We analyze an entanglement-based quantum key distribution (QKD) architecture that uses a linear chain of quantum repeaters employing photon-pair sources, spectral-multiplexing, linear-optic Bell-state measurements, multi-mode quantum memories and classical-only error correction. Assuming perfect sources, we find an exact expression for the secret-key rate, and an analytical description of how errors propagate through the repeater chain, as a function of various loss and noise parameters of the devices. We show via an explicit analytical calculation, which separately addresses the effects of the principle non-idealities, that this scheme achieves a secret key rate that surpasses the TGW bound-a recently-found fundamental limit to the rate-vs.-loss scaling achievable by any QKD protocol over a direct optical link-thereby providing one of the first rigorous proofs of the efficacy of a repeater protocol. We explicitly calculate the end-to-end shared noisy quantum state generated by the repeater chain, which could be useful for analyzing the performance of other non-QKD quantum protocols that require establishing long-distance entanglement. We evaluate that shared state's fidelity and the achievable entanglement distillation rate, as a function of the number of repeater nodes, total range, and various loss and noise parameters of the system. We extend our theoretical analysis to encompass sources with non-zero two-pair-emission probability, using an efficient exact numerical evaluation of the quantum state propagation and measurements. We expect our results to spur formal rate-loss analysis of other repeater protocols, and also to provide useful abstractions to seed analyses of quantum networks of complex topologies.Shared entanglement underlies many quantum information protocols such as quantum key distribution (QKD) [1], teleportation [2] and dense coding [3], and is a fundamental information resource that can boost reliable classical and quantum communication rates over noisy quantum channels [4,5]. Optical photons are arguably the only candidate for distributing entanglement across long distances. They however are susceptible to loss and noise in the channel, which is the bane of practical realizations of long-distance quantum communication. The maximum entanglement-generation rate over a lossy optical channel with no classical-communication assistance is zero when the total loss exceeds 3 dB [6]. With two-way classical-communication assistance, the rates achievable for entanglement generation, as well as those for reliable quantum communication and secretkey generation (i.e., QKD) over a lossy optical channel must decay linearly with the channel's transmittance (i.e., exponentially with optical fiber length), regardless of the specific protocol used, for loss exceeding ∼ 5 dB [7], while the rate plunges to zero at a maximum loss threshold that is determined by the excess noise in the channel and detectors. In order to generate entanglement over long distances at high rates, intermediate nodes equipped with quant...