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.
Appears in 2 contracts
Samples: Trust Agreement (Keycorp Student Loan Trust 2003-A), Trust Agreement (Key Bank Usa National Association)
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.
Appears in 2 contracts
Samples: Trust Agreement (Keycorp Student Loan Trust 2002-A), Trust Agreement (Keycorp Student Loan Trust 2001-A)
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.
Appears in 2 contracts
Samples: Trust Agreement (Keycorp Student Loan Trust 2000-B), Trust Agreement (Keycorp Student Loan Trust 2000-A)
