Common use of Security Interest of Lender Clause in Contracts

Security Interest of Lender. To induce Lender to make the Loans, and as security for all Obligations, Borrower (and Borrower ELT in its capacity as title holder to the Student Loans that are part of the Collateral) hereby assigns to Lender as collateral and grants to Lender a continuing first priority pledge and security interest in the following property of Borrower (the "Collateral"), whether now owned or existing or hereafter acquired or arising and regardless of where it is located: (a) all of Borrower's and the Borrower ELT's right, title and interest in each Student Loan owned by Borrower, including all instruments, chattel paper, documents, securities, money, cash, promissory notes, loan applications and cash proceeds and payments related thereto but excluding any such Student Loan and the instruments, chattel paper, documents, securities, money, cash, promissory note, loan application and proceeds relating thereto, that is sold and transferred to Grad Partners Premier, LLC (and Fifth Third Bank as eligible lender trustee on its behalf). (b) all of Borrower's right, title and interest in each Loan and Security Agreement listed on Exhibit A attached hereto as such exhibit may be amended from time to time. (c) all proceeds and products of Collateral and all additions and accessions to, replacements of, insurance or condemnation proceeds of, and documents covering Collateral.

Security Interest of Lender. To induce Lender to make the Loans, --------------------------- and as security for all Obligations, Borrower (and Borrower ELT in its capacity as title holder to the Student Loans that are part of the Collateral) hereby assigns to Lender as collateral and grants to Lender a continuing first priority pledge and security interest in the following property of Borrower (the "Collateral"), whether now ---------- owned or existing or hereafter acquired or arising and regardless of where it is located: (a) all of Borrower's and the Borrower ELT's right, title and interest in each Student Loan owned by Borrower, including all instruments, chattel paper, documents, securities, money, cash, promissory notes, loan applications and cash proceeds and payments related thereto but excluding any such Student Loan and the instruments, chattel paper, documents, securities, money, cash, promissory note, loan application and proceeds relating thereto, that is sold and transferred to Grad Partners Premier, LLC (and Fifth Third Bank as eligible lender trustee on its behalf). (b) all of Borrower's right, title and interest in each Loan and Security Agreement listed on Exhibit A attached hereto as such exhibit may be --------- amended from time to time. (c) all proceeds and products of Collateral and all additions and accessions to, replacements of, insurance or condemnation proceeds of, and documents covering Collateral.