Document:

EXHIBIT 4.1

EXECUTION COPY

INDENTURE

between

KEYCORP STUDENT LOAN TRUST 2000-B,

and

BANKERS TRUST COMPANY,

not in its individual capacity but

solely as Indenture Trustee

Dated as of September 1, 2000

TABLE OF CONTENTS

Page

ARTICLE I

Definitions and Usage

	SECTION 1.01.	Definitions and Usage	2

	SECTION 1.02. 	Incorporation by Reference of Trust Indenture Act 	2 

ARTICLE II

The Notes

	SECTION 2.01. 	Form 	3

	SECTION 2.02. 	Execution, Authentication and Delivery 	3

	SECTION 2.03. 	Temporary Notes 	4

	SECTION 2.04.	Registration; Registration of Transfer and Exchange  	4

	SECTION 2.05. 	Mutilated, Destroyed, Lost or Stolen Notes 	6 

	SECTION 2.06. 	Persons Deemed Owner 	7 

	SECTION 2.07. 	Payment of Principal and Interest; Defaulted Interest; Noteholders' Interest Index Carryover 	 7

	SECTION 2.08. 	Cancellation 	8 

	SECTION 2.09. 	Release of Collateral 	9

	SECTION 2.10. 	Book-Entry Notes 	9

	SECTION 2.11. 	Notices to Clearing Agency 	10 

	SECTION 2.12. 	Definitive Notes 	10 

ARTICLE III

Covenants

	SECTION 3.01. 	Payment to Noteholders 	 10

	SECTION 3.02. 	Maintenance of Office or Agency 	11

	SECTION 3.03. 	Money for Payments To Be Held in Trust 	11 

	SECTION 3.04. 	Existence 	13

	SECTION 3.05. 	Protection of Indenture Trust Estate 	13 

	SECTION 3.06. 	Opinions as to Indenture Trust Estate 	13 

	SECTION 3.07.	Performance of Obligations; Master Servicing of Financed Student Loans 	14

	SECTION 3.08. 	Negative Covenants 	17

	SECTION 3.09. 	Annual Statement as to Compliance 	18

	SECTION 3.10. 	Issuer May Consolidate, etc., Only on Certain Terms 	18

	SECTION 3.11. 	Successor or Transferee 	20

	SECTION 3.12.	No Other Business 	20

	SECTION 3.13. 	No Borrowing 	20

	SECTION 3.14. 	Obligations of Master Servicer and Administrator 	20

	SECTION 3.15. 	Guarantees, Loans, Advances and Other Liabilities 	20

	SECTION 3.16. 	Capital Expenditures 	21

	SECTION 3.17. 	Restricted Payments 	21

	SECTION 3.18. 	Notice of Events of Default 	21

	SECTION 3.19. 	Further Instruments and Acts 	21

ARTICLE IV

Satisfaction and Discharge

	SECTION 4.01. 	Satisfaction and Discharge of Indenture 	22

	SECTION 4.02. 	Application of Trust Money 	23

	SECTION 4.03. 	Repayment of Moneys Held by Paying Agent 	23

	SECTION 4.04. 	Auction of Financed Student Loans 	23

ARTICLE V

Remedies

	SECTION 5.01. 	Events of Default 	24

	SECTION 5.02. 	Acceleration of Maturity; Rescission and Annulment 	25

	SECTION 5.03. 	Collection of Indebtedness and Suits for Enforcement by Indenture Trustee 	26

	SECTION 5.04. 	Remedies; Priorities 	29

	SECTION 5.05. 	Optional Preservation of the Financed Student Loans 	33

	SECTION 5.06. 	Limitation of Suits 	33

	SECTION 5.07. 	Unconditional Rights of Noteholders To Receive Principal and Interest 	34

	SECTION 5.08.	Restoration of Rights and Remedies 	35 

	SECTION 5.09. 	Rights and Remedies Cumulative 	35

	SECTION 5.10. 	Delay or Omission Not a Waiver 	 35

	SECTION 5.11. 	Control by Noteholders 	 35

	SECTION 5.12. 	Waiver of Past Defaults 	 36

	SECTION 5.13. 	Undertaking for Costs 	 36

	SECTION 5.14. 	Waiver of Stay or Extension Laws 	 37

	SECTION 5.15. 	Action on Notes 	 37

	SECTION 5.16. 	Performance and Enforcement of Certain Obligations 	37 

ARTICLE VI

The Indenture Trustee

	SECTION 6.01. 	Duties of Indenture Trustee 	 38

	SECTION 6.02. 	Rights of Indenture Trustee 	 40

	SECTION 6.03. 	Individual Rights of Indenture Trustee 	 40

	SECTION 6.04. 	Indenture Trustee's Disclaimer 	 40

	SECTION 6.05. 	Notice of Defaults 	 41

	SECTION 6.06. 	Reports by Indenture Trustee to Noteholders 	41 

	SECTION 6.07. 	Compensation and Indemnity 	 41

	SECTION 6.08. 	Replacement of Indenture Trustee 	 42

	SECTION 6.09. 	Successor Indenture Trustee by Merger 	43 

	SECTION 6.10. 	Appointment of Co-Trustee or Separate Trustee 	 43

	SECTION 6.11. 	Eligibility; Disqualification 	45 

	SECTION 6.12. 	Preferential Collection of Claims Against Issuer 	 45

	SECTION 6.13. 	Set-Off Rights 	 45

ARTICLE VII

Noteholders' Lists and Reports

	SECTION 7.01. 	Issuer To Furnish Indenture Trustee Names and Addresses of Noteholders 	 45

	SECTION 7.02. 	Preservation of Information; Communications to Noteholders 	45 

	SECTION 7.03. 	Reports by Issuer 	 46

ARTICLE VIII

Accounts, Disbursements and Releases

	SECTION 8.01. 	Collection of Money 	 47

	SECTION 8.02. 	Trust Accounts 	 47

	SECTION 8.03. 	General Provisions Regarding Accounts 	48 

	SECTION 8.04. 	Release of Indenture Trust Estate 	 49

	SECTION 8.05. 	Opinion of Counsel 	 49

	SECTION 8.06. 	Demands under the Securities Guaranty Insurance Policy 	50 

ARTICLE VIII-A

The Securities Guaranty Insurance Policy

	SECTION 8A.1. 	Claims Under the Securities Guaranty Insurance Policy 	 51

	SECTION 8A.2. 	[RESERVED] 	 52

	SECTION 8A.3. 	Surrender of the Securities Guaranty Insurance Policy 	 52

	SECTION 8A.4. 	Rights of the Securities Insurer 	 52

	SECTION 8A.5. 	Replacement Securities Guaranty Insurance Policy 	 52

ARTICLE IX

Supplemental Indentures

	SECTION 9.01. 	Supplemental Indentures Without Consent of Noteholders 	 53

	SECTION 9.02. 	Supplemental Indentures with Consent of Noteholders 	 54

	SECTION 9.03. 	Execution of Supplemental Indentures 	 56

	SECTION 9.04. 	Effect of Supplemental Indenture 	 56

	SECTION 9.05. 	Conformity with Trust Indenture Act 	 56

	SECTION 9.06. 	Reference in Notes to Supplemental Indentures 	 56

ARTICLE X

Redemption of Notes

	SECTION 10.01. 	Redemption 	57 

	SECTION 10.02. 	Form of Redemption Notice 	 57

	SECTION 10.03. 	Notes Payable on Redemption Date 	 58

ARTICLE XI

Miscellaneous

	SECTION 11.01. 	Compliance Certificates and Opinions, etc. 	 58

	SECTION 11.02. 	Form of Documents Delivered to Indenture Trustee 	 60

	SECTION 11.03. 	Acts of Noteholders 	 61

	SECTION 11.04. 	Notices, etc., to Indenture Trustee, Issuer, Securities Insurer and Rating Agencies 	 62

	SECTION 11.05. 	Notices to Noteholders; Waiver 	 62

	SECTION 11.06. 	Alternate Payment and Notice Provisions 	 63

	SECTION 11.07. 	Conflict with Trust Indenture Act 	63 

	SECTION 11.08. 	Effect of Headings and Table of Contents 	 63

	SECTION 11.09. 	Successors and Assigns 	64 

	SECTION 11.10. 	Separability 	 64

	SECTION 11.11. 	Benefits of Indenture 	 64

	SECTION 11.12. 	Legal Holidays 	 64

	SECTION 11.13. 	Governing Law 	 64

	SECTION 11.14. 	Counterparts 	 64

	SECTION 11.15. 	Recording of Indenture 	 64

	SECTION 11.16. 	Trust Obligations 	 65

	SECTION 11.17. 	No Petition 	 65

	SECTION 11.18. 	Inspection 	 65

	SECTION 11.19. 	Third-Party Beneficiaries 	 65

	SECTION 11.20. 	Rights of the Securities Insurer to Exercise Rights of Noteholders 	66 

	APPENDIX A   	Definitions and Usage 

	SCHEDULE A 	 Schedule of Initial Financed Student Loans

	SCHEDULE B   	Schedule of Additional Student Loans 

	SCHEDULE C  	Location of Financed Student Loan Files

	EXHIBIT A-1	Form of Class A-1 Note

	EXHIBIT A-2 	Form of Class A-2 Note

	    	         
      INDENTURE dated as of September 1, 2000,
between KEYCORP STUDENT LOAN TRUST 2000-B, a Delaware business trust (the
"Issuer"), and BANKERS TRUST COMPANY, a New York banking corporation, as trustee
and not in its individual capacity (the "Indenture Trustee"). 

          Each party agrees as follows for the benefit of the other party and for the
equal and ratable benefit of the holders of the Issuer's Floating Rate Class A-1
Asset Backed Notes (the "Class A-1 Notes"), Floating Rate Class A-2 Asset Backed
Notes (the "Class A-2 Notes" and together with the Class A-1 Notes, the "Class A
Notes" or the "Notes"):

GRANTING CLAUSE

          The Issuer (and, with respect to the Financed Student Loans, the Eligible Lender
Trustee on behalf of the Issuer) hereby Grants to the Indenture Trustee at the
Closing Date, as trustee for the benefit of the holders of the Notes, the
Securities Insurer and the Swap Counterparty, as their interests may appear
herein all the Issuer's right, title and interest in and to the following:

	    	          (a)
     the Financed Student Loans, and all obligations of the Obligors thereunder
including all moneys paid thereunder on or after the Cutoff Date (or, in the
case of Additional Student Loans, on or after the related Subsequent Cutoff
Date);
  

	 	          (b)
    the Sale and Servicing Agreement, including the right of the Issuer to cause the
Seller to repurchase or the Master Servicer to purchase, Financed Student Loans
from the Issuer under circumstances described therein and including the Assigned
Rights; 

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

	    	          (d)
      all funds on deposit from time to time in the
Trust Accounts, including the Reserve Account Initial Deposit and the Pre-Funded
Amount; 

	    	          (e)
      all rights under the Interest Rate Swap and all
payments due or received from the Swap Counterparty pursuant thereto; 

	    	          (f)
      all rights under the Cap Agreement and all
payments due or received from the Cap Provider pursuant thereto; 

	    	          (g)
      the Securities Guaranty Insurance Policy and all
payments from the Securities Insurer received thereunder; and 

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

          The
foregoing Grant is made in trust to secure the payment of principal of and
interest on, and any other amounts owing in respect of, the Notes, equally and
ratably without prejudice, priority or distinction, to secure payment of all
amounts owing to the Securities Insurer and the Swap Counterparty, and to secure
compliance with the provisions of this Indenture, all as provided in this
Indenture.

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

ARTICLE I

Definitions and Usage

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

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

          "Commission" means the Securities and Exchange Commission.

          "indenture securities" means the Notes.

          "indenture security holder" means a holder of the Notes.

          "indenture to be qualified" means this Indenture.

          "indenture trustee" or "institutional trustee" means the Indenture Trustee.

          "obligor" on the indenture securities means the Issuer and any other obligor on
the indenture securities.

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

ARTICLE II

The Notes

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

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

          Each
Note shall be dated the date of its authentication. The terms of the Class A-1
Notes and the Class A-2 Notes set forth in Exhibits A-1 and A-2 are part of the
terms of this Indenture.

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

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

          The
Indenture Trustee shall upon Issuer Order authenticate and deliver Notes for
original issue in an aggregate principal amount of $150,000,000 with respect to
the Class A-1 Notes, and $485,000,000 with respect to the Class A-2 Notes,
except as provided in Section 2.05.

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

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

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

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

          SECTION
2.04.    Registration; Registration of Transfer and Exchange. The
Issuer shall cause to be kept a register (the "Note Register") in which, subject
to such reasonable regulations as it may prescribe, the Issuer shall provide for
the registration of Notes and the registration of transfers of Notes. The
Indenture Trustee shall be "Note Registrar" for the purpose of registering Notes
and transfers of Notes as herein provided. Upon any resignation of any Note
Registrar, the Issuer shall promptly appoint a successor or, if it elects not to
make such an appointment, assume the duties of Note Registrar.

          If a
Person other than the Indenture Trustee is appointed by the Issuer as Note
Registrar, the Issuer will give the Indenture Trustee and the Securities Insurer
prompt written notice of the appointment of such Note Registrar and of the
location, and any change in the location, of the Note Register, and the
Indenture Trustee and the Securities Insurer shall have the right to inspect the
Note Register at all reasonable times and to obtain copies thereof, and the
Indenture Trustee and the Securities Insurer shall have the right to rely upon a
certificate executed on behalf of the Note Registrar by an Executive Officer
thereof as to the names and addresses of the holders of the Notes and the
principal amounts and number of such Notes.

          Upon
surrender for registration of transfer of any Note at the office or agency of
the Issuer to be maintained as provided in Section 3.02, if the requirements of
Section 8-401(1) of the UCC are met, the Issuer shall execute, and the Indenture
Trustee shall authenticate and the holder of the Notes shall obtain from the
Indenture Trustee, in the name of the designated transferee or transferees, one
or more new Notes in any authorized denominations and a like aggregate principal
amount.

          At
the option of the holder of the Notes, Notes may be exchanged for other Notes in
any authorized denominations, a like class and a like aggregate principal
amount, upon surrender of the Notes to be exchanged at such office or agency.
Whenever any Notes are so surrendered for exchange, if the requirements of
Section 8-401(1) of the UCC are met, the Issuer shall execute, and the Indenture
Trustee shall authenticate and the holder of the Notes shall obtain from the
Indenture Trustee, the Notes which the holder of the Notes making the exchange
is entitled to receive.

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

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

          The
Issuer initially appoints the Indenture Trustee to act as custodian with respect
to the Notes.

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

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

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

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

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

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

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

          SECTION
2.06.   Persons Deemed Owner. Prior to due presentment for
registration of transfer of any Note, the Issuer, the Indenture Trustee, the
Securities Insurer and any agent of the Issuer, the Securities Insurer or the
Indenture Trustee may treat the Person in whose name any Note is registered (as
of the day of determination) as the owner of such Note for the purpose of
receiving payments of principal of, interest (and any Noteholders' Interest
Index Carryover and payments made under the Cap Agreement with respect to such
Class of Notes), if any, on such Note and for all other purposes whatsoever,
whether or not such Note be overdue, and neither the Issuer, the Indenture
Trustee nor any agent of the Issuer, the Securities Insurer or the Indenture
Trustee shall be affected by notice to the contrary.

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

          (b)
      The principal of each Note shall be payable in
installments on each Distribution Date as provided in the form of the Class A-1
Note and the Class A-2 Note set forth in Exhibits A-1 and A-2, respectively, to
the extent the amount of funds required and available to be distributed in
respect of principal on such Class of Notes pursuant to the Sale and Servicing
Agreement; provided, however, the entire unpaid principal amount
of each Class of Notes shall be due and payable on its Final Maturity Date.
Notwithstanding the foregoing, the entire unpaid principal amount of the Notes
shall be due and payable, if not previously paid, on the date on which an Event
of Default shall have occurred and is continuing, if the Indenture Trustee or
the Securities Insurer (provided that no Securities Insurer Default shall have
occurred and is continuing, then by the holders of Notes representing not less
than a majority of the Outstanding Amount of the Notes) have declared the Notes
to be immediately due and payable in the manner provided in Section 5.02. All
principal payments on each Class of Notes shall be made pro rata to the holders
of such Class of Notes entitled thereto. The Indenture Trustee shall notify the
Person in whose name a Note is registered at the close of business on the Record
Date preceding the Distribution Date on which the Issuer expects that the final
installment of principal of and interest (and any Noteholders' Interest Index
Carryover with respect to such Class of Notes) on such Note will be paid. Such
notice shall be mailed or transmitted by facsimile prior to such final
Distribution Date and shall specify that such final installment will be payable
only upon presentation and surrender of such Note and shall specify the place
where such Note may be presented and surrendered for payment of such
installment. Notices in connection with redemptions of Notes shall be mailed to
the holders of the Notes as provided in Section 10.02.

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

          (d)
     The Noteholders' Interest Index Carryover with
respect to the Class A Notes for each Distribution Date (including all unpaid
Noteholders' Interest Index Carryover for such Class A Notes for prior
Distribution Dates and interest accrued thereon at the applicable Note Interest
Rate for each applicable Interest Period) shall be payable to the Class A Notes,
pro rata based on the amount of Noteholders' Interest Index Carryover then owing
on each such Class A Notes, on each Distribution Date solely to the extent of
funds required and available (including any Class A Cap Funds) to be distributed
to the holders of the Class A Notes by the Indenture Trustee pursuant to Section
5.05(c)(viii) or 5.06(e) of the Sale and Servicing Agreement. Any Noteholders'
Interest Index Carryover payable on any Distribution Date shall be paid to the
Person in whose name such Note (or one or more Predecessor Notes) is registered
on the applicable Record Date by check mailed first-class postage prepaid to
such Person's address as it appears on the Note Register on such Record Date,
except that, unless Definitive Notes have been issued pursuant to Section 2.12,
with respect to the Notes registered on the Record Date in the name of the
nominee of the Clearing Agency (initially, such nominee to be Cede & Co.),
payment will be made by wire transfer in immediately available funds to the
account designated by such nominee. The funds represented by any such checks
returned undelivered shall be held in accordance with Section 3.03.

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

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

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

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

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

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

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

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

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

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

ARTICLE III

Covenants

          SECTION
3.01.    Payment to Noteholders. The Issuer will duly and
punctually pay the principal of, interest, if any, on and any unpaid
Noteholders' Interest Index Carryover (but only to the extent provided in
Sections 2.07(d) and 8.02(c)) with respect to each Class of Notes in accordance
with the terms of such Notes and this Indenture. Without limiting the foregoing,
subject to Section 8.02(c), the Issuer will cause to be distributed to the
holders of the Class A-1 Notes and to the holders of the Class A-2 Notes that
portion of the amounts on deposit in the Trust Accounts on a Distribution Date,
to which the holders of the Notes are entitled to receive pursuant to the Sale
and Servicing Agreement. Amounts properly withheld under the Code by any Person
from a payment to any holder of the Notes of interest (including any
Noteholders' Interest Index Carryover) and/or principal shall be considered as
having been paid by the Issuer to such holder of the Notes for all purposes of
this Indenture. The Notes will be non-recourse obligations of the Issuer and
shall be limited in right of payment to amounts available from the Indenture
Trust Estate as provided in this Indenture and the Issuer shall not be otherwise
liable on the Notes.

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

          SECTION
3.03.    Money for Payments To Be Held in Trust. As
provided in Section 8.02(a) and (b), all payments of amounts due and payable
with respect to any Notes that are to be made from amounts distributed from the
Collection Account or any other Trust Account pursuant to Section 8.02(c) shall
be made on behalf of the Issuer by the Indenture Trustee or by another Paying
Agent, and no amounts so distributed from the Collection Account for payments of
Notes shall be paid over to the Issuer except as provided in this Section. The
Indenture Trustee is hereby appointed as the initial "Paying Agent" hereunder
and the Indenture Trustee hereby accepts such appointment.

          On
or before the Business Day next preceding each Distribution Date and Redemption
Date, the Issuer shall distribute or cause to be distributed to the Indenture
Trustee (or any other Paying Agent) an aggregate sum sufficient to pay the
amounts then becoming due under the Notes, such sum to be held in trust for the
benefit of the Persons entitled thereto and (unless the Paying Agent is the
Indenture Trustee) shall promptly notify the Indenture Trustee, the Securities
Insurer and the Swap Counterparty of its action or failure so to act.

          The
Issuer will cause each Paying Agent other than the Indenture Trustee to execute
and deliver to the Indenture Trustee an instrument in which such Paying Agent
shall agree with the Indenture Trustee (and if the Indenture Trustee acts as
Paying Agent, it hereby so agrees), subject to the provisions of this Section,
that such Paying Agent will:

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

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

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

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

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

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

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

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

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

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

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

	  	          (iii)
     enforce any of the Collateral; or

	  	          (iv)
     preserve and defend title to the Indenture Trust
Estate and the rights of the Indenture Trustee, and the holders of the Notes,
the Swap Counterparty and the Securities Insurer in such Indenture Trust Estate
against the claims of all persons and parties.

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

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

          (b)
On or before April 30 in each calendar year, beginning in 2001, the Issuer shall
furnish to the Indenture Trustee, the Securities Insurer and the Swap
Counterparty an Opinion of Counsel either stating that, in the opinion of such
counsel, such action has been taken with respect to the recording, filing,
re-recording and refiling of this Indenture, any indentures supplemental hereto
and any other requisite documents and with respect to the execution and filing
of any financing statements and continuation statements as is necessary to
maintain the lien and security interest created by this Indenture and reciting
the details of such action or stating that in the opinion of such counsel no
such action is necessary to maintain such lien and security interest. Such
Opinion of Counsel shall also describe the recording, filing, re-recording and
refiling of this Indenture, any indentures supplemental hereto and any other
requisite documents and the execution and filing of any financing statements and
continuation statements that will, in the opinion of such counsel, be required
to maintain the lien and security interest of this Indenture until April 30 in
the following calendar year.

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

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

          (c)
The Issuer will punctually perform and observe all its obligations and
agreements contained in this Indenture, the other Basic Documents and in the
instruments and agreements included in the Indenture Trust Estate, including
filing or causing to be filed all UCC financing statements and continuation
statements required to be filed by the terms of this Indenture and the Sale and
Servicing Agreement in accordance with and within the time periods provided for
herein and therein. Except as otherwise expressly provided therein, the Issuer
shall not waive, amend, modify, supplement or terminate any Basic Document or
any provision thereof without the consent of the Indenture Trustee and the
Securities Insurer (provided that no Securities Insurer Default has occurred and
is continuing, and then from the holders of Notes of at least a majority of the
Outstanding Amount of the Notes).

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

          (e) As promptly as possible after the giving of notice of termination to the
Master Servicer of the Master Servicer's rights and powers, or to the
Administrator of the Administrator's rights and powers, pursuant to Section 8.01
of the Sale and Servicing Agreement, the Issuer shall appoint, with the consent
of the Securities Insurer, a successor master servicer (the "Successor Master
Servicer"), or a successor administrator (the "Successor Administrator"), and
such Successor Master Servicer or Administrator, as the case may be, shall
accept its appointment by a written assumption in a form acceptable to the
Indenture Trustee. In the event that a Successor Master Servicer or
Administrator has not been appointed and accepted its appointment at the time
when the Master Servicer or Administrator, as the case may be, ceases to act as
Master Servicer or Administrator, as the case may be, the Indenture Trustee
without further action shall automatically be appointed a Successor Master
Servicer or Administrator, as the case may be. The Indenture Trustee may resign
as the Master Servicer or the Administrator pursuant to the terms of the Sale
and Servicing Agreement by giving written notice of such resignation to the
Issuer, the Securities Insurer and the Swap Counterparty, and in such event will
be released from such duties and obligations, such release not to be effective
until the date a new master servicer or a new administrator enters into an
agreement with the Issuer as provided below; provided, however,
that nothing herein shall require or permit the Indenture Trustee to act as
Master Servicer, or otherwise master service Financed Student Loans, in
violation of the Higher Education Act. Upon delivery of any such notice to the
Issuer, the Issuer shall obtain a new master servicer or a new administrator as
a Successor Master Servicer or Administrator under the Sale and Servicing
Agreement, with the consent of the Securities Insurer (so long as no Securities
Insurer Default has occurred and is continuing). Any Successor Master Servicer
or Administrator, as the case may be, other than the Indenture Trustee shall (i)
be an established institution (A) that satisfies any requirements of the Higher
Education Act applicable to servicers and (B) whose regular business includes
the servicing or administration of student loans and (ii) enter into a master
servicing agreement or an administration agreement with the Issuer having
substantially the same provisions as the provisions of the Sale and Servicing
Agreement applicable to the predecessor Master Servicer or the provisions of the
Sale and Servicing Agreement and the Administration Agreement applicable to the
Administrator and, in any case, approved by the Securities Insurer (provided
that no Securities Insurer Default has occurred and is continuing). If within 30
days after the delivery of the notice referred to above, the Issuer shall not
have obtained such a new master servicer or administrator, as the case may be,
the Indenture Trustee may appoint, or may petition a court of competent
jurisdiction to appoint, in each case, so long as no Securities Insurer Default
has occurred and is continuing, with the consent of the Securities Insurer,
which consent will not be unreasonably withheld, a Successor Master Servicer or
Administrator; provided, however, that such right to appoint or to petition for
the appointment of any such successor shall in no event relieve the Indenture
Trustee from any obligations otherwise imposed on it under the Basic Documents
until such successor has in fact assumed such appointment. In connection with
any such appointment, the Indenture Trustee may make such arrangements for the
compensation of such successor as the Indenture Trustee, the Securities Insurer
and such successor shall agree, subject to the limitations set forth below and
in the Sale and Servicing Agreement, and in accordance with Section 8.02 of the
Sale and Servicing Agreement, the Issuer shall enter into an agreement with such
successor for the servicing or administration of the Financed Student Loans
(such agreement to be in form and substance satisfactory to the Indenture
Trustee and the Securities Insurer). If the Indenture Trustee shall succeed as
provided herein to the Master Servicer's duties with respect to Financed Student
Loans or the Administrator's duties with respect to the Issuer and the Financed
Student Loans, as the case may be, it shall do so in its individual capacity and
not in its capacity as Indenture Trustee and, accordingly, the provisions of
Article VI hereof shall be inapplicable to the Indenture Trustee in its duties
as the successor to the Master Servicer or the Administrator, as the case may
be, and the servicing or administration of the Financed Student Loans. In case
the Indenture Trustee shall become successor to the Master Servicer or the
Administrator, as the case may be, under the Sale and Servicing Agreement, the
Indenture Trustee shall be entitled to appoint as Master Servicer or as
Administrator, as the case may be, any one of its affiliates or agents, provided
that such appointment shall not affect or alter in any way the liability of the
Indenture Trustee as a successor for the performance of the duties and
obligations of the Master Servicer or the Administrator in accordance with the
terms hereof.

          (f)
Upon any termination of the Master Servicer's rights and powers pursuant to the
Sale and Servicing Agreement, or any termination of the Administrator's rights
and powers pursuant to the Sale and Servicing Agreement, as the case may be, the
Issuer shall promptly notify the Indenture Trustee, the Swap Counterparty and
the Securities Insurer. As soon as a Successor Master Servicer or a Successor
Administrator is appointed, the Issuer shall notify the Indenture Trustee and
the Securities Insurer of such appointment, specifying in such notice the name
and address of such Successor Master Servicer or such Successor
Administrator.

          (g) Without derogating from the absolute nature of the assignment granted to the
Indenture Trustee under this Indenture or the rights of the Indenture Trustee
hereunder, the Issuer agrees that it will not, without the prior written consent
of the Indenture Trustee and the Securities Insurer (provided that no Securities
Insurer Default has occurred and is continuing, and then from the holders of
Notes of at least a majority in Outstanding Amount of the Notes), amend, modify,
waive, supplement, terminate or surrender, or agree to any amendment,
modification, supplement, termination, waiver or surrender of, the terms of any
Collateral or the Basic Documents, except to the extent otherwise provided
therein, or waive timely performance or observance by the Master Servicer, the
Administrator, the Seller, the Issuer or the Eligible Lender Trustee under the
Sale and Servicing Agreement; provided, however, that no such
amendment shall (x) (i) increase or reduce in any manner the amount of, or
accelerate or delay the timing of, distributions that are required to be made
for the benefit of the holders of the Notes or (ii) reduce the aforesaid
percentage of the Notes which are required to consent to any such amendment,
without the consent of the holders of all the Outstanding Notes, (y) amend any
rights of the Securities Insurer, without the consent of the Securities Insurer,
or (z) amend any rights of the Swap Counterparty, without the consent of the
Swap Counterparty (notwithstanding anything to the contrary contained herein,
such rights of consent granted to the holders of the Notes contained in
sub-clauses (x)(i) and (ii) of this proviso shall not be exercisable by the
Securities Insurer on behalf of the holders of the Notes). If any such
amendment, modification, supplement or waiver shall be so consented to by the
Indenture Trustee and the Securities Insurer (provided that no Securities
Insurer Default has occurred and is continuing) or such holders of the Notes,
the Issuer agrees, promptly following a request by the Indenture Trustee, the
Securities Insurer or the Swap Counterparty to do so, to execute and deliver, in
its own name and at its own expense, such agreements, instruments, consents and
other documents as the Indenture Trustee, the Securities Insurer or the Swap
Counterparty may deem necessary or appropriate in the circumstances.

          SECTION 3.08.
Negative Covenants. So long as any Notes are Outstanding or any amounts
are owing to the Securities Insurer or the Swap Counterparty, the Issuer shall
not:

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

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

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

          SECTION 3.09.
Annual Statement as to Compliance. The Issuer will deliver to the
Indenture Trustee, the Securities Insurer and the Swap Counterparty, within 120
days after the end of each fiscal year of the Issuer (commencing with the fiscal
year 2000), an Officers' Certificate of the Issuer stating that:

	  	          (i)
     a review of the activities of the Issuer during
such year and of performance under this Indenture has been made under such
Authorized Officers' supervision; and

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

          SECTION 3.10.
Issuer May Consolidate, etc., Only on Certain Terms. (a) The Issuer shall
not consolidate or merge with or into any other Person, without the prior
written consent of the Securities Insurer (provided that no Securities Insurer
Default has occurred and is continuing) and unless:

	 	          (i)
     the Person (if other than the Issuer) formed by or
surviving such consolidation or merger shall be a Person organized and existing
under the laws of the United States of America or any State and shall expressly
assume, by an indenture supplemental hereto, executed and delivered to the
Indenture Trustee, the Indenture Trustee, the Securities Insurer and the Swap
Counterparty, in form satisfactory to the Indenture Trustee, the due and
punctual payment of the principal of, interest on and any Noteholders’
Interest Index Carryover, if any, with respect to all Notes and the performance
or observance of every agreement and covenant of this Indenture on the part of
the Issuer to be performed or observed, all as provided herein;

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

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

	 	          (iv)
     the Issuer shall have received an Opinion of
Counsel (and shall have delivered copies thereof to the Indenture Trustee, the
Securities Insurer and the Swap Counterparty) to the effect that such
transaction will not have any material adverse Federal or Pennsylvania state tax
consequence to the Issuer, any holder of the Notes or any holder of the
Certificates;

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

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

          (b) The Issuer shall not convey or transfer all or substantially all its
properties or assets, including those included in the Indenture Trust Estate, to
any Person without the prior written consent of the Securities Insurer (provided
that no Securities Insurer Default has occurred and is continuing) and,
unless:

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

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

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

	 	          (iv)
     the Issuer shall have received an Opinion of
Counsel (and shall have delivered copies thereof to the Indenture Trustee, the
Securities Insurer and the Swap Counterparty) to the effect that such
transaction will not have any material adverse Federal or Pennsylvania state tax
consequence to the Issuer, any holder of the Notes or any holder of the
Certificates;

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

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

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

          (b)
Upon a conveyance or transfer of all the assets and properties of the Issuer
pursuant to Section 3.10(b), KeyCorp Student Loan Trust 2000-B will be released
from every covenant and agreement of this Indenture to be observed or performed
on the part of the Issuer with respect to the Notes immediately upon the
delivery by the Issuer of written notice to the Indenture Trustee stating that
KeyCorp Student Loan Trust 2000-B is to be so released.

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

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

          SECTION 3.14.
Obligations of Master Servicer and Administrator. The Issuer shall cause
the Master Servicer to comply with Sections 4.08(a), 4.09, 4.10 and 4.11 of the
Sale and Servicing Agreement and the Administrator to comply with Sections
4.08(b) and (c), 4.09, 4.10 and 5.07 thereof.

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

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

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

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

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

ARTICLE IV

Satisfaction and Discharge

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

          (A)
a period of 367 days has expired after either

	 	        (1)
     all Notes theretofore authenticated and delivered
(other than (i) Notes that have been destroyed, lost or stolen and that have
been replaced or paid as provided in Section 2.05 and (ii) Notes for whose
payment money has theretofore been deposited in trust or segregated and held in
trust by the Issuer and thereafter repaid to the Issuer or discharged from such
trust, as provided in Section 3.03) have been delivered to the Indenture Trustee
for cancellation; or

	 	        (2)
     all Notes not theretofore delivered to the
Indenture Trustee for cancellation

	 	        (i)
     have become due and payable,

	 	        (ii)
     will become due and payable at the Class A-1 Final
Maturity Date or the Class A-2 Final Maturity Date, as the case may be, within
one year, or

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

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

	 	        (B)
     a period of 367 days has expired after the later
of (i) the date on which no Notes are outstanding or (ii) the date on which the
Issuer has paid or caused to be paid all other sums due to the Securities
Insurer and the Swap Counterparty or otherwise payable hereunder by the Issuer;
and 

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

          SECTION 4.02.
Application of Trust Money. All moneys deposited with the Indenture
Trustee pursuant to Section 4.01 hereof shall be held in trust and applied by
it, in accordance with the provisions of the Notes and this Indenture, to the
payment, either directly or through any Paying Agent, as the Indenture Trustee
may determine, to the holders of the particular Notes for the payment or
redemption of which such moneys have been deposited with the Indenture Trustee,
of all sums due and to become due thereon for principal and interest (including
any Noteholders' Interest Index Carryover), to the Swap Counterparty of all
amounts due to the Swap Counterparty under the Interest Rate Swap, and the
Securities Insurer for all amounts due under the Insurance Agreement; but such
moneys need not be segregated from other funds except to the extent required
herein or in the Sale and Servicing Agreement or required by law.

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

          SECTION 4.04. Auction of Financed Student Loans. Any Financed Student
Loans remaining in the Trust as of the end of the Collection Period immediately
preceding the October 2010 Distribution Date will be offered for sale in the
aggregate by the Indenture Trustee as either a single pool (a "Single Pool
Sale") or in two separate pools (a "Two Pool Sale") as determined by the
Administrator in its sole discretion; provided, however, that if a Coordination
Agreement requires the offering of the Access Loans to PHEAA, TERI and/or LAI,
the Administrator shall instruct the Indenture Trustee, in accordance with
Section 10.06(a) of the Sale and Servicing Agreement, to offer for sale the
Financed Student Loans that are Access Loans as a single pool as part of a Two
Pool Sale. KeyCorp, its affiliates, and unrelated third parties may offer bids
to purchase such Financed Student Loans on such Distribution Date; provided,
however, that KeyCorp, the parent of Key Bank USA, National Association
("KeyCorp"), and its affiliates may not bid more than an amount determined by
KeyCorp in good faith to be equal to the fair market value of such Financed
Student Loans as of the end of the Collection Period immediately preceding such
Distribution Date. If at least two bids are received, with respect to a Single
Pool Sale, the Indenture Trustee will solicit and resolicit bids from all
participating bidders until only one bid remains for such Financed Student Loans
or the remaining bidders decline to resubmit bids and, with respect to a Two
Pool Sale, if at least two bids are received for either pool of Financed Student
Loans, the Indenture Trustee will solicit and resolicit bids from all
participating bidders until only one bid remains with respect to each pool of
Financed Student Loans, or the remaining bidders decline to resubmit bids. The
Indenture Trustee shall, with respect to a Single Pool Sale, accept the highest
of such remaining bids from a single bidder if it is equal to or in excess of
the Minimum Purchase Amount, and with respect to a Two Pool Sale, accept the
highest of such remaining bids for each pool of Financed Student Loans, if the
sum of the such two bids is equal to or in excess of the Minimum Purchase
Amount. If (i) at least two bids are not received with respect to a Single Pool
Sale (or at least two bids for each pool of Financed Student Loans with respect
to a Two Pool Sale), or (ii) the highest bid (with respect to a Single Pool
Sale) or the combination of the highest two bids (with respect to a Two Pool
Sale), as the case may be, after the resolicitation process is completed is not
equal to or in excess of the Minimum Purchase Amount, the Indenture Trustee will
not consummate such sale. In connection with the determination of the Minimum
Purchase Amount, the Indenture Trustee may consult, and, at the direction of the
Seller or (provided that no Securities Insurer Default has occurred and is
continuing) the Securities Insurer, shall consult, with a financial advisor
(which may be the Administrator) to determine if the fair market value of the
Financed Student Loans has been offered. The proceeds of any such sale will be
applied in the order of priority set forth in Section 5.04(b) of this Indenture.
If the sale is not consummated in accordance with the foregoing, the Indenture
Trustee may, but shall not be under any obligation to, solicit bids to purchase
the Financed Student Loans on future Distribution Dates upon terms similar to
those described above. In addition, notwithstanding anything herein to the
contrary, the Indenture Trustee's rights hereunder to sell the Financed Student
Loans shall be subject to the provisions of Section 10.06 of the Sale and
Servicing Agreement.

ARTICLE V

Remedies

          SECTION 5.01. Events of Default. "Event of Default", wherever used
herein, means any one of the following events (whatever the reason for such
Event of Default and whether it shall be voluntary or involuntary or be effected
by operation of law or pursuant to any judgment, decree or order of any court or
any order, rule or regulation of any administrative or governmental body):

	 	        (i)
     default in the payment of any interest (including,
subject to the limitations of Sections 2.07(d) and 8.02(c), any
Noteholders’ Interest Index Carryover), on any Note when the same becomes
due and payable, and such default shall continue for a period of three Business
Days; or

	 	        (ii)
     default in the payment of the principal of any
Note when the same becomes due and payable to the extent funds exist therefor or
at maturity thereof; or

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

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

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

          SECTION 5.02.
Acceleration of Maturity; Rescission and Annulment. If an Event of
Default should occur and be continuing, then and in every such case the
Indenture Trustee at the direction of the Securities Insurer (so long as no
Securities Insurer Default shall have occurred and is continuing) or by the
holders of the Notes representing not less than a majority of the Outstanding
Amount of the Notes, with the consent of the Securities Insurer (so long as no
Securities Insurer Default has occurred and is continuing), shall declare all
the Notes to be immediately due and payable, by a notice in writing to the
Issuer, the Swap Counterparty and the Securities Insurer (and to the Indenture
Trustee if given by the holders of the Notes), and upon any such declaration the
unpaid principal amount of such Notes, together with accrued and unpaid interest
thereon through the date of acceleration, shall become immediately due and
payable.

          At
any time after such declaration of acceleration of maturity has been made and
before a judgment or decree for payment of the money due has been obtained by
the Indenture Trustee as hereinafter in this Article V provided, the Securities
Insurer (provided that no Securities Insurer Default has occurred and is
continuing), or the holders of the Notes representing a majority of the
Outstanding Amount of the Notes, with the consent of the Securities Insurer (so
long as no Securities Insurer Default has occurred and is continuing), by
written notice to the Issuer and the Indenture Trustee, may rescind and annul
such declaration and its consequences if:

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

	  	          (A)
     all payments of principal of and interest on all
Notes and all other amounts that would then be due hereunder or upon such Notes
if the Event of Default giving rise to such acceleration had not occurred; and

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

	  	          (ii)
     all Events of Default, other than the nonpayment
of the principal of the Notes that has become due solely by such acceleration,
have been cured or waived as provided in Section 5.12.

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

          SECTION 5.03. Collection of Indebtedness and Suits for Enforcement by Indenture
Trustee. (a) The Issuer covenants that if (i) default is made in the payment of
any interest (including, subject to the limitations of Sections 2.07(d) and
8.02(c), any unpaid Noteholders' Interest Index Carryover) on any Note when the
same becomes due and payable, and such default continues for a period of three
Business Days, or (ii) default is made in the payment of the principal of or any
installment of the principal on its Final Maturity Date or of any Note when the
same becomes due and payable in accordance with Section 2.07(b), the Issuer
will, upon demand of the Indenture Trustee or the Securities Insurer if the
Securities Insurer has made an Insured Payment under the Securities Guaranty
Insurance Policy, pay to the Indenture Trustee or the Securities Insurer, for
the benefit of the holders of the Notes, the whole amount then due and payable
on such Notes for principal and interest (and any unpaid Noteholders' Interest
Index Carryover) with interest upon the overdue principal, and, to the extent
payment at such rate of interest shall be legally enforceable, upon overdue
installments of interest (and any unpaid Noteholders' Interest Index Carryover)
at the rate specified in Section 2.07 and in addition thereto such further
amount as shall be sufficient to cover the costs and expenses of collection,
including the reasonable compensation, expenses, disbursements and advances of
the Indenture Trustee, the Securities Insurer and its agents and counsel.

          (b) In case the Issuer shall fail forthwith to pay such amounts upon such
demand, the Indenture Trustee, in its own name and as trustee of an express
trust, may with the consent of the Securities Insurer, or shall at the written
direction of the Securities Insurer (in either case, provided that no Securities
Insurer Default has occurred and is continuing) institute a Proceeding for the
collection of the sums so due and unpaid, and prosecute such Proceeding to
judgment or final decree, and enforce the same against the Issuer or other
obligor upon such Notes and collect in the manner provided by law out of the
property of the Issuer or other obligor upon such Notes, wherever situated, the
moneys adjudged or decreed to be payable.

          (c) If an Event of Default occurs and is continuing, the Indenture Trustee may,
with the consent of the Securities Insurer, or shall at the written direction of
the Securities Insurer (in either case, provided that no Securities Insurer
Default has occurred and is continuing) as more particularly provided in Section
5.04, in its discretion, proceed to protect and enforce its rights and the
rights of the holders of the Notes, by such appropriate Proceedings as the
Indenture Trustee shall deem most effective to protect and enforce any such
rights, whether for the specific enforcement of any covenant or agreement in
this Indenture or in aid of the exercise of any power granted herein, or to
enforce any other proper remedy or legal or equitable right vested in the
Indenture Trustee by this Indenture or by law.

          (d) In case there shall be pending, relative to the Issuer or any other obligor
upon the Notes or any Person having or claiming an ownership interest in the
Indenture Trust Estate, Proceedings under Title 11 of the United States Code or
any other applicable Federal or state bankruptcy, insolvency or other similar
law, or in case a receiver, assignee or trustee in bankruptcy or reorganization,
liquidator, sequestrator or similar official shall have been appointed for or
taken possession of the Issuer or its property or such other obligor or Person,
or in case of any other comparable judicial Proceedings relative to the Issuer
or other obligor upon the Notes, or to the creditors or property of the Issuer
or such other obligor, the Indenture Trustee, irrespective of whether the
principal of any Notes shall then be due and payable as therein expressed or by
declaration or otherwise and irrespective of whether the Indenture Trustee shall
have made any demand pursuant to the provisions of this Section, shall with the
prior written consent of, or at the written direction of the Securities Insurer
(in either case, provided that no Securities Insurer Default has occurred and is
continuing) be entitled and empowered, by intervention in such proceedings or
otherwise:

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

	 	        (ii)
     unless prohibited by applicable law and
regulations, to vote on behalf of the holders of the Notes in any election of a
trustee, a standby trustee or Person performing similar functions in any such
Proceedings;

	 	        (iii)
     to collect and receive any moneys or other
property payable or deliverable on any such claims and to distribute all amounts
received with respect to the claims of the holders of the Notes, the Securities
Insurer, the Swap Counterparty and of the Indenture Trustee on their behalf; and

	 	        (iv)
     to file such proofs of claim and other papers or
documents as may be necessary or advisable in order to have the claims of the
Indenture Trustee or the holders of the Notes allowed in any judicial
proceedings relative to the Issuer, its creditors and its property; 

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

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

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

          (g) In any Proceedings brought by the Indenture Trustee (and also any
Proceedings involving the interpretation of any provision of this Indenture to
which the Indenture Trustee shall be a party), the Indenture Trustee shall be
held to represent all the holders of the Notes, and it shall not be necessary to
make any holder of the Notes a party to any such Proceedings.

          SECTION 5.04. Remedies; Priorities. (a) If an Event of Default shall have
occurred and be continuing, the Indenture Trustee may with the consent of the
Securities Insurer or shall at the written direction of the Securities Insurer
(in either case, provided that no Securities Insurer Default has occurred and is
continuing) do one or more of the following (subject to Section 5.05):

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

	 	        (ii)
     institute Proceedings from time to time for the
complete or partial foreclosure of this Indenture with respect to the Indenture
Trust Estate;

	 	        (iii)
     exercise any remedies of a secured party under the
UCC and take any other appropriate action to protect and enforce the rights and
remedies of the Indenture Trustee and the holders of the Notes, the Securities
Insurer and the Swap Counterparty; and

	 	        (iv)
     sell the Indenture Trust Estate or any portion
thereof or rights or interest therein, at one or more public or private sales
called and conducted in any manner permitted by law;

provided, however, that the Indenture Trustee may
not sell or otherwise liquidate the Indenture Trust Estate following an Event of
Default, other than an Event of Default described in Section 5.01(i) or (ii),
unless (i) the Securities Insurer (unless a Securities Insurer Default shall
have occurred and is continuing and then by the holders of all outstanding
Notes) consent to such sale, (ii) the proceeds of such sale are sufficient to
pay in full the principal of and the accrued interest on the outstanding Notes
plus all amounts due and owing to the Securities Insurer under the Insurance
Agreement and to the Swap Counterparty under the Interest Rate Swap at the date
of such sale or (iii) the Indenture Trustee determines that the collections on
the Financed Student Loans would not be sufficient on an ongoing basis to make
all payments on the Notes as such payments would have become due if such
obligations had not been declared due and payable, and the Indenture Trustee
obtains the consent of the Securities Insurer (unless a Securities Insurer
Default shall have occurred and is continuing then by the holders of 66 2/3% of
the aggregate principal amount of the Notes then outstanding); provided
further, that the Indenture Trustee may not sell or otherwise liquidate
the Indenture Trust Estate following an Event of Default, other than an Event of
Default described in Section 5.01(i) or (ii), unless, in addition to the
foregoing, the proceeds of the sale or liquidation of the Trust Estate are
sufficient to pay all amounts due and owing to the Securities Insurer, plus
interest thereon as provided in the Insurance Agreement, unless the Securities
Insurer consents thereto. In addition, notwithstanding anything herein to the
contrary, the Indenture Trustee’s rights hereunder to sell the Financed
Student Loans shall be subject to the provisions of Section 10.06 of the Sale
and Servicing Agreement.

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

	 	        FIRST:
sequentially, in the following order: (x) to the Seller, any amounts on deposit
in the Collection Account which consist of Guarantee Payments made by TERI in
excess of the Maximum TERI Payments Amount, and then (y) to the Indenture
Trustee for amounts due under Section 6.07, not to exceed $50,000 per annum
(provided that, if a Securities Insurer Default has occurred and is continuing
or the Securities Insurer is removed pursuant to Section 8A.5, such $50,000 per
annum limitation shall not apply);

	 	        
SECOND: pro rata to the Master Servicer for due and unpaid Master Servicing Fees
and to the Administrator for due and unpaid Administration Fees;

	 	        
THIRD: so long as no Securities Insurer Default has occurred and is continuing,
to Securities Insurer for all Insurer Premiums due and owing under the Insurance
Agreement;

	 	        
FOURTH: (x) to the holders of the Class A Notes, the Noteholders’ Interest
Distribution Amount for the Class A-1 Notes and Class A-2 Notes pursuant to
Section 8.02(c)(i) of the Indenture, and (y) and to the Swap Counterparty, the
Net Payment, if any, for such Distribution Date, and the remainder of any
Termination Payment resulting from an Event of Default (as defined in the
Interest Rate Swap) to the extent that the Trust is the Defaulting Party (as
defined in the Interest Rate Swap) (other than an Event of Default specified in
Section 5(a)(i) of the Interest Rate Swap), pro rata, based on the
ratio of each such amount to the total of such amounts;

	 	        
FIFTH: to the holders of the Class A Notes for amounts due and unpaid on the
Class A Notes for principal, ratably, without preference or priority of any
kind, according to the amounts due and payable on the Class A Notes for
principal;

	 	        SIXTH:
sequentially, in the following order, first to the Securities Insurer for any
and all amounts due and owing to the Securities Insurer pursuant to the
Insurance Agreement, and second, to the Indenture Trustee for all amounts due
under Section 6.07, but only to the extent not paid pursuant to priority FIRST
above;

	 	        SEVENTH:
to the holders of the Class A Notes for any unpaid Noteholders’ Interest
Index Carryover with respect to the Class A Notes, ratably, without preference
or priority of any kind, according to the amount of Noteholders’ Interest
Index Carryover attributable to each such Class A Note;

	 	        
EIGHTH: to the Swap Counterparty, all Termination Payments and other amounts due
to the Swap Counterparty under the Interest Rate Swap, to the extent not paid
pursuant to FOURTH above;

	 	        
NINTH: to the Cap Provider all previously unreimbursed Class A-1 Cap Payments
and Class A-2 Cap Payments; and

	 	        
TENTH: to the Issuer, for distribution to the Certificateholders in accordance
with the terms of the Trust Agreement.

          The
Indenture Trustee may fix a record date and payment date for any payment to the
holders of the Notes pursuant to this Section. At least 15 days before such
record date, the Issuer shall mail to each holder of the Notes, the Securities
Insurer and the Indenture Trustee a notice that states the record date, the
payment date and the amount to be paid.

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

	 	        (i)
     to the Seller, any amounts on deposit in the
Collection Account which consist of Guarantee Payments made by TERI in excess of
the Maximum TERI Payments Amount;

	 	        (ii)
     to the Indenture Trustee for amounts due under
Section 6.07 of this Indenture, not to exceed $50,000 per annum (provided that,
if a Securities Insurer Default has occurred and is continuing or the Securities
Insurer has been removed pursuant to Section 8A.5, such $50,000 per annum
limitation shall not apply);

	 	        (iii)
     pro rata, from the amount of Available Funds
remaining after the application of clauses (i) and (ii), (x) to the Master
Servicer, the Master Servicing Fee due with respect to the preceding calendar
month and all unpaid Master Servicing Fees from prior months, and (y) to the
Administrator, the Administration Fee and all unpaid Administration Fees from
prior Collection Periods;

	 	        (iv)
     so long as no Securities Insurer Default has
occurred and is continuing, to the Securities Insurer, from the amount of
Available Funds remaining after application of clauses (i), (ii) and (iii),
Insurer Premium and all unpaid Insurer Premiums from prior Collection Periods;

	 	        (v)
     from the amount of Available Funds remaining after
the application of clauses (i) through (iv), (x) to the holders of the Class A
Notes, the Noteholders’ Interest Distribution Amount for the Class A-1
Notes and Class A-2 Notes pursuant to Section 8.02(c)(i) of the Indenture, and
(y) and to the Swap Counterparty, the Net Payment, if any, for such Distribution
Date, and the remainder of any Termination Payment resulting from an Event of
Default (as defined in the Interest Rate Swap) to the extent that the Trust is
the Defaulting Party (as defined in the Interest Rate Swap) (other than an Event
of Default specified in Section 5(a)(i) of the Interest Rate Swap), pro
rata, based on the ratio of each such amount to the total of such
amounts; 

	 	        (vi)
     to the Securities Insurer, provided that a
Securities Insurer Default has not occurred and is continuing, reimbursement for
all amounts owed pursuant to draws with respect to any payments of interest
under the Securities Guaranty Insurance Policy, plus interest thereon in
accordance with the Insurance Agreement;

	 	        (vii)
     to the Reserve Account from the amount of
Available Funds remaining after the application of clauses (i) through
(vi), an amount, up to the amount, if any, necessary to reinstate the balance of
the Reserve Account up to the Specified Reserve Account Balance;

	 	        (viii)
     from the amount of Available Funds remaining after
the application of clauses (i) through (vii), sequentially in the following
order: first, to the holders of the Class A-1 Notes, the Noteholders’
Principal Distribution Amount, until their outstanding principal balance has
been reduced to zero, second, to the Securities Insurer, provided that a
Securities Insurer Default has not occurred and is continuing, reimbursement for
all amounts owed pursuant to draws with respect to any payments of principal
under the Securities Guaranty Insurance Policy made to the holders of the Class
A-1 Notes, plus interest thereon, in accordance with the Insurance Agreement
third, to the holders of the Class A-2 Notes, the Noteholders’ Principal
Distribution Amount, until their outstanding principal balance has been reduced
to zero, and fourth, to the Securities Insurer, provided that a Securities
Insurer Default has not occurred and is continuing, reimbursement for all
amounts owed pursuant to draws with respect to any payments of principal under
the Securities Guaranty Insurance Policy made to the holders of the Class A-2
Notes, plus interest thereon in accordance with the Insurance Agreement;

	 	        (ix)
     sequentially, in the following order, first to the
Securities Insurer, from the amount of Available Funds remaining after
application of clauses (i) through (viii), an amount equal to all unreimbursed
Insured Payments made on prior Distribution Dates, together with accrued
interest thereon, to the extent not previously reimbursed above, and all other
amounts owed to the Securities Insurer under the Insurance Agreement, and
second, to the Indenture Trustee for all amounts due under Section 6.07, but
only to the extent not paid pursuant to priority (ii) above;

	 	        (x)
     to the holders of the Class A Notes on a pro rata
basis, based on the amount of Noteholders’ Interest Index Carryover owing
on each class of Class A Notes, from (1) the amount of Available Funds remaining
after the application of clauses (i) through (ix) and (2) the Class A Cap
Funds, if any, the aggregate unpaid amount of Noteholders’ Interest Index
Carryover, if any, with respect to the Class A Notes;

	 	        (xi)
     to the Swap Counterparty, from the amount of
Available Funds remaining after the application of clauses (i) through (x), all
Termination Payments and other amounts due to the Swap Counterparty under the
Interest Rate Swap, to the extent not paid pursuant to clause (v) above;

	 	        (xii)
     to the Cap Provider, from the amount of Available
Funds remaining after the application of clauses (i) through (xi), an
amount sufficient to reimburse the Cap Provider for all Class A-1 Cap Payments
and Class A-2 Cap Payments, made by the Cap Provider under the Cap Agreement and
not previously reimbursed; and

	 	        (xiii)
     to the Eligible Lender Trustee for distribution to
the Certificateholder in accordance with the terms of the Trust Agreement, the
amount of Available Funds remaining after the application of clauses (i) through
(xii).

          The
Indenture Trustee may fix a record date and payment date for any payment to the
holders of the Notes pursuant to this Section. At least 15 days before such
record date, the Issuer shall mail to each holder of the Notes, the Securities
Insurer, the Swap Counterparty and the Indenture Trustee a notice that states
the record date, the payment date and the amount to be paid.

          SECTION 5.05.
Optional Preservation of the Financed Student Loans. If the Notes have
been declared to be due and payable under Section 5.02 following an Event of
Default and such declaration and its consequences have not been rescinded and
annulled, the Indenture Trustee may, with the consent of the Securities Insurer
or shall at the written direction of the Securities Insurer (in either case,
provided that no Securities Insurer Default has occurred and is continuing)
elect to maintain possession of the Indenture Trust Estate. It is the desire of
the parties hereto, the Securities Insurer, the Swap Counterparty and the
holders of the Notes that there be at all times sufficient funds for the payment
of principal of and interest (including any unpaid Noteholders' Interest Index
Carryover) on the Notes, and the Indenture Trustee shall take such desire into
account when determining whether or not to maintain possession of the Indenture
Trust Estate. In determining whether to maintain possession of the Indenture
Trust Estate, the Indenture Trustee may, but need not, obtain and rely upon an
opinion of an Independent investment banking or accounting firm of national
reputation as to the feasibility of such proposed action and as to the
sufficiency of the Indenture Trust Estate for such purpose.

          SECTION 5.06. Limitation of Suits. No holder of the Notes shall have any
right to institute any Proceeding, judicial or otherwise, with respect to this
Indenture, or for the appointment of a receiver or trustee, or for any other
remedy hereunder, unless the following conditions listed below are satisfied
and, so long as a Securities Insurer Default has not occurred and is continuing,
the Securities Insurer has consented in writing thereto:

	 	        (i)
     such holder of the Notes has previously given
written notice to the Indenture Trustee of a continuing Event of Default;

	 	        (ii)
     the holders of not less than 25% of the
Outstanding Amount of the Notes in the aggregate have made written request to
the Indenture Trustee to institute such Proceeding in respect of such Event of
Default in its own name as Indenture Trustee hereunder;

	 	        (iii)
     such holder of the Notes have offered to
the Indenture Trustee reasonable indemnity against the costs, expenses and
liabilities to be incurred in complying with such request;

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

	 	        (v)
     no direction inconsistent with such written
request has been given to the Indenture Trustee during such 60-day period by the
holders of a majority of the Outstanding Amount of the Notes;

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

          In
the event the Indenture Trustee shall receive conflicting or inconsistent
requests and indemnity from two or more groups of Noteholders, each representing
less than a majority of the Outstanding Amount of the Notes, the Indenture
Trustee in its sole discretion may determine what action, if any, shall be
taken, notwithstanding any other provisions of this Indenture.

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

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

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

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

          SECTION 5.11.
Control by Noteholders. The Securities Insurer (so long as no Securities
Insurer Default has occurred and is continuing) or if a Securities Insurer
Default has occurred and is continuing, the holders of a majority of the
Outstanding Amount of the Notes (or, if only one Class is affected thereby, of
such Class) in the aggregate shall have the right to direct the time, method and
place of conducting any Proceeding for any remedy available to the Indenture
Trustee with respect to the Notes or exercising any trust or power conferred on
the Indenture Trustee; provided that

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

	 	        
(ii) subject to the express terms of Section 5.04, any direction to the
Indenture Trustee to sell or liquidate the Indenture Trust Estate shall be by
the holders of not less than 100% of the Outstanding Amount of the Notes;

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

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

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

          SECTION 5.12.
Waiver of Past Defaults. Prior to the declaration of the acceleration of
the Notes as provided in Section 5.02, the Securities Insurer (so long as no
Securities Insurer Default has occurred and is continuing) or the holders of
Notes of not less than a majority of the Outstanding Amount of the Notes with
the consent of the Securities Insurer (so long as no Securities Insurer Default
has occurred and is continuing) may waive any past Default and its consequences
except a Default (a) in payment when due of principal of or interest (including,
subject to the limitations of Sections 2.07(d) and 8.02(c), any Noteholders'
Interest Index Carryover) on any of the Notes or (b) in respect of a covenant or
provision hereof which cannot be modified or amended without the consent of each
holder of the Notes. In the case of any such waiver, the Issuer, the Securities
Insurer, the Indenture Trustee and the holders of the Notes shall be restored to
their former positions and rights hereunder, respectively; but no such waiver
shall extend to any subsequent or other Default or impair any right consequent
thereto.

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

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

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

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

          SECTION 5.16. Performance and Enforcement of Certain Obligations. (a)
Promptly following a request from the Securities Insurer or the Indenture
Trustee to do so with the consent of the Securities Insurer (so long as no
Securities Insurer Default has occurred nor is continuing) and in each case
subject to the rights of the Securities Insurer hereunder and under the Sale and
Servicing Agreement, and at the Administrator's expense, the Issuer shall take
all such lawful action as the Indenture Trustee or Securities Insurer, as
applicable, may request to compel or secure the performance and observance by
the Seller, the Swap Counterparty, the Administrator and the Master Servicer, as
applicable, of each of their obligations to the Issuer under or in connection
with the Sale and Servicing Agreement (and with respect to the Administrator
only, the Administration Agreement, with respect to the Swap Counterparty only,
under the Interest Rate Swap, and with respect to the Cap Provider only, under
the Cap Agreement) in accordance with the terms thereof, and to exercise any and
all rights, remedies, powers and privileges lawfully available to the Issuer
under or in connection with the Sale and Servicing Agreement (and the
Administration Agreement, the Interest Rate Swap or the Cap Agreement, as
applicable) to the extent and in the manner directed by the Indenture Trustee or
the Securities Insurer, as applicable, including the transmission of notices of
default on the part of the Seller, the Swap Counterparty, the Administrator or
the Master Servicer thereunder and the institution of legal or administrative
actions or proceedings to compel or secure performance by the Seller, the Swap
Counterparty, the Administrator or the Master Servicer of each of their
obligations under the Sale and Servicing Agreement (and the Administration
Agreement, the Interest Rate Swap or the Cap Agreement, as applicable).

          (b)
If an Event of Default has occurred and is continuing, the Indenture Trustee
shall at the direction (which direction shall be in writing or by telephone
(confirmed in writing promptly thereafter)) of the Securities Insurer (or if a
Securities Insurer Default shall have occurred and is continuing, the holders of
66-2/3% of the Outstanding Amount of the Notes) exercise all rights, remedies,
powers, privileges and claims of the Issuer against the Seller, the
Administrator, the Master Servicer, the Swap Counterparty or Cap Provider under
or in connection with the Sale and Servicing Agreement (and the Administration
Agreement, Interest Rate Swap and Cap Agreement, as applicable), including the
right or power to take any action to compel or secure performance or observance
by the Seller, the Administrator, the Master Servicer, the Swap Counterparty and
the Cap Provider of each of their obligations to the Issuer thereunder and to
give any consent, request, notice, direction, approval, extension or waiver
under the Sale and Servicing Agreement (and the Administration Agreement, the
Interest Rate Swap and the Cap Agreement) and any right of the Issuer to take
such action shall be suspended.

ARTICLE VI

The Indenture Trustee

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

          (b)
Except during the continuance of an Event of Default:

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

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

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

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

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

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

          (d)
Every provision of this Indenture that in any way relates to the Indenture
Trustee is subject to paragraphs (a), (b), (c) and (g) of this Section
6.01.

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

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

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

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

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

          (j)
Every provision of this Indenture relating to the conduct or affecting the
liability of or affording protection to the Indenture Trustee shall be subject
to the provisions of this Section 6.01.

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

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

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

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

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

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

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

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

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

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

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

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

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

          SECTION 6.08.
Replacement of Indenture Trustee. No resignation or removal of the
Indenture Trustee and no appointment of a successor Indenture Trustee shall
become effective until the acceptance of appointment by the successor Indenture
Trustee pursuant to this Section 6.08. The Indenture Trustee may resign at any
time by so notifying the Issuer, the Securities Insurer and the Swap
Counterparty. The Securities Insurer (provided that no Securities Insurer
Default has occurred and is continuing), or the holders of Notes of a majority
in Outstanding Amount of the Notes, with the consent of the Securities Insurer
(provided that no Securities Insurer Default has occurred and is continuing),
may remove the Indenture Trustee by so notifying the Indenture Trustee and may
appoint a successor Indenture Trustee. The Issuer shall remove the Indenture
Trustee if:

	  	          (i)
     the Indenture Trustee fails to comply with Section
6.11;

	  	          (ii)
     an Insolvency Event occurs with respect to the
Indenture Trustee;

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

	  	          (iv)
     the Indenture Trustee otherwise
becomes incapable of acting.

          If
the Indenture Trustee resigns or is removed or if a vacancy exists in the office
of Indenture Trustee for any reason (the Indenture Trustee in such event being
referred to herein as the retiring Indenture Trustee), the Issuer shall promptly
appoint a successor Indenture Trustee, with the consent of the Securities
Insurer which consent shall not be unreasonably withheld.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

          SECTION 6.13.
Set-Off Rights. So long as no Securities Insurer Default has occurred and
is continuing nor has the Securities Insurer been removed pursuant to Section
8A.5, the Indenture Trustee shall not have, and hereby waives, any and all
rights of set-off against the Trust Accounts or any investments
thereof.

ARTICLE VII

Noteholders’ Lists and Reports

          SECTION 7.01.
Issuer To Furnish Indenture Trustee Names and Addresses of Noteholders.
The Issuer will furnish or cause to be furnished to the Indenture Trustee (a)
not more than five days after the earlier of (i) each Record Date and (ii) three
months after the last Record Date, a list, in such form as the Indenture Trustee
may reasonably require, of the names and addresses of the holders of the Notes
as of such Record Date, (b) at such other times as the Indenture Trustee may
request in writing, within 30 days after receipt by the Issuer of any such
request, a list of similar form and content as of a date not more than 10 days
prior to the time such list is furnished; provided,
however, that so long as the Indenture Trustee is the Note Registrar, no
such list shall be required to be furnished.

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

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

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

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

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

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

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

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

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

ARTICLE VIII

Accounts, Disbursements and Releases

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

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

          (b) On or before the Business Day preceding each Distribution Date, all
Available Funds with respect to the preceding Collection Period will be
transferred from the Demand Deposit Account to the Collection Account (except
with respect to all Net Receipts, which shall be deposited into the Collection
Account on the date received) as provided in Section 5.02 of the Sale and
Servicing Agreement. The Indenture Trustee shall also remit to the Collection
Account all Insured Payments delivered to the Indenture Trustee pursuant to a
Securities Guaranty Insurance Policy Notice on the date of receipt thereof from
the Securities Insurer. On or before each Distribution Date, (i) the
Noteholders' Distribution Amount, (ii) any Noteholders' Interest Index
Carryover, and (iii) any Insured Payments with respect to the preceding
Collection Period will be distributed from the Collection Account and any other
Trust Account to the Indenture Trustee (or any other Paying Agent) on behalf of
the holders of the Notes as provided in Sections 5.04, 5.05, 5.06 and 5.08 of
the Sale and Servicing Agreement.

          (c) On each Distribution Date and Redemption Date, the Indenture Trustee (or any
other Paying Agent) shall distribute all amounts received by it on behalf of the
holders of the Notes pursuant to paragraph (b) above to the holders of the Notes
to the extent of amounts due and unpaid on the Notes for principal, interest and
any Noteholders' Interest Index Carryover in the following amounts and in the
following order of priority (except as otherwise provided in Sections 5.04(b)
and 5.04(c) and 8.02(d)):

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

	 	        (ii)
     the applicable Noteholders’ Principal
Distribution Amount, to the holders of the Class A-1 Notes until the Outstanding
Amount of the Class A-1 Notes is reduced to zero, and then to the holders of the
Class A-2 Notes until the Outstanding Amount of the Class A-2 Notes is reduced
to zero; and 

	 	        (iii)
     the applicable Noteholders’ Interest Index
Carryover with respect to the Class A Notes, if any, to the holders of the Class
A-1 Notes and the holders of the Class A-2 Notes; provided that if insufficient
funds are received to pay the entire Noteholders’ Interest Index Carryover
with respect to the Class A Notes then outstanding, the amounts so received
shall be applied to the payment of such Noteholders’ Interest Index
Carryover on a pro rata basis.

          (d) On the Special Redemption Date, the Indenture Trustee shall distribute the
amounts remaining on deposit in the Subsequent Pool Prefunding Subaccount to the
Class A-1 and/or Class A-2 Noteholders, in accordance with the priorities set
forth in Section 5.08(c)(i)(x) or (y) of the Sale and Servicing Agreement, as
applicable.

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

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

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

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

          (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding,
all sums due the Indenture Trustee pursuant to Section 6.07 have been paid and
no amounts are due and owing to the Securities Insurer or the Swap Counterparty,
release any remaining portion of the Indenture Trust Estate that secured the
Notes from the lien of this Indenture and release to the Issuer or any other
Person entitled thereto any funds then on deposit in the Trust Accounts. The
Indenture Trustee shall release property from the lien of this Indenture
pursuant to this Section 8.04(b) only upon receipt of an Issuer Request
accompanied by an Officers' Certificate of the Issuer, an Opinion of Counsel and
(if required by TIA) Independent Certificates in accordance with TIAss.ss.
314(c) and 314(d)(1) and meeting the applicable requirements of Section
11.01.

          (c) Each holder of the Notes, by the acceptance of a Note, acknowledges that
from time to time during the Funding Period the Indenture Trustee shall release
the lien of this Indenture on those Financed Federal Loans to be sold to the
Seller and as to which the Seller will simultaneously deposit the aggregate
Purchase Amounts thereof into the Escrow Account in accordance with, and subject
to the terms and conditions of, Section 2.03 of the Sale and Servicing
Agreement, and each holder of the Notes consents to such release.

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

          SECTION 8.06. Demands under the Securities Guaranty Insurance Policy. (a) In the
event that the Servicer's Report with respect to any Determination Date shall
state that (x) Available Funds (after giving effect to all required
distributions to be made pursuant to either Section 5.05(c)(i) through (c)(v) of
the Sale and Servicing Agreement, or Sections 5.04(b) FIRST through FOURTH or
5.04(c)(i) through (v) of this Indenture, as applicable), plus all amounts
permitted to be transferred from the Reserve Account and the Other Additional
Pre-Funding Subaccount, pursuant to Sections 5.06(b) and 5.08(d) of the Sale and
Servicing Agreement, respectively, on any Distribution Date, are insufficient to
provide for the Noteholders' Interest Distribution Amount for the Class A Notes
for such Distribution Date (the amount of such insufficiency, the "Interest
Deficiency Amount"), (y) on the Final Maturity Dates for the Class A-1 Notes and
the Class A-2 Notes, respectively, Available Funds (after giving effect to all
required distributions to be made pursuant to either Section 5.05(c)(i) through
(c)(viii) of the Sale and Servicing Agreement, or Sections 5.04(b) FIRST through
FIFTH or 5.04(c)(i) through (viii) of this Indenture, as applicable), plus all
amounts permitted to be transferred from the Reserve Account pursuant to Section
5.06(b) of the Sale and Servicing Agreement, are insufficient to reduce the
principal balance of the Class A-1 Notes or the Class A-2 Notes, as applicable,
to zero on such Final Maturity Date (the amount of such insufficiency, the
"Principal Deficiency Amount"), or (z) any Class A Noteholders have been
required by a court to return a Preference Amount previously distributed to such
Class A Noteholders, then after receipt of such Servicer's Report, the Indenture
Trustee shall promptly (and in any event not later than 12:00 p.m. on the third
Business Day prior to the Distribution Date) deliver a completed Securities
Guaranty Insurance Policy Notice to the Securities Insurer requesting payment in
an amount equal to the Insured Payment for such Distribution Date. The
Administrator shall instruct the Indenture Trustee to distribute, and the
Indenture Trustee shall distribute, to the Class A Noteholders any Insured
Payment deposited into the Collection Account (x) to the holders of the Class
A-1 and Class A-2 Notes, pro rata (based on the Noteholders' Interest
Distribution Amount for each such Class and such Distribution Date), the
Interest Deficiency Amount, (y) on the Final Maturity Date for the Class A-1
Notes or the Class A-2 Notes, as applicable, the related Principal Deficiency
Amount, and (z) the amount of any Preference Amounts.

ARTICLE VIII-A

The Securities Guaranty Insurance Policy

          SECTION 8A.1. Claims Under the Securities Guaranty Insurance Policy. (a) In the
event that the Insured Payments for the related Distribution Date are greater
than zero, the Indenture Trustee shall furnish to the Securities Insurer (with a
copy to the Master Servicer) a completed Securities Guaranty Insurance Policy
Notice, in the form provided and in accordance with the terms of the Securities
Guaranty Insurance Policy, in the amount of the related Insured Payments.
Amounts paid by the Securities Insurer under the Securities Guaranty Insurance
Policy shall be deposited by the Indenture Trustee into the Collection Account
for payment to related Noteholders on the related Distribution Date (or promptly
following payment on a later date as set forth in the Securities Guaranty
Insurance Policy).

          (b) Any notice delivered by the Indenture Trustee to the Securities Insurer
pursuant to subsection 8A.1(a) shall specify the Interest Deficiency Amount, the
Principal Deficiency Amount and the Insured Payment claimed under the Securities
Guaranty Insurance Policy. Any payment made by the Securities Insurer under the
Securities Guaranty Insurance Policy shall be applied solely to the payment of
the related Noteholders' Interest Distribution Amount to the extent of any
Interest Deficiency Amount, or on the Final Maturity Date with respect to each
Class of Notes, the related Noteholders' Principal Distribution Amount to the
extent of any Principal Deficiency Amount, or in repayment of a required to be
returned Preference Amount, and for no other purpose. The Indenture Trustee
shall return to the Securities Insurer any portion of proceeds received under
the Securities Guaranty Insurance Policy not applied as an Insured Payment.

          (c) The Indenture Trustee shall (i) receive, as attorney-in-fact of each
Noteholder, any Insured Payment from the Securities Insurer and (ii) deposit the
same in the Collection Account for disbursement to the related Noteholders as
set forth in Section 5.05(d) of the Sale and Servicing Agreement, and Section
8.02(d) of this Indenture. Any Insured Payment disbursed by the Indenture
Trustee from claims made under the Securities Guaranty Insurance Policy shall
not be considered payment by the Issuer with respect to such Notes, and shall
not discharge the obligations of the Issuer with respect thereto. The Securities
Insurer shall, to the extent it makes any payment with respect to the Notes,
become subrogated to the rights of the recipients of such payments to the extent
of such payments. Subject to and conditioned upon any payment with respect to
the Notes by or on behalf of the Securities Insurer under the Securities
Guaranty Insurance Policy, the Indenture Trustee shall assign to the Securities
Insurer all rights to the payment of interest or principal with respect to the
Notes which are then due for payment to the extent of all payments made by the
Securities Insurer and the Securities Insurer may exercise any option, vote,
right, power or the like with respect to the Class A Notes, to the extent that
it has made a payment of principal with respect thereto pursuant to the
Securities Guaranty Insurance Policy. To evidence such subrogation, the Note
Registrar shall note the Securities Insurer's rights as subrogee upon the
register of Noteholders upon receipt from the Securities Insurer of proof of
payment by the Securities Insurer of any Interest Deficiency Amount or on or
after the Final Maturity Date for the Class A-1 Notes or Class A-2 Notes, as
applicable, any Principal Deficiency Amount.

          (d) The Indenture Trustee shall be entitled to enforce on behalf of the
Noteholders the obligations of the Securities Insurer under the Securities
Guaranty Insurance Policy. Notwithstanding any other provision of this
Indenture, the Noteholders are not entitled to make a claim directly under
either of the Securities Guaranty Insurance Policy or institute proceedings
directly against the Securities Insurer.

          SECTION 8A.2. [RESERVED].

          SECTION 8A.3.
Surrender of the Securities Guaranty Insurance Policy. The Indenture
Trustee shall surrender the Securities Guaranty Insurance Policy to the
Securities Insurer for cancellation upon the expiration of such Securities
Guaranty Insurance Policy in accordance with the terms thereof or in the event
such policy is replaced pursuant to Section 8A.5.

          SECTION 8A.4.
Rights of the Securities Insurer. Each Noteholder by purchase of its
Class of Notes held by it acknowledges that the Indenture Trustee on behalf of
the Trust, as partial consideration of the issuance of the Securities Guaranty
Insurance Policy, has agreed that the Securities Insurer shall have certain
rights hereunder for so long as no Securities Insurer Default shall have
occurred and is continuing. Notwithstanding anything to the contrary contained
herein, but subject to the last sentence of this Section 8A.4, so long as a
Securities Insurer Default has occurred and is continuing, any provision giving
the Securities Insurer the right to direct, appoint or consent to, approve of,
or take any action under this Indenture or any of the Basic Documents,
irrespective of whether such rights have been either granted directly to the
Securities Insurer or exercised on behalf of the Noteholders, shall be
inoperative during the period of such Securities Insurer Default and such right
shall instead vest in the Indenture Trustee acting at the written direction of
Noteholders. The Securities Insurer may disclaim any of its rights and powers
under this Indenture (but not its duties and obligations under the Securities
Guaranty Insurance Policy or the Insurance Agreement) upon delivery of a written
notice to the Indenture Trustee. The Securities Insurer may give or withhold any
consent hereunder in its reasonable discretion. In the event that the
Administrator substitutes one or more new guaranty insurance policies for the
Securities Guaranty Insurance Policy pursuant to Section 8A.5, the new
securities insurer shall have all of the rights to direct, appoint or consent
to, approve of, or take any action under this Indenture vested in the Securities
Insurer immediately prior to the occurrence of a Rating Agency Downgrade as set
forth in Section 8A.5.

          SECTION 8A.5. Replacement Securities Guaranty Insurance Policy. In the
event of a Rating Agency Downgrade, the Administrator shall be permitted, but
shall not be obligated, to substitute one or more new guaranty insurance
policies for the Securities Guaranty Insurance Policy or may arrange for any
other form of credit enhancement in substitution for the Securities Guaranty
Insurance Policy; provided, however, that, in each case, such new
securities insurer shall have the highest rating available from each Rating
Agency and provided further that the Securities Insurer is reimbursed for all
amounts due under this Indenture and the Insurance Agreement. It shall be a
condition to substitution of any such new guaranty insurance policy or other
form of credit enhancement that there be delivered to the Indenture Trustee (i)
an Officer's Certificate by the Administrator stating that the conditions to
such substitution set forth in this Section 8A.5 (other than in clause (ii))
have been satisfied and (ii) a legal opinion, acceptable in form to the
Indenture Trustee, from counsel to the provider of such guaranty insurance
policy or other form of credit enhancement with respect to the enforceability
thereof and such other matters as the Indenture Trustee may require. Upon
receipt of written notice of any such substitution from the Administrator and
the taking of physical possession of the replacement guaranty insurance policy
or other form of credit enhancement, the Indenture Trustee shall, within five
(5) Business Days following receipt of such notice and such taking of physical
possession, deliver the Securities Guaranty Insurance Policy marked "Cancelled"
to the Securities Insurer, and the Securities Insurer will have no further
liability under the Securities Guaranty Insurance Policy.

ARTICLE IX

Supplemental Indentures

          SECTION 9.01. Supplemental Indentures Without Consent of Noteholders. (a)
Without the consent of the Swap Counterparty or any holders of the Notes but
with prior notice to the Rating Agencies, and the Swap Counterparty, the Issuer
and the Indenture Trustee, when authorized by an Issuer Order, at any time and
from time to time, may enter into one or more indentures supplemental hereto
(which shall conform to the provisions of the Trust Indenture Act as in force at
the date of the execution thereof), but with the consent of the Securities
Insurer (not to be unreasonably withheld), in form satisfactory to the Indenture
Trustee, for any of the following purposes:

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

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

	 	          
(iii)     to add to the covenants of the Issuer, for
the benefit of the holders of the Notes, or to surrender any right or power
herein conferred upon the Issuer;

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

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

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

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

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

          (b) The Issuer and the Indenture Trustee, with the consent of the Securities
Insurer (not to be unreasonably withheld), when authorized by an Issuer Order,
may, also without the consent of the Swap Counterparty or any of the holders of
the Notes but with prior notice to the Swap Counterparty and the Rating
Agencies, enter into an indenture or indentures supplemental hereto for the
purpose of adding any provisions to, or changing in any manner or eliminating
any of the provisions of, this Indenture or of modifying in any manner the
rights of the holders of the Notes under this Indenture; provided,
however, that such action shall not, as evidenced by an Opinion of Counsel,
adversely affect in any material respect the interests of any holder of the
Notes, the Securities Insurer or the Swap Counterparty.

SECTION 9.02. Supplemental Indentures with Consent of Noteholders. The
Issuer and the Indenture Trustee, when authorized by an Issuer Order, also may,
with prior notice to the Rating Agencies, and with the consent of the Securities
Insurer (so long as no Securities Insurer Default has occurred and is
continuing), and with the consent of the holders of Notes of not less than a
majority of the Outstanding Amount of the Notes to enter into an indenture or
indentures supplemental hereto for the purpose of adding any provisions to, or
changing in any manner or eliminating any of the provisions of, this Indenture
or of modifying in any manner the rights of the holders of the Notes under this
Indenture; provided, however, that no such supplemental indenture
shall, without the consent of the holder of each Outstanding Note affected
thereby:

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

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

	 	        
(iii)     modify or alter the provisions of the proviso to the definition of the
term "Outstanding";

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

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

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

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

Notwithstanding anything to the contrary contained in this Indenture, such
rights of consent granted to the holders of the Notes contained in clauses (i)
through (vii) of this proviso shall not be exercisable by the Securities Insurer
on behalf of the holders of the Notes.

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

          Promptly
after the execution by the Issuer and the Indenture Trustee of any supplemental
indenture pursuant to this Section, the Indenture Trustee shall mail to the
Securities Insurer, the Swap Counterparty and to the holders of the Notes to
which such amendment or supplemental indenture relates a notice prepared by the
Issuer setting forth in general terms the substance of such supplemental
indenture. Any failure of the Indenture Trustee to mail such notice, or any
defect therein, shall not, however, in any way impair or affect the validity of
any such supplemental indenture.

          SECTION 9.03.
Execution of Supplemental Indentures. In executing, or permitting the
additional trusts created by, any supplemental indenture permitted by this
Article IX or the modifications thereby of the trusts created by this Indenture,
the Indenture Trustee shall be entitled to receive, and subject to Sections 6.01
and 6.02, shall be fully protected in relying upon, an Opinion of Counsel
stating that the execution of such supplemental indenture is authorized or
permitted by this Indenture. The Indenture Trustee may, but shall not be
obligated to, enter into any such supplemental indenture that affects the
Indenture Trustee's own rights, duties, liabilities or immunities under this
Indenture or otherwise.

          SECTION 9.04.
Effect of Supplemental Indenture. Upon the execution of any supplemental
indenture pursuant to the provisions hereof, this Indenture shall be and be
deemed to be modified and amended in accordance therewith with respect to the
Notes affected thereby, and the respective rights, limitations of rights,
obligations, duties, liabilities and immunities under this Indenture of the
Indenture Trustee, the Issuer and the holders of the Notes shall thereafter be
determined, exercised and enforced hereunder subject in all respects to such
modifications and amendments, and all the terms and conditions of any such
supplemental indenture shall be and be deemed to be part of the terms and
conditions of this Indenture for any and all purposes.

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

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

ARTICLE X

Redemption of Notes

          SECTION 10.01. Redemption. (a) (i) In the event that on the Special
Determination Date the Subsequent Pool Pre-Funded Amount, after giving effect to
the purchase of any Subsequent Pool Student Loans on such date is greater than
$10,000,000, each Class of Notes will be redeemed in part, on a pro rata basis
based upon the initial principal amount of each such Class, in an aggregate
principal amount equal to the Noteholders' Percentage of such Subsequent Pool
Pre-Funded Amount on the Special Redemption Date. In the event that on the
Special Determination Date the Subsequent Pool Pre-Funded Amount, after giving
effect to the purchase of any Subsequent Pool Student Loans on such date, is
greater than zero but less than or equal to $10,000,000, the Class A-1 Notes
will be redeemed in an amount equal to such Subsequent Pool Pre-Funded Amount.

          (ii) In the event that on the Distribution Date on which the Funding Period ends
(or on the Distribution Date immediately following the last day of the Funding
Period, if the Funding Period does not end on a Distribution Date) any amount
remains on deposit in the Pre-Funding Account after giving effect to the making
of all Additional Fundings during the Funding Period, including any such
Additional Fundings on such Redemption Date, the Class A-1 Notes will be
redeemed until the principal amount thereof is reduced to zero, and then the
Class A-2 Notes will be redeemed in part to the extent of any remaining funds
until the principal amount thereof is reduced to zero, in each case on a pro
rata basis within each Class, in an aggregate principal amount equal to the
amount then on deposit in the Pre-Funding Account.

          (b) In the event that the assets of the Trust are sold pursuant to Section 9.01
of the Sale and Servicing Agreement, that portion of the amounts on deposit in
the Trust Accounts to be distributed to the holders of the Notes shall be paid
to the holders of the Notes up to the Outstanding Amount of the Notes and all
accrued and unpaid interest thereon and any accrued and unpaid Noteholders'
Interest Index Carryover with respect thereto (but only to the extent provided
by Sections 2.07(d) and 8.02(c)). If amounts are to be paid to holders of the
Notes pursuant to this Section 10.01(b), the Master Servicer, the Administrator
or the Issuer shall, to the extent practicable, furnish notice of such event to
the Indenture Trustee not later than 25 days prior to the Redemption Date
whereupon all such amounts shall be payable on the Redemption Date.

          SECTION 10.02. Form of Redemption Notice. Notice of redemption under
Section 10.01 shall be given by the Indenture Trustee by first-class mail,
postage prepaid, or by facsimile, mailed or transmitted on or prior to the
applicable Redemption Date to each holder of the Notes, as of the close of
business on the Record Date preceding the applicable Redemption Date, at such
Noteholder's address or facsimile number appearing in the Note Register.

          All notices of redemption shall state:

	  	          (i)
     the Redemption Date;

	  	          
(ii)     the Redemption Price; and

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

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

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

ARTICLE XI

Miscellaneous

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

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

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

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

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

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

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

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

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

	 	        (iv)
     Whenever the Issuer is required to furnish to the
Indenture Trustee, the Swap Counterparty and the Securities Insurer an
Officers’ Certificate of the Issuer certifying or stating the opinion of
any signer thereof as to the matters described in clause (iii) above, the Issuer
shall also furnish to the Indenture Trustee and the Securities Insurer an
Independent Certificate as to the same matters if the fair value of the property
or securities and of all other property, other than property as contemplated by
clause (v) below, or securities released from the lien of this Indenture
since the commencement of the then-current calendar year, as set forth in the
certificates required by clause (iii) above and this clause (iv), equals 10% or
more of the Outstanding Amount of the Notes, but such certificate need not be
furnished in the case of any release of property or securities if the fair value
thereof as set forth in the related Officers’ Certificate is less than
$25,000 or less than one percent of the then Outstanding Amount of the Notes.

	 	        (v)
     Notwithstanding Section 2.09 or any other
provision of this Section, the Issuer may, without compliance with the
requirements of the other provisions of this Section, (A) collect,
liquidate, sell or otherwise dispose of Financed Student Loans as and to the
extent permitted or required by the Basic Documents, (B) make cash payments
out of the Trust Accounts as and to the extent permitted or required by the
Basic Documents and (C) convey to the Seller, in order to allow the Seller
to make Consolidation Loans, those specified Financed Student Loans as and to
the extent permitted or required by and in accordance with Section 8.04(c)
hereof and Section 2.03 of the Sale and Servicing Agreement, so long as the
Issuer shall deliver to the Indenture Trustee every six months, commencing
March 1, 2001, an Officers’ Certificate of the Issuer stating that all the
dispositions of Collateral described in clauses (A), (B) or (C) above that
occurred during the immediately preceding six calendar months were in the
ordinary course of the Issuer’s business and that the proceeds thereof were
applied in accordance with the Basic Documents.

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

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

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

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

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

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

          (c)
The ownership of Notes shall be proved by the Note Register.

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

          SECTION 11.04. Notices, etc., to Indenture Trustee, Issuer, Securities Insurer
and Rating Agencies. Any request, demand, authorization, direction, notice,
consent, waiver or Act of holders of the Notes or other documents provided or
permitted by this Indenture shall be in writing and if such request, demand,
authorization, direction, notice, consent, waiver or act of holders of the Notes
is to be made upon, given or furnished to or filed with:

	    	          (a)
     the Indenture Trustee by any holder of the Notes
or by the Issuer shall be sufficient for every purpose hereunder if made, given,
furnished or filed in writing to or with the Indenture Trustee at its Corporate
Trust Office, or

	 	          (b)
     the Issuer by the Indenture Trustee or by any
holder of the Notes shall be sufficient for every purpose hereunder if in
writing and mailed, first-class, postage prepaid, to the Issuer addressed to:
KeyCorp Student Loan Trust 2000-B, in care of Bank One, National Association, 1
Bank One Plaza, Suite IL1-0126, Chicago, Illinois 60670, Attention: Corporate
Trust Administration; with a copy to the Administrator, 800 Superior Avenue,
Fourth Floor, Cleveland, Ohio 44114, Attention: KeyCorp Education Resources,
KeyCorp Student Loan Trust 2000-B, or at any other address previously furnished
in writing to the Indenture Trustee by the Issuer or the Administrator. The
Issuer shall promptly transmit any notice received by it from the holders of the
Notes to the Indenture Trustee.

          Notices
required to be given to the Securities Insurer, the Swap Counterparty or the
Rating Agencies by the Issuer, the Indenture Trustee or the Eligible Lender
Trustee shall be in writing, personally delivered or mailed by certified mail,
return receipt requested, to (i) in the case of Moody's, at the following
address: Moody's Investors Service, Inc., ABS Monitoring Department, 99 Church
Street, New York, New York 10007; (ii) in the case of Standard & Poor's, at the
following address: Standard & Poor's Rating Services, 55 Water Street, New York,
New York 10041, Attention of Asset Backed Surveillance Department; (iii) Fitch,
Inc., Municipal Structured Finance Group, One State Street Plaza, New York, New
York, 10004; (iv) in the case of the Securities Insurer, at the following
address: MBIA Insurance Corporation, 113 King Street, Armonk, N.Y. 10504,
Attention: Insured Portfolio Management-SF; and (v) in the case of the Swap
Counterparty, at the address of the Administrator given above; or as to each of
the foregoing, at such other address as shall be designated by written notice to
the other parties.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

          SECTION 11.20. Rights of the Securities Insurer to Exercise Rights of
Noteholders. (a) By accepting its Note, each Noteholder agrees that unless a
Securities Insurer Default has occurred and is continuing, the Securities
Insurer shall be deemed to be treated as the holder of 100% of Notes and shall
have the right to exercise all rights of the Noteholders as specified under this
Indenture without any further consent of any of the Noteholders (unless
otherwise specified herein). Any right conferred to the Securities Insurer
hereunder shall be suspended and shall run to the benefit of the Noteholders
during any period in which a Securities Insurer Default has occurred and is
continuing; provided, however, that during the continuance of a Securities
Insurer Default, the consent of the Securities Insurer must be obtained with
respect to any amendments that may materially adversely affect the Securities
Insurer.

          (b) Whenever the consent or approval of the Securities Insurer is required under
this Indenture, such consent or approval shall be reasonably given, except for
consents or approvals required under Article V of this Indenture, where such
consent or approval shall be given solely at the discretion of the Securities
Insurer.

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

	 	
KEYCORP STUDENT LOAN TRUST 2000-B,

as Issuer

By:   BANK ONE, NATIONAL

        ASSOCIATION, not in its individual

        capacity but solely as Eligible Lender

        Trustee,

By:     /s Keith R. Richardson          

          Name:  Keith R. Richardson

          Title:  Authorized Officer

BANKERS TRUST COMPANY, not in its

individual capacity but solely as Indenture Trustee,

By:     /s/ Franco B. Talavera          

          Name:  Franco B. Talavera

          Title:  Assistant Vice President

Acknowledged and accepted as to

the Granting Clause as of the

day and year first above written:

BANK ONE, NATIONAL ASSOCIATION,

not in its individual

capacity but solely as

Eligible Lender Trustee,

By:    /s/ Keith R. Richardson          

        Name:   Keith R. Richardson

        Title:   Authorized Officer

STATE OF NEW YORK       )

                                          
       )  ss.:

COUNTY OF NEW YORK   )

          On the 15th day of September in the year 2000, before me, the undersigned,
personally appeared Keith R. Richardson, an Authorized Officer, of BANK ONE,
NATIONAL ASSOCIATION, as Eligible Lender Trustee of KEYCORP STUDENT LOAN TRUST
2000-B, personally known to me or proved to me on the basis of satisfactory
evidence to be the individual whose name is subscribed to the within instrument
and acknowledged to me that he executed the same in his capacity, and that by
his signature on the instrument, the individual, or the person upon behalf of
which the individual acted, executed the instrument.

          GIVEN UNDER MY HAND AND SEAL OF OFFICE, this 15th day of September, 2000.

	 
	
/s/ Maria K. Montgomery               

Notary Public in and for

the State of New York.

My commission expires:   4 April 2002

STATE OF NEW YORK       )

                                          
       )  ss.:

COUNTY OF NEW YORK   )

          On the 15th day of September in the year 2000, before me, the undersigned,
personally appeared Franco B. Talavera, an Assistant Vice President of BANKERS
TRUST COMPANY, personally known to me or proved to me on the basis of
satisfactory evidence to be the individual whose name is subscribed to the
within instrument and acknowledged to me that he executed the same in his
capacity, and that by his signature on the instrument, the individual, or the
person upon behalf of which the individual acted, executed the instrument.

          GIVEN UNDER MY HAND AND SEAL OF OFFICE, this 15th day of September, 2000.

	 
	
/s/ Maria K. Montgomery               

Notary Public in and for

the State of New York.

My commission expires:   4 April 2002

STATE OF NEW YORK       )

                                          
       )  ss.:

COUNTY OF NEW YORK   )

          On the 15th day of September in the year 2000, before me, the undersigned,
personally appeared Keith R. Richardson, an Authorized Officer, of BANK ONE,
NATIONAL ASSOCIATION, personally known to me or proved to me on the basis of
satisfactory evidence to be the individual whose name is subscribed to the
within instrument and acknowledged to me that he executed the same in his
capacity, and that by his signature on the instrument, the individual, or the
person upon behalf of which the individual acted, executed the instrument.

          GIVEN UNDER MY HAND AND SEAL OF OFFICE, this 15th day of
September, 2000.

	 
	
/s/ Maria K. Montgomery               

Notary Public in and for

the State of New York.

My commission expires:   4 April 2002

APPENDIX A

[See Appendix A to the Sale and Servicing Agreement]

SCHEDULE A

TO THE INDENTURE

PART I

Schedule of Initial Financed Student Loans

Delivered to the Indenture Trustee.

SCHEDULE B

TO THE INDENTURE

PART I

Schedule of Subsequent Pool Student Loans

Delivered to the Indenture Trustee

PART II

Schedule of Other Subsequent Student Loans

To be included on Schedule A to each related Transfer Agreement.

SCHEDULE C

TO THE INDENTURE

Location of Financed Student Loan Files - PHEAA

Documents relating to the Financed Student Loans being sub-serviced by PHEAA
on behalf of the Master Servicer pursuant to the PHEAA Sub-Servicing Agreement
(including original notes) are stored at PHEAA's facility at 1200 North 7th
Street, Harrisburg, Pennsylvania 17102.

Location of Financed Student Loan Files - Great Lakes

Documents relating to the Financed Student Loans being
sub-serviced by Great Lakes on behalf of the Master Servicer pursuant to the
Great Lakes Sub-Servicing Agreement(including original notes) are stored at
Great Lakes’ facilities at 2401 International Lane, Madison, Wisconsin
53704, and, on behalf of Great Lakes, at the offices of Datakeep Inc., 2538
Daniels Street, Madison, Wisconsin 53718.

EXHIBIT A-1

TO THE INDENTURE

[FORM OF CLASS A-1 NOTE]

SEE REVERSE FOR CERTAIN DEFINITIONS

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

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

	Registered

$                         1/

No.
	CUSIP NO.

KEYCORP STUDENT LOAN TRUST 2000-B

FLOATING RATE CLASS A-1 ASSET BACKED NOTES

          
KeyCorp Student
Loan Trust 2000-B, a trust organized and existing under the laws of the State of
New York (herein referred to as the "Issuer"), for value received, hereby
promises to pay to CEDE & CO., or registered assigns, the principal sum of
DOLLARS no later than on the July 2008 Distribution Date (the "Final Maturity
Date").

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

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

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

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

                

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

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

	 	
KEYCORP STUDENT LOAN TRUST 2000-B,

By:   BANK ONE, NATIONAL

        ASSOCIATION, not in its individual

        capacity but solely as Eligible Lender

        Trustee under the Trust Agreement,

          By:                               
                             

                    Authorized Signatory

Date:  September 15, 2000

TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

	 	
BANKERS TRUST COMPANY, not in its

individual capacity but solely as Indenture Trustee,

By:                                         
                   

          Authorized Signatory

Date: September 15, 2000

[REVERSE OF NOTE]

          
This Note is one of a duly authorized issue of Notes of the Issuer, designated
as its Floating Rate Class A-1 Asset Backed Notes (herein called the "Class A-1
Notes"), all issued under the Indenture, to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective
rights and obligations thereunder of the Issuer, the Indenture Trustee and the
holders of the Notes. The Class A-1 Notes are subject to all terms of the
Indenture. To the extent that any provisions of this Note contradicts or is
inconsistent with the provisions of the Indenture, the provisions of the
Indenture shall control and supersede such contradictory or inconsistent
provision herein. Capitalized but undefined terms shall have the meanings set
forth in the Indenture dated as of September 1, 2000 between KeyCorp Student
Loan Trust 2000-B and Bankers Trust Company as Trustee including Appendix A to
the Indenture.

          
The Class A-1 Notes and the Issuer's Floating Rate Class A-2 Asset Backed Notes
(the "Class A-2 Notes" and together with the Class A-1 Notes, the "Class A
Notes" or the "Notes") are and will be equally and ratably secured by the
collateral pledged as security therefor as provided in the Indenture.

          
Principal of the Notes will be payable on each Distribution Date to the extent
funds are available therefor set forth in the Sale and Servicing Agreement and
the Indenture. "Distribution Date" means the twenty-fifth day of each January,
April, July and October, or, if any such date is not a Business Day, the next
succeeding Business Day, commencing January 25, 2001.

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

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

          
The "Note Interest Rate" means, with respect to any Interest Period and the
Class A-1 Notes, the interest rate per annum (computed on the basis of the
actual number of days elapsed in the related Interest Period divided by 360)
equal to the lesser of (i) Three-Month LIBOR plus 0.12% and (ii) the Student
Loan Rate for such Interest Period.

          
The "Student Loan Rate" means for any Class of Securities for any Interest
Period will equal the product of (a) the quotient obtained by dividing (i) 365
(or 366 in a leap year) by (ii) the actual number of days elapsed in such
Interest Period and (b) the percentage equivalent of a fraction, (i) the
numerator of which is equal to Expected Interest Collections for the Collection
Period relating to such Interest Period, plus any Net Trust Swap Receipt
actually received by the Trust with respect to the related Collection Period,
less the sum of the Master Servicing Fees, the premiums due to the Securities
Insurer and the Administration Fee payable on the related Distribution Date and
any Master Servicing Fees paid on the two preceding Monthly Servicing Payment
Dates during the related Collection Period, minus any Net Trust Swap Payment due
to the Swap Counterparty for the related Collection Period, and (ii) the
denominator of which is the outstanding principal balance of the Securities as
of the first day of such Interest Period.

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

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

          
"LIBOR" Determination Date" means (x) with respect to each Interest Period other
than the initial Interest Period, the second Business Day prior to the
commencement of such Interest Period and (y) with respect to the initial
Interest Period, as determined pursuant to clause (x) for the period from the
Closing Date to but excluding October 25, 2000, and as determined on the second
Business Day prior to October 25, 2000 for the period from October 25, 2000 to
but excluding January 25, 2001. For purposes of this definition, a "Business
Day" is any day on which banks in London and New York City are open for the
transaction of business.

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

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

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

          
As provided in the Indenture, the Class A-1 Notes may be redeemed in part, on a
pro rata basis among all the holders of such Notes, on the Distribution Date on
which the Funding Period ends (or on the Distribution Date immediately following
the last day of the Funding Period, if the Funding Period does not end on a
Distribution Date) in the event that any amounts remain on deposit in the
Pre-Funding Account after giving effect to all Additional Fundings, including
any occurring on such Distribution Date.

          
As provided in the Indenture, if as of the Special Determination Date, the
Subsequent Pool Pre-Funded Amount is greater than $10,000,000, such amount will
be distributed on the first Distribution Date thereafter to redeem each Class of
Notes on a pro rata basis, based on the initial principal balance of each Class
of Notes; if such amount is $10,000,000 or less, it will be distributed on such
Distribution Date only to the holders of the Class A-1 Notes to redeem such
Class A-1 Notes.

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

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

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

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

          
Prior to the due presentment for registration of transfer of this Note, the
Issuer, the Indenture Trustee, the Securities Insurer and any agent of the
Issuer, the Securities Insurer or the Indenture Trustee, may treat the Person in
whose name this Note (as of the day of determination or as of such other date as
may be specified in the Indenture) is registered as the owner hereof for all
purposes whether or not this Note be overdue, and neither the Issuer, the
Indenture Trustee, the Securities Insurer nor any such agent shall be affected
by notice to the contrary.

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

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

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

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

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

          
Anything herein to the contrary notwithstanding, except as expressly provided in
the Basic Documents, neither Bankers Trust Company in its individual capacity,
Bank One, National Association, in its individual capacity, any owner of a
beneficial interest in the Issuer, nor any of their respective partners,
beneficiaries, agents, officers, directors, employees or successors or assigns
shall be personally liable for, nor shall recourse be had to any of them for,
the payment of principal of or interest on, or performance of, or omission to
perform, any of the covenants, obligations or indemnifications contained in this
Note or the Indenture; it being expressly understood that said covenants,
obligations and indemnifications have been made by the Eligible Lender Trustee
for the sole purposes of binding the interests of the Eligible Lender Trustee in
the assets of the Issuer. The holder of the Notes by the acceptance hereof
agrees that, except as expressly provided in the Basic Documents, in the case of
an Event of Default under the Indenture, the holder of the Notes shall have no
claim against any of the foregoing for any deficiency, loss or claim therefrom;
provided, however, that nothing contained herein shall be taken
to prevent recourse to, and enforcement against, the Indenture Trust Estate for
any and all liabilities, obligations and undertakings contained in the Indenture
or in this Note.

          
By acceptance of this Class A-1 Note you are hereby deemed to have agreed, that
for long as no Securities Insurer Default has occurred and is continuing, the
rights of the Class A-1 Noteholders under any of the Basic Documents, will be
exercisable by the Securities Insurer on behalf of the Class A-1 Noteholders,
except in the limited circumstances set forth in the Indenture and the Sale and
Servicing Agreement.

STATEMENT OF INSURANCE

          
The MBIA Insurance Corporation (the "Insurer") has issued a policy containing
the following provisions, such policy being on file at Bankers Trust Company in
New York, New York:

	OBLIGATIONS:
	
$635,000,000 KeyCorp Student Loan Trust 2000-B,
Floating Rate, Asset-Backed Notes,

Class A-1 and Class A-2
	 

          
The Insurer, in consideration of the payment of the premium and subject to the
terms of this Note Guaranty Insurance Policy (this "Policy"), hereby
unconditionally and irrevocably guarantees to any Owner that an amount equal to
each full and complete Insured Payment will be received from the Insurer by
Bankers Trust Company, or its successors, as trustee for the Owners (the
"Trustee"), on behalf of the Owners, for distribution by the Trustee to each
Owner of each Owner's proportionate share of the Insured Payment. The Insurer's
obligations hereunder with respect to a particular Insured Payment shall be
discharged to the extent funds equal to the applicable Insured Payment are
received by the Trustee, whether or not such funds are properly applied by the
Trustee. Insured Payments shall be made only at the time set forth in this
Policy, and no accelerated Insured Payments shall be made regardless of any
acceleration of the Obligations, unless such acceleration is at the sole option
of the Insurer.

          
Notwithstanding the foregoing paragraph, this Policy does not cover shortfalls,
if any, attributable to the liability of the Issuer, the Trust or the Trustee
for withholding taxes, if any (including interest and penalties in respect of
any such liability). This Policy does not cover, and Insured Payments shall not
include, any Noteholders' Interest Index Carryover.

          
The Insurer will pay any Insured Payment that is a Preference Amount on the
Business Day following receipt on a Business Day by the Fiscal Agent (as
described below) of (a) a certified copy of the order requiring the return of a
preference payment, (b) an opinion of counsel satisfactory to the Insurer that
such order is final and not subject to appeal, (c) an assignment in such form as
is reasonably required by the Insurer, irrevocably assigning to the Insurer all
rights and claims of the Owner relating to or arising under the Obligations
against the debtor which made such preference payment or otherwise with respect
to such preference payment and (d) appropriate instruments to effect the
appointment of the Insurer as agent for such Owner in any legal proceeding
related to such preference payment, such instruments being in a form
satisfactory to the Insurer, provided that if such documents are received after
12:00 noon, New York City time, on such Business Day, they will be deemed to be
received on the following Business Day. Such payments shall be disbursed to the
receiver or trustee in bankruptcy named in the final order of the court
exercising jurisdiction on behalf of the Owner and not to any Owner directly
unless such Owner has returned principal or interest paid on the Obligations to
such receiver or trustee in bankruptcy, in which case such payment shall be
disbursed to such Owner.

          
The Insurer will pay any other amount payable hereunder no later than 12:00
noon, New York City time, on the later of the Distribution Date on which the
related Deficiency Amount is due or the third Business Day following receipt in
New York, New York on a Business Day by State Street Bank and Trust Company,
N.A., as Fiscal Agent for the Insurer, or any successor fiscal agent appointed
by the Insurer (the "Fiscal Agent"), of a Notice (as described below), provided
that if such Notice is received after 12:00 noon, New York City time, on such
Business Day, it will be deemed to be received on the following Business Day. If
any such Notice received by the Fiscal Agent is not in proper form or is
otherwise insufficient for the purpose of making claim hereunder, it shall be
deemed not to have been received by the Fiscal Agent for purposes of this
paragraph, and the Insurer or the Fiscal Agent, as the case may be, shall
promptly so advise the Trustee and the Trustee may submit an amended Notice.

          
Insured Payments due hereunder, unless otherwise stated herein, will be
disbursed by the Fiscal Agent to the Trustee on behalf of the Owners by wire
transfer of immediately available funds in the amount of the Insured Payment
less, in respect of Insured Payments related to Preference Amounts, any amount
held by the Trustee for the payment of such Insured Payment and legally
available therefor.

          
The Fiscal Agent is the agent of the Insurer only, and the Fiscal Agent shall in
no event be liable to Owners for any acts of the Fiscal Agent or any failure of
the Insurer to deposit, or cause to be deposited, sufficient funds to make
payments due under this Policy.

          
Subject to the terms of the Agreement, the Insurer shall be subrogated to the
rights of each Owner to receive payments under the Obligations to the extent of
any payment by the Insurer hereunder.

          
As used herein, the following terms shall have the following meanings:

          
"Agreement" means the Indenture dated as of September 1, 2000 among KeyCorp
Student Loan Trust 2000-B, as Issuer, and the Trustee, as trustee, without
regard to any amendment or supplement thereto, unless such amendment or
supplement has been approved in writing by the Insurer.

          
"Business Day" means any day other than (a) a Saturday or a Sunday (b) a day on
which the Insurer is closed or (c) a day on which banking institutions in New
York City or in the city in which the corporate trust office of the Trustee
under the Agreement is located are authorized or obligated by law or executive
order to close.

          
"Deficiency Amount" means (a) as of any Distribution Date, the excess, if any,
of (1) the Noteholders' Interest Distribution Amount on such Distribution Date,
over (2) Available Funds for such Distribution Date after giving effect to the
payment of the Servicing Fee, the Administration Fee and all amounts due to the
Securities Insurer for such Distribution Date, plus the application of any
amounts available on such Distribution Date to cover such payments from amounts
on deposit in the Reserve Account and the Pre-Funding Account, and (b) on either
the Class A-1 Notes Final Maturity Date or the Class A-2 Notes Final Maturity
Date, the unpaid principal balance of the Class A-1 Notes, in the case of the
Class A-1 Notes Final Maturity Date, or the unpaid principal balance of the
Class A-2 Notes, in the case of the Class A-2 Notes Final Maturity Date, in each
case after giving effect to any distributions on such date and the application
of any amounts available on such Distribution Date to cover such payments from
amounts on deposit in the Reserve Account.

          
"Insured Payment" means (a) as of any Distribution Date, any Deficiency Amount
and (b) any Preference Amount.

          
"Notice" means the telephonic or telegraphic notice, promptly confirmed in
writing by facsimile substantially in the form of Exhibit A attached hereto, the
original of which is subsequently delivered by registered or certified mail,
from the Trustee specifying the Insured Payment which shall be due and owing on
the applicable Distribution Date.

          
"Owner" means each Noteholder (as defined in the Agreement (other than the
Issuer, the Trustee, the Eligible Lender Trustee, the Seller, the Administrator,
the Depositor, the Master Servicer or any Sub-Servicer)) who, on the applicable
Distribution Date, is entitled under the terms of the applicable Notes to
payment thereunder.

          
"Preference Amount" means any amount previously distributed to an Owner on the
Obligations that is recoverable and sought to be recovered as a voidable
preference by a trustee in bankruptcy pursuant to the United States Bankruptcy
Code (11 U.S.C.), as amended from time to time in accordance with a final
nonappealable order of a court having competent jurisdiction.

          
Capitalized terms used herein and not otherwise defined herein shall have the
respective meanings set forth in the Agreement as of the date of execution of
this Policy, without giving effect to any subsequent amendment to or
modification of the Agreement unless such amendment or modification has been
approved in writing by the Insurer.

          
Any notice hereunder or service of process on the Fiscal Agent may be made at
the address listed below for the Fiscal Agent or such other address as the
Insurer shall specify in writing to the Trustee.

          
The notice address of the Fiscal Agent is 15th Floor, 61 Broadway, New York, New
York 10006, Attention: Municipal Registrar and Paying Agency, or such other
address as the Fiscal Agent shall specify to the Trustee in writing.

          
THIS POLICY IS BEING ISSUED UNDER AND PURSUANT TO, AND SHALL BE CONSTRUED UNDER,
THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS
PRINCIPLES THEREOF.

          
The insurance provided by this Policy is not covered by the Property/Casualty
Insurance Security Fund specified in Article 76 of the New York Insurance Law.

          
This Policy is not cancelable for any reason. The premium on this Policy is not
refundable for any reason, including payment, or provision being made for
payment, prior to maturity of the Obligations.

	 
	MBIA INSURANCE CORPORATION

ASSIGNMENT

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

                 

           FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto                                         
                                         

                                          
                                          
                                          
                   

                                          
                (name
and address of assignee)

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

Dated:                               

	 
	                                       
                  */

   Signature Guaranteed:

                                          
               */

                          

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

EXHIBIT A-2

TO THE INDENTURE

[FORM OF CLASS A-2 NOTE]

SEE REVERSE FOR CERTAIN DEFINITIONS

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

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

	Registered

$                         1/

No.
	CUSIP NO.

KEYCORP STUDENT LOAN TRUST 2000-B

FLOATING RATE CLASS A-2 ASSET BACKED NOTES

          
KeyCorp Student Loan Trust 2000-B, a trust organized and existing under the laws
of the State of New York (herein referred to as the "Issuer"), for value
received, hereby promises to pay to CEDE & CO., or registered assigns, the
principal sum of DOLLARS no later than on the July 2029 Distribution Date (the
"Final Maturity Date").

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

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

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

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

                               

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

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

	 	
KEYCORP STUDENT LOAN TRUST 2000-B,

By:   BANK ONE, NATIONAL

        ASSOCIATION, not in its individual

        capacity but solely as Eligible Lender

        Trustee under the Trust Agreement,

          By:                               
                             

                    Authorized Signatory

Date:  September 15, 2000

TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

	 	
BANKERS TRUST COMPANY, not in its

individual capacity but solely as Indenture Trustee,

By:                                         
                   

          Authorized Signatory

Date: September 15, 2000

[REVERSE OF NOTE]

          
This Note is one of a duly authorized issue of Notes of the Issuer, designated
as its Floating Rate Class A-2 Asset Backed Notes (herein called the "Class A-2
Notes"), all issued under the Indenture, to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective
rights and obligations thereunder of the Issuer, the Indenture Trustee and the
holders of the Notes. The Class A-2 Notes are subject to all terms of the
Indenture. To the extent that any provisions of this Note contradicts or is
inconsistent with the provisions of the Indenture, the provisions of the
Indenture shall control and supersede such contradictory or inconsistent
provision herein. Capitalized but undefined terms shall have the meanings set
forth in the Indenture dated as of September 1, 2000 between KeyCorp Student
Loan Trust 2000-B and Bankers Trust Company as Trustee including Appendix A to
the Indenture.

          
The Class A-2 Notes and the Issuer's Floating Rate Class A-1 Asset Backed Notes
(the "Class A-1 Notes" and together with the Class A-2 Notes, the "Class A
Notes" or the "Notes") are and will be equally and ratably secured by the
collateral pledged as security therefor as provided in the Indenture.

          
Principal of the Notes will be payable on each Distribution Date to the extent
funds are available therefor set forth in the Sale and Servicing Agreement and
the Indenture. "Distribution Date" means the twenty-fifth day of each January,
April, July and October, or, if any such date is not a Business Day, the next
succeeding Business Day, commencing January 25, 2001.

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

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

          
The "Note Interest Rate" means, with respect to any Interest Period and the
Class A-2 Notes, the interest rate per annum (computed on the basis of the
actual number of days elapsed in the related Interest Period divided by 360)
equal to the lesser of (i) Three-Month LIBOR plus 0.31% and (ii) the Student
Loan Rate for such Interest Period.

          
The "Student Loan Rate" means for any Class of Securities for any Interest
Period will equal the product of (a) the quotient obtained by dividing (i) 365
(or 366 in a leap year) by (ii) the actual number of days elapsed in such
Interest Period and (b) the percentage equivalent of a fraction, (i) the
numerator of which is equal to Expected Interest Collections for the Collection
Period relating to such Interest Period, plus any Net Trust Swap Receipt
actually received by the Trust with respect to the related Collection Period,
less the sum of the Master Servicing Fees, the premiums due to the Securities
Insurer and the Administration Fee payable on the related Distribution Date and
any Master Servicing Fees paid on the two preceding Monthly Servicing Payment
Dates during the related Collection Period, minus any Net Trust Swap Payment due
to the Swap Counterparty for the related Collection Period, and (ii) the
denominator of which is the outstanding principal balance of the Securities as
of the first day of such Interest Period.

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

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

          
"LIBOR" Determination Date" means (x) with respect to each Interest Period other
than the initial Interest Period, the second Business Day prior to the
commencement of such Interest Period and (y) with respect to the initial
Interest Period, as determined pursuant to clause (x) for the period from the
Closing Date to but excluding October 25, 2000, and as determined on the second
Business Day prior to October 25, 2000 for the period from October 25, 2000 to
but excluding January 25, 2001. For purposes of this definition, a "Business
Day" is any day on which Banks in London and New York City are open for the
transaction of business.

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

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

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

          
As provided in the Indenture and if the Class A-1 Notes are no longer
Outstanding, the Class A-2 Notes may be redeemed in part, on a pro rata basis
among all the holders of such Notes, on the Distribution Date on which the
Funding Period ends (or on the Distribution Date immediately following the last
day of the Funding Period, if the Funding Period does not end on a Distribution
Date) in the event that any amounts remain on deposit in the Pre-Funding Account
after giving effect to all Additional Fundings, including any occurring on such
Distribution Date.

          
As provided in the Indenture, if as of the Special Determination Date, the
Subsequent Pool Pre-Funded Amount is greater than $10,000,000, such amount will
be distributed on the first Distribution Date thereafter to redeem each Class of
Notes on a pro rata basis, based on the initial principal balance of each Class
of Notes; if such amount is $10,000,000 or less, it will be distributed on such
Distribution Date only to the holders of the Class A-1 Notes to redeem such
Class A-1 Notes.

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

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

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

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

          
Prior to the due presentment for registration of transfer of this Note, the
Issuer, the Indenture Trustee, the Securities Insurer and any agent of the
Issuer, the Securities Insurer or the Indenture Trustee may treat the Person in
whose name this Note (as of the day of determination or as of such other date as
may be specified in the Indenture) is registered as the owner hereof for all
purposes whether or not this Note be overdue, and neither the Issuer, the
Indenture Trustee, the Securities Insurer nor any such agent shall be affected
by notice to the contrary.

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

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

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

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

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

          
Anything herein to the contrary notwithstanding, except as expressly provided in
the Basic Documents, neither Bankers Trust Company in its individual capacity,
Bank One, National Association, in its individual capacity, any owner of a
beneficial interest in the Issuer, nor any of their respective partners,
beneficiaries, agents, officers, directors, employees or successors or assigns
shall be personally liable for, nor shall recourse be had to any of them for,
the payment of principal of or interest on, or performance of, or omission to
perform, any of the covenants, obligations or indemnifications contained in this
Note or the Indenture; it being expressly understood that said covenants,
obligations and indemnifications have been made by the Eligible Lender Trustee
for the sole purposes of binding the interests of the Eligible Lender Trustee in
the assets of the Issuer. The holder of the Notes by the acceptance hereof
agrees that, except as expressly provided in the Basic Documents, in the case of
an Event of Default under the Indenture, the holder of the Notes shall have no
claim against any of the foregoing for any deficiency, loss or claim therefrom;
provided, however, that nothing contained herein shall be taken
to prevent recourse to, and enforcement against, the Indenture Trust Estate for
any and all liabilities, obligations and undertakings contained in the Indenture
or in this Note.

          
By acceptance of this Class A-2 Note you are hereby deemed to have agreed, that
for long as no Securities Insurer Default has occurred and is continuing, the
rights of the Class A-2 Noteholders under any of the Basic Documents, will be
exercisable by the Securities Insurer on behalf of the Class A-2 Noteholders,
except in the limited circumstances set forth in the Indenture and the Sale and
Servicing Agreement.

STATEMENT OF INSURANCE

          
The MBIA Insurance Corporation (the "Insurer") has issued a policy containing
the following provisions, such policy being on file at Bankers Trust Company in
New York, New York:

	OBLIGATIONS:
	
$635,000,000 KeyCorp Student Loan Trust 2000-B,
Floating Rate, Asset-Backed Notes,

Class A-1 and Class A-2
	 

          
The Insurer, in consideration of the payment of the premium and subject to the
terms of this Note Guaranty Insurance Policy (this "Policy"), hereby
unconditionally and irrevocably guarantees to any Owner that an amount equal to
each full and complete Insured Payment will be received from the Insurer by
Bankers Trust Company, or its successors, as trustee for the Owners (the
"Trustee"), on behalf of the Owners, for distribution by the Trustee to each
Owner of each Owner's proportionate share of the Insured Payment. The Insurer's
obligations hereunder with respect to a particular Insured Payment shall be
discharged to the extent funds equal to the applicable Insured Payment are
received by the Trustee, whether or not such funds are properly applied by the
Trustee. Insured Payments shall be made only at the time set forth in this
Policy, and no accelerated Insured Payments shall be made regardless of any
acceleration of the Obligations, unless such acceleration is at the sole option
of the Insurer.

          
Notwithstanding the foregoing paragraph, this Policy does not cover shortfalls,
if any, attributable to the liability of the Issuer, the Trust or the Trustee
for withholding taxes, if any (including interest and penalties in respect of
any such liability). This Policy does not cover, and Insured Payments shall not
include, any Noteholders' Interest Index Carryover.

          
The Insurer will pay any Insured Payment that is a Preference Amount on the
Business Day following receipt on a Business Day by the Fiscal Agent (as
described below) of (a) a certified copy of the order requiring the return of a
preference payment, (b) an opinion of counsel satisfactory to the Insurer that
such order is final and not subject to appeal, (c) an assignment in such form as
is reasonably required by the Insurer, irrevocably assigning to the Insurer all
rights and claims of the Owner relating to or arising under the Obligations
against the debtor which made such preference payment or otherwise with respect
to such preference payment and (d) appropriate instruments to effect the
appointment of the Insurer as agent for such Owner in any legal proceeding
related to such preference payment, such instruments being in a form
satisfactory to the Insurer, provided that if such documents are received after
12:00 noon, New York City time, on such Business Day, they will be deemed to be
received on the following Business Day. Such payments shall be disbursed to the
receiver or trustee in bankruptcy named in the final order of the court
exercising jurisdiction on behalf of the Owner and not to any Owner directly
unless such Owner has returned principal or interest paid on the Obligations to
such receiver or trustee in bankruptcy, in which case such payment shall be
disbursed to such Owner.

          
The Insurer will pay any other amount payable hereunder no later than 12:00
noon, New York City time, on the later of the Distribution Date on which the
related Deficiency Amount is due or the third Business Day following receipt in
New York, New York on a Business Day by State Street Bank and Trust Company,
N.A., as Fiscal Agent for the Insurer, or any successor fiscal agent appointed
by the Insurer (the "Fiscal Agent"), of a Notice (as described below), provided
that if such Notice is received after 12:00 noon, New York City time, on such
Business Day, it will be deemed to be received on the following Business Day. If
any such Notice received by the Fiscal Agent is not in proper form or is
otherwise insufficient for the purpose of making claim hereunder, it shall be
deemed not to have been received by the Fiscal Agent for purposes of this
paragraph, and the Insurer or the Fiscal Agent, as the case may be, shall
promptly so advise the Trustee and the Trustee may submit an amended Notice.

          
Insured Payments due hereunder, unless otherwise stated herein, will be
disbursed by the Fiscal Agent to the Trustee on behalf of the Owners by wire
transfer of immediately available funds in the amount of the Insured Payment
less, in respect of Insured Payments related to Preference Amounts, any amount
held by the Trustee for the payment of such Insured Payment and legally
available therefor.

          
The Fiscal Agent is the agent of the Insurer only, and the Fiscal Agent shall in
no event be liable to Owners for any acts of the Fiscal Agent or any failure of
the Insurer to deposit, or cause to be deposited, sufficient funds to make
payments due under this Policy.

          
Subject to the terms of the Agreement, the Insurer shall be subrogated to the
rights of each Owner to receive payments under the Obligations to the extent of
any payment by the Insurer hereunder.

          
As used herein, the following terms shall have the following meanings:

          
"Agreement" means the Indenture dated as of September 1, 2000 among KeyCorp
Student Loan Trust 2000-B, as Issuer, and the Trustee, as trustee, without
regard to any amendment or supplement thereto, unless such amendment or
supplement has been approved in writing by the Insurer.

          
"Business Day" means any day other than (a) a Saturday or a Sunday (b) a day on
which the Insurer is closed or (c) a day on which banking institutions in New
York City or in the city in which the corporate trust office of the Trustee
under the Agreement is located are authorized or obligated by law or executive
order to close.

          
"Deficiency Amount" means (a) as of any Distribution Date, the excess, if any,
of (1) the Noteholders' Interest Distribution Amount on such Distribution Date,
over (2) Available Funds for such Distribution Date after giving effect to the
payment of the Servicing Fee, the Administration Fee and all amounts due to the
Securities Insurer for such Distribution Date, plus the application of any
amounts available on such Distribution Date to cover such payments from amounts
on deposit in the Reserve Account and the Pre-Funding Account, and (b) on either
the Class A-1 Notes Final Maturity Date or the Class A-2 Notes Final Maturity
Date, the unpaid principal balance of the Class A-1 Notes, in the case of the
Class A-1 Notes Final Maturity Date, or the unpaid principal balance of the
Class A-2 Notes, in the case of the Class A-2 Notes Final Maturity Date, in each
case after giving effect to any distributions on such date and the application
of any amounts available on such Distribution Date to cover such payments from
amounts on deposit in the Reserve Account.

          
"Insured Payment" means (a) as of any Distribution Date, any Deficiency Amount
and (b) any Preference Amount.

          
"Notice" means the telephonic or telegraphic notice, promptly confirmed in
writing by facsimile substantially in the form of Exhibit A attached hereto, the
original of which is subsequently delivered by registered or certified mail,
from the Trustee specifying the Insured Payment which shall be due and owing on
the applicable Distribution Date.

          
"Owner" means each Noteholder (as defined in the Agreement (other than the
Issuer, the Trustee, the Eligible Lender Trustee, the Seller, the Administrator,
the Depositor, the Master Servicer or any Sub-Servicer)) who, on the applicable
Distribution Date, is entitled under the terms of the applicable Notes to
payment thereunder.

          
"Preference Amount" means any amount previously distributed to an Owner on the
Obligations that is recoverable and sought to be recovered as a voidable
preference by a trustee in bankruptcy pursuant to the United States Bankruptcy
Code (11 U.S.C.), as amended from time to time in accordance with a final
nonappealable order of a court having competent jurisdiction.

          
Capitalized terms used herein and not otherwise defined herein shall have the
respective meanings set forth in the Agreement as of the date of execution of
this Policy, without giving effect to any subsequent amendment to or
modification of the Agreement unless such amendment or modification has been
approved in writing by the Insurer.

          
Any notice hereunder or service of process on the Fiscal Agent may be made at
the address listed below for the Fiscal Agent or such other address as the
Insurer shall specify in writing to the Trustee.

          
The notice address of the Fiscal Agent is 15th Floor, 61 Broadway, New York, New
York 10006, Attention: Municipal Registrar and Paying Agency, or such other
address as the Fiscal Agent shall specify to the Trustee in writing.

          
THIS POLICY IS BEING ISSUED UNDER AND PURSUANT TO, AND SHALL BE CONSTRUED UNDER,
THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICT OF LAWS
PRINCIPLES THEREOF.

          
The insurance provided by this Policy is not covered by the Property/Casualty
Insurance Security Fund specified in Article 76 of the New York Insurance Law.

          
This Policy is not cancelable for any reason. The premium on this Policy is not
refundable for any reason, including payment, or provision being made for
payment, prior to maturity of the Obligations.

	 
	MBIA INSURANCE CORPORATION

ASSIGNMENT

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

                 

           FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto                                         
                                         

                                          
                                          
                                          
                   

                                          
                (name
and address of assignee)

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

Dated:                               

	 
	                                       
                  */

   Signature Guaranteed:

                                          
               */

                          

		*/	
NOTICE: The signature to this assignment must correspond with the name of the
registered owner as it appears on the face of the within Note in every
particular, without alteration, enlargement or any change whatever. Such
signature must be guaranteed by an “eligible guarantor institution”
meeting the requirements of the Note Registrar, which requirements include
membership or participation in STAMP or such other “signature guarantee
program” as may be determined by the Note Registrar in addition to, or in
substitution for, STAMP, all in accordance with the Securities Exchange Act of
1934, as amended.EXHIBIT 4.2

EXHIBIT 4.2
EXECUTION COPY

AMENDED AND RESTATED

TRUST AGREEMENT

between

KEY BANK USA, NATIONAL ASSOCIATION

as Depositor

and

BANK ONE, NATIONAL ASSOCIATION,

not in its individual capacity but solely

as Eligible Lender Trustee

Dated as of September 1, 2000

TABLE OF CONTENTS

Page

ARTICLE I

Definitions and Usage

ARTICLE II

Organization

	SECTION 2.01. 
	Name

	1

	SECTION 2.02.  
	Office

	2

	SECTION 2.03. 
	Purposes and Powers

	2

	SECTION 2.04. 
	Appointment of Eligible Lender Trustee

	2

	SECTION 2.05. 
	Initial Capital Contribution of Trust Estate

	3

	SECTION 2.06. 
	Declaration of Trust

	3

	SECTION 2.07. 
	[RESERVED]

	3

	SECTION 2.08. 
	Title to Trust Property; Situs of Trust

	3

	 SECTION 2.09.
	Representations and Warranties of the Depositor

	4

	SECTION 2.10. 
	Federal Income Tax Allocations

	5

ARTICLE III

Trust Certificate and Transfer of Interests

	SECTION 3.01. 
	Initial Beneficial Ownership

	5

	SECTION 3.02. 
	The Trust Certificate

	5

	SECTION 3.03.  
	Authentication of Trust Certificate

	5

	SECTION 3.04. 
	Registration of Transfer and Exchange of Trust Certificate

	6

	SECTION 3.05. 
	Mutilated, Destroyed, Lost or Stolen Trust Certificate

	7

	SECTION 3.06. 
	Persons Deemed Owners

	7

	SECTION 3.07. 
	[RESERVED]

	7

	SECTION 3.08. 
	Maintenance of Office or Agency

	7

	SECTION 3.09. 
	Appointment of Certificate Paying Agent

	8

	SECTION 3.10.
	Restrictions on Transfers of the Trust Certificate

	8

ARTICLE IV

Actions by Eligible Lender Trustee

	SECTION 4.01. 
	Prior Notice to with Respect to Certain Matters

	10

	SECTION 4.02.
	Action by Certificateholder with Respect to Certain Matters

	13

	SECTION 4.03.
	Action by Certificateholder with Respect to Bankruptcy

	13

	SECTION 4.04. 
	Restrictions on Certificateholder's Power

	13

ARTICLE V

Application of Trust Funds; Certain Duties

	SECTION 5.01.
	Application of Trust Funds

	13

	SECTION 5.02.
	Method of Payment

	14

	SECTION 5.03.
	No Segregation of Moneys; No Interest

	14

	 SECTION 5.04.
	Accounting and Reports to the Noteholders, Certificateholder,

the Internal Revenue Service and Others

	15

	SECTION 5.05.
	Signature on Returns; Tax Matters Partner

	15

ARTICLE VI

Authority and Duties of Eligible Lender Trustee

	SECTION 6.01. 
	General Authority

	15

	SECTION 6.02. 
	General Duties

	16

	SECTION 6.03.
	Action Upon Instruction

	16

	SECTION 6.04.
	No Duties Except as Specified in this Trust Agreement, the Sale and

Servicing Agreement, or in Instructions

	18

	SECTION 6.05.
	No Action Except Under Specified Documents or Instructions

	18

	SECTION 6.06. 
	Restrictions

	18

ARTICLE VII

Concerning the Eligible Lender Trustee

	SECTION 7.01.
	Acceptance of Trusts and Duties

	18

	SECTION 7.02.
	Furnishing of Documents

	20

	SECTION 7.03.
	Representations and Warranties

	20

	SECTION 7.04.
	Reliance; Advice of Counsel

	21

	SECTION 7.05. 
	Not Acting in Individual Capacity

	21

	SECTION 7.06. 
	Eligible Lender Trustee Not Liable for Trust Certificate

 or Financed Student Loans

	22

	SECTION 7.07. 
	Eligible Lender Trustee May Not Own Trust Certificate

and May Own Notes

	22

ARTICLE VIII

Compensation of Eligible Lender Trustee

	SECTION 8.01. 
	Eligible Lender Trustee's Fees and Expenses

	23

	SECTION 8.02.
	Payments to the Eligible Lender Trustee

	23

ARTICLE IX

Termination of Trust Agreement

	SECTION 9.01. 
	Termination of Trust Agreement

	23

ARTICLE X

Successor Eligible Lender Trustees and Additional Eligible Lender Trustees

	 SECTION 10.01. 
	Eligibility Requirements for Eligible Lender Trustee

	24

	SECTION 10.02.
	Resignation or Removal of Eligible Lender Trustee

	25

	SECTION 10.03.
	Successor Eligible Lender Trustee

	26

	SECTION 10.04.
	Merger or Consolidation of Eligible Lender Trustee

	27

	SECTION 10.05.
	Appointment of Co-Eligible Lender Trustee or

Separate Eligible Lender Trustee

	27

ARTICLE XI

Miscellaneous

	SECTION 11.01. 
	Supplements and Amendments

	29

	SECTION 11.02. 
	No Legal Title to Trust Estate in Certificateholder

	30

	SECTION 11.03. 
	Limitations on Rights of Others

	30

	SECTION 11.04. 
	Notices

	30

	SECTION 11.05. 
	Severability

	30

	SECTION 11.06.
	Separate Counterparts

	31

	SECTION 11.07. 
	Successors and Assigns

	31

	SECTION 11.08.
	No Petition

	31

	SECTION 11.09. 
	No Recourse

	31

	SECTION 11.10. 
	Headings

	32

	SECTION 11.11. 
	Governing Law

	32

	SECTION 11.12. 
	Third Party Beneficiaries

	32

	EXHIBIT A   
	Form of Trust Certificate

	

	EXHIBIT B 
	Form of Transferor Letter

	

	EXHIBIT C-1 
	Form of Non-Rule 144A Transferee Letter

	

	EXHIBIT C-2 
	Form of Rule 144A Transferee Letter

	

          AMENDED AND RESTATED TRUST AGREEMENT (the "Trust Agreement") dated as of
September 1, 2000, between KEY BANK USA, NATIONAL ASSOCIATION, a national
banking association, as Depositor (the "Depositor"), and BANK ONE, NATIONAL
ASSOCIATION, a national banking association, not in its individual capacity but
solely as Eligible Lender Trustee (the "Eligible Lender Trustee"), amending and
restating that certain trust agreement (the "Original Trust Agreement") dated as
of August 3, 2000 between the parties hereto.

          WHEREAS the Original Trust Agreement was entered into as of August 3, 2000;

          WHEREAS the Original Trust Agreement is hereby amended and restated in its
entirety as of September 1, 2000 in order to make such changes and modifications
as are set forth herein; and

          WHEREAS, in connection therewith, the Depositor and the Eligible Lender Trustee
agree that the terms and provisions of the Original Trust Agreement shall no
longer have any force and effect with respect to any date on or after the date
as of which this Amended and Restated Trust Agreement is being entered into
(other than Section 4 thereof to the extent applicable to the allocation of
collections, Interest Subsidy Payments and Special Allowance Payments accruing
during any period prior to the Cutoff Date).

          NOW, THEREFORE, the Depositor and the Eligible Lender Trustee hereby agree as
follows:

ARTICLE I

Definitions and Usage

          Capitalized terms used but not defined herein are defined in Appendix A to the
Sale and Servicing Agreement, which also contains rules as to construction and
usage that shall be applicable herein.

ARTICLE II

Organization

          SECTION 2.01.  Name.  The Trust created under the
Original Trust Agreement shall be known as "KeyCorp Student Loan Trust 2000-B"
in which name the Eligible Lender Trustee may conduct the business of the Trust,
make and execute contracts and other instruments on behalf of the Trust and sue
and be sued. The Trust shall constitute a business trust under Chapter 38 of
Title 12 of the Delaware Code, 12 Del. C.ss.ss.3801 et seq. (the
"Business Trust Act").

          SECTION 2.02.  Office.  The office of the Trust shall
be in care of the Eligible Lender Trustee at its Corporate Trust Office or at
such other address as the Eligible Lender Trustee may designate by written
notice to the Securities Insurer, the Swap Counterparty, the Administrator, the
Depositor, and, if different, the holder of the Trust Certificate.

          SECTION 2.03.  Purposes and Powers.  The purpose of
the Trust is to engage in the following activities:

	 
	          (i)  to issue the Notes pursuant to the Indenture and the Trust Certificate
pursuant to this Trust Agreement and to sell the Notes in one or more
transactions;

	 
	          (ii)  with the proceeds of the sale of the Notes, to purchase the Financed
Student Loans and to fund the Pre-Funding Account pursuant to the Sale and
Servicing Agreement; 

	 
	          (iii)  
to assign, grant, transfer, pledge, mortgage and convey the Trust Estate
pursuant to the Indenture and to hold, manage and distribute to the holder of
the Trust Certificate pursuant to the terms of the Sale and Servicing Agreement
any portion of the Trust Estate released from the Lien of, and remitted to the
Trust pursuant to, the Indenture; 

	
	          (iv)  to enter into and perform its obligations under the Basic Documents to
which it is to be a party; 

	 
	          (v)  to engage in those activities, including entering into agreements, that are
necessary, suitable or convenient to accomplish the foregoing or are incidental
thereto or connected therewith; and

	 
	          (vi)  subject to compliance with the Basic Documents, to engage in such other
activities as may be required in connection with conservation of the Trust
Estate and the making of distributions to the holder of the Trust Certificate,
the holders of the Notes and the others specified in Section 5.05 of the Sale
and Servicing Agreement.

          The Trust shall not engage in any activity other than in connection with the
foregoing or other than as required or authorized by the terms of this Trust
Agreement or the other Basic Documents.

          SECTION 2.04.  Appointment of Eligible Lender Trustee.  The Depositor hereby
appoints the Eligible Lender Trustee as trustee of the Trust effective as of the
date hereof, to have all the rights, powers and duties set forth herein.

          Bank One Delaware, Inc. is appointed the initial Delaware Trustee. The Delaware
Trustee shall not have any of the powers or duties of the Eligible Lender
Trustee or of a trustee generally set forth herein, except as required under the
Delaware Business Trust Act. The Delaware Trustee shall be a trustee hereunder
for the sole and limited purpose of fulfilling the requirements of Section
3807(a) of the Delaware Business Trust Act.

          SECTION 2.05.  Initial Capital Contribution of Trust
Estate.  Pursuant to the Original Trust Agreement, the Depositor
has sold, assigned, transferred, conveyed and set over to the Eligible Lender
Trustee, as of the date thereof, the sum of $10.00. The Eligible Lender Trustee
hereby acknowledges receipt in trust from the Depositor, as of the date thereof,
of the foregoing contribution, which shall constitute the initial Trust Estate
and shall be deposited in the Collection Account. The Depositor shall pay the
organizational expenses of the Trust as they may arise or shall, upon the
request of the Eligible Lender Trustee, promptly reimburse the Eligible Lender
Trustee for any such expenses paid by the Eligible Lender Trustee.

          SECTION  2.06.  Declaration of Trust. The Eligible
Lender Trustee hereby declares that it will hold the Trust Estate upon and
subject to the conditions set forth herein for the use and benefit of the holder
of the Trust Certificate, subject to the obligations of the Trust under the
other Basic Documents. It is the intention of the parties hereto that the Trust
constitute a business trust under the Business Trust Act and that this Trust
Agreement constitute the governing instrument of such trust. It is the intention
of the parties hereto that, solely for income and franchise tax purposes, the
Trust shall be treated as a disregarded entity, with the Trust being owned by
the holder of the Trust Certificate. The parties agree that, unless otherwise
required by appropriate tax authorities, the Trust will file or cause to be
filed annual or other necessary returns, reports and other forms, if any,
consistent with the characterization of the Trust as provided in the preceding
sentence for such tax purposes. Effective as of the date hereof, the Eligible
Lender Trustee shall have all rights, powers and duties set forth herein and in
the Business Trust Act with respect to accomplishing the purposes of the Trust.
The Eligible Lender Trustee has filed the Certificate of Trust with the
Secretary of State of the State of Delaware on August 4, 2000. 

          SECTION 2.07. [RESERVED]

          SECTION 2.08.  Title to Trust Property; Situs of
Trust.  (a)  Legal title to all the Trust Estate shall
be vested at all times in the Trust as a separate legal entity except where
applicable law in any jurisdiction requires title to any part of the Trust
Estate to be vested in a trustee or trustees, in which case title shall be
deemed to be vested in the Eligible Lender Trustee, a co-trustee and/or a
separate trustee, as the case may be; provided that, legal title to the Financed
Student Loans shall be vested at all times in the Eligible Lender Trustee on
behalf of the Trust.

          (b)  Neither the Depositor nor any subsequent holder of the Trust
Certificate shall have legal title to any part of the Trust Estate. No transfer
by operation of law or otherwise of any interest of the Depositor nor any
subsequent holder of the Trust Certificate shall operate to terminate this
Agreement or the trusts hereunder or entitle any transferee to an accounting or
to the transfer to it of any part of the Trust Estate.

          (c) The Trust will be located in the State of Delaware. All bank accounts
maintained by the Administrator in the name of the Eligible Lender Trustee or
the Indenture Trustee, as applicable, on behalf of the Trust, shall be located
only in the States of Delaware, Ohio, Illinois or New York. The Trust shall not
have any employees; provided, however, that nothing herein shall restrict or
prohibit the Eligible Lender Trustee from having employees within or without the
State of Delaware. Payments will be received by the Trust only in Delaware,
Ohio, Illinois or New York, and payments will be made by the Trust only from
Delaware, Ohio, Illinois or New York. The principal place of business of the
Trust will be at the Corporate Trust Office of the Eligible Lender Trustee.

          SECTION 2.09.  Representations and Warranties of the
Depositor.  The Depositor hereby represents and warrants to the
Eligible Lender Trustee, the Swap Counterparty and the Securities Insurer that:

	 
	          (a) The Depositor is duly organized and validly existing as a national banking
association in good standing under the laws of the United States of America,
with power and authority to own its properties and to conduct its business as
such properties are currently owned and such business is presently conducted.

	 
	          (b) The Depositor has the corporate power and authority to execute and deliver
this Trust Agreement and to carry out its terms; the Depositor has full
corporate power and authority to sell and assign the property to be sold and
assigned to and deposited with the Trust (or with the Eligible Lender Trustee on
behalf of the Trust) and the Depositor has duly authorized such sale and
assignment and deposit to the Trust (or to the Eligible Lender Trustee on behalf
of the Trust) by all necessary corporate action; and the execution, delivery and
performance of this Trust Agreement has been duly authorized by the Depositor by
all necessary corporate action.

	 
	          (c) This Trust Agreement constitutes a legal, valid and binding obligation of
the Depositor enforceable in accordance with its terms, subject to applicable
bankruptcy, insolvency, reorganization and similar laws relating to creditors'
rights generally 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) The consummation of the transactions contemplated by this Trust Agreement
and the fulfillment of the terms hereof do not conflict with, result in any
breach of any of the terms and provisions of, or constitute (with or without
notice or lapse of time or both) a default under, the articles of association or
by-laws of the Depositor, or any indenture, agreement or other instrument to
which the Depositor is a party or by which it is 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 pursuant
to the Basic Documents); nor violate any law or, to the Depositor's knowledge,
any order, rule or regulation applicable to the Depositor of any court or of any
Federal or state regulatory body, administrative agency or other governmental
instrumentality having jurisdiction over the Depositor or its properties.

          SECTION 2.10.  Federal Income Tax Allocations.  Net income of the Trust for any
Collection Period as determined for Federal income tax purposes (and each item
of income, gain, loss and deduction entering into the computation thereof) shall
be allocated to the holder of the Trust Certificate.

ARTICLE III

Trust Certificate and Transfer of Interests

          SECTION 3.01.  Initial Beneficial Ownership.  Upon
the formation of the Trust by the contribution by the Depositor pursuant to
Section 2.05 and until the issuance of the Trust Certificate, the Depositor
shall be the sole beneficial owner of the Trust.

          SECTION 3.02.  The Trust Certificate.  The Trust
Certificate shall be issued as a single, physical, full registered certificate,
substantially in the form of Exhibit A hereto and shall be executed on behalf of
the Trust by manual or facsimile signature of an authorized officer of the
Eligible Lender Trustee, upon the order of the Depositor to the Eligible Lender
Trustee concurrently with the initial sale and assignment to the Trust of the
Financed Student Loans. The Trust Certificate shall represent the entire
beneficial ownership interest in the assets of the Trust, subject to the debt
represented by the Notes. The initial Trust Certificate and each Trust
Certificate issued in exchange or upon transfer therefor shall be manually
executed by an Authorized Officer of the Eligible Lender Trustee. Any Trust
Certificate bearing the manual or facsimile signatures of individuals who were,
at the time when such signatures shall have been affixed, authorized to sign on
behalf of the Trust, shall be valid and binding obligations of the Trust,
notwithstanding that such individuals or any of them shall have ceased to be so
authorized prior to the authentication and delivery of such Trust Certificate or
did not hold such offices at the date of authentication and delivery of such
Trust Certificate. The initial holder of the Trust Certificate shall be the
Depositor.

          A transferee of
the Trust Certificate shall the “holder of the Trust Certificate” for
all purposes hereunder, and shall be entitled to the rights and be subject to
the obligations of the holder of the Trust Certificate hereunder, upon such
transferee’s acceptance of the Trust Certificate duly registered in such
transferee’s name pursuant to Section 3.04 below. 

          SECTION 3.03.  Authentication of Trust
Certificate.  Concurrently with the initial sale of the Financed
Student Loans to the Trust pursuant to the Sale and Servicing Agreement, the
Eligible Lender Trustee shall cause the Trust Certificate to be executed on
behalf of the Trust, authenticated and delivered to or upon the written order of
the Depositor, signed by its chairman of the board, its president or any vice
president, without further action by the Depositor. No Trust Certificate shall
entitle its holder to any benefit under this Trust Agreement, or shall be valid
for any purpose, unless there shall appear on such Trust Certificate a
certificate of authentication substantially in the form set forth in Exhibit A,
executed by the Eligible Lender Trustee or First Chicago Trust Company of New
York, as the Eligible Lender Trustee's authenticating agent, by manual
signature; such authentication shall constitute conclusive evidence that such
Trust Certificate shall have been duly authenticated and delivered hereunder.
Each Trust Certificate shall be dated the date of its authentication. No further
Trust Certificate shall be issued except pursuant to Section 3.04, 3.05 or 3.10
hereunder.

          SECTION 3.04.  Registration of Transfer and Exchange of Trust
Certificate.  The Certificate Registrar shall keep or cause to be
kept, at the office or agency maintained pursuant to Section 3.08, a Certificate
Register in which, subject to such reasonable regulations as it may prescribe,
the Eligible Lender Trustee shall provide for the registration of the Trust
Certificate and of transfers and exchanges of the Trust Certificate as herein
provided. The Eligible Lender Trustee shall be the initial Certificate
Registrar.

          Upon surrender for registration of transfer of any Trust Certificate at the
office or agency maintained pursuant to Section 3.08, the Eligible Lender
Trustee shall execute, authenticate and deliver (or shall cause First Chicago
Trust Company of New York as its authenticating agent to authenticate and
deliver), in the name of the designated transferee or transferees, a new Trust
Certificate dated the date of authentication by the Eligible Lender Trustee or
any authenticating agent. At any one time, only one Trust Certificate,
representing 100% of all the Trust Certificates, shall be issued and
outstanding, and there shall be only a single beneficial owner of such Trust
Certificate, who also shall be the holder of such Trust Certificate.

          Every Trust Certificate presented or surrendered for registration of transfer or
exchange shall be accompanied by a written instrument of transfer in form
satisfactory to the Eligible Lender Trustee and the Certificate Registrar duly
executed by the holder of the Trust Certificate or his attorney duly authorized
in writing, with such signature guaranteed by an "eligible guarantor
institution" meeting the requirements of the Certificate Registrar, which
requirements include membership or participation in Security Transfer Agent's
Medallion Program ("STAMP") or such other "signature guarantee program" as may
be determined by the Certificate Registrar in addition to, or in substitution
for, STAMP, all in accordance with the Exchange Act. Each Trust Certificate
surrendered for registration of transfer or exchange shall be cancelled and
subsequently disposed of by the Eligible Lender Trustee in accordance with its
customary practice.

          No service charge shall be made for any registration of transfer or exchange of
a Trust Certificate, but the Eligible Lender Trustee or the Certificate
Registrar may require payment of a sum sufficient to cover any tax or
governmental charge that may be imposed in connection with any transfer or
exchange of a Trust Certificate.

          The preceding provisions of this Section notwithstanding, the Eligible Lender
Trustee shall not be required to make and the Certificate Registrar need not
register transfers or exchanges of a Trust Certificate for a period of five
Business Days preceding any Distribution Date with respect to such Trust
Certificate.

          SECTION 3.05.  Mutilated, Destroyed, Lost or Stolen Trust
Certificate.  If (a) any mutilated Trust Certificate shall be
surrendered to the Certificate Registrar, or if the Certificate Registrar shall
receive evidence to its satisfaction of the destruction, loss or theft of any
Trust Certificate, and (b) there shall be delivered to the Certificate Registrar
and the Eligible Lender Trustee such security or indemnity as may be required by
them to save each of them harmless, then in the absence of notice that such
Trust Certificate shall have been acquired by a bona fide purchaser, the
Eligible Lender Trustee on behalf of the Trust shall execute and the Eligible
Lender Trustee shall authenticate and deliver, in exchange for or in lieu of any
such mutilated, destroyed, lost or stolen Trust Certificate, a new Trust
Certificate of the same class. In connection with the issuance of any new Trust
Certificate under this Section, the Eligible Lender Trustee and the Certificate
Registrar may require the payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection therewith. Any duplicate
Trust Certificate issued pursuant to this Section shall constitute conclusive
evidence of ownership in the Trust, as if originally issued, whether or not the
lost, stolen or destroyed Trust Certificate shall be found at any time.

          SECTION 3.06.  Persons Deemed Owners.  Prior to due
presentation of a Trust Certificate for registration of transfer, the Eligible
Lender Trustee or the Certificate Registrar and any agent of any thereof may
treat the Person in whose name any Trust Certificate shall be registered in the
Certificate Register as the owner of such Trust Certificate for the purpose of
receiving distributions pursuant to Section 5.01 and for all other purposes
whatsoever, and neither the Eligible Lender Trustee, the Certificate Registrar
nor any agent of any thereof shall be bound by any notice to the contrary.
Initially, the Certificate Registrar shall register the Depositor as the sole
holder of the Trust Certificate in the Certificate Register.

          SECTION 3.07.  [RESERVED].

          SECTION 3.08.  Maintenance of Office or Agency.  The
Eligible Lender Trustee shall maintain in the Borough of Manhattan, The City of
New York, an office or offices or agency or agencies where Trust Certificate may
be surrendered for registration of transfer or exchange and where notices and
demands to or upon the Eligible Lender Trustee in respect of the Trust
Certificate and the other Basic Documents may be served. The Eligible Lender
Trustee initially designates 1 Bank One Plaza, Suite IL1-0126, Chicago, Illinois
60670, as its principal Corporate Trust Office. The Eligible Lender Trustee
hereby designates First Chicago Trust Company of New York as the initial
authenticating agent (the "Authenticating Agent") to act on its behalf. The
Eligible Lender Trustee's New York office and the Authenticating Agent's office
are located at First Chicago Trust Company of New York, 14 Wall Street, 8th
Floor, New York, New York 10005, Attention: Corporate Trust Administration. The
Eligible Lender Trustee shall give prompt written notice to the Securities
Insurer, the Swap Counterparty, the Administrator, the Depositor and to the
holder of the Trust Certificate (if different) of any change in the location of
the Certificate Register or any such office or agency.

          SECTION 3.09.  Appointment of Certificate Paying
Agent.  The Certificate Paying Agent shall make distributions to
the holder of the Trust Certificate from the amounts received from the Indenture
Trustee out of the Trust Accounts pursuant to Section 5.01 and shall report the
amounts of such distributions to the Eligible Lender Trustee. Any Certificate
Paying Agent shall have the revocable power to receive such funds from the
Indenture Trustee for the purpose of making the distributions referred to above.
The Eligible Lender Trustee may revoke such power and remove the Certificate
Paying Agent, if the Eligible Lender Trustee determines in its sole discretion
that the Certificate Paying Agent shall have failed to perform its obligations
under this Trust Agreement in any material respect. The Certificate Paying Agent
shall initially be the Eligible Lender Trustee, and any co-paying agent chosen
by the Eligible Lender Trustee, and acceptable to each of the Administrator and
the Securities Insurer (which consent shall not be unreasonably withheld). The
Eligible Lender Trustee shall be permitted to resign as Certificate Paying Agent
upon 30 days' written notice to the Administrator. In the event that the
Eligible Lender Trustee shall no longer be the Certificate Paying Agent, the
Eligible Lender Trustee, shall appoint a successor to act as Certificate Paying
Agent (which shall be a bank or trust company). The Eligible Lender Trustee
shall cause such successor Certificate Paying Agent or any additional
Certificate Paying Agent appointed by the Eligible Lender Trustee to execute and
deliver to the Eligible Lender Trustee an instrument in which such successor
Certificate Paying Agent or additional Certificate Paying Agent shall agree with
the Eligible Lender Trustee that as Certificate Paying Agent, such successor
Certificate Paying Agent or additional Certificate Paying Agent will hold all
sums, if any, held by it for payment to the holder of the Trust Certificate in
trust for the benefit of the holder of the Trust Certificate entitled thereto
until such sums shall be paid to such holder of the Trust Certificate. The
Certificate Paying Agent shall return all unclaimed funds to the Eligible Lender
Trustee and upon removal of a Certificate Paying Agent such Certificate Paying
Agent shall also return all funds in its possession to the Eligible Lender
Trustee. The provisions of Sections 7.01, 7.03, 7.04, 7.05 and 8.01 shall apply
to the Eligible Lender Trustee also in its role as Certificate Paying Agent, for
so long as the Eligible Lender Trustee shall act as Certificate Paying Agent
and, to the extent applicable, to any other paying agent appointed hereunder.
Any reference in this Trust Agreement to the Certificate Paying Agent shall
include any co-paying agent unless the context requires otherwise.

          SECTION 3.10.  Restrictions on Transfers of the Trust
Certificate.  (a) The Trust Certificate may be transferred by the
Depositor to any Affiliate of the Depositor, without any requirement to provide
any officer's certificates or legal opinions that would otherwise be required if
such proposed transfer was being made to a Person who is not an Affiliate of the
Depositor.

          (b)  Except as provided above, the Trust Certificate shall not be sold, pledged,
transferred or assigned except as provided below.

          (i)  The Trust Certificate has not been registered or qualified under the
Securities Act of 1933, as amended (the "Securities Act") or any state
securities law. No transfer, sale, pledge or other disposition of the Trust
Certificate or any interest therein shall be made unless such transfer is made
pursuant to an effective registration statement under the Securities Act and
effective registration or qualification under applicable state securities laws,
or is made in a transaction which does not require such registration or
qualification. In the event that a transfer is to be made without registration
or qualification, the Eligible Lender Trustee shall require, in order to assure
compliance with such laws, that the prospective transferor and transferee each
certify to the Eligible Lender Trustee, the Certificate Registrar, the
Administrator, and, if it not the proposed transferor, the Depositor, in writing
the facts surrounding the transfer. Such certifications shall be substantially
in the forms of Exhibits B and C-1 or C-2 hereto, respectively. In the event
that such a transfer is to be made within two years from the date of the initial
issuance of the Trust Certificate pursuant hereto (other than a transfer as to
which the proposed transferee has provided a certificate in the form of Exhibit
C-2), the Eligible Lender Trustee in its sole discretion, may require that there
shall also be delivered to the Eligible Lender Trustee, the Certificate
Registrar, the Administrator, and, if it not the proposed transferor, the
Depositor, at the expense of the transferor, an opinion of counsel that such
transfer may be made pursuant to an exemption from the Securities Act and such
state securities laws. Any such opinion of counsel shall not be an expense of
the Eligible Lender Trustee, the Certificate Registrar, the Administrator, and,
if it not the proposed transferor, the Depositor. None of the Depositor, the
Administrator nor the Eligible Lender Trustee is obligated to register or
qualify the Trust Certificate under the Securities Act or any other securities
law or to take any action not otherwise required under this Agreement to permit
the transfer of the Trust Certificate without registration or qualification. Any
such holder of the Trust Certificate desiring to effect such transfer shall, and
does hereby agree to, indemnify the Eligible Lender Trustee, the Certificate
Registrar, the Administrator, and, if it not the proposed transferor, the
Depositor, against any liability that may result if the transfer is not so
exempt or is not made in accordance with such applicable federal and state laws.

          (ii)  No transfer of the Trust Certificate will be registered by the Eligible
Lender Trustee or the Certificate Registrar unless the Eligible Lender Trustee,
the Certificate Registrar, the Administrator, and, if it not the proposed
transferor, the Depositor receives a representation from the proposed transferee
of the Trust Certificate, substantially in the form of Exhibit C-1 or C-2, as
the case may be, that such transferee is not acquiring the Trust Certificate
directly or indirectly for, on behalf of or with the assets of, an employee
benefit plan or other retirement arrangement subject to Title I of ERISA and/or
Section 4975 of the Code (a "Plan"). If any proposed transferee shall become a
holder of the Trust Certificate in violation of these provisions, then the last
preceding permitted transferee shall be restored, to the extent permitted by
law, to all rights as holder of the Trust Certificate, retroactive to the date
of registration of such transfer of the Trust Certificate. Neither the Eligible
Lender Trustee nor the Certificate Registrar shall not have any liability to any
person for any registration or transfer of the Trust Certificate that is not
permitted or for making any payments due on the Trust Certificate to the holder
or taking any other action with respect to such holder under this Agreement. Any
proposed transferee who becomes a holder of the Trust Certificate shall agree to
indemnify the Eligible Lender Trustee, the Certificate Registrar, the Securities
Insurer, the Swap Counterparty, the Administrator, and, if it not the proposed
transferor, the Depositor against any loss, damage or penalty incurred as a
result of the transfer of the Trust Certificate to such purposed transferee in
violation of such restrictions.

          (iii)  The prospective transferee shall be aware that the Trust
Certificate shall bear legends referring to the restrictions contained in
sub-clauses (i) and (ii) above and by its acceptance of the Trust Certificate
agrees to abide by such restrictions.

          (iv)  The prospective transferee shall deliver an opinion of counsel
addressed to the Eligible Lender Trustee, the Securities Insurer, the Swap
Counterparty, the Administrator, and, if it not the proposed transferor, the
Depositor, to the effect that, (A) as a matter of Federal income tax law, such
prospective transferee is permitted to accept the transfer of the Trust
Certificate, (B) such transfer or pledge would not jeopardize the tax treatment
of the Trust, (C) such transfer or pledge would not subject the Trust to an
entity-level tax, (D) such transfer or pledge would not jeopardize the status of
the Notes as debt for all purposes, and (D) such pledge or transfer would not
cause the Trust to be treated, for federal income tax purposes, as an
association or a publicly traded partnership taxable as a corporation.

          (v)  No pledge or transfer of the Trust Certificate shall be effective
unless such purchase or transfer is to a single beneficial owner who shall be
the registered holder of the Trust Certificate.

ARTICLE IV

Actions by Eligible Lender Trustee

          SECTION 4.01.  Prior Notice with Respect to Certain
Matters.  With respect to the following matters, the Eligible
Lender Trustee shall not take action and neither the holder of the Trust
Certificate nor the Securities Insurer shall direct the Eligible Lender Trustee
to take any action, unless (i) (so long as no Securities Insurer Default has
occurred and is continuing) the Securities Insurer (except with respect to those
actions set forth in paragraph (e) below) has provided its written consent, and
(ii) at least 30 days before the taking of such action, the Eligible Lender
Trustee shall have notified the holder of the Trust Certificate and the
Securities Insurer in writing of the proposed action and neither the holder of
the Trust Certificate nor (except with respect to those actions set forth in
paragraph (e) below) the Securities Insurer shall have notified the Eligible
Lender Trustee in writing prior to the 30th day after such notice is given that
the Securities Insurer or the holder of the Trust Certificate has withheld
consent or provided alternative direction:

	 
	          (a)  the initiation of any material claim or lawsuit by the Trust (except claims
or lawsuits brought in connection with the collection of the Financed Student
Loans) and the compromise of any material action, claim or lawsuit brought by or
against the Trust (except with respect to the aforementioned claims or lawsuits
for collection of Financed Student Loans);

	 
	          (b)  the election by the Trust to file an amendment to the Certificate of Trust; 

	 
	          (c)  the amendment of the Indenture by a supplemental indenture in circumstances
where the consent of any holder of the Notes or the Securities Insurer is
required; 

	 
	          (d)  the amendment of the Indenture by a supplemental indenture in circumstances
where the consent of any holder of the Notes or the Securities Insurer is not
required and such amendment materially adversely affects the interest of the
holder of the Trust Certificate; 

	 
	          (e)  the amendment, change or modification of the Administration Agreement,
except to cure any ambiguity or to amend or supplement any provision in a manner
or add any provision that would not materially adversely affect the interests of
the holder of the Trust Certificate; 

	 
	          (f)  the appointment pursuant to this Trust Agreement of a successor Certificate
Registrar, or the consent to the assignment by the Certificate Paying Agent or
Certificate Registrar of its obligations under this Trust Agreement;

	 
	          (g)  the appointment pursuant to the Indenture of a successor Note Registrar,
Paying Agent or Indenture Trustee, or the consent to the assignment by the Note
Registrar, Paying Agent or Indenture Trustee of its obligations under the
Indenture;

	 
	          (h)  the consent to the calling or waiver of any default of any Basic
Document; 

	 
	          (i)  the consent to the assignment by the Indenture Trustee, the Master Servicer,
the Administrator or the Seller of their respective obligations under any Basic
Document; 

	 
	          (j)  except as provided in Article IX hereof, the dissolution, termination or
liquidation of the Trust, in whole or in part;

	 
	          (k)  the merger or consolidation of the Trust with or into any other entity, or,
except as contemplated by the Sale and Servicing Agreement and the Indenture,
the conveyance or transfer of all or substantially all of the Trust's assets to
any other entity;

	 
	          (l)  the causing of the Trust to incur, assume or guaranty any
indebtedness other than the Notes, as set forth in this Agreement;

	 
	          (m)  doing any act that conflicts with any other Basic Document;

	 
	          (n)  doing any act which would make it impossible to carry on the
ordinary business of the Trust;

	 
	          (o)  confessing a judgment against the Trust;

	 
	          (p)  possessing Trust assets, or assigning the Trust's right to property, for
other than a Trust purpose;

	 
	          (q)  changing the Trust's purpose and powers from those set forth in this
Agreement; or

	 
	          (r)  cause the Trust to lend any funds to any entity, unless permitted
in this Trust Agreement or the Basic Documents.

          In addition, the
Trust shall not commingle its assets with those of the Depositor and shall
maintain its financial and accounting books and records separate from those of
any other entity. Except as expressly set forth herein, the Trust shall pay its
indebtedness, operating expenses from its own funds, and the Trust shall not pay
the indebtedness, operating expenses and liabilities of any other Person. The
Trust shall maintain appropriate minutes or other records of all appropriate
actions and shall maintain its office separate from the offices of the Depositor
and any of its Affiliates. This Agreement and the Basic Documents shall be the
only agreements among the parties hereto with respect to the creation, operation
and termination of the Trust. For accounting purposes, the Trust shall be
treated as an entity separate and distinct from the Depositor. The pricing and
other material terms of all transactions and agreements to which the Trust is a
party shall be intrinsically fair to all parties thereto. 

          The Eligible
Lender Trustee shall not have the power, except upon the direction of the holder
of the Trust Certificate and, to the extent permitted by applicable law
(provided that no Securities Insurer Default has occurred and is continuing)
with the consent of the Securities Insurer (which consent shall not be
unreasonably withheld), and to the extent otherwise consistent with the Basic
Documents, to (i) remove or replace the Master Servicer, the Administrator or
the Indenture Trustee, (ii) institute proceedings to have the Trust declared or
adjudicated a bankrupt or insolvent, (iii) consent to the institution of
bankruptcy or insolvency proceedings against the Trust, (iv) file a petition or
consent to a petition seeking reorganization or relief on behalf of the Trust
under any applicable federal or state law relating to bankruptcy, (v) consent to
the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or
any similar official) of the Trust or a substantial portion of the property of
the Trust, (vi) make any assignment for the benefit of the Trust’s
creditors, (vii) cause the Trust to admit in writing its inability to pay its
debts generally as they become due, or (viii) take any action, or cause the
Trust to take any action, in furtherance of any of the foregoing (any (ii)
through (viii) above, a “Bankruptcy Action”). So long as the Indenture
remains in effect, neither the Depositor, nor, if different, holder of the Trust
Certificate shall have the power to take, and shall not take, any Bankruptcy
Action with respect to the Trust or direct the Eligible Lender Trustee to take
any Bankruptcy Action with respect to the Trust. 

          In considering
whether to take any Bankruptcy Action relating to the Trust, the Eligible Lender
Trustee shall consider the interests of the Noteholders and the Securities
Insurer in addition to the interests of the Trust and whether the Trust is
insolvent. The Eligible Lender Trustee shall have no duty to take any Bankruptcy
Action relating to the Trust if the Eligible Lender Trustee shall not have been
furnished (at the expense of the Person that requested that such letter be
furnished to the Eligible Lender Trustee) a letter from an independent
accounting firm of national reputation stating that in the opinion of such firm
the Trust is then insolvent. The Eligible Lender Trustee shall not be personally
liable to any holder of the Trust Certificate on account of the Eligible Lender
Trustee’s good faith reliance on the provisions of this Section and no
holder of the Trust Certificate shall have claim for breach of fiduciary duty or
otherwise against the Eligible Lender Trustee for determining not to take any
such Bankruptcy Action. 

          The provisions
of this Section do not constitute an acknowledgment or admission by the Trust,
the Eligible Lender Trustee, any holder of the Trust Certificate or any creditor
of the Trust that the Trust is eligible to be a debtor under the United States
Bankruptcy Code, 11 U.S.C. §§ 101 et seq., as amended. 

          SECTION 4.02.  Action by Certificateholder with Respect to Certain Matters.  The
Eligible Lender Trustee shall not have the power, except upon the direction of
the holder of the Trust Certificate, and (provided that no Securities Insurer
Default has occurred and is continuing) with the consent of the Securities
Insurer, to (a) remove the Master Servicer or the Administrator under the Sale
and Servicing Agreement pursuant to Section 8.01 thereof or (b) except as
expressly provided in the Basic Documents, sell the Financed Student Loans after
the termination of the Indenture. The Eligible Lender Trustee shall take the
actions referred to in the preceding sentence only upon written instructions
signed by the holder of the Trust Certificate, and (provided that no Securities
Insurer Default has occurred and is continuing) with the written consent of the
Securities Insurer.

          SECTION 4.03.  Action by Certificateholder with Respect to
Bankruptcy.  The Eligible Lender Trustee shall not have the power
to commence a voluntary proceeding in bankruptcy relating to the Trust without
the prior consent and approval of the holder of the Trust Certificate, the
Indenture Trustee and (provided that no Securities Insurer Default has occurred
and is continuing) the Securities Insurer, and the delivery to the Eligible
Lender Trustee by the holder of the Trust Certificate of a certificate
certifying that such holder of the Trust Certificate reasonably believes that
the Trust is insolvent.

          SECTION 4.04.  Restrictions on Certificateholder's
Power.  The holder of the Trust Certificate or (provided that no
Securities Insurer Default has occurred and is continuing) the Securities
Insurer shall not direct the Eligible Lender Trustee to take or refrain from
taking any action if such action or inaction would be contrary to any
obligations of the Trust or the Eligible Lender Trustee under the Higher
Education Act or this Trust Agreement or any of the other Basic Documents or
would be contrary to Section 2.03 nor shall the Eligible Lender Trustee be
permitted to follow any such direction, if given.

ARTICLE V

Application of Trust Funds; Certain Duties

          SECTION 5.01.  Application of Trust
Funds.  (a)  On each Distribution Date, the Eligible
Lender Trustee will distribute to the holder of the Trust Certificate, amounts
received from the Indenture Trustee pursuant to Sections 5.05 of the Sale and
Servicing Agreement, or Sections 5.04(b) or 5.04(c) of the Indenture, as
applicable, on such Distribution Date.

	 
	          (b)  On
each Distribution Date, the Eligible Lender Trustee shall send to the holder of
the Trust Certificate a copy of the statement sent to the Noteholders and
provided to the Eligible Lender Trustee by the Administrator pursuant to Section
5.07 of the Sale and Servicing Agreement on such Distribution Date.

	 
	          (c)  In
the event that any withholding tax is imposed on the Trust's payment (or
allocations of income) to a holder of the Trust Certificate, such tax shall
reduce the amount otherwise distributable to such holder in accordance with this
Section. The Eligible Lender Trustee is hereby authorized and directed to retain
from amounts otherwise distributable to the holder of the Trust Certificate
sufficient funds for the payment of any tax that is legally owed by the Trust
(but such authorization shall not prevent the Eligible Lender Trustee from
contesting any such tax in appropriate proceedings, and withholding payment of
such tax, if permitted by law, pending the outcome of such proceedings). The
amount of any withholding tax imposed with respect to a holder of the Trust
Certificate shall be treated as cash distributed to such holder of the Trust
Certificate at the time it is withheld by the Trust to be remitted to the
appropriate taxing authority. If there is a possibility that withholding tax is
payable with respect to a distribution (such as a distribution to a non-U.S.
holder of the Trust Certificate), the Eligible Lender Trustee in its sole
discretion may (but unless otherwise required by law shall be obligated to)
withhold such amounts in accordance with this paragraph (c). In the event that a
holder of the Trust Certificate wishes to apply for a refund of any such
withholding tax, the Eligible Lender Trustee shall reasonably cooperate with
such holder in making such claim so long as such holder of the Trust Certificate
agrees to reimburse the Eligible Lender Trustee for any out-of-pocket expenses
incurred.

          SECTION 5.02.  Method of Payment.  Subject to Section
9.01(c), distributions required to be made to the holder of the Trust
Certificate on any Distribution Date shall be made to each such holder of record
on the preceding Record Date either by wire transfer, in immediately available
funds, to the account of such holder at a bank or other entity having
appropriate facilities therefor, if such holder shall have provided to the
Certificate Registrar appropriate written instructions signed by two authorized
officers, if any, at least five Business Days prior to such Distribution Date
or, if not, by check mailed to such holder at the address of such holder
appearing in the Certificate Register. Notwithstanding the foregoing, the final
distribution in respect of any Trust Certificate will be payable only upon
presentation and surrender of such Trust Certificate at the Corporate Trust
Office of the Eligible Lender Trustee or such other location specified in
writing to the holder thereof.

          SECTION 5.03.  No Segregation of Moneys; No
Interest.  Subject to Section 5.01, moneys received by the
Eligible Lender Trustee hereunder need not be segregated in any manner, except
to the extent required by law or the Sale and Servicing Agreement and may be
deposited under such general conditions as may be prescribed by law, and the
Eligible Lender Trustee shall not be liable for any interest thereon.

          SECTION 5.04.  Accounting and Reports to the Noteholders,
Certificateholder, the Internal Revenue Service and Others.  The
Eligible Lender Trustee shall deliver to the holder of the Trust Certificate
such information, reports or statements as may be required by the Code and
applicable Treasury Regulations and as may be required to enable the holder of
the Trust Certificate to prepare its Federal and state income tax returns.
Consistent with the Trust's characterization for tax purposes as a disregarded
entity, no Federal income tax return shall be filed on behalf of the Trust
unless either (a) the Trust, the Administrator, the Swap Counterparty, the
Securities Insurer, the Eligible Lender Trustee, the Depositor and, if
different, the holder of the Trust Certificate receives an opinion of counsel
based on a change in applicable law occurring after the date hereof that the
Code requires such a filing, or (b) the Internal Revenue Service shall determine
that the Trust is required to file such a return. In the event that the Trust is
required to file tax returns, the Eligible Lender Trustee shall elect under
Section 1278 of the Code to include in income currently any market discount that
accrues with respect to the Financed Student Loans. The Eligible Lender Trustee
shall prepare or shall cause to be prepared any tax returns required to be filed
by the Trust and shall remit such returns to holder of the Trust Certificate at
least five days before such returns are due to be filed. The holder of the Trust
Certificate, or any other such party required by law, shall promptly sign such
returns and deliver such returns after signature to the Eligible Lender Trustee
and such returns shall be filed by, or at the direction of, the Eligible Lender
Trustee with the appropriate tax authorities. In no event shall the holder of
the Trust Certificate be liable for any liabilities, costs or expenses of the
Trust arising out of the application of any tax law, including federal, state,
foreign or local income or excise taxes or any other tax imposed on or measured
by income (or any interest, penalty or addition with respect thereto or arising
from a failure to comply therewith), except for any such liability, cost or
expense attributable to the holder of the Trust Certificate's breach of its
obligations under this Agreement.

          SECTION 5.05.  Signature on Returns; Tax Matters
Partner.  The Eligible Lender Trustee shall sign on behalf of the
Trust the tax returns of the Trust, unless applicable law requires the holder of
the Trust Certificate to sign such documents, in which case such documents shall
be signed by the holder of the Trust Certificate.

ARTICLE VI

Authority and Duties of Eligible Lender Trustee

          SECTION 6.01.  General Authority.  The Eligible Lender
Trustee is authorized and directed to execute and deliver the Basic Documents to
which the Trust is to be a party and each certificate or other document attached
as an exhibit to or contemplated by the Basic Documents to which the Trust is to
be a party, in each case, in such form as the Depositor shall approve as
evidenced conclusively by the Eligible Lender Trustee's execution thereof, and,
on behalf of the Trust, to direct the Indenture Trustee to authenticate and
deliver Notes in the aggregate principal amount of $635,000,000. The Eligible
Lender Trustee is also authorized and directed on behalf of the Trust (i) to
acquire and hold legal title to the Financed Student Loans from the Depositor
and (ii) to take all actions required pursuant to Section 4.02(c) of the Sale
and Servicing Agreement, and otherwise follow the direction of and cooperate
with the Administrator in submitting, pursuing and collecting any claims to and
with the Department with respect to any Interest Subsidy Payments and Special
Allowance Payments relating to the Financed Federal Loans.

          In addition to the foregoing, the Eligible Lender Trustee is authorized, but
shall not be obligated, to take all actions required of the Trust pursuant to
the Basic Documents. The Eligible Lender Trustee is further authorized from time
to time to take such action as the Administrator directs or instructs with
respect to the Basic Documents and is directed to take such action to the extent
that the Administrator is expressly required pursuant to the Basic Documents to
cause the Eligible Lender Trustee to act.

          SECTION 6.02.  General Duties.  It shall be the duty
of the Eligible Lender Trustee to discharge (or cause to be discharged) all its
responsibilities pursuant to the terms of this Trust Agreement and the other
Basic Documents to which the Trust is a party and to administer the Trust in the
interest of the holder of the Trust Certificate, subject to and in accordance
with the provisions of this Trust Agreement and the other Basic Documents.
Without limiting the foregoing, the Eligible Lender Trustee shall on behalf of
the Trust file and prove any claim or claims that may exist on behalf of the
Trust against the Depositor in connection with any claims paying procedure as
part of an insolvency or a receivership proceeding involving the Depositor.
Notwithstanding the foregoing, the Eligible Lender Trustee shall be deemed to
have discharged its duties and responsibilities hereunder and under the other
Basic Documents to the extent the Administrator has agreed in the Administration
Agreement to perform any act or to discharge any duty of the Eligible Lender
Trustee hereunder or under any other Basic Document, and the Eligible Lender
Trustee shall not be held liable for the default or failure of the Administrator
to carry out its obligations under the Administration Agreement. Except as
expressly provided in the Basic Documents, the Eligible Lender Trustee shall
have no obligation to administer, service or collect the Financed Student Loans
or to maintain, monitor or otherwise supervise the administration, servicing or
collection of the Financed Student Loans.

          SECTION 6.03.  Action Upon Instruction.  (a)  Subject to Article IV, Section 7.01
and in accordance with the terms of the Basic Documents, the holder of the Trust
Certificate may by written instruction direct the Eligible Lender Trustee in the
management of the Trust (provided that for so long as no Securities Insurer
Default has occurred and is continuing, the consent of the Securities Insurer
will be required in connection with each such instruction). Such direction may
be exercised at any time by written instruction of the holder of the Trust
Certificate pursuant to Article IV.

	 
	          (b)  The Eligible Lender Trustee shall not be required to take any action
hereunder or under any other Basic Document if the Eligible Lender Trustee shall
have reasonably determined, or shall have been advised by counsel, that such
action is likely to result in liability on the part of the Eligible Lender
Trustee or is contrary to the terms hereof or of any other Basic Document or is
otherwise contrary to law.

	 
	          (c)  Whenever the Eligible Lender Trustee is unable to determine the
appropriate course of action between alternative courses of action permitted or
required by the terms of this Trust Agreement or under any other Basic Document,
the Eligible Lender Trustee shall promptly give notice (in such form as shall be
appropriate under the circumstances) to the holder of the Trust Certificate and
(so long as no Securities Insurer Default has occurred and is continuing) to the
Securities Insurer requesting instruction as to the course of action to be
adopted, and to the extent the Eligible Lender Trustee acts in good faith in
accordance with any written instruction received from the holder of the Trust
Certificate and (so long as no Securities Insurer Default has occurred and is
continuing) as consented to by the Securities Insurer, the Eligible Lender
Trustee shall not be liable on account of such action to any Person. If the
Eligible Lender Trustee shall not have received appropriate instruction within
10 days of such notice (or within such shorter period of time as reasonably may
be specified in such notice or may be necessary under the circumstances) it may,
but shall be under no duty to, take or refrain from taking such action, not
inconsistent with this Trust Agreement or the other Basic Documents, as it shall
deem to be in the best interests of the holder of the Trust Certificate, and
shall have no liability to any Person for such action or inaction.

	 
	          (d)  In the event that the Eligible Lender Trustee is unsure as to the
application of any provision of this Trust Agreement or any other Basic Document
or any such provision is ambiguous as to its application, or is, or appears to
be, in conflict with any other applicable provision, or in the event that this
Trust Agreement permits any determination by the Eligible Lender Trustee or is
silent or is incomplete as to the course of action that the Eligible Lender
Trustee is required to take with respect to a particular set of facts, the
Eligible Lender Trustee may give notice (in such form as shall be appropriate
under the circumstances) to the holder of the Trust Certificate and (so long as
no Securities Insurer Default has occurred and is continuing) the Securities
Insurer requesting instruction and, to the extent that the Eligible Lender
Trustee acts or refrains from acting in good faith in accordance with any such
instruction received from the holder of the Trust Certificate, and (so long as
no Securities Insurer Default has occurred and is continuing) as consented to by
the Securities Insurer, the Eligible Lender Trustee shall not be liable, on
account of such action or inaction, to any Person. If the Eligible Lender
Trustee shall not have received appropriate instruction within 10 days of such
notice (or within such shorter period of time as reasonably may be specified in
such notice or may be necessary under the circumstances) it may, but shall be
under no duty to, take or refrain from taking such action, not inconsistent with
this Trust Agreement or the other Basic Documents, as it shall deem to be in the
best interests of the holder of the Trust Certificate, and shall have no
liability to any Person for such action or inaction.

          SECTION 6.04.  No Duties Except as Specified in this Trust
Agreement, the Sale and Servicing Agreement, or in Instructions.  The Eligible Lender Trustee shall not have any duty
or obligation to manage, make any payment with respect to, register, record,
sell, service, dispose of or otherwise deal with the Trust Estate, or to
otherwise take or refrain from taking any action under, or in connection with,
any document contemplated hereby to which the Eligible Lender Trustee is a
party, except as expressly provided by the terms of this Trust Agreement, the
Sale and Servicing Agreement, or in any document or written instruction received
by the Eligible Lender Trustee pursuant to Section 6.03; and no implied duties
or obligations shall be read into this Trust Agreement or any other Basic
Document against the Eligible Lender Trustee. The Eligible Lender Trustee shall
have no responsibility for filing any financing or continuation statement in any
public office at any time or to otherwise perfect or maintain the perfection of
any security interest or lien granted to it hereunder or to prepare or file any
Commission filing for the Trust or to record this Trust Agreement or any other
Basic Document. The Eligible Lender Trustee and the Delaware Trustee each
severally and not jointly, nevertheless agrees that it will, at its own cost and
expense, promptly take all action as may be necessary to discharge any liens on
any part of the Trust Estate that result from actions by, or claims against,
Bank One, National Association, in its individual capacity or as the Eligible
Lender Trustee or against Bank One Delaware, Inc., in its individual capacity or
as Delaware Trustee, as applicable, that are not related to the ownership or the
administration of the Trust Estate.

          SECTION 6.05.  No Action Except Under Specified Documents or Instructions.  The
Eligible Lender Trustee shall not manage, control, use, sell, service, dispose
of or otherwise deal with any part of the Trust Estate except (i) in accordance
with the powers granted to and the authority conferred upon the Eligible Lender
Trustee pursuant to this Trust Agreement, (ii) in accordance with the other
Basic Documents to which it is a party and (iii) in accordance with any document
or instruction delivered to the Eligible Lender Trustee pursuant to Section
6.03.

          SECTION 6.06.  Restrictions.  The Eligible Lender Trustee
and the Delaware Trustee shall not take any action (a) that is inconsistent with
the purposes of the Trust set forth in Section 2.03 or (b) that, to the actual
knowledge of the Eligible Lender Trustee or the Delaware Trustee, would result
in the Trust's becoming taxable as a corporation for Federal income tax
purposes. The holder of the Trust Certificate shall not direct the Eligible
Lender Trustee or the Delaware Trustee to take action that would violate the
provisions of this Section.

ARTICLE VII

Concerning the Eligible Lender Trustee

          SECTION 7.01.  Acceptance of Trusts and Duties.  The Eligible Lender Trustee
accepts the trusts hereby created and agrees to perform its duties hereunder
with respect to such trusts but only upon the terms of this Trust Agreement. The
Eligible Lender Trustee also agrees to disburse all moneys actually received by
it constituting part of the Trust Estate upon the terms of this Trust Agreement
and the other Basic Documents. The Eligible Lender Trustee shall not be
answerable or accountable hereunder or under any other Basic Document under any
circumstances, except (i) for its own willful misconduct or negligence or (ii)
in the case of the inaccuracy of any representation or warranty contained in
Section 7.03 expressly made by the Eligible Lender Trustee. In particular, but
not by way of limitation (and subject to the exceptions set forth in the
preceding sentence):

	 
	          (a)  the Eligible Lender Trustee shall not be liable for any error of judgment
made by a responsible officer of the Eligible Lender Trustee;

	 
	          (b)  the Eligible Lender Trustee shall not be liable with respect to any action
taken or omitted to be taken by it in accordance with the direction or
instructions of the Administrator, or from any holder of the Trust Certificate
and (so long as no Securities Insurer Default has occurred and is continuing) as
consented to by the Securities Insurer;

	 
	          (c)  subject to Section 7.07 hereof, no provision of this Trust
Agreement or any other Basic Document shall require the Eligible Lender Trustee
to expend or risk funds or otherwise incur any financial liability in the
performance of any of its rights or powers hereunder or under any other Basic
Document, if the Eligible Lender Trustee shall have reasonable grounds for
believing that repayment of such funds or adequate indemnity against such risk
or liability is not reasonably assured or provided to it;

	 
	          (d)  under no circumstances shall the Eligible Lender Trustee be liable for
indebtedness evidenced by or arising under any of the Basic Documents, including
the principal of and interest on the Notes;

	 
	          (e)  the Eligible Lender Trustee shall not be responsible for or in
respect of the validity or sufficiency of this Trust Agreement or for the due
execution hereof by the Depositor or for the form, character, genuineness,
sufficiency, value or validity of any of the Trust Estate or for or in respect
of the validity or sufficiency of the Basic Documents, other than the
certificate of authentication on the Trust Certificate, and the Eligible Lender
Trustee shall in no event assume or incur any liability, duty, or obligation to
any holder of the Notes or to any holder of the Trust Certificate, other than as
expressly provided for herein and in the other Basic Documents;

	 
	          (f)  subject to Section 7.07 hereof, the Eligible Lender Trustee shall not be
liable for the action or inaction, default or misconduct of the Administrator,
the Seller, the Swap Counterparty, the Securities Insurer, the Cap Provider, the
Indenture Trustee or the Master Servicer under any of the other Basic Documents
or otherwise and the Eligible Lender Trustee shall have no obligation or
liability to perform the obligations of the Trust under this Trust Agreement, or
the other Basic Documents that are required to be performed by the Administrator
under the Sale and Servicing Agreement, or the Administration Agreement, the
Indenture Trustee under the Indenture, the Swap Counterparty under the Interest
Rate Swap, the Securities Insurer under the Securities Guaranty Insurance
Policy, the Master Servicer under the Sale and Servicing Agreement, or the Cap
Provider under the Cap Agreement; and

	 
	          (g)  the Eligible Lender Trustee shall be under no obligation to
exercise any of the rights or powers vested in it by this Trust Agreement, or to
institute, conduct or defend any litigation under this Trust Agreement or
otherwise or in relation to this Trust Agreement or any other Basic Document, at
the request, order or direction of any of the holder of the Trust Certificate,
unless such holder have offered to the Eligible Lender Trustee security or
indemnity satisfactory to it against the costs, expenses and liabilities that
may be incurred by the Eligible Lender Trustee therein or thereby. The right of
the Eligible Lender Trustee to perform any discretionary act enumerated in this
Trust Agreement or in any other Basic Document shall not be construed as a duty,
and the Eligible Lender Trustee shall not be answerable for other than its
negligence or willful misconduct in the performance of any such act.

          SECTION 7.02.  Furnishing of Documents.  The Eligible Lender Trustee shall furnish
to the holder of the Trust Certificate, the Swap Counterparty or the Securities
Insurer promptly upon receipt of a written request therefor, duplicates or
copies of all reports, notices, requests, demands, certificates, financial
statements and any other instruments furnished to the Eligible Lender Trustee
under the Basic Documents.

          SECTION 7.03.  Representations and Warranties.  The Eligible Lender Trustee hereby
represents and warrants to the Depositor, for the benefit of the holder of the
Trust Certificate, the Securities Insurer and the Swap Counterparty, that:

	 
	          (a)  It is a national banking association duly organized and validly existing in
good standing under the laws of the United States and having an office located
within the State of New York. It has all requisite corporate power and authority
to execute, deliver and perform its obligations under this Trust Agreement.

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

	 
	          (c)  Neither the execution nor the delivery by it of this Trust
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 or Delaware state law, governmental rule or regulation governing the
banking or trust powers of the 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 Trust Agreement and the other Basic
Documents, has obtained a lender identification number with respect to the Trust
from the Department and has in effect a Guarantee Agreement with each of the
Guarantors with respect to the Financed Student Loans.

          SECTION 7.04.  Reliance; Advice of Counsel.  (a)  The Eligible Lender Trustee shall
incur no liability to anyone in acting upon any signature, instrument,
direction, notice, resolution, request, consent, order, certificate, report,
opinion, bond, or other document or paper believed by it to be genuine and
believed by it to be signed by the proper party or parties. The Eligible Lender
Trustee may accept a certified copy of a resolution of the board of directors or
other governing body of any corporate party as conclusive evidence that such
resolution has been duly adopted by such body and that the same is in full force
and effect. As to any fact or matter the method of the determination of which is
not specifically prescribed herein, the Eligible Lender Trustee may for all
purposes hereof rely on a certificate, signed by the president or any vice
president or by the treasurer or other authorized officers of the relevant
party, as to such fact or matter and such certificate shall constitute full
protection to the Eligible Lender Trustee for any action taken or omitted to be
taken by it in good faith in reliance thereon.

	 
	          (b)  In the exercise or administration of the trusts hereunder and in the
performance of its duties and obligations under this Trust Agreement or the
other Basic Documents, the Eligible Lender Trustee (i) may act directly or
through its agents or attorneys pursuant to agreements entered into with any of
them, and the Eligible Lender Trustee shall not be liable for the conduct or
misconduct of such agents or attorneys if such agents or attorneys shall have
been selected by the Eligible Lender Trustee with reasonable care, and (ii) may
consult with counsel, accountants and other skilled persons to be selected with
reasonable care and employed by it. The Eligible Lender Trustee shall not be
liable for anything done, suffered or omitted in good faith by it in accordance
with the written opinion or advice of any such counsel, accountants or other
such persons and not contrary to this Trust Agreement or any other Basic
Document.

          SECTION 7.05.  Not Acting in Individual
Capacity.  Except as provided in this Article VII, in accepting
the trusts hereby created BANK ONE, NATIONAL ASSOCIATION, acts solely as
Eligible Lender Trustee hereunder and not in its individual capacity and all
Persons having any claim against the Eligible Lender Trustee by reason of the
transactions contemplated by this Trust Agreement or any other Basic Document
shall look only to the Trust Estate for payment or satisfaction thereof.

          Notwithstanding any other provision in this Trust Agreement or the other Basic
Documents, nothing in this Trust Agreement or the other Basic Documents shall be
construed to limit the legal responsibility of the Eligible Lender Trustee or
the Indenture Trustee to the U.S. Secretary of Education or a Guarantor for any
violations of statutory or regulatory requirements that may occur with respect
to loans held by the Eligible Lender Trustee or the Indenture Trustee, pursuant
to or to otherwise comply with their obligations under the Higher Education Act
or implementing regulations.

          SECTION 7.06.  Eligible Lender Trustee Not Liable for Trust
Certificate or Financed Student Loans.  The recitals contained
herein and in the Trust Certificate (other than the signature and
countersignature of the Eligible Lender Trustee on the Trust Certificate) shall
be taken as the statements of the Depositor and the Eligible Lender Trustee
assumes no responsibility for the correctness thereof. The Eligible Lender
Trustee makes no representations as to the validity or sufficiency of this Trust
Agreement, the Trust Certificate or any other Basic Document (other than the
signature and countersignature of the Eligible Lender Trustee on the Trust
Certificate) or the Notes, or of any Financed Student Loan or related documents.
Subject to Section 7.07 hereof, the Eligible Lender Trustee shall at no time
have any responsibility (or liability except for willfully or negligently
terminating or allowing to be terminated any of the Guarantee Agreements, in a
case where the Eligible Lender Trustee knows of any facts or circumstances which
will or could reasonably be expected to result in any such termination) for or
with respect to the legality, validity, enforceability and eligibility for
Guarantee Payments, federal reinsurance, Interest Subsidy Payments or Special
Allowance Payments, as applicable, of any Financed Student Loan, or for or with
respect to the sufficiency of the Trust Estate or its ability to generate the
payments to be distributed to the holder of the Trust Certificate under this
Trust Agreement or the holders of the Notes under the Indenture, including: the
existence and contents of any computer or other record of any Financed Student
Loan; the validity of the assignment of any Financed Student Loan to the
Eligible Lender Trustee on behalf of the Trust; the completeness of any Financed
Student Loan; the performance or enforcement (except as expressly set forth in
any Basic Document) of any Financed Student Loan; the compliance by the
Depositor or the Master Servicer with any warranty or representation made under
any Basic Document or in any related document or the accuracy of any such
warranty or representation or any action or inaction of the Administrator, the
Indenture Trustee, the Swap Counterparty, the Securities Insurer, the Cap
Provider or the Master Servicer or any Sub-Servicer taken in the name of the
Eligible Lender Trustee.

          SECTION 7.07.  Eligible Lender Trustee May Not Own Trust
Certificate and May Own Notes.  The Eligible Lender Trustee in its
individual or any other capacity may become the owner or pledgee of the Notes
and may deal with the Depositor, the Administrator, the Indenture Trustee, the
Swap Counterparty, the Securities Insurer, the Cap Provider and the Master
Servicer in banking transactions with the same rights as it would have if it
were not Eligible Lender Trustee. The Eligible Lender Trustee may not become the
holder of the Trust Certificate.

ARTICLE VIII

Compensation of Eligible Lender Trustee

          SECTION 8.01.  Eligible Lender Trustee's Fees and
Expenses.  The Eligible Lender Trustee shall receive from the
Depositor as compensation for its services hereunder, such fees as have been
separately agreed upon before the date hereof between the Depositor and the
Eligible Lender Trustee, and the Eligible Lender Trustee shall be entitled to be
reimbursed by the Depositor, to the extent provided in such separate agreement,
for its other reasonable expenses hereunder.

          SECTION 8.02.  Payments to the Eligible Lender
Trustee.  Any amounts paid to the Eligible Lender Trustee pursuant
to Section 8.01 hereof or pursuant to Section 6.03 or 6.04 of the Sale and
Servicing Agreement shall be deemed not to be a part of the Trust Estate
immediately after such payment.

ARTICLE IX

Termination of Trust Agreement

          SECTION 9.01.  Termination of Trust Agreement.  (a)  This Trust Agreement (other
than Article VIII) and the Trust shall terminate and be of no further force or
effect upon the final distribution by the Eligible Lender Trustee of all moneys
or other property or proceeds of the Trust Estate in accordance with the terms
of the Indenture, the Sale and Servicing Agreement and Article V. The
bankruptcy, liquidation, dissolution, death or incapacity of the holder of the
Trust Certificate shall not (x) operate to terminate this Trust Agreement or the
Trust, nor (y) entitle such holder's legal representatives or heirs to claim an
accounting or to take any action or proceeding in any court for a partition or
winding up of all or any part of the Trust or Trust Estate nor (z) otherwise
affect the rights, obligations and liabilities of the parties hereto.

	 
	          (b) Except as provided in Section 9.01(a), neither the Depositor nor any holder
of the Trust Certificate shall be entitled to revoke or terminate the Trust.

	 
	          (c) Notice of any termination of the Trust, specifying the Distribution Date
upon which the holder of the Trust Certificate shall surrender its Trust
Certificate to the Certificate Paying Agent for payment of the final
distribution and cancellation, shall be given promptly by the Eligible Lender
Trustee by letter to the holder of the Trust Certificate mailed within five
Business Days of receipt of notice of such termination from the Administrator
given pursuant to Section 9.01(d) of the Sale and Servicing Agreement, stating
(i) the Distribution Date upon which final payment of the Trust Certificate
shall be made upon presentation and surrender of the Trust Certificate at the
office of the Certificate Paying Agent therein designated, (ii) the amount of
any such final payment and (iii) that the Record Date otherwise applicable to
such Distribution Date is not applicable, payments being made only upon
presentation and surrender of the Trust Certificate at the office of the
Certificate Paying Agent therein specified. The Eligible Lender Trustee shall
give such notice to the Certificate Registrar (if other than the Eligible Lender
Trustee) and the Certificate Paying Agent at the time such notice is given to
the holder of the Trust Certificate. Upon presentation and surrender of the
Trust Certificate, the Certificate Paying Agent shall cause to be distributed to
the holder of the Trust Certificate amounts distributable to such holder on such
Distribution Date pursuant to Section 5.01.

          In the event that the holder of the Trust Certificate shall not surrender its
Trust Certificate for cancellation within six months after the date specified in
the above-mentioned written notice, the Eligible Lender Trustee shall give a
second written notice to the holder of the Trust Certificate to surrender its
Trust Certificate for cancellation and receive the final distribution with
respect thereto. If within one year after the second notice the Trust
Certificate shall not have been surrendered for cancellation, the Eligible
Lender Trustee may take appropriate steps, or may appoint an agent to take other
reasonable and appropriate steps, to contact the holder of the Trust Certificate
concerning surrender of its Trust Certificate, and the cost thereof shall be
paid out of the funds and other assets that shall remain subject to this Trust
Agreement. Any funds remaining in the Trust after exhaustion of such remedies
and no later than five years after the first such notice shall be distributed by
the Eligible Lender Trustee to the Depositor.

ARTICLE X

Successor Eligible Lender Trustees and

Additional Eligible Lender Trustees

          SECTION 10.01.  Eligibility Requirements for Eligible Lender Trustee.  The
Eligible Lender Trustee shall at all times be a corporation or association (i)
qualifying as 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 on behalf of the Trust, with a valid lender identification number
with respect to the Trust from the Department; (ii) being authorized to exercise
corporate trust powers and hold legal title to the Financed Student Loans; (iii)
having in effect Guarantee Agreements with each of the Guarantors; (iv) having a
combined capital and surplus of at least $50,000,000 and being subject to
supervision or examination by Federal or state authorities; (v) incorporated or
authorized to do business in the State of New York or which is a national bank
having an office located within the State of New York; and (vi) having (or
having a parent which has) a rating of at least Baa3 by Moody's, at least BBB by
Fitch (if rated by Fitch) and at least BBB by S&P and (vii) (so long as no
Securities Insurer Default has occurred and is continuing) is acceptable to the
Securities Insurer. If the Eligible Lender Trustee shall publish reports of
condition at least annually, pursuant to law or to the requirements of the
aforesaid supervising or examining authority, then for the purpose of this
Section, the combined capital and surplus of the Eligible Lender Trustee shall
be deemed to be its combined capital and surplus as set forth in its most recent
report of condition so published. In case at any time the Eligible Lender
Trustee or the Delaware Trustee, as the case may be, shall cease to be eligible
in accordance with the provisions of this Section, in the case of the Eligible
Lender Trustee, or Section 3807(a) of the Delaware Business Trust Act, in the
case of the Delaware Trustee, the Eligible Lender Trustee or the Delaware
Trustee, as the case may be, shall resign immediately in the manner and with the
effect specified in Section 10.02.

          SECTION 10.02.  Resignation or Removal of Eligible Lender
Trustee.  The Eligible Lender Trustee and the Delaware Trustee may
at any time resign and be discharged from the trusts hereby created by giving
written notice thereof to the Administrator and the Securities Insurer. Upon
receiving such notice of resignation, the Administrator shall promptly appoint a
successor Eligible Lender Trustee or Delaware Trustee, as the case may be, and
(so long as no Securities Insurer Default has occurred and is continuing) with
the consent of the Securities Insurer (such consent not to be unreasonably
withheld), meeting the eligibility requirements of Section 10.01 (or in the case
of the Delaware Trustee, meeting the requirements of Section 3807(a) of the
Delaware Business Trust Act) by written instrument, in duplicate, one copy of
which instrument shall be delivered to the resigning Eligible Lender Trustee or
the Delaware Trustee, as the case may be, and one copy to the successor Eligible
Lender Trustee or the Delaware Trustee, as the case may be. If no successor
Eligible Lender Trustee or Delaware Trustee, as the case may be, shall have been
so appointed and have accepted appointment within 30 days after the giving of
such notice of resignation, the resigning Eligible Lender Trustee or Delaware
Trustee, as the case may be, may petition any court of competent jurisdiction
for the appointment of a successor Eligible Lender Trustee or Delaware Trustee,
as the case may be; provided, however, that such right to appoint
or to petition for the appointment of any such successor shall in no event
relieve the resigning Eligible Lender Trustee or Delaware Trustee, as the case
may be, from any obligations otherwise imposed on it under the Basic Documents
until such successor has in fact assumed such appointment.

          If at any time the Eligible Lender Trustee or the Delaware Trustee, as the case
may be, shall cease to be eligible in accordance with the provisions of Section
10.01 (or the Delaware Trustee shall cease to satisfy the requirements of
Section 3807(a) of the Delaware Business Trust Act) and shall fail to resign
after written request therefor by the Administrator, or if at any time an
Insolvency Event with respect to the Eligible Lender Trustee or the Delaware
Trustee, as the case may be, shall have occurred and be continuing, then the
Administrator may, with the consent of the Securities Insurer (so long as no
Securities Insurer Default has occurred and is continuing), or shall (so long as
no Securities Insurer Default has occurred and is continuing) at the direction
of the Securities Insurer, remove the Eligible Lender Trustee or the Delaware
Trustee, as the case may be. If the Administrator shall remove the Eligible
Lender Trustee or the Delaware Trustee, as the case may be, under the authority
of the immediately preceding sentence, the Administrator shall promptly appoint
a successor Eligible Lender Trustee or Delaware Trustee, as the case may be, and
(so long as no Securities Insurer Default has occurred and is continuing)
acceptable to the Securities Insurer, by written instrument, in duplicate, one
copy of which instrument shall be delivered to the outgoing Eligible Lender
Trustee or Delaware Trustee, as the case may be, so removed and one copy to the
successor Eligible Lender Trustee or Delaware Trustee, as the case may be, and
payment of all fees owed to the outgoing Eligible Lender Trustee or Delaware
Trustee, as the case may be.

          Any resignation or removal of the Eligible Lender Trustee or the Delaware
Trustee, as the case may be, and appointment of a successor Eligible Lender
Trustee or Delaware Trustee, as the case may be, pursuant to any of the
provisions of this Section shall not become effective until acceptance of
appointment by the successor Eligible Lender Trustee or Delaware Trustee, as the
case may be, pursuant to Section 10.03 and payment of all fees and expenses owed
to the outgoing Eligible Lender Trustee or Delaware Trustee, as the case may be.
The Administrator shall provide notice of such resignation or removal of the
Eligible Lender Trustee or Delaware Trustee, as the case may be, to each of the
Rating Agencies, the Swap Counterparty and the Securities Insurer.

          SECTION 10.03.  
Successor Eligible Lender Trustee.  Any successor Eligible
Lender Trustee or Delaware Trustee, appointed pursuant to Section 10.02 shall
execute, acknowledge and deliver to the Administrator, the Securities Insurer
and to its predecessor Eligible Lender Trustee or Delaware Trustee, as the case
may be, an instrument accepting such appointment under this Trust Agreement, and
thereupon the resignation or removal of the predecessor Eligible Lender Trustee
or Delaware Trustee, as the case may be, shall become effective and such
successor Eligible Lender Trustee or Delaware Trustee, as the case may be,
without any further act, deed or conveyance, shall become fully vested with all
the rights, powers, duties and obligations of its predecessor under this Trust
Agreement, with like effect as if originally named as Eligible Lender Trustee or
Delaware Trustee, as the case may be. The predecessor Eligible Lender Trustee or
Delaware Trustee, as the case may be, shall upon payment of its fees and
expenses deliver to the successor Eligible Lender Trustee or Delaware Trustee,
as the case may be, all documents, statements, moneys and properties held by it
under this Trust Agreement and shall assign, if permissible, to the successor
Eligible Lender Trustee or Delaware Trustee, as the case may be, the lender
identification number obtained from the Department on behalf of the Trust; and
the Administrator and the predecessor Eligible Lender Trustee or Delaware
Trustee, as the case may be, shall execute and deliver such instruments and do
such other things as may reasonably be required for fully and certainly vesting
and confirming in the successor Eligible Lender Trustee or Delaware Trustee, as
the case may be, all such rights, powers, duties and obligations.

          No successor Eligible Lender Trustee or Delaware Trustee, as the case may be,
shall accept appointment as provided in this Section unless at the time of such
acceptance such successor Eligible Lender Trustee or Delaware Trustee, as the
case may be, shall be eligible pursuant to Section 10.01 (or in the case of the
Delaware Trustee, satisfy the requirements of Section 3807(a) of the Delaware
Business Trust Act).

          Upon acceptance of appointment by a successor Eligible Lender Trustee or
Delaware Trustee, as the case may be, pursuant to this Section, the
Administrator shall mail notice of the successor of such Eligible Lender Trustee
or Delaware Trustee, as the case may be, to the holder of the Trust Certificate,
the Securities Insurer, the Swap Counterparty, the Indenture Trustee, all
holders of the Notes and the Rating Agencies. If the Administrator shall fail to
mail such notice within 10 days after acceptance of appointment by the successor
Eligible Lender Trustee or Delaware Trustee, as the case may be, the successor
Eligible Lender Trustee or Delaware Trustee, as the case may be, shall cause
such notice to be mailed at the expense of the Administrator.

          SECTION 10.04.  Merger or Consolidation of Eligible Lender
Trustee.  Any corporation into which the Eligible Lender Trustee or
Delaware Trustee, as the case may be, may be merged or converted or with which
it may be consolidated, or any corporation resulting from any merger, conversion
or consolidation to which the Eligible Lender Trustee or Delaware Trustee, as
the case may be, shall be a party, or any corporation succeeding to all or
substantially all the corporate trust business of the Eligible Lender Trustee or
Delaware Trustee, as the case may be, shall, without the execution or filing of
any instrument or any further act on the part of any of the parties hereto,
anything herein to the contrary notwithstanding, be the successor of the
Eligible Lender Trustee or Delaware Trustee, as the case may be, hereunder;
provided that such corporation shall be eligible pursuant to Section
10.01 (or in the case of the Delaware Trustee, satisfy the requirements of
Section 3807(a) of the Delaware Business Trust Act); provided further that the
Eligible Lender Trustee or Delaware Trustee, as the case may
be, shall mail notice of such merger or consolidation to the Rating Agencies,
the Administrator, the Swap Counterparty and the Securities Insurer.

          SECTION 10.05.  Appointment of Co-Eligible Lender Trustee or
Separate Eligible Lender Trustee.  Notwithstanding any other
provisions of this Trust Agreement, at any time, for the purpose of meeting any
legal requirements of any jurisdiction in which any part of the Trust may at the
time be located, the Administrator and the Eligible Lender Trustee acting
jointly, (and if no Securities Insurer Default has occurred and is continuing)
with the consent of the Securities Insurer, shall have the power and shall
execute and deliver all instruments to appoint one or more Persons approved by
the Eligible Lender Trustee, meeting the eligibility requirements of clauses (i)
through (iii) of Section 10.01, to act as co-trustee, jointly with the Eligible
Lender Trustee, or separate trustee or separate trustees, of all or any part of
the Trust Estate, and to vest in such Person, in such capacity, such title to
the Trust Estate, or any part thereof, and, subject to the other provisions of
this Section, such powers, duties, obligations, rights and trusts as the
Administrator and the Eligible Lender Trustee, and (if no Securities Insurer
Default has occurred and is continuing) with the consent of the Securities
Insurer), may consider necessary or desirable. If the Administrator shall not
have joined in such appointment within 15 days after the receipt by it of a
request so to do, the Eligible Lender Trustee alone shall have the power to make
such appointment, and (if no Securities Insurer Default has occurred and is
continuing) with the consent of the Securities Insurer. No co-trustee or
separate trustee under this Trust Agreement shall be required to meet the terms
of eligibility as a successor trustee pursuant to clauses (iv) and (v) of
Section 10.01 and no notice of the appointment of any co-trustee or separate
trustee shall be required pursuant to Section 10.03.

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

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

	 
	          (ii)  no trustee under this Trust Agreement shall be personally liable
by reason of any act or omission of any other trustee under this Trust
Agreement; and

	 
	          (iii)  the Administrator and the Eligible Lender Trustee acting jointly, and (if no
Securities Insurer Default has occurred and is continuing) with the consent of
the Securities Insurer, may at any time accept the resignation of or remove any
separate trustee or co-trustee. 

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

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

ARTICLE XI

Miscellaneous

          SECTION 11.01.  Supplements and Amendments.  This
Trust Agreement may be amended by the Depositor and the Eligible Lender Trustee,
with prior written notice to the Rating Agencies, without the consent of any of
the holder of the Notes or the holder of the Trust Certificate, but (provided
that no Securities Insurer Default has occurred and is continuing) with the
consent of the Securities Insurer (which consent will not be unreasonably
withheld), to cure any ambiguity, to correct or supplement any provisions in
this Trust Agreement or for the purpose of adding any provisions to or changing
in any manner or eliminating any of the provisions in this Trust Agreement or of
modifying in any manner the rights of the holders of the Notes or the holder of
the Trust Certificate; provided, however, that such action shall
not, as evidenced by an Opinion of Counsel, adversely affect in any material
respect the interests of any holder of any Class of Notes or holder of the Trust
Certificate, the Securities Insurer or the Swap Counterparty.

          This Trust Agreement may also be amended from time to time by the Depositor and
the Eligible Lender Trustee, with prior written notice to the Rating Agencies,
(i) with the consent of Noteholders evidencing not less than a majority of the
Outstanding Amount of the Notes, (ii) with the consent of the holder of the
Trust Certificate, and (iii) with the consent of the Securities Insurer
(provided that no Securities Insurer Default has occurred and is continuing),
for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of this Trust Agreement or of modifying in any
manner the rights of the holders of any Class of Notes or the holder of the
Trust Certificate; 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 on Financed Student Loans or distributions
that shall be required to be made for the benefit of the holders of any Class of
Notes or the holder of the Trust Certificate or (b) reduce the aforesaid
percentage of the Outstanding Amount of the Notes required to consent to any
such amendment, without the consent of all the outstanding Noteholders and
holder of the Trust Certificate.

          Promptly after the execution of any such amendment or consent, the Eligible
Lender Trustee shall furnish written notification of the substance of such
amendment or consent to the holder of the Trust Certificate, the Indenture
Trustee, the Securities Insurer, the Swap Counterparty and each of the Rating
Agencies.

          It shall not be necessary for the consent of the holder of the Trust
Certificate, the holder of any class of Notes, the Securities Insurer or the
Indenture Trustee 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. The manner of obtaining such consents (and any
other consents of the holder of the Trust Certificate and the Securities Insurer
provided for in this Trust Agreement or in any other Basic Document) and of
evidencing the authorization of the execution thereof by holder of the Trust
Certificate shall be subject to such reasonable requirements as the Eligible
Lender Trustee may prescribe.

          Prior to the execution of any amendment to this Trust Agreement, the Eligible
Lender Trustee shall be entitled to receive and rely upon an Opinion of Counsel
stating that the execution of such amendment is authorized or permitted by this
Trust Agreement. The Eligible Lender Trustee may, but shall not be obligated to,
enter into any such amendment which affects the Eligible Lender Trustee's own
rights, duties or immunities under this Trust Agreement or otherwise.

          SECTION 11.02.  No Legal Title to Trust Estate in
Certificateholder.  The holder of the Trust Certificate shall not
have legal title to any part of the Trust Estate. The holder of the Trust
Certificate shall be entitled to receive distributions with respect to its
beneficial ownership interest therein only in accordance with Articles V and IX.
No transfer, by operation of law or otherwise, of any right, title, or interest
of the holder of the Trust Certificate to and in their beneficial ownership
interest in the Trust Estate shall operate to terminate this Trust Agreement or
the trusts hereunder or entitle any transferee to an accounting or to the
transfer to it of legal title to any part of the Trust Estate.

          SECTION 11.03.  Limitations on Rights of Others.  The
provisions of this Trust Agreement are solely for the benefit of the Eligible
Lender Trustee, the Depositor, the holder of the Trust Certificate, the
Administrator, the Securities Insurer, the Swap Counterparty and, to the extent
expressly provided herein, the Indenture Trustee and the holder of the Notes,
and nothing in this Trust Agreement, whether express or implied, shall be
construed to give to any other Person any legal or equitable right, remedy or
claim in the Trust Estate or under or in respect of this Trust Agreement or any
covenants, conditions or provisions contained herein.

          SECTION 11.04.  Notices.  (a)  Unless
otherwise expressly specified or permitted by the terms hereof, all notices
shall be in writing and shall be deemed given upon receipt by the intended
recipient or three Business Days after mailing if mailed by certified mail,
postage prepaid (except that notice to the Eligible Lender Trustee shall be
deemed given only upon actual receipt by the Eligible Lender Trustee), if to the
Eligible Lender Trustee, addressed to its Corporate Trust Office; if to the
Depositor, addressed to Key Bank USA, National Association, 800 Superior Avenue,
Cleveland, Ohio 44114, Attention: Senior Vice President, Education Lending; if
to the Securities Insurer, addressed to MBIA Insurance Corporation, 113 King
Street, Armonk, New York 10504, Attention: Insured Portfolio Management--SF; or,
as to each party, at such other address as shall be designated by such party in
a written notice to each other party.

	 
	          (b)  Any notice required or permitted to be given to a holder of the
Trust Certificate shall be given by first-class mail, postage prepaid, at the
address of such holder as shown in the Certificate Register. Any notice so
mailed within the time prescribed in this Trust Agreement shall be conclusively
presumed to have been duly given, whether or not such holder receives such
notice.

          SECTION 11.05.  Severability.  Any provision of this
Trust Agreement that is prohibited or unenforceable in any jurisdiction shall,
as to such jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction.

          SECTION 11.06.  Separate Counterparts.  This Trust Agreement
may be executed by the parties hereto in separate counterparts, each of which
when so executed and delivered shall be an original, but all such counterparts
shall together constitute but one and the same instrument.

          SECTION 11.07.  Successors and Assigns.  All
covenants and agreements contained herein shall be binding upon, and inure to
the benefit of, the Depositor and its successors, the Eligible Lender Trustee
and its successors, each holder of the Trust Certificate and its successors and
permitted assigns, all as herein provided. Any request, notice, direction,
consent, waiver or other instrument or action by a holder of the Trust
Certificate shall bind the successors and assigns of such holder.

          SECTION 11.08.  No Petition.  (a)  The Depositor (nor any Affiliate of the
Depositor if such Affiliate is the holder of the Trust Certificate) will not at
any time institute against the Trust any bankruptcy proceedings under any United
States Federal or state bankruptcy or similar law in connection with any
obligations relating to the Trust Certificate, the Notes, this Trust Agreement
or any of the other Basic Documents.

	 
	          (b)  The Eligible Lender Trustee (not in its individual capacity but
solely as Eligible Lender Trustee), by entering into this Trust Agreement, each
holder of the Trust Certificate, by accepting a Trust Certificate, and the
Indenture Trustee and each holder of the Notes by accepting the benefits of this
Trust Agreement, hereby covenant and agree that they will not at any time
institute against the Depositor or the Trust, or join in any institution against
the Depositor or the Trust of, any bankruptcy, reorganization, arrangement,
insolvency, receivership or liquidation proceedings, or other proceedings under
any United States Federal or state bankruptcy or similar law in connection with
any obligations relating to the Trust Certificate, the Notes, this Trust
Agreement or any of the other Basic Documents, until such time as thirteen
months after payment in full of the Notes and the repayment in full of amounts
owed the Securities Insurer and the Swap Counterparty has passed.

          SECTION 11.09.  No Recourse.  Each holder of the
Trust Certificate by accepting a Trust ertificate acknowledges that such
holder's Trust Certificate represent beneficial interests in the Trust only and
do not represent interests in or obligations of the Seller, the Master Servicer,
the Administrator, the Eligible Lender Trustee, the Cap Provider, the Indenture
Trustee, the Swap Counterparty, the Securities Insurer or any Affiliate thereof
or any officer, director or employee of any thereof and no recourse may be had
against such parties or their assets, except as may be expressly set forth or
contemplated in this Trust Agreement, the Trust Certificate or the other Basic
Documents.

          SECTION 11.10.  Headings.  The headings of the
various Articles and Sections herein are for convenience of reference only and
shall not define or limit any of the terms or provisions hereof.

          SECTION 11.11.  Governing Law.  THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REFERENCE TO ITS CONFLICT OF LAW
PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER
SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

          SECTION 11.12.  Third Party Beneficiaries.  The
parties hereto acknowledge that the Securities Insurer and the Swap Counterparty
are express third party beneficiaries hereof entitled to enforce the provisions
hereof as if each were actually a party hereto. Notwithstanding the foregoing,
nothing in this Section 11.12 shall be construed to mitigate, in any way, the
fiduciary responsibilities of the Eligible Lender Trustee to the Depositor and,
if different, to the holder of the Trust Certificate.

          IN WITNESS WHEREOF, the parties hereto have caused this Amended and Restated
Trust Agreement to be duly executed by their respective officers hereunto duly
authorized, as of the day and year first above written.

	
	BANK ONE, NATIONAL ASSOCIATION, not in
its individual capacity
but solely as Eligible Lender
Trustee, 

By:        /s/  Keith R. Richardson                   

Name:   Keith R. Richardson
Title:    Authorized Officer

	
	KEY BANK USA, NATIONAL ASSOCIATION,
Depositor,

By:        /s/  Darlene H. Dimitrijevs                   

Name:   Darlene H. Dimitrijevs
Title:    Senior Vice President

Acknowledged and accepted as of the day

and year first above written:

BANK ONE DELAWARE, INC.,

as Delaware Trustee

By:       /s/  Keith R. Richardson          

Name:  Keith R. Richardson

Title:   Authorized Officer

EXHIBIT A

TO THE TRUST AGREEMENT

[FORM OF TRUST CERTIFICATE]

SEE REVERSE FOR CERTAIN DEFINITIONS

THIS TRUST CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION OF, OR AN
INTEREST IN, AND IS NOT GUARANTEED BY THE DEPOSITOR, THE ELIGIBLE LENDER
TRUSTEE, THE SWAP COUNTERPARTY, THE SECURITIES INSURER, THE ADMINISTRATOR OR ANY
OF THEIR RESPECTIVE AFFILIATES. THIS TRUST CERTIFICATE IS NOT INSURED OR
GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR BY ANY PRIVATE
INSURER.

THIS TRUST CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THE HOLDER
HEREOF, BY PURCHASING THIS CERTIFICATE, AGREES FOR THE BENEFIT OF THE TRUST THAT
THIS CERTIFICATE MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (I) TO A
PERSON WHOM THE TRANSFEROR REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL
BUYER WITHIN THE MEANING OF RULE 144A PURCHASING FOR ITS OWN ACCOUNT OR FOR THE
ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE
RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, OR (II)
TO A PERSON WHOM THE TRANSFEROR REASONABLY BELIEVES IS AN INSTITUTIONAL
ACCREDITED INVESTOR TO WHOM NOTICE IS GIVEN THAT THE RESALE, PLEDGE OR TRANSFER
IN BEING MADE IN RELIANCE ON REGULATION D, AND IN ACCORDANCE WITH ANY APPLICABLE
SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTIONS, OR
(III) TO A PERSON IN A TRANSACTION THAT IS REGISTERED UNDER THE SECURITIES ACT
OR THAT IS OTHERWISE EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT AND ANY APPLICABLE STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING
THIS TRUST CERTIFICATE, REPRESENTS AND AGREES FOR THE BENEFIT OF THE DEPOSITOR,
THE ADMINISTRATOR, THE ELIGIBLE LENDER TRUSTEE, THE SWAP COUNTERPARTY AND THE
SECURITIES INSURER THAT: IT IS EITHER A QUALIFIED INSTITUTIONAL BUYER WITHIN THE
MEANING OF RULE 144A, OR AN INSTITUTIONAL ACCREDITED INVESTOR (AS DEFINED IN
RULE 501(a)(1)-(3) AND (7) OF REGULATION D UNDER THE SECURITIES ACT) OR AN
ENTITY IN WHICH ALL THE EQUITY OWNERS COME WITHIN SUCH PARAGRAPHS, OR THAT ITS
PURCHASE OF THIS TRUST CERTIFICATE IS OTHERWISE EXEMPT FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS, AND
THAT IT IS HOLDING THIS TRUST CERTIFICATE FOR INVESTMENT PURPOSES AND NOT FOR
DISTRIBUTION.

NO TRANSFER OF THIS TRUST CERTIFICATE WILL BE REGISTERED
UNLESS THERE IS PROVIDED A REPRESENTATION SATISFACTORY TO THE ELIGIBLE LENDER
TRUSTEE THAT THIS TRUST CERTIFICATE IS NOT BEING ACQUIRED DIRECTLY OR INDIRECTLY
FOR, ON BEHALF OF OR WITH THE ASSETS OF, AN EMPLOYEE BENEFIT PLAN OR OTHER
RETIREMENT ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME
SECURITY ACT OF 1974, AS AMENDED (“ERISA”) AND/OR SECTION 4975 OF THE
INTERNAL REVENUE CODE OF 1986, AS AMENDED (EACH A “PLAN”).

          NUMBER: _____

KEYCORP STUDENT LOAN TRUST 2000-B

ASSET BACKED TRUST CERTIFICATE

	 
	evidencing a 100% ownership interest in the Trust, as defined
below, the property of which includes a pool of undergraduate and graduate
school student loans sold to the Trust by Key Bank USA, National
Association.

	 
	(This Trust Certificate does not represent an interest in or
obligation of Key Bank USA, National Association, the Eligible Lender Trustee
(as defined below), the Delaware Trustee (as defined below) or any of their
respective affiliates, except to the extent described below.)

          THIS CERTIFIES THAT

is the registered owner of a 100% nonassessable, fully-paid,
ownership interest in the KeyCorp Student Loan Trust 2000-B (the
“Trust”), a statutory business trust formed under the laws of the
State of Delaware by Key Bank USA, National Association, a national banking
association (the “Seller”). The Trust was created pursuant to a Trust
Agreement dated as of August 3, 2000, as amended and restated as of September 1,
2000 (the “Trust Agreement”), between the Seller and Bank One,
National Association, a national banking association, not in its individual
capacity but solely as eligible lender trustee on behalf of the Trust (the
“Eligible Lender Trustee”) and pursuant to which Bank One Delaware,
Inc. serves as Delaware Trustee (the “Delaware Trustee”), a summary of
certain of the pertinent provisions of which is set forth below. To the extent
not otherwise defined herein, the capitalized terms used herein have the
meanings assigned to them in Appendix A to the Sale and Servicing Agreement (the
“Sale and Servicing Agreement”) dated as of September 1, 2000, among
the Trust, the Eligible Lender Trustee, the Seller, Key Bank USA, National
Association, as master servicer (the “Master Servicer”), and Key Bank
USA, National Association, as administrator (the “Administrator”);
such Appendix A also contains rules as to usage that shall be applicable herein. 

          This Trust Certificate is the duly authorized Trust Certificate issued pursuant
to the Trust Agreement (herein called the "Trust Certificate"). Also issued
under the Indenture dated as of September 1, 2000, between the Trust and Bankers
Trust Company, as Indenture Trustee, are Notes designated as "Floating Rate
Asset Backed Notes" (the "Notes"). This Trust Certificate is issued under and is
subject to the terms, provisions and conditions of the Trust Agreement, to which
Trust Agreement the holder of this Trust Certificate by virtue of the acceptance
hereof assents and by which such holder is bound. The property of the Trust
includes a pool of undergraduate and graduate school student loans (the
"Financed Student Loans"), all moneys paid thereunder (except with respect to
certain proceeds on any Guarantee Payments made by TERI) on or after September
1, 2000 (or, in the case of Financed Student Loans that constitute Additional
Student Loans, on or after the respective Subsequent Cutoff Dates), rights of
the Trust to payments under the Interest Rate Swap, certain bank accounts and
the proceeds thereof, certain other rights under the Trust Agreement and the
Sale and Servicing Agreement, and all proceeds of the foregoing. The rights of
the holder of the Trust Certificate to the assets of the Trust are subordinated
to the rights of the holders of the Notes, the Swap Counterparty, the Cap
Provider and the Securities Insurer, as set forth in the Sale and Servicing
Agreement and the Indenture.

          Under the Trust Agreement, all amounts then owed to the holder of the Trust
Certificate be distributed on the twenty-fifth day of January, April, July and
October (or, if such twenty-seventh day is not a Business Day, the next
succeeding Business Day) (each a "Distribution Date"), commencing on January 25,
2001 to the person in whose name this Trust Certificate is registered at the
close of business on the twenty-fourth day of the calendar month in which such
Distribution Date occurs (the "Record Date"), pursuant to the Sale and Servicing
Agreement.

          Each holder of this Trust Certificate acknowledges and agrees that its rights to
receive distributions in respect of this Trust Certificate from Available Funds
are subordinated to the rights of the holders of the Notes, the Swap
Counterparty, the Cap Provider and the Securities Insurer as described in the
Sale and Servicing Agreement and the Indenture.

          Each holder of a Trust Certificate by its acceptance of a Trust Certificate
covenants and agrees that such holder will not at any time institute against the
Seller or the Trust, or join in any institution against the Seller or the Trust
of, any bankruptcy, reorganization, arrangement, insolvency, receivership or
liquidation proceedings, or other proceedings under any United States Federal or
state bankruptcy or similar law in connection with any obligations relating to
the Trust Certificate, the Notes, the Trust Agreement or any of the other Basic
Documents, until such time as thirteen months after payment in full of the Notes
and the repayment in full of amounts owed the Securities Insurer and the Swap
Counterparty has passed.

          The Trust Certificate does not represent an obligation of, or an interest in,
the Seller, the Master Servicer, the Administrator, the Swap Counterparty, the
Securities Insurer, the Eligible Lender Trustee or any affiliates of any of
them, and no recourse may be had against such parties or their assets, except as
may be expressly set forth or contemplated herein, in the Trust Agreement or in
the other Basic Documents. In addition, this Trust Certificate is not guaranteed
by any governmental agency or instrumentality and is limited in right of payment
to certain collections with respect to the Financed Student Loans, all as more
specifically set forth in the Sale and Servicing Agreement. A copy of each of
the Sale and Servicing Agreement and the Trust Agreement may be examined during
normal business hours at the principal office of the Seller, and at such other
places, if any, designated by the Seller, by any holder of the Trust Certificate
upon request.

          This Trust Certificate shall be construed in accordance with the laws of the
State of Delaware, 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.

          Unless the certificate of authentication hereon shall have been executed by an
authorized officer of the Eligible Lender Trustee or its authenticating agent,
by manual signature, this Trust Certificate shall not entitle the holder hereof
to any benefit under the Trust Agreement or the Sale and Servicing Agreement or
be valid for any purpose.

          IN WITNESS WHEREOF, the Eligible Lender Trustee on behalf of the Trust and not
in its individual capacity has caused this Trust Certificate to be duly executed
as of the date set forth below.

KEYCORP STUDENT LOAN TRUST 2000-B

	 
	By:   BANK ONE, NATIONAL ASSOCIATION, not

         in its individual capacity but solely as Eligible

         Lender Trustee,

        By:                   
                          
                         

               Authorized Signatory 

Date:  September 15, 2000

TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is the Trust Certificate referred to in the
within-mentioned Trust Agreement. 

	 
	BANK ONE, NATIONAL ASSOCIATION, not in its
individual capacity but solely as Eligible Lender

Trustee,

        By:
                    Authorized Signatory
[OR

BANK ONE, NATIONAL ASSOCIATION, not in its
individual capacity
but solely as Eligible Lender
Trustee,

      By:    FIRST CHICAGO TRUST COMPANY OF

                 NEW YORK, as Authenticating Agent,

       By:
                    Authorized Signatory

Date:  September 15, 2000

ASSIGNMENT

          FOR VALUE RECEIVED the undersigned hereby sells, assigns and transfers unto

PLEASE INSERT SOCIAL SECURITY

OR OTHER IDENTIFYING NUMBER

OF ASSIGNEE

(Please print or type name and address, including postal zip code, of assignee)

the within Trust Certificate, and all rights thereunder, hereby irrevocably constituting and appointing

               
               
               
               
               
Attorney to transfer said Trust Certificate on the books of the Certificate
Registrar, with full power of substitution in the premises.

Dated:

	 
	               
               *
     Signature Guaranteed:

               
               *

* NOTICE: The signature to this assignment must correspond with
the name as it appears upon the face of the within Trust Certificate in every
particular, without alteration, enlargement or any change whatever. Such
signature must be guaranteed by a member firm of the New York Stock Exchange or
a commercial bank or trust company. 

EXHIBIT B

[FORM OF TRANSFEROR LETTER]

[Date]

Key Bank USA, National Association,
as Depositor
and Administrator
800 Superior Avenue

Cleveland, Ohio  44114

Bank One, National Association,

as Eligible Lender Trustee and Certificate Registrar

1 Bank One Plaza, Suite IL1-0126

Chicago, Illinois  60670-0126

	Re: 
	KeyCorp Student Loan Trust 2000-B,
Asset Backed Trust Certificate (the "Certificate")

	

Ladies and Gentlemen:

In connection with our disposition of the above Certificate we
certify that (a) we understand that the Certificate has not been registered
under the Securities Act of 1933, as amended (the “Securities Act”),
and are being disposed by us in a transaction that is exempt from the
registration requirements of the Securities Act, and (b) we have not offered or
sold the Certificate to, or solicited offers to buy the Certificate from, any
person, or otherwise approached or negotiated with any person with respect
thereto, in a manner that would be deemed, or taken any other action would
result in, a violation of Section 5 of the Securities Act. 

Very truly yours,

                    
                    
              

[Print Name of Transferor]

By:              
                    
              

     Authorized Officer

EXHIBIT C-1

[FORM OF TRANSFEREE LETTER (Non-Rule 144A)]

[Date]

Key Bank USA, National Association,
as Depositor
and Administrator
800 Superior Avenue

Cleveland, Ohio  44114

Bank One, National Association,

as Eligible Lender Trustee and Certificate Registrar

1 Bank One Plaza, Suite IL1-0126

Chicago, Illinois  60670-0126

	Re: 
	KeyCorp Student Loan Trust 2000-B,
Asset Backed Trust Certificate (the "Certificate")

	

Ladies and Gentlemen:

          In connection with our acquisition of the above Certificate we certify that (a)
we understand that the Certificate is not being registered under the Securities
Act of 1933, as amended (the "Securities Act"), or any state securities laws and
are being transferred to us in a transaction that is exempt from the
registration requirements of the Securities Act and any such laws, (b) we are an
institutional "accredited investor," as defined in Rule 501 (a) (1), (2), (3) or
(7) of Regulation D under the Securities Act or an entity in which all of the
equity owners come within such paragraphs , and have such knowledge and
experience in financial and business matters that we are capable of evaluating
the merits and risks of investments in the Certificate, (c) we have had the
opportunity to ask questions of and receive answers from the Depositor
concerning the purchase of the Certificate and all matters relating thereto or
any additional information deemed necessary to our decision to purchase the
Certificate, (d) we are not acquiring the Certificate for, on behalf of or with
the assets of, an employee benefit plan or other retirement arrangement (a
"Plan") which is subject to Title I of the Employee Retirement Income Security
Act of 1974, as amended ("ERISA"), and/or Section 4975 of the Internal Revenue
Code of 1986, as amended (the "Code"), (e) we are acquiring the Certificate for
investment for our own account and not with a view to any distribution of the
Certificate (but without prejudice to our right at all times to sell or
otherwise dispose of the Certificate in accordance with clause (g) below), (f)
we have not offered or sold the Certificate to, or solicited offers to buy the
Certificate from, any person, or otherwise approached or negotiated with any
person with respect thereto, or taken any other action which would result in a
violation of Section 5 of the Securities Act, and (g) we will not sell, transfer
or otherwise dispose of the Certificate unless (1) such sale, transfer or other
disposition is made pursuant to an effective registration statement under the
Securities Act or is exempt from such registration requirements, and if
requested, we will at our expense provide an opinion of counsel satisfactory to
the addressees of this Letter that such sale, transfer or other disposition may
be made pursuant to an exemption from the Securities Act, (2) the purchaser or
transferee of such Certificate has executed and delivered to you a certificate
to substantially the same effect as this certificate and (3) the purchaser or
transferee has otherwise complied with any conditions for transfer set forth in
the Trust Agreement relating to the Certificate.

	 
	Very truly yours,

                        
              
               

[Print Name of Transferee]

By:                     
            
               

               Authorized Officer

EXHIBIT C-2

[FORM OF TRANSFEREE LETTER (Rule 144A)]

[Date]

Key Bank USA, National Association,

as Depositor and Administrator

800 Superior Avenue

Cleveland, Ohio 44114

Bank One, National Association,

as Eligible Lender Trustee and Certificate Registrar

1 Bank One Plaza, Suite IL1-0126

Chicago, Illinois  60670-0126

	Re:	KeyCorp Student Loan Trust 2000-B,

Asset Backed Trust Certificate (the "Certificate")

Ladies and Gentlemen:

                    In
connection with our acquisition of the above Certificate we certify that (a) we
understand that the Certificate is not being registered under the Securities Act
of 1933, as amended (the "Securities Act"), or any state securities laws and are
being transferred to us in a transaction that is exempt from the registration
requirements of the Securities Act and any such laws, (b) we have such knowledge
and experience in financial and business matters that we are capable of
evaluating the merits and risks of investments in the Certificate, (c) we have
had the opportunity to ask questions of and receive answers from the Depositor
concerning the purchase of the Certificate and all matters relating thereto or
any additional information deemed necessary to our decision to purchase the
Certificate, (d) we are not acquiring the Certificate for, on behalf of or with
the assets of, an employee benefit plan or other retirement arrangement (a
"Plan") which is subject to Title I of the Employee Retirement Income Security
Act of 1974, as amended ("ERISA"), and/or Section 4975 of the Internal Revenue
Code of 1986, as amended (the "Code"), (e) we have not, nor has anyone acting on
our behalf offered, transferred, pledged, sold or otherwise disposed of the
Certificate, any interest in the Certificate or any other similar security to,
or solicited any offer to buy or accept a transfer, pledge or other disposition
of the Certificate, any interest in the Certificate or any other similar
security from, or otherwise approached or negotiated with respect to the
Certificate, any interest in the Certificate or any other similar security with,
any person in any manner, or made any general solicitation by means of general
advertising or in any other manner, or taken any other action, that would
constitute a distribution of the Certificate under the Securities Act or that
would render the disposition of the Certificate a violation of Section 5 of the
Securities Act or require registration pursuant thereto, nor will act, nor has
authorized or will authorize any person to act, in such manner with respect to
the Certificate, (f) we are a "qualified institutional buyer" as that term is
defined in Rule 144A under the Securities Act ("Rule 144A") and have completed
either of the forms of certification to that effect attached hereto as Annex 1
or Annex 2. We are aware that the sale to us is being made in reliance on Rule
144A. We are acquiring the Certificate for our own account or for resale
pursuant to Rule 144A and further understand that the Certificate may be resold,
pledged or transferred only (i) to a person reasonably believed to be a
qualified institutional buyer that purchases for its own account or for the
account of a qualified institutional buyer to whom notice is given that the
resale, pledge or transfer is being made in reliance on Rule 144A, or (ii)
pursuant to another exemption from registration under the Securities Act.

	 
	Very truly yours,

                        
              
               

[Print Name of Transferee]

By:                     
            
               

               Authorized Officer

ANNEX 1

QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE
144A

[For Transferees Other Than Registered Investment Companies]

          The undersigned
(the "Buyer") hereby certifies as follows to the parties listed in the
Rule 144A Transferee Certificate to which this certification relates with
respect to the Certificate described therein:

	 	1.	As indicated below, the undersigned is the President, Chief Financial
Officer, Senior Vice President or other executive officer of the Buyer.

	 	2.	In connection with purchases by the Buyer, the Buyer is a
"qualified institutional buyer" as that term is defined in Rule 144A under the
Securities Act of 1933, as amended ("Rule 144A") because (i) the Buyer owned
and/or invested on a discretionary basis $____________1 in securities
(except for the excluded securities referred to below) as of the end of the
Buyer's most recent fiscal year (such amount being calculated in accordance with
Rule 144A and (ii) the Buyer satisfies the criteria in the category marked
below.

____________________
	1	Buyer must own and/or invest on a discretionary basis at least
$100,000,000 in securities unless Buyer is a dealer, and, in that case, Buyer
must own and/or invest on a discretionary basis at least $10,000,000 in
securities.

	 	___	Corporation, etc. The Buyer is a corporation (other than a
bank, savings and loan association or similar institution), Massachusetts or
similar business trust, partnership, or charitable organization described in
Section 501(c) (3) of the Internal Revenue Code of 1986, as amended.

	 	___	Bank. The Buyer (a) is a national bank or
banking institution organized under the laws of any State, territory or the
District of Columbia, the business of which is substantially confined to banking
and is supervised by the State or territorial banking commission or similar
official or is a foreign bank or equivalent institution, and (b) has an audited
net worth of at least $25,000,000 as demonstrated in its latest annual financial
statements, a copy of which is attached hereto.

	 	___	Savings and Loan. The Buyer (a) is a savings
and loan association, building and loan association, cooperative bank, homestead
association or similar institution, which is supervised and examined by a State
or Federal authority having supervision over any such institutions or is a
foreign savings and loan association or equivalent institution and (b) has an
audited net worth of at least $25,000,000 as demonstrated in its latest annual
financial statements, a copy of which is attached
hereto.

	 	___	Broker-dealer. The Buyer is a dealer registered pursuant to
Section 15 of the Securities Exchange Act of 1934.

	 	___	Insurance Company. The Buyer is an insurance company whose
primary and predominant business activity is the writing of insurance or the
reinsuring of risks underwritten by insurance companies and which is subject to
supervision by the insurance commissioner or a similar official or agency of a
State, territory or the District of Columbia.

	 	___	State or Local Plan. The Buyer is a plan established and
maintained by a State, its political subdivisions, or any agency or
instrumentality of the State or its political subdivisions, for the benefit of
its employees.

	 	___	ERISA Plan. The Buyer is an employee benefit
plan within the meaning of Title I of the Employee Retirement Income Security
Act of 1974.

	 	___	Investment Advisor. The Buyer is an investment advisor
registered under the Investment Advisors Act of 1940.

	 	___	Small Business Investment Company. The Buyer is a small
business investment company licensed by the U.S. Small Business Administration
under Section 301(c) or (d) of the Small Business Investment Act of 1958.

	 	___	Business Development Company. The Buyer is a business
development company as defined in Section 202(a) (22) of the Investment Advisors
Act of 1940.

	 	___	Qualified Institutional Buyers. The Buyer owned and/or
invested on a discretionary basis less than $100,000,000, but it is an entity in
which all of the equity owners are qualified institutional buyers.

	 	3.	The term "securities" as used herein does not
include (i) securities of issuers that are affiliated with the Buyer, (ii)
securities that are part of an unsold allotment to or subscription by the Buyer,
if the Buyer is a dealer, (iii) securities issued or guaranteed by the U.S. or
any instrumentality thereof, (iv) bank deposit notes and certificates of
deposit, (v) loan participations, (vi) repurchase agreements, (vii) securities
owned but subject to a repurchase agreement and (viii) currency, interest rate
and commodity swaps.

	 	4.	For purposes of determining the aggregate amount of securities
owned and/or invested on a discretionary basis by the Buyer, the Buyer used the
cost of such securities to the Buyer and did not include any of the securities
referred to in the preceding paragraph, except (i) where the Buyer reports its
securities holdings in its financial statements on the basis of their market
value, and (ii) no current information with respect to the cost of those
securities has been published. If clause (ii) in the preceding sentence applies,
the securities may be valued at market. Further, in determining such aggregate
amount, the Buyer may have included securities owned by subsidiaries of the
Buyer, but only if such subsidiaries are consolidated with the Buyer in its
financial statements prepared in accordance with generally accepted accounting
principles and if the investments of such subsidiaries are managed under the
Buyer's direction. However, such securities were not included if the Buyer is a
majority-owned, consolidated subsidiary of another enterprise and the Buyer is
not itself a reporting company under the Securities Exchange Act of 1934, as
amended.

	 	5.	The Buyer acknowledges that it is familiar with Rule 144A and
understands that the seller to it and other parties related to the Certificate
are relying and will continue to rely on the statements made herein because one
or more sales to the Buyer may be in reliance on Rule 144A.

	 	6.	Until the date of purchase of the Rule 144A Securities, the Buyer
will notify each of the parties to which this certification is made of any
changes in the information and conclusions herein. Until such notice is given,
the Buyer's purchase of the Certificate will constitute a reaffirmation of this
certification as of the date of such purchase. In addition, if the Buyer is a
bank or savings and loan is provided above, the Buyer agrees that it will
furnish to such parties updated annual financial statements promptly after they
become available.

                                         
         

[Print Name of Buyer]

By:                                         
         

      Name:

      Title:

Date:                                        
          

ANNEX 2

QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A

[For Transferees That are Registered Investment Companies]

          The undersigned
(the "Buyer") hereby certifies as follows to the parties listed in the
Rule 144A Transferee Certificate to which this certification relates with
respect to the Certificate described therein:

	 	1.	As indicated below, the undersigned is the President, Chief
Financial Officer or Senior Vice President of the Buyer or, if the Buyer is a
"qualified institutional buyer" as that term is defined in Rule 144A under the
Securities Act of 1933, as amended ("Rule 144A") because Buyer is part of a
Family of Investment Companies (as defined below), is such an officer of the
Adviser.

	 	2.	In connection with purchases by Buyer, the Buyer is a "qualified
institutional buyer" as defined in SEC Rule 144A because (i) the Buyer is an
investment company registered under the Investment Company Act of 1940, as
amended and (ii) as marked below, the Buyer alone, or the Buyer's Family of
Investment Companies, owned at least $100,000,000 in securities (other than the
excluded securities referred to below) as of the end of the Buyer's most recent
fiscal year. For purposes of determining the amount of securities owned by the
Buyer or the Buyer's Family of Investment Companies, the cost of such securities
was used, except (i) where the Buyer or the Buyer's Family of Investment
Companies reports its securities holdings in its financial statements on the
basis of their market value, and (ii) no current information with respect to the
cost of those securities has been published. If clause (ii) in the preceding
sentence applies, the securities may be valued at market.

	 	___	The Buyer owned $_________________ in securities (other than the
excluded securities referred to below) as of the end of the Buyer’s most
recent fiscal year (such amount being calculated in accordance with Rule
144A).

	 	___	The Buyer is part of a Family of Investment Companies which owned
in the aggregate $_______ in securities (other than the excluded securities
referred to below) as of the end of the Buyer's most recent fiscal year (such
amount being calculated in accordance with Rule 144A).

	 	3.	The term "Family of Investment Companies" as used herein
means two or more registered investment companies (or series thereof) that have
the same investment adviser or investment advisers that are affiliated (by
virtue of being majority owned subsidiaries of the same parent or because one
investment adviser is a majority owned subsidiary of the other).

	 	4.	The term "securities" as used herein does not include (i)
securities of issuers that are affiliated with the Buyer or are part of the
Buyer's Family of Investment Companies, (ii) securities issued or guaranteed by
the U.S. or any instrumentality thereof, (iii) bank deposit notes and
certificates of deposit, (iv) loan participations, (v) repurchase agreements,
(vi) securities owned but subject to a repurchase agreement and (vii) currency,
interest rate and commodity swaps.

	 	5.	The Buyer is familiar with Rule 144A and understands that the
parties listed in the Rule 144A Transferee Certificate to which this
certification relates are relying and will continue to rely on the statements
made herein because one or more sales to the Buyer will be in reliance on Rule
144A. In addition, the Buyer will only purchase for the Buyer's own
account.

	 	6.	Until the date of purchase of the Certificate, the undersigned will notify the
parties listed in the Rule 144A Transferee Certificate to which this
certification relates of any changes in the information and conclusions herein.
Until such notice is given, the Buyer's purchase of the Certificate will
constitute a reaffirmation of this certification by the undersigned as of the
date of such purchase.

	 	
                                         
                   

Print Name of Buyer or Adviser

By:                                         
                   

       Name:

       Title:

[IF AN ADVISER:]

                                         
                   

Print Name of Buyer

Date:

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