Common use of TRUSTEE'S AUTHORITY; RELEASE OF PREPAID STUDENT LOANS Clause in Contracts

TRUSTEE'S AUTHORITY; RELEASE OF PREPAID STUDENT LOANS. (a) No party relying upon an instrument executed by the Trustee as provided in this Article shall be bound to ascertain the Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the application of any funds. (b) Upon the request of the Servicer accompanied by an Officer's Certificate and such documents as required by the Servicing Agreement, as certified to the Trustee in such Officer's Certificate, to the effect that a Student Loan has been the subject of a Full Prepayment so as to become a prepaid Student Loan and certifying that the unpaid principal balance of and accrued interest at the Note Rate on such Student Loan has been deposited or remitted in accordance with the Servicing Agreement, the Trustee shall release from the lien of this Indenture such Student Loan including the related Loan Documents to the Servicer or its designees or assigns in accordance with the instructions of the Servicer.

TRUSTEE'S AUTHORITY; RELEASE OF PREPAID STUDENT LOANS. (a) No party relying upon an instrument executed by the Trustee as provided in this Article shall be bound to ascertain the Trustee's authority, inquire into the satisfaction of any conditions precedent or see to the application of any funds. (b) Upon the request of the Servicer accompanied by an Officer's Certificate and such documents as required by the Servicing Agreement, as certified to the Trustee and the Bond Insurer in such Officer's Certificate, to the effect that a Student Loan has been the subject of a Full Prepayment so as to become a prepaid Student Loan and certifying that the unpaid principal balance of and accrued interest at the Note Rate on such Student Loan has been deposited or remitted in accordance with the Servicing Agreement, the Trustee shall release from the lien of this Indenture such Student Loan including the related Loan Documents to the Servicer or its designees or assigns in accordance with the instructions of the Servicer.