Common use of Qualifications of Eligible Lender Trustee and Successor to the Eligible Lender Trustee Clause in Contracts

Qualifications of Eligible Lender Trustee and Successor to the Eligible Lender Trustee. The Eligible Lender Trustee, and any successor to the Eligible Lender Trustee, shall at all times during which it holds legal title to the Trust Student Loans comprising the Portfolio maintain (a) eligible lender status under the Act; (b) an eligible lender identification number, as eligible lender trustee for the Grantor, issued by the Secretary of Education; (c) at the written direction of the Grantor, all Guarantee Agreements with all Guarantors on loans as to which it holds legal title in its capacity as Eligible Lender Trustee hereunder; and (d) all corporate powers and governmental licenses, authorizations, consents, and approvals required for it to act as Eligible Lender Trustee and hold legal title to the Trust Student Loans comprising the Portfolio.