Document:

m1265_Exhibit 4-4.doc

EXECUTION COPY

ADMINISTRATION AGREEMENT (this “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 administrator (the “Administrator”), and DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York banking corporation, not in its individual capacity but solely as Indenture Trustee (the “Indenture Trustee”).  

W I T N E S S E T H

WHEREAS, the Issuer is issuing nine classes of Floating Rate Asset Backed Notes in the initial aggregate principal amount of $1,034,631,000 (the “Notes”) pursuant to the Indenture dated as of December 1, 2006 (the “Indenture”), among the Issuer and Deutsche Bank Trust Company Americas, as Indenture Trustee, as paying agent (the “Paying Agent”) and note registrar (the “Note Registrar”). Capitalized terms used herein and not defined herein shall have the meanings assigned to such terms in Appendix A to the Sale and Servicing Agreement (the “Sale and Servicing Agreement”) dated as of December 1, 2006, among the Issuer, Key Consumer Receivables LLC as depositor, KeyBank National Association as master servicer and seller, the Eligible Lender Trustee, JPMorgan Chase Bank, National Association, as the depositor eligible lender trustee, and the Administrator, which also contains rules of usage and construction that shall be applicable herein);

WHEREAS, the Issuer has entered into certain agreements in connection with the issuance of the Notes and the Certificate, including the Sale and Servicing Agreement, the Note Depository Agreement (the “DTC Letter”), the Guarantee Agreements, the Trust Agreement and the Indenture (all such agreements being collectively referred to herein as the “Related Agreements”);

WHEREAS, pursuant to the Related Agreements, the Issuer and the Owner Trustee are required to perform certain duties in connection with (a) the Notes and the Collateral therefor pledged pursuant to the Indenture and (b) the Certificate (the registered holder of the Certificate being referred to herein as the “Owner”);

WHEREAS the Issuer and the Owner Trustee desire to have the Administrator perform certain of the duties of the Issuer and the Owner Trustee referred to in the preceding clause, and to provide such additional services consistent with the terms of this Agreement and the Related Agreements as the Issuer and the Owner Trustee may from time to time request; and

WHEREAS the Administrator has the capacity to provide the services required hereby and is willing to perform such services for the Issuer and the Owner Trustee on the terms set forth herein.

NOW, THEREFORE, in consideration of the mutual covenants contained herein, and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree as follows:

1.  Duties of the Administrator.

(a)  Duties with Respect to the Indenture and DTC Letter.  The Administrator shall perform all duties of the Issuer on behalf of the Issuer under the Depository Agreement and the Indenture.  The Administrator shall monitor the performance of the Issuer and shall advise the Owner Trustee when action is necessary to comply with the Issuer’s duties under the Indenture and the DTC Letter.  The Administrator shall prepare for execution by the Issuer or shall cause the preparation by other appropriate Persons of all such documents, amendments, waivers, reports, filings, instruments, certificates and opinions (the “Documents”) as it shall be the duty of the Issuer to prepare, file or deliver pursuant to the Indenture and the DTC Letter and the Administrator shall execute on behalf of the Issuer any such Documents that require the Issuer’s signature.  

(b)  In furtherance of the foregoing, the Administrator shall take all appropriate action that is the duty of the Issuer or the Administrator to take pursuant to the Indenture, including such of the foregoing as are required with respect to the following matters (references are to sections of the Indenture):

(i)

the duty to cause the Note Registrar to keep the Note Register and to give the Indenture Trustee notice of any appointment of a new Note Registrar and the location, or change in location, of the Note Register (Section 2.04);

(ii)

the fixing or causing to be fixed of any specified record date and the notification of the Indenture Trustee and the holders of the Notes with respect to special payment dates, if any (Section 2.07(c));

(iii)

the preparation of or obtaining of the documents and instruments required for authentication of the Notes and delivery of the same to the Indenture Trustee (Section 2.02);

(iv)

the preparation, obtaining or filing of the instruments, opinions and certificates and other documents required for the release of collateral (Section 2.09);

(v)

the duty to cause the Note Registrar to maintain on behalf of the Issuer an office in the Borough of Manhattan, City of New York, for registration of transfer or exchange of Notes (Section 3.02);

(vi)

the duty to cause newly appointed Paying Agents, if any, to deliver to the Indenture Trustee the instrument specified in the Indenture regarding funds held in trust (Section 3.03);

(vii)

the direction to the Paying Agents to deposit moneys with the Indenture Trustee (Section 3.03);

(viii)

the obtaining and preservation of the Issuer’s qualification to do business in each jurisdiction in which such qualification is or shall be necessary to protect the validity and enforceability of the Indenture, the Notes, the Collateral and each other instrument and agreement included in the Indenture Trust Estate (Section 3.04);

(ix)

the preparation and filing of all supplements, amendments, financing statements, continuation statements, instruments of further assurance and other instruments, in accordance with Section 3.05 of the Indenture, necessary to protect the Indenture Trust Estate (Section 3.05);

(x)

the delivery by the Issuer of the Opinion of Counsel on the Closing Date and the annual delivery of Opinions of Counsel, in accordance with Section 3.06 of the Indenture, as to the Indenture Trust Estate, and the annual delivery of the Officers’ Certificate of the Issuer and certain other statements, in accordance with Section 3.09 of the Indenture, as to compliance with the Indenture (Sections 3.06 and 3.09);

(xi)

the identification to the Indenture Trustee in an Officers’ Certificate of the Issuer of a Person with whom the Issuer has contracted to perform its duties under the Indenture (Section 3.07(b));

(xii)

the notification of the Indenture Trustee and the Rating Agencies of a Master Servicer Default known to the Administrator pursuant to the Sale and Servicing Agreement and, if such Master Servicer Default arises from the failure of the Master Servicer to perform any of its duties under the Sale and Servicing Agreement, the taking of all reasonable steps available to enforce the Issuer’s rights under the Basic Documents in respect of such failure (Section 3.07(d));

(xiii)

the appointment of  a Successor Master Servicer or Administrator pursuant to Section 3.07(e) and to give the Indenture Trustee notice of any appointment of a Successor Master Servicer or Administrator (Sections 3.07(e) and 3.07(f));

(xiv)

the delivery to the Indenture Trustee of an Officer’s Certificate regarding the Annual Statement as to Compliance (Section 3.09);

(xv)

the preparation and obtaining of documents and instruments required for the release of the Issuer from its obligations under the Indenture (Section 3.10);

(xvi)

the delivery of notice to the Indenture Trustee of each Event of Default, any Default under Section 5.01(iii) of the Indenture and each default by the Master Servicer, the Administrator or the Seller under the Sale and Servicing Agreement known to the Administrator (Section 3.18);

(xvii)

the monitoring of the Issuer’s obligations as to the satisfaction and discharge of the Indenture and the preparation of an Officers’ Certificate of the Issuer and the obtaining of the Opinion of Counsel and the Independent Certificate relating thereto (Section 4.01);

(xviii)

[Reserved];

(xix)

[Reserved];

(xx)

the preparation of any written instruments required to confirm more fully the authority of any co-trustee or separate trustee and any written instruments necessary in connection with the resignation or removal of any co-trustee or separate trustee (Sections 6.08 and 6.10);

(xxi)

the preparation and, after execution by the Issuer, the filing with the Commission, any applicable State agencies and the Indenture Trustee of documents required to be filed on a periodic basis with, and summaries thereof as may be required by rules and regulations prescribed by, the Commission and any applicable State agencies and the transmission of such summaries, as necessary, to the holders of the Notes (Section 7.03);

(xxii)

the opening of one or more accounts in the Indenture Trustee’s name, the preparation of Issuer Orders, Officers’ Certificates of the Issuer and Opinions of Counsel, the deposits to and withdrawals from the Trust Accounts relating to collections with respect to the Financed Student Loans and distributions on Monthly Servicing Payment Dates and on Distribution Dates, and all other actions necessary with respect to investment and reinvestment of funds in the Trust Accounts (Sections 8.02 and 8.03);

(xxiii)

the preparation of an Issuer Request and Officers’ Certificate of the Issuer and the obtaining of an Opinion of Counsel and Independent Certificates, if necessary, for the release of the Indenture Trust Estate (Sections 8.04 and 8.05);

(xxiv)

the preparation of Issuer Orders and the obtaining of Opinions of Counsel with respect to the execution of supplemental indentures and the mailing to the holders of the Notes of notices with respect to such supplemental indentures (Sections 9.01, 9.02 and 9.03);

(xxv)

the preparation of or obtaining of the documents and instruments required for the execution and authentication of new Notes conforming to any supplemental indenture and the delivery of the same to the Eligible Lender Trustee and the Indenture Trustee, respectively (Section 9.06);

(xxvi)

the preparation of all Officers’ Certificates of the Issuer, Opinions of Counsel and Independent Certificates with respect to any requests by the Issuer to the Indenture Trustee to take any action under the Indenture (Section 11.01(a));

(xxvii)

 the preparation and delivery of Officers’ Certificates of the Issuer and the obtaining of Independent Certificates, if necessary, for the release of property from the lien of the Indenture (Section 11.01(b));

(xxviii)

the preparation and delivery to the holders of the Notes and the Indenture Trustee of any agreements with respect to alternate payment and notice provisions (Section 11.06);  and

(xxix)

the recording of the Indenture, if applicable (Section 11.15).

(c)  Duties with Respect to Other Agreements.  In addition to the duties of the Administrator set forth above, the Administrator shall perform all duties of the Issuer on behalf of the Issuer under the Sale and Servicing Agreement, the Guarantee Agreements and the Trust Agreements (the “Other Agreements”).  The Administrator shall monitor the performance of the Issuer and shall advise the Owner Trustee when action is necessary to comply with the Issuer’s duties under the Other Agreements.  The Administrator shall prepare for execution by the Issuer or shall cause the preparation by other appropriate Persons of all such documents, amendments, waivers, reports, filings, instruments, certificates and opinions (the “Other Documents”) as it shall be the duty of the Issuer to prepare, file or deliver pursuant to the Other Agreements, and the Administrator shall execute on behalf of the Issuer any such Other Documents that require the Issuer’s signature.

(d)  Duties with Respect to the Issuer.  (i)  In addition to the duties of the Administrator set forth above and in the other Related Agreements, the Administrator shall perform such calculations (and in such capacity is hereby appointed the “Calculation Agent” for the Issuer) and shall prepare for execution by the Issuer or the Owner Trustee or shall cause the preparation by other appropriate Persons of all such documents, reports, filings, instruments, certificates and opinions as it shall be the duty of the Issuer or the Owner Trustee to prepare, file or deliver pursuant to the Related Agreements, and shall take all appropriate action that it is the duty of the Issuer or the Owner Trustee to take pursuant to the Related Agreements.  Subject to Section 5 of this Agreement, and in accordance with the directions of the Owner Trustee, the Administrator shall administer, perform or supervise the performance of such other activities in connection with the Collateral (including the Related Agreements) as are not covered by any of the foregoing provisions and as are expressly requested by the Owner Trustee and are reasonably within the capability of the Administrator.

(ii)

Notwithstanding anything in this Agreement or the Related Agreements to the contrary, the Administrator shall be responsible for promptly notifying the Owner Trustee in the event that any withholding tax is imposed on the Issuer’s payments (or allocations of income) to the Owner Trustee as contemplated in Section 5.01(c) of the Trust Agreement.  Any such notice shall specify the amount of any withholding tax required to be withheld by the Owner Trustee pursuant to such provision.

(iii)

Notwithstanding anything in this Agreement or the Related Agreements to the contrary, the Administrator shall be responsible for performance of the duties of the Owner Trustee set forth in Section 5.04 of the Trust Agreement with respect to, among other things, the preparation of any required tax forms; provided, however, that the Owner Trustee shall retain responsibility for the distribution of all reports and forms necessary to enable the holder of the Certificate to prepare its Federal and state income tax returns.

(iv)

The Administrator shall perform the duties of the Administrator specified in Section 10.02 of the Trust Agreement required to be performed in connection with the resignation or removal of the Owner Trustee, and any other duties expressly required to be performed by the Administrator under the Trust Agreement, the Sale and Servicing Agreement and the other Related Agreements.

(v)

The Administrator shall perform the duties of the Eligible Lender Trustee with respect to Section 10.04 of the Sale and Servicing Agreement in connection with the sale of any Access Loans by the Issuer.

(vi)

The Administrator agrees to provide notice on behalf of the Issuer, the Owner Trustee or the Eligible Lender Trustee to all other parties and the Rating Agencies of the occurrence of any event requiring such notice under each of the Basic Documents.

(vii)

In carrying out the foregoing duties or any of its other obligations under this Agreement, the Administrator may enter into transactions with or otherwise deal with any of its Affiliates; provided, however, that the terms of any such transactions or dealings shall be in accordance with any directions received from the Issuer and shall be, in the Administrator’s opinion, no less favorable to the Issuer than would be available from unaffiliated parties.

(e)  Duties of the Administrator, as Administrator.  The Administrator agrees to perform all duties to be performed by the Administrator as set forth in this Agreement, the Sale and Servicing Agreement and each of the other Basic Documents.

(f)  Non-Ministerial Matters.  With respect to matters that in the reasonable judgment of the Administrator are non-ministerial, the Administrator shall not take any action unless within a reasonable time before the taking of such action, the Administrator shall have notified the Owner Trustee of the proposed action and the Owner Trustee have not withheld consent or provided an alternative direction.  For the purpose of the preceding sentence, “non-ministerial matters” shall include:

(i)

[Reserved];

(ii)

the initiation of any claim or lawsuit by the Issuer and the compromise of any action, claim or lawsuit brought by or against the Issuer (other than in connection with the collection of the Financed Student Loans);

(iii)

the amendment, supplement, change or modification to any of the Basic Documents;

(iv)

the appointment of successor Note Registrars, successor Paying Agents and successor Indenture Trustees pursuant to the Indenture or the appointment of Successor Administrators or Successor Master Servicers, or the consent to the assignment by the Note Registrar, Paying Agent or Indenture Trustee of its obligations under the Indenture; and

(v)

the removal of the Indenture Trustee.

(g)  Exceptions.  Notwithstanding anything to the contrary in this Agreement, except as expressly provided herein or in the other Basic Documents, the Administrator shall not be obligated to, and shall not, (i) make any payments to the holders of the Notes under the Related Agreements, (ii) sell the Indenture Trust Estate pursuant to Section 5.04 of the Indenture, (iii) take any other action that the Issuer directs the Administrator not to take on its behalf, (iv) in connection with its duties hereunder assume any indemnification obligation of any other Person or (v) service the Financed Student Loans.

2.  Records.  The Administrator shall maintain appropriate books of account and records relating to services performed hereunder, which books of account and records shall be accessible for inspection by the Issuer at any time during normal business hours.

3.  Compensation.  As compensation for the performance of the Administrator’s obligations under this Agreement and as reimbursement for its expenses related thereto, the Administrator shall be entitled to $5,000 per quarter payable in arrears on each Distribution Date, which shall be solely an obligation of the Issuer, and which fee shall be allocated between the Group I and Group II Notes based on the ratio their respective Outstanding Amounts bear to the Outstanding Amounts of all the Notes, and which amounts shall be paid as provided for under the Sale and Servicing Agreement.  The Administrator hereby agrees, for the benefit of the Issuer, that if an Event of Default shall have occurred and be continuing and the Indenture Trustee is distributing funds pursuant to Article V of the Indenture, the Issuer shall pay the Eligible Lender Trustee, the Indenture Trustee, the Note Registrar and Paying Agent and the Owner Trustee pursuant to Article V of the Indenture and the Administrator shall pay any fees still owed in excess of amounts paid to such parties pursuant to Article V of the Indenture.

4.  Additional Information To Be Furnished to the Issuer.  The Administrator shall furnish to the Issuer from time to time such additional information regarding the Collateral as the Issuer shall reasonably request.

5.  Independence of the Administrator.  For all purposes of this Agreement, the Administrator shall be an independent contractor and shall not be subject to the supervision of the Issuer, the Owner Trustee or the Eligible Lender Trustee with respect to the manner in which it accomplishes the performance of its obligations hereunder.  Unless expressly authorized by the Issuer, the Administrator shall have no authority to act for or represent the Issuer, the Owner Trustee or the Eligible Lender Trustee in any way and shall not otherwise be deemed an agent of the Issuer, the Owner Trustee or the Eligible Lender Trustee.

6.  No Joint Venture.  Nothing contained in this Agreement (i) shall constitute the Administrator and any of the Issuer, the Owner Trustee or the Eligible Lender Trustee as members of any partnership, joint venture, association, syndicate, unincorporated business or other separate entity, (ii) shall be construed to impose any liability as such on any of them or (iii) shall be deemed to confer on any of them any express, implied or apparent authority to incur any obligation or liability on behalf of the others.

7.  Other Activities of Administrator.  Nothing herein shall prevent the Administrator or its Affiliates from engaging in other businesses or, in its sole discretion, from acting in a similar capacity as an administrator for any other person or entity even though such person or entity may engage in business activities similar to those of the Issuer, the Owner Trustee, the Eligible Lender Trustee or the Indenture Trustee.

8.  Term of Agreement; Resignation and Removal of Administrator.  (a)  This Agreement shall continue in force until the dissolution of the Issuer, upon which event this Agreement shall automatically terminate.

(b)  The provisions of Article VI and Article VIII of the Sale and Servicing Agreement relating to the liability and the limitations thereon of the Administrator, the resignation or removal of the Administrator and the failure of the Administrator to perform its duties under this Agreement or under the Sale and Servicing Agreement are hereby incorporated by reference herein.

9.  Action upon Termination, Resignation or Removal.  Promptly upon the effective date of termination of this Agreement pursuant to Section 8(a) or the resignation or removal of the Administrator pursuant to Section 8(b) and the Sale and Servicing Agreement, the Administrator shall be entitled to be paid all fees accruing to it to the date of such termination, resignation or removal.  The Administrator shall forthwith upon such termination pursuant to Section 8(a) deliver to the Issuer all property and documents of or relating to the Collateral then in the custody of the Administrator.  In the event of the resignation or removal of the Administrator, the Administrator shall cooperate with the Issuer and take all reasonable steps requested to assist the Issuer in making an orderly transfer of the duties of the Administrator.

10.  Notices.  Any notice, report or other communication given hereunder shall be in writing and addressed as follows:

(a)  if to the Issuer or the Owner Trustee, to

KeyCorp Student Loan Trust 2006-A

c/o The Bank of New York (Delaware)

White Clay Center

Route 273

Newark, Delaware  19711

Facsimile: (302) 453-4400

Attention:  Kristine Gullo

(b)  if to the Administrator, to

KeyBank National Association

4910 Tiedeman Road

6th Floor

Brooklyn, Ohio 44144

Telephone: (216) 813-7738

Facsimile: (216) 813-8840

E-mail: student_loans_investor_rptg@keybank.com

Attention:  Key Education Resources

KeyCorp Student Loan Trust 2006-A

(c)  if to 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

Attention:  ABS Corporate Trust Administration

or to such other address as any party shall have provided to the other parties in writing.  Any notice required to be in writing hereunder shall be deemed given if such notice is mailed by certified mail, postage prepaid, or hand-delivered to the address of such party as provided above.

11.  Amendments.  This Agreement may be amended from time to time 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 by a written amendment duly executed and delivered by the Issuer, the Administrator and the Indenture Trustee, with the written consent of the Owner Trustee and either (1) without the consent of any Noteholders; provided that a confirmation is received from each Rating Agency that such amendment will not result in the downgrading of the then current ratings of any of the Notes, together with an Opinion of Counsel of the Administrator regarding the lack of changes to any legal rights and remedies of the Noteholders or (2) with the consent of: (a) a majority in interest of the Group I Controlling Noteholders (but only with respect to any amendments affecting the Group I Student Loans or the Group I Notes, as applicable, as evidenced by an Opinion of Counsel of the Administrator 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 reduction or withdrawal of the then current ratings of any of the Group I Notes and/or (b) a majority in interest of the Group II Controlling Noteholders (but only with respect to any amendments affecting the Group II Student Loans or the Group II Notes, as applicable, as evidenced by an Opinion of Counsel of the Administrator 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); 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 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 (i) and (ii) of this proviso shall not be exercisable by the Group I Controlling Parties on behalf of the Group I Noteholders or the Group II Controlling Parties on behalf of the Group II Noteholders.  Notwithstanding the foregoing, the Administrator may not amend this Agreement without the permission of the Depositor, which permission shall not be unreasonably withheld.  Prior to the execution of any such amendment, the Administrator shall furnish written notification of the substance of such amendment to each of the Rating Agencies.

12.  Successors and Assigns.  Notwithstanding anything to the contrary contained herein, except as provided in Sections 6.06 and 6.09 of the Sale and Servicing Agreement, this Agreement may not be assigned by the Administrator.  Subject to the foregoing, this Agreement shall bind any successors or assigns of the parties hereto.

13.  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.

14.  Headings.  The section headings hereof have been inserted for convenience of reference only and shall not be construed to affect the meaning, construction or effect of this Agreement.

15.  Counterparts.  This Agreement may be executed in counterparts, each of which when so executed shall together constitute but one and the same agreement.

16.  Severability.  Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall 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.

17.  Not Applicable to KeyBank National Association in Other Capacities.  Nothing in this Agreement shall affect any obligation KeyBank National Association may have in any other capacity under the Basic Documents.

18.  Provisions of Sale and Servicing Agreement Control.  The provisions of the Sale and Servicing Agreement relating to the Administrator and to this Agreement shall in all events govern and are hereby incorporated herein and, to the extent any provision herein shall be inconsistent with any such provision of the Sale and Servicing Agreement, the Sale and Servicing Agreement shall govern.

19.  Limitation of Liability of Owner Trustee, Eligible Lender Trustee and Indenture Trustee.  (a)   Notwithstanding anything contained herein to the contrary, this Agreement has been executed 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.

(b)  Notwithstanding anything contained herein to the contrary, this Agreement has been executed by Deutsche Bank Trust Company Americas not in its individual capacity but solely as Indenture Trustee, except as provided in paragraph (c) 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.

(c)  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 Eligible Lender Trustee’s or the Indenture Trustee’s legal responsibility 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.

20.  Third-Party Beneficiaries.  Each of the Eligible Lender Trustee and the Owner Trustee is a third-party beneficiary to this Agreement and is entitled to the rights and benefits hereunder and may enforce the provisions hereof as if it was a party hereto.

21.  Intent of the Parties; Reasonableness.  The Issuer, the Indenture Trustee and the Administrator acknowledge and agree that the purpose of Sections 21 and 22 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 Issuer nor the Administrator 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 Administrator 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 Eligible Lender Trustee, the Indenture Trustee, the Master Servicer, or any other party to the Basic Documents in good faith for delivery of information under these provisions on the basis of evolving interpretations of Regulation AB.  In connection therewith, the Issuer shall cooperate fully with the Administrator (including any of its assignees or designees) in the preparation of, 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 comply with the provisions of Regulation AB.

22.  Reporting Requirements.

(a)  If so requested by the Issuer, for the purpose of satisfying its reporting obligation under the Exchange Act with respect to any class of asset-backed securities, the Administrator shall  (i) notify the Depositor, in writing of any material litigation or governmental proceedings pending against the Administrator and (ii) provide to the Depositor, a description of such proceedings, affiliations or relationships.

(b)  As a condition to the succession as Administrator by any Person as permitted by Section 8 hereof the successor administrator shall provide to the Administrator, on behalf of the Issuer, at least 10 Business Days prior to the effective date of such succession or appointment, (x) written notice to the Administrator, on behalf of the Issuer, of such succession or appointment and (y) in writing all information 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 Administrator is obligated to provide pursuant to other provisions of this Agreement, the Administrator shall provide such information regarding the performance or servicing of the Financed Student Loans as is reasonably required to facilitate the preparation of distribution reports in accordance with Item 1121 of Regulation AB.  Such information shall be provided concurrently with the reports otherwise required to be delivered by the Administrator under this Agreement, commencing with the first such report due hereunder.

23.  Administrator Compliance Statement.  On or before March 15th of each calendar year, commencing in 2007, the Administrator shall deliver to the Depositor a statement of compliance addressed to the Depositor and signed by an authorized officer of the Administrator, to the effect that (i) a review of the Administrator’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 Administrator 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.

24.  Report on Assessment of Compliance and Attestation.   On or before March 15th of each calendar year, commencing in 2007, the Administrator shall:

(a)

deliver to the Depositor a report (in form and substance reasonably satisfactory to the Issuer) regarding the Administrator’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 Administrator, and shall address each of the Servicing Criteria specified on the certification substantially in the form of Attachment B attached to this Agreement;

(b)

deliver to the Issuer a report of a registered public accounting firm reasonably acceptable to the Issuer that attests to, and reports on, the assessment of compliance made by the Administrator and delivered pursuant to the preceding paragraph, which 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

(c)

if requested by the Depositor, not later than February 1 of the calendar year in which such certification is to be delivered, deliver to the Issuer and any other Person that will be responsible for signing a Sarbanes Certification in the form attached hereto as Attachment A on behalf of the Issuer with respect to a securitization transaction.

The Administrator acknowledges that the parties identified in clause (c) above may rely on the certification provided by the Administrator pursuant to such clause in signing a Sarbanes Certification and filing such with the Commission.  The Administrator, on behalf of the Issuer, will not request delivery of a certification under clause (c) above unless the Depositor is required under the Exchange Act to file an annual report on Form 10-K with respect to the Financed Student Loans.

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

	KEYCORP STUDENT LOAN TRUST 2006-A

	By: THE BANK OF NEW YORK (DELAWARE), not in it individual capacity but solely as Owner Trustee on behalf of the Trust

	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

	KEYBANK NATIONAL ASSOCIATION, as Administrator

	By:      /s/ Krista C. Neal                    

Name:

Krista C. Neal

Title: Vice President

ATTACHMENT A

FORM OF ANNUAL CERTIFICATION 

Re:

The Administration Agreement dated as of December 1, 2006 (the “Agreement”), among KeyCorp Student Loan Trust 2006-A, as Issuer, KeyBank National Association, as Administrator and Deutsche Bank Trust Company Americas, as Indenture Trustee

I, ________________________________, the _______________________ of KeyBank National Association (the “Administrator”), certify to the Issuer, and its officers, with the knowledge and intent that they will rely upon this certification, that:

(1)

I have reviewed the servicer compliance statement of the Administrator provided in accordance with Item 1123 of Regulation AB (the “Compliance Statement”), the report on assessment of the Administrator’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 Administrator during 200[ ] that were delivered by the Administrator to 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 Company Servicing Information required to be provided by the Administrator under the Agreement has been provided to the Issuer;

(4)

I am responsible for reviewing the activities performed by the Administrator as administrator 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 Administrator has fulfilled its obligations under the Agreement in all material respects; and

(5)

The Compliance Statement required to be delivered by the Administrator  pursuant to the Agreement, and the Servicing Assessment and Attestation Report required to be provided by the Administrator and/or any Subcontractor pursuant to the Agreement, have been provided to the Issuer.  Any material instances of noncompliance described in such reports have been disclosed to the Issuer.  Any material instance of noncompliance with the Servicing Criteria has been disclosed in such reports.

Date:

_________________________

By:________________________________

Name:  

Title:

ATTACHMENT B

SERVICING CRITERIA TO BE ADDRESSED IN ASSESSMENT OF COMPLIANCE 

The assessment of compliance to be delivered by KeyBank National Association, as the Administrator, shall address, at a minimum, the criteria identified below (the “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. 

	N/A

	 

	

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. 

	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 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. 

	X

	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. 

	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 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. 

	X

	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. 

	X

	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. 

	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 pool assets is maintained as required by the transaction agreements or related pool asset documents. 

	X

	1122(d)(4)(ii)

	Pool assets and related documents are safeguarded as required by the transaction agreements 

	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 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. 

	N/A

	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. 

	N/A

	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. 

	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 transaction agreements. 

	N/A

	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). 

	N/A

	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. 

	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 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. 

	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 transaction agreements. 

	X

KeyBank National Association, as Administrator

Date:

_________________________

By:

________________________________

Name:  

Title:m1265_Exhibit 4-5.doc

EXECUTION COPY

STUDENT LOAN TRANSFER AGREEMENT

Among

KEYBANK NATIONAL ASSOCIATION,

as Seller

KEY CONSUMER RECEIVABLES LLC,

as Purchaser

and

JPMORGAN CHASE BANK, NATIONAL ASSOCIATION,

not in its individual capacity, but solely

as Depositor Eligible Lender Trustee

Dated as of December 1, 2006

TABLE OF CONTENTS

Page

ARTICLE I

Definitions and Usage

ARTICLE II

Conveyance of Financed Student Loans

SECTION 2.01.  Conveyance of Financed Student Loans

2

SECTION 2.02.  [Reserved] 

2

SECTION 2.02.  Conveyance of Financed Student Loans by the Purchaser to the Seller in Connection with Consolidation Loans

2

SECTION 2.03.  Add-On Consolidation Loans

2

SECTION 2.04.  Indorsement

3

SECTION 2.05.  Sale Not Secured Financing

3

SECTION 2.06.  MPN Loans

4

ARTICLE III

The Financed Student Loans

SECTION 3.01.  Representations and Warranties of Seller with Respect to the Financed Student Loans

6

SECTION 3.02.  Repurchase or Substitution upon Breach; Reimbursement

11

ARTICLE IV

The Seller

SECTION 4.01.  Representations of Seller

12

SECTION 4.02.  Existence

13

SECTION 4.03.  Liability of Seller; Indemnities

14

SECTION 4.04.  [Reserved.]

14

SECTION 4.05.  Merger or Consolidation of, or Assumption of the Obligations of, Seller

15

SECTION 4.06.  Limitation on Liability of Seller and Others

15

ARTICLE V

The Purchaser

SECTION 5.01.  Representations of Purchaser

15

ARTICLE VI

Purchase Termination Events

SECTION 6.01.  Purchase Termination

17

ARTICLE VII

Miscellaneous

SECTION 7.01.  Amendment

17

SECTION 7.02.  Protection of Interests in Assets

18

SECTION 7.03.  Notices

19

SECTION 7.04.  Assignment of Agreement

20

SECTION 7.05.  Limitations on Rights of Others

20

SECTION 7.06.  Severability

20

SECTION 7.07.  Separate Counterparts

20

SECTION 7.08.  Headings

20

SECTION 7.09.  Governing Law

20

SECTION 7.10.  Assignment

21

SECTION 7.11.  Nonpetition Covenants

21

SECTION 7.12.  Limitation of Liability of Depositor Eligible Lender Trustee

21

SECTION 7.13.  [Reserved].

21

SECTION 7.14.  Consent to Assignment

21

SECTION 7.15.  Representations and Warranties

22

	 	 	 
	APPENDIX A

	Definitions and Usage

	 
	 	 	 
	SCHEDULE A

	Schedule of Financed Student Loans

	 
	SCHEDULE B

	[Reserved]

	 
	SCHEDULE C

	Location of Financed Student Loan Files

	 
	 	 	 
	EXHIBIT A

	Form of Assignment on Closing Date

	 

STUDENT LOAN TRANSFER AGREEMENT dated as of December 1, 2006, among KEYBANK NATIONAL ASSOCIATION, a national banking association and successor in interest to Key Bank USA, National Association, as Seller (“KBNA” or the “Seller”), KEY CONSUMER RECEIVABLES LLC, a Delaware limited liability company, as purchaser (the “Purchaser”), and JPMORGAN CHASE BANK, NATIONAL ASSOCIATION, a national banking association, not in its individual capacity but solely as depositor eligible lender trustee on behalf of the Purchaser (the “Depositor Eligible Lender Trustee”).

WHEREAS, the Seller intends to assign to the Purchaser and, with respect to legal title, to the Depositor Eligible Lender Trustee its rights in a portfolio of student loans originated or purchased in the ordinary course of business by the Seller or its predecessors;

WHEREAS, the Purchaser and, with respect to legal title, the Depositor Eligible Lender Trustee desire to purchase, and the Seller is willing to sell to the Purchaser and, with respect to legal title, to the Depositor Eligible Lender Trustee such student loans;

WHEREAS, from time to time, the Seller may substitute such student loans in accordance with the terms of this Agreement;

WHEREAS, the Depositor 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 Purchaser; and

WHEREAS, the Purchaser and, with respect to legal title, the Depositor Eligible Lender Trustee intends to transfer the Student Loans to KeyCorp Student Loan Trust 2006-A (the “Trust” or the “Issuer”) and, with respect to legal title, to JPMorgan Chase Bank, National Association, not in its individual capacity but solely as eligible lender trustee on behalf of the Issuer (the “Eligible Lender Trustee”) immediately following its purchase of such Student Loans from the Seller.

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, and in addition, the following terms shall have these ascribed meaning:

“Assets” means all right, title and interest of the Purchaser and, with respect to legal title, the Depositor Eligible Lender Trustee in and to the property and rights assigned to the Purchaser pursuant to Article II of this Agreement, including any rights of the Purchaser and the Depositor Eligible Lender Trustee acquired pursuant to a Subsequent Transfer Agreement.

“Depositor Eligible Lender Trustee” means JPMorgan Chase Bank, National Association, not in its individual capacity, but solely with respect to legal title as eligible lender trustee on behalf of the Purchaser.

“Financed Student Loans” means the student loans listed on the Schedule of Financed Student Loans on the Closing Date.

“Schedule of Financed Student Loans” means Schedule A to this Agreement (which schedule may be in the form of microfiche or computer tape) delivered on the Closing Date.

“Student Loan Transfer Agreement” or “Agreement” means this Student Loan Transfer Agreement, dated as of December 1, 2006, among the Purchaser, the Seller and the Depositor Eligible Lender Trustee.

ARTICLE II

Conveyance Of Financed Student Loans

SECTION 2.01.

Conveyance of Financed Student Loans.  In consideration of the purchaser’s delivery to or upon the order of the seller on the closing date of $1,022,838,489, the trust certificate(s) issued pursuant to the trust agreement and the other amounts to be distributed from time to time to the seller in accordance with the terms of this agreement, the seller does hereby, as evidenced by a duly executed written assignment in the form of exhibit a, sell, transfer, assign, set over and otherwise convey to the purchaser (and, with respect to legal title, to the depositor eligible lender trustee), without recourse (subject to the obligations herein):

(i)

all right, title and interest of the Seller 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 Seller 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)

all right, title and interest of the Seller under the applicable Assigned Agreements insofar as they relate to the Financed Guaranteed Private Loans but not with respect to any other loans covered thereby; and

(iii)

the proceeds of any and all of the foregoing.

SECTION 2.02.

[Reserved.]

SECTION 2.03.

[Reserved.]

SECTION 2.04.

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 or substitute the related Federal Consolidation Loan (or cause the Seller to do so) in the manner set forth in Section 3.02 hereof.   

(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 Federal 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 hereof, 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 2.05.

Indorsement.  The seller hereby appoints the depositor eligible lender trustee as the seller’s true and lawful attorney-in-fact with full power of substitution to indorse the seller’s name on any promissory note evidencing the financed student loans transferred to the depositor eligible lender trustee on behalf of the purchaser. The seller acknowledges and agrees that this power of attorney shall be construed as a power coupled with an interest and shall be irrevocable as long as the trust agreement remains in effect and shall continue in effect until the trust agreement terminates.

SECTION 2.06.

Sale Not Secured Financing.  It is the express intent of the parties hereto that the conveyance of the financed student loans by the seller to the purchaser (and, with respect to legal title to such financed student loans, to the depositor eligible lender trustee) 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 seller to the depositor eligible lender trustee on behalf of the purchaser to secure a debt or other obligation of the seller.  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 seller, 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 provided for herein shall be deemed to be a grant by the seller to the purchaser and to the depositor eligible lender trustee on behalf of the purchaser of a security interest in all of the seller’s right, title and interest in and to such financed student loans and all amounts payable to the holders of such financed student loans 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 purchaser and, with respect to legal title, the depositor eligible lender trustee, would otherwise be entitled to own such financed student loans and proceeds pursuant to article ii hereof; (c) the possession by the master servicer or the subservicers, as applicable, of each financed student loan file, 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 depositor eligible lender trustee and the purchaser for the purpose of perfecting such security interest under applicable law.  Any assignment of the interest of the purchaser or, with respect to legal title, of the depositor eligible lender trustee on behalf of the purchaser pursuant to any provision hereof shall also be deemed to be an assignment of any security interest created hereby.  The seller, the depositor eligible lender trustee and the purchaser 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.  

SECTION 2.07.

MPN Loans.  With respect to each group i student loan that is a transferred mpn loan and each related master note, the seller, as mpn holder, hereby represents and warrants, and, on an on-going basis, hereby covenants as follows:

(A)

Transfer of Beneficial Interest in MPN Loan.  Each such Transferred MPN Loan represents a 100% beneficial interest in the related MPN Loan, and is being transferred to the Purchaser and, with respect to legal title thereto, to the Depositor Eligible Lender Trustee 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 a Transferred MPN Loan excludes an assignment of the Seller’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 Sub-Servicer to hold, the Master Note relating to each such 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 Sub-Servicer to maintain, continuous and exclusive possession, dominion and control over the Master Note and related documents. The MPN Holder shall not sell, transfer, assign or pledge any such Master Note except as is otherwise agreed to between the MPN Holder and the Depositor Eligible Lender Trustee.

(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 such Transferred MPN Loan other than as provided in Section 4.01 of the Sale and Servicing 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 Sub-Servicer for administrative purposes or for the MPN Holder’s internal administrative purposes.

(E)

Access to Information.  The MPN Holder shall furnish to the Depositor Eligible Lender Trustee, the Purchaser, the Eligible Lender Trustee, or the Indenture Trustee from time to time upon written request of the Depositor Eligible Lender Trustee, the Purchaser, the Eligible Lender Trustee, or 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 Depositor Eligible Lender Trustee, the Purchaser, the Eligible Lender Trustee, or 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 Depositor Eligible Lender Trustee, the Purchaser, the Eligible Lender Trustee, and 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 at the direction of the Depositor Eligible Lender Trustee (on behalf of the Eligible Lender 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 direction of the Group I Controlling Noteholders holding at least a majority in interest of the Outstanding Amount of the related Group I Notes, 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 at the direction of the Depositor Eligible Lender Trustee (on behalf of the Eligible Lender Trustee).

(G)

MPN Holder Other Than Seller.  So long as the Seller has not transferred all of its right, title and interest in a related Master Note, if the Seller is not the MPN Holder, the Seller 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.  The Seller will cause to be filed all necessary financing statements or other instruments, and any amendments or continuation statements relating thereto, necessary to be kept and filed in such manner and in such places as may be required by law to give to and maintain with the Depositor Eligible Lender Trustee on behalf of the Purchaser a first priority perfected security interest in such MPN Loans.  The Seller shall upon the request of the Depositor Eligible Lender Trustee, 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 this Agreement 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 Seller with Respect to the Financed Student Loans.  The seller makes the following representations and warranties as to the financed student loans on which each of the depositor eligible lender trustee and the purchaser is deemed to have relied in acquiring the financed student loans.  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 the 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 depositor eligible lender trustee on behalf of the purchaser.

(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 Initial Pool Student Loans), Schedule A-2 (with respect to all Financed Student Loans that are Group II Initial Pool 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 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 Seller 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 overdue as of the Cutoff Date (or, in the case of Financed Unguaranteed Private Loans, 150 days overdue as of the Cutoff Date) and, except as permitted in this paragraph and Section 3.01(xx) hereof, 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 Seller that the transfer and assignment herein contemplated constitute a sale of the Financed Student Loans from the Seller to the Purchaser and, with respect to legal title, the Depositor Eligible Lender Trustee on behalf of the Purchaser 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 the appointment of a receiver with respect to the Seller.  No Financed Student Loan has been sold, transferred, assigned or pledged by the Seller to any Person other than the Purchaser and, with respect to legal title, the Depositor Eligible Lender Trustee on behalf of the Purchaser.  Immediately prior to the transfer and assignment herein contemplated, the Seller had good title to each Financed Student Loan, free and clear of all Liens and, immediately upon the transfer thereof, the Depositor Eligible Lender Trustee on behalf of the Purchaser shall have good title to each such Financed Student Loan, free and clear of all Liens and the transfer shall have been perfected under the UCC.

(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 or any Financed Student Loan under this Agreement or the Indenture is unlawful, void or voidable.

(ix)

Security Interest Perfected; Delivery of Loan Files.  Security Interest Perfected; Delivery of Loan Files.  All filings (including UCC filings) and/or delivery requirements necessary in any jurisdiction to give the Purchaser and, with respect to legal title, the Depositor Eligible Lender Trustee on behalf of the Purchaser a first perfected ownership interest in the Financed Student Loans have been made or satisfied, as the case may be.  A Financed Student Loan File has been delivered to the Master Servicer (or a Sub-Servicer) 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 Issuer and, with respect to legal title, 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 Issuer and, with respect to legal title, against the Depositor Eligible Lender Trustee on behalf of 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 an 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 Seller 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)

Seller’s Representations.  The representations and warranties of the Seller contained in Section 4.01 hereof are true and correct.

(xxiii)

MPN Loans.  The Seller will adhere to the covenants set forth in Section 2.06 hereof with respect to such Transferred MPN Loans.

(xxiv)

Security Interest Granted Under the Sale and Servicing Agreement.  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 in the Sale and Servicing Agreement 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 under the Sale and Servicing Agreement 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 hereunder (and/or the security interest and legal title to the Eligible Lender Trustee on behalf of the Issuer pursuant to Section 2.05 of the Sale and Servicing 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 under the Sale and Servicing Agreement.  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 seller, the depositor eligible lender trustee or the purchaser, as the case may be, shall inform the other parties to this agreement, promptly, in writing, with a copy to each of the issuer, the master servicer, the eligible lender trustee and the indenture trustee, upon the discovery of any breach of the seller’s representations, warranties or covenants made pursuant to section 3.01 or section 4.01 hereof.  Unless any such breach shall have been cured within 60 days following the discovery thereof by the seller or receipt by the seller of written notice from the depositor eligible lender trustee or the purchaser of such breach, the seller shall be obligated to repurchase or substitute any financed student loan if the interests of the eligible lender trustee, the issuer or the holders of the related group of notes, as applicable, are materially and adversely affected, as determined by the administrator 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 the financed student loan, the seller shall remit, with respect to a repurchase, the purchase amount, or, with respect to a substititution, the substitution shortfall, if any, in the manner specified in section 5.04 of the sale and servicing agreement to the depositor eligible lender trustee on behalf of the purchaser, and the depositor eligible lender trustee shall execute such assignments and other documents reasonably requested by the seller 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 seller.  In addition, if any such breach by the seller 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 depositor eligible lender trustee on behalf of the purchaser 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 seller shall reimburse the depositor eligible lender trustee on behalf of the purchaser by remitting to the depositor eligible lender trustee 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 group i student loans).  

(b)

In the event of a substitution pursuant to Section 3.02(a) hereof, the Seller may, at its option, substitute Student Loans 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, 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 Seller 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 4.03 hereof, the sole remedy of the Depositor Eligible Lender Trustee or the Purchaser with respect to a breach of representations and warranties pursuant to Section 3.01 hereof and the agreement contained in this Section shall be to require the Seller to repurchase or substitute Financed Student Loans, to reimburse the Depositor Eligible Lender Trustee on behalf of the Purchaser, subject to the conditions contained herein.

ARTICLE IV

The Seller

SECTION 4.01.

Representations of Seller.  KBNA, as seller, makes the following representations on which each of the depositor eligible lender trustee and the purchaser 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, in the case of the financed student loans, and as of the applicable subsequent transfer date, in the case of the substituted student loans, and shall survive the sale of the financed student loans to the depositor eligible lender trustee on behalf of the purchaser.  As used below, references to KBNA shall mean KBNA in its capacity as the seller.

(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 Financed Student Loans.

(b)

Power and Authority of the Seller.  KBNA has the national banking association power and authority to execute and deliver this Agreement and to carry out its terms; the Seller has full national banking association power and authority to sell and assign the property to be sold and assigned to and deposited with the Depositor Eligible Lender Trustee and the Purchaser  and the Seller has duly authorized such sale and assignment to the Depositor Eligible Lender Trustee, with respect to legal title to the Financed Student Loans, and the Purchaser by all necessary national banking association action; and the execution, delivery and performance of this Agreement have been duly authorized by the Seller by all necessary national banking association action.

(c)

Binding Obligation.  This Agreement constitutes a legal, valid and binding obligation of KBNA, 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 and the fulfillment of the terms hereof 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, 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; 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, 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, (ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or (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.

(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 and the performance by KBNA 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 KBNA approving this Agreement and all documents relating thereto are and shall be continuously reflected in the minutes of the Board of Directors of KBNA.  This Agreement and all documents relating thereto are and shall be, continuously from the time of their respective execution by KBNA, official records of KBNA.

SECTION 4.02.

Existence.  During the term of this agreement, the seller will keep in full force and effect its existence, rights and franchises as a national banking association under the laws of the jurisdiction of its organization, subject, however, to section 4.05 hereof.

SECTION 4.03.

Liability of Seller; Indemnities.  The seller shall be liable in accordance herewith only to the extent of the obligations specifically undertaken by the seller under this agreement.

(a)

The Seller shall indemnify, defend and hold harmless each of the Depositor Eligible Lender Trustee and the Purchaser and its 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 including any sales, gross receipts, general corporation, tangible personal property, privilege or license taxes  and costs and expenses in defending against the same (but not including any taxes imposed with respect to (i) the subsequent sale of the Financed Student Loans by the Purchaser to the Issuer and, with respect to legal title, by the Depositor Eligible Lender Trustee on behalf of the Purchaser to the Eligible Lender Trustee on behalf of the Issuer; (ii) ownership of such student loans; and/or (iii) distributions on the Notes).

(b)

The Seller shall indemnify, defend and hold harmless each of the Depositor Eligible Lender Trustee and the Purchaser, and its officers, directors, employees and agents from and against any and all costs, expenses, losses, claims, damages and liabilities arising out of, or imposed upon such Person through the Seller’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.

(c)

The Seller shall be liable as primary obligor for, and shall indemnify, defend and hold harmless each of the Depositor Eligible Lender Trustee and the Purchaser and its 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 this 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 of the Purchaser or the Depositor Eligible Lender Trustee, as applicable, or (ii) shall arise from the breach by the Depositor Eligible Lender Trustee of any of its representations and warranties as set forth in Section 7.15 hereof.  In the event of any claim, action or proceeding for which indemnity will be sought pursuant to this paragraph, the Depositor Eligible Lender Trustee’s or Purchaser’s choice of legal counsel, as applicable,  shall be subject to the approval of the Seller, which approval shall not be unreasonably withheld.

(d)

The Seller shall pay any and all taxes levied or assessed upon all or any part of the Assets (other than those taxes expressly excluded from the Seller’s responsibilities pursuant to Section 4.03(a) hereof).

Indemnification under this Section shall survive the termination of this Agreement, and shall include reasonable fees and expenses of counsel and expenses of litigation.  If the Seller 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 Seller, without interest.

SECTION 4.04.

[Reserved.]

SECTION 4.05.

Merger or Consolidation of, or Assumption of the Obligations of, Seller.  Any person (a) into which the seller may be merged or consolidated, (b) which may result from any merger or consolidation to which the seller shall be a party, or (c) which may succeed to the properties and assets of the seller substantially as a whole, shall be the successor to the seller without the execution or filing of any document or any further act by the depositor eligible lender trustee or the purchaser; provided, however, that the seller hereby covenants that it will not consummate any of the foregoing transactions except upon satisfaction of the following:  (i) the surviving seller, if other than KBNA (or an affiliate thereof), executes an agreement of assumption to perform every obligation of the seller under this agreement, (ii) immediately after giving effect to such transaction, no representation or warranty made pursuant to section 3.01 or 4.01 hereof shall have been breached, (iii) the surviving seller, if other than KBNA (or an affiliate thereof), shall have delivered to the depositor eligible lender trustee, the indenture trustee and the purchaser 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 seller shall have a consolidated net worth at least equal to that of the predecessor seller, (v) such transaction will not result in a material adverse federal or state tax consequence to the issuer or the holders of the notes and (vi) unless KBNA (or an affiliate thereof) is the surviving entity, the seller shall have delivered to the depositor eligible lender 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 interests of the depositor eligible lender trustee and the purchaser 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 4.06.

Limitation on Liability of Seller and Others.  The seller and any director or officer or employee or agent of the seller 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 seller’s obligations under section 3.02 hereof).  The seller 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.

ARTICLE V

The Purchaser

SECTION 5.01.

Representations of Purchaser.  The purchaser makes the following representations on which the seller is deemed to have relied in selling the financed student loans to the purchaser and the depositor eligible lender trustee on behalf of the purchaser hereunder.  The representations 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 the substituted student loans, but shall survive the sale of the financed student loans to the purchaser and, with respect to legal title, the depositor eligible lender trustee on behalf of the purchaser and the subsequent transfer of such student loans to the issuer and, with respect to legal title, the eligible lender trustee on behalf of the issuer.

(a)

Organization and Good Standing.  The Purchaser 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 to execute, deliver and perform its obligations under this Agreement.

(b)

Due Qualification.  The Purchaser is duly qualified to do business and has obtained all necessary licenses and approvals in all jurisdictions in which the ownership or lease of property or the conduct of its business shall require such qualifications.

(c)

Power and Authority of the Purchaser.  The Purchaser has the limited liability company 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 Purchaser by all necessary limited liability company action.  

(d)

Binding Obligation.  This Agreement constitutes a legal, valid and binding obligation of the Purchaser, 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.

(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 limited liability company agreement or other organizational document of the Purchaser, or any indenture, agreement or other instrument to which the Purchaser 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 Purchaser, financial or otherwise, or adversely affect the transactions contemplated by this Agreement; nor violate any law or, to the knowledge of the Purchaser, any order, rule or regulation applicable to the Purchaser of any court or of any Federal or state regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Purchaser or its properties.

(f)

No Proceedings.  There are no proceedings, or, to the Purchaser’s best knowledge, investigations pending, or, to the Purchaser’s best knowledge, threatened against the Purchaser, before any court, regulatory body, administrative agency or other governmental instrumentality having jurisdiction over the Purchaser or its properties:  (i) asserting the invalidity of this Agreement, (ii) seeking to prevent the consummation of any of the transactions contemplated by this Agreement or (iii) seeking any determination or ruling that could reasonably be expected to have a material and adverse effect on the performance by the Purchaser of its obligations under, or the validity or enforceability of, this Agreement.

ARTICLE VI

Purchase Termination Events

SECTION 6.01.

Purchase Termination.  If an insolvency event occurs with respect to either the seller or the purchaser, the seller shall immediately, on the day it receives notice of such insolvency event, cease transferring financed student loans to the depositor eligible lender trustee on behalf of the purchaser, and, in the case of an insolvency event of the seller, shall give prompt notice thereof to the depositor eligible lender trustee and the purchaser.  The purchaser shall give prompt notice to the depositor eligible lender trustee and the seller of the occurrence of an insolvency event of the purchaser.

ARTICLE VII

Miscellaneous

SECTION 7.01.

Amendment.  This agreement may be amended by the parties hereto, with the consent of the indenture trustee, but without the consent of any of the holders of notes, 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; provided, however, that such action shall not, as evidenced by an opinion of counsel delivered to the eligible lender trustee on behalf of the issuer and the indenture trustee, adversely affect in any material respect the interests of any holder of notes.

This Agreement may also be amended from time to time by the parties hereto, with 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) and a majority in interest of the Group II Controlling Parties (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), 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 Financed Student Loans or distributions that shall be required to be made for the benefit of the holders of Notes or (b) reduce 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 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).

Promptly after the execution of any such amendment or consent (or, in the case of the Rating Agencies, five Business Days prior thereto), the Seller shall furnish written notification of the substance of such amendment or consent to each holder of Certificates (if not the Purchaser), the Eligible Lender Trustee, the Issuer, 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 Depositor Eligible Lender Trustee and the Purchaser shall each 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 7.02(d)(1) hereof.  Neither the Purchaser nor the Depositor Eligible Lender Trustee shall be obligated to enter into any such amendment which affects the Purchaser’s or the Depositor Eligible Lender Trustee’s own rights, duties or immunities under this Agreement or otherwise.

SECTION 7.02.

Protection of Interests in Assets.  (a)  the seller 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 depositor eligible lender trustee, the indenture trustee and the purchaser in the financed student loans and in the proceeds thereof.  The seller shall deliver (or cause to be delivered) to the depositor 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)

The Seller shall not 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 Sections 9-506, 507 and 508 (or comparable sections) of the UCC, unless it shall have given the Depositor 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 Seller shall have an obligation to give the Depositor Eligible Lender Trustee and the Indenture Trustee at least 60 days’ prior written notice of any change in the 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.

(d)

The Seller shall deliver to the Depositor Eligible Lender Trustee on behalf of the Purchaser and the Indenture Trustee:

(1)

promptly after the execution and delivery of this Agreement and of each amendment thereto and on each Subsequent Transfer Date, 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 Depositor Eligible Lender Trustee on behalf of the Purchaser 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 Depositor Eligible Lender Trustee on behalf of the Purchaser 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.

SECTION 7.03.

Notices.  All demands, notices, instructions, directions and communications upon or to the seller, the purchaser, the depositor eligible lender trustee, the indenture trustee 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 Seller, 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 Purchaser, 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);

(c)

in the case of the Depositor Eligible Lender Trustee, 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 (telephone:  (904) 998-4718; facsimile:  (904) 645-1931, e-mail: wcardozo@bankofny.com);

(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 Ratings Services, a division of the McGraw-Hill Companies, 55 Water Street, Attention: Asset Backed Surveillance Department (telephone: (212) 438-2000; facsimile: (212) 438-2649);

(f)

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; and

(g)

in the case of Fitch, to 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 7.04.

Assignment of Agreement.  Except as provided in section 4.05 hereof, this agreement may not be assigned by the seller.  This agreement may only be assigned by the purchaser pursuant to the sale and servicing agreement.  This agreement may be assigned by the depositor eligible lender trustee only to any permitted successors and assigns or otherwise in accordance with section 7.10 hereof.

SECTION 7.05.

Limitations on Rights of Others.  The provisions of this agreement are solely for the benefit of (i) the parties hereto and (ii) the issuer, the eligible lender trustee, the indenture trustee and the holders of the notes, as intended 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 assets or under or in respect of this agreement or any covenants, conditions or provisions contained herein.

SECTION 7.06.

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 7.07.

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 7.08.

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 7.09.

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 7.10.

Assignment.  The seller hereby acknowledges and consents to any mortgage, pledge, assignment and grant by the purchaser to the issuer and 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 purchaser in, to and under the financed student loans and/or the assignment of any or all of the purchaser’s rights and obligations hereunder to the issuer and by the issuer to the indenture trustee.

SECTION 7.11.

Nonpetition Covenants.  (a)  notwithstanding any prior termination of this agreement, neither the seller nor the depositor eligible lender trustee shall, prior to the date which is one year and one day after the termination of this agreement with respect to the purchaser, acquiesce, petition or otherwise invoke or cause the purchaser to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the purchaser 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 purchaser or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the purchaser.

(a)

Notwithstanding any prior termination of this Agreement, neither the Purchaser nor the Depositor Eligible Lender Trustee shall, prior to the date which is one year and one day after the termination of this Agreement with respect to the Seller, acquiesce, petition or otherwise invoke or cause the Seller to invoke the process of any court or government authority for the purpose of commencing or sustaining a case against the Seller under any insolvency or similar law or appointing a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official of the Seller or any substantial part of its property, or ordering the winding up or liquidation of the affairs of the Seller.

SECTION 7.12.

Limitation of Liability of Depositor Eligible Lender Trustee.  (a)  notwithstanding anything contained herein to the contrary, this agreement has been signed by chase bank, national association, not in its individual capacity but solely in its capacity as depositor eligible lender trustee of the purchaser and, subject to paragraph (b) below, in no event shall jpmorgan chase bank, national association, in its individual capacity have any liability for the representations, warranties, covenants, agreements or other obligations of the purchaser 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 purchaser.

(b)

Notwithstanding any other provision in this Agreement, nothing in this Agreement shall be construed to limit the legal responsibility of the Depositor Eligible Lender 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 Depositor Eligible Lender Trustee pursuant to, or failure to otherwise comply with its obligations under, the Higher Education Act or implementing regulations.

SECTION 7.13.

[Reserved].

SECTION 7.14.

Consent to Assignment.  The seller hereby acknowledges, consents and agrees that all of the rights and remedies of the purchaser under this agreement will be assigned to the issuer and by the issuer to the indenture trustee (on behalf of the issuer) pursuant to the sale and servicing agreement and the indenture.  The seller hereby acknowledges, consents and agrees that, subsequent to such assignments, all of the rights and remedies of the purchaser may be exercised directly by the indenture trustee (on behalf of the issuer) against the seller.

SECTION 7.15.

Representations and Warranties.  The depositor eligible lender trustee hereby represents and warrants to the seller and the depositor, for the benefit of the holder of the trust certificate, that:

(a)

It is a national banking association duly organized and validly existing in good standing under the laws of the United States.  It has all requisite national banking association power and authority to execute, deliver and perform its obligations under this Agreement.

(b)

It has taken all national banking association action necessary to authorize the execution and delivery by it of this Agreement, and this Agreement will be executed and delivered by one of its officers who is duly authorized to execute and deliver this Agreement on its behalf.

(c)

Neither the execution nor the delivery by it of this Agreement, nor the consummation by it of the transactions contemplated hereby nor compliance by it with any of the terms or provisions hereof will contravene any Federal law, governmental rule or regulation governing the banking or trust powers of the Depositor Eligible Lender Trustee or any judgment or order binding on it, or constitute any default under its charter documents or by-laws or any indenture, mortgage, contract, agreement or instrument to which it is a party or by which any of its properties may be bound.

(d)

It is an “eligible lender” as such term is defined in Section 435(d) of the Higher Education Act, for purposes of holding legal title to the Financed Student Loans as contemplated by this Agreement, has obtained a lender identification number in connection therewith from the Department and has in effect a Guarantee Agreement with each of the Guarantors with respect to the Financed Student Loans.

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.

	KEYBANK NATIONAL ASSOCIATION,

as Seller

	By:

	             /s/ Krista C. Neal

	 	Name:

	Krista C. Neal

	 	Title:

	Vice President

	KEY CONSUMER RECEIVABLES LLC,

as Purchaser

	By:

	             /s/ Krista C. Neal

	 	Name:

	Krista C. Neal

	 	Title:

	Treasurer

	JPMORGAN CHASE BANK, NATIONAL ASSOCIATION,

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

APPENDIX A

DEFINITIONS AND USAGE

[PLEASE SEE APPENDIX A TO THE 

SALE AND SERVICING AGREEMENT]

SCHEDULE A

PART I:

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.

PART II:

Schedule of Group II Student Loans:

Delivered to the Indenture Trustee.

SCHEDULE B

[Reserved.]

EXHIBIT A

ASSIGNMENT

For value received, in accordance with the Student Loan Transfer Agreement (the “Student Loan Transfer Agreement”) dated as of December 1, 2006, among KeyBank National Association, as seller (the “Seller”), Key Consumer Receivables LLC, as purchaser (the “Purchaser” or “Depositor”), and JPMorgan Chase Bank, National Association, not in its individual capacity but solely as eligible lender trustee for the Depositor (the “Depositor Eligible Lender Trustee”), the undersigned does hereby sell, assign, transfer and otherwise convey unto the Purchaser (with respect to the beneficial ownership interest), and, with respect to legal title, the Depositor Eligible Lender Trustee on behalf of the Depositor, without recourse (subject to the obligations set forth in the Student Loan Transfer Agreement), all right, title and interest of the undersigned in and to (i) the Financed Student Loans and all obligations of the Obligors thereunder including all moneys paid thereunder and all written communications received by the Seller 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) the rights of the Seller set forth in Section 2.01(ii) of the Student Loan Transfer Agreement, and (iii) the proceeds of any and all of the foregoing (including proceeds derived from the voluntary or involuntary conversion of any of the Financed Student Loans into cash or other liquidated property, such as proceeds from the applicable Guarantee Agreement.  The foregoing sale does not constitute and is not intended to result in any assumption by the Purchaser or the Depositor 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 Schedule A to the Student Loan Transfer Agreement in favor of the Depositor Eligible Lender Trustee on behalf of the Purchaser, without recourse (subject to the obligations set forth in the Student Loan Transfer Agreement) against the undersigned.  This endorsement 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 Student Loan Transfer Agreement and is to be governed by the Student Loan Transfer Agreement.

Capitalized terms used but not defined herein shall have the meaning assigned to them in Appendix A to the Student Loan Transfer 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 1, 2006.

	KEYBANK NATIONAL ASSOCIATION, 

as Seller

	By: ______________________________________

	Name:

	Title:

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