Common use of Actions by Trustee Clause in Contracts

Actions by Trustee. Section 4.01. Prior Notice to the Holder of the Excess Distribution Certificate With Respect to Certain Matters. With respect to the following matters, the Trustee shall not take action unless at least 30 days before the taking of such action, the 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 shall not have notified the 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 interest of the holder of the Excess Distribution Certificate; or (d) the amendment of a Swap Agreement or the Interest Rate Cap 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 interest of the holder of the Excess Distribution Certificate.

Actions by Trustee. Section 4.01. Prior Notice to the Holder of the Excess Distribution Certificate With Respect to Certain Matters. With respect to the following matters, the Trustee shall not take action unless at least 30 days before the taking of such action, the 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 shall not have notified the 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 interest of the holder of the Excess Distribution Certificate; or (d) the amendment of a the Swap Agreement or the an Interest Rate Cap 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 interest of the holder of the Excess Distribution Certificate.

Actions by Trustee. Section 4.01SECTION 4.1. Prior Notice to the Holder of the Excess Distribution Certificate With Respect to Certain MattersPRIOR NOTICE TO CERTIFICATEHOLDERS WITH RESPECT TO CERTAIN MATTERS. With respect to the following matters, the Trustee shall not take action unless unless, at least 30 days before the taking of such action, the Trustee shall have notified the holder of the Excess Distribution Certificate and each of the Rating Agencies Certificateholders in writing of the proposed action and the holder Certificateholders shall not have notified the Trustee in writing prior to the 30th day after such notice is given that it has such Certificateholders have withheld consent or shall not have 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 LoansReceivables) 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 LoansReceivables); (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 in circumstances where the consent of any Noteholder is not required and such amendment materially adversely affects the interest of the holder Certificateholders; (e) the amendment, change or modification of the Excess Distribution CertificateAdministration Agreement, except to cure any ambiguity or to amend or supplement any provision in a manner, or add any provision, that would not materially adversely affect the interests of the Certificateholders; or (df) the amendment appointment pursuant to the Indenture of a Swap successor Note Registrar, Paying Agent or Indenture Trustee, or pursuant to this Agreement of a successor Certificate Registrar, or the Interest Rate Cap Agreement in circumstances where consent to the consent assignment by the Note Registrar, Paying Agent or Indenture Trustee 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 interest of the holder of the Excess Distribution Certificatethis Agreement, as applicable.

Actions by Trustee. Section 4.01. Prior Notice to the Holder of the Excess Distribution Certificate With Respect to Certain Matters. With respect to the following matters, the Trustee shall not take action unless at least 30 days before the taking of such action, the 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 shall not have notified the 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 interest of the holder of the Excess Distribution Certificate; or (d) the amendment of a the Swap Agreement or the Interest Rate Cap 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 interest of the holder of the Excess Distribution Certificate.