Title to Trust Estate. (a) Subject to the lien of the Indenture, title to all of the Trust Estate at all times shall be vested in the Trust as a separate legal entity except (i) where applicable law in any jurisdiction requires title to any part of the Trust Estate to be vested in a trustee or trustees, in which case title to that part of the Trust Estate shall be vested in the Delaware Trustee, a co-trustee and/or a separate trustee, as the case may be, and (ii) except that record title to Eligible Loans that are part of the Trust Estate shall be held by an eligible lender trustee pursuant to the terms of an Eligible Lender Agreement or the Indenture and the Trust Estate shall have a beneficial interest therein.
Appears in 7 contracts
Samples: Trust Agreement (Nelnet Student Loan Funding LLC), Trust Agreement (Nelnet Student Loan Funding LLC), Trust Agreement (Nelnet Student Loan Funding LLC)
Title to Trust Estate. (a) Subject to the lien of the Indenture, title to all of the Trust Estate at all times shall be vested in the Trust as a separate legal entity except (ia) where applicable law in any jurisdiction requires title to any part of the Trust Estate to be vested in a trustee or trustees, in which case title to that part of the Trust Estate shall be vested in the Delaware Trustee, a co-trustee and/or a separate trustee, as the case may be, and (iib) except that record title to Eligible Loans that are part of the Trust Estate shall be held by an eligible lender trustee pursuant to the terms of an Eligible Lender Agreement eligible lender trust agreement or the Indenture and the Trust Estate shall have a beneficial interest therein.
Appears in 5 contracts
Samples: Trust Agreement (Nelnet Student Loan Trust 2005-4), Trust Agreement (Nelnet Student Loan Trust 2005-3), Trust Agreement (Nelnet Student Loan Trust 2005-2)
Title to Trust Estate. (a) Subject to the lien of the Indenture, title to all of the Trust Estate at all times shall be vested in the Trust as a separate legal entity except (i) where applicable law in any jurisdiction requires title to any part of the Trust Estate to be vested in a trustee or trustees, in which case title to that part of the Trust Estate shall be vested in the Delaware Trustee, a co-trustee and/or a separate trustee, as the case may be, and (ii) except that record title to Eligible Loans that are part of the Trust Estate shall be held by an eligible lender trustee pursuant to the terms of an Eligible Lender Agreement or the Indenture and the Trust Estate shall have a beneficial interest therein.
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