Common use of Release of Indenture Trust Estate Clause in Contracts

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the application of any monies. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 have been paid in full, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request accompanied by an Officer's Certificate, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. (c) Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable to be sold to (i) the Depositor in accordance with Section 2.3 of the Sale and Servicing Agreement and (ii) to the Servicer in accordance with Section 3.7 of the Sale and Servicing Agreement.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's ’s interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's ’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 have been paid in fullpaid, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request accompanied by an Officer's CertificateOfficers’ Certificate of the Issuer, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections §§ 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. (c) Each Noteholder or Note OwnerNoteholder, by its the acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable Trust Student Loan to be sold to (i) to the Depositor in accordance with Section 2.3 6 of the Sale and Servicing Agreement and Agreement, (ii) to the Servicer in accordance with Section 3.7 3.5 of the Sale and Servicing Agreement, (iii) to VG Funding (or the seller from which VG Funding originally purchased such Trust Student Loan), to SLM ECFC or to another Affiliate of SLM Corporation in accordance with Section 3.11F. of the Servicing Agreement, (iv) to another eligible lender holding one or more Serial Loans with respect to such Trust Student Loan, (v) to VG Funding in accordance with Section 6 of the VG Funding Purchase Agreement or (vi) to SLM ECFC in accordance with Section 6 of the SLM ECFC Purchase Agreement, and each Noteholder, by the acceptance of a Note, consents to any such release.

Release of Indenture Trust Estate. (a) Subject to the --------------------------------- payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 have been paid in fullpaid, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request accompanied by an Officer's CertificateOfficers' Certificate of the Issuer, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections (S)(S) 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. (c) Each Noteholder or Note OwnerNoteholder, by its the acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable Trust Student Loan to be sold to (i) the Depositor Seller in accordance with Section 2.3 6 of the Sale and Servicing Agreement and Agreement, (ii) to the Servicer in accordance with Section 3.7 3.5 of the Sale Servicing Agreement and (iii) to another eligible lender holding one or more Serial Loans with respect to such Trust Student Loan, in accordance with Section 3.11E of the Servicing Agreement, and each Noteholder, by the acceptance of a Note, consents to any such release.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the application of any monies. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 have been paid in full, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request accompanied by an Officer's Certificate, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. (c) Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable to be sold to (i) the Depositor in accordance with Section 2.3 of the Sale and Servicing Agreement and (ii) to the Servicer in accordance with Section 3.7 of the Sale and Servicing Agreement.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the application of any monies. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 have been paid in full, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request accompanied by an Officer's Certificate, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. (c) Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable to be sold to (i) the Depositor Seller in accordance with Section 2.3 of the Sale and Servicing Agreement and (ii) to the Servicer in accordance with Section 3.7 of the Sale and Servicing Agreement.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's ’s interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's ’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 have been paid in fullpaid, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request accompanied by an Officer's CertificateOfficers’ Certificate of the Issuer, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections §§ 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. (c) Each Noteholder or Note OwnerNoteholder, by its the acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable Trust Student Loan to be sold to (i) to the Depositor in accordance with Section 2.3 6 of the Sale and Servicing Agreement and Agreement, (ii) to the Servicer in accordance with Section 3.7 3.5 of the Sale and Servicing Agreement, (iii) to Bluemont Funding (or the seller from which Bluemont Funding originally purchased such Trust Student Loan), Town Center Funding (or the seller from which Town Center Funding originally purchased such Trust Student Loan), Town Hall Funding (or the seller from which Town Hall Funding originally purchased such Trust Student Loan), SLM ECFC or to another Affiliate of SLM Corporation in accordance with Section 3.11F. of the Servicing Agreement, (iv) to another eligible lender holding one or more Serial Loans with respect to such Trust Student Loan, (v) to SLM ECFC in accordance with Section 6 of the SLM ECFC Purchase Agreement, and each Noteholder, by the acceptance of a Note, consents to any such release, (vi) to Bluemont Funding in accordance with Section 6 of the Bluemont Funding Purchase Agreement, (vii) to Town Center Funding in accordance with Section 6 of the Town Center Funding Purchase Agreement or (viii) to Town Hall Funding in accordance with Section 6 of the Town Hall Funding Purchase Agreement, and each Noteholder, by the acceptance of a Note, consents to any such release.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.76.07, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's ’s interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's ’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 6.07 have been paid in fullpaid, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b8.04(b) only upon receipt of an Issuer Request accompanied by an Officer's Certificate, Officers’ Certificate of the Issuer and an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.111.01. (c) Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable to be sold to (i) the Depositor in accordance with Section 2.3 of the Sale and Servicing Agreement and (ii) to the Servicer in accordance with Section 3.7 of the Sale and Servicing Agreement.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.76.07, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 6.07 have been paid in fullpaid, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b8.04(b) only upon receipt of an Issuer Request accompanied by an Officer's CertificateOfficers' Certificate of the Issuer, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.111.01. (c) Each Noteholder or Note OwnerNoteholder, by its the acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable Trust Student Loan to be sold to (i) the Depositor in accordance with Section 2.3 Article VI of the Depositor Sale and Servicing Agreement, (ii) the Seller in accordance with Article VI of the Seller Sale Agreement and (iiiii) to the Servicer in accordance with Section 3.7 3.05 of the Sale Servicing Agreement and Servicing Agreementeach Noteholder, by the acceptance of a Note, consents to any such release.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses (including, without limitation, legal fees and expenses) pursuant to Section 6.76.07, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the application of any monies. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 6.07 have been paid in fulland all amounts due to any Swap Counterparties under the Basic Documents have been paid, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b8.04(b) only upon receipt by it and any Swap Counterparties of an Issuer Request accompanied by an Officer's CertificateOfficers' Certificate of the Issuer, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections xx.xx. 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.111.01. (c) Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable to be sold to (i) the Depositor in accordance with Section 2.3 of the Sale and Servicing Agreement and (ii) to the Servicer in accordance with Section 3.7 of the Sale and Servicing Agreement.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 have been paid in fullpaid, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request accompanied by an Officer's CertificateOfficers' Certificate of the Issuer, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections xx.xx. 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. (c) Each Noteholder or Note OwnerNoteholder, by its the acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable Trust Student Loan to be sold to (i) the Depositor Seller in accordance with Section 2.3 6 of the Sale and Servicing Agreement and Agreement, (ii) to the Servicer in accordance with Section 3.7 3.5 of the Sale Servicing Agreement and (iii) to another eligible lender holding one or more Serial Loans with respect to such Trust Student Loan, in accordance with Section 3.11E of the Servicing Agreement, and each Noteholder, by the acceptance of a Note, consents to any such release.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the application of any monies. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 have been paid in full, release any remaining portion of the Indenture Trust Estate that secured the Issuer's obligations under the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request accompanied by Request, and an Officer's Certificate, Certificate and an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. (c) Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable to be sold to (i) the Depositor in accordance with Section 2.3 of the Sale and Servicing Agreement and (ii) to the Servicer in accordance with Section 3.7 of the Sale and Servicing Agreement.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.76.07, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's ’s interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's ’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 6.07 have been paid in fullpaid, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b8.04(b) only upon receipt of an Issuer Request accompanied by an Officer's CertificateOfficers’ Certificate of the Issuer, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections §§ 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.111.01. (c) Each Noteholder or Note OwnerNoteholder, by its the acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable Trust Student Loan to be sold to (i) the Depositor in accordance with Section 2.3 Article VI of the Sale and Servicing Agreement, (i) to VG Funding in accordance with Article VI of the VG Funding Purchase Agreement or (iii) to SLM ECFC in accordance with Article VI of the SLM ECFC Purchase Agreement, and (iiiv) to the Servicer in accordance with Section 3.7 3.05 of the Sale Servicing Agreement and Servicing Agreementeach Noteholder, by the acceptance of a Note, consents to any such release.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.76.07, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 6.07 have been paid in fullpaid, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b8.04(b) only upon receipt of an Issuer Request accompanied by an Officer's Certificate, Officers' Certificate of the Issuer and an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.111.01. (c) Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable to be sold to (i) the Depositor in accordance with Section 2.3 of the Sale and Servicing Agreement and (ii) to the Servicer in accordance with Section 3.7 of the Sale and Servicing Agreement.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the application of any monies. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 have been paid in full and all amounts (including Swap Termination Payments) owing under each Interest Rate Swap Agreement have been paid in full, release any remaining portion of the Indenture Trust Estate that secured the Issuer's obligations under the Notes and the Interest Rate Swap Agreements from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request accompanied by confirmation that all amounts owing by the Issuer under each Interest Rate Swap Agreement have been paid, and an Officer's Certificate, Certificate and an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. (c) Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, and each Swap Counterparty, by its acceptance of the terms of this Indenture and the related Interest Rate Swap Agreements, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable to be sold to (i) the Depositor Seller in accordance with Section 2.3 of the Sale and Servicing Agreement and (ii) to the Servicer in accordance with Section 3.7 of the Sale and Servicing Agreement.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's ’s interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's ’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any monies. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 have been paid in full, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request accompanied by an Officer's ’s Certificate, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. (c) Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable to be sold to (i) the Seller in accordance with Section 3.03 of the Receivables Purchase Agreement, (ii) the Depositor in accordance with Section 2.3 of the Sale and Servicing Agreement and (iiiii) to the Servicer in accordance with Section 3.7 of the Sale and Servicing Agreement.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's ’s interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's ’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 have been paid in fullpaid, subject to the interest therein of any Swap Counterparty, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request accompanied by an Officer's CertificateOfficers’ Certificate of the Issuer, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections §§ 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. (c) Each Noteholder or Note OwnerNoteholder, by its the acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable Trust Student Loan to be sold to (i) to the Depositor in accordance with Section 2.3 6 of the Sale and Servicing Agreement and Agreement, (ii) to the Servicer in accordance with Section 3.7 3.5 of the Sale and Servicing Agreement, (iii) to VG Funding (or the seller from which VG Funding originally purchased such Trust Student Loan), to SLM ECFC or to another Affiliate of SLM Corporation in accordance with Section 3.11F. of the Servicing Agreement, (iv) to another eligible lender holding one or more Serial Loans with respect to such Trust Student Loan, (v) to VG Funding in accordance with Section 6 of the VG Funding Purchase Agreement or (vi) to SLM ECFC in accordance with Section 6 of the SLM ECFC Purchase Agreement, and each Noteholder, by the acceptance of a Note, consents to any such release.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 have been paid in fullpaid, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request accompanied by an Officer's CertificateOfficers' Certificate of the Issuer, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections (S)(S) 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. (c) Each Noteholder or Note OwnerNoteholder, by its the acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable Trust Student Loan to be sold to (i) the Depositor Seller in accordance with Section 2.3 6 of the Sale and Servicing Agreement and Agreement, (ii) to the Servicer in accordance with Section 3.7 3.5 of the Sale Servicing Agreement and (iii) to another eligible lender holding one or more Serial Loans with respect to such Trust Student Loan, in accordance with Section 3.11E of the Servicing Agreement, and each Noteholder, by the acceptance of a Note, consents to any such release.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's ’s interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's ’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee and the Indenture Administrator pursuant to Section 6.7 have been paid in fullpaid, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request accompanied by an Officer's CertificateOfficers’ Certificate of the Issuer, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections §§ 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. (c) Each Noteholder or Note OwnerNoteholder, by its the acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable Trust Student Loan to be sold to (i) to the Depositor in accordance with Section 2.3 6 of the Sale and Servicing Agreement and Agreement, (ii) to the Servicer in accordance with Section 3.7 3.5 of the Sale and Servicing Agreement, (iii) to SLC in accordance with Section 3.11F of the Servicing Agreement, (iv) to another eligible lender holding one or more Serial Loans with respect to such Trust Student Loan or (v) to SLC in accordance with Section 6 of the Purchase Agreement, and each Noteholder, by the acceptance of a Note, consents to any such release.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 have been paid in fullpaid, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request accompanied by an Officer's CertificateOfficers' Certificate of the Issuer, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. (c) Each Noteholder or Note OwnerNoteholder, by its the acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that that, from time to time time, the Indenture Trustee shall release the lien of this Indenture on any Receivable Trust Student Loan to be sold to (i) the Depositor in accordance with Section 2.3 6 of the Sale and Servicing Agreement and Agreement, (ii) to the Servicer in accordance with Section 3.7 3.5 of the Sale and Servicing Agreement, (iii) to another eligible lender holding one or more Serial Loans with respect to such Trust Student Loan and (iv) to Xxxxxx Xxx in accordance with Section 6 of the Purchase Agreement, and each Noteholder, by the acceptance of a Note, consents to any such release.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's ’s interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's ’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 have been paid in fullpaid, subject to the interest therein of any Swap Counterparty, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request accompanied by an Officer's CertificateOfficers’ Certificate of the Issuer, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections §§ 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. (c) Each Noteholder or Note OwnerNoteholder, by its the acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable Trust Student Loan to be sold to (i) to the Depositor in accordance with Section 2.3 6 of the Sale and Servicing Agreement and Agreement, (ii) to the Servicer in accordance with Section 3.7 3.5 of the Sale and Servicing Agreement, (iii) to VG Funding (or the Seller from which VG Funding originally purchased such Trust Student Loan), to SLM ECFC or to another Affiliate of SLM Corporation in accordance with Section 3.11F. of the Servicing Agreement, (iv) to another eligible lender holding one or more Serial Loans with respect to such Trust Student Loan, (v) to VG Funding in accordance with Section 6 of the VG Funding Purchase Agreement or (vi) to SLM ECFC in accordance with Section 6 of the SLM ECFC Purchase Agreement, and each Noteholder, by the acceptance of a Note, consents to any such release.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's ’s interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's ’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 have been paid in fullpaid, subject to the interest therein of the Currency Swap Counterparty, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request accompanied by an Officer's CertificateOfficers’ Certificate of the Issuer, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections §§ 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. (c) Each Noteholder or Note OwnerNoteholder, by its the acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable Trust Student Loan to be sold to (i) to the Depositor in accordance with Section 2.3 6 of the Sale and Servicing Agreement and Agreement, (ii) to the Servicer in accordance with Section 3.7 3.5 of the Sale and Servicing Agreement, (iii) to VG Funding (or the seller from which VG Funding originally purchased such Trust Student Loan), to SLM ECFC or to another Affiliate of SLM Corporation in accordance with Section 3.11F. of the Servicing Agreement, (iv) to another eligible lender holding one or more Serial Loans with respect to such Trust Student Loan, (v) to VG Funding in accordance with Section 6 of the VG Funding Purchase Agreement or (vi) to SLM ECFC in accordance with Section 6 of the SLM ECFC Purchase Agreement, and each Noteholder, by the acceptance of a Note, consents to any such release.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.76.07, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's ’s interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's ’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 6.07 have been paid in fullpaid, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b8.04(b) only upon receipt of an Issuer Request accompanied by an Officer's Certificate, Officers’ Certificate of the Issuer and an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.111.01. (c) Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable to be sold to (i) the Depositor in accordance with Section 2.3 of the Sale and Servicing Agreement and (ii) to the Servicer in accordance with Section 3.7 of the Sale and Servicing Agreement.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee and the Indenture Administrator pursuant to Section 6.7 have been paid in fullpaid, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request accompanied by an Officer's CertificateOfficers' Certificate of the Issuer, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections ss.ss. 314(c) and 314(d)(1) meeting the applicable requirements of Section Sexxxxx 11.1. (c) Each Noteholder or Note OwnerNoteholder, by its the acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable Trust Student Loan to be sold to (i) to the Depositor in accordance with Section 2.3 6 of the Sale and Servicing Agreement and Agreement, (ii) to the Servicer in accordance with Section 3.7 3.5 of the Sale and Servicing Agreement, (iii) to SLC in accordance with Section 3.11F of the Servicing Agreement, (iv) to another eligible lender holding one or more Serial Loans with respect to such Trust Student Loan or (v) to SLC in accordance with Section 6 of the Purchase Agreement, and each Noteholder, by the acceptance of a Note, consents to any such release.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 have been paid in fullpaid, subject to the interest therein of any Swap Counterparty, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request accompanied by an Officer's CertificateOfficers' Certificate of the Issuer, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. (c) Each Noteholder or Note OwnerNoteholder, by its the acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable Trust Student Loan to be sold to (i) the Depositor in accordance with Section 2.3 6 of the Sale and Servicing Agreement and Agreement, (ii) to the Servicer in accordance with Section 3.7 3.5 of the Sale and Servicing Agreement, and (iii) to Xxxxxx Xxx in accordance with Section 6 of the Purchase Agreement, and each Noteholder, by the acceptance of a Note, consents to any such release.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 have been paid in fullpaid, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request accompanied by an Officer's CertificateOfficers' Certificate of the Issuer, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. (c) Each Noteholder or Note OwnerNoteholder, by its the acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable Trust Student Loan to be sold to (i) the Depositor Seller in accordance with Section 2.3 6 of the Sale and Servicing Agreement and Agreement, (ii) to the Servicer in accordance with Section 3.7 3.5 of the Sale Servicing Agreement and (iii) to another eligible lender holding one or more Serial Loans with respect to such Trust Student Loan, in accordance with Section 3.11E of the Servicing Agreement, and each Noteholder, by the acceptance of a Note, consents to any such release.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.76.07, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's ’s interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's ’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Liquidity Provider under the Liquidity Note Agreement and the Indenture Trustee pursuant to Section 6.7 6.07 have been paid in fullpaid, release any remaining portion of the Indenture Trust Estate that secured the Notes and amounts due the Liquidity Provider under the Liquidity Note Agreement from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b8.04(b) only upon receipt of an Issuer Request accompanied by an Officer's Certificate, Officers’ Certificate of the Issuer and an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.111.01. (c) Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable to be sold to (i) the Depositor in accordance with Section 2.3 of the Sale and Servicing Agreement and (ii) to the Servicer in accordance with Section 3.7 of the Sale and Servicing Agreement.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.76.07, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and Outstanding, all sums due the Indenture Trustee pursuant to Section 6.7 6.07 have been paid in fulland no amounts are due and owing to the Securities Insurer or the Swap Counterparty, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b8.04(b) only upon receipt of an Issuer Request accompanied by an Officer's CertificateOfficers' Certificate of the Issuer, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections XXXxx.xx. 314(c) and 314(d)(1) and meeting the applicable requirements of Section 11.111.01. (c) Each Noteholder or Note Ownerholder of the Notes, by its the acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time during the Funding Period the Indenture Trustee shall release the lien of this Indenture on any Receivable those Financed Federal Loans to be sold to (i) the Depositor Seller and as to which the Seller will simultaneously deposit the aggregate Purchase Amounts thereof into the Escrow Account in accordance with Section 2.3 of the Sale with, and Servicing Agreement and (ii) subject to the Servicer in accordance with terms and conditions of, Section 3.7 2.03 of the Sale and Servicing Agreement, and each holder of the Notes consents to such release.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.7expenses, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII IV hereunder shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent precedent, or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as (i) there are no Notes Outstanding and (ii) all sums due the Indenture Trustee pursuant to Section 6.7 this Indenture have been paid in fullpaid, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust AccountsIndenture. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) 8.05 only upon receipt of an request from the Issuer Request accompanied by an Officer's Officers' Certificate, an Opinion of Counsel Counsel, and (if required by the TIA) Independent Certificates in accordance with TIA Sections Section 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1as described herein. (c) Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable to be sold to (i) the Depositor in accordance with Section 2.3 of the Sale and Servicing Agreement and (ii) to the Servicer in accordance with Section 3.7 of the Sale and Servicing Agreement.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's ’s interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's ’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 have been paid in fullpaid, subject to the interest therein of any Swap Counterparty, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request accompanied by an Officer's CertificateOfficers’ Certificate of the Issuer, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections §§ 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. (c) Each Noteholder or Note OwnerNoteholder, by its the acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable Trust Student Loan to be sold to (i) the Depositor in accordance with Section 2.3 6 of the Sale and Servicing Agreement and Agreement, (ii) to the Servicer in accordance with Section 3.7 3.5 of the Sale and Servicing Agreement, and (iii) to SLMA in accordance with Section 6 of the Purchase Agreement, and each Noteholder, by the acceptance of a Note, consents to any such release.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the application of any monies. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 have been paid in full, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request accompanied by an Officer's Certificate, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. (c) Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable to be sold to (i) the Depositor Seller in accordance connection with Section 2.3 of any repurchase upon breach, as set forth the Sale and Servicing applicable Receivables Purchase Agreement and (ii) to the Servicer in accordance with Section 3.7 2.3 of the Sale and Servicing Agreement.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.76.07, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 6.07 have been paid in fullpaid, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b8.04(b) only upon receipt of an Issuer Request accompanied by an Officer's CertificateOfficers' Certificate of the Issuer, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections xx.xx. 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.111.01. (c) Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable to be sold to (i) the Depositor in accordance with Section 2.3 of the Sale and Servicing Agreement and (ii) to the Servicer in accordance with Section 3.7 of the Sale and Servicing Agreement.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.76.07, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's ’s interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's ’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding Outstanding, all sums due to Ambac hereunder have been paid and all sums due the Indenture Trustee pursuant to Section 6.7 6.07 have been paid in fullpaid, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b8.04(b) only upon receipt of an Issuer Request accompanied by an Officer's Certificate, Officers’ Certificate of the Issuer and an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.111.01. (c) Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable to be sold to (i) the Depositor in accordance with Section 2.3 of the Sale and Servicing Agreement and (ii) to the Servicer in accordance with Section 3.7 of the Sale and Servicing Agreement.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's ’s interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's ’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as (i) there are no Notes Outstanding Outstanding, [(ii) all payments owing to each Swap Counterparty under the related Swap Agreement have been paid, and (iii)] all sums due the Indenture Trustee pursuant to Section 6.7 have been paid in fullpaid, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request accompanied by an Officer's CertificateOfficers’ Certificate of the Issuer, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections §§ 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. (c) Each Noteholder or Note OwnerNoteholder, by its the acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable Trust Student Loan to be sold to (i) to the Depositor in accordance with Section 2.3 6 of the Sale and Servicing Agreement and Agreement, (ii) to the Servicer in accordance with Section 3.7 3.5 of the Sale and Servicing Agreement, [(iii) to Bluemont Funding (or the seller from which Bluemont Funding originally purchased such Trust Student Loan), Town Center Funding (or the seller from which Town Center Funding originally purchased such Trust Student Loan), Town Hall Funding (or the seller from which Town Hall Funding originally purchased such Trust Student Loan), VL Funding (or the seller from which VL Funding] originally purchased such Trust Student Loan), SLM ECFC or to another Affiliate of SLM Corporation in accordance with Section 3.11F. of the Servicing Agreement, (iv) to another eligible lender holding one or more Serial Loans with respect to such Trust Student Loan, (v) to SLM ECFC in accordance with Section 6 of the SLM ECFC Purchase Agreement, and each Noteholder, by the acceptance of a Note, consents to any such release, [(vi) to Bluemont Funding in accordance with Section 6 of the Bluemont Funding Purchase Agreement, (vii) to Town Center Funding in accordance with Section 6 of the Town Center Funding Purchase Agreement, (viii) to Town Hall Funding in accordance with Section 6 of the Town Hall Funding Purchase Agreement, or (ix) to VL Funding in accordance with Section 6 of the VL Funding Purchase Agreement], and each Noteholder, by the acceptance of a Note, consents to any such release.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's ’s interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's ’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as (i) there are no Notes Outstanding Outstanding, (ii) all payments owing to each Swap Counterparty under the related Swap Agreement have been paid, and (iii) all sums due the Indenture Trustee pursuant to Section 6.7 have been paid in fullpaid, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request accompanied by an Officer's CertificateOfficers’ Certificate of the Issuer, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections §§ 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. (c) Each Noteholder or Note OwnerNoteholder, by its the acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable Trust Student Loan to be sold to (i) to the Depositor in accordance with Section 2.3 6 of the Sale and Servicing Agreement and Agreement, (ii) to the Servicer in accordance with Section 3.7 3.5 of the Sale and Servicing Agreement, (iii) to Bluemont Funding (or the seller from which Bluemont Funding originally purchased such Trust Student Loan), Town Center Funding (or the seller from which Town Center Funding originally purchased such Trust Student Loan), Town Hall Funding (or the seller from which Town Hall Funding originally purchased such Trust Student Loan), to VL Funding (or the seller from which VL Funding originally purchased such Trust Student Loan), to [_____] (or the seller from which [_____] originally purchased such Trust Student Loan), SLM ECFC or to another Affiliate of SLM Corporation in accordance with Section 3.11F. of the Servicing Agreement, (iv) to another eligible lender holding one or more Serial Loans with respect to such Trust Student Loan, (v) to SLM ECFC in accordance with Section 6 of the SLM ECFC Purchase Agreement, and each Noteholder, by the acceptance of a Note, consents to any such release, (vi) to Bluemont Funding in accordance with Section 6 of the Bluemont Funding Purchase Agreement, (vii) to Town Center Funding in accordance with Section 6 of the Town Center Funding Purchase Agreement or (viii) to Town Hall Funding in accordance with Section 6 of the Town Hall Funding Purchase Agreement, (ix) to VL Funding in accordance with Section 6 of the VL Funding Purchase Agreement, (x) to [_____] in accordance with Section 6 of the [_____] Purchase Agreement, and each Noteholder, by the acceptance of a Note, consents to any such release.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the application of any monies. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 have been paid in full, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request accompanied by an Officer's Certificate, Certificate and an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. (c) Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable to be sold to (i) the Depositor Seller in accordance with Section 2.3 of the Sale and Servicing Agreement and (ii) to the Servicer in accordance with Section 3.7 of the Sale and Servicing Agreement.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's ’s interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's ’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 have been paid in fullpaid, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request accompanied by an Officer's CertificateOfficers’ Certificate of the Issuer, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections §§ 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. (c) Each Noteholder or Note OwnerNoteholder, by its the acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable Trust Student Loan to be sold to (i) to the Depositor in accordance with Section 2.3 6 of the Sale and Servicing Agreement and Agreement, (ii) to the Servicer in accordance with Section 3.7 3.5 of the Sale and Servicing Agreement, (iii) to VG Funding (or the Seller from which VG Funding originally purchased such Trust Student Loan), to SLM ECFC or to another Affiliate of SLM Corporation in accordance with Section 3.11F. of the Servicing Agreement, (iv) to another eligible lender holding one or more Serial Loans with respect to such Trust Student Loan, (v) to VG Funding in accordance with Section 6 of the VG Funding Purchase Agreement or (vi) to SLM ECFC in accordance with Section 6 of the SLM ECFC Purchase Agreement, and each Noteholder, by the acceptance of a Note, consents to any such release.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the application of any monies. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 have been paid in full, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request Re- quest accompanied by an Officer's Certificate, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. (c) Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable to be sold to (i) the Depositor Seller in accordance with Section 2.3 of the Sale and Servicing Agreement and (ii) to the Servicer in accordance with Section 3.7 of the Sale and Servicing Agreement.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.76.07, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's ’s interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's ’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 6.07 have been paid in fullpaid, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b8.04(b) only upon receipt of an Issuer Request accompanied by an Officer's CertificateOfficers’ Certificate of the Issuer, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections §§ 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.111.01. (c) Each Noteholder or Note OwnerNoteholder, by its the acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable Trust Student Loan to be sold to (i) the Depositor in accordance with Section 2.3 Article VI of the Depositor Sale and Servicing Agreement and Agreement, (ii) to the Sellers in accordance with Article VI of the Seller Sale Agreements and (iii) the Servicer in accordance with Section 3.7 3.05 of the Sale Servicing Agreement and Servicing Agreementeach Noteholder, by the acceptance of a Note, consents to any such release.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 have been paid in fullpaid, subject to the interest therein of any Swap Counterparty, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request accompanied by an Officer's CertificateOfficers' Certificate of the Issuer, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. (c) Each Noteholder or Note OwnerNoteholder, by its the acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable Trust Student Loan to be sold to (i) the Depositor in accordance with Section 2.3 6 of the Sale and Servicing Agreement and Agreement, (ii) to the Servicer in accordance with Section 3.7 3.5 of the Sale and Servicing Agreement, (iii) to SLMA in accordance with Section 6 of the SLMA Purchase Agreement, and (iv) to SLM ELC in accordance with Section 6 of the SLM ELC Purchase Agreement, and each Noteholder, by the acceptance of a Note, consents to any such release.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 have been paid in fullpaid, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request accompanied by an Officer's CertificateOfficers' Certificate of the Issuer, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. (c) Each Noteholder or Note OwnerNoteholder, by its the acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable Trust Student Loan to be sold to (i) to the Depositor in accordance with Section 2.3 6 of the Sale and Servicing Agreement and Agreement, (ii) to the Servicer in accordance with Section 3.7 3.5 of the Sale and Servicing Agreement, (iii) to VG Funding (or the Seller from which VG Funding originally purchased such Trust Student Loan), to SLM ECFC or to another Affiliate of SLM Corporation in accordance with Section 3.11F. of the Servicing Agreement, (iv) to another eligible lender holding one or more Serial Loans with respect to such Trust Student Loan, (v) to VG Funding in accordance with Section 6 of the VG Funding Purchase Agreement or (vi) to SLM ECFC in accordance with Section 6 of the SLM ECFC Purchase Agreement, and each Noteholder, by the acceptance of a Note, consents to any such release.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses (including, without limitation, legal fees and expenses) pursuant to Section 6.76.07, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the application of any monies. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 6.07 have been paid in fulland all amounts due to the Swap Counterparty under the Basic Documents have been paid, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b8.04(b) only upon receipt by it and the Swap Counterparty of an Issuer Request accompanied by an Officer's CertificateOfficers' Certificate of the Issuer, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections ss.ss. 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1Xxxxxon 11.01. (c) Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable to be sold to (i) the Depositor in accordance with Section 2.3 of the Sale and Servicing Agreement and (ii) to the Servicer in accordance with Section 3.7 of the Sale and Servicing Agreement.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee and the Indenture Administrator pursuant to Section 6.7 have been paid in fullpaid, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request accompanied by an Officer's CertificateOfficers' Certificate of the Issuer, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections ss.ss. 314(c) and 314(d)(1) meeting the applicable requirements of Section Sexxxxx 11.1. (c) Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable to be sold to (i) the Depositor in accordance with Section 2.3 of the Sale and Servicing Agreement and (ii) to the Servicer in accordance with Section 3.7 of the Sale and Servicing Agreement.

Release of Indenture Trust Estate. (a) Subject to the --------------------------------- payment of its fees and expenses pursuant to Section 6.76.07, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 6.07 have been paid in fullpaid, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b8.04(b) only upon receipt of an Issuer Request accompanied by an Officer's CertificateOfficers' Certificate of the Issuer, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections (S)(S) 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.111.01. (c) Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable to be sold to (i) the Depositor in accordance with Section 2.3 of the Sale and Servicing Agreement and (ii) to the Servicer in accordance with Section 3.7 of the Sale and Servicing Agreement.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's ’s interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's ’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 have been paid in fullpaid, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request accompanied by an Officer's CertificateOfficers’ Certificate of the Issuer, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections §§ 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. (c) Each Noteholder or Note OwnerNoteholder, by its the acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable Trust Student Loan to be sold to or transferred (as applicable) (i) to the Depositor in accordance with Section 2.3 6 of the Sale and Servicing Agreement and Contribution Agreement, (ii) to the Master Servicer in accordance with Section 3.7 3.5 of the Sale and Master Servicing Agreement, (iii) to WEF, Wachovia Bank, to any of their respective Affiliates in accordance with Section 3.11F. of the Master Servicing Agreement, (iv) to another eligible lender holding one or more Serial Loans with respect to such Trust Student Loan, (v) to Wachovia Bank in accordance with Section 6 of the Wachovia Bank Purchase Agreement, or (vi) to WEF in accordance with Section 6 of the WEF Purchase Agreement, and each Noteholder, by the acceptance of a Note, consents to any such release.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.76.07, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's ’s interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's ’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 6.07 have been paid in fullpaid, release any remaining portion of the Indenture Trust Estate that secured the [Group I] and [Group II] Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b8.04(b) only upon receipt of an Issuer Request accompanied by an Officer's CertificateOfficers’ Certificate of the Issuer, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.111.01. (c) Each Noteholder or Note Ownerholder of any Class of the [Group I] and [Group II] Notes, by its the acceptance of a Note orsuch [Group I] or Group Note, in the case of a Note Owner, a beneficial interest in a Noterespectively, acknowledges that from time to time during the Funding Period the Indenture Trustee shall release the lien of this Indenture on any Receivable those [Group I] or [Group II] Student Loans, respectively, to be sold to (i) the Depositor and as to which the Depositor will simultaneously deposit the aggregate Purchase Amounts thereof into the [Group I] or [Group II] Escrow Account, as applicable, in accordance with Section 2.3 of the Sale with, and Servicing Agreement and (ii) subject to the Servicer in accordance with terms and conditions of, Section 3.7 2.03 of the Sale and Servicing Agreement, and each holder of each Class of the [Group I] and [Group II] Notes consents to such release.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 have been paid in fullpaid, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request accompanied by an Officer's CertificateOfficers' Certificate of the Issuer, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. (c) Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable to be sold to (i) the Depositor in accordance with Section 2.3 of the Sale and Servicing Agreement and (ii) to the Servicer in accordance with Section 3.7 of the Sale and Servicing Agreement.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.7expenses, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII IV hereunder shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent precedent, or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as (i) there are no Notes Outstanding and (ii) all sums due the Indenture Trustee pursuant to Section 6.7 this Indenture have been paid in fullpaid, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust AccountsIndenture. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) 8.05 only upon receipt of an request from the Issuer Request accompanied by an Officer's Officers' Certificate, an Opinion of Counsel Counsel, and (if required by the TIA) Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1as described herein. (c) Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable to be sold to (i) the Depositor in accordance with Section 2.3 of the Sale and Servicing Agreement and (ii) to the Servicer in accordance with Section 3.7 of the Sale and Servicing Agreement.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's ’s interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's ’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 have been paid in fullpaid, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request accompanied by an Officer's CertificateOfficers’ Certificate of the Issuer, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections §§ 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. (c) Each Noteholder or Note OwnerNoteholder, by its the acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable Trust Student Loan to be sold to (i) to the Depositor in accordance with Section 2.3 6 of the Sale and Servicing Agreement and Agreement, (ii) to the Servicer in accordance with Section 3.7 3.5 of the Sale and Servicing Agreement, (iii) to SLMA, SLM ECFC or another Affiliate of SLM Corporation in accordance with Section 3.11F of the Servicing Agreement, (iv) to another eligible lender holding one or more Serial Loans with respect to such Trust Student Loan, (v) to SLMA in accordance with Section 6 of the SLMA Purchase Agreement or (vi) to SLM ECFC in accordance with Section 6 of the SLM ECFC Purchase Agreement, and each Noteholder, by the acceptance of a Note, consents to any such release.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 have been paid in fullpaid, subject to the interest therein of any Swap Counterparty, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request accompanied by an Officer's CertificateOfficers' Certificate of the Issuer, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections (S)(S) 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. (c) Each Noteholder or Note OwnerNoteholder, by its the acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable Trust Student Loan to be sold to (i) the Depositor in accordance with Section 2.3 6 of the Sale and Servicing Agreement and Agreement, (ii) to the Servicer in accordance with Section 3.7 3.5 of the Sale and Servicing Agreement, (iii) to SLMA in accordance with Section 6 of the SLMA Purchase Agreement, (iv) to VG Funding in accordance with Section 6 of the VG Funding Purchase Agreement, and (v) to SLM ELC in accordance with Section 6 of the SLM ELC Purchase Agreement, and each Noteholder, by the acceptance of a Note, consents to any such release.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 have been paid in fullpaid, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request accompanied by an Officer's CertificateOfficers' Certificate of the Issuer, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections ss.ss. 314(c) and 314(d)(1) meeting the applicable requirements of Section Sexxxxx 11.1. (c) Each Noteholder or Note OwnerNoteholder, by its the acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable Trust Student Loan to be sold to (i) to the Depositor in accordance with Section 2.3 6 of the Sale and Servicing Agreement and Agreement, (ii) to the Servicer in accordance with Section 3.7 3.5 of the Sale and Servicing Agreement, (iii) to SLC [or its affiliate] in accordance with Section 3.11F of the Servicing Agreement, (iv) to another eligible lender holding one or more Serial Loans with respect to such Trust Student Loan or (v) to SLC in accordance with Section 6 of the Purchase Agreement, and each Noteholder, by the acceptance of a Note, consents to any such release.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's ’s interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's ’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 have been paid in fullpaid, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request accompanied by an Officer's CertificateOfficers’ Certificate of the Issuer, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections §§ 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. (c) Each Noteholder or Note OwnerNoteholder, by its the acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable Trust Student Loan to be sold to (i) to the Depositor in accordance with Section 2.3 6 of the Sale and Servicing Agreement and Agreement, (ii) to the Servicer in accordance with Section 3.7 3.5 of the Sale and Servicing Agreement, (iii) to Xxxxx Fargo Bank, N.A. or to another Affiliate of Xxxxx Fargo Bank, N.A. in accordance with Section 3.11F. of the Servicing Agreement, (iv) to another eligible lender holding one or more Serial Loans with respect to such Trust Student Loan or (v) to Xxxxx Fargo Bank, N.A. in accordance with Section 6 of the Purchase Agreement, and each Noteholder, by the acceptance of a Note, consents to any such release.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the application of any monies. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 have been paid in fullfull and all amounts owing under each Interest Rate Swap Agreement have been paid, release any remaining portion of the Indenture Trust Estate that secured the Notes and the Interest Rate Swap Agreements from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request accompanied by confirmation that all amounts owing under each Interest Rate Swap Agreement have been paid, an Officer's Certificate, Certificate and an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. (c) Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable to be sold to (i) the Depositor Seller in accordance with Section 2.3 of the Sale and Servicing Agreement and (ii) to the Servicer in accordance with Section 3.7 of the Sale and Servicing Agreement.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's ’s interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's ’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 have been paid in fullpaid, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request accompanied by an Officer's CertificateOfficers’ Certificate of the Issuer, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections §§ 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. (c) Each Noteholder or Note OwnerNoteholder, by its the acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable Trust Student Loan to be sold to (i) to the Depositor in accordance with Section 2.3 6(A) of the Sale and Servicing Agreement and Agreement, (ii) to the Servicer in accordance with Section 3.7 3.5 of the Sale and Servicing Agreement, (iii) to VG Funding (or the seller from which VG Funding originally purchased such Trust Student Loan), to SLM ECFC or to another Affiliate of SLM Corporation in accordance with Section 3.11F. of the Servicing Agreement, (iv) to another eligible lender holding one or more Serial Loans with respect to such Trust Student Loan, (v) to VG Funding in accordance with Section 6 of the VG Funding Purchase Agreement or (vi) to SLM ECFC in accordance with Section 6 of the SLM ECFC Purchase Agreement, and each Noteholder, by the acceptance of a Note, consents to any such release.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's ’s interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's ’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee and the Indenture Administrator pursuant to Section 6.7 have been paid in fullpaid, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request accompanied by an Officer's CertificateOfficers’ Certificate of the Issuer, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections §§ 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. (c) Each Noteholder or Note OwnerNoteholder, by its the acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable Trust Student Loan to be sold to (i) to the Depositor in accordance with Section 2.3 6 of the Sale and Servicing Agreement and Agreement, (ii) to the Servicer in accordance with Section 3.7 3.5 of the Sale and Servicing Agreement, (iii) to SLC in accordance with Section 3.11F of the Servicing Agreement or (iv) to SLC in accordance with Section 6 of the Purchase Agreement, and each Noteholder, by the acceptance of a Note, consents to any such release.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 have been paid in fullpaid, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request accompanied by an Officer's CertificateOfficers' Certificate of the Issuer, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. (c) Each Noteholder or Note OwnerNoteholder, by its the acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable Trust Student Loan to be sold to (i) to the Depositor in accordance with Section 2.3 6 of the Sale and Servicing Agreement and Agreement, (ii) to the Servicer in accordance with Section 3.7 3.5 of the Sale and Servicing Agreement, (iii) to SLM ECFC or another Affiliate of SLM Corporation in accordance with Section 3.11F of the Servicing Agreement, (iv) to another eligible lender holding one or more Serial Loans with respect to such Trust Student Loan or (v) to SLM ECFC in accordance with Section 6 of the Purchase Agreement, and each Noteholder, by the acceptance of a Note, consents to any such release.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required requested in writing by the provisions of this Indenture Issuer shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the application of any monies. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 have been paid in full, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request Order accompanied by an Officer's Certificate, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. (c) Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable to be sold repurchased or purchased pursuant to (i) the Depositor in accordance with Section 2.3 of the Sale and Servicing Agreement and (ii) to the Servicer in accordance with or Section 3.7 3.6, respectively, of the Sale and Servicing Agreement.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.76.07, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 6.07 have been paid in fullpaid, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b8.04(b) only upon receipt of an Issuer Request accompanied by an Officer's CertificateOfficers' Certificate of the Issuer, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections " 314(c) and 314(d)(1) and meeting the applicable requirements of Section 11.111.01. (c) Each Noteholder or Note Ownerholder of the Notes, by its the acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time during the Funding Period the Indenture Trustee shall release the lien of this Indenture on any Receivable those Financed Federal Loans to be sold to (i) the Depositor Seller and as to which the Seller will simultaneously deposit the aggregate Purchase Amounts thereof into the Escrow Account in accordance with Section 2.3 of the Sale with, and Servicing Agreement and (ii) subject to the Servicer in accordance with terms and conditions of, Section 3.7 2.03 of the Sale and Servicing Agreement, and each holder of the Notes consents to such release.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the application of any monies. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 have been paid in full and all amounts (including Swap Termination Payments) owing under each Interest Rate Swap Agreement have been paid in full, release any remaining remain ing portion of the Indenture Trust Estate that secured the Issuer's obligations under the Notes and the Interest Rate Swap Agreement from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request accompanied by confirmation that all amounts owing by the Issuer under the Interest Rate Swap Agreement have been paid, and an Officer's Certificate, Certificate and an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. (c) Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, and the Swap Counterparty, by its acceptance of the terms of this Indenture and the Interest Rate Swap Agreement, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable to be sold to (i) the Depositor Seller in accordance with Section 2.3 of the Sale and Servicing Agreement and (ii) to the Servicer in accordance with Section 3.7 of the Sale and Servicing Agreement.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.76.07, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 6.07 have been paid in fullpaid, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b8.04(b) only upon receipt of an Issuer Request accompanied by an Officer's CertificateOfficers' Certificate of the Issuer, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections [][] 314(c) and 314(d)(1) and meeting the applicable requirements of Section 11.111.01. (c) Each Noteholder or Note Ownerholder of the Notes, by its the acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time during the Funding Period the Indenture Trustee shall release the lien of this Indenture on any Receivable those Financed Federal Loans to be sold to (i) the Depositor Seller and as to which the Seller will simultaneously deposit the aggregate Purchase Amounts thereof into the Escrow Account in accordance with Section 2.3 of the Sale with, and Servicing Agreement and (ii) subject to the Servicer in accordance with terms and conditions of, Section 3.7 2.03 of the Sale and Servicing Agreement, and each holder of the Notes consents to such release.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses (including, without limitation, legal fees and expenses) pursuant to Section 6.76.07, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the application of any monies. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 6.07 have been paid in fulland all amounts due to the Swap Counterparty under the Basic Documents have been paid, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b8.04(b) only upon receipt by it and the Swap Counterparty of an Issuer Request accompanied by an Officer's CertificateOfficers' Certificate of the Issuer, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections xx.xx. 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.111.01. (c) Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable to be sold to (i) the Depositor in accordance with Section 2.3 of the Sale and Servicing Agreement and (ii) to the Servicer in accordance with Section 3.7 of the Sale and Servicing Agreement.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien Lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the application of any monies. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 have been paid in fullpaid, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) Accounts only upon receipt of an Issuer Request accompanied by an Officer's Certificate, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. (c) Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable to be sold to (i) the Depositor in accordance with Section 2.3 of the Sale and Servicing Agreement and (ii) to the Servicer in accordance with Section 3.7 of the Sale and Servicing Agreement.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the application of any monies. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 have been paid in full, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request accompanied by an Officer's Certificate, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. (c) Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable to be sold to (i) the Depositor Seller in accordance with Section 2.3 of the Sale and Servicing Agreement and (ii) to the Servicer in accordance accor- dance with Section 3.7 of the Sale and Servicing Agreement.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the application of any monies. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 have been paid in full, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request accompanied by an Officer's Certificate, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. (c) Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable to be sold to (i) the Depositor in accordance with Section 2.3 of the Sale and Servicing Agreement and (ii) to the Servicer in accordance with Section 3.7 of the Sale and Servicing Agreement.accompanied

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's ’s interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's ’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 have been paid in fullpaid, subject to the interest therein of any Swap Counterparty, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request accompanied by an Officer's CertificateOfficers’ Certificate of the Issuer, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections §§ 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. (c) Each Noteholder or Note OwnerNoteholder, by its the acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable Trust Student Loan to be sold to (i) to the Depositor in accordance with Section 2.3 6 of the Sale and Servicing Agreement and Agreement, (ii) to the Servicer in accordance with Section 3.7 3.5 of the Sale and Servicing Agreement, (iii) to SLM ECFC or another Affiliate of SLM Corporation in accordance with Section 3.11F. of the Servicing Agreement, (iv) to another eligible lender holding one or more Serial Loans with respect to such Trust Student Loan or (v) to SLM ECFC in accordance with Section 6 of the Purchase Agreement, and each Noteholder, by the acceptance of a Note, consents to any such release.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien Lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the application of any monies. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 have been paid in fullpaid, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) Accounts only upon receipt of an Issuer Request accompanied by an Officer's Certificate, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections ss 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. (c) Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable to be sold to (i) the Depositor in accordance with Section 2.3 of the Sale and Servicing Agreement and (ii) to the Servicer in accordance with Section 3.7 of the Sale and Servicing Agreement.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's ’s interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's ’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (ba) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 have been paid in fullpaid, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request accompanied by an Officer's CertificateOfficers’ Certificate of the Issuer, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections §§ 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. (cb) Each Noteholder or Note OwnerNoteholder, by its the acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable Trust Student Loan to be sold to (i) to the Depositor in accordance with Section 2.3 6 of the Sale and Servicing Agreement and Agreement, (ii) to the Servicer in accordance with Section 3.7 3.5 of the Sale and Servicing Agreement, (iii) to VG Funding (or the seller from which VG Funding originally purchased such Trust Student Loan), to SLM ECFC or to another Affiliate of SLM Corporation in accordance with Section 3.11F. of the Servicing Agreement, (iv) to another eligible lender holding one or more Serial Loans with respect to such Trust Student Loan, (v) to VG Funding in accordance with Section 6 of the VG Funding Purchase Agreement or (vi) to SLM ECFC in accordance with Section 6 of the SLM ECFC Purchase Agreement, and each Noteholder, by the acceptance of a Note, consents to any such release.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee and the Indenture Administrator pursuant to Section 6.7 have been paid in fullpaid, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request accompanied by an Officer's CertificateOfficers' Certificate of the Issuer, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections ss.ss. 314(c) and 314(d)(1) meeting the applicable requirements of Section Secxxxx 11.1. (c) Each Noteholder or Note OwnerNoteholder, by its the acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable Trust Student Loan to be sold to (i) to the Depositor in accordance with Section 2.3 6 of the Sale and Servicing Agreement and Agreement, (ii) to the Servicer in accordance with Section 3.7 3.5 of the Sale and Servicing Agreement, (iii) to SLC in accordance with Section 3.11F of the Servicing Agreement, (iv) to another eligible lender holding one or more Serial Loans with respect to such Trust Student Loan or (v) to SLC in accordance with Section 6 of the Purchase Agreement, and each Noteholder, by the acceptance of a Note, consents to any such release.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's ’s interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's ’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as [(i)] there are no Notes Outstanding Outstanding[, (ii) all payments owing to each Swap Counterparty under the related Swap Agreement have been paid, and (iii)] all sums due the Indenture Trustee pursuant to Section 6.7 have been paid in fullpaid, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request accompanied by an Officer's CertificateOfficers’ Certificate of the Issuer, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections §§ 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. (c) Each Noteholder or Note OwnerNoteholder, by its the acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable Trust Student Loan to be sold to (i) to the Depositor in accordance with Section 2.3 6 of the Sale and Servicing Agreement and Agreement, (ii) to the Servicer in accordance with Section 3.7 3.5 of the Sale and Servicing Agreement, [(iii) to Blue Ridge Funding (or the seller from which Blue Ridge Funding originally purchased such Trust Student Loan), VL Funding (or the seller from which VL Funding] originally purchased such Trust Student Loan), Navient CFC or to another Affiliate of Navient Corporation in accordance with Section 3.11F. of the Servicing Agreement, (iv) to another eligible lender holding one or more Serial Loans with respect to such Trust Student Loan, (v) to Navient CFC in accordance with Section 6 of the Navient CFC Purchase Agreement, and each Noteholder, by the acceptance of a Note, consents to any such release, [(vi) to Blue Ridge Funding in accordance with Section 6 of the Blue Ridge Funding Purchase Agreement, or (vii) to VL Funding in accordance with Section 6 of the VL Funding Purchase Agreement,] and each Noteholder, by the acceptance of a Note, consents to any such release.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.76.07, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's ’s interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's ’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and Outstanding, all sums due the Indenture Trustee pursuant to Section 6.7 6.07 have been paid in fullpaid, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b8.04(b) only upon receipt of an Issuer Request accompanied by an Officer's Certificate, Officers’ Certificate of the Issuer and an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.111.01. (c) Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable to be sold to (i) the Depositor in accordance with Section 2.3 of the Sale and Servicing Agreement and (ii) to the Servicer in accordance with Section 3.7 of the Sale and Servicing Agreement.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due to (i) the Certificateholders pursuant to Section 5.06(c) of the Sale and Servicing Agreement, (ii) the Servicer pursuant to Section 8.2(c)(i)(A) hereof, (iii) the [Securities Insurer] pursuant to Section 8.2(c)(i)(B) hereof, the Indenture Trustee pursuant to Section 6.7 8.2(c)(i)(C) hereof, the Owner Trustee pursuant to Section 8.2(c)(i)(D) hereof, and the Custodian pursuant to Section 8.2(c)(i)(E) hereof have been paid in fullpaid, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(bSubsection (b) only upon receipt of an Issuer Request accompanied by an Officer's Certificate, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. (c) Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable to be sold to (i) the Depositor in accordance with Section 2.3 of the Sale and Servicing Agreement and (ii) to the Servicer in accordance with Section 3.7 of the Sale and Servicing Agreement.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.76.07, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's ’s interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's ’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and Outstanding, all sums due the Indenture Trustee pursuant to Section 6.7 6.07 have been paid in fulland no amounts are due and owing to the Securities Insurer or the Swap Counterparty, release any remaining portion of the Indenture Trust Estate that secured the Group I and Group II Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b8.04(b) only upon receipt of an Issuer Request accompanied by an Officer's CertificateOfficers’ Certificate of the Issuer, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections §§ 314(c) and 314(d)(1) and meeting the applicable requirements of Section 11.111.01. (c) Each Noteholder or Note Ownerholder of any Class of the Group I and Group II Notes, by its the acceptance of a Note orsuch Group I or Group Note, in the case of a Note Owner, a beneficial interest in a Noterespectively, acknowledges that from time to time during the Funding Period the Indenture Trustee shall release the lien of this Indenture on any Receivable those Group I or Group II Student Loans, respectively, to be sold to (i) the Depositor and as to which the Depositor will simultaneously deposit the aggregate Purchase Amounts thereof into the Group I or Group II Escrow Account, as applicable, in accordance with Section 2.3 of the Sale with, and Servicing Agreement and (ii) subject to the Servicer in accordance with terms and conditions of, Section 3.7 2.03 of the Sale and Servicing Agreement, and each holder of each Class of the Group I and Group II Notes consents to such release.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's ’s interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's ’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 have been paid in fullpaid, subject to the interest therein of the Swap Counterparties, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request accompanied by an Officer's CertificateOfficers’ Certificate of the Issuer, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections §§ 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. (c) Each Noteholder or Note OwnerNoteholder, by its the acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable Trust Student Loan to be sold to (i) to the Depositor in accordance with Section 2.3 6 of the Sale and Servicing Agreement and Agreement, (ii) to the Servicer in accordance with Section 3.7 3.5 of the Sale and Servicing Agreement, (iii) to VG Funding (or the seller from which VG Funding originally purchased such Trust Student Loan), to SLM ECFC or to another Affiliate of SLM Corporation in accordance with Section 3.11F of the Servicing Agreement, (iv) to another eligible lender holding one or more Serial Loans with respect to such Trust Student Loan, (v) to VG Funding in accordance with Section 6 of the VG Funding Purchase Agreement or (vi) to SLM ECFC in accordance with Section 6 of the SLM ECFC Purchase Agreement, and each Noteholder, by the acceptance of a Note, consents to any such release.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due to (i) the Certificateholders pursuant to Section 5.06(c) of the Sale and Servicing Agreement, (ii) the Servicer pursuant to Section 8.2(c)(i)(A) hereof, (iii) the Securities Insurer pursuant to Section 8.2(c)(i)(B) hereof, the Indenture Trustee pursuant to Section 6.7 8.2(c)(i)(C) hereof, the Owner Trustee pursuant to Section 8.2(c)(i)(D) hereof, and the Custodian pursuant to Section 8.2(c)(i)(E) hereof have been paid in fullpaid, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(bSubsection (b) only upon receipt of an Issuer Request accompanied by an Officer's Certificate, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. (c) Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable to be sold to (i) the Depositor in accordance with Section 2.3 of the Sale and Servicing Agreement and (ii) to the Servicer in accordance with Section 3.7 of the Sale and Servicing Agreement.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's ’s interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's ’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 have been paid in fullpaid, subject to the interest therein of the Currency Swap Counterparties, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request accompanied by an Officer's CertificateOfficers’ Certificate of the Issuer, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections §§ 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. (c) Each Noteholder or Note OwnerNoteholder, by its the acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable Trust Student Loan to be sold to (i) to the Depositor in accordance with Section 2.3 6 of the Sale and Servicing Agreement and Agreement, (ii) to the Servicer in accordance with Section 3.7 3.5 of the Sale and Servicing Agreement, (iii) to VG Funding (or the seller from which VG Funding originally purchased such Trust Student Loan), to SLM ECFC or to another Affiliate of SLM Corporation in accordance with Section 3.11F. of the Servicing Agreement, (iv) to another eligible lender holding one or more Serial Loans with respect to such Trust Student Loan, (v) to VG Funding in accordance with Section 6 of the VG Funding Purchase Agreement or (vi) to SLM ECFC in accordance with Section 6 of the SLM ECFC Purchase Agreement, and each Noteholder, by the acceptance of a Note, consents to any such release.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the application of any monies. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 have been paid in full, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request accompanied by an Officer's Certificate, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. (c) Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable to be sold to (i) the Depositor in accordance with Section 2.3 of the Sale and Servicing Agreement and (ii) to the Servicer in accordance with Section 3.7 of the Sale and Servicing Agreement.in

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 have been paid in fullpaid, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request accompanied by an Officer's CertificateOfficers' Certificate of the Issuer, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections ss.ss. 314(c) and 314(d)(1) meeting the applicable requirements of Section Secxxxx 11.1. (c) Each Noteholder or Note OwnerNoteholder, by its the acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable Trust Student Loan to be sold to (i) the Depositor in accordance with Section 2.3 6 of the Sale and Servicing Agreement and Agreement, (ii) to the Servicer in accordance with Section 3.7 3.5 of the Sale Servicing Agreement and (iii) to another eligible lender holding one or more Serial Loans with respect to such Trust Student Loan, in accordance with Section 3.11E of the Servicing Agreement, and each Noteholder, by the acceptance of a Note, consents to any such release.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required requested in writing by the provisions of this Indenture Issuer shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's ’s interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's ’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any monies. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 have been paid in full, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request Order accompanied by an Officer's ’s Certificate, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. (c) Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable to be sold repurchased or purchased pursuant to (i) the Depositor in accordance with Section 2.3 of the Sale and Servicing Agreement and (ii) to the Servicer in accordance with or Section 3.7 3.6, respectively, of the Sale and Servicing Agreement.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the application of any monies. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 have been paid in full and all amounts (including Swap Termination Payments) owing under each Interest Rate Swap Agreement have been paid in full, release any remaining portion of the Indenture Trust Estate that secured the Issuer's obligations under the Notes and the Interest Rate Swap Agreements from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request accompanied by confirmation that all amounts owing by the Issuer under each Interest Rate Swap Agreement have been paid, and an Officer's Certificate, Certificate and an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. (c) Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable to be sold to (i) the Depositor Seller in accordance with Section 2.3 of the Sale and Servicing Agreement and (ii) to the Servicer in accordance with Section 3.7 of the Sale and Servicing Agreement.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.76.07, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and Outstanding, all sums due the Indenture Trustee pursuant to Section 6.7 6.07 have been paid in fullpaid, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b8.04(b) only upon receipt of an Issuer Request accompanied by an Officer's Certificate, Officers' Certificate of the Issuer and an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.111.01. (c) Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable to be sold to (i) the Depositor in accordance with Section 2.3 of the Sale and Servicing Agreement and (ii) to the Servicer in accordance with Section 3.7 of the Sale and Servicing Agreement.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.76.07, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 6.07 have been paid in fullpaid, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b8.04(b) only upon receipt of an Issuer Request accompanied by an Officer's CertificateCertificate of the Issuer, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections sections 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.110.01. (c) Each Noteholder or Note OwnerNoteholder, by its the acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall may release the lien of this Indenture on any Receivable Financed Student Loans to be sold to (i) the Depositor Seller or Master Servicer and as to which the Seller or Master Servicer will simultaneously deposit the aggregate Purchase Amounts thereof into the Collection Account in accordance with with, and subject to the terms and conditions of, Section 2.3 4.04 of the Sale and Servicing Agreement and (ii) to the Servicer in accordance with Section 3.7 of the Sale and Master Servicing Agreement, and each Noteholder consents to such release.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.76.07, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and Outstanding, all sums due the Indenture Trustee pursuant to Section 6.7 6.07 have been paid in fulland no amounts are due and owing to the Securities Insurer or the Swap Counterparty, release any remaining portion of the Indenture Trust Estate that secured the Group I and Group II Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b8.04(b) only upon receipt of an Issuer Request accompanied by an Officer's CertificateOfficers' Certificate of the Issuer, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) and meeting the applicable requirements of Section 11.111.01. (c) Each Noteholder or Note Ownerholder of any Class of the Group I and Group II Notes, by its the acceptance of a Note orsuch Group I or Group Note, in the case of a Note Owner, a beneficial interest in a Noterespectively, acknowledges that from time to time during the Funding Period the Indenture Trustee shall release the lien of this Indenture on any Receivable those Group I or Group II Student Loans, respectively, to be sold to (i) the Depositor and as to which the Depositor will simultaneously deposit the aggregate Purchase Amounts thereof into the Group I or Group II Escrow Account, as applicable, in accordance with Section 2.3 of the Sale with, and Servicing Agreement and (ii) subject to the Servicer in accordance with terms and conditions of, Section 3.7 2.03 of the Sale and Servicing Agreement, and each holder of each Class of the Group I and Group II Notes consents to such release.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's ’s interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's ’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 have been paid in fullpaid, subject to the interest therein of any Swap Counterparty, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request accompanied by an Officer's CertificateOfficers’ Certificate of the Issuer, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections §§ 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. (c) Each Noteholder or Note OwnerNoteholder, by its the acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable Trust Student Loan to be sold to (i) the Depositor in accordance with Section 2.3 6 of the Sale and Servicing Agreement and Agreement, (ii) to the Servicer in accordance with Section 3.7 3.5 of the Sale and Servicing Agreement, and (iii) to Xxxxxx Xxx in accordance with Section 6 of the Purchase Agreement, and each Noteholder, by the acceptance of a Note, consents to any such release.

Release of Indenture Trust Estate. (a) Subject to --------------------------------- the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 have been paid in fullpaid, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request accompanied by an Officer's CertificateOfficers' Certificate of the Issuer, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections xx.xx. 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. (c) Each Noteholder or Note OwnerNoteholder, by its the acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable Trust Student Loan to be sold to (i) the Depositor Seller in accordance with Section 2.3 6 of the Sale and Servicing Agreement and Agreement, (ii) to the Servicer in accordance with Section 3.7 3.5 of the Sale Servicing Agreement and (iii) to another eligible lender holding one or more Serial Loans with respect to such Trust Student Loan, in accordance with Section 3.11E of the Servicing Agreement, and each Noteholder, by the acceptance of a Note, consents to any such release.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's ’s interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's ’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 have been paid in fullpaid, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request accompanied by an Officer's CertificateOfficers’ Certificate of the Issuer, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections §§ 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. (c) Each Noteholder or Note OwnerNoteholder, by its the acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable Trust Student Loan to be sold to (i) to the Depositor in accordance with Section 2.3 6 of the Sale and Servicing Agreement and Contribution Agreement, (ii) to the Master Servicer in accordance with Section 3.7 3.5 of the Sale and Master Servicing Agreement, (iii) to WEF, Wachovia Bank, or to any of their respective Affiliates in accordance with Section 3.11F. of the Master Servicing Agreement, (iv) to another eligible lender holding one or more Serial Loans with respect to such Trust Student Loan, (v) to Wachovia Bank in accordance with Section 6 of the Wachovia Bank Purchase Agreement, or (vi) to WEF in accordance with Section 6 of the WEF Purchase Agreement, and each Noteholder, by the acceptance of a Note, consents to any such release.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.76.07, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and Outstanding, all sums due the Indenture Trustee pursuant to Section 6.7 6.07 have been paid in fulland no amounts are due and owing to the Securities Insurer or the Swap Counterparty, release any remaining portion of the Indenture Trust Estate that secured the Group I and Group II Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b8.04(b) only upon receipt of an Issuer Request accompanied by an Officer's CertificateOfficers' Certificate of the Issuer, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections ss.ss. 314(c) and 314(d)(1) and meeting the applicable requirements of requirementx xx Section 11.111.01. (c) Each Noteholder or Note Ownerholder of any Class of the Group I and Group II Notes, by its the acceptance of a Note orsuch Group I or Group Note, in the case of a Note Owner, a beneficial interest in a Noterespectively, acknowledges that from time to time during the Funding Period the Indenture Trustee shall release the lien of this Indenture on any Receivable those Group I or Group II Student Loans, respectively, to be sold to (i) the Depositor and as to which the Depositor will simultaneously deposit the aggregate Purchase Amounts thereof into the Group I or Group II Escrow Account, as applicable, in accordance with Section 2.3 of the Sale with, and Servicing Agreement and (ii) subject to the Servicer in accordance with terms and conditions of, Section 3.7 2.03 of the Sale and Servicing Agreement, and each holder of each Class of the Group I and Group II Notes consents to such release.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.76.07, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and Outstanding, all sums due the Indenture Trustee pursuant to Section 6.7 6.07 have been paid in fulland no amounts are due and owing to the Securities Insurer or the Swap Counterparty, release any remaining portion of the Indenture Trust Estate that secured the Group I and Group II Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b8.04(b) only upon receipt of an Issuer Request accompanied by an Officer's CertificateOfficers' Certificate of the Issuer, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections §§ 314(c) and 314(d)(1) and meeting the applicable requirements of Section 11.111.01. (c) Each Noteholder or Note Ownerholder of any Class of the Group I and Group II Notes, by its the acceptance of a Note orsuch Group I or Group Note, in the case of a Note Owner, a beneficial interest in a Noterespectively, acknowledges that from time to time during the Funding Period the Indenture Trustee shall release the lien of this Indenture on any Receivable those Group I or Group II Student Loans, respectively, to be sold to (i) the Depositor and as to which the Depositor will simultaneously deposit the aggregate Purchase Amounts thereof into the Group I or Group II Escrow Account, as applicable, in accordance with Section 2.3 of the Sale with, and Servicing Agreement and (ii) subject to the Servicer in accordance with terms and conditions of, Section 3.7 2.03 of the Sale and Servicing Agreement, and each holder of each Class of the Group I and Group II Notes consents to such release.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's ’s interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's ’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any monies. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 have been paid in full, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request accompanied by an Officer's ’s Certificate, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. (c) Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable to be sold to (i) the Depositor in accordance with Section 2.3 of the Sale and Servicing Agreement and (ii) to the Servicer in accordance with Section 3.7 of the Sale and Servicing Agreement.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.76.07, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 6.07 have been paid in fullpaid, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b8.04(b) only upon receipt of an Issuer Request accompanied by an Officer's CertificateOfficers' Certificate of the Issuer, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections xx.xx. 314(c) and 314(d)(1) and meeting the applicable requirements of Section 11.111.01. (c) Each Noteholder or Note Ownerholder of the Notes, by its the acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time during the Funding Period the Indenture Trustee shall release the lien of this Indenture on any Receivable those Financed Federal Loans to be sold to (i) the Depositor Seller and as to which the Seller will simultaneously deposit the aggregate Purchase Amounts thereof into the Escrow Account in accordance with Section 2.3 of the Sale with, and Servicing Agreement and (ii) subject to the Servicer in accordance with terms and conditions of, Section 3.7 2.03 of the Sale and Servicing Agreement, and each holder of the Notes consents to such release.

Release of Indenture Trust Estate. (a) Subject to the --------------------------------- payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 have been paid in fullpaid, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request accompanied by an Officer's CertificateOfficers' Certificate of the Issuer, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections (SS) 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. (c) Each Noteholder or Note OwnerNoteholder, by its the acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable Trust Student Loan to be sold to (i) the Depositor Seller in accordance with Section 2.3 6 of the Sale and Servicing Agreement and Agreement, (ii) to the Servicer in accordance with Section 3.7 3.5 of the Sale Servicing Agreement and (iii) to another eligible lender holding one or more Serial Loans with respect to such Trust Student Loan, in accordance with Section 3.11E of the Servicing Agreement, and each Noteholder, by the acceptance of a Note, consents to any such release.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's ’s interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's ’s authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 have been paid in fullpaid, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request accompanied by an Officer's CertificateOfficers’ Certificate of the Issuer, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections sx.xx. 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. (c) Each Noteholder or Note OwnerNoteholder, by its the acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable Trust Student Loan to be sold to (i) the Depositor in accordance with Section 2.3 6 of the Sale and Servicing Agreement and Agreement, (ii) to the Servicer in accordance with Section 3.7 3.5 of the Sale Servicing Agreement and (iii) to another eligible lender holding one or more Serial Loans with respect to such Trust Student Loan, in accordance with Section 3.11E of the Servicing Agreement, and each Noteholder, by the acceptance of a Note, consents to any such release.

Release of Indenture Trust Estate. (a) Subject to --------------------------------- the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 have been paid in fullpaid, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request accompanied by an Officer's Certificate, an Opinion of Counsel and Notes (if required by the TIA) Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(11) meeting the applicable requirements of Section 11.1. (c) Each Noteholder or Note OwnerNoteholder, by its the acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable Trust Student Loan to be sold to (i) the Depositor Seller in accordance with Section 2.3 6 of the Sale and Servicing Agreement and Agreement, (ii) to the Servicer in accordance with Section 3.7 3.5 of the Sale Servicing Agreement and (iii) to another eligible lender holding one or more Serial Loans with respect to such Trust Student Loan, in accordance with Section 3.11E of the Servicing Agreement, and each Noteholder, by the acceptance of a Note, consents to any such release.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 have been paid in fullpaid, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request accompanied by an Officer's CertificateOfficers' Certificate of the Issuer, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections ss.ss. 314(c) and 314(d)(1) meeting the applicable requirements of Section Secxxxx 11.1. (c) Each Noteholder or Note OwnerNoteholder, by its the acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable Trust Student Loan to be sold to (i) to the Depositor in accordance with Section 2.3 6 of the Sale and Servicing Agreement and Agreement, (ii) to the Servicer in accordance with Section 3.7 3.5 of the Sale and Servicing Agreement, (iii) to SLC [or its affiliate] in accordance with Section 3.11F of the Servicing Agreement, (iv) to another eligible lender holding one or more Serial Loans with respect to such Trust Student Loan or (v) to SLC in accordance with Section 6 of the Purchase Agreement, and each Noteholder, by the acceptance of a Note, consents to any such release.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.76.07, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 6.07 have been paid in fullpaid, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b8.04(b) only upon receipt of an Issuer Request accompanied by an Officer's CertificateOfficers' Certificate of the Issuer, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections 314(c(S)(S)314(c) and 314(d)(1) meeting the applicable requirements of Section 11.111.01. (c) Each Noteholder or Note OwnerNoteholder, by its the acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable Trust Student Loan to be sold to (i) the Depositor in accordance with Section 2.3 Article VI of the Depositor Sale and Servicing Agreement, (ii) the Seller in accordance with Article VI of the Seller Sale Agreement and (iiiii) to the Servicer in accordance with Section 3.7 3.05 of the Sale Servicing Agreement and Servicing Agreementeach Noteholder, by the acceptance of a Note, consents to any such release.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses (including, without limitation, legal fees and expenses) pursuant to Section 6.76.07, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the application of any monies. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 6.07 have been paid in fulland all amounts due to the Swap Counterparty and the Demand Note Provider under the Basic Documents have been paid, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b8.04(b) only upon receipt by it of an Issuer Request accompanied by an Officer's CertificateOfficers' Certificate of the Issuer, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections ss.ss. 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1xx Xxction 11.01. (c) Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable to be sold to (i) the Depositor in accordance with Section 2.3 of the Sale and Servicing Agreement and (ii) to the Servicer in accordance with Section 3.7 of the Sale and Servicing Agreement.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 have been paid in fullpaid, subject to the interest therein of any Swap Counterparty, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request accompanied by an Officer's CertificateOfficers' Certificate of the Issuer, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. (c) Each Noteholder or Note OwnerNoteholder, by its the acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable Trust Student Loan to be sold to (i) to the Depositor in accordance with Section 2.3 6 of the Sale and Servicing Agreement and Agreement, (ii) to the Servicer in accordance with Section 3.7 3.5 of the Sale and Servicing Agreement, (iii) to VG Funding (or the seller from which VG Funding originally purchased such Trust Student Loan), to SLM ECFC or to another Affiliate of SLM Corporation in accordance with Section 3.11F. of the Servicing Agreement, (iv) to another eligible lender holding one or more Serial Loans with respect to such Trust Student Loan, (v) to VG Funding in accordance with Section 6 of the VG Funding Purchase Agreement or (vi) to SLM ECFC in accordance with Section 6 of the SLM ECFC Purchase Agreement, and each Noteholder, by the acceptance of a Note, consents to any such release.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Inden- ture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 have been paid in fullpaid, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request accompanied by an Officer's CertificateOfficers' Certificate of the Issuer, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections xx.xx. 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. (c) Each Noteholder or Note OwnerNoteholder, by its the acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable Trust Student Loan to be sold to (i) the Depositor Seller in accordance with Section 2.3 6 of the Sale and Servicing Agreement and Agreement, (ii) to the Servicer in accordance with Section 3.7 3.5 of the Sale Servicing Agreement and (iii) to another eligible lender holding one or more Serial Loans with respect to such Trust Student Loan, in accordance with Section 3.11E of the Servicing Agreement, and each Noteholder, by the acceptance of a Note, consents to any such release.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.76.07, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the application of any monies. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 6.07 have been paid in fullpaid, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b8.04(b) only upon receipt by it of an Issuer Request accompanied by an Officer's CertificateOfficers' Certificate of the Issuer, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections xx.xx. 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.111.01. (c) Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable to be sold to (i) the Depositor in accordance with Section 2.3 of the Sale and Servicing Agreement and (ii) to the Servicer in accordance with Section 3.7 of the Sale and Servicing Agreement.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.7Sections 6.7 and 6.18, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the application of any monies. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 and the Securities Administrator pursuant to Section 6.18 have been paid in full, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request accompanied by an Officer's Certificate, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. (c) Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable to be sold to (i) the Depositor in accordance with Section 2.3 of the Sale and Servicing Agreement and (ii) to the Servicer in accordance with Section 3.7 of the Sale and Servicing Agreement.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.76.07, the Indenture Trustee may, and when required by the provisions of this Indenture shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the application of any moniesmoneys. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 6.07 have been paid in fullpaid, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b8.04(b) only upon receipt of an Issuer Request accompanied by an Officer's CertificateOfficers' Certificate of the Issuer, an Opinion of Counsel and (if required by the TIA) Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) and meeting the applicable requirements of Section 11.111.01. (c) Each Noteholder or Note Ownerholder of the Notes, by its the acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time during the Funding Period the Indenture Trustee shall release the lien of this Indenture on any Receivable those Financed Federal Loans to be sold to (i) the Depositor Seller and as to which the Seller will simultaneously deposit the aggregate Purchase Amounts thereof into the Escrow Account in accordance with Section 2.3 of the Sale with, and Servicing Agreement and (ii) subject to the Servicer in accordance with terms and conditions of, Section 3.7 2.03 of the Sale and Servicing Agreement, and each holder of the Notes consents to such release.

Release of Indenture Trust Estate. (a) Subject to the payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee may, and when required requested in writing by the provisions of this Indenture Issuer shall, execute instruments to release property from the lien of this Indenture, or convey the Indenture Trustee's interest in the same, in a manner and under circumstances that are not inconsistent with the provisions of this Indenture. No party relying upon an instrument executed by the Indenture Trustee as provided in this Article VIII shall be bound to ascertain the Indenture Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the application of any monies. (b) The Indenture Trustee shall, at such time as there are no Notes Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 have been paid in full, release any remaining portion of the Indenture Trust Estate that secured the Notes from the lien of this Indenture and release to the Issuer or any other Person entitled thereto any funds then on deposit in the Trust Accounts. The Indenture Trustee shall release property from the lien of this Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request Order accompanied by an Officer's Certificate, an Opinion of Counsel and (if required by the TIA) Independent Certificates 44 Indenture 2007-1 in accordance with TIA Sections 314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1. (c) Each Noteholder or Note Owner, by its acceptance of a Note or, in the case of a Note Owner, a beneficial interest in a Note, acknowledges that from time to time the Indenture Trustee shall release the lien of this Indenture on any Receivable to be sold repurchased or purchased pursuant to (i) the Depositor in accordance with Section 2.3 of the Sale and Servicing Agreement and (ii) to the Servicer in accordance with or Section 3.7 3.6, respectively, of the Sale and Servicing Agreement.