Common use of Sale of Eligible Loans Clause in Contracts

Sale of Eligible Loans. At the written direction of the Issuer (so long as the Issuer certifies no Event of Default exists under the Indenture), or if an Event of Default exists under the Indenture as directed by the Indenture Trustee, the Eligible Lender Trustee shall sell Financed Eligible Loans to designated purchasers. The Issuer covenants that in the event it intends to direct the sale of Financed Eligible Loans, it shall give written notice thereof to the Eligible Lender Trustee not later than five Business Days prior to the proposed sale. The Financed Eligible Loans shall not be sold to any Person unless such Person is an Eligible Lender.