Common use of Security Interest Granted Under the Indenture Clause in Contracts

Security Interest Granted Under the Indenture. The Indenture creates a valid and continuing security interest in the Financed Student Loans in favor of the Indenture Trustee on behalf of the Noteholders, which security interest is prior to all other Liens, and is enforceable as such against creditors and purchasers of the Issuer.