Pledged Student Loan

Pledged Student Loan. A student loan originated by an Originating Lender which has been indirectly sold to the SPV and which is pledged to the Collateral Agent under a security agreement among the SPV, the Collateral Agent and the Administrative Agent; provided, however, that any student loans released pursuant to the Loan Agreement from the lien created pursuant to such security agreement shall not be deemed to be a Pledged Student Loan