Common use of Restrictions on Certificateholders’ Power Clause in Contracts

Restrictions on Certificateholders’ Power. The holder of the Trust Certificate or (provided that no Securities Insurer Default has occurred and is continuing) the Securities Insurer shall not direct the Eligible Lender Trustee to take or refrain from taking any action if such action or inaction would be contrary to any obligations of the Trust or the Eligible Lender Trustee under the Higher Education Act or this Trust Agreement or any of the other Basic Documents or would be contrary to Section 2.03 nor shall the Eligible Lender Trustee be permitted to follow any such direction, if given.

Restrictions on Certificateholders’ Power. The holder of the Trust Certificate or (with respect to any action affecting the Group II Insured Notes and provided that no Securities Insurer Default has occurred and is continuing) the Securities Insurer shall not direct the Eligible Lender Trustee to take or refrain from taking any action if such action or inaction would be contrary to any obligations of the Trust or the Eligible Lender Trustee under the Higher Education Act or this Trust Agreement or any of the other Basic Documents or would be contrary to Section 2.03 nor shall the Eligible Lender Trustee be permitted to follow any such direction, if given.

Restrictions on Certificateholders’ Power. The holder of the Trust Certificate or (with respect to any action affecting the Group II Notes and provided that no Securities Insurer Default has occurred and is continuing) the Securities Insurer shall not direct the Eligible Lender Trustee to take or refrain from taking any action if such action or inaction would be contrary to any obligations of the Trust or the Eligible Lender Trustee under the Higher Education Act or this Trust Agreement or any of the other Basic Documents or would be contrary to Section 2.03 nor shall the Eligible Lender Trustee be permitted to follow any such direction, if given.