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

Action by the Certificateholders with Respect to Certain Matters. Trustee shall not have the power, except upon the direction of the Certificateholders, to: (a) remove Manager under the Management Agreement, (b) appoint a successor Manager, (c) remove Servicer under the Pooling and Servicing Agreement or (d) except as expressly provided in the Basic Documents, sell the Trust Estate after the termination of the Indenture. Trustee shall take the actions referred to in the preceding sentence only upon written instructions signed by the Certificateholders.

Action by the Certificateholders with Respect to Certain Matters. The Owner Trustee shall not have the power, except upon the direction of the all Certificateholders, to: to (a) remove Manager under or replace any Servicer, the Management Agreement, Administrator [or the Back-up Administrator] or (b) appoint a successor Manager, (c) remove Servicer under the Pooling and Servicing Agreement or (d) except as expressly provided in the Basic Documents, sell the Trust Estate Financed Student 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 Certificateholders.

Action by the Certificateholders with Respect to Certain Matters. The Owner Trustee shall not have the power, except upon the written direction of the Certificateholders, to: to (a) remove Manager the Administrator under the Management AgreementAdministration Agreement pursuant to Section 10 thereof, (b) appoint a successor ManagerAdministrator pursuant to Section 10(e) of the Administration Agreement, (c) remove the Servicer under the Pooling and Servicing Agreement pursuant to Section 7.1(b) thereof, or (d) except as expressly provided in the Basic Documents, sell the Leases transferred to the Trust Estate pursuant to the Pooling and Servicing Agreement or any interest therein after the termination of the Indenture. Trustee shall take the actions referred to in the preceding sentence only upon written instructions signed by the Certificateholders.