Common use of Prior Notice to Certificateholders with Respect to Certain Matters Clause in Contracts

Prior Notice to Certificateholders with Respect to Certain Matters. With respect to the following matters, the Owner Trustee shall not take action on behalf of the Issuer or the Certificateholders unless at least 10 days before the taking of such action (or such shorter period as shall be agreed to in writing by all Certificateholders), the Owner Trustee shall have notified the Certificateholders in writing of the proposed action and none of the Certificateholders shall have notified the Owner Trustee in writing prior to the 10th day (or such agreed upon shorter period) after such notice is given that such Certificateholders have withheld consent or provided alternative direction: (a) the initiation of any claim or lawsuit by the Trust (except claims or lawsuits brought in connection with the collection of the Receivables) and the compromise of any action, claim or lawsuit brought by or against the Trust (except with respect to the aforementioned claims or lawsuits for collection of the Receivables); (b) the election by the Trust to file an amendment to the Certificate of Trust (unless such amendment is required to be filed under the Statutory Trust Act);

Prior Notice to Certificateholders with Respect to Certain Matters. With respect to the following matters, the Owner Trustee shall not take action on behalf of the Issuer or the Certificateholders unless at least 10 30 days before the taking of such action (or such shorter period as shall be agreed to in writing by all Certificateholders), the Owner Trustee shall have notified the Certificateholders in writing of the proposed action and none of the Certificateholders shall have notified the Owner Trustee in writing prior to the 10th 30th day (or such agreed upon shorter period) after such notice is given that such Certificateholders have withheld consent or provided alternative direction: (a) the initiation of any claim or lawsuit by the Trust (except claims or lawsuits brought in connection with the collection of the Receivables) and the compromise of any action, claim or lawsuit brought by or against the Trust (except with respect to the aforementioned claims or lawsuits for collection of the Receivables); (b) the election by the Trust to file an amendment to the Certificate of Trust (unless such amendment is required to be filed under the Statutory Trust Act);

Prior Notice to Certificateholders with Respect to Certain Matters. With respect to the following matters, the Owner Eligible Lender Trustee shall not take action on behalf of the Issuer or the Certificateholders unless at least 10 30 days before the taking of such action (or such shorter period as shall be agreed to in writing by all Certificateholders), the Owner Eligible Lender Trustee shall have notified the Certificateholders in writing of the proposed action and none of the Certificateholders Majority Certificateholder shall not have notified the Owner Eligible Lender Trustee in writing prior to the 10th 30th day (or such agreed upon shorter period) after such notice is given that such Certificateholders have the Majority Certificateholder has withheld consent or provided alternative directionconsent: (a) the initiation of any material claim or lawsuit by the Trust (except claims or lawsuits brought in connection with the collection of the ReceivablesFinanced 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 the ReceivablesFinanced Student Loans); (b) the election amendment of the Indenture or the Terms Supplement by a supplemental indenture; (c) the amendment, change or modification of the Administration Agreement; or (d) the appointment pursuant to the Indenture or the Terms Supplement of a successor Note Registrar or Indenture Trustee or pursuant to this Agreement of a successor Certificate Registrar or Certificate Paying Agent, or the consent to the assignment by the Trust to file an amendment to the Note Registrar, Certificate Paying Agent or Indenture Trustee or Certificate Registrar of Trust (unless such amendment is required to be filed its obligations under the Statutory Trust Act);Indenture or this Agreement, as applicable.

Prior Notice to Certificateholders with Respect to Certain Matters. (a) With respect to the following matters, the Owner Trustee shall not take action on behalf of the Issuer or action, and the Certificateholders shall not direct the Owner Trustee to take any action, unless at least 10 30 days before the taking of such action (or such shorter period as shall be agreed to in writing by all Certificateholders)action, the Owner Trustee shall have notified the Certificateholders and the Initial Class A Certificateholder in writing of the proposed action and none of the Majority Certificateholders shall not have notified the Owner Trustee in writing prior to the 10th 30th day (or such agreed upon shorter period) after such notice is given that such Certificateholders have withheld consent or the Certificateholders have provided alternative direction: (ai) the initiation of any claim or lawsuit by the Trust (except claims or lawsuits brought in connection with the collection of the ReceivablesLoans) and the compromise of any action, claim or lawsuit brought by or against the Trust (except with respect to the aforementioned claims or lawsuits for collection of the ReceivablesLoans); (bii) the election by the Trust to file an amendment to the Certificate of Trust (unless such amendment is required to be filed under the Statutory Business Trust ActStatute); (iii) the amendment or other change to this Agreement or any Basic Document in circumstances where the consent of any Certificateholder is required; (iv) the amendment or other change to this Agreement or any Basic Document in circumstances where the consent of any Certificateholder is not required and such amendment materially adversely affects the interest of the Certificateholders; (v) the appointment of a successor Certificate Registrar or Payment Agent;

Prior Notice to Certificateholders with Respect to Certain Matters. With respect to the following matters, the Owner Eligible Lender Trustee shall not take action on behalf of the Issuer or the Certificateholders unless at least 10 30 days before the taking of such action (or such shorter period as shall be agreed to in writing by all Certificateholders), the Owner Eligible Lender Trustee shall have notified the Certificateholders in writing of the proposed action and none of the Certificateholders Majority Certificateholder shall not have notified the Owner Eligible Lender Trustee in writing prior to the 10th 30th day (or such agreed upon shorter period) after such notice is given that such Certificateholders have the Majority Certificateholder has withheld consent or provided alternative directionconsent: (a) the initiation of any material claim or lawsuit by the Trust (except claims or lawsuits brought in connection with the collection of the ReceivablesFinanced 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 the ReceivablesFinanced Student Loans); (b) the election amendment of the Indenture or the Terms Supplement by a supplemental indenture; (c) the consent to any amendment of the Sales Agreement or Transfer and Servicing Agreement; or (d) the appointment pursuant to the Indenture or the Terms Supplement of a successor Note Registrar or Indenture Trustee or pursuant to this Agreement of a successor Certificate Registrar or Certificate Paying Agent, or the consent to the assignment by the Trust to file an amendment to the Note Registrar, Certificate Paying Agent or Indenture Trustee or Certificate Registrar of Trust (unless such amendment is required to be filed its obligations under the Statutory Trust Act);Indenture or this Agreement, as applicable.

Prior Notice to Certificateholders with Respect to Certain Matters. With respect to the following matters, the Owner Eligible Lender Trustee shall not take action on behalf of the Issuer or the Certificateholders unless at least 10 30 days before the taking of such action (or such shorter period as shall be agreed to in writing by all Certificateholders), the Owner Eligible Lender Trustee shall have notified the Certificateholders in writing of the proposed action and none of the Certificateholders Majority Certificateholder shall not have notified the Owner Eligible Lender Trustee in writing prior to the 10th 30th day (or such agreed upon shorter period) after such notice is given that such Certificateholders have the Majority Certificateholder has withheld consent or provided alternative directionconsent: (a) the initiation of any material claim or lawsuit by the Trust (except claims or lawsuits brought in connection with the collection of the ReceivablesFinanced 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 the ReceivablesFinanced Student Loans); (b) the election amendment of the Indenture or a Terms Supplement by a supplemental indenture; (c) the amendment, change or modification of the Administration Agreement; or (d) the appointment pursuant to the Indenture or a Terms Supplement of a successor Note Registrar or Indenture Trustee or pursuant to this Agreement of a successor Certificate Registrar or Certificate Paying Agent, or the consent to the assignment by the Trust to file an amendment to the Note Registrar, Certificate Paying Agent or Indenture Trustee or Certificate Registrar of Trust (unless such amendment is required to be filed its obligations under the Statutory Trust Act);Indenture or this Agreement, as applicable.