Common use of Dissolution of Grantor Trust Clause in Contracts

Dissolution of Grantor Trust. The Grantor Trust shall wind up and dissolve upon the latest of (1) satisfaction and discharge of the Indenture, (2) the Optional Purchase of the Grantor Trust Estate pursuant to the Receivables Contribution Agreement or (3) the final distribution from the Collection Account established pursuant to Section 4.1(a)(i) of the Sale and Servicing Agreement. The bankruptcy, liquidation, dissolution, death or incapacity of a Grantor Trust Certificateholder shall not (x) operate to terminate this Agreement or the Grantor Trust, nor (y) entitle such Grantor Trust Certificateholder’s legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of all or any part of the Grantor Trust or Grantor Trust Estate nor (z) otherwise affect the rights, obligations and liabilities of the parties hereto. (a) Upon receipt of written notice from the Servicer of any dissolution and termination of the Grantor Trust, specifying the Payment Date upon which Grantor Trust Certificateholders shall surrender their Grantor Trust Certificates to the Grantor Trust Certificate Registrar for payment of the final distribution and cancellation, and if the Grantor Trust Certificate Registrar is notified of a redemption of the Notes by the Administrator or the Grantor Trust pursuant to Section 10.1(c) of the Indenture, the Grantor Trust Certificate Registrar shall mail such notice to the Grantor Trust Certificateholders within five (5) Business Days of the Grantor Trust Certificate Registrar’s receipt of such notice from the Servicer, Grantor Trust or Administrator. Each such notice to a Grantor Trust Certificateholder shall state the Payment Date upon or with respect to which the Grantor Trust Certificates shall be surrendered at the office of the Grantor Trust Certificate Registrar therein designated. The Grantor Trust Certificate Registrar shall give such notice to the Grantor Trust Trustee (if other than the Grantor Trust Certificate Registrar) at the time such notice is given to Grantor Trust Certificateholders. Upon presentation and surrender of each Grantor Trust Certificate, the Grantor Trust Trustee, at the written direction of the Administrator, shall cause to be distributed to such Grantor Trust Certificateholders, subject to Section 3808 of the Statutory Trust Statute, amounts distributable on such Payment Date pursuant to Article V hereof. (b) In the event that any of the Grantor Trust Certificateholders shall not surrender their Grantor Trust Certificates for cancellation within six (6) months after the date specified in the above-mentioned written notice such Grantor Trust Certificates shall be deemed cancelled.

Dissolution of Grantor Trust. The Grantor Trust shall wind up and dissolve upon the latest of (1) satisfaction and discharge of the Indenture, (2) the Optional Purchase of the Grantor Trust Estate pursuant to the Receivables Contribution Agreement or (3) the final distribution from the Collection Account established pursuant to Section 4.1(a)(i) of the Sale and Servicing Agreement. The bankruptcy, liquidation, dissolution, death or incapacity of a Grantor Trust Certificateholder shall not (x) operate to terminate this Agreement or the Grantor Trust, nor (y) entitle such Grantor Trust Certificateholder’s legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for a partition or winding up of all or any part of the Grantor Trust or Grantor Trust Estate nor (z) otherwise affect the rights, obligations and liabilities of the parties hereto. (a) Upon receipt of written notice from the Servicer of any dissolution and termination of the Grantor Trust, specifying the Payment Date upon which Grantor Trust Certificateholders shall surrender their Grantor Trust Certificates to the Grantor Trust Certificate Registrar for payment of the final distribution and cancellation, and if the Grantor Trust Certificate Registrar is notified of a redemption of the Notes by the Administrator or the Grantor Trust pursuant to Section 10.1(c) of the Indenture, the Grantor Trust Certificate Registrar shall mail such notice to the Grantor Trust Certificateholders within five (5) Business Days of the Grantor Trust Certificate Registrar’s receipt of such notice from the Servicer, Grantor Trust or Administrator. Each such notice to a Grantor Trust Certificateholder shall state the Payment Date upon or with respect to which the Grantor Trust Certificates shall be surrendered at the office of the Grantor Trust Certificate Registrar therein designated. The Grantor Trust Certificate Registrar shall give such notice to the Grantor Trust Trustee (if other than the Grantor Trust Certificate Registrar) at the time such notice is given to Grantor Trust Certificateholders. Upon presentation and surrender of each Grantor Trust Certificate, the Grantor Trust Trustee, at the written direction of the Administrator, shall cause to be distributed to such Grantor Trust Certificateholders, subject to Section 3808 of the Statutory Trust Statute, amounts distributable on such Payment Date pursuant to Article V hereof. (b) In the event that any of the Grantor Trust Certificateholders shall not surrender their Grantor Trust Certificates for cancellation within six (6) months after the date specified in the above-above mentioned written notice such Grantor Trust Certificates shall be deemed cancelled.