Without the prior written confirmation from each Rating Agency that its then current ratings of each Class of Notes would not be downgraded, the Depositor shall not be merged or consolidated with any other entity.

SECTION 6.07.  Limitation on Liability of the Depositor, Administrator and Others.  (a)  The Depositor and any director or officer or employee or agent of the Depositor may rely in good faith on the advice of counsel or on any document of any kind, prima facie properly executed and submitted by any Person respecting any matters arising hereunder (provided that such reliance shall not limit in any way the Depositor’s obligations under Section 3.02).  The Depositor shall not be under any obligation to appear in, prosecute or defend any legal action that shall not be incidental to its obligations under this Agreement, and that in its opinion may involve it in any expense or liability.

(b)

Neither the Administrator nor any of its directors, officers, employees or agents shall be under any liability to the Issuer, the Depositor, the Holders of Notes, the Indenture Trustee, the Owner Trustee or the Eligible Lender Trustee except as provided under this Agreement or the Administration Agreement, for any action taken or for refraining from the taking of any action pursuant to this Agreement or the Administration Agreement or for errors in judgment; provided, however, that this provision shall not protect the Administrator or any such person against any liability that would otherwise be imposed by reason of willful misfeasance, bad faith or negligence in the performance of duties or by reason of reckless disregard of obligations and duties under this Agreement or under the Administration Agreement.  The Administrator and any of its directors, officers, employees or agents may rely in good faith on the advice of counsel or on any document of any kind, prima facie properly executed and submitted by any Person respecting any matters arising hereunder or under the Administration Agreement.

Except as provided in this Agreement or the Administration Agreement, the Administrator shall not be under any obligation to appear in, prosecute or defend any legal action that shall not be incidental to its duties to administer the Financed Student Loans and the Trust in accordance with this Agreement and the Administration Agreement, and that in its opinion may involve it in any expense or liability; provided, however, that the Administrator may undertake any reasonable action that it may deem necessary or desirable in respect of this Agreement and the other Basic Documents and the rights and duties of the parties to this Agreement and the other Basic Documents and the interests of the Holders of Notes under the Indenture.

SECTION 6.08.  Ownership by the Depositor, KBNA and its Affiliates.  

(a)

[Reserved].

(b)

The Depositor or an Affiliate thereof (to the extent permitted under the Trust Agreement) shall own the Certificate, with the same rights as it would have if it were not the Depositor or an Affiliate thereof, except as otherwise expressly provided herein or in any other Basic Document.

SECTION 6.09.  KBNA Not To Resign as Administrator.  Subject to the provisions of Section 6.06, KBNA shall not resign from the obligations and duties imposed on it as Administrator under this Agreement and under the Administration Agreement except (i) that KBNA may assign all of its rights and obligations as Administrator under this Agreement and under the Administration Agreement to an Affiliate of KBNA that satisfies all the criteria for serving as the Administrator hereunder, or (ii) upon determination that the performance of its duties under this Agreement and under the Administration Agreement shall no longer be permissible under applicable law or shall violate any final order of a court or administrative agency with jurisdiction over KBNA or its properties.  Notice of any such (i) assignment or (ii) determination permitting such resignation of KBNA shall be communicated to the Owner Trustee and the Indenture Trustee at the earliest practicable time (and, if such communication is not in writing, shall be confirmed in writing at the earliest practicable time) and any such determination under (ii) herein shall be evidenced by an Opinion of Counsel to such effect delivered to the Eligible Lender Trustee, the Owner Trustee and the Indenture Trustee concurrently with or promptly after such notice.  No such assignment or resignation shall become effective until the permitted Affiliate assignee or the Indenture Trustee or a successor Administrator shall have assumed the responsibilities and obligations of KBNA in accordance with Section 8.02.

ARTICLE VII

THE MASTER SERVICER

SECTION 7.01.  Representations of Master Servicer.  The Master Servicer makes the following representations on which the Issuer is deemed to have relied in acquiring the Financed Student Loans and appointing the Master Servicer as master servicer hereunder.  The representations speak as of the execution and delivery of this Agreement and as of the Closing Date, and shall survive the sale, transfer and assignment of the Financed Student Loans to the Issuer (and with respect to legal title, to the Eligible Lender Trustee on behalf of the Issuer) and the pledge thereof to the Indenture Trustee pursuant to the Indenture.

(a)

Organization and Good Standing.  The Master Servicer is duly organized and validly existing as a national banking association in good standing under the laws of the United States of America, with the 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 master service the Financed Student Loans and, if necessary, to hold the Financed Student Loan Files as custodian.

(b)

Due Qualification.  The Master Servicer 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 (including the master servicing of the Financed Student Loans as required by this Agreement) shall require such qualifications.

(c)

Power and Authority of the Master Servicer.  The Master Servicer has the corporate power and authority to execute and deliver this Agreement and to carry out its terms; and the execution, delivery and performance of this Agreement have been duly authorized by the Master Servicer by all necessary corporate action.  

(d)

Binding Obligation.  This Agreement constitutes a legal, valid and binding obligation of the Master Servicer enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization and similar laws relating to creditors’ rights generally or the rights of creditors of banks the deposit accounts of which are insured by the FDIC and subject to general principles of equity.

(e)

No Violation.  The consummation of the transactions contemplated by this Agreement and the fulfillment of the terms hereof shall not conflict with, result in any breach of any of the terms and provisions of, nor constitute (with or without notice or lapse of time or both) a default under the articles of association or by-laws of the Master Servicer, or any indenture, agreement or other instrument to which the Master Servicer is a party or by which it shall be bound nor 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 (other than this Agreement); which breach or default would reasonably be expected to have a material adverse effect on the condition of the Master Servicer, financial or otherwise, or adversely affect the transactions contemplated by this Agreement; nor violate any law or, to the knowledge of the Master Servicer, any order, rule or regulation applicable to the Master Servicer of any court or of any Federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Master Servicer or its properties.

(f)

No Proceedings.  There are no proceedings, or, to the Master Servicer’s best knowledge, investigations pending, or, to the Master Servicer’s best knowledge, threatened against the Master Servicer, before any court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Master Servicer or its properties:  (i) asserting the invalidity of this Agreement, the Indenture, any of the other Basic Documents or the Notes, (ii) seeking to prevent the issuance of the Notes or the consummation of any of the transactions contemplated by this Agreement, the Indenture or any of the other Basic Documents, (iii) seeking any determination or ruling that could reasonably be expected to have a material and adverse effect on the performance by the Master Servicer of its obligations under, or the validity or enforceability of, this Agreement, the Indenture, any of the other Basic Documents or the Notes or (iv) relating to the Master Servicer and which might adversely affect the Federal or state income tax attributes of the Notes.

(g)

No Amendment or Waiver.  No provision of a Financed Student Loan has been waived, altered or modified in any respect, except pursuant to a document, instrument or writing included in the Financed Student Loan File, and no such amendment, waiver, alteration or modification causes such Financed Student Loan not to conform to the other warranties contained in this Section or those of the Depositor or the Master Servicer, as applicable, contained in Section 3.01.

(h)

Collection Practices. 

The servicing and collection practices used by the Master Servicer (or each Subservicer on its behalf) with respect to the Financed Student Loans have been in all respects in compliance with Accepted Servicing Procedures, Section 3.04 and Article IV and all applicable laws and regulations.

(i)

Location of Financed Student Loan Files.  The Financed Student Loan Files are kept in the offices of the applicable Subservicer, on behalf of the Master Servicer specified in Schedule C hereto, or at such other office specified in accordance with Section 3.04(b), and all Financed Student Loan Files have been delivered to and are in the possession of the applicable Subservicer.

SECTION 7.02.  Indemnities of Master Servicer.  The Master Servicer shall be liable in accordance herewith only to the extent of the obligations specifically undertaken by the Master Servicer under this Agreement.

The Master Servicer shall pay for any loss, liability or expense, including reasonable attorney’s fees, that may be imposed on, incurred by or asserted against the Issuer, the Owner Trustee, the Depositor, the Eligible Lender Trustee, the Indenture Trustee, the Paying Agent and Note Registrar, the Administrator or the Holders of Notes or any of the officers, directors, employees and agents of the Issuer, the Owner Trustee, the Depositor, the Eligible Lender Trustee, the Indenture Trustee, the Paying Agent and Note Registrar or the Administrator to the extent that such loss, liability or expense arose out of, or was imposed upon any such Person through, the negligence, willful misfeasance or bad faith of the Master Servicer (or any Subservicer acting on its behalf) in the performance of its obligations and duties under this Agreement or by reason of the reckless disregard of its obligations and duties (or those of any Subservicer acting on its behalf) under this Agreement, where the final determination that any such loss, liability or expense arose out of, or was imposed upon any such Person through, any such negligence, willful misfeasance, bad faith or recklessness on the part of the Master Servicer (or such Subservicer acting on its behalf) is established by a court of law, by an arbitrator or by way of settlement agreed to by the Master Servicer.  Notwithstanding the foregoing, if the Master Servicer is rendered unable, in whole or in part, by a force outside the control of the parties hereto (including acts of God, acts of war or terrorism, fires, earthquakes and other disasters) to satisfy its obligations under this Agreement, the Master Servicer shall not be deemed to have breached any such obligation upon delivery of written notice of such event to the other parties hereto, for so long as the Master Servicer remains unable to perform such obligation as a result of such event.

For purposes of this Section, in the event of the termination of the rights and obligations of the Master Servicer (or any successor thereto pursuant to Section 7.03 or 7.05) as Master Servicer pursuant to Section 8.01(a), or a resignation by such Master Servicer pursuant to this Agreement, the Master Servicer shall be deemed to be the Master Servicer pending appointment of a successor Master Servicer pursuant to Section 8.02.

Liability of the Master Servicer under this Section shall survive the resignation or removal of the Owner Trustee, the Eligible Lender Trustee, the Paying Agent and Note Registrar or the Indenture Trustee or the termination of this Agreement.  If the Master Servicer shall have made any payments pursuant to this Section and the Person to or on behalf of whom such payments are made thereafter collects any of such amounts from others, such Person shall promptly repay such amounts to the Master Servicer, without interest.

SECTION 7.03.  Merger or Consolidation of, or Assumption of the Obligations of, Master Servicer.  Any Person (a) into which the Master Servicer may be merged or consolidated, (b) which may result from any merger or consolidation to which the Master Servicer shall be a party or (c) which may succeed to the properties and assets of the Master Servicer substantially as a whole, shall be the successor to the Master Servicer without the execution or filing of any document or any further act by any of the parties to this Agreement; provided, however, that the Master Servicer hereby covenants that it will not consummate any of the foregoing transactions except upon satisfaction of the following:  (i) the surviving Master Servicer, if other than KBNA (or affiliate thereof), executes an agreement of assumption to perform every obligation of the Master Servicer under this Agreement, (ii) immediately after giving effect to such transaction, no representation or warranty made pursuant to Section 7.01 shall have been breached and no event that, after notice or lapse of time, or both, would become a Master Servicer Default shall have occurred and be continuing, (iii) the surviving Master Servicer, if other than KBNA (or affiliate thereof), shall have delivered to the Owner Trustee, the Depositor and the Indenture Trustee an Officers’ Certificate and an Opinion of Counsel each stating that such consolidation, merger or succession and such agreement of assumption comply with this Section and that all conditions precedent, if any, provided for in this Agreement relating to such transaction have been complied with, and that the Rating Agency Condition shall have been satisfied with respect to such transaction, (iv) the surviving Master Servicer shall have a consolidated net worth at least equal to that of the predecessor Master Servicer, (v) unless KBNA (or affiliate thereof) is the surviving entity, such transaction will not result in a material adverse Federal or state tax consequence to the Issuer or the Holders of Notes and (vi) unless KBNA (or affiliate thereof) is the surviving entity, the Master Servicer shall have delivered to the Owner Trustee, the Depositor and the Indenture Trustee an Opinion of Counsel either (A) stating that, in the opinion of such counsel, all financing statements and continuation statements and amendments thereto have been executed and filed that are necessary fully to preserve and protect the interest of the Eligible Lender Trustee and Indenture Trustee, respectively, in the Financed Student Loans and reciting the details of such filings, or (B) stating that, in the opinion of such counsel, no such action shall be necessary to preserve and protect such interests.

SECTION 7.04.  Limitation on Liability of Master Servicer and Others.  Neither the Master Servicer nor any of the directors, officers, employees or agents of the Master Servicer shall be under any liability to the Issuer, the Depositor or the Holders of Notes, except as provided under this Agreement or the Basic Documents, for any action taken or for refraining from the taking of any action pursuant to this Agreement or for errors in judgment; provided, however, that this provision shall not protect the Master Servicer or any such person against any liability that would otherwise be imposed by reason of willful misfeasance, bad faith or negligence in the performance of duties or by reason of reckless disregard of obligations and duties under this Agreement.  The Master Servicer and any director, officer, employee or agent of the Master Servicer may rely in good faith on the advice of counsel or on any document of any kind prima facie properly executed and submitted by any person respecting any matters arising under this Agreement.

Except as provided in this Agreement or the Basic Documents, the Master Servicer shall not be under any obligation to appear in, prosecute or defend any legal action that shall not be incidental to its duties to service the Financed Student Loans in accordance with this Agreement, and that in its opinion may involve it in any expense or liability; provided, however, that the Master Servicer may undertake any reasonable action that it may deem necessary or desirable in respect of this Agreement and the other Basic Documents and the rights and duties of the parties to this Agreement and the other Basic Documents and the interests of the Holders of Notes under the Indenture.

SECTION 7.05.  KBNA Not To Resign as Master Servicer.  Subject to the provisions of Section 7.03, KBNA, shall not resign from the obligations and duties hereby imposed on it as Master Servicer under this Agreement except (i) that KBNA may assign all of its rights and obligations as Master Servicer under this Agreement to an Affiliate of KBNA that satisfies all the criteria for serving as the Master Servicer hereunder, or (ii) upon determination that the performance of its duties under this Agreement shall no longer be permissible under applicable law.  Notice of any such (i) assignment or (ii) determination permitting such resignation of KBNA, as Master Servicer shall be communicated to the Owner Trustee, the Depositor, the Indenture Trustee and each of the Rating Agencies at the earliest practicable time (and, if such communication is not in writing, shall be confirmed in writing at the earliest practicable time) and any such determination under (ii) herein shall be evidenced by an Opinion of Counsel to such effect delivered to the Owner Trustee, the Eligible Lender Trustee, the Depositor and the Indenture Trustee concurrently with or promptly after such notice.  No such assignment or resignation shall become effective until the permitted Affiliate assignee or the Indenture Trustee or a Successor Master Servicer shall have assumed the responsibilities and obligations of KBNA, as Master Servicer in accordance with Section 8.02.

ARTICLE VIII

DEFAULT

SECTION 8.01.  Master Servicer Default; Administrator Default.  (a)  Master Servicer Default.  If any one of the following events (a “Master Servicer Default”) shall occur and be continuing:

(1)

any failure by the Master Servicer to deliver (or cause to be delivered) to the Administrator or the Indenture Trustee, as applicable, for deposit in any of the Trust Accounts any payment required by the Basic Documents, which failure continues unremedied for three Business Days after written notice of such failure is received by the Master Servicer from the Owner Trustee, the Indenture Trustee or the Administrator or after discovery of such failure by an officer of the Master Servicer; or

(2)

any failure by the Master Servicer duly to observe or to perform (or to cause to be observed or performed) in any material respect any other covenants or agreements of the Master Servicer set forth in this Agreement or any other Basic Document, which failure shall (i) materially and adversely affect the rights of the Holders of either the Group I or Group II Notes and (ii) continues unremedied for a period of 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given (A) to the Master Servicer by the Indenture Trustee, the Owner Trustee or the Administrator or (B) to the Master Servicer, and to the Indenture Trustee and the Owner Trustee (x) with respect to the Group I Notes, by the Group I Controlling Parties, representing not less than 25% of the Outstanding Amount of the related Group I Notes, and (y) with respect to the Group II Notes, by the Group II Controlling Parties, representing not less than 25% of the Outstanding Amount of the related Group II Notes);

(3)

an Insolvency Event occurs with respect to the Master Servicer; or

(4)

any failure by the Master Servicer to comply with any applicable requirements under the Higher Education Act resulting in a loss of its eligibility, if applicable, as a third-party servicer (or the failure of the Master Servicer to replace promptly any Subservicer that has lost its eligibility as a third-party servicer);

(5)

any failure by the Master Servicer, any Subservicer or any Subcontractor to deliver any information, report, certification or accountants’ letter when and as required  under Article XII (including, without limitation, any failure by the Master Servicer to identify any Subcontractor “participating in the servicing function” within the meaning of Item 1122 of Regulation AB), which continues unremedied for ten (10) calendar days after the date on which such information, report, certification or accountants’ letter was required to be delivered;

then, and in each and every case, so long as the Master Servicer Default shall not have been remedied, either (A) the Indenture Trustee, or (B) (x) with respect to the Group I Student Loans and the Group I Notes, the Group I Controlling Parties, representing not less than 25% of the Outstanding Amount of the related Group I Notes, or (y) with respect to the Group II Student Loans and the Group II Notes, the Group II Controlling Parties, representing not less than 25% of the Outstanding Amount of the related Group II Notes), by notice then given in writing to the Master Servicer (and to the Indenture Trustee and the Owner Trustee if given by the requisite Holders of the related group of Notes) may terminate all the rights and obligations (other than the obligations set forth in Section 7.02 and Section 3.07 hereof) of the Master Servicer with respect to either (a) the Group I or Group II Student Loans, or (y) the Group I or Group II Notes, as the case may be, under this Agreement.  On or after the receipt by the Master Servicer of such written notice, all authority and power of the Master Servicer under this Agreement, whether with respect to the Group I or Group II Student Loans, as applicable, and the Group I or Group II Notes, as applicable, or otherwise, shall, without further action, pass to and be vested in the Indenture Trustee or such successor Master Servicer as may be appointed under Section 8.02; and, without limitation, the Indenture Trustee and the Owner Trustee are hereby authorized and empowered to execute and deliver, for the benefit of the predecessor Master Servicer, as attorney-in-fact or otherwise, any and all documents and other instruments, and to do or accomplish all other acts or things necessary or appropriate to effect the purposes of such notice of termination, whether to complete the transfer and indorsement of the Group I or Group II Student Loans, as applicable, and related documents, or otherwise.  The predecessor Master Servicer shall cooperate with the successor Master Servicer, the Indenture Trustee and the Owner Trustee in effecting the termination of the responsibilities and rights of the predecessor Master Servicer under this Agreement, all Subservicing Agreements, including the transfer to the successor Master Servicer of its rights under all existing and related Subservicing Agreements and for administration by it of all cash amounts that shall at the time be held by the predecessor Master Servicer for deposit, or shall thereafter be received by it with respect to a Group I or Group II Student Loan, as applicable.  All reasonable costs and expenses (including attorneys’ fees) incurred in connection with transferring the related Financed Student Loan Files to the successor Master Servicer and amending this Agreement, the related Subservicing Agreements and any other Basic Documents to reflect such succession as Master Servicer pursuant to this Section shall be paid by the predecessor Master Servicer upon presentation of reasonable documentation of such costs and expenses.  Upon receipt of notice of the occurrence of a Master Servicer Default, the Owner Trustee shall give notice thereof to the Rating Agencies, the Indenture Trustee, the Depositor and the Group I and Group II Noteholders.  Notwithstanding the foregoing, the successor Master Servicer shall have the option to assume the rights of the predecessor Master Servicer under each related Subservicing Agreement, or to enter into new Subservicing Agreements with the existing or other replacement Subservicers; provided, however, that unless the existing Subservicer is in breach of its applicable Subservicing Agreement, any and all contractual damages, costs and expenses owed to any Subservicer, under the existing Subservicing Agreements, by reason of such cancellation, shall be borne by the successor Master Servicer.  

Notwithstanding the foregoing, in the event of the occurrence and continuance of a Master Servicer Default with respect to one group of Financed Student Loans and not the other group, (a) the requisite Group I Controlling Parties may only replace the Master Servicer with respect to the Group I Student Loans, and (b) the requisite Group II Controlling Parties may only replace the Master Servicer with respect to the Group II Student Loans.  No one group of Noteholders may replace the Master Servicer with respect to the Financed Student Loans comprising the other group of Financed Student Loans; provided, however, that the Indenture Trustee may replace the Master Servicer with respect to either or both groups of Financed Student Loans.  If in the event that either (x) the Master Servicer is terminated with respect to only the Group I Student Loans and the Group I Notes, the Master Servicer shall remain liable under this Agreement for all of its obligations hereunder with respect to the Group II Student Loans and the Group II Notes, or (y) the Master Servicer is terminated with respect to only the Group II Student Loans and the Group II Notes, the Master Servicer shall remain liable under this Agreement for all of its obligations hereunder with respect to the Group I Student Loans and the Group I Notes.  Any successor Master Servicer shall only succeed to the rights and obligations with respect to which the Master Servicer has been terminated.  In the event that there are two Master Servicers, each Master Servicer shall master service its respective group of student loans and notes in the manner set forth in this Agreement and shall cooperate with the other Master Servicer to the extent necessary for each Master Servicer to fulfill its respective obligations hereunder.

(b)

Administrator Default.  If any one of the following events (an “Administrator Default”) shall occur and be continuing:

(1)

any failure by the Administrator to direct the Indenture Trustee in writing to make the required transfers of amounts on deposit in any of the Trust Accounts to the Collection Accounts, on or before the Business Day immediately preceding any Monthly Servicing Payment Date or Distribution Date, as applicable, or any failure by the Administrator to direct the Indenture Trustee in writing to make or cause the Paying Agent to make any required distributions from the Collection Accounts on any Monthly Servicing Payment Date or Distribution Date, as applicable, which failure continues unremedied for three Business Days after written notice of such failure is received by the Administrator from the Indenture Trustee or the Owner Trustee or after discovery of such failure by an officer of the Administrator; or

(2)

any failure by the Administrator duly to observe or to perform in any material respect any other covenants or agreements of the Administrator set forth in this Agreement, the Administration Agreement or any other Basic Document, which failure shall (i) materially and adversely affect the rights of the Holders of Notes and (ii) continues unremedied for a period of 60 days after the date on which written notice of such failure, requiring the same to be remedied, shall have been given (A) to the Administrator by the Indenture Trustee, the Owner Trustee or the Eligible Lender Trustee or (B) to the Administrator and to the Indenture Trustee by the Group I or Group II Controlling Noteholders, representing not less than 25% of the Outstanding Amount of the related Classes of Group I or Group II Notes, as applicable; or

(3)

an Insolvency Event occurs with respect to the Administrator; or

(4)

any failure by the Administrator to deliver any information, report, certification or accountants’ letter when and as required under Article XII which continues unremedied for ten (10) calendar days after the date on which such information, report, certification or accountants’ letter was required to be delivered;  

then, and in each and every case, so long as the Administrator Default shall not have been remedied, either the Indenture Trustee or the Group I or Group II Controlling Noteholders, representing not less than 25% of the Outstanding Amount of the related Classes of Group I or Group II Notes, as applicable, by notice then given in writing to the Administrator (and to the Indenture Trustee, the Owner Trustee and the Eligible Lender Trustee if given by the Holders of Notes) may terminate all the rights and obligations (other than the obligations set forth in Section 6.05 hereof) of the Administrator under this Agreement and the Administration Agreement.  On or after the receipt by the Administrator of such written notice, all authority and power of the Administrator under this Agreement and the Administration Agreement, whether with respect to Notes or the Financed Student Loans or otherwise, shall, without further action, pass to and be vested in the Indenture Trustee or such successor Administrator as may be appointed under Section 8.02; and, without limitation, the Indenture Trustee, the Owner Trustee and the Eligible Lender Trustee are hereby authorized and empowered to execute and deliver, for the benefit of the predecessor Administrator, as attorney-in-fact or otherwise, any and all documents and other instruments, and to do or accomplish all other acts or things necessary or appropriate to effect the purposes of such notice of termination.  The predecessor Administrator shall cooperate with the successor Administrator, the Owner Trustee, the Indenture Trustee and the Eligible Lender Trustee in effecting the termination of the responsibilities and rights of the predecessor Administrator under this Agreement and the Administration Agreement.  All reasonable costs and expenses (including attorneys’ fees) incurred in connection with amending this Agreement and the Administration Agreement to reflect such succession as Administrator pursuant to this Section shall be paid by the predecessor Administrator upon presentation of reasonable documentation of such costs and expenses.  Upon receipt of notice of the occurrence of a Administrator Default, the Owner Trustee shall give notice thereof to the Rating Agencies.

SECTION 8.02.  Appointment of Successor.  (a)  Upon receipt by the Master Servicer or the Administrator, as the case may be, of notice of termination (or, with respect to the Master Servicer of partial termination) pursuant to Section 8.01, or the resignation by the Master Servicer or the Administrator, as the case may be, in accordance with the terms of this Agreement, the predecessor Master Servicer or Administrator, as the case may be, shall continue to perform its functions as Master Servicer or Administrator, as the case may be, under this Agreement or under this Agreement and the Administration Agreement, as the case may be, in the case of termination, only until the date specified in such termination notice or, if no such date is specified in a notice of termination, until receipt of such notice and, in the case of resignation, until the later of (x) the date 120 days from the delivery to the Owner Trustee and the Indenture Trustee of written notice of such resignation (or written confirmation of such notice) in accordance with the terms of this Agreement and (y) the date upon which the predecessor Master Servicer or Administrator, as the case may be, shall become unable to act as Master Servicer or Administrator, as the case may be, as specified in the notice of resignation and accompanying Opinion of Counsel.  In the event of the termination (or, with respect to the Master Servicer of partial termination) hereunder of a Master Servicer or the Administrator, as the case may be, the Issuer shall appoint, with respect to the Group I or the Group II Notes, provided that the Rating Agency Condition is satisfied, a successor Master Servicer (with respect to the affected group or groups of Financed Student Loans) or Administrator, as the case may be, acceptable to the Indenture Trustee, and the successor Master Servicer or Administrator, as the case may be, shall accept its appointment by a written assumption in form acceptable to the Indenture Trustee.  In the event that a successor Master Servicer or Administrator, as the case may be, has not been appointed at the time when the predecessor Master Servicer or Administrator, as the case may be, has ceased to act as Master Servicer or Administrator in accordance with this Section, the Indenture Trustee without further action shall automatically be appointed the successor Master Servicer or Administrator, as the case may be, and the Indenture Trustee shall be entitled to the applicable portion of the Master Servicing Fee or the Administration Fee, as the case may be.  Notwithstanding the above, the Indenture Trustee shall, if it shall be unwilling or legally unable so to act, appoint or petition a court of competent jurisdiction to appoint, any established institution whose regular business shall include the servicing of student loans, as the successor to the Master Servicer under this Agreement or to the Administrator under this Agreement and the Administration Agreement; provided, however, that such right to appoint or to petition for the appointment of any such successor Master Servicer shall in no event relieve the Indenture Trustee from any obligations otherwise imposed on it under the Basic Documents until such successor has in fact assumed such appointment.  

(b)

Upon appointment, the successor Master Servicer or Administrator, as the case may be (including the Indenture Trustee acting as successor Master Servicer or Administrator, as the case may be), shall be the successor in all respects to the predecessor Master Servicer (but only with respect to the group of Financed Student Loans with respect to which it is replacing the Master Servicer) or Administrator, as the case may be, and shall be subject to all the responsibilities, duties and liabilities placed on the predecessor Master Servicer or Administrator, as the case may be, by the terms and provisions hereof (except that the successor Master Servicer or Administrator, as the case may be, shall not be responsible for any liabilities incurred by the predecessor Master Servicer or Administrator, as the case may be) and shall be entitled to an amount agreed to by such successor Master Servicer or Administrator (which shall not exceed the applicable portion of the Master Servicing Fee or the Administration Fee, as the case may be, unless such compensation arrangements will not result in a downgrading of the related Group of Notes by any Rating Agency) and all the rights granted to the predecessor Master Servicer or Administrator, as the case may be, by the terms and provisions of this Agreement.

(c)

Neither the Master Servicer nor the Administrator may resign unless it is prohibited from serving as such by law as evidenced by an Opinion of Counsel to such effect delivered to the Indenture Trustee and the Owner Trustee.  Notwithstanding the foregoing or anything to the contrary herein or in the other Basic Documents, the Indenture Trustee, to the extent it is acting as successor Master Servicer or Administrator pursuant hereto and thereto, shall be entitled to resign to the extent a qualified successor Master Servicer or Administrator has been appointed and has assumed all the obligations of the Master Servicer or the Administrator, as the case may be, in accordance with the terms of this Agreement and the other Basic Documents.

SECTION 8.03.  Notification to Noteholders.  Upon any termination of, or appointment of a successor to, the Master Servicer or the Administrator, as the case may be, pursuant to this Article VIII, the Indenture Trustee shall give prompt written notice thereof to Holders of the Notes, the Depositor and the Rating Agencies (which, in the case of any such appointment of a successor, shall consist of prior written notice thereof to the Depositor and the Rating Agencies).

SECTION 8.04.  Waiver of Past Defaults.  (A) With respect to all Master Servicer Defaults, (x) with respect to the Group I Student Loans and the Group I Notes, the Group I Controlling Parties, representing not less than 25% of the Outstanding Amount of the related Group I Notes, or (y) with respect to the Group II Student Loans and the Group II Notes, the Group II Controlling Parties, representing not less than 25% of the Outstanding Amount of the related Group II Notes, may waive in writing any default by the Master Servicer in the performance of its obligations hereunder, but only with respect to the related group of Financed Student Loans, and (B) with respect to all Administrator Defaults, the Group I and Group II Controlling Noteholders, representing, in the aggregate, not less than 25% of the Outstanding Amount of all of the related Group I and Group II Notes, may waive in writing any default by the Administrator in the performance of its obligations hereunder and under the Administration Agreement, and any consequences thereof, except a default in making any required deposits to or payments from any of the Trust Accounts (or giving instructions regarding the same) in accordance with this Agreement.  Upon any such waiver of a past default, such default shall cease to exist, and any Master Servicer Default or Administrator Default arising therefrom shall be deemed to have been remedied for every purpose of this Agreement and the Administration Agreement.  No such waiver shall extend to any subsequent or other default or impair any right consequent thereto.

ARTICLE IX

TERMINATION

SECTION 9.01.  Termination.  (a)  Optional Purchase of All Financed Student Loans by the Master Servicer.  As of the last day of any Collection Period immediately preceding a Distribution Date as of which the sum of the then outstanding Group I or Group II Pool Balance is 10% or less of the Group I or Group II Cutoff Date Pool Balance, the Master Servicer shall have the option to purchase the related Trust Estate, other than the Trust Accounts and the Assigned Agreements; provided, however, that the Master Servicer may not effect any such purchase unless the Master Servicer shall have given notice to each of the Rating Agencies, the Owner Trustee, the Eligible Lender Trustee and the Indenture Trustee.  To exercise such option, the Master Servicer shall deposit pursuant to Section 5.04 in the Group I Collection Account an amount equal to the Purchase Amount for the Group I Student Loans or in the Group II Collection Account an amount equal to the Purchase Amount for the Group II Student Loans, as applicable, and the related rights with respect thereto, plus the appraised value of any such other property held by the Trust other than the Trust Accounts, such value to be determined by an appraiser mutually agreed upon by the Master Servicer and the Owner Trustee, and shall succeed to all interests in and to the Trust; provided, however, that the Master Servicer may not effect such purchase if the Purchase Amount to be so deposited in the applicable Collection Account does not equal or exceed an amount equal to the sum of the unpaid principal amount of all the Group I or Group II Notes then outstanding, as applicable, plus accrued and unpaid interest thereon at the applicable Note Interest Rates to the date of exercise.

(b)

Notice.  As described in Article IX of the Trust Agreement, notice of any termination of the Trust shall be given by the Administrator to the Owner Trustee, the Eligible Lender Trustee and the Indenture Trustee as soon as practicable after the Administrator has received notice thereof.

(c)

Succession.  Following the satisfaction and discharge of the Indenture and the payment in full of the principal of and interest on the Notes, the holders of Certificates will succeed to the rights of the Holders of Notes hereunder and the Owner Trustee will succeed to the rights of (except for the rights of the Indenture Trustee which have accrued prior to the satisfaction and discharge of the Indenture and the payment in full of the principal of an interest on the Notes), and assume the obligations of, the Indenture Trustee pursuant to this Agreement and any other Basic Documents.

ARTICLE X

ADDITIONAL PROVISIONS REGARDING FINANCED STUDENT LOANS

SECTION 10.01.  Periodic Reports.  No later than the fifteenth day of each month, and for so long as the Eligible Lender Trustee on behalf of the Trust shall own the legal title to the Financed Student Loans, the Trust shall furnish to AGI or cause to be furnished in an electronic form suitable to AGI, a record of all Financed Student Loans which are Access Loans (the “Record”), as of the last day of the preceding month.  The Master Servicer shall (or shall cause the applicable Subservicers to) furnish the Record to AGI on behalf of the Trust (or on behalf of the Indenture Trustee in the event that the Indenture Trustee becomes the owner of the Financed Student Loans) as required by this Section 10.01.  The Master Servicer, acting on behalf of the Trust, shall honor AGI’s reasonable request for additional Records, at AGI’s expense.  The Record shall be on a borrower level, by loan, and shall include, but need not be limited to, the information required to be delivered by KBNA to AGI pursuant to the second paragraph of Section 10.7 of the 1996-1998 Coordination Agreement.  The Master Servicer acknowledges and agrees that the costs and expenses to produce and distribute (or to cause the applicable Subservicers to produce and distribute) the Record are included in the Master Servicing Fee pursuant to the Servicing Fee Schedule, attached as Schedule E to this Agreement, and agrees that no additional fees will be payable by the Trust or the Administrator to produce and deliver the Record.

In addition to the foregoing Record, the parties hereto acknowledge and agree that AGI may obtain from the Master Servicer (or the applicable Subservicers) at the sole cost and expense of AGI such additional information as AGI may reasonably request concerning the Financed Student Loans which are Access Loans, including, but not limited to, information on defaults, average principal balance, and complaints.  Any such request shall be made in writing to the Administrator, with a copy to the Owner Trustee, the Eligible Lender Trustee, the Indenture Trustee and the Master Servicer.  The Trust shall not be obligated to incur or pay any costs or expenses associated with the production or delivery of such additional information, except that, if the additional information requested by AGI is contained in any monthly or other periodic report produced by the Master Servicer (or a Subservicer acting on its behalf) and delivered to the Trust (or to the Administrator on behalf of the Trust) pursuant to this Agreement, the Trust shall provide a copy of such report, or excerpts therefrom, to AGI and the Administrator shall bear all photocopying and postage charges for producing and mailing such copy.

The Indenture Trustee agrees to assume and perform the obligations of the Trust under this Section 10.01 in the event that the Indenture Trustee forecloses upon its security interest in and becomes the owner of the Financed Student Loans.

SECTION 10.02.  Cooperation.  With regard to the Financed Student Loans which are Access Loans, the Trust, the Indenture Trustee,  the Owner Trustee, the Eligible Lender Trustee, the Master Servicer and the Administrator each agree to cooperate with each other, with each applicable Subservicer and AGI, with the other parties to the Coordination Agreements and with each of their internal or external auditors, or governmental examiners, at the expense of the party requesting such cooperation, and to provide any information regarding origination, disbursement, servicing, and data collection relating to such loans as reasonably requested by the other parties, their auditors, or governmental examiners as necessary or desirable for the performance of an audit or examination.  In that regard, each party shall make available any necessary supporting records to each other party and shall resolve any discrepancy claimed to exist in such records to the reasonable satisfaction of the other party within 30 days of the date that the other party has claimed that a discrepancy exists.  Notwithstanding the foregoing, the parties acknowledge that audit reviews conducted during heavy processing periods may disrupt such operations.  Accordingly, unless a party has reason to believe that another party is in material breach of the performance of its obligations under this Agreement, the Administration Agreement, the Trust Agreement or the Indenture, reviews by internal or external auditors shall only be scheduled during the months of January, February, April, May, June, September, October, November or December.

SECTION 10.03.  Confidentiality.  Each party to this Agreement, the Owner Trustee and the Indenture Trustee agrees to maintain the confidentiality of all data, materials and information relating to The Access GroupSM Loan Program and the Financed Student Loans entrusted to it by another party hereto or any party to any of the Coordination Agreements.  Each party also agrees not to use such data, materials and information for any purpose other than the limited purpose of performing its obligations under this Agreement, the Administration Agreement, the Indenture, the Trust Agreement or the Coordination Agreements. This section shall not be deemed to preclude the disclosure of (i) information relating to the historical performance of the Financed Student Loans (including, but not limited to, statistical information relating to defaults, prepayments, consolidations, deferrals and forbearances) by KBNA or the Administrator or, with the consent of the Administrator, by the Owner Trustee, the Eligible Lender Trustee or Indenture Trustee, (ii) such information as in any of the Master Servicer’s (or any Subservicer’s acting on behalf of the Master Servicer), Administrator’s, Owner Trustee’s, Eligible Lender Trustee’s or Indenture Trustee’s discretion may be required under any of this Agreement, the Trust Agreement, the Indenture or the Administration Agreement to be disclosed to Holders of the Notes, (iii) such information as may be required to be disclosed under applicable laws, rules, regulations or governmental orders, (iv) information obtained by the Indenture Trustee in the performance of its obligations as Indenture Trustee, provided that the Indenture Trustee shall maintain the confidentiality of all account level and borrower level information, including without limitation, the borrower’s name, address and social security number and the account balance and account history or (v) disclosure by AGI of information in the Record or other information received by AGI pursuant to Section 10.01 of this Agreement.

SECTION 10.04.  Future Purchases.  The Trust, the Owner Trustee, the Eligible Lender Trustee and the Indenture Trustee each hereby agree that, in the event of any sale or other transfer of any Financed Student Loans that are Access Loans to any third party, the Trust, the Eligible Lender Trustee or the Indenture Trustee, as the case may be, as seller, or the Administrator acting on their behalf, (i) shall use reasonable efforts to obtain from the purchaser or transferee of such Access Loans an agreement in form and substance satisfactory to AGI pursuant to which such purchaser or transferee agrees to observe and comply with the obligations of the parties to this Agreement under Sections 10.02 and 10.03 hereof and the obligations of the Trust, the Owner Trustee, the Eligible Lender Trustee or the Indenture Trustee, as the case may be, as seller, or the Administrator acting on its behalf, under this clause (i) of Section 10.04 hereof and (ii) shall obtain from any such purchaser or transferee an agreement to provide AGI with prior notice of any future sale of such Access Loans, or portion thereof, acquired by such purchaser or transferee and an agreement to comply with the obligations of the Trust under Section 10.01 and the obligations of the seller under this clause (ii) of Section 10.04 and under the last sentence of Section 10.06(a) of this Agreement (provided, however, that if the purchaser or transferee does not retain the Master Servicer (or the related Subservicer) as servicer, the obligation to deliver “Reports” shall be construed as an obligation to deliver reports containing information substantially similar to the information contained in Reports).

SECTION 10.05.  Private Guarantee Fee. Each of the Depositor and KBNA acknowledges and agrees that, with respect to the Access Loans that are “Privately Guaranteed Loans” (as defined in the 1992, 1993-1995 and 1996-1998 Coordination Agreements) that have not yet entered repayment and are Financed Student Loans, KBNA retains the obligation, pursuant to Section 9.2 of the 1992, 1993-1995 and 1996-1998 Coordination Agreements, to advance to the borrower an additional private guarantee fee equal to 2% of the original principal amount of any such Privately Guaranteed Loan made to a student since the commencement of the 1992-1993 Law Access® Program through the 1995-1996 Access Group Loan Program, and, commencing with the 1996-1998 Access Group Loan Program a fee of 4% of the original principal amount of each LAL Loan, 3% of each GAL Loan and BEL Loan and 2% for each MAL Loan, DAL Loan and REL Loan (each such term as defined in the 1992, 1993-1995 and 1996-1998 Coordination Agreements).  The proceeds of such advances shall be remitted in accordance with the 1992, 1993-1995 and 1996-1998 Coordination Agreements and Assigned Agreements.

SECTION 10.06.  Bids/First Refusal Rights.  (a) If required pursuant to a Coordination Agreement (and only to the extent required thereunder) and subject to Section 10.06(b) below, in connection with any contemplated sale by the Indenture Trustee under the Indenture of any Financed Student Loans that are Access Loans, the Indenture Trustee, on behalf of the Trust, shall notify PHEAA, ASA, AGI and TERI of any proposed solicitation of bids or offers to purchase such Access Loans offered for sale, such notice to be delivered not less than thirty (30) days prior to the date upon which bids or offers are to be received by the Indenture Trustee.  Each of PHEAA, TERI and AGI shall be given an opportunity to submit a bid or offer to purchase all such Access Loans being offered for sale within such thirty (30) day period and if no other bid exceeds PHEAA’s, TERI’s or AGI’s bid and if PHEAA’s, TERI’s or AGI’s bid, in combination with the highest bid for the other Financed Student Loans being sold, is equal to or in excess of the amount required pursuant to Section 5.04 of the Indenture, then the Indenture Trustee, on behalf of the Trust, shall convey such Access Loans offered for sale to whichever of PHEAA, TERI or AGI, as the case may be, submitted the highest bid.  The Indenture Trustee, on behalf of the Trust, shall require any purchaser or transferee who acquires Financed Student Loans that are Access Loans to acquire all Financed Student Loans of a borrower owned by the Trust and not in default, except that, with regard thereto, the Indenture Trustee, on behalf of the Trust, may sell or transfer to a purchaser or transferee all Financed Federal Loans of a borrower and sell or transfer to a different purchaser or transferee all Financed Guaranteed Private Loans of the same borrower.

(b)

The provisions of this Section 10.06 shall not apply to any sale or other transfer of any Financed Student Loans to KBNA, the Administrator or the Master Servicer (or a Subservicer acting in its stead) as may be required or permitted under this Agreement or any Guarantor in connection with the enforcement of any applicable Guarantee Agreement.  KBNA acknowledges that if any Financed Student Loan that is an Access Loan is reacquired by it, such Financed Student Loan shall from the time of such reacquisition become subject to the restrictions and requirements on sale or transfer of loans by KBNA under the applicable Coordination Agreement.

SECTION 10.07.  Consolidation Loans.  The parties to this Agreement, to the extent applicable, hereby acknowledge and agree that, solely for purposes of allocating consolidation loans that relate to Access Loans among lenders, pursuant to Section 8.1 of the 1996-1998 Coordination Agreement, Section 8.1 of the 1993-1995 Coordination Agreement, Section 8.1 of the 1992 Coordination Agreement and any similar provision in any similar Coordination Agreement with respect to subsequent academic years, KBNA, shall be deemed to be the owner of, and lender on, all Financed Student Loans.

ARTICLE XI

MISCELLANEOUS

SECTION 11.01.  Amendment.  This Agreement may be amended by the Issuer, the Depositor, the Master Servicer, the Administrator and the Eligible Lender Trustee, with the consent of the Indenture Trustee and the Owner Trustee, but without the consent of any of the Holders of Notes or the Holders of Certificates, to cure any ambiguity, to correct or supplement any provisions in this Agreement or for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions in this Agreement or of modifying in any manner the rights of the Holders of Notes or Holders of Certificates; provided, however, that such action shall not, as evidenced by an Opinion of Counsel delivered to the Owner Trustee, the Eligible Lender Trustee and the Indenture Trustee, adversely affect in any material respect the interests of any Holder of Notes nor result in a substantial change to the structure of the transactions set forth in this Agreement.

This Agreement may also be amended from time to time by the Issuer, the Depositor, the Master Servicer, the Administrator and the Eligible Lender Trustee, with the consent of the Indenture Trustee and the Owner Trustee, the consent of a majority in interest of the Group I Controlling Parties (unless any such proposed amendment does not affect the Group I Student Loans or the Group I Notes as evidenced by an Opinion of Counsel of the Depositor regarding the lack of changes to any legal rights and remedies of the Group I Noteholders, and a confirmation from each Rating Agency that such amendment will not result in the downgrading of the then current ratings of any of the Group I Notes), a majority in interest of the Group II Controlling Parties (unless any such proposed amendment does not affect the Group II Student Loans as evidenced by an Opinion of Counsel of the Depositor regarding the lack of changes to any legal rights and remedies of the Group II Noteholders, and a confirmation from each Rating Agency that such amendment will not result in the downgrading of the then current ratings of any of the Group II Notes), for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Agreement or of modifying in any manner the rights of the Holders of any Class of Notes; provided, however, that no such amendment shall (a) increase or reduce in any manner the amount of, or accelerate or delay the timing of, collections of payments with respect to Group I or Group II Student Loans or distributions that shall be required to be made for the benefit of the Holders of Group I or Group II Notes or (b) amend the aforesaid percentage of the Outstanding Amount of the related Class or Classes of Notes, which are required to consent to any such amendment, without the consent of all outstanding Holders of all Classes of Notes affected by such amendment (notwithstanding anything to the contrary contained in the Indenture or the Trust Agreement, such rights of consent granted to the Holders of the Notes contained in clauses (a) and (b) of this proviso shall not be exercisable by the Group I Controlling Noteholders on behalf of all of the Group I Noteholders or by the Group II Controlling Noteholders on behalf of all of the Group II Noteholders).

Promptly after the execution of any such amendment or consent (or, in the case of the Rating Agencies, five Business Days prior thereto), the Owner Trustee shall furnish written notification of the substance of such amendment or consent to the Depositor, each holder of Certificates (if not the Depositor), the Indenture Trustee and each of the Rating Agencies.

It shall not be necessary for the consent of Holders of Notes pursuant to this Section to approve the particular form of any proposed amendment or consent, but it shall be sufficient if such consent shall approve the substance thereof.

Prior to the execution of any amendment to this Agreement, the Owner Trustee, the Eligible Lender Trustee and the Indenture Trustee shall be entitled to receive and rely upon an Opinion of Counsel stating that the execution of such amendment is authorized or permitted by this Agreement and the Opinion of Counsel referred to in Section 11.02(i)(1).  The Owner Trustee, the Eligible Lender Trustee and the Indenture Trustee may, but shall not be obligated to, enter into any such amendment which affects the Owner Trustee’s, the Eligible Lender Trustee’s or the Indenture Trustee’s, as applicable, own rights, duties or immunities under this Agreement or otherwise.

SECTION 11.02.  Protection of Interests in Trust.  (a)  The Depositor shall execute and file such financing statements all in such manner and in such places as may be required by law fully to preserve, maintain, and protect the interest of the Issuer, the Eligible Lender Trustee and the Indenture Trustee in the Group I and/or Group II Student Loans, as applicable, and in the proceeds thereof.  The Depositor shall deliver (or cause to be delivered) to the Owner Trustee, the Eligible Lender Trustee and the Indenture Trustee file-stamped copies of, or filing receipts for, any document filed as provided above, as soon as available following such filing.

(b)

Neither the Depositor nor the Master Servicer shall (nor shall the Master Servicer permit a Subservicer to) change its name, identity or corporate structure in any manner that would, could or might make any financing statement or continuation statement filed in accordance with paragraph (a) above seriously misleading within the meaning of Section 9-506 of the UCC, unless it shall have given the Owner Trustee, the Eligible Lender Trustee and the Indenture Trustee at least five days’ prior written notice thereof and shall have promptly filed (or cause to be filed) appropriate amendments to all previously filed financing statements or continuation statements.

(c)

The Depositor and the Master Servicer shall have an obligation (and the Master Servicer shall cause each Subservicer) to give the Owner Trustee, the Eligible Lender Trustee and the Indenture Trustee at least 60 days’ prior written notice of any change in its jurisdiction of organization, if, as a result of such change, the applicable provisions of the UCC would require the filing of any amendment of any previously filed financing or continuation statement or of any new financing statement and shall promptly file (or cause to be filed) any such amendment.  The Master Servicer shall (and shall cause each Subservicer to) at all times maintain each office from which it shall service Financed Student Loans (as applicable) and its jurisdiction of organization within the United States of America.

(d)

The Master Servicer shall (and shall cause the applicable Subservicer to) maintain accounts and records as to each Financed Student Loan accurately and in sufficient detail to permit (i) the reader thereof to know at any time the status of such Financed Student Loan, including payments and recoveries made and payments owing (and the nature of each) and (ii) reconciliation between payments or recoveries on (or with respect to) each Financed Student Loan and the amounts from time to time deposited in the applicable Collection Account in respect of such Financed Student Loan.

(e)

The Master Servicer shall (and shall cause the applicable Subservicer to) maintain its computer systems so that, from and after the time of sale under this Agreement of the Financed Student Loans, the Master Servicer’s (or the related Subservicer’s) master computer records (including any backup archives) that refer to a Financed Student Loan shall indicate clearly the interest of the Issuer, the Eligible Lender Trustee and the Indenture Trustee in such Financed Student Loan and that legal title to such Financed Student Loan is owned by the Eligible Lender Trustee on behalf of the Issuer and has been pledged to the Indenture Trustee for the benefit of the related group of Noteholders.  Indication of the Issuer’s, the Eligible Lender Trustee’s and the Indenture Trustee’s interest in a Financed Student Loan shall be deleted from or modified on the Master Servicer’s (or the related Subservicer’s) computer systems when, and only when, the related Financed Student Loan shall have been paid in full or repurchased.

(f)

If at any time the Depositor or the Administrator shall propose to sell, grant a security interest in, or otherwise transfer any interest in student loans to any prospective purchaser, lender or other transferee, the Master Servicer shall (or shall cause the applicable Subservicers, to) give to such prospective purchaser, lender or other transferee computer tapes, records or printouts (including any restored from backup archives) that, if they shall refer in any manner whatsoever to any Financed Student Loan, shall indicate clearly that such Financed Student Loan has been sold and legal title is owned by the Eligible Lender Trustee on behalf of the Issuer and has been pledged to the Indenture Trustee for the benefit of the related group of Noteholders.

(g)

Upon reasonable notice, the Master Servicer shall (and shall cause the applicable Subservicer to) permit the Indenture Trustee and its agents at any time during normal business hours to inspect, audit (subject to Section 10.02 with respect to Financed Student Loans that are Access Loans) and make copies of and abstracts from the Master Servicer’s (or the related Subservicer’s) records regarding any Financed Student Loan.

(h)

Upon request at any time the Owner Trustee, the Eligible Lender Trustee or the Indenture Trustee shall have reasonable grounds to believe that such request would be necessary in connection with its performance of its duties under the Basic Documents, the Master Servicer shall (or shall cause the applicable Subservicers to) furnish to the Owner Trustee, the Eligible Lender Trustee or to the Indenture Trustee (in each case, with a copy to the Administrator), within five Business Days, a list of all Group I and/or Group II Student Loans, as applicable (by unique lender identification number, type of loan and date of issuance), then held as part of the Trust, and the Administrator shall furnish to the Owner Trustee, the Eligible Lender Trustee or to the Indenture Trustee, within 20 Business Days thereafter, a comparison of such list to the list of Financed Student Loans set forth in Schedules A-1 and A-2 as of the Closing Date, and, for each Financed Student Loan that has been added to or removed from the pool of loans held by the Eligible Lender Trustee on behalf of the Issuer, information as to the date as of which and circumstances under which each such Financed Student Loan was so added or removed.

(i)

The Depositor shall deliver to the Owner Trustee, the Eligible Lender Trustee and the Indenture Trustee:

(1)

promptly after the execution and delivery of this Agreement and of each amendment thereto, an Opinion of Counsel either (A) stating that, in the opinion of such counsel, all financing statements and continuation statements have been executed and filed that are necessary fully to preserve and protect the interest of the Eligible Lender Trustee and the Indenture Trustee in the Financed Student Loans, and reciting the details of such filings or referring to prior Opinions of Counsel in which such details are given, or (B) stating that, in the opinion of such counsel, no such action shall be necessary to preserve and protect such interest; and

(2)

within 120 days after the beginning of each calendar year commencing April 30, 2008, an Opinion of Counsel, dated as of a date during such 120-day period, either (A) stating that, in the opinion of such counsel, all financing statements and continuation statements have been executed and filed that are necessary fully to preserve and protect the interest of the Eligible Lender Trustee and the Indenture Trustee in the Financed Student Loans, and reciting the details of such filings or referring to prior Opinions of Counsel in which such details are given, or (B) stating that, in the opinion of such counsel, no such action shall be necessary to preserve and protect such interest; provided that a single Opinion of Counsel may be delivered in satisfaction of the foregoing requirement and that of Section 3.06(b) of the Indenture.

Each Opinion of Counsel referred to in clause (1) or (2) above shall specify (as of the date of such opinion and given all applicable laws as in effect on such date) any action necessary to be taken in the following year to preserve and protect such interest.

(j)

The Depositor shall, to the extent required by applicable law, cause the Notes to be registered with the Commission pursuant to Section 12(b) or Section 12(g) of the Exchange Act within the time periods specified in such sections.

SECTION 11.03.  Notices.  All demands, notices, instructions, directions and communications upon or to the Depositor, the Administrator, the Master Servicer, the Issuer, the Eligible Lender Trustee, the Indenture Trustee, the Paying Agent or the Rating Agencies under this Agreement shall be in writing, personally delivered or mailed by certified mail, return receipt requested, (or in the form of telex or facsimile notice, followed by written notice delivered as aforesaid) and shall be deemed to have been duly given upon receipt:

(a)

 in the case of the Master Servicer or the Administrator, to KeyBank National Association,  4910 Tiedeman Road, 6th Floor, Brooklyn, Ohio 44144, Attention:  Key Education Resources, KeyCorp Student Loan Trust 2006-A (telephone: (216) 813-7738; facsimile: (216) 813-8840; e-mail: student_loans_investor_rptg@keybank.com);

(b)

 in the case of the Issuer or the Owner Trustee, at the Corporate Trust Office of the Owner Trustee located at White Clay Center, Route 273, Newark, Delaware 19711.

(c)

in the case of the Indenture Trustee, to Deutsche Bank Trust Company Americas, c/o Deutsche Bank National Trust Company, Global Transaction Banking Trust & Securities Services, 25 DeForest Avenue MS: 010105, Summit, New Jersey 07901;

(d)

in the case of Moody’s, to Moody’s Investors Service, Inc., 99 Church Street, New York, New York 10007, Attention: ABS Monitoring Department (telephone: (212) 553-4948; facsimile: (212) 553-4600);

(e)

in the case of S&P to Standard & Poor’s, 55 Water Street, Attention: Asset Backed Surveillance Department (telephone (212) 438-2000; facsimile (212) 438-2649);

(f)

 in the case of Fitch, to Fitch Ratings, One State Street Plaza, New York, NY 10004, Attention: Structured Finance Group;

(g)

in the case of the Depositor to Key Consumer Receivables LLC, c/o KeyBank National Association, 4910 Tiedeman Road, 6th Floor, Brooklyn, Ohio 44144, Attention:  Key Education Resources, KeyCorp Student Loan Trust 2006-A (telephone: (216) 813-7737; facsimile: (216) 813-8840; e-mail: student_loans_investor_rptg@keybank.com);

(h)

in the case of Deutsche Bank Trust Company Americas so long as it is the Paying Agent to Deutsche Bank Trust Company Americas, c/o Deutsche Bank National Trust Company, Global Transaction Banking Trust & Securities Services, 25 DeForest Avenue MS: 010105, Summit, New Jersey 07901; and

(i)

in the case of the Eligible Lender Trustee to JPMorgan Chase Bank, National Association c/o The Bank of New York Trust Company, N.A., 10161 Centurion Parkway, Jacksonville, Florida 32256; or

as to each of the foregoing, at such other address as shall be designated by written notice to the other parties.

SECTION 11.04.  Assignment.  Notwithstanding anything to the contrary contained herein, except as provided in Sections 6.06, 6.09, 7.03 and 7.05, this Agreement may not be assigned by the Depositor, the Administrator or the Master Servicer.  This Agreement may only be assigned by the Depositor Eligible Lender Trustee or the Eligible Lender Trustee to its permitted successor pursuant to the Interim Trust Agreement or the Eligible Lender Trustee Agreement, as applicable.

SECTION 11.05.  Limitations on Rights of Others.  The provisions of this Agreement are solely for the benefit of the Depositor, the Master Servicer, the Issuer, the Owner Trustee, the Eligible Lender Trustee, the Indenture Trustee and the Holders of Notes, as third party beneficiaries, and nothing in this Agreement, whether express or implied, shall be construed to give to any other Person any legal or equitable right, remedy or claim in the Trust Estate or under or in respect of this Agreement or any covenants, conditions or provisions contained herein.

SECTION 11.06.  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.

SECTION 11.07.  Separate Counterparts.  This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute but one and the same instrument.

SECTION 11.08.  Headings.  The headings of the various Articles and Sections herein are for convenience of reference only and shall not define or limit any of the terms or provisions hereof.

SECTION 11.09.  Governing Law.  THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

SECTION 11.10.  Assignment to Indenture Trustee.  The Depositor hereby acknowledges and consents to any mortgage, pledge, assignment and grant by the Issuer to the Indenture Trustee pursuant to the Indenture for the benefit of the Holders of the Notes of a security interest in all right, title and interest of the Issuer in, to and under the Financed Student Loans and/or the assignment of any or all of the Issuer’s rights and obligations hereunder to the Indenture Trustee.

SECTION 11.11.  Nonpetition Covenants.  (a)  Notwithstanding any prior termination of this Agreement, the Depositor, the Master Servicer, the Administrator, and (to the fullest extent permitted by applicable law) the Eligible Lender Trustee shall not, prior to the date which is one year and one day after the termination of this Agreement with respect to the Depositor or the Issuer, acquiesce, petition or otherwise invoke or cause the Issuer to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the Issuer under any Federal or state bankruptcy, insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Issuer or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Issuer.

(b)

Notwithstanding any prior termination of this Agreement, the Owner Trustee on behalf of the Issuer, the Master Servicer or any successor Master Servicer shall not, prior to the date which is one year and one day after the termination of this Agreement with respect to the Depositor, acquiesce, petition or otherwise invoke or cause the Depositor to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the Depositor under any insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Depositor or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Depositor.

SECTION 11.12.  Limitation of Liability of Eligible Lender Trustee and Indenture Trustee.  (a)  Notwithstanding anything contained herein to the contrary, this Agreement has been signed by JPMorgan Chase Bank, National Association, not in its individual capacity but solely in its capacity as Eligible Lender Trustee of the Issuer and, subject to paragraph (d) below, in no event shall JPMorgan Chase Bank, National Association have any liability for the representations, warranties, covenants, agreements or other obligations of the Issuer hereunder or in any of the certificates, notices or agreements delivered pursuant hereto as to all of which recourse shall be had solely to the assets of the Issuer.

(b)

Notwithstanding anything contained herein to the contrary, this Agreement has been countersigned by The Bank of New York (Delaware) not in its individual capacity but solely in its capacity as Owner Trustee of the Issuer and in no event shall The Bank of New York (Delaware) in its individual capacity or, except as expressly provided in the Trust Agreement, as Owner Trustee have any liability for the representations, warranties, covenants, agreements or other obligations of the Issuer hereunder or in any of the certificates, notices or agreements delivered pursuant hereto, as to all of which recourse shall be had solely to the assets of the Issuer.  For all purposes of this Agreement, in the performance of its duties or obligations hereunder or in the performance of any duties or obligations of the Issuer hereunder, the Owner Trustee shall be subject to, and entitled to the benefits of, the terms and provisions of Articles VI, VII and VIII of the Trust Agreement.

(c)

Notwithstanding anything contained herein to the contrary, this Agreement has been accepted by Deutsche Bank Trust Company Americas not in its individual capacity but solely as Indenture Trustee and, except as provided in paragraph (d) below, in no event shall Deutsche Bank Trust Company Americas have any liability for the representations, warranties, covenants, agreements or other obligations of the Issuer hereunder or in any of the certificates, notices or agreements delivered pursuant hereto, as to all of which recourse shall be had solely to the assets of the Issuer.

(d)

Notwithstanding any other provision in this Agreement or the other Basic Documents, nothing in this Agreement or the other Basic Documents shall be construed to limit the legal responsibility of the Owner Trustee, Eligible Lender Trustee or the Indenture Trustee to the U.S. Secretary of Education or a Guarantor for any violations of statutory or regulatory requirements that may occur with respect to loans held by the Eligible Lender Trustee or the Indenture Trustee, pursuant to, or to otherwise comply with their obligations under, the Higher Education Act or implementing regulations, it being expressly understood that the Indenture Trustee has no obligation or duty pursuant to this Section except in the event of foreclosure or pursuant to Section 8.01 as a successor Master Servicer.  

SECTION 11.13.  Third-Party Beneficiaries.  This Agreement will inure to the benefit of and be binding upon the parties hereto, the Noteholders, the Certificateholder and their respective successors and permitted assigns.  The Indenture Trustee (on behalf of the Noteholders) and the Owner Trustee shall each be a third-party beneficiary of this Agreement, entitled to enforce the provisions hereof as if a party hereto.  Except as otherwise provided in this Agreement, no other person will have any rights or obligations hereunder.

ARTICLE XII

REPORTING OR REGULATION AB REPORTING

SECTION 12.01.  Intent of the Parties; Reasonableness.  The Eligible Lender Trustee, Administrator, on behalf of the Issuer, Depositor and the Master Servicer acknowledge and agree that the purpose of Article XII of this Agreement is to facilitate compliance by the Issuer with the provisions of Regulation AB and related rules and regulations of the Commission.

Neither the Eligible Lender Trustee, Administrator, on behalf of the Issuer, Depositor nor the Master Servicer shall exercise its right to request delivery of information or other performance under these provisions other than in good faith, or for purposes other than compliance with the Securities Act, the Exchange Act and the rules and regulations of the Commission thereunder (or the provision in a private offering of disclosure comparable to that required under the Securities Act).  The Master Servicer acknowledges that interpretations of the requirements of Regulation AB may change over time, whether due to interpretive guidance provided by the Commission or its staff, consensus among participants in the asset-backed securities markets, advice of counsel, or otherwise, and agrees to comply with requests made by the Administrator, on behalf of the Issuer in good faith for delivery of information under these provisions on the basis of evolving interpretations of Regulation AB.  In connection therewith, the Master Servicer shall cooperate fully with the Administrator, on behalf of the Issuer, to deliver to the Administrator, on behalf of the Issuer (including any of its assignees or designees), any and all statements, reports, certifications, records and any other information necessary in the good faith determination of the Administrator, on behalf of the Issuer, to permit the Administrator, on behalf of the Issuer, to comply with the provisions of Regulation AB, together with such disclosures relating to the Master Servicer and/or any Subservicer or the servicing of the Financed Student Loans, reasonably believed by the Administrator, on behalf of the Issuer, to be necessary in order to effect such compliance.

The Administrator, on behalf of the Issuer, (including any of its assignees or designees) shall cooperate with the Master Servicer by providing timely notice of requests for information under these provisions and by reasonably limiting such requests to information required, in the Issuer’s reasonable judgment, to comply with Regulation AB.

SECTION 12.02.  Reporting Requirements.

(a)

If so requested by the Administrator, acting on behalf of the Issuer, for the purpose of satisfying its reporting obligation under the Exchange Act with respect to any class of Notes, the Master Servicer shall (or shall cause each Subservicer to) (i) notify the Issuer and the Administrator in writing of any material litigation or governmental proceedings pending against the Master Servicer and any Subservicer, (ii) provide to the Issuer a description of such proceedings, and (iii) notify the Issuer and the Administrator in writing if the Master Servicer shall become an affiliate of any of the Subservicer, the Indenture Trustee, the Owner Trustee or the Eligible Lender Trustee.

(b)

As a condition to the succession to the Master Servicer or any Subservicer by any Person (i) into which the Master Servicer or such Subservicer may be merged or consolidated, or (ii) which may be appointed as a successor to the Master Servicer or any Subservicer, the Master Servicer shall provide to the Issuer and the Administrator, at least 10 Business Days prior to the effective date of such succession or appointment, (x) written notice to the Issuer of such succession or appointment and (y) in writing and in form and substance reasonably satisfactory to the Administrator, acting on behalf of the Issuer, all information reasonably requested by the Administrator, acting on behalf of the Issuer, in order to comply with its reporting obligation under Item 6.02 of Form 8-K with respect to any class of Notes.

(c)

In addition to such information as the Master Servicer is obligated to provide pursuant to other provisions of this Agreement, if so requested by the Administrator, acting on behalf of the Issuer, the Master Servicer and any Subservicer shall provide such information regarding the performance or servicing of the Financed Student Loans as is reasonably required to facilitate preparation of quarterly distribution reports in accordance with Item 1121 of Regulation AB.

SECTION 12.03.  Master Servicer Compliance Statement.  On or before March 15th of each calendar year, commencing in 2007, the Master Servicer and any Subservicer shall deliver to the Issuer and the Administrator a statement of compliance addressed to the Issuer and signed by an authorized officer of the Master Servicer or the Subservicer, as the case may be, to the effect that (i) a review of the Master Servicer’s or Subservicer’s activities during the immediately preceding calendar year (or applicable portion thereof) and of its performance under this Agreement during such period has been made under such officer’s supervision, and (ii) to the best of such officer’s knowledge, based on such review, the Master Servicer or the Subservicer, as the case may be, has fulfilled all of its obligations under this Agreement in all material respects throughout such calendar year (or applicable portion thereof) or, if there has been a failure to fulfill any such obligation in any material respect, specifically identifying each such failure known to such officer and the nature and the status thereof.  Notwithstanding the foregoing, Officer Certificates provided by the Master Servicer and any Subservicer pursuant to and in accordance with Section 4.09 hereof shall satisfy the requirements of this Section 12.03.

SECTION 12.04.  Report on Assessment of Compliance and Attestation.

(a)

On or before March 15th of each calendar year, commencing in 2007, the Master Servicer shall:

(i)

deliver to the Issuer a report (in form and substance reasonably satisfactory to the Issuer) regarding the Master Servicer’s assessment of compliance with the Servicing Criteria during the immediately preceding calendar year, as required under Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB.  Such report shall be addressed to the Issuer and signed by an authorized officer of the Master Servicer, and shall address each of the Servicing Criteria specified on a certification substantially in the form of Exhibit F attached to this Agreement; 

(ii)

deliver to the Issuer and the Administrator a report of a registered public accounting firm reasonably acceptable to the Administrator, acting on behalf of the Issuer, that attests to, and reports on, the assessment of compliance made by the Master Servicer and delivered pursuant to the preceding paragraph.  Such attestation shall be in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the Exchange Act and may be combined with or incorporated in the annual independent certified public accountants’ report required by Section 4.10 hereof;

(iii)

cause each Subservicer and Subcontractor, determined by the Master Servicer to be “participating in the servicing function” within the meaning of Item 1122 of Regulation AB, to deliver to the Administrator, acting on behalf of the Issuer, an assessment of compliance and accountants’ attestation as and when provided in paragraphs (i) and (ii) of this Section; and

(iv)

if requested by the Administrator, acting on behalf of the Issuer, not later than March 15 of the calendar year in which such certification is to be delivered, deliver to the Issuer, the Administrator and any other Person that will be responsible for signing the Sarbanes Certification on behalf of an Issuer with respect to this securitization transaction the Annual Certification in the form attached hereto as Exhibit G.

The Master Servicer acknowledges that the parties identified in clause (a)(iv) above may rely on any certification provided by the Master Servicer or any Subservicer pursuant to such clause in signing a Sarbanes Certification and filing such with the Commission.  The Issuer will not request delivery of the Annual Certification under clause (a)(iv) above unless the Depositor is required under the Exchange Act to file an annual report on Form 10-K with respect to an Issuing Entity whose asset pool includes the Financed Student Loans.

Each assessment of compliance provided by a Subservicer shall address each of the Servicing Criteria specified on a certification to be delivered to the Master Servicer, the Issuer, and the Administrator on or prior to the date of such appointment.  An assessment of compliance provided by a Subcontractor need not address any elements of the Servicing Criteria other than those specified by the Master Servicer and the Issuer on the date of such appointment.

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

	KEYCORP STUDENT LOAN TRUST 2006-A,

as Issuer

	By:

	The Bank of New York (Delaware), not in its individual capacity but solely as Owner Trustee on behalf of the Trust

	 	By:

	           /s/ Vincent E. Sampson

	 	 	Name:

	Vincent E. Sampson

	 	 	Title:

	President

	KEY CONSUMER RECEIVABLES LLC,

as Depositor

	By:

	            /s/ Krista C. Neal

	 	Name:

	Krista C. Neal

	 	Title:

	Treasurer

	KEYBANK NATIONAL ASSOCIATION,

as Master Servicer

	By:

	            /s/ Krista C. Neal

	 	Name:

	Krista C. Neal

	 	Title:

	Vice President

	KEYBANK NATIONAL ASSOCIATION,

as Administrator

	By:

	            /s/ Krista C. Neal

	 	Name:

	Krista C. Neal

	 	Title:

	Vice President

	JPMORGAN CHASE BANK, NATIONAL ASSOCIATION,

	not in its individual capacity but solely as

	Depositor Eligible Lender Trustee

	 
	By:

             /s/ William C. Cardozo                   

	The Bank of New York Trust Company, N.A., as attorney-in-fact

	Name:  William C. Cardozo

	Title:    Vice President

	JPMORGAN CHASE BANK, NATIONAL ASSOCIATION,

	not in its individual capacity but solely as

	Eligible Lender Trustee

	 
	By:

             /s/ William C. Cardozo                   

	The Bank of New York Trust Company, N.A., as attorney-in-fact

	Name:  William C. Cardozo

	Title:    Vice President

Acknowledged, accepted, and with

respect to Article X, agreed to,

as of the day and year 

first above written:

	DEUTSCHE BANK TRUST COMPANY AMERICAS,

not in its individual capacity

but solely as Indenture Trustee,

	By:

	             /s/ Jenna Kaufman

	 	Name:

	Jenna Kaufman

	 	Title:

	Vice President

	By:

	             /s/ Irene Siegel

	 	Name:

	Irene Siegel

	 	Title:

	Vice President

Acknowledged and accepted 

as of the day and year 

first above written:

	KEYBANK NATIONAL ASSOCIATION,

not in its individual capacity

but solely in its capacity as

securities intermediary

under Section 5.01,

	By:

	             /s/ Krista C. Neal

	 	Name:

	Krista C. Neal

	 	Title:

	Vice President

APPENDIX A

DEFINITIONS AND USAGE

Usage

The following rules of construction and usage shall be applicable to any instrument that is governed by this Appendix:

(a)  All terms defined in this Appendix shall have the defined meanings when used in any instrument governed hereby and in any certificate or other document made or delivered pursuant thereto unless otherwise defined therein.

(b)  As used herein, in any instrument governed hereby and in any certificate or other document made or delivered pursuant thereto, accounting terms not defined in this Appendix or in any such instrument, certificate or other document, and accounting terms partly defined in this Appendix or in any such instrument, certificate or other document to the extent not defined, shall have the respective meanings given to them under generally accepted accounting principles as in effect on the date of such instrument.  To the extent that the definitions of accounting terms in this Appendix or in any such instrument, certificate or other document are inconsistent with the meanings of such terms under generally accepted accounting principles, the definitions contained in this Appendix or in any such instrument, certificate or other document shall control.

(c)  The words “hereof,” “herein,” “hereunder” and words of similar import when used in an instrument refer to such instrument as a whole and not to any particular provision or subdivision thereof; references in an instrument to “Article,” “Section” or another subdivision or to an attachment are, unless the context otherwise requires, to an article, section or subdivision of or an attachment to such instrument; and the term “including” means “including without limitation.”

(d)  The definitions contained in this Appendix are equally applicable to both the singular and plural forms of such terms and to the masculine as well as to the feminine and neuter genders of such terms.

(e)  Any agreement, instrument or statute defined or referred to below or in any agreement or instrument that is governed by this Appendix means such agreement or instrument or statute as from time to time amended, modified or supplemented, including (in the case of agreements or instruments) by waiver or consent and (in the case of statutes) by succession of comparable successor statutes and includes (in the case of agreements or instruments) references to all attachments thereto and instruments incorporated therein.  References to a Person are also to its permitted successors and assigns.

(f)  References to “Group I and Group II” and/or “Group I or Group II” followed by a defined term shall mean such defined term as limited to the Group I Notes or Group I Student Loans, and the Group II Notes or Group II Student Loans (in each case, as applicable) to the exclusion of the other group of Notes or Financed Student Loans, as the case may be.

Definitions

“Accepted Servicing Procedures” means that the Master Servicer shall (or shall cause the applicable Subservicer to) manage, service, administer and make collections on the Financed Student Loans with reasonable care, using that degree of skill and attention that the Master Servicer (or such Subservicer) exercises with respect to comparable student loans held in securitization trusts that it services but, in any event, in accordance with customary and usual standards of practice of prudent loan servicers administering similar student loans.  The Master Servicer shall (or shall cause the applicable Subservicer to) manage, service, administer and make collections with respect to the Financed Student Loans in accordance with, and otherwise comply with, all applicable Federal and state laws, including all applicable standards, guidelines and requirements of the Higher Education Act (in the case of the Financed Federal Loans) and any applicable Guarantee Agreement (in the case of the Financed Guaranteed Loans).  These procedures shall include collection and posting of all payments, responding to inquiries of borrowers on such Financed Student Loans, monitoring borrowers’ status, making required disclosures to borrowers, investigating delinquencies, sending payment coupons to borrowers and otherwise establishing repayment terms, reporting tax information to borrowers, if applicable, accounting for collections and furnishing monthly and annual statements with respect thereto to the Administrator. 

“Access Loans” means those Financed Student Loans that were originated under The Law Access® Program or The Access GroupSM Loan Program as administered by AGI.

“Act” has the meaning specified in Section 11.03(a) of the Indenture.

“Add-On Consolidation Loan” means an eligible education loan which pursuant to the Higher Education Act and at the election of the borrower is added to such borrower’s existing Federal Consolidation Loan. 

“Administration Agreement” means the Administration Agreement dated as of December 1, 2006, among the Issuer, the Indenture Trustee and the Administrator.

“Administration Fee” has the meaning specified in Section 3 of the Administration Agreement.

“Administrator” means KeyBank National Association, a national banking association, in its capacity as administrator of the Issuer and the Financed Student Loans, and its successors and permitted assigns.

“Administrator Default” has the meaning specified in Section 8.01(b) of the Sale and Servicing Agreement.

“Administrator’s Certificate” means an Officers’ Certificate of the Administrator delivered pursuant to Section 4.08(c) of the Sale and Servicing Agreement and containing the information required by such Section 4.08(c).  

“Affiliate” means, with respect to any specified Person, any other Person controlling or controlled by or under common control with such specified Person.  For the purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing.

 “AGI” means Access Group, Inc., successor in interest to LAI.

“Ameritrust” means Ameritrust Company National Association, predecessor in interest to Society.

“Applicable Note Margin” means: 0.00% for the Class I-A-1 Notes, 0.11% for the Class I-A-2 Notes, 0.45% for the Class I-B Notes, 0.03% for the Class II-A-1 Notes, 0.08% for the Class II-A-2 Notes, 0.19% for the Class II-A-3 Notes, 0.31% for the Class II-A-4 Notes, 0.48% for the Class II-B Notes and 1.15% for the Class II-C Notes.

“ASA” means the Massachusetts Higher Education Assistance Corporation now doing business as American Student Assistance Corporation, a Massachusetts non-profit corporation.

“Assigned Agreements”  means the following agreements, as the same may be amended and restated from time to time, (i) the Deposit Agreement dated as of January 28, 1992, between TERI and KBNA (as successor to Ameritrust), (ii) the Security Agreement dated as of January 28, 1992, between TERI and KBNA (as successor to Ameritrust), (iii) the Letter Agreement dated as of January 28, 1992, between LSAS and KBNA (as successor to Ameritrust), (iv) the Trust Agreement dated as of July 14, 1992 and restated as of July 1, 1994, among KBNA, LSAS and First Bank (N.A.), Milwaukee, Wisconsin, as trustee, (v) the LAL/BEL Guarantee Agreements dated as of January 28, 1992 and December 21, 1992, between KBNA and TERI, (vi) the Private Guarantee Agreement dated as of March 23, 1995, among KBNA, TERI, Society National Bank, Indiana, and Wilmington Trust Company, (vii) the Consolidated Deposit Agreement and Consolidated Security Agreement each dated November 1, 1995 between TERI and Society; and (viii) the Pledged Collateral Account Control Agreement dated as of January 1, 1999, among TERI, KBNA and McDonald Investments Inc., a wholly-owned subsidiary of KeyCorp, all to the extent necessary to permit the Trust to realize its rights and benefits under the assignment of the agreements referred to in clauses (i) through (viii) above.

“Assigned Rights” has the meaning specified in Section 2.01 of the Sale and Servicing Agreement.

“Authorized Officer” means (i) with respect to the Issuer, any officer of the Owner Trustee who is authorized to act for the Owner Trustee in matters relating to the Issuer pursuant to the Basic Documents and who is identified on the list of Authorized Officers delivered by the Owner Trustee to the Indenture Trustee on the Closing Date (as such list may be modified or supplemented from time to time thereafter) or any Authorized Officer of the Administrator, (ii) with respect to the Administrator, any officer of the Administrator or any of its Affiliates who is authorized to act for the Administrator in matters relating to itself or to the Issuer and to be acted upon by the Administrator pursuant to the Basic Documents and who is identified on the list of Authorized Officers delivered by the Administrator to the Indenture Trustee on the Closing Date (as such list may be modified or supplemented from time to time thereafter), (iii) with respect to the Depositor, any officer of the Depositor or any of its Affiliates who is authorized to act for the Depositor in matters relating to or to be acted upon by the Depositor pursuant to the Basic Documents and who is identified on the list of Authorized Officers delivered by the Depositor to the Indenture Trustee on the Closing Date (as such list may be modified or supplemented from time to time thereafter), (iv) with respect to KBNA, any officer of KBNA or any of its Affiliates who is authorized to act for KBNA in matters relating to or to be acted upon by KBNA pursuant to the Basic Documents and who is identified on the list of Authorized Officers delivered by KBNA to the Indenture Trustee on the Closing Date (as such list may be modified or supplemented from time to time thereafter), (v) with respect to the Master Servicer, any officer of the Master Servicer or any of its Affiliates who is authorized to act for the Master Servicer in matters relating to or to be acted upon by the Master Servicer pursuant to the Basic Documents and who is identified on the list of Authorized Officers delivered by the Master Servicer to the Indenture Trustee on the Closing Date (as such list may be modified or supplemented from time to time thereafter), and (vi) with respect to any Subservicer, any officer of the Subservicer or any of its Affiliates who is authorized to act for such Subservicer in matters relating to or to be acted upon by the Subservicer, pursuant to the applicable Subservicing Agreement, and who is identified on the list of Authorized Officers delivered by such Subservicer to the Master Servicer on the Closing Date (as such list may be modified or supplemented from time to time thereafter).

“Available Funds” means, collectively, the Group I and Group II Available Funds. 

“Basic Documents” means the Trust Agreement, the Interim Trust Agreements, the Indenture, the Sale and Servicing Agreement, the Administration Agreement, the Student Loan Transfer Agreement, the Note Depository Agreement, the Guarantee Agreements and other documents and certificates delivered in connection with any thereof. 

“Benefit Plan” has the meaning specified in Section 3.10 of the Trust Agreement.

“Book-Entry Note” means a beneficial interest in the Notes, ownership and transfers of which shall be made through book entries by a Clearing Agency as described in Section 2.10 of the Indenture.

“Business Day” means any day other than a Saturday, a Sunday or a day on which banking institutions or trust companies in New York City or Cleveland, Ohio, are authorized or obligated by law, regulation or executive order to remain closed.

 “Campus Door Fees” means fees payable by KBNA to a third party in connection with the origination of certain Group II Student Loans under the Campus Door Private Loan Program; provided that such fees shall not exceed 0.70% of the balance of principal, capitalized interest and fees with respect to any such Group II Student Loan.

“Certificate” means the Trust Certificate issued pursuant to the Trust Agreement, substantially in the form of Exhibit A thereto.

“Certificate Paying Agent” means any paying agent or co-paying agent appointed pursuant to Section 3.09 of the Trust Agreement, which shall initially be Deutsche Bank Trust Company Americas.

“Certificate Register” and “Certificate Registrar” means the register mentioned and the registrar appointed pursuant to Section 3.04 of the Trust Agreement.

“Certificateholder” means the Person in whose name the Certificate is registered in the Certificate Register.

“Class” means reference to any of the Class I-A-1, Class I-A-2, Class I-B, Class II-A-1, Class II-A-2, Class II-A-3, Class II-A-4, Class II-B or Class II-C Notes, as applicable.

“Class I-A-1 Note” means a Floating Rate Class I-A-1 Asset Backed Note issued pursuant to the Indenture, substantially in the form of Exhibit A-1 thereto.

“Class I-A-2 Note” means a Floating Rate Class I-A-2 Asset Backed Note issued pursuant to the Indenture, substantially in the form of Exhibit A-2 thereto.

“Class I-B Note” means a Floating Rate Class I-B Asset Backed Note issued pursuant to the Indenture, substantially in the form of Exhibit A-3 thereto.

“Class I-B Note Interest Trigger” means that on the last day of any Collection Period, the outstanding principal amount of the Group I Senior Notes exceeds the Group I Pool Balance; provided that, no Class I-B Note Interest Trigger event will be deemed to have occurred if there are sufficient amounts on deposit in the Group I Capitalized Interest Account to fully fund any shortfalls in Group I Available Funds available to pay the Noteholders’ Interest Distribution Amount for the Class I-B Notes on the related Distribution Date.  

“Class II-A-1 Note” means a Floating Rate Class II-A-1 Asset Backed Note issued pursuant to the Indenture, substantially in the form of Exhibit A-4 thereto.

“Class II-A-2 Note” means a Floating Rate Class II-A-2 Asset Backed Note issued pursuant to the Indenture, substantially in the form of Exhibit A-5 thereto.

“Class II-A-3 Note” means a Floating Rate Class II-A-3 Asset Backed Note issued pursuant to the Indenture substantially in the form of Exhibit A-6 thereto.

“Class II-A-4 Note” means a Floating Rate Class II-A-4 Asset Backed Note issued pursuant to the Indenture substantially in the form of Exhibit A-7 thereto.

“Class II-B Note” means a Floating Rate Class II-B Asset Backed Note issued pursuant to the Indenture, substantially in the form of Exhibit A-8 thereto.

“Class II-B Note Interest Trigger” means that, on the last day of any Collection Period, the outstanding principal amount of the Group II Senior Notes exceeds the sum of the Group II Pool Balance.  A Class II-B Note Interest Trigger will remain in effect for so long as the outstanding principal amount of the Group II Senior Notes exceeds the sum of the Group II Pool Balance.

“Class II-C Note” means a Floating Rate Class II-C Asset Backed Note issued pursuant to the Indenture, substantially in the form of Exhibit A-7 thereto.

“Class II-C Note Interest Trigger” means that, on the last day of any Collection Period, the outstanding principal amount of the Group II Senior Notes and the Class II-B Notes exceeds the sum of the Group II Pool Balance.  A Class II-C Note Interest Trigger will remain in effect for so long as the sum of the outstanding principal amount of the Group II Senior Notes and the Class II-B Notes exceeds the sum of the Group II Pool Balance.  

“Class A Notes” means the Group I Class A Notes and the Group II Class A Notes.

“Clearing Agency” means an organization registered as a “clearing agency” pursuant to Section 17A of the Exchange Act.

“Clearing Agency Participant” means a broker, dealer, bank, other financial institution or other Person for whom from time to time a Clearing Agency effects book-entry transfers and pledges of securities deposited with the Clearing Agency.

“Closing Date” means December 7, 2006.

“Code” means the Internal Revenue Code of 1986, as amended from time to time, and Treasury Regulations promulgated thereunder.

“Cohort Default Rate” means the percentage of an educational institution’s borrowers who enter repayment on certain Federal Family Education Loan Program and/or William D. Ford Federal Direct Loan Program loans during a particular fiscal year and default or meet other specified conditions before the end of the next fiscal year, as is more specifically described in 34 C.F.R. Part 668 (including the definition of terms set forth herein).

“Collateral” has the meaning specified in the Granting Clause of the Indenture.

“Collection Accounts” means the Group I Collection Account and the Group II Collection Account. 

“Collection Period” means, with respect to the first Distribution Date, the period beginning on the Cutoff Date and ending on February 28, 2007, and with respect to each subsequent Distribution Date, the Collection Period means the three calendar months immediately following the end of the previous Collection Period.

“Commission” means the Securities and Exchange Commission.

“Consolidation Loan Add-On Period” means the period from the Closing Date through May 31, 2007 during which the Trust will be permitted to fund Add-On Consolidation Loans, up to an aggregate principal amount of $500,000, but only to the extent of principal collections received from the Group I Student Loans during this period. 

“Consolidation Loans” means Federal Consolidation Loans and Private Consolidation Loans, collectively.

“Coordination Agreements” means the following agreements, as the same may be amended and restated from time to time, (i) the Coordination Agreement, dated as of February 15, 1990, as amended, by and among AGI, PHEAA, ASA, TERI and Society (as successor by merger to Ameritrust) (the “1990 Coordination Agreement”); (ii) the Coordination Agreement, dated as of January 4, 1991, as amended, by and among AGI, PHEAA, ASA, TERI and Society (as successor by merger to Ameritrust) (the “1991 Coordination Agreement”); (iii) the Coordination Agreement, dated as of January 28, 1992, as amended, by and among AGI, PHEAA, ASA, ELSI, TERI and Society (as successor by merger to Ameritrust) (the “1992 Coordination Agreement”); (iv) the Coordination Agreement, dated as of December 21, 1992, as amended, by and among AGI, PHEAA, ASA, ELSI, TERI and Society (the “1993-1995 Coordination Agreement”); and (v) the Coordination Agreement, dated as of March 23, 1995, as amended, by and among AGI, PHEAA, ASA, TERI and Society (the “1996-1998 Coordination Agreement”).

“Corporate Trust Office” means (i) with respect to the Indenture Trustee, the principal office of the Indenture Trustee at which at any particular time its corporate trust business shall be administered, which office at the Closing Date is located at 60 Wall Street, New York, New York 10005  Attention: ABS Corporate Trust Administration or at such other address as the Indenture Trustee may designate from time to time by notice to the Noteholders, the Administrator and the Depositor, or the principal corporate trust office of any successor Indenture Trustee (the address of which the successor Indenture Trustee will notify the Noteholders, the Administrator and the Depositor), (ii) with respect to the Eligible Lender Trustee, the principal corporate trust office of the Eligible Lender Trustee located at 4 New York Plaza, New York, New York 10004, Attention: Worldwide Securities Services, Structured Finance/KeyCorp Student Loan Trust 2006-A, c/o The Bank of New York Trust Company, N.A., 10161 Centurion Parkway, Jacksonville, Florida 32256, Attention: Clay Cardozo, Vice President (phone: (904) 998-4718, facsimile: (904) 645-1931); or at such other address as the Eligible Lender Trustee may designate by notice to the Certificateholder, the Administrator and the Depositor, or the principal corporate trust office of any successor Eligible Lender Trustee (the address of which the successor Eligible Lender Trustee will notify the Certificateholder, the Administrator and the Depositor) and (iii) with respect to the Owner Trustee, the principal office of the Owner Trustee located at White Clay Center, Route 273, Newark, Delaware 19711.

“CSAC” means the California Student Aid Commission, an agency of the State of California.

“CSLP” means the Colorado Student Loan Program, the designated student loan guarantor for the State of Colorado.

“Cumulative Default Percentage” means (1) with respect to the Group I Student Loans, (x) the aggregate total dollar amount of default claims paid by the federal guarantors, including accrued interest, with respect to the Group I Student Loans, divided by (y) the sum of (i) the original Group I Pool Balance and (ii) any related cumulative capitalized interest, and other principal adjustments with respect to the Group I Student Loans, less (iii) the outstanding principal balance of all Group I Student Loans repurchased by the Seller, the Master Servicer or the related Subservicer, and (2) with respect to the Group II Student Loans, (x) the sum of (A) the aggregate total dollar amount of default claims paid by the private guarantors, plus accrued interest, on Financed Guaranteed Private Loans, plus (B) the aggregate total dollar amount of charge-offs on Financed Unguaranteed Private Loans (not including for such purpose any subsequent recoveries on those Financed Unguaranteed Private Loans), divided by (y) the sum of (i) the original Group II Pool Balance and (ii) any related cumulative capitalized interest, and other principal adjustments with respect to the Group II Student Loans, less (iii) the outstanding principal balance of all Group II Student Loans repurchased by the Seller, the Master Servicer or the related Subservicer.

“Cutoff Date” means with respect to the Financed Student Loans, November 1, 2006.

“Cutoff Date Pool Balance” means, the collective reference to the Group I Cutoff Date Pool Balance and the Group II Cutoff Date Pool Balance.

“Default” means any occurrence that is, or with notice or the lapse of time or both would become, an Event of Default.

“Definitive Notes” has the meaning specified in Section 2.10 of the Indenture.

“Delivery” or “Deliver” when used with respect to Trust Account Property means the following and such additional or alternative procedures as may hereafter become appropriate to effect the complete transfer of ownership of any such Collateral to the Indenture Trustee, free and clear of any adverse claims, consistent with changes in applicable law or regulations or the interpretation thereof:

(a)

with respect to bankers’ acceptances, commercial paper, negotiable certificates of deposit and other obligations that constitute instruments and are susceptible of physical delivery (“Physical Property”):

(b)

transfer of possession thereof to the Indenture Trustee endorsed to, or with respect to a certificated security:

(i)

delivery thereof in bearer form to the Indenture Trustee; or

(ii)

delivery thereof in registered form to the Indenture Trustee and

(A)

the certificate is endorsed to the Indenture Trustee or in blank by effective indorsement; or

(B)

the certificate is registered in the name of the Indenture Trustee, upon original issue or registration of transfer by the issuer;

(c)

with respect to an uncertificated security:

(i)

the delivery of the uncertificated security to the Indenture Trustee; or

(ii)

the issuer has agreed that it will comply with instructions originated by the Indenture Trustee, without further consent by the registered owner;

(d)

with respect to any security issued by the U.S. Treasury, the Federal Home Loan Mortgage Corporation or by the Federal National Mortgage Association that is a book-entry security held through the Federal Reserve System pursuant to Federal book-entry regulations: 

(i)

a Federal Reserve Bank by book entry credits the book-entry security to the securities account (as defined in 31 CFR Part 357) of a participant (as defined in 31 CFR Part 357) which is also a securities intermediary; and

(ii)

the participant indicates by book entry that the book-entry security has been credited to the Indenture Trustee’s securities account, as applicable; 

(e)

with respect to a security entitlement:

(i)

the Indenture Trustee, becomes the entitlement holder; or

(ii)

the securities intermediary has agreed that it will comply with entitlement orders originated by the Indenture Trustee;

(f)

without further consent by the entitlement holder for the purpose of clauses (b) and (c) hereof “delivery” means:

(i)

with respect to a certificated security:

(A)

the Indenture Trustee, acquires possession thereof;

(B)

another person (other than a securities intermediary) either acquires possession thereof on behalf of the Indenture Trustee or, having previously acquired possession thereof, acknowledges that it holds for the Indenture Trustee; or

(C)

a securities intermediary acting on behalf of the Indenture Trustee acquires possession of thereof, only if the certificate is in registered form and has been specially endorsed to the Indenture Trustee by an effective indorsement;

(ii)

with respect to an uncertificated security:

(A)

the issuer registers the Indenture Trustee as the registered owner, upon original issue or registration of transfer; or

(B)

another person (other than a securities intermediary) either becomes the registered owner thereof on behalf of the Indenture Trustee, or, having previously become the registered owner, acknowledges that it holds for the Indenture Trustee;

(g)

for purposes of this definition, except as otherwise indicated, the following terms shall have the meaning assigned to each such term in the UCC:

(i)

“certificated security”

(ii)

“effective indorsement”

(iii)

“entitlement holder”

(iv)

“instrument”

(v)

“securities account”

(vi)

“security entitlement”

(vii)

“securities intermediary”

(viii)

“uncertificated security”

(h)

in each case of Delivery contemplated herein, the Indenture Trustee shall make appropriate notations on its records, and shall cause same to be made of the records of its nominees, indicating that securities are held in trust pursuant to and as provided in this Agreement.

“Department” means the United States Department of Education, an agency of the Federal government.

“Depositor” means Key Consumer Receivables LLC, a Delaware limited liability company, and its successors in interest.

“Depositor Eligible Lender Trustee” means JPMorgan Chase Bank, National Association, a national banking association.

“Depository” has the meaning specified in Section 2.04 of the Indenture.

“Determination Date” means, with respect to any Monthly Servicing Payment Date or Distribution Date, as the case may be, the third Business Day preceding such Monthly Servicing Payment Date or Distribution Date.

“Distribution Date” means, with respect to each Collection Period, the twenty-seventh day of each March, June, September and December or, if such day is not a Business Day, the immediately following Business Day, commencing on March 27, 2007.

“DTC” means the Depository Trust Company, a New York corporation.

“ECMC” means Educational Credit Management Corporation, a Minnesota corporation. 

“Electronic Loan” means a Financed Student Loan that is evidenced by an Electronic Note.

“Electronic Note” means an electronic record evidencing a Financed Student Loan  that is an Electronic Loan that contains terms substantially the same as the Financed Student Loan that is not an Electronic Loan but in a form complying with the applicable requirements of the Electronic Signatures in Global and National Commerce Act, 15 U.S.C.A. §§ 7001, et seq., the Uniform Electronic Transaction Act, as adopted in relevant jurisdictions and in the case of any Group I Student Loan, the Higher Education Act regarding electronic promissory notes.

“Eligible Deposit Account” means (a) a segregated account with an Eligible Institution or (b) a segregated trust account with the corporate trust department of a depository institution organized under the laws of the United States of America or any one of the states thereof or the District of Columbia (or any domestic branch of a foreign bank), having corporate trust powers and acting as trustee for funds deposited in such account, so long as any of the securities of such depository institution have a credit rating from each Rating Agency in one of its generic rating categories which signifies investment grade, or (c) an account or accounts maintained with KBNA, so long as KBNA’s long-term unsecured debt rating shall be at least “A” from S&P, “A1” from Moody’s and “A” from Fitch, and KBNA’s short-term deposit or short-term unsecured debt rating shall be at least “A-1” from S&P, “P-1” from Moody’s and “F1” from Fitch, or (d) any other account that is acceptable to the Rating Agencies.  Any such accounts may be maintained with KBNA or any of its affiliates, if those accounts qualify under the preceding sentence, but at all times when any of these accounts are held at KBNA or any of its affiliates, these accounts will be segregated accounts.   

“Eligible Institution” means a depository institution (which may be, without limitation, KBNA or its Affiliate (but only if all rights of set-off have been waived), the Owner Trustee, or an affiliate thereof, the Eligible Lender Trustee, or an affiliate thereof, or the Indenture Trustee or an affiliate thereof) organized under the laws of the United States of America or any one of the states thereof or the District of Columbia (or any domestic branch of a foreign bank) which has a long-term unsecured debt rating and/or a short-term unsecured debt rating acceptable to the Rating Agencies and the deposits of which are insured by the FDIC).

“Eligible Investments” mean book-entry securities, negotiable instruments or securities represented by instruments in bearer or registered form which evidence:

(a)

direct obligations of, and obligations fully guaranteed as to timely payment by, the United States of America;

(b)

demand deposits, time deposits or certificates of deposit of any depository institution or trust company incorporated under the laws of the United States of America or any State (or any domestic branch of a foreign bank) and subject to supervision and examination by Federal or state banking or depository institution authorities (including depository receipts issued by any such institution or trust company as custodian with respect to any obligation referred to in clause (a) above or portion of such obligation for the benefit of the holders of such depository receipts); provided, however, that (i) each such investment has an original maturity of less than 365 days and (ii) at the time of the investment or contractual commitment to invest therein (which shall be deemed to be made again each time funds are reinvested following each Distribution Date, as the case may be), the commercial paper or other short-term senior unsecured debt obligations (other than such obligations the rating of which is based on the credit of a Person other than such depository institution or trust company) thereof shall have a credit rating from each of the Rating Agencies in the highest investment category granted thereby;

(c)

commercial paper having an original maturity of less than 365 days and having, at the time of the investment or contractual commitment to invest therein, a rating from each of the Rating Agencies in the highest investment category granted thereby;

(d)

investments in money market funds (including funds for which the Indenture Trustee or the Eligible Lender Trustee or any of their respective Affiliates or any of KBNA’s Affiliates is an investment manager or advisor) that (i) maintain a stable $1.00 net asset value per share, (ii) are freely transferable on a daily basis, (iii) invests only in other Eligible Investments, and (iv) have a rating from each of the Rating Agencies in the highest investment category granted thereby;

(e)

bankers’ acceptances having an original maturity of less than 365 days and issued by any depository institution or trust company referred to in clause (b) above;

(f)

investments in the money market fund known as “The Victory Fund U.S. Government Obligations Fund” or any comparable or successor money market fund provided that (i) KBNA or one of its Affiliates is the investment manager or advisor of such money market fund, (ii) such money market fund seeks to maintain a stable $1.00 net asset value, per share, (iii) the shares of such money market fund are freely transferable, (iv) such money market fund invests only in Eligible Investments, and (v) such money market fund otherwise satisfies the requirements of Rule 2a-7 of the Investment Company Act of 1940, as amended; and

(g)

any other investment permitted by each of the Rating Agencies as set forth in writing delivered to the Indenture Trustee; provided that such investments also are not inconsistent with the definition of assets which may be held by a "qualifying special purpose entity" as described in paragraph 35(c)(6) of FASB Statement No. 140.

A proposed investment not rated by Fitch but rated in the highest investment category by Moody's and S&P shall be considered to be rated by each of the Rating Agencies in the highest investment category granted thereby.  “Eligible Investments” shall not be sold prior to maturity unless payable on demand.

“Eligible Lender Trustee” means JPMorgan Chase Bank, National Association, a national banking association, not in its individual capacity but solely as eligible lender trustee under the Trust Agreement.

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended.

“Event of Default” has the meaning specified in Section 5.01 of the Indenture.

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

“Executive Officer” means, with respect to any corporation, the Chief Executive Officer, Chief Operating Officer, Chief Financial Officer, President, any Executive Vice President, any Senior Vice President, any Vice President, the Secretary, the Assistant Secretary or the Treasurer of such corporation; and with respect to any partnership, any general partner thereof.

“Expenses” means any and all liabilities, obligations, losses, damages, taxes, claims, actions and suits, and any and all reasonable costs, expenses and disbursements (including reasonable legal fees and expenses) of any kind and nature whatsoever which may at any time be imposed on, incurred by, or asserted against the Eligible Lender Trustee, the Indenture Trustee, the Owner Trustee, the Paying Agent and the Note Registrar or any of its officers, directors or agents in any way relating to or arising out of the Trust Agreement, the other Basic Documents, the Trust Estate, the administration of the Trust Estate or the action or inaction of the Eligible Lender Trustee, the Indenture Trustee, the Owner Trustee, the Paying Agent and the Note Registrar under the Trust Agreement or the other Basic Documents.

“FDIC” means the Federal Deposit Insurance Corporation.

“Federal Consolidation Loan” means a loan to an eligible borrower that represents the refinancing of one or more Financed Federal Loans of such borrower in accordance with the applicable terms and conditions of the Program and the Higher Education Act.

“Federal Consolidation Loan Rebate” means the monthly fee payable to the Department by the holder of Federal Consolidation Loans made (x) on or after October 1, 1993, equal to 1.05% per annum, but (y) with respect to Federal Consolidation Loans for which applications were received on or after October 1, 1998 but before February 1, 1999, equal to 0.62% per annum, in each case on the outstanding balance of such Federal Consolidation Loan.

“Federal Guarantors” means, collectively, ASA, CSAC, CSLP, GLHEGC, ECMC, ISAC, KHEAA, MHEAA, NELA, NSLP, NYHESC, PHEAA, TGSLC and USAF.

“Federal Origination Fee” means the origination fee payable to the Department by the lender with respect to any Financed Federal Loan (including Federal Consolidation Loans) made on or after October 1, 1993, equal to 0.50% of the initial principal balance of such loan.

“Final Maturity Date” means for the (i) Class I-A-1 Notes, the September 2020 Distribution Date, (ii) Class I-A-2 Notes, the March 2038 Distribution Date, (iii) Class I-B Notes, the December 2039 Distribution Date, (iv) Class II-A-1 Notes, the September 2021 Distribution Date, (v) Class II-A-2 Notes, the June 2025 Distribution Date, (vi) Class II-A-3 Notes, the June 2029 Distribution Date, (vii) Class II-A-4 Notes, the September 2035 Distribution Date, (viii) Class II-B Notes, the December 2041 Distribution Date and (ix) Class II-C Notes, the March 2042 Distribution Date.

“Financed Federal Loans” means the Group I Student Loans, guaranteed as to the payment of principal and interest by any of the Federal Guarantors and reinsured by the Department.

“Financed Guaranteed Loans” means the collective reference to the Financed Federal Loans and the Financed Guaranteed Private Loans.

“Financed Guaranteed Private Loans” means those Group II Student Loans that are guaranteed as to the payment of principal and interest by TERI and are not reinsured by the Department or any other governmental entity.

“Financed Private Loans” means the collective reference to Financed Guaranteed Private Loans and Financed Unguaranteed Private Loans.

“Financed Student Loan Files” means the documents specified in Section 3.03 of the Sale and Servicing Agreement.

“Financed Student Loan Note” means the original fully executed copy of the note (or a copy of a fully executed master promissory note) evidencing each Financed Student Loan or in the case of an Electronic Note the single authoritative original of an electronic record that has been authenticated by the borrower and is designated by the lender or holder as the controlling reference copy.

“Financed Student Loans” means the student loans that are transferred to the Issuer pursuant to Section 2.01 and Section 2.03 of the Sale and Servicing Agreement plus any Substituted Student Loan that is permissibly substituted by the Depositor (or KBNA on its behalf) pursuant to Sections 3.02 or 4.06 of the Sale and Servicing Agreement but shall not include any Purchased Student Loan following receipt by or on behalf of the Trust of the Purchase Amount with respect thereto.

“Financed Unguaranteed Private Loans” means those Group II Student Loans that are not guaranteed as to the payment of principal or interest by any federal or private guarantor, or by any other party or governmental agency, including, without limitation, the Depositor or the Seller.

“Fitch” means Fitch Ratings. 

“GLELSI” means Great Lakes Educational Loan Services, Inc. a Wisconsin corporation.

“GLELSI Subservicing Agreements” means the collective reference to the two certain Subservicing Agreements (one with respect to the Group I Student Loans and the other with respect to the Group II Student Loans), each dated as of December 1, 2006, and each between GLELSI and the Master Servicer.

“GLELSI Trust Receipt” means the two Trust Receipts, each dated December 7, 2006, from GLELSI acknowledging the receipt and possession of the Financed Student Loan Files relating to the Financed Student Loans being subserviced by GLELSI.

“GLHEGC” means Great Lakes Higher Education Guaranty Corporation, a Wisconsin corporation.

“Graduate Loan Programs” means the loan programs, under which KBNA made loans to students enrolled in or recently graduated from approved or accredited law schools, medical schools, dental schools, graduate business schools or other graduate level certificate or degree programs.

“Grant” means mortgage, pledge, bargain, sell, warrant, alienate, remise, release, convey, assign, transfer, create, and grant a lien upon and a security interest in and right of set-off against, deposit, set over and confirm pursuant to the Indenture.  A Grant of the Collateral or of any other agreement or instrument shall include all rights, powers and options (but none of the obligations) of the Granting party thereunder, including the immediate and continuing right to claim for, collect, receive and give receipt for principal and interest payments in respect of the Collateral and all other moneys payable thereunder, to give and receive notices and other communications, to make waivers or other agreements, to exercise all rights and options, to bring Proceedings in the name of the Granting party or otherwise and generally to do and receive anything that the Granting party is or may be entitled to do or receive thereunder or with respect thereto.

 “Group I Available Funds” and “Group II Available Funds” means, with respect to the Group I Notes and the Group II Notes, respectively, and any Distribution Date, any Monthly Servicing Payment Date or any other distribution date pursuant to Section 5.04 of the Indenture, the sum of the following amounts received with respect to the then elapsed portion of the related Collection Period to the extent not previously distributed:  

(1)

all collections received by the Master Servicer (or any Subservicer acting on its behalf) on the Group I or Group II Student Loans, as applicable (including any Guarantee Payments received with respect to such Group I or Group II Student Loans, as the case may be), but net of (i), with respect to Group I Student Loans only, any Federal Origination Fee and Federal Consolidation Loan Rebate payable to the Department on Federal Consolidation Loans disbursed after October 1, 1993, (ii) with respect to Group II Student Loans only, any Campus Door Fees, (iii) any applicable administrative fees, late fees or similar fees received from a borrower, and (iv) with respect to the Group I Student Loans only, any collections in respect of principal on the Group I Student Loans applied by the Trust to fund Add-On Consolidation Loans;

(2)

with respect to the Group I Student Loans only, any Interest Subsidy Payments and Special Allowance Payments received by the Eligible Lender Trustee during the then elapsed portion of such Collection Period; 

(3)

with respect to the Group I and Group II Student Loans, as applicable, all Liquidation Proceeds and all Recoveries in respect of Liquidated Student Loans which were written off in prior Collection Periods or prior months of such Collection Period;

(4)

with respect to the Group I and Group II Student Loans, as applicable, the aggregate Purchase Amounts received for those Group I or Group II Student Loans, as the case may be, repurchased by the Depositor (or KBNA, as the Seller, acting on its behalf) or under an obligation which arose during the elapsed portion of such Collection Period;

(5)

with respect to the Substituted Student Loans, the aggregate amount of any Substitution Shortfall;

(6)

with respect to the Group I Student Loans only, the aggregate amounts, if any, received from the Seller or the Master Servicer (or any Subservicer acting on its behalf), as the case may be, as reimbursement of non-guaranteed interest amounts, or, lost Interest Subsidy Payments and Special Allowance Payments, with respect to the Financed Federal Student Loans pursuant to Section 3.02 or 4.06, respectively of the Sale and Servicing Agreement;

(7)

with respect to the Group I and Group II Student Loans, as applicable, and with respect to the initial Distribution Date, the amount, if any, deposited in the applicable Collection Account on the Closing Date pursuant to Section 5.01(a)(i) of the Sale and Servicing Agreement;

(8)

with respect to the Group I and Group II Student Loans, as applicable, Investment Earnings for such Distribution Date;

(9)

with respect to the Group I Student Loans only, amounts withdrawn from the Group I Capitalized Interest Account in excess of the related Group I Capitalized Interest Account Specified Amount and deposited into the Group I Collection Account; and

(10)

with respect to the Group I and Group II Student Loans, as applicable, amounts withdrawn from the Group I or Group II Reserve Account, as applicable, in excess of the Group I or Group II Specified Reserve Account Balance, as applicable, and deposited into the applicable Collection Account;

(11)

with respect to the Group I and Group II Student Loans, as applicable, any proceeds received in connection with the sale of the Group I or Group II Student Loans, as applicable, pursuant to Section 9.01 of the Sale and Servicing Agreement, or sums collected by the Indenture Trustee pursuant to Sections 5.03 or 5.04(a) of the Indenture; provided, however, that Group I and Group II Available Funds will exclude all payments and proceeds (including Liquidation Proceeds) of any Group I or Group II Student Loans, the related Purchase Amount of which has been included in Group I or Group II Available Funds, as applicable, for a prior Distribution Date; provided, further, that if on any Distribution Date there would not be sufficient funds, after application of Group I or Group II Available Funds, as applicable, amounts available to cover deficiencies pursuant to Sections 5.05(c)(X)(8) and 5.05(c)(Y)(10) of the Sale and Servicing Agreement, as applicable, and amounts available from the Group I or Group II Reserve Account, as the case may be, to pay any of the items specified in clauses (1) through (2) of Section 5.05(c)(X), with respect to the Group I Notes, or clauses (1) through (2) of Section 5.05(c)(Y), with respect to the Group II Notes, of the Sale and Servicing Agreement for such Distribution Date, then Group I or Group II Available Funds, as applicable, for such Distribution Date will include, in addition to the Group I or Group II Available Funds, as the case may be, amounts being held by the Administrator pursuant to Section 5.02 of the Sale and Servicing Agreement, or on deposit in the Group I Collection Account, with respect to Group I Available Funds, or Group II Collection Account, with respect to Group II Available Funds relating to such Distribution Date which would have constituted Group I or Group II Available Funds, as the case may be, for the Distribution Date succeeding such Distribution Date, up to the amount necessary to pay the items specified in clause (1) through (2) of Section 5.05(c)(X), with respect to the Group I Notes, or clause (1) through (2) of Section 5.05(c)(Y), with respect to the Group II Notes, of the Sale and Servicing Agreement, and the Group I or Group II Available Funds, as applicable, for such succeeding Distribution Date will be adjusted accordingly; and

(12)

funds released from the Group I or Group II Reserve Account, as applicable, pursuant to Section 5.06(e) of the Sale and Servicing Agreement.

“Group I Capitalized Interest Account” means the account, with respect to the Group I Notes, established and maintained pursuant to Section 5.01(a)(iii) of the Sale and Servicing Agreement.

“Group I Capitalized Interest Account Specified Amounts” for each Distribution Date through and including September 2008 are as follows:  

	Distribution Date

	Capitalized Interest Account Specified Amount

	March 2007

	$5,500,000

	June 2007

	$4,766,667

	September 2007

	$3,666,667

	December 2007

	$2,566,667

	March 2008

	$1,466,667

	June 2008

	$366,667

	September 2008

	$0

“Group I Class A Notes” means the Class I-A-1 Notes and Class I-A-2 Notes.

“Group II Class A Notes” means the Class II-A-1 Notes, the Class II-A-2 Notes, the Class II-A-3 Notes and the Class II-A-4 Notes.

“Group I Collateral” has the meaning specified in the Granting Clause of the Indenture.

“Group II Collateral” has the meaning specified in the Granting Clause of the Indenture.

“Group I Collection Account” and “Group II Collection Account” means the two Collection Accounts each as established and maintained pursuant to Section 5.01(a)(i) of the Sale and Servicing Agreement.

“Group I Controlling Noteholders” means the Group I Senior Noteholders, until such time as all Group I Senior Notes have been paid in full, and then the Group I Subordinate Noteholders.  Notwithstanding the foregoing, any Group I Notes owned by KBNA, the Depositor or any of their respective Affiliates or agents designated for such purpose, shall be not voted by such entity nor considered in determining any specified voting percentage of the Group I Controlling Noteholders, unless otherwise set forth in the Indenture or the Sale and Servicing Agreement, as applicable. 

“Group II Controlling Noteholders” means the Group II Senior Noteholders, until such time as all Group II Senior Notes have been paid in full, and then the Class II-B Noteholders, until the Class II-B Notes have been paid in full, and then the Class II-C Noteholders, until the Class II-C Notes have been paid in full.  Notwithstanding the foregoing, any Group II Notes owned by KBNA, the Depositor or any of their respective Affiliates or agents designated for such purpose, shall be not voted by such entity nor considered in determining any specified voting percentage of the Group II Controlling Noteholders, unless otherwise set forth in the Indenture or the Sale and Servicing Agreement, as applicable. 

“Group I Controlling Parties” means, with respect to the Group I Notes, the Group I Controlling Noteholders.  The Group I Controlling Parties shall possess certain rights on behalf of all the Group I Noteholders under the Indenture and the Sale and Servicing Agreement. 

“Group II Controlling Parties” means, with respect to the Group II Notes, the Group II Controlling Noteholders.  The Group II Controlling Parties shall possess certain rights on behalf of all the Group II Noteholders under the Indenture and the Sale and Servicing Agreement.

“Group I Cutoff Date Pool Balance” means, with respect to Group I Student Loans, the aggregate principal balance of the Group I Student Loans, or specified subset thereof, as of the Cutoff Date (including accrued interest thereon at such date to the extent such interest will be capitalized upon commencement of repayment).

“Group II Cutoff Date Pool Balance” means, with respect to Group II Student Loans, the aggregate principal balance of the Group II Student Loans, or specified subset thereof, as of the Cutoff Date (including accrued interest thereon at such date to the extent such interest will be capitalized upon commencement of repayment).

“Group I Noteholders” means each Person in whose name a Group I Note is registered in the Note Register of the Group I Notes. 

“Group II Noteholders” means each Person in whose name a Group II Note is registered in the Note Register of the Group II Notes. 

“Group I Notes” means collectively, the Class I-A-1 Notes, the Class I-A-2 Notes and the Class I-B Notes.

“Group II Notes” means collectively, the Class II-A-1 Notes, the Class II-A-2 Notes, the Class II-A-3 Notes, the Class II-A-4 Notes, the Class II-B Notes and the Class II-C Notes.

“Group I Parity Date” means the Distribution Date on which the aggregate principal balance of the Group I Notes (after giving effect to all distributions pursuant to Section 5.05(c)(X) of the Sale and Servicing Agreement) equals the sum of the Group I Pool Balance as of the last day of the related Collection Period.

“Group II Parity Date” means the Distribution Date on which the aggregate principal balance of the Group II Notes (after giving effect to all distributions pursuant to Section 5.05(c)(Y) of the Sale and Servicing Agreement) equals the sum of the Group II Pool Balance as of the last day of the related Collection Period.

“Group I Pool Balance” and “Group II Pool Balance” means, at any time, the aggregate principal balance of the Group I or Group II Student Loans, respectively, at the end of the preceding Collection Period (including accrued interest thereon for such Collection Period to the extent such interest will be capitalized upon commencement of repayment or during deferment or forbearance), after giving effect to the following without duplication:  (i) all payments received by the Trust related to the Group I or Group II Student Loans, as applicable, during such Collection Period from or on behalf of borrowers, Guarantors and the Department, as applicable, (ii) all Purchase Amounts received by the Trust related to the Group I or Group II Student Loans, as the case may be, for such Collection Period from the Depositor (or KBNA acting on its behalf) or the Master Servicer (or any Subservicer acting on its behalf), and (iii) all losses realized on Group I or Group II Student Loans, as applicable, liquidated during such Collection Period.

“Group I Principal Distribution Amount” means, with respect to the Group I Notes and any Distribution Date, the excess, if any, of the outstanding principal amount of the Group I Notes, over the sum of the Group I Pool Balance for that Distribution Date plus the amount on deposit in the Group I Reserve Account divided by 100.25%; provided, however, that if the Master Servicer does not exercise its optional purchase right on the first Distribution Date on which the Group I Pool Balance is 10% or less of the aggregate initial principal balance of all Group I Student Loans, the Group I Principal Distribution Amount will equal the outstanding principal amount of the Group I Notes on each Distribution Date thereafter.

“Group II Principal Distribution Amount” means, with respect to the Group II Notes and any Distribution Date, the excess, if any, of the outstanding principal amount of the Group II Notes, over the result of (i) the sum of the Group II Pool Balance for that Distribution Date plus the amount on deposit in the Group II Reserve Account divided by (ii) 104.5 percent (104.5%);  provided, however, until the December 2011 Distribution Date, if on any two consecutive Distribution Dates there is insufficient Available Funds remaining to maintain the Specified Reserve Account Balance relating to the Group II Reserve Account, the Group II Principal Distribution Amount will equal $0 until the percentage in clause (ii) is equal to at least 107.5%; provided further, however, that if the Master Servicer does not exercise its optional purchase right on the first Distribution Date on which the Group II Pool Balance is 10% or less of the aggregate principal balance of all Group II Student Loans as of their related Cutoff Dates, the Group II Principal Distribution Amount will equal the outstanding principal amount of the Group II Notes on each Distribution Date thereafter.

“Group I Reserve Account” and “Group II Reserve Account” means the two accounts, one with respect to the Group I Notes and the other with respect to the Group II Notes, designated as such, established and maintained pursuant to Section 5.01(a)(ii) of the Sale and Servicing Agreement. 

“Group I Reserve Account Initial Deposit” means $575,049.

“Group II Reserve Account Initial Deposit” means $27,748,659.

“Group I Senior Noteholders” means, collectively, each Person in whose name a Group I Senior Note is registered in the Note Register.

“Group II Senior Noteholders” means, collectively, each Person in whose name a Group II Senior Note is registered in the Note Register.

“Group I Senior Notes” means the Class I-A-1 Notes and the Class I-A-2 Notes.

“Group II Senior Notes” means the Class II-A-1 Notes, the Class II-A-2 Notes, the Class II-A-3 Notes and the Class II-A-4 Notes.

“Group I Student Loans” means any student loans listed on the Schedule of Group I Student Loans on the Closing Date as set forth in Schedule A-1 to the Sale and Servicing Agreement (which Schedule may be in the form of microfiche or computer tape or another acceptable format), which student loans the Depositor shall transfer to the Eligible Lender Trustee on behalf of the Issuer pursuant to Section 2.01 and Section 2.03 of the Sale and Servicing Agreement on the Closing Date, plus any Substituted Student Loans that are federal student loans that are permissibly substituted pursuant to Sections 3.02 or 4.06 of the Sale and Servicing Agreement.

“Group II Student Loans” means any student loans listed on the Schedule of Group II Student Loans on the Closing Date as set forth in Schedule A-2 to the Sale and Servicing Agreement (which Schedule may be in the form of microfiche or computer tape), which student loans the Depositor shall transfer to the Eligible Lender Trustee on behalf of the Issuer pursuant to the Sale and Servicing Agreement on the Closing Date, plus any Substituted Student Loans that are private student loans that are permissibly substituted pursuant to Sections 3.02 or 4.06 of the Sale and Servicing Agreement.

“Group I Subordinate Noteholders” means, collectively, each Person in whose name a Group I Subordinate Note is registered in the Note Register.

“Group II Subordinate Noteholders” means, collectively, each Person in whose name a Group II Subordinate Note is registered in the Note Register.

“Group I Subordinate Notes” means the Class I-B Notes.

“Group II Subordinate Notes” means the Class II-B Notes and the Class II-C Notes.

“Guarantee Agreements” means (i) in the case of PHEAA, the Lender Agreement for Guarantee of Student Loans with Federal Reinsurance dated as of April 26, 2000 and the PHEAA Certificate of Comprehensive Insurance dated as of September 14, 2001, between PHEAA and the Eligible Lender Trustee on behalf of the Issuer, (ii) in the case of ASA, the Holder Guarantee Agreement dated as of April 26, 2000, between ASA and the Eligible Lender Trustee on behalf of the Issuer, (iii) in the case of CSAC, the Amended and Restated Agreement relating to the Guarantee of Loans for Attendance at Educational Institutions dated as of April 26, 2000, between CSAC and the Eligible Lender Trustee on behalf of the Issuer, (iv) in the case of NYHESC, the Loan Guarantee Agreement dated as of April 26, 2001, between NYHESC and the Eligible Lender Trustee on behalf of the Issuer, (v) in the case of MHEAA, the Agreement to Guarantee Consolidation Loans, the Certificate of Comprehensive Guarantee Coverage and the Agreement to Guarantee Loans, each dated as of April 26, 2000, between MHEAA and the Eligible Lender Trustee on behalf of the Issuer, (vi) in the case of NSLP, the Lender Agreement for Guarantee of Student Loans with Federal Reinsurance and the Lender Agreement for Guarantee of Federal Consolidation Loans with Federal Reinsurance, each dated as of April 26, 2000 between NSLP and the Eligible Lender Trustee on behalf of the Issuer, (vii) in the case of USAF, the Agreement to Guarantee Loans dated as of May 3, 2000, between USAF and the Eligible Lender Trustee on behalf of the Issuer, (viii) in the case of TERI, the Second Amended and Restated Guarantee Agreement dated as of April 26, 2000, among TERI, KBNA and the Eligible Lender Trustee on behalf of the Issuer, (ix) in the case of ECMC, the Holder Agreement For Payment on Guarantee of Student Loans with Federal Reinsurance, dated as of April 16, 2000, between ECMC and the Eligible Lender Trustee on behalf of the Issuer, (x) in the case of GLHEGC, the Student Loan Guaranty, dated as of April 26, 2000, between GLHEGC and the Eligible Lender Trustee on behalf of the Issuer, (xi) in the case of CSLP, the Lender Program Participation Agreement, dated as of August 6, 2003, between CSLP and the Eligible Lender Trustee on behalf of the Issuer, (xii) in the case of ISAC, the Holder Agreement, dated as of July 26, 2003, between ISAC and the Eligible Lender Trustee on behalf of the Issuer, (xiii) in the case of KHEAA, the Holder Agreement, dated as of August 12, 2003, between KHEAA and the Eligible Lender Trustee on behalf of the Issuer, (xiv) in the case of NELA, the Agreement to Guarantee Loans, dated as of November 1, 2006 between NELA and the Eligible Lender Trustee on behalf of the Issuer and the Agreement to Guarantee Consolidation Loans and Certificate of Comprehensive Guarantee Coverage, dated as of November 1, 2006 between NELA and the Eligible Lender Trustee on behalf of the Issuer and (xv) in the case of TGSLC, the Lender Participation Agreement, dated as of July 24, 2003. 

“Guarantee Fee Advance” means a loan made to a borrower of a Financed Guaranteed Private Loan, at the borrower’s option, at the time such borrower commences repayment of such Financed Guaranteed Private Loan to finance the cost of the fee imposed with respect to such Financed Guaranteed Private Loan at such time. 

“Guarantee Payment” means any payment made by a Guarantor pursuant to a Guarantee Agreement in respect of a Financed Student Loan.

“Guarantors” means, collectively, ASA, CSAC, CSLP, ECMC, GLHEGC, ISAC, KHEAA, MHEAA, NSLP, NYHESC, PHEAA, NELA, TGSLC and USAF and TERI.

“Higher Education Act” means the Higher Education Act of 1965, as amended, together with any rules, regulations and interpretations thereunder.

“Indenture” means the Indenture dated as of December 1, 2006, among the Issuer, the Indenture Trustee and the Paying Agent and Note Registrar.

“Indenture Trustee” means Deutsche Bank Trust Company Americas, a New York banking corporation, not in its individual capacity but solely as Indenture Trustee under the Indenture.

“Indenture Trust Estate” means all money, instruments, rights and other property that are subject or intended to be subject to the lien and security interest of the Indenture for the benefit of the Noteholders (including all property and interests granted to the Indenture Trustee), including all proceeds thereof.

“Independent” means, when used with respect to any specified Person, that the Person (a) is in fact independent of the Issuer, any other obligor upon the Notes, the Depositor, KBNA and any Affiliate of any of the foregoing Persons, (b) does not have any direct financial interest or any material indirect financial interest in the Issuer, any such other obligor, the Depositor, KBNA or any Affiliate of any of the foregoing Persons and (c) is not connected with the Issuer, any such other obligor, the Depositor, KBNA or any Affiliate of any of the foregoing Persons as an officer, employee, promoter, underwriter, trustee, partner, director or person performing similar functions.

“Independent Certificate” means a certificate or opinion to be delivered to the Indenture Trustee under the circumstances described in, and otherwise complying with, the applicable requirements of Section 11.01 of the Indenture, made by an Independent firm of certified public accountants appointed by an Issuer Order and approved by the Indenture Trustee in the exercise of reasonable care, and such opinion or certificate shall state that the signer has read the definition of “Independent” in the Indenture and that the signer is Independent within the meaning thereof.

“Index Maturity” shall have the meaning set forth in the definition of “Three-Month LIBOR”.

“Insider” means, with respect to an entity, any officer, director or person privy to material information, including, but not limited to, contracts or agreements concerning such entity that are not available to the general public.

“Insolvency Event” means, with respect to a specified Person, (a) the filing of a decree or order for relief by a court having jurisdiction in the premises in respect of such Person or any substantial part of its property in an involuntary case under any applicable Federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its property, or ordering the winding-up or liquidation of such Person’s affairs, and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or (b) the commencement by such Person of a voluntary case under any applicable Federal or state bankruptcy, insolvency or other similar law now or hereafter in effect, or the consent by such Person to the entry of an order for relief in an involuntary case under any such law, or the consent by such Person to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for such Person or for any substantial part of its property, or the making by such Person of any general assignment for the benefit of creditors, or the failure by such Person generally to pay its debts as such debts become due, or the taking of action by such Person in furtherance of any of the foregoing.

“Interest and Expense Draw” means any withdrawals from the Group I or Group II Reserve Account, as applicable, pursuant to Sections 5.06(b)(ii) through (b)(vi) of the Sale and Servicing Agreement. 

“Interest Collections” shall have the meaning specified in Section 5.03 of the Sale and Servicing Agreement.

“Interest Period” means, with respect to a Distribution Date, the period from and including the Closing Date or the most recent Distribution Date on which interest on the Notes has been distributed to but excluding the current Distribution Date.  In the case of the Notes and the initial Interest Period, this is the period from and including the Closing Date to and including March 26, 2007, the day before the first Distribution Date.

“Interest Subsidy Payments” means, with respect to the Group I Student Loans, payments, designated as such, consisting of interest subsidies by the Department in respect of the Financed Federal Loans to the Eligible Lender Trustee on behalf of the Trust in accordance with the Higher Education Act.

“Interim Trust Agreement” means each of (a) the Eligible Lender Trustee Agreement dated December 1, 2006, between the Issuer and the Eligible Lender Trustee and (b) the Interim Trust Agreement dated December 1, 2006, between the Depositor and the Depositor Eligible Lender Trustee (collectively, the “Interim Trust Agreements”).

“Investment Earnings” means, with respect to any Distribution Date, the investment earnings (net of losses and investment expenses) on amounts on deposit in the Trust Accounts to be deposited into the applicable Collection Account on or prior to such Distribution Date pursuant to Section 5.01(b) of the Sale and Servicing Agreement.

“ISAC” means the Illinois Student Assistance Commission.

“Issuer” means KeyCorp Student Loan Trust 2006-A until a successor replaces it and, thereafter, means the successor.

“Issuer Order” and “Issuer Request” means a written order or request signed in the name of the Issuer by any one of its Authorized Officers and delivered to the Indenture Trustee.

 “KBNA” means KeyBank National Association, successor to KBUSA, and its successors in interest. 

“KBUSA” means Key Bank USA, National Association, predecessor in interest to KBNA.

“KHEAA” means the Kentucky Higher Education Assistance Authority.

“LAI” means Law Access, Inc., a non-stock corporation organized under the laws of the State of Delaware, and the successor in interest to LSAS, the predecessor to AGI.

“LIBOR Determination Date” for each Interest Period, the second Business Day before the beginning of that Interest Period.  For purposes of this definition, a “Business Day” is any day on which banks in London and New York City are open for the transaction of business.

“LIBOR Indexed Securities” means each Class of Notes.

“Lien” means a security interest, lien, charge, pledge, equity or encumbrance of any kind, other than tax liens and any other liens, if any, which attach to the respective Financed Student Loan by operation of law as a result of any act or omission by the related Obligor.

“Liquidated Student Loan” means any defaulted Group I or Group II Student Loan, as applicable, liquidated by the Master Servicer (or any Subservicer acting on its behalf) or which the Master Servicer (or any Subservicer acting on its behalf) has, after using all reasonable efforts to realize upon such Group I or Group II Student Loan, as the case may be, determined to charge off.

“Liquidation Proceeds” means, with respect to any Liquidated Student Loan, the moneys collected in respect thereof from whatever source, other than Recoveries or Guarantee Payments received, net of the sum of any amounts expended by the Master Servicer (or any Subservicer acting on its behalf) in connection with such liquidation and any amounts required by law to be remitted to the borrower on such Liquidated Student Loan.

“LSAS”  means the Law School Admission Services, Inc.

“Master Note” means a Master Promissory Note in the form mandated by Section 432(m)(1)(D) of the Higher Education Act, as added by Pub. L. 105-244, § 427, 112 Stat. 1702 (1998), 20 U.S.C. § 1082(m)(1)(D).

“Master Servicer” means KBNA, a national banking association, and its successors in interest and permitted assigns.

“Master Servicer Default” means an event specified in Section 8.01(a) of the Sale and Servicing Agreement.

“Master Servicing Fee” has the meaning specified in the Servicing Fee Schedule attached to the Sale and Servicing Agreement as Schedule E.

“MHEAA” means the Michigan Higher Education Assistance Authority, an agency of the State of Michigan. 

“Monthly Period” means each calendar month in a Collection Period commencing with the calendar month of November 2006.

“Monthly Servicing Payment Date” means the twenty-seventh day of each calendar month, or, if such day is not a Business Day, the immediately following Business Day, commencing on December 27, 2006.

“Moody’s” means Moody’s Investors Service, Inc.

“MPN Holder” means the holder of an original Master Note. 

“MPN Loan” means a loan originated pursuant to the Federal Family Education Loan Program and the Higher Education Act and evidenced by a Master Note.

“MPN Loan Holder” means any holder of an MPN Loan as shown on the records of the MPN Holder.

“NELA” means Northwest Education Loan Association.

“Note Depository Agreement” means the agreement dated as of the Closing Date relating to the Notes, among the Issuer, the Indenture Trustee, the Administrator and The Depository Trust Company, as the initial Clearing Agency.

“Note Interest Rate” means, with respect to any Interest Period and any Class of Notes, the interest rate per annum equal to the sum of (x) Three-Month LIBOR plus (y) the Applicable Note Margin.  The interest rate per annum for each Class of Notes will be computed on the basis of the actual number of days elapsed in the related Interest Period divided by 360.

“Note Owner” means, with respect to a Book-Entry Note, the Person who is the owner of such Book-Entry Note, as reflected on the books of the Clearing Agency, or on the books of a Person maintaining an account with such Clearing Agency (directly as a Clearing Agency Participant or as an indirect participant, in each case in accordance with the rules of such Clearing Agency).

“Note Parity Trigger” means and will have occurred if on, the last day of the Collection Period immediately preceding the Stepdown Date or on the last day of any Collection Period after the Stepdown Date for the Group I or Group II Notes, as the case may be, if the Outstanding Amount of the Group I or Group II Notes, as applicable, exceeds the sum of the Group I or Group II Pool Balance, as the case may be.

“Note Register” and “Note Registrar” have the respective meanings specified in Section 2.04 of the Indenture.

“Note Underwriting Agreement” means the Note Underwriting Agreement dated as of December 1, 2006 among KBNA, the Depositor and Deutsche Bank Securities Inc., as Representative of the several Underwriters named therein.

“Noteholder” or “Holder” means the Person in whose name a Note is registered in the Note Register.

“Noteholders’ Distribution Amount” means, with respect to any Distribution Date and the Group I and the Group II Notes, as the case may be, the sum of the aggregate related Noteholders’ Interest Distribution Amount with respect to each Class of Group I or Group II Notes, as applicable, and the related Noteholders’ Principal Distribution Amount with respect the Group I or Group II Notes, as applicable, for such Distribution Date.

“Noteholders’ Interest Carryover Shortfall” means, with respect to any Distribution Date and the Group I and the Group II Notes, as the case may be, the excess of (i) the sum of the related Noteholders’ Interest Distribution Amount with respect to each Class of Group I or Group II Notes, as applicable, on the preceding Distribution Date over (ii) the amount of interest actually distributed to the Holders of the Group I or Group II Notes, as the case may be, on such preceding Distribution Date (which, with respect to the Group I Notes and until and including the Distribution Date in September 2008, shall include all amounts withdrawn from the Group I Capitalized Interest Account that are used to pay interest but which were not part of Group I Available Funds on such Distribution Date), plus interest on the amount of such excess interest due to the Holders of the Group I or Group II Notes, as applicable, to the extent permitted by law, at (1) the weighted average of the applicable Note Interest Rates, in the case of the Class A Notes of each group of Notes, and (2) the Note Interest Rate for each applicable Class of Group I or Group II Subordinate Notes, in each case from such preceding Distribution Date to the current Distribution Date.

“Noteholders’ Interest Distribution Amount” means, with respect to any Distribution Date and any Class of Notes, the sum of (i) the aggregate amount of interest accrued at the applicable Note Interest Rate for the related Interest Period on the outstanding principal balance of such Class of Notes on the immediately preceding Distribution Date after giving effect to all principal distributions to such Noteholders of such Class on such date (or, in the case of the first Distribution Date, on the Closing Date) and (ii) the Noteholders’ Interest Carryover Shortfall for such Class and such Distribution Date.

“Noteholders’ Principal Distribution Amount” means, with respect to the Group I or Group II Notes, as the case may be, and any Distribution Date, the Group I Principal Distribution Amount with respect to the Group I Notes and the Group II Principal Distribution Amount with respect to the Group II Notes, as applicable, on such Distribution Date; provided, however, that the Noteholders’ Principal Distribution Amount for the Group I or Group II Notes, as applicable, will not exceed the outstanding principal balance of the Group I or Group II Notes, respectively.  In addition, on the Final Maturity Date for each related Class of Notes, the principal required to be distributed to such Class of Notes will include the amount required to reduce the outstanding principal balance of such Class of Notes to zero. 

“Notes” means the Group I Notes and the Group II Notes.

“NSLP” means the Nebraska Student Loan Program, d/b/a National Student Loan Program, a Nebraska corporation.

“NYHESC” means the New York State Higher Education Services Corporation, an educational corporation created by an act of the Legislature of the State of New York.

“Obligor” on a Financed Student Loan means the borrower or co-borrowers of such Financed Student Loan and any other Person who owes payments in respect of such Financed Student Loan, including the Guarantor thereof and, with respect to any Interest Subsidy Payment or Special Allowance Payment, if any, thereon, the Department.

“Officers’ Certificate” means (i) in the case of the Issuer, a certificate signed by any two Authorized Officers of the Eligible Lender Trustee, under the circumstances described in, and otherwise complying with, the applicable requirements of Section 11.01 of the Indenture, and delivered to the Indenture Trustee, (ii) in the case of the Depositor, KBNA or the Administrator, a certificate signed by any two Authorized Officers of the Depositor, the Seller or the Administrator, as appropriate, (iii) in the case of the Master Servicer, a certificate signed by any two Authorized Officers of the Master Servicer and (iv) in the case of any Subservicer, a certificate signed by any two Authorized Officers of such Subservicer.

“Official MPN Copy” means, with respect to each Transferred MPN Loan, the copy of the Master Note evidencing such Transferred MPN Loans and marked as provided in Section 2.06(A) of the Sale and Servicing Agreement.

“Opinion of Counsel” means (i) with respect to the Issuer, one or more written opinions of counsel who may, except as otherwise expressly provided in the Indenture, be employees of or counsel to the Issuer and who shall be acceptable to the Indenture Trustee, and which opinion or opinions shall be addressed to the Indenture Trustee as Indenture Trustee, shall comply with any applicable requirements of Section 11.01 of the Indenture, and shall be in form and substance satisfactory to the Indenture Trustee, (ii) with respect to the Depositor, KBNA, the Administrator or the Master Servicer, one or more written opinions of counsel who may be an employee of or counsel to KBNA, the Administrator or the Master Servicer, which counsel shall be acceptable to the Indenture Trustee, the Eligible Lender Trustee or the Rating Agencies, as applicable, and shall be in form and substance satisfactory to the Indenture Trustee, the Eligible Lender Trustee or the Rating Agencies, as applicable, and  (iii) with respect to the a Subservicer, one or more written opinions of counsel who may be an employee of or counsel to Subservicer, which counsel shall be acceptable to the Master Servicer and shall be in form and substance satisfactory to the Master Servicer.

“Outstanding” means, as of the date of determination, all Group I and/or Group II Notes, as applicable, theretofore authenticated and delivered under the Indenture except:

(i)

Notes theretofore canceled by the Note Registrar or delivered to the Note Registrar for cancellation;

(ii)

Notes or portions thereof the payment for which money in the necessary amount has been theretofore deposited with the Indenture Trustee or the Paying Agent in trust for the Noteholders thereof (provided, however, that if such Notes are to be redeemed, notice of such redemption has been duly given pursuant to the Indenture); and

(iii)

Notes in exchange for or in lieu of other Notes which have been authenticated and delivered pursuant to the Indenture unless proof satisfactory to the Indenture Trustee is presented that any such Notes are held by a bona fide purchaser;

provided that in determining whether the Group I and/or Noteholders, as applicable, of the requisite Outstanding Amount of the Notes have given any request, demand, authorization, direction, notice, consent or waiver hereunder or under any other Basic Document, Notes owned by the Issuer, any other obligor upon the Notes, KBNA, the Depositor, the Administrator, the Master Servicer, any Subservicer or any Affiliate of any of the foregoing Persons shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Indenture Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Notes that a Responsible Officer of the Indenture Trustee either actually knows to be so owned or has received written notice thereof shall be so disregarded.  Notes so owned that have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Indenture Trustee the pledgee’s right so to act with respect to such Notes and that the pledgee is not the Issuer, any other obligor upon the Notes, KBNA, the Depositor, the Administrator, the Master Servicer, any Subservicer or any Affiliate of any of the foregoing Persons.

“Outstanding Amount” means the aggregate principal amount of all Group I and/or Group II Notes, as applicable, Outstanding at the date of determination.

“Owner Trustee” means The Bank of New York (Delaware), a Delaware banking corporation, not in its individual capacity but solely as Owner Trustee under the Trust Agreement.

“Paying Agent” means Deutsche Bank Trust Company Americas or any other Person that meets the eligibility standards for the Indenture Trustee specified in Section 6.11 of the Indenture and is authorized by the Issuer to make the payments to and distributions from the Collection Accounts and payments of principal of and interest and any other amounts owing on the Notes on behalf of the Issuer.

“Person” means any individual, corporation, estate, partnership, joint venture, association, joint stock company, trust (including any beneficiary thereof), unincorporated organization or government or any agency or political subdivision thereof.

“PHEAA” means the Pennsylvania Higher Education Assistance Agency, an agency of the Commonwealth of Pennsylvania.

“PHEAA Subservicing Agreements” means the collective reference to the two certain Subservicing Agreements (one with respect to the Group I Student Loans and the other with respect to the Group II Student Loans), each dated as of December 1, 2006, and each between PHEAA and the Master Servicer.

“PHEAA Trust Receipt” means the two Trust Receipts, each dated December 7, 2006, from PHEAA acknowledging the receipt and possession of the Financed Student Loan Files relating to the Financed Student Loans being subserviced by PHEAA. 

“Physical Property” has the meaning assigned to such term in the definition of “Delivery” above.

“PLUS Loan” means a Financed Federal Loan designated as such that is made under the PLUS Loan Program pursuant to the Higher Education Act.

“Pool Balance” means the collective reference to the Group I Pool Balance and the Group II Pool Balance, as applicable.

“Pool Factor” means as of the close of business on a Distribution Date and for each Class of Notes, a seven-digit decimal figure equal to the outstanding principal balance of such Class of Notes divided by the original outstanding principal balance of such Class of Notes.  The Pool Factor for each Class of Notes will be 1.0000000 as of the Closing Date; thereafter, the Pool Factor for each Class of Notes will decrease to reflect reductions in the outstanding principal balance of such Classes of Notes. 

“Predecessor Note” means, with respect to any particular Note, every previous Note evidencing all or a portion of the same debt as that evidenced by such particular Note; and, for the purpose of this definition, any Note authenticated and delivered under Section 2.05 of the Indenture and in lieu of a mutilated, lost, destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated, lost, destroyed or stolen Note.

“Prime Rate” means the rate published as the Prime Rate in The Wall Street Journal in its Money Rates section, or if more than one Prime Rate is published by The Wall Street Journal, the highest of such rates.

“Private Consolidation Guarantee Fee” means, with respect to each Private Consolidation Loan that is guaranteed, a fee charged to the borrower to discharge the underlying Financed Private Loans and included in the original principal amount of such Private Consolidation Loan.

“Private Consolidation Loan” means a loan to an eligible borrower that represents the refinancing of Financed Private Loans of such borrower in accordance with the terms of the Programs.

“Private Guarantor” means TERI.

“Proceeding” means any suit in equity, action at law or other judicial or administrative proceeding.

“Programs” means the Graduate Loan Programs and Undergraduate Loan Programs, as in effect from time to time.

“Purchase Amount” means, as of the close of business on the last day of a Collection Period, 100% of the amount required to prepay in full the respective Group I Student Loan, and 100% of the amount required to prepay in full the respective Group II Student Loan, in each case under the terms thereof including all accrued interest thereon expected to be capitalized upon entry into repayment and any lost Interest Subsidy Payments and Special Allowance Payments (with respect to the Group I Student Loans only) with respect thereto.

“Purchased Student Loan” means a Financed Student Loan purchased as of the close of business on the last day of a Collection Period by the Master Servicer (or any Subservicer acting on its behalf) pursuant to Section 4.06 of the Sale and Servicing Agreement or repurchased by the Depositor (or KBNA acting on its behalf), pursuant to Section 3.02 of the Sale and Servicing Agreement.

“Rating Agency” means each of Moody’s, Fitch and S&P.  If any such organization or successor is no longer in existence, “Rating Agency” shall be a nationally recognized statistical rating organization or other comparable Person designated by the Depositor, notice of which designation shall be given to the Indenture Trustee, the Eligible Lender Trustee, the Master Servicer and each Subservicer.

“Rating Agency Condition” means, with respect to any action, that each Rating Agency shall have been given 10 days’ prior notice thereof (or such shorter period as shall be acceptable to the Rating Agencies) and that the Rating Agencies shall have notified the Depositor, KBNA, the Master Servicer, the Eligible Lender Trustee and the Indenture Trustee in writing that such action will not in and of itself result in a reduction or withdrawal of the then current rating of the Group I and/or Group II Notes, as applicable.

“Realized Loss Amount” means with respect to the Group I Student Loans and the Group II Student Loans, respectively, (1) with respect to any Distribution Date prior to the Group I or Group II Parity Date, as applicable, an amount equal to the positive difference of any of (x) the sum of the Group I or Group II Pool Balance, as applicable as of the last day of the second preceding Collection Period (or, in the case of the first Distribution Date, as of the Cutoff Date), minus the sum of the Group I or Group II Pool Balance, respectively, as of the last day of the related Collection Period, minus (y) the amount of Group I or Group II Available Funds, as the case may be, remaining to be distributed as the related Noteholders’ Principal Distribution Amount for the Group I or Group II Notes, respectively, on such Distribution Date pursuant to Sections 5.05(c)(X)(5) or 5.05(c)(Y)(6), respectively, of the Sale and Servicing Agreement and (2) with respect to any Distribution Date on and after the Group I or Group II Parity Date, respectively, an amount equal to (A) the related Noteholders’ Principal Distribution Amount for the Group I or Group II Notes, respectively, for such Distribution Date minus (B) the amount of Group I or Group II Available Funds, respectively, remaining to be distributed as the related Noteholders’ Principal Distribution Amount for the Group I or Group II Notes, respectively, on such Distribution Date pursuant to Sections 5.05(c)(X)(5) or 5.05(c)(Y)(6), respectively, of the Sale and Servicing Agreement. 

“Realized Losses” means the excess of the aggregate principal balance of any Liquidated Student Loan plus accrued but unpaid interest thereon over the related Liquidation Proceeds to the extent allocable to principal.

“Record Date” means, with respect to a Distribution Date or Redemption Date, the close of business on the 26th day of the calendar month in which such Distribution Date or Redemption Date occurs.

“Recoveries” means, with respect to any Liquidated Student Loan, moneys collected in respect thereof, from whatever source, during any Collection Period following the Collection Period in which such Group I or Group II Student Loan, as applicable, became a Liquidated Student Loan, net of the sum of any amounts expended by the Master Servicer (or any Subservicer acting on its behalf) for the account of any Obligor and any amounts required by law to be remitted to the Obligor.  

“Redemption Date” means in the case of a payment to the Group I or Group II Noteholders, as the case may be, pursuant to Section 10.01 of the Indenture, the Distribution Date specified by the Administrator or the Issuer pursuant to Section 10.01 of the Indenture.

“Redemption Price” means in the case of a payment made to the Group I or Group II Noteholders pursuant to Section 10.01 of the Indenture, the amount to be so paid.

“Reference Bank” means a leading bank (i) engaged in transactions in Eurodollar deposits in the international Eurocurrency market, (ii) not controlling, controlled by or under common control with the Administrator and (iii) having an established place of business in London.

“Regulation AB” means  Subpart 229.1100 – Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1123, as such may be amended from time to time, and subject to such clarification and interpretation as have been provided by the Commission in the adopting release (Asset-Backed Securities, Securities Act Release No. 33-8518, 70 Fed. Reg. 1,506, 1,531 (Jan. 7, 2005)) or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time.

“Rehabilitated Student Loans” means the Group II Student Loans that are 100% guaranteed by TERI, which were at one time in default and transferred to TERI upon its guaranty claim payment but have since made at least three consecutive monthly payments in full and were transferred back to the Seller and, as of the Cutoff Date, are no more than 150 days delinquent in payment of interest and principal.

“Remote Time-Sharing Services Program” means the various services and programs made available by PHEAA to KBNA pursuant to the Society RT-SS Agreement.

“Representative” means Deutsche Bank Securities Inc., as representative of the several Underwriters under the Underwriting Agreement. 

“Reserve Accounts” means the collective reference to the Group I Reserve Account and the Group II Reserve Account.

“Responsible Officer” means, with respect to the Indenture Trustee or the Eligible Lender Trustee, any officer within the Corporate Trust Office of the Indenture Trustee or the Eligible Lender Trustee, including any Vice President, Assistant Vice President, Secretary, Assistant Secretary, or any other officer of the Indenture Trustee or the Eligible Lender Trustee customarily performing functions similar to those performed by any of the above designated officers, with direct responsibility for the administration of the Indenture (or the Trust Agreement, as amended from time to time, as applicable to the Eligible Lender Trustee) and the other Basic Documents on behalf of the Indenture Trustee or the Eligible Lender Trustee and also, with respect to a particular matter, any other officer to whom such matter is referred because of such officer’s knowledge of and familiarity with the particular subject.

“S&P” means Standard and Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc.

“Sale and Servicing Agreement” means the Sale and Servicing Agreement dated as of December 1, 2006 among the Issuer, the Depositor, the Administrator, the Eligible Lender Trustee and the Master Servicer.

“Sarbanes Certification” means the certification required by Rules 13a-14(d) and 15(d)-14(d) under the Exchange Act (pursuant to Section 302 of the Sarbanes Oxley Act of 2002).

“Schedules of Financed Student Loans” means the listing of the Financed Student Loans set forth in Schedules A-1 and A-2 to the Sale and Servicing Agreement and to the Indenture (which Schedules may be in the form of microfiche or computer tape), as amended.

“Securities” means the Notes.

“Securities Act” means the Securities Act of 1933, as amended.

“Seller” means KBNA.

“Senior Percentage” means, with respect to the (i) Group I Notes only, the percentage equivalent of a fraction, the numerator of which is the aggregate principal balance of the Group I Senior Notes, and the denominator of which is the sum of the aggregate principal balance of all the Group I Notes and (ii) Group II Notes only, the percentage equivalent of a fraction, the numerator of which is the aggregate principal balance of the Group II Senior Notes, and the denominator of which is the sum of the aggregate principal balance of all the Group II Notes.

“Servicer’s Report” means any report of the Master Servicer (or any Subservicer acting at the direction of the Master Servicer) delivered pursuant to Section 4.08(a) or (b) of the Sale and Servicing Agreement, substantially in the form acceptable to the Administrator.

“Servicing Criteria” means the “servicing criteria” set forth in Item 1122(d) of Regulation AB, as such may be amended from time to time.

“SLS Loan” means a Financed Federal Loan designated as such that is made under the Supplemental Loans for Students Program pursuant to the Higher Education Act.

“Society” means Society National Bank, predecessor in interest to KBNA and successor in interest to Ameritrust.

“Society RT-SS Agreement” means (i) the Remote Time-Sharing Services Agreement, dated January 28, 1992, by and between PHEAA and Society, as amended from time to time, relating to certain Financed Student Loans, or (ii) after the expiration of the agreement described in clause (i), the then current agreement relating to the provision of remote time-sharing services between PHEAA and KBNA, or if no such agreement exists, the last such agreement to be in existence; and any references to specific sections of the Society RT-SS Agreement shall mean the sections of the agreement described in clause (i) of this definition or the substantially similar provisions of the relevant agreement described in clause (ii) of this definition.

“Special Allowance Payments” means payments, designated as such, consisting of effective interest subsidies by the Department in respect of the Financed Federal Loans to the Eligible Lender Trustee on behalf of the Trust in accordance with the Higher Education Act.

“Specified Reserve Account Balance” means, with respect to any distribution date: (1) with respect to the Group I Reserve Account, an amount equal to the greater of (x) 0.25% of the Group I Pool Balance of the Group I Student Loans, and (y) 0.15% of the aggregate principal balance of the Group I Student Loans as of the Cutoff Date; and (2) with respect to the Group II Reserve Account, an amount equal to the greater of (x) 3.50% of the Group II Pool Balance of the Group II Student Loans, and (y) 0.50% of the aggregate principal balance of the Group II Student Loans as of the Cutoff Date; provided, however, in each case, in no event will such balance exceed the sum of the outstanding principal amount of the related group of Notes.

“Stafford Loan” means a Financed Federal Loan designated as such that is made under the Federal Stafford Loan Program in accordance with the Higher Education Act.

“State” means any one of the 50 States of the United States of America or the District of Columbia.

“Statistical Cutoff Date” means October 1, 2006, with respect to the Financed Student Loans.

“Stepdown Date” means, with respect to the Group I or Group II Notes, as applicable, the earlier of (i) the first date on which no Group I or Group II Senior Notes, as applicable, remain outstanding or (ii) the December 2011 Distribution Date. 

“Student Loans” means education loans to students and parents or sponsors of students.

“Student Loan Transfer Agreement” means the Student Loan Transfer Agreement, dated as of December 1, 2006, among KBNA, as seller, the Depositor, as purchaser, and the Depositor Eligible Lender Trustee, whereunder the Student Loans are sold to the Depositor.

“Subcontractor”  means any vendor, subcontractor or other Person that is not responsible for the overall servicing (as “servicing” is commonly understood by participants in the student loan-backed securities market) of Financed Student Loans but performs one or more of the discrete functions identified in Item 1122(d) of Regulation AB with respect to the Financed Student Loans under the direction or authority of the Administrator, Servicer or Indenture Trustee (as applicable).

“Subordinate Note Principal Trigger” means, with respect to the Group I or Group II Subordinate Notes, as applicable,  and will occur and be continuing if a related Note Parity Trigger occurs and is continuing with respect to the Group I or Group II Notes, as applicable.  In addition, a Subordinate Note Principal Trigger with respect to the Group I or Group II Subordinate Notes, as applicable, will occur if the Cumulative Default Percentage for the Group I or Group II Student Loans exceeds 25% and 17%, respectively, (or such higher percentage which satisfies the Rating Agency Condition) as of the end of the related Collection Period.

“Subordinate Percentage” means, for the Group I or Group II Notes, as applicable, is equal to 100% minus the Senior Percentage of the Group I or Group II Notes, respectively. 

“Subservicer” initially means each of PHEAA, in its capacity as subservicer of the Financed Student Loans it services on behalf of the Master Servicer pursuant to the PHEAA Subservicing Agreements, and GLELSI, as subservicer of the Financed Student Loans it services on behalf of the Master Servicer pursuant to the GLELSI Subservicing Agreements, as applicable, and such other Subservicers as may, from time to time, be appointed by the Master Servicer as Subservicers in accordance with the provisions of Section 4.13 of the Sale and Servicing Agreement.

“Subsequent Transfer Date” has the meaning set forth in Section 3.02(b) or Section 4.06(b), as applicable of the Sale and Servicing Agreement.

“Substituted Student Loan” means any student loan substituted by the Depositor (or KBNA on its behalf), pursuant to the terms of Section 3.02(b) of the Sale and Servicing Agreement or by the Master Servicer (or by the applicable Subservicer), pursuant to the terms of Section 4.06 of the Sale and Servicing Agreement, from time to time. 

“Substitution Shortfall” means the amount of any shortfall between the Purchase Amount of the Substituted Student Loans and the Purchase Amount of the Financed Student Loans for which they are being substituted.

“Successor Administrator” has the meaning specified in Section 3.07(e) of the Indenture.

“Successor Master Servicer” has the meaning specified in Section 3.07(e) of the Indenture.

“Telerate Page 3750” means the display page so designated on the Bridge Telerate Service (or such other page as may replace that page on that service for the purpose of displaying comparable rates or prices) or such comparable page on a comparable service.

“TERI” means The Education Resources Institute, Inc., a Massachusetts non-profit corporation.

“Three-Month LIBOR” means the London interbank offered rate ("LIBOR") for deposits in U.S. dollars having a maturity of three months commencing on the related LIBOR Determination Date (the "Index Maturity") which appears on Telerate Page 3750 as of 11:00 a.m., London time, on such LIBOR Determination Date.  If such rate does not appear on Telerate Page 3750, the rate for that day will be determined on the basis of the rates at which deposits in U.S. dollars, having the Index Maturity and in a principal amount of not less than U.S. $1,000,000, are offered at approximately 11:00 a.m., London time, on such LIBOR Determination Date to prime banks in the London interbank market by the Reference Banks.  The Administrator will request the principal London office of each of such Reference Banks to provide a quotation of its rate.  If at least two such quotations are provided, the rate for that day will be the arithmetic mean of the quotations.  If fewer than two quotations are provided, the rate for that day will be the arithmetic mean of the rates quoted by major banks in New York City, selected by the Administrator, at approximately 11:00 a.m., New York City time, on such LIBOR Determination Date for loans in U.S. dollars to leading European banks having the Index Maturity and in a principal amount of not less than U.S. $1,000,000; provided that if the banks selected as aforesaid are not quoting as mentioned in this sentence, Three-Month LIBOR in effect for the applicable reset period will be Three-Month LIBOR in effect for the previous reset period. 

“Transferred MPN Loans” means those Financed Student Loans that are MPN Loans.

“Treasury Regulations” means regulations, including proposed or temporary regulations, promulgated under the Code.  References in any document or instrument to specific provisions of proposed or temporary regulations shall include analogous provisions of final Treasury Regulations or other successor Treasury Regulations.

“Trust” means the Issuer, established pursuant to the Trust Agreement.

“Trust Account Property” means the Trust Accounts, all amounts and investments held from time to time in any Trust Account (whether in the form of deposit accounts, Physical Property, book-entry securities, uncertificated securities or otherwise), including the Group I and Group II Reserve Account Initial Deposits and all proceeds of the foregoing.

“Trust Accounts” has the meaning specified in Section 5.01 of the Sale and Servicing Agreement.

“Trust Agreement” means the Trust Agreement, dated as of October 26, 2006, between the Depositor and the Owner Trustee, as amended and restated by the Amended and Restated Trust Agreement, dated as of December 1, 2006, among the Depositor, the Owner Trustee and the Eligible Lender Trustee.

“Trust Certificate” means the Certificate.

“Trust Estate” means all right, title and interest of the Trust (or the Eligible Lender Trustee on behalf of the Trust) in and to the property and rights assigned to the Trust pursuant to Article II of the Sale and Servicing Agreement, all funds on deposit from time to time in the Trust Accounts and all other property of the Trust from time to time, including any rights of the Eligible Lender Trustee and the Trust pursuant to the Sale and Servicing Agreement and the Administration Agreement.

“Trust Indenture Act” or “TIA” means the Trust Indenture Act of 1939 as in force on the date hereof, unless otherwise specifically provided.

“Trust Receipts” means the collective reference to the GLELSI Trust Receipt and the PHEAA Trust Receipt.

“TGSLC” means Texas Guaranteed Student Loan Corporation.

“UCC” means, unless the context otherwise requires, the Uniform Commercial Code, as in effect in the relevant jurisdiction, as amended from time to time.

“Undergraduate Loan Programs” means the loan programs pursuant to which KBNA or KBUSA made loans to students enrolled in approved or accredited undergraduate institutions. 

“Underwriters” shall mean Deutsche Bank Securities Inc, KeyBanc Capital Markets, a Division of McDonald Investments Inc. and Credit Suisse Securities (USA).

“Underwriting Agreement” shall mean the Note Underwriting Agreement.

“Underwriter Information” shall have the meaning given to such term in Section 2(b) of the Underwriting Agreement.

“USAF” means United Student Aid Fund, Inc., an Indiana corporation.

SCHEDULE A-1

TO THE

SALE AND SERVICING AGREEMENT

Schedule of Group I Student Loans (which shall include any Add-On Consolidation Loans added to existing Federal Consolidation Loans during the Consolidation Loan Add-On Period)

Delivered to the Indenture Trustee.

SCHEDULE A-2

TO THE

SALE AND SERVICING AGREEMENT

Schedule of Group II Student Loans

Delivered to the Indenture Trustee

SCHEDULE C

TO THE

SALE AND SERVICING AGREEMENT

Location of Financed Student Loan Files - PHEAA

Documents relating to the Financed Student Loans being subserviced by PHEAA on behalf of the Master Servicer pursuant to the PHEAA Subservicing Agreements (including original notes) are stored at PHEAA’s facility at 1200 North 7th Street, Harrisburg, Pennsylvania 17102.

Location of Financed Student Loan Files - GLELSI

Documents relating to the Financed Student Loans being subserviced by GLELSI on behalf of the Master Servicer pursuant to the GLELSI Subservicing Agreements (including original notes) are stored at GLELSI’s facilities at 2401 International Lane, Madison, Wisconsin 53704, and, on behalf of GLELSI, at the offices of Datakeep Inc., 2538 Daniels Street, Madison, Wisconsin 53718.

SCHEDULE D

TO THE

SALE AND SERVICING AGREEMENT

[RESERVED]

SCHEDULE E

TO THE

SALE AND SERVICING AGREEMENT

1.

Fees.  The Master Servicing Fee payable to the Master Servicer on each Monthly Servicing Payment Date in accordance with Sections 4.07 and 5.05(b), (c)(X)(1) and (c)(Y)(1) of the Sale and Servicing Agreement shall be equal to 0.0416666% (0.50% on an annualized basis) (the “Master Servicing Fee Percentage”) of the Group I and Group II Pool Balance, respectively, as of the last day of the preceding calendar month (the “Master Servicing Fee”).

2.

Adjustments.  If a demonstrable and significant increase occurs in the costs incurred by the Master Servicer in providing and/or arranging for the services to be provided under the Sale and Servicing Agreement, whether due to changes in applicable governmental regulations, guarantor program requirements or regulations, United States Postal Service postage rates or some other identifiable cost increasing event, the Depositor, the Eligible Lender Trustee on behalf of the Issuer and the Master Servicer shall negotiate in good faith a reasonable increase in the Master Servicing Fee Percentage to reflect the increased costs of the Master Servicer (subject to satisfaction of the Rating Agency Condition).

EXHIBIT A

TO THE

SALE AND SERVICING AGREEMENT

Form of Noteholders’ Statement pursuant to Section 5.07 of Sale and Servicing Agreement 

Capitalized Terms used herein are defined in Appendix A thereto.

Distribution Date:___________________

	(amounts in whole dollars unless otherwise noted)

	 	 	 	 	Noteholders' Distribution Amount

	Note

	Subordinate Note Principal Triggers

	Principal Remaining After Distribution

	Master Servicing

	Administration

	 	 	 	 	Principal

	Interest

	Interest

	in effect?

	Principal

	Principal

	 	 	 	 	Distribution

	Distribution

	Rate

	( Y / N / -- )

	Outstanding

	Pool Factor

	Fees

	Fees

	(A)

	Distribution/Payment Amounts

	 	 	 	 	 	 	 	 
	 	(i)

	Class I-A-1 Notes

	 	 	 	 	 	 	 	 
	 	(ii)

	Class I-A-2 Notes

	 	 	 	 	 	 	 	 
	 	(iii)

	Class I-B Notes

	 	 	 	 	 	 	 	 
	 	(iv)

	Total Group I Notes

	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	(v)

	Class II-A-1 Notes

	 	 	 	 	 	 	 	 
	 	(vi)

	Class II-A-2 Notes

	 	 	 	 	 	 	 	 
	 	(vii)

	Class II-A-3 Notes

	 	 	 	 	 	 	 	 
	 	(viii)

	Class II-A-4 Notes

	 	 	 	 	 	 	 	 
	 	(ix)

	Class II-B Notes

	 	 	 	 	 	 	 	 
	 	(x)

	Class II-C Notes

	 	 	 	 	 	 	 	 
	 	(xi)

	Total Group II Notes

	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	(B)

	Amounts per $1000 of original Note Principal Amount as of the Closing Date

	 
	 	(i)

	Class I-A-1 Notes

	 	 	 	 	 	 	 
	 	(ii)

	Class I-A-2 Notes

	 	 	 	 	 	 	 
	 	(iii)

	Class I-B Notes

	 	 	 	 	 	 	 
	 	(iv)

	Total Group I Notes

	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 
	 	(v)

	Class II-A-1 Notes

	 	 	 	 	 	 	 
	 	(vi)

	Class II-A-1 Notes

	 	 	 	 	 	 	 
	 	(vii)

	Class II-A-3 Notes

	 	 	 	 	 	 	 
	 	(viii)

	Class II-A-4 Notes

	 	 	 	 	 	 	 
	 	(ix)

	Class II-B Notes

	 	 	 	 	 	 	 
	 	(x)

	Class II-C Notes

	 	 	 	 	 	 	 
	 	(xi)

	Total Group II Notes

	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	(C)

	Pool Performance Metrics

	Group I

	Group II

	 
	 	 	 	# Loans 

	Principal

	# Loans

	Principal

	 
	 	(i)

	Group Pool Balance

	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	(ii)

	30-60 Days Delinquent

	 	 	 	 	 
	 	(iii)

	61-90 Days Delinquent

	 	 	 	 	 
	 	(iv)

	91-120 Days Delinquent

	 	 	 	 	 
	 	(v)

	121-150 Days Delinquent

	 	 	 	 	 
	 	(vi)

	151-180 Days Delinquent

	 	 	 	 	 
	 	(vii)

	More than 180 Days Delinquent

	 	 	 	 	 
	 	(viii)

	Claims Filed Awaiting Payment

	 	 	 	 	 
	 	(ix)

	Total Delinquency

	 	 	 	 	 
	 	 	 	 	 	 	 	 
	 	(x)

	Realized Losses

	 	 	 	 	 
	 	 	 	 	 	 	 	 
	(D)

	Reserve & Group I Capitalized Interest Account  Usage

	Group I

	Group II

	 
	 	(i)

	Amount remaining  in Reserve Accounts

	 	 	 
	 	(ii)

	Amount of Interest and Expense Draw from Reserve Accounts

	 	 	 
	 	(iii)

	Amount remaining in the Group I Capitalized Interest Account

	 	 	 

EXHIBIT B

TO THE

SALE AND SERVICING AGREEMENT

[RESERVED]

EXHIBIT C

TO THE

SALE AND SERVICING AGREEMENT

[RESERVED]

EXHIBIT D

TO THE

SALE AND SERVICING AGREEMENT 

ASSIGNMENT

For value received, in accordance with the Sale and Servicing Agreement (the “Sale and Servicing Agreement”) dated as of December 1, 2006, among KeyCorp Student Loan Trust 2006-A, as issuer (the “Issuer”), KeyBank National Association, as master servicer (the “Master Servicer”) and seller (the “Seller”), Key Consumer Receivables LLC, as depositor (the “Depositor”), JPMorgan Chase Bank, National Association, solely as eligible lender trustee on behalf of the Issuer and not in its individual capacity (the “Eligible Lender Trustee”) and as depositor eligible lender trustee (the “Depositor Eligible Lender Trustee”) on behalf of  the Depositor, and KeyBank National Association, as administrator (the “Administrator”), the undersigned does hereby sell, assign, transfer and otherwise convey unto the Issuer (with respect to the beneficial ownership interest), and, with respect to legal title, the Eligible Lender Trustee on behalf of the Issuer, without recourse (subject to the obligations set forth in the Sale and Servicing Agreement), (i) all right, title and interest of the undersigned in and to the Financed Student Loans and all obligations of the Obligors thereunder including all moneys paid thereunder and all written communications received by the Depositor (and the Depositor Eligible Lender Trustee) with respect thereto (including borrower correspondences, notices of death, disability or bankruptcy and requests for deferrals or forbearances), on or after the Cutoff Date, (ii) the rights of the Depositor set forth in Sections 2.01(ii) and 2.01(iii) of the Sale and Servicing Agreement, and (iii) the proceeds of any and all of the foregoing.  The foregoing sale does not constitute and is not intended to result in any assumption by the Issuer or the Eligible Lender Trustee of any obligation of the Seller to the Obligors with respect to the Financed Student Loans or any other person in connection with the Financed Student Loans or any agreement or instrument relating to any of them.

In addition, the undersigned, by execution of this instrument, hereby endorses the promissory notes evidencing each Financed Student Loan described in Schedules A-1 and A-2 to the Sale and Servicing Agreement in favor of the Eligible Lender Trustee on behalf of the Issuer, without recourse (subject to the obligations set forth in the Sale and Servicing Agreement) against the undersigned.  This indorsement may be effected by attaching a facsimile hereof to each or any of such promissory notes.

This Assignment is made pursuant to and upon the representations, warranties and agreements on the part of the undersigned contained in the Sale and Servicing Agreement and is to be governed by the Sale and Servicing Agreement.

Capitalized terms used but not defined herein shall have the meaning assigned to them in Appendix A to the Sale and Servicing Agreement, which also contains rules as to usage that shall be applicable herein.

IN WITNESS WHEREOF, the undersigned has caused this Assignment to be duly executed as of December 7, 2006.

	KEY CONSUMER RECEIVABLES LLC, 

as Depositor

	By: ______________________________________

	Name:

Krista C. Neal

	Title:  Treasurer

	JPMorgan Chase Bank, National Association, 

as Depositor Eligible Lender Trustee for the Depositor

	By: ______________________________________

	Name:

	Title:

EXHIBIT E

TO THE

SALE AND SERVICING AGREEMENT

[RESERVED]

EXHIBIT F

Servicing Criteria To Be Addressed In Assessment Of Compliance

The assessment of compliance to be delivered by the Master Servicer, shall address, at a minimum, the criteria identified as below as “Applicable Servicing Criteria”:

	Reference

	Criteria

	Applicability

	 	

General Servicing Considerations

	 
	1122(d)(1)(i)

	Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.

	X

	1122(d)(1)(ii)

	If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing activities. 

	X

	1122(d)(1)(iii)

	Any requirements in the transaction agreements to maintain a back-up servicer for the pool assets are maintained. 

	N/A

	1122(d)(1)(iv)

	A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of the transaction agreements. 

	X

	 

	

Cash Collection and Administration

	 
	1122(d)(2)(i)

	Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days specified in the transaction agreements. 

	X

	1122(d)(2)(ii)

	Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel. 

	N/A

	1122(d)(2)(iii)

	Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements. 

	N/A

	1122(d)(2)(iv)

	The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of over collateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the transaction agreements. 

	N/A

	1122(d)(2)(v)

	Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository institution” with respect to a foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act. 

	X

	1122(d)(2)(vi)

	Unissued checks are safeguarded so as to prevent unauthorized access. 

	X

	1122(d)(2)(vii)

	Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B) prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements. 

	X

	 	 	 
	 	

Investor Remittances and Reporting

	 
	1122(d)(3)(i)

	Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance with timeframes and other terms set forth in the transaction agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors’ or the trustee’s records as to the total unpaid principal balance and number of pool assets serviced by the servicer. 

	N/A

	1122(d)(3)(ii)

	Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements. 

	N/A

	1122(d)(3)(iii)

	Disbursements made to an investor are posted within two business days to the servicer’s investor records, or such other number of days specified in the transaction agreements. 

	N/A

	1122(d)(3)(iv)

	Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements. 

	N/A

	 

	

Pool Asset Administration

	 
	1122(d)(4)(i)

	Collateral or security on pool assets is maintained as required by the transaction agreements or related pool asset documents. 

	N/A

	1122(d)(4)(ii)

	Pool assets and related documents are safeguarded as required by the transaction agreements 

	X

	1122(d)(4)(iii)

	Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements. 

	X

	1122(d)(4)(iv)

	Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the servicer’s obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related pool asset documents. 

	X

	1122(d)(4)(v)

	The servicer’s records regarding the pool assets agree with the servicer’s records with respect to an obligor’s unpaid principal balance. 

	X

	1122(d)(4)(vi)

	Changes with respect to the terms or status of an obligor's pool assets (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents. 

	X

	1122(d)(4)(vii)

	Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements. 

	X

	1122(d)(4)(viii)

	Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment). 

	X

	1122(d)(4)(ix)

	Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents. 

	X

	1122(d)(4)(x)

	

Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s pool asset documents, on at least an annual basis, or such other period specified in the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of the related pool assets, or such other number of days specified in the transaction agreements. 

	

N/A

	1122(d)(4)(xi)

	Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such support has been received by the servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements. 

	N/A

	1122(d)(4)(xii)

	Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the servicer’s funds and not charged to the obligor, unless the late payment was due to the obligor’s error or omission. 

	N/A

	1122(d)(4)(xiii)

	Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the servicer, or such other number of days specified in the transaction agreements. 

	N/A

	1122(d)(4)(xiv)

	Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements. 

	X

	1122(d)(4)(xv)

	Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements. 

	N/A

Exhibit G

FORM OF ANNUAL CERTIFICATION 

Re:

The Sale and Servicing Agreement dated as of December 1, 2006 (the “Agreement”), among KeyCorp Student Loan Trust 2006-A, as Issuer, Key Consumer Receivables LLC, as Depositor, KeyBank National Association, as Master Servicer and Seller, KeyBank National Association, as Administrator and JPMorgan Chase Bank, National Association, as Eligible Lender Trustee

I, ________________________________, the _______________________ of KeyBank National Association (the “Master Servicer”), certify to the Administrator, on behalf of the Issuer, and their officers, with the knowledge and intent that they will rely upon this certification, that:

(1)

I have reviewed the servicer compliance statement of the Master Servicer provided in accordance with Item 1123 of Regulation AB (the “Compliance Statement”), the report on assessment of the Master Servicer’s compliance with the servicing criteria set forth in Item 1122(d) of Regulation AB (the “Servicing Criteria”), provided in accordance with Rules 13a-18 and 15d-18 under Securities Exchange Act of 1934, as amended (the “Exchange Act”) and Item 1122 of Regulation AB (the “Servicing Assessment”), the registered public accounting firm’s attestation report provided in accordance with Rules 13a-18 and 15d-18 under the Exchange Act and Section 1122(b) of Regulation AB (the “Attestation Report”), and all servicing reports, officer’s certificates and other information relating to the servicing of the Financed Student Loans by the Master Servicer during 200[ ] that were delivered by the Master Servicer to the Administrator, on behalf of the Issuer, pursuant to the Agreement (collectively, the “Company Servicing Information”);

(2)

Based on my knowledge, the Company Servicing Information, taken as a whole, does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in the light of the circumstances under which such statements were made, not misleading with respect to the period of time covered by the Company Servicing Information;

(3)

Based on my knowledge, all of the distribution, servicing and other information required to be provided in the Company Servicing Information for the period covered by this report is included in the Company Servicing Information;

(4)

I am responsible for reviewing the activities performed by the Master Servicer under the Agreement, and based on my knowledge and the compliance review conducted in preparing the Compliance Statement and except as disclosed in the Compliance Statement, the Servicing Assessment or the Attestation Report, the Master Servicer has fulfilled its obligations under the Agreement in all material respects; and

(5)

The Compliance Statement required to be delivered by the Master Servicer pursuant to the Agreement, and the Servicing Assessment and Attestation Report required to be provided by the Master Servicer and by any Subservicer or Subcontractor pursuant to the Agreement, have been provided to the Administrator, on behalf of the Issuer.  Any material instances of noncompliance described in such reports have been disclosed to the Administrator, on behalf of the Issuer.  Any material instance of noncompliance with the Servicing Criteria has been disclosed in such reports.

Date:

_________________________

By:  ________________________________

Name:  

Title:

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