Common use of Restrictions Clause in Contracts

Restrictions. The Eligible Lender Trustee shall not take any action (a) that is inconsistent with the purposes of the Trust set forth in Section 2.3 or (b) that, to the actual knowledge of the Eligible Lender Trustee, would result in the Trust’s becoming taxable as a corporation for Federal income tax purposes. Neither the Depositor nor the Excess Distribution Certificateholder shall direct the Eligible Lender Trustee to take action that would violate the provisions of this Section.

Appears in 46 contracts

Samples: Trust Agreement (SLM Student Loan Trust 2010-1), Trust Agreement (SLM Student Loan Trust 2005-4), Trust Agreement (SLM Student Loan Trust 2006-3)

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Restrictions. The Eligible Lender Trustee shall not take any action (a) that is inconsistent with the purposes of the Trust set forth in Section 2.3 or (b) that, to the actual knowledge of the Eligible Lender Trustee, would result in the Trust’s becoming taxable as a corporation for Federal federal income tax purposes. Neither the Depositor nor the Excess Distribution Certificateholder shall direct the Eligible Lender Trustee to take action that would violate the provisions of this Section.

Appears in 28 contracts

Samples: Trust Agreement (Navient Student Loan Trust 2014-8), Trust Agreement (Navient Student Loan Trust 2014-2), Trust Agreement (SLM Education Credit Funding LLC)

Restrictions. The Eligible Lender Trustee shall not take any action (a) that is inconsistent with the purposes of the Trust set forth in Section 2.3 or (b) that, to the actual knowledge of the Eligible Lender Trustee, would result in the Trust’s 's becoming taxable as a corporation for Federal income tax purposes. Neither the Depositor nor the holder of the Excess Distribution Certificateholder Certificate shall direct the Eligible Lender Trustee to take action that would violate the provisions of this Section.

Appears in 18 contracts

Samples: Trust Agreement (SLM Funding LLC), Trust Agreement (SLM Funding LLC), Trust Agreement (SLM Funding LLC)

Restrictions. The Eligible Lender Trustee shall not take any action (a) that is inconsistent with the purposes of the Trust set forth in Section 2.3 or (b) that, to the actual knowledge of the Eligible Lender Trustee, would result in the Trust’s 's becoming taxable as a corporation for Federal income tax purposes. Neither the Depositor nor the Excess Distribution Certificateholder The Certificateholders shall not direct the Eligible Lender Trustee to take action that would violate the provisions of this Section.

Appears in 9 contracts

Samples: Trust Agreement (SLM Funding Corp), Trust Agreement (SLM Funding Corp), Trust Agreement (SLM Funding Corp)

Restrictions. The Eligible Lender Trustee shall not take any action (a) that is inconsistent with the purposes of the Trust set forth in Section 2.3 2.03 or (b) that, to the actual knowledge of the Eligible Lender Trustee, would result in the Trust’s 's becoming taxable as a corporation for Federal income tax purposes. Neither the Depositor nor the Excess Distribution Certificateholder The Company shall not direct the Eligible Lender Trustee to take action that would violate the provisions of this Section.

Appears in 7 contracts

Samples: Trust Agreement (Usa Group Secondary Market Services Inc), Trust Agreement (Asset Backed Securities Corp), Trust Agreement (Usa Group Secondary Market Services Inc)

Restrictions. The Eligible Lender Trustee shall not take any ------------ action (a) that is inconsistent with the purposes of the Trust set forth in Section 2.3 or (b) that, to the actual knowledge of the Eligible Lender Trustee, would result in the Trust’s 's becoming taxable as a corporation for Federal income tax purposes. Neither the Depositor nor the holder of the Excess Distribution Certificateholder Certificate shall direct the Eligible Lender Trustee to take action that would violate the provisions of this Section.

Appears in 6 contracts

Samples: Trust Agreement (SLM Funding Corp), Trust Agreement (SLM Funding Corp), Trust Agreement (SLM Funding Corp)

Restrictions. The Eligible Lender Trustee shall not take any action (a) that is inconsistent with the purposes of the Trust set forth in Section 2.3 or (b) that, to the actual knowledge of the Eligible Lender Trustee, would result in the Trust’s 's becoming taxable as a corporation for Federal income tax purposes. Neither the Depositor nor the Excess Distribution Certificateholder shall direct the Eligible Lender Trustee to take action that would violate the provisions of this Section.

Appears in 4 contracts

Samples: Trust Agreement (SLM Funding LLC), Trust Agreement (SLM Funding LLC), Trust Agreement (SLM Funding LLC)

Restrictions. The Eligible Lender Trustee shall not take any action (a) that is inconsistent with the purposes of the Trust set forth in Section 2.3 or (b) that, to the actual knowledge of the Eligible Lender Trustee, would result in the Trust’s becoming taxable as a corporation for Federal income tax purposes. Neither the Depositor nor the holder of the Excess Distribution Certificateholder Certificate shall direct the Eligible Lender Trustee to take action that would violate the provisions of this Section.

Appears in 3 contracts

Samples: Trust Agreement (SLM Funding LLC), Trust Agreement (SLM Funding LLC), Trust Agreement (SLM Funding LLC)

Restrictions. The Eligible Lender Trustee shall not take any action (a) that is inconsistent with the purposes of the Trust set forth in Section 2.3 or (b) that, to the actual knowledge of the Eligible Lender Trustee, would result in the Trust’s 's becoming taxable as a corporation for Federal income tax purposes. Neither the Depositor nor the Excess Distribution Certificateholder The Certificateholders shall not direct the Eligible Lender Trustee to take any action that would violate the provisions of this Section.

Appears in 3 contracts

Samples: Trust Agreement (Transworld Insurance Co), Trust Agreement (PNC Bank National Association/), Trust Agreement (Classnotes Inc)

Restrictions. The Eligible Lender Trustee shall not take ------------ any action (a) that is inconsistent with the purposes of the Trust set forth in Section 2.3 or (b) that, to the actual knowledge of the Eligible Lender Trustee, would result in the Trust’s 's becoming taxable as a corporation for Federal income tax purposes. Neither the Depositor nor the holder of the Excess Distribution Certificateholder Certificate shall direct the Eligible Lender Trustee to take action that would violate the provisions of this Section.

Appears in 3 contracts

Samples: Trust Agreement (SLM Funding Corp), Trust Agreement (SLM Funding Corp), Trust Agreement (SLM Funding Corp)

Restrictions. The Eligible Lender Trustee shall not take any action (a) that is inconsistent with the purposes of the Trust set forth in Section 2.3 or (b) that, to the actual knowledge of the Eligible Lender Trustee, would result in the Trust’s 's becoming taxable as a corporation for Federal federal income tax purposes. Neither the Depositor nor the Excess Distribution Certificateholder The Certificateholders shall not direct the Eligible Lender Trustee to take any action that would violate the provisions of this Section.

Appears in 3 contracts

Samples: Trust Agreement (Crestar Bank /Va), Trust Agreement (Crestar Bank /Va), Trust Agreement (Crestar Securitization LLC)

Restrictions. The Eligible Lender Trustee shall not take ------------ any action (a) that is inconsistent with the purposes of the Trust set forth in Section 2.3 or (b) that, to the actual knowledge of the Eligible Lender Trustee, would result in the Trust’s 's becoming taxable as a corporation for Federal income tax purposes. Neither the Depositor nor the Excess Distribution Certificateholder The Certificateholders shall not direct the Eligible Lender Trustee to take action that would violate the provisions of this Section.

Appears in 2 contracts

Samples: Trust Agreement (SLM Funding Corp), Trust Agreement (SLM Funding Corp)

Restrictions. The Eligible Lender Trustee shall not take any action (a) that is inconsistent with the purposes of the Trust set forth in Section 2.3 or (b) that, to the actual knowledge of the Eligible Lender Trustee, would result in the Trust’s becoming taxable as a corporation for Federal income tax purposes. Neither the Depositor nor the any Excess Distribution Certificateholder shall direct the Eligible Lender Trustee to take action that would violate the provisions of this Section.

Appears in 2 contracts

Samples: Trust Agreement (Wachovia Student Loan Trust 2005-1), Trust Agreement (Wachovia Education Loan Funding LLC)

Restrictions. The Eligible Lender Trustee shall not take any action (a) that is inconsistent with the purposes of the Trust set forth in Section 2.3 2.03 or (b) that, to the actual knowledge of the Eligible Lender Trustee, would result in the Trust’s 's becoming taxable as a corporation for Federal income tax purposes. Neither the Depositor nor the Excess Distribution Certificateholder The Certificateholders shall not direct the Eligible Lender Trustee to take action that would violate the provisions of this Section.

Appears in 2 contracts

Samples: Trust Agreement (Signet Student Loan Trusts), Trust Agreement (First Union Student Loan Trust 1997-1)

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Restrictions. The Eligible Lender Trustee shall not take any action (a) that is inconsistent with the purposes of the Trust set forth in Section 2.3 2.03 or (b) that, to the actual knowledge of the Eligible Lender Trustee, would result in the Trust’s 's becoming taxable as a corporation for Federal income tax purposes. Neither The holders of the Depositor nor the Excess Distribution Certificateholder Trust Certificates shall not direct the Eligible Lender Trustee to take action that would violate the provisions of this Section.

Appears in 2 contracts

Samples: Trust Agreement (Key Bank Usa National Association), Trust Agreement (Key Bank Usa National Association)

Restrictions. The Eligible Lender Trustee shall not take any action action: (a) that is inconsistent with the purposes of the Trust set forth in Section 2.3 2.03 or (b) that, to the actual knowledge of the Eligible Lender Trustee, would result in the Trust’s 's becoming taxable as a corporation for Federal federal income tax purposes. Neither the Depositor nor the Excess Distribution Certificateholder The Company shall not direct the Eligible Lender Trustee to take action that would violate the provisions of this Section.

Appears in 2 contracts

Samples: Trust Agreement (Goldman Sachs Asset Backed Securities Corp), Trust Agreement (Gs Mortgage Securities Corp)

Restrictions. The Eligible Lender Trustee shall not take any action (a) that is inconsistent with the purposes of the Trust set forth in Section 2.3 2.03 or (b) that, to the actual knowledge of the Eligible Lender Trustee, would result in the Trust’s 's becoming taxable as a corporation for Federal income tax purposes. Neither the Depositor nor the Excess Distribution Certificateholder The Noteholders shall not direct the Eligible Lender Trustee to take action that would violate the provisions of this Section.

Appears in 1 contract

Samples: Trust Agreement (Wells Fargo Student Loans Receivables I LLC)

Restrictions. The Eligible Lender Trustee shall not take any ------------ action (a) that is inconsistent with the purposes of the Trust set forth in Section 2.3 or (b) that, to the actual knowledge of the Eligible Lender Trustee, would result in the Trust’s 's becoming taxable as a corporation for Federal income tax purposes. Neither the Depositor nor the Excess Distribution Certificateholder The Certificateholders shall not direct the Eligible Lender Trustee to take action that would violate the provisions of this Section.

Appears in 1 contract

Samples: Trust Agreement (SLM Funding Corp)

Restrictions. The Eligible Lender Trustee shall not take any action (a) that is inconsistent with the purposes of the Trust set forth in Section 2.3 2.03 or (b) that, to the actual knowledge of the Eligible Lender Trustee, would result in the Trust’s 's becoming taxable as a corporation for Federal federal income tax purposes. Neither the Depositor nor the Excess Distribution Certificateholder The Certificateholders shall not direct the Eligible Lender Trustee to take action that would violate the provisions of this Section.

Appears in 1 contract

Samples: Trust Agreement (Nellie Mae Education Loan Corp)

Restrictions. The Eligible Lender Trustee shall not ------------ take any action (a) that is inconsistent with the purposes of the Trust set forth in Section 2.3 2.03 or (b) that, to the actual knowledge of the Eligible Lender Trustee, would result in the Trust’s 's becoming taxable as a corporation for Federal income tax purposes. Neither the Depositor nor the Excess Distribution Certificateholder The Certificateholders shall not direct the Eligible Lender Trustee to take action that would violate the provisions of this Section.

Appears in 1 contract

Samples: Trust Agreement (Signet Bank Maryland)

Restrictions. The Eligible Lender Trustee shall not take any action (a) that is inconsistent with the purposes of the Trust set forth in Section 2.3 or (b) that, to the actual knowledge of the Eligible Lender Trustee, would result in the Trust’s 's becoming taxable as a corporation for Federal income tax purposes. Neither the Depositor nor the holder of the Excess Distribution Certificateholder Certificate shall direct the Eligible Lender Trustee to take action that would violate the provisions of this Section.. ARTICLE VII

Appears in 1 contract

Samples: Trust Agreement (SLM Funding Corp)

Restrictions. The Eligible Lender Trustee shall not take any action (a) that is inconsistent with the purposes of the Trust set forth in Section 2.3 2.03 or (b) that, to the actual knowledge of the Eligible Lender Trustee, would result in the Trust’s 's becoming taxable as a corporation for Federal income tax purposes. Neither the Depositor nor the Excess Distribution Certificateholder shall direct the Eligible Lender Trustee to take action that would violate the provisions of this Section.

Appears in 1 contract

Samples: Trust Agreement (Wells Fargo Student Loans Receivables I LLC)

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