Common use of Formation and Authority Clause in Contracts

Formation and Authority. The Trust is a business trust validly created under the laws of the State of Delaware, and had at all relevant times and has all requisite power and authority under the Trust Agreement to enter into this Agreement and perform its obligations hereunder. The Trust Eligible Lender Trustee is an Ohio banking corporation, duly formed and validly existing under the laws of the State of Ohio, and had at all relevant times and has all requisite power and authority to enter into this Agreement and perform its obligations hereunder. The Trust Eligible Lender Trustee was at all relevant times and is an "eligible lender" under the provisions of the Higher Education Act.

Formation and Authority. The Trust is a business statutory trust validly created under the laws of the State of Delaware, and had at all relevant times and has all requisite power and authority under the Trust Agreement to enter into this Agreement and perform its obligations hereunder. The Trust Eligible Lender Trustee is an Ohio banking corporation, duly formed and validly existing under the laws of the State of Ohio, and had at all relevant times and has all requisite power and authority to enter into this Agreement and perform its obligations hereunder. The Trust Eligible Lender Trustee was at all relevant times and is an "eligible lender" under the provisions of the Higher Education Act.

Formation and Authority. The Trust is a business statutory trust validly created under the laws of the State of Delaware, and had at all relevant times and has all requisite power and authority under the Trust Agreement to enter into this Agreement and perform its obligations hereunder. The Trust Eligible Lender Trustee is an Ohio banking corporation, duly formed and validly existing under the laws of the State of Ohio, and had at all relevant times and has all requisite power and authority to enter into this Agreement and perform its obligations hereunder. The Trust Eligible Lender Trustee was at all relevant times and is an "“eligible lender" ” under the provisions of the Higher Education Act.