Common use of The Student Loan Corporation Not to Resign as Administrator Clause in Contracts

The Student Loan Corporation Not to Resign as Administrator. Subject to the provisions of Section 4.3 above, The Student Loan Corporation shall not resign from the obligations and duties imposed on it as Administrator under this Agreement except upon determination that the performance of its duties under this Agreement shall no longer be permissible under applicable law or shall violate any final order of a court or administrative agency with jurisdiction over The Student Loan Corporation or its properties. Notice of any such determination permitting or requiring the resignation of The Student Loan Corporation shall be communicated to the Owner Trustee and the Indenture Administrator at the earliest practicable time (and, if such communication is not in writing, shall be confirmed in writing at the earliest practicable time) and any such determination shall be evidenced by an Opinion of Counsel to such effect delivered to the Owner Trustee and the Indenture Administrator concurrently with or promptly after such notice. No such resignation shall become effective until the Indenture Administrator or a successor to the Administrator shall have assumed the responsibilities and obligations of The Student Loan Corporation in accordance with Section 5.2 below. Anything in this Section 4.6 to the contrary notwithstanding, the Administrator may resign at any time subsequent to the assignment of its rights, duties and obligations hereunder pursuant to Section 4.3 above.

The Student Loan Corporation Not to Resign as Administrator. Subject to the provisions of Section 4.3 aboveSections 18 and 25 hereof, The Student Loan Corporation shall not resign from the obligations and duties imposed on it as Administrator under this Agreement except upon determination that the performance of its duties under this Agreement shall no longer be permissible under applicable law or shall violate any final order of a court or administrative agency with jurisdiction over The Student Loan Corporation or its properties, as evidenced by an Opinion of Counsel to such effect delivered to the Indenture Trustee, the Issuer and the Eligible Lender Trustee. Notice of any such determination permitting or requiring the resignation of The Student Loan Corporation shall be communicated to the Owner Indenture Trustee and the Indenture Administrator any Swap Counterparties at the earliest practicable time (and, if such communication is not in writing, shall be confirmed in writing at the earliest practicable time) and any such determination shall be evidenced by an Opinion of Counsel to such effect delivered to the Owner Indenture Trustee and the Indenture Administrator any Swap Counterparties concurrently with or promptly after such notice. No such resignation shall become effective until the Indenture Administrator Trustee or a successor to the Administrator shall have assumed the responsibilities and obligations of The Student Loan Corporation in accordance with Section 5.2 below. Anything in this Section 4.6 to the contrary notwithstanding, the Administrator may resign at any time subsequent to the assignment of its rights, duties and obligations hereunder pursuant to Section 4.3 above13 hereof.

The Student Loan Corporation Not to Resign as Administrator. Subject to the provisions of Section 4.3 above25, The Student Loan Corporation shall not resign from the obligations and duties imposed on it as Administrator under this Agreement except upon determination that the performance of its duties under this Agreement shall no longer be permissible under applicable law or shall violate any final order of a court or administrative agency with jurisdiction over The Student Loan Corporation or its properties. Notice of any such determination permitting or requiring the resignation of The Student Loan Corporation shall be communicated to the Owner Eligible Lender Trustee, the Indenture Trustee and the Indenture Administrator any Swap Counterparties at the earliest practicable time (and, if such communication is not in writing, shall be confirmed in writing at the earliest practicable time) and any such determination shall be evidenced by an Opinion of Counsel to such effect delivered to the Owner Eligible Lender Trustee, the Indenture Trustee and the Indenture Administrator any Swap Counterparties concurrently with or promptly after such notice. No such resignation shall become effective until the Indenture Administrator Trustee or a successor to the Administrator shall have assumed the responsibilities and obligations of The Student Loan Corporation in accordance with Section 5.2 below. Anything in this Section 4.6 to the contrary notwithstanding, the Administrator may resign at any time subsequent to the assignment of its rights, duties and obligations hereunder pursuant to Section 4.3 above13.