Action by Certificateholder with Respect to Certain Matters. The Owner Trustee shall not have the power, except upon the direction of the Certificateholder in accordance with the Basic Documents, to (a) remove the Servicer under the Sale and Servicing Agreement pursuant to Section 9.2 thereof or (b) except as expressly provided in the Basic Documents, sell the Receivables after the termination of the Indenture. The Owner Trustee shall take the actions referred to in the preceding sentence only upon written instructions signed by the Certificateholder and the furnishing of indemnification satisfactory to the Owner Trustee by the Certificateholder.
Action by Certificateholder with Respect to Certain Matters. The Owner Trustee may not (i) pursuant to Article Eight of the Servicing Agreement, remove the Servicer or appoint a successor Servicer or (ii) remove the Administrator pursuant to clause (b) or (c) of Section 1.09 of the 2016-B Administration Agreement unless the Certificateholder directs the Owner Trustee to take such action (a) upon the occurrence of the termination of the Servicer pursuant to Sections 8.01 or 8.03 of the Servicing Agreement or (b) subsequent to the payment in full of the Notes and in accordance with the direction of the Certificateholders.
Action by Certificateholder with Respect to Certain Matters. The Owner Trustee shall not have the power, except upon the direction of the Certificateholder, to (a) remove the Servicer under the Servicing Agreement pursuant to Sections 7.01 and 8.05 thereof or (b) except as expressly provided in the Basic Documents, sell the Loans after the termination of the Indenture. The Owner Trustee shall take the actions referred to in the preceding sentence only upon written instructions signed by the Certificateholder.
Action by Certificateholder with Respect to Certain Matters. The Owner Trustee shall not have the power, except upon the direction of the Controlling Party or, after the Class A Notes and Reimbursement Obligations have been paid and full and the expiration of the Policy in accordance with its terms, the Certificateholder in accordance with the Basic Documents, to (a) remove the Servicer under the Sale and Servicing Agreement pursuant to Section 9.1 thereof or (b) except as expressly provided in the Basic Documents, sell the Receivables after the termination of the Indenture. The Owner Trustee shall take the actions referred to in the preceding sentence only upon written instructions signed by the Controlling Party or the Certificateholder, as applicable and the furnishing of indemnification satisfactory to the Owner Trustee by the Certificateholder. To the fullest extent permitted by applicable law, the Owner Trustee shall not have the power to, and shall not, commence any proceeding or other actions contemplated by Section 2.10 (b).
Action by Certificateholder with Respect to Certain Matters. The Owner Trustee shall not have the power, except upon the direction of the Certificateholders, to (a) except as expressly provided in the Transaction Documents, sell the Collateral after the termination of the Indenture in accordance with its terms, (b) remove the Administrator under the Administration Agreement pursuant to Section 8 thereof or (c) appoint a successor Administrator under the Administration Agreement pursuant to Section 8 thereof. The Owner Trustee shall take the actions referred to in the preceding sentence only upon written instructions signed by the Certificateholders holding in the aggregate more than 50% of the beneficial interest in the Issuer at the time of such action.
Action by Certificateholder with Respect to Certain Matters. The Owner Trustee (and, with respect to legal title of the Financed Student Loans, the Eligible Lender Trustee) shall not have the power, except upon the direction of the holder of the Trust Certificate and as expressly provided in the Basic Documents, to sell the Financed Student Loans after the termination of the Indenture. The Owner Trustee (and, with respect to legal title of the Financed Student Loans, 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.
Action by Certificateholder with Respect to Certain Matters. The Owner Trustee shall not have the power, except upon the written direction of the Certificateholder, to (a) remove the Administrator under the Administration Agreement pursuant to Section 10 thereof, (b) appoint a successor Administrator pursuant to Section 10 of the Administration Agreement, (c) remove the Servicer under the Trust Sale and Servicing Agreement pursuant to Section 8.2 thereof or (d) except as expressly provided in the Basic Documents, sell the Receivables transferred to the Trust pursuant to the Trust Sale and Servicing Agreement or any interest therein after the termination of the Indenture. The Owner Trustee shall take the actions referred to in the preceding sentence only upon the affirmative vote of, or a written consent signed by, the holders of a majority of the Voting Interests upon at least 30 days (or such shorter period as shall be consented to by the Certificateholder) prior notice thereof.
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 (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.
Action by Certificateholder with Respect to Certain Matters. The Owner Trustee shall not have the power, except upon the direction of the Insurer or, (i) in the event that an Insurer Default shall have occurred and be continuing or (ii) the Class A Notes are no longer outstanding, all amounts owing to the Insurer have been paid to it and the term of the Class A Note Policy has expired, the Security Majority in accordance with the Basic Documents, to (a) remove the Servicer under the Sale and Servicing Agreement or (b) except as expressly provided in the Basic Documents, sell the Receivables after the termination of the Indenture. The Owner Trustee shall take the actions referred to in the preceding sentence only upon written instructions signed by the Insurer or the Security Majority, as the case may be, and the furnishing of indemnification satisfactory to the Owner Trustee by the Certificateholder.
