Common use of Security Interest of Indenture Trustee Clause in Contracts

Security Interest of Indenture Trustee. (a) ELSC acknowledges and agrees that all or a portion of the right, title and interest of the Trust, the Eligible Lender Trustee and the Master Servicer under this Agreement, and of the Trust and the Eligible Lender Trustee under the Financed Student Loans serviced hereunder, have been or may be assigned to the Indenture Trustee for the benefit of the Noteholders and other secured parties (collectively, the “Secured Parties”) pursuant to the Indenture and ELSC consents to such assignment and shall hold all original promissory notes evidencing such Financed Student Loans and related documentation as bailee on behalf of the Indenture Trustee as holder of a security interest in such Financed Student Loans under the terms and conditions of the Indenture. (b) In order for the Master Servicer to direct ELSC to transfer any such Financed Student Loan from the account of the Lender (to the Secured Parties, another secondary market authority, an eligible lender, another indenture account of the Lender or the Master Servicer, or a successor servicer, pursuant to the Indenture or otherwise), ELSC must first receive a Request to Transfer Student Loans form which shall not be valid without the signature of the Indenture Trustee. (c) The security interest of the Secured Parties and the provisions of this Section 22 shall not be amended or revoked without the written consent of the Indenture Trustee. (d) ELSC hereby acknowledges and agrees that the security interest of the Secured Parties in the Financed Student Loans under the Indenture, shall be and is hereby prior to any lien ELSC may have in such Financed Student Loans (other than its fees due hereunder), and ELSC agrees to execute and deliver to the Indenture Trustee all financing statements, notices and other instruments reasonably requested in connection with this Agreement by the Indenture Trustee. (e) Each of the parties hereto acknowledges and agrees that the Indenture Trustee and the other Secured Parties are express third party beneficiaries of the rights of the Lender and the Master Servicer arising hereunder. ELSC acknowledges that upon the occurrence of certain events of default under the Indenture pursuant to which Financed Student Loans are financed, the Indenture Trustee shall have the right to exercise the termination rights of the Master Servicer set forth in Section 13. Notwithstanding anything in this Section 23 to the contrary, ELSC shall, within a reasonable time frame after receipt of a written request by the Indenture Trustee, release any and all Financed Student Loans to the Indenture Trustee.

Appears in 4 contracts

Samples: Student Loan Origination and Servicing Agreement, Student Loan Origination and Servicing Agreement (Education Capital I LLC), Student Loan Origination and Servicing Agreement (Education Funding Capital Trust-Iv)

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Security Interest of Indenture Trustee. (a) ELSC Great Lakes acknowledges and agrees that all or a portion of the right, title and interest of the Trust, the Eligible Lender Trustee Trust and the Master Servicer under this Agreement, and of the Trust Agreement and the Eligible Lender Trustee under the Financed Student Loans serviced hereunder, hereunder have been or may be assigned to the Indenture Trustee for the benefit of the Noteholders and the other secured parties (collectively, the A Secured Parties”Parties ) pursuant to the Indenture and ELSC consents to such assignment and that Great Lakes shall hold all original promissory notes evidencing such Financed Student Loans and related documentation as bailee on behalf of the Indenture Trustee as holder of a security interest in such Financed Student Loans under the terms and conditions of the Indenture. (b) In order for the Master Servicer to direct ELSC Great Lakes to transfer any such Financed Student Loan from the account of the Lender (to the Secured Parties, another secondary market authority, an eligible lender, another indenture account of the Lender or the Master Servicer, or a successor servicer, pursuant to the Indenture or otherwise), ELSC Great Lakes must first receive a Request to Transfer Student Loans form which shall not be valid without the signature of the Indenture Trustee. (c) The security interest of the Secured Parties and the provisions of this Section 22 23, shall not be amended or revoked without the written consent of the Indenture Trustee. (d) ELSC Great Lakes hereby acknowledges and agrees that the security interest of the Secured Parties in the Financed Student Loans under the Indenture, shall be and is hereby prior to any lien ELSC Great Lakes may have in such Financed Student Loans (other than its fees due hereunder), and ELSC Great Lakes agrees to execute and deliver to the Indenture Trustee all financing statements, notices and other instruments reasonably requested in connection with this Agreement by the Indenture Trustee. (e) Each of the parties hereto acknowledges and agrees that the Indenture Trustee and the other Secured Parties are express third party beneficiaries of the rights of the Lender and the Master Servicer arising hereunder. ELSC Great Lakes acknowledges that upon the occurrence of certain events of default under the Indenture (each a "Default") pursuant to which Financed Student Loans are financed, the Indenture Trustee shall have the right to exercise the termination rights of the Master Servicer set forth in Section 13. Notwithstanding anything in this Section 23 to the contrary, ELSC Great Lakes shall, within a reasonable time frame after receipt of a written request by the Indenture Trustee, release any and all Financed Student Loans to the Indenture Trustee.

Appears in 1 contract

Samples: Student Loan Origination and Servicing Agreement (Education Funding Capital Trust I)

Security Interest of Indenture Trustee. (a) ELSC acknowledges and agrees that all or a portion of the right, title and interest of the Trust, the Eligible Lender Trustee and the Master Servicer under this Agreement, and of the Trust and the Eligible Lender Trustee under the Financed Student Loans serviced hereunder, have been or may be assigned to the Indenture Trustee for the benefit of the Noteholders and other secured parties (collectively, the “Secured Parties”) pursuant to the Indenture and ELSC consents to such assignment and shall hold all original promissory notes evidencing such Financed Student Loans and related documentation as bailee on behalf of the Indenture Trustee as holder of a security interest in such Financed Student Loans under the terms and conditions of the Indenture. (b) In order for the Master Servicer to direct ELSC to transfer any such Financed Student Loan from the account of the Lender (to the Secured Parties, another secondary market authority, an eligible lender, another indenture account of the Lender or the Master Servicer, or a successor servicer, pursuant to the Indenture or otherwise), ELSC must first receive a Request to Transfer Student Loans form which shall not be valid without the signature of the Indenture Trustee. (c) The security interest of the Secured Parties and the provisions of this Section 22 shall not be amended or revoked without the written consent of the Indenture Trustee. (d) ELSC hereby acknowledges and agrees that the security interest of the Secured Parties in the Financed Student Loans under the Indenture, shall be and is hereby prior to any lien ELSC may have in such Financed Student Loans (other than its fees due hereunder), and ELSC agrees to execute and deliver to the Indenture Trustee all financing statements, notices and other instruments reasonably requested in connection with this Agreement by the Indenture Trustee. (e) Each of the parties hereto acknowledges and agrees that the Indenture Trustee and the other Secured Parties are express third party beneficiaries of the rights of the Lender and the Master Servicer arising hereunder. ELSC acknowledges that upon the occurrence of certain events of default under the Indenture (each a “Default”) pursuant to which Financed Student Loans are financed, the Indenture Trustee shall have the right to exercise the termination rights of the Master Servicer set forth in Section 13. Notwithstanding anything in this Section 23 to the contrary, ELSC shall, within a reasonable time frame after receipt of a written request by the Indenture Trustee, release any and all Financed Student Loans to the Indenture Trustee.

Appears in 1 contract

Samples: Student Loan Origination and Servicing Agreement (CIT Education Loan Trust 2005-1)

Security Interest of Indenture Trustee. (a) ELSC A. ACS acknowledges and agrees that all or a portion of the right, title and interest of the Trust, the Eligible Lender Trustee and the Master Servicer LENDER under this Agreement, and of the Trust Agreement and the Eligible Lender Trustee under the Financed Student Loans Accounts serviced hereunder, have been or hereunder may be assigned to the Indenture Trustee for or the benefit of the Noteholders and other secured parties (collectively, the "Secured Parties") pursuant to an indenture of trust or other security agreement (the Indenture "Indenture") and ELSC consents that, if the original promissory notes are delivered to such assignment and ACS, ACS shall hold all such original promissory notes evidencing the student loans within such Financed Student Loans Accounts and related documentation as bailee on behalf of the Indenture Trustee as holder of a security interest in such Financed Student Loans student loans under the terms and conditions of the Indenture. (b) B. LENDER shall advise ACS in writing of the particular Indenture Trustee to which the Accounts have been assigned, if any, prior to the assignment becoming effective. C. In order for the Master Servicer LENDER to direct ELSC ACS to transfer any such Financed Student Loan Account from the account of the Lender LENDER (to the Secured Parties, another secondary market authority, an eligible lender, another indenture account of the Lender or the Master ServicerLENDER, or a successor servicer, pursuant to the Indenture or otherwise), ELSC ACS must first receive a Request to Transfer Student Loans form which shall not be valid without the signature of the Indenture Trustee. (c) D. The security interest of the Secured Parties and the provisions of this Section 22 15, shall not be amended or revoked without the written consent of the Indenture Trustee. (d) ELSC E. ACS hereby acknowledges and agrees that the security interest of the Secured Parties in the Financed Student Loans under the Indenture, Indenture shall be and is hereby prior to any lien ELSC ACS may have in such Financed Student Loans (other than its fees due hereunder), and ELSC ACS agrees to execute and deliver to the Indenture Trustee all financing statements, notices and other instruments reasonably requested in connection with this Agreement by the Indenture Trustee. (e) Each of the parties hereto acknowledges and agrees that the Indenture Trustee and the other Secured Parties are express third party beneficiaries of the rights of the Lender and the Master Servicer arising hereunder. ELSC F. ACS acknowledges that upon the occurrence of certain events of default under the Indenture pursuant to which Financed Student Loans are financed, the Indenture Trustee shall have the right to exercise the termination rights of the Master Servicer LENDER set forth in Section 135. Notwithstanding anything in this Section 23 15 to the contrary, ELSC ACS shall, within a reasonable time frame after receipt of a written request by the Indenture Trustee, and upon a mutually agreeable schedule, release any and all Financed Student Loans to the Indenture Trustee.. [LOGO OF ACS] FEDERAL FFEL --------------------------------------------- SERVICING AGREEMENT

Appears in 1 contract

Samples: Servicing Agreement (Education Capital I LLC)

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Security Interest of Indenture Trustee. (a) ELSC Great Lakes acknowledges and agrees that all or a portion of the right, title and interest of the Trust, the Eligible Lender Trustee Trust and the Master Servicer under this Agreement, and of the Trust Agreement and the Eligible Lender Trustee under the Financed Student Loans serviced hereunder, hereunder have been or may be assigned to the Indenture Trustee for the benefit of the Noteholders and the other secured parties (collectively, the "Secured Parties") pursuant to the Indenture and ELSC consents to such assignment and that Great Lakes shall hold all original promissory notes evidencing such Financed Student Loans and related documentation as bailee on behalf of the Indenture Trustee as holder of a security interest in such Financed Student Loans under the terms and conditions of the Indenture. (b) In order for the Master Servicer to direct ELSC Great Lakes to transfer any such Financed Student Loan from the account of the Lender (to the Secured Parties, another secondary market authority, an eligible lender, another indenture account of the Lender or the Master Servicer, or a successor servicer, pursuant to the Indenture or otherwise), ELSC Great Lakes must first receive a Request to Transfer Student Loans form which shall not be valid without the signature of the Indenture Trustee. (c) The security interest of the Secured Parties and the provisions of this Section 22 23, shall not be amended or revoked without the written consent of the Indenture Trustee. (d) ELSC Great Lakes hereby acknowledges and agrees that the security interest of the Secured Parties in the Financed Student Loans under the Indenture, shall be and is hereby prior to any lien ELSC Great Lakes may have in such Financed Student Loans (other than its fees due hereunder), and ELSC Great Lakes agrees to execute and deliver to the Indenture Trustee all financing statements, notices and other instruments reasonably requested in connection with this Agreement by the Indenture Trustee. (e) Each of the parties hereto acknowledges and agrees that the Indenture Trustee and the other Secured Parties are express third party beneficiaries of the rights of the Lender and the Master Servicer arising hereunder. ELSC Great Lakes acknowledges that upon the occurrence of certain events of default under the Indenture (each a "Default") pursuant to which Financed Student Loans are financed, the Indenture Trustee shall have the right to exercise the termination rights of the Master Servicer set forth in Section 13. Notwithstanding anything in this Section 23 to the contrary, ELSC Great Lakes shall, within a reasonable time frame after receipt of a written request by the Indenture Trustee, release any and all Financed Student Loans to the Indenture Trustee.

Appears in 1 contract

Samples: Student Loan Origination and Servicing Agreement (Education Capital I LLC)

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