Common use of Title to Trust Estate Clause in Contracts

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. (b) The Certificateholders shall not have legal title to any part of the Trust Estate. No transfer by operation of law or otherwise of any interest of a Certificateholder shall operate to terminate this Trust Agreement or the trust hereunder or entitle any transferee to an accounting or to the transfer to it of any part of the Trust Estate.

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 Student 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. (b) The Certificateholders shall not have legal title to any part of the Trust Estate. No transfer by operation of law or otherwise of any interest of a Certificateholder shall operate to terminate this Trust Agreement or the trust hereunder or entitle any transferee to an accounting or to the transfer to it of any part of the Trust Estate.