Common use of ACTIONS BY ELIGIBLE LENDER TRUSTEE Clause in Contracts

ACTIONS BY ELIGIBLE LENDER TRUSTEE. SECTION 4.1 PRIOR NOTICE TO THE HOLDER OF THE EXCESS DISTRIBUTION CERTIFICATE WITH RESPECT TO CERTAIN MATTERS. With respect to the following matters, the Eligible Lender Trustee shall not take action unless at least 30 days before the taking of such action, the Eligible Lender Trustee shall have notified the holder of the Excess Distribution Certificate and each of the Rating Agencies in writing of the proposed action and the holder of the Excess Distribution Certificate shall not have notified the Eligible Lender Trustee in writing prior to the 30th day after such notice is given that it has withheld consent or provided alternative direction: (a) the initiation of any material claim or lawsuit by the Trust (except claims or lawsuits brought in connection with the collection of the Trust 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 Trust Student Loans); (b) the amendment of the Indenture by a supplemental indenture in circumstances where the consent of any class of Noteholders is required; (c) the amendment of the Indenture by a supplemental indenture in circumstances where the consent of any class of Noteholder is not required and such amendment materially adversely affects the interests of the holder of the Excess Distribution Certificate; or (d) the amendment of the Interest Rate Cap Agreement or any Swap Agreement in circumstances where the consent of any class of Noteholders is required or in circumstances where the consent of Noteholders is not required but where such amendment materially adversely affects the interests of the holder of the Excess Distribution Certificate.

ACTIONS BY ELIGIBLE LENDER TRUSTEE. SECTION 4.1 PRIOR NOTICE TO THE HOLDER OF THE EXCESS DISTRIBUTION CERTIFICATE WITH RESPECT TO CERTAIN MATTERS4.01. Prior Notice to Certificateholders with Respect to -------------------------------------------------- Certain Matters. With respect to the following matters, the Eligible Lender --------------- Trustee shall not take action unless at least 30 days before the taking of such action, the Eligible Lender Trustee shall have notified the holder of the Excess Distribution Certificate Certificateholders and each of the Rating Agencies in writing of the proposed action and the holder of the Excess Distribution Certificate Certificateholders shall not have notified the Eligible Lender Trustee in writing prior to the 30th day after such notice is given that it has such Certificateholders have withheld consent or provided alternative direction: (a) the initiation of any material claim or lawsuit by the Trust (except claims or lawsuits brought in connection with the collection of the Trust Financed 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 Trust Financed Student Loans); (b) the election by the Trust to file an amendment to the Certificate of the Indenture by a supplemental indenture in circumstances where the consent of any class of Noteholders is requiredTrust; (c) the amendment of the Indenture by a supplemental indenture in circumstances where the consent of any class Noteholder is required; (d) the amendment of the Indenture by a supplemental indenture in circumstances where the consent of any Noteholder is not required and such amendment materially adversely affects the interest of the Certificateholders; (e) the amendment, change or modification of the Administration Agreement, except to cure any ambiguity or in connection with a transaction permitted by Section 25 thereof or to amend or supplement any provision in a manner or add any provision that would not materially adversely affect the interests of the holder of the Excess Distribution CertificateCertificateholders; or (df) the amendment appointment pursuant to the Indenture of the Interest Rate Cap a successor Note Registrar, Paying Agent or Indenture Trustee or pursuant to this Agreement of a successor Certificate Paying Agent or any Swap Agreement in circumstances where Certificate Registrar, or the consent to the assignment by the Note Registrar, Paying Agent or Indenture Trustee or Certificate Paying Agent or Certificate Registrar of any class of Noteholders is required its obligations under the Indenture or in circumstances where the consent of Noteholders is not required but where such amendment materially adversely affects the interests of the holder of the Excess Distribution Certificatethis Agreement, as applicable.

ACTIONS BY ELIGIBLE LENDER TRUSTEE. SECTION 4.1 PRIOR NOTICE TO THE HOLDER OF THE EXCESS DISTRIBUTION CERTIFICATE WITH RESPECT TO CERTAIN MATTERSPrior Notice to the Holder of the Excess Distribution Certificate With Respect to Certain Matters. With respect to the following matters, the Eligible Lender Trustee shall not take action unless at least 30 days before the taking of such action, the Eligible Lender Trustee shall have notified the holder of the Excess Distribution Certificate and each of the Rating Agencies in writing of the proposed action and the holder of the Excess Distribution Certificate shall not have notified the Eligible Lender Trustee in writing prior to the 30th day after such notice is given that it has withheld consent or provided alternative direction: (a) the initiation of any material claim or lawsuit by the Trust (except claims or lawsuits brought in connection with the collection of the Trust 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 Trust Student Loans); (b) the amendment of the Indenture by a supplemental indenture in circumstances where the consent of any class of Noteholders is required; (c) the amendment of the Indenture by a supplemental indenture in circumstances where the consent of any class of Noteholder is not required and such amendment materially adversely affects the interests interest of the holder of the Excess Distribution Certificate; or (d) the amendment of the Interest Rate Cap Agreement or any Swap Agreement in circumstances where the consent of any class of Noteholders is required or in circumstances where the consent of Noteholders is not required but where such amendment materially adversely affects the interests interest of the holder of the Excess Distribution Certificate.

ACTIONS BY ELIGIBLE LENDER TRUSTEE. SECTION 4.1 PRIOR NOTICE TO THE HOLDER OF THE EXCESS DISTRIBUTION CERTIFICATE WITH RESPECT TO CERTAIN MATTERSPrior Notice to the Holder of the Excess Distribution Certificate With Respect to Certain Matters. With respect to the following matters, the Eligible Lender Trustee shall not take action unless at least 30 days before the taking of such action, the Eligible Lender Trustee shall have notified the holder of the Excess Distribution Certificate and each of the Rating Agencies in writing of the proposed action and the holder of the Excess Distribution Certificate shall not have notified the Eligible Lender Trustee in writing prior to the 30th day after such notice is given that it has withheld consent or provided alternative direction: (a) the initiation of any material claim or lawsuit by the Trust (except claims or lawsuits brought in connection with the collection of the Trust 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 Trust Student Loans); (b) the amendment of the Indenture by a supplemental indenture in circumstances where the consent of any class of Noteholders is required; (c) the amendment of the Indenture by a supplemental indenture in circumstances where the consent of any class of Noteholder is not required and such amendment materially adversely affects the interests interest of the holder of the Excess Distribution Certificate; or (d) the amendment of the Interest Rate Cap Agreement or any Swap Agreement in circumstances where the consent of any class of Noteholders is required or in circumstances where the consent of Noteholders is not required but where such amendment materially adversely affects the interests interest of the holder of the Excess Distribution Certificate.