Common use of Restrictions Clause in Contracts

Restrictions. Neither the Depositor nor the Excess Distribution Certificateholder shall direct the Eligible Lender Trustee to take or refrain from taking any action if such action or inaction would be contrary to any obligation of the Trust or the Eligible Lender Trustee under this Agreement or any of the other Basic Documents or would be contrary to Section 2.3 nor shall the Eligible Lender Trustee be permitted to follow any such direction, if given.

Appears in 74 contracts

Samples: Amended and Restated Trust Agreement (SLM Student Loan Trust 2013-1), Trust Agreement (SLM Student Loan Trust 2010-1), Trust Agreement (SLM Student Loan Trust 2008-8)

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Restrictions. Neither the Depositor nor the holder of the Excess Distribution Certificateholder Certificate shall direct the Eligible Lender Trustee to take or refrain from taking any action if such action or inaction would be contrary to any obligation of the Trust or the Eligible Lender Trustee under this Agreement or any of the other Basic Documents or would be contrary to Section 2.3 nor shall the Eligible Lender Trustee be permitted to follow any such direction, if given.

Appears in 21 contracts

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

Restrictions. Neither the Depositor nor the holder of the Excess Distribution Certificateholder Certificate shall direct the Eligible Lender Trustee to take or refrain from taking any action if such action or inaction would be contrary to any obligation of the Trust or the Eligible Lender Trustee under this Agreement or any of the other Basic Documents or would be contrary to Section 2.3 2.03 nor shall the Eligible Lender Trustee be permitted to follow any such direction, if given.

Appears in 14 contracts

Samples: Trust Agreement (SLM Private Credit Student Loan Trust 2005-A), Trust Agreement (SLM Private Credit Student Loan Trust 2006-A), Trust Agreement (SLM Education Credit Funding LLC)

Restrictions. Neither the Depositor nor the holder of the ------------ Excess Distribution Certificateholder Certificate shall direct the Eligible Lender Trustee to take or refrain from taking any action if such action or inaction would be contrary to any obligation of the Trust or the Eligible Lender Trustee under this Agreement or any of the other Basic Documents or would be contrary to Section 2.3 nor shall the Eligible Lender Trustee be permitted to follow any such direction, if given.

Appears in 9 contracts

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

Restrictions. Neither the Depositor nor the Excess Distribution Certificateholder shall direct the Eligible Lender Owner Trustee to take or refrain from taking any action if such action or inaction would be contrary to any obligation of the Trust or the Eligible Lender Owner Trustee under this Agreement or any of the other Basic Documents or would be contrary to Section 2.3 nor shall the Eligible Lender Owner Trustee be permitted to follow any such direction, if given.

Appears in 3 contracts

Samples: Trust Agreement (Navient Student Loan Trust 2015-3), Trust Agreement (Navient Student Loan Trust 2015-2), Trust Agreement (Navient Student Loan Trust 2015-1)

Restrictions. Neither the Depositor nor the Excess Distribution Certificateholder shall direct the Eligible Lender Trustee to take or refrain from taking any action if such action or inaction would be contrary to any obligation of the Trust or the Eligible Lender Trustee under this Agreement or any of the other Basic Documents or would be contrary to Section 2.3 nor shall the Eligible Lender Trustee be permitted to follow any such direction, if given.. ARTICLE V

Appears in 3 contracts

Samples: Trust Agreement (SLM Student Loan Trust 2005-3), Trust Agreement (SLM Student Loan Trust 2005-5), Trust Agreement (SLM Student Loan Trust 2005-6)

Restrictions. Neither the Depositor nor the holder of the Excess Distribution Certificateholder Certificate shall direct the Eligible Lender Trustee to take or refrain from taking any action if such action or inaction would be contrary to any obligation of the Trust or the Eligible Lender Trustee under this Agreement or any of the other Basic Documents or would be contrary to Section 2.3 2.03 nor shall the Eligible Lender Trustee be permitted to follow any such direction, if given.. ARTICLE V APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

Appears in 2 contracts

Samples: Trust Agreement, Trust Agreement

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Restrictions. Neither the Depositor nor the Excess Distribution Certificateholder [or the RC Certificateholder] shall direct the Eligible Lender Owner Trustee to take or refrain from taking any action if such action or inaction would be contrary to any obligation of the Trust or the Eligible Lender Owner Trustee under this Agreement or any of the other Basic Documents or would be contrary to Section 2.3 nor shall the Eligible Lender Owner Trustee be permitted to follow any such direction, if given.

Appears in 1 contract

Samples: Trust Agreement (Navient Funding, LLC)

Restrictions. Neither the Depositor nor the Excess Distribution Certificateholder shall direct the Eligible Lender Trustee to take or refrain from taking any action if such action or inaction would be contrary to any obligation of the Trust or the Eligible Lender Trustee under this Agreement or any of the other Basic Documents or would be contrary to Section 2.3 nor shall the Eligible Lender Trustee be permitted to follow any such direction, if given.to

Appears in 1 contract

Samples: Trust Agreement (SLM Student Loan Trust 2007-6)

Restrictions. Neither the Depositor nor the holder of the Excess Distribution Certificateholder Certificate shall direct the Eligible Lender Trustee to take or refrain from taking any action if such action or inaction would be contrary to any obligation of the Trust or the Eligible Lender Trustee under this Agreement or any of the other Basic Documents or would be contrary to Section 2.3 nor shall the Eligible Lender Trustee be permitted to follow any such direction, if given.contrary

Appears in 1 contract

Samples: Trust Agreement (SLM Funding Corp)

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