Common use of Action by Certificateholder with Respect to Certain Matters Clause in Contracts

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 (with respect to any action affecting the Group II Insured Notes 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 (with respect to any action affecting the Group II Insured Notes and provided that no Securities Insurer Default has occurred and is continuing) with the written consent of the Securities Insurer.

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 (with respect to any action affecting the Group II Insured Notes 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 (with respect to any action affecting the Group II Insured Notes and provided that no Securities Insurer Default has occurred and is continuing) with the written consent of the Securities Insurer.