Dissolution of the Trust. Upon dissolution of the Trust, the Administrator shall wind up the business and affairs of the Trust as required by Section 3808 of the Statutory Trust Act. Upon the satisfaction and discharge of the Indenture, and receipt of a certificate from the Indenture Trustee stating that all Noteholders have been paid in full and that the Indenture Trustee is aware of no claims remaining against the Trust in respect of the Indenture and the Notes, the Administrator, in the absence of actual knowledge of any other claim against the Trust, shall be deemed to have made reasonable provision to pay all claims and obligations (including conditional, contingent or unmatured obligations) for purposes of Section 3808(e) of the Statutory Trust Act and upon the written direction and at the expense of the Certificateholder the Owner Trustee shall cause the Certificate of Trust to be cancelled by filing a certificate of cancellation with the Delaware Secretary of State in accordance with the provisions of Section 3810 of the Statutory Trust Act, at which time the Trust shall terminate and this Agreement (other than Article VIII) shall be of no further force or effect.
Dissolution of the Trust. (a) If the Trust has not been caused to have a perpetual existence pursuant to Section 5 of this Article IX and notwithstanding any other provision of this Declaration or the By-Laws, unless dissolved earlier in accordance with subsection (b) of this Section 4, the Term of the Trust shall expire on the twelfth (12th) anniversary of the effective date of the Trust’s registration statement on Form N-2 (the “Dissolution Date”); provided, that if the Board of Trustees (the “Board”) believes that, under then-current market conditions, it is in the best interests of the Fund to do so, the Fund may extend the Dissolution Date: (i) once for up to one year, and (ii) once for up to an additional six months, in each case upon the affirmative vote of a majority of the Board and without a Shareholder approval (the “Extended Dissolution Date”).
(b) The Trust or any Series or Class thereof may be dissolved and terminated by the affirmative vote of not less than three-quarters of the Trustees then in office by written notice to the Shareholders.
(c) After dissolution, the Trustees shall proceed to wind up the affairs of the Trust, or, as applicable all Series or any affected Series and all of the powers of the Trustees under this Declaration shall continue until the affairs of the Trust, or, as applicable all Series or any affected Series shall have been wound up as contemplated by Section 3808 of the Delaware Statutory Trust Act. The Trustees may, to the extent they deem appropriate, adopt a plan of liquidation at any time preceding the anticipated dissolution date, which plan of liquidation may set forth the terms and conditions for implementing the dissolution and liquidation of the Trust, or, as applicable all Series or any affected Series under this Article IX. Shareholders shall not be entitled to vote on the adoption of any such plan or the dissolution and liquidation of the Trust, or, as applicable all Series or any affected Series under this Article IX except to the extent required by the 1940 Act. Following completion of winding up of the Trust, the Trustees shall cause a certificate of cancellation of the Certificate of Trust to be filed in accordance with the Delaware Act, which certificate of cancellation may be signed by any one Trustee.
Dissolution of the Trust. 29 Section 7.02. Termination of Sub-Trusts........................................ 29 Section 7.03. Beneficiary or Special Purpose Affiliate Bankruptcy.............. 30 MISCELLANEOUS
Dissolution of the Trust. (a) Subject to Section 7.03(b), the Trust shall continue in full force and effect until the payment to each Holder or its designee of all amounts required to be paid to it pursuant to this Agreement and the related Certificates and the expiration or termination of all Securitized Financings by their respective terms.
(b) Upon the occurrence of the events described in Section 7.01(a), after satisfaction of all obligations to creditors, if any, of the Trust, the Trustee shall (i) distribute the Trust Assets to the Related Beneficiary or its designee in accordance with this Agreement and the Supplements, (ii) together with the Related Beneficiary, cause the Certificates of Title to any Vehicles so distributed to such Related Beneficiary to be issued in the name of, or at the direction of, such Related Beneficiary, and such Related Beneficiary shall pay or cause to be paid all applicable titling and registration fees and taxes, (iii) take such action as may be requested by a Related Beneficiary in connection with the transfer of Related Trust Assets to such Related Beneficiary or its designee, including the execution and delivery of assignment forms appearing on the Certificates of Title or any other instruments of transfer or assignment with respect to the related Vehicles and (iv) file or cause to be filed a certificate of cancellation with the Delaware Secretary of State pursuant to Section 3810(d) of the Delaware Act. Upon the filing described in clause (iv), this Agreement shall terminate and the Trustee shall be discharged from all duties and obligations hereunder.
(c) Notwithstanding any other provision of this Agreement, in no event shall the Trust continue beyond the expiration of 21 years from the death of the last survivor of the descendants of Josexx X. Xxxxxxx, xxe late Ambassador of the United States to the Court of St. James's, living on the date hereof.
Dissolution of the Trust. Approve the dissolution of the Trust.
Dissolution of the Trust. Section 8.1.
Dissolution of the Trust. The Trust may dissolve at the written direction of the Sponsor under the circumstances described in the Registration Statement. On and after the date of dissolution of the Trust, the Sponsor shall wind up the Trust’s business and affairs in its sole discretion in accordance with the Delaware Act and upon completion of the winding up of the Trust’s business and affairs by the Sponsor in accordance with the Delaware Act, including the payment of the expenses of liquidation and termination and any fee to the Transfer Agent in connection therewith and payment of any applicable taxes or other governmental charges, Shareholders will be entitled to the distribution of the amount of Trust Property (paid in cash) represented by those Shares upon surrender or termination of the Shares then held. Upon completion of the winding up of the Trust’s business and affairs by the Sponsor, the Trustee shall, at the written direction and expense of the Sponsor, file a certificate of cancellation in accordance with the Delaware Act and thereafter shall be released from any further duties or liabilities. Any remaining expenses of the Trust shall be paid by the Sponsor.
Dissolution of the Trust. The Trust shall be dissolved and its affairs shall be wound up only upon the written election of all the Beneficial Owners, delivered to the Trustee and the Administrator, to dissolve the Trust. Upon dissolution of the Trust, the Trustee shall have power and authority, and is hereby authorized and empowered, to, and shall, wind up the Trust's affairs.
Dissolution of the Trust. (a) The Trust shall dissolve upon the unanimous written agreement of all of the Certificateholders. Upon the dissolution of the Trust, its affairs shall be wound up and its property liquidated. Thereafter, after paying its liabilities in accordance with Section 3808 of the Business Trust Statute, the Delaware Trustee shall cause the Trust’s certificate of trust to be canceled by filing a certificate of cancellation with the Secretary of State in accordance with the provisions of Section 3810 of the Business Trust Statute and the Trust shall terminate.
(b) Any SUBI shall be dissolved and its affairs shall be wound up at the time or upon the happening of events specified in the applicable SUBI Supplement. Any SUBI established in accordance with this Agreement may be dissolved and its affairs wound up without causing the dissolution of the Trust or any other series thereof. The dissolution, winding up, liquidation or termination of the Trust or any series thereof shall not affect any limitation of liability with respect to a series established in accordance with this Agreement, the Certificate of Trust or Section 3804(a) of the Business Trust Statute. The death, incapacity, dissolution, termination or bankruptcy of a beneficial owner of any series shall not result in the termination or dissolution of such series and such series may not be terminated or revoked by a beneficial owner of such series or other person except in accordance with the terms of this Agreement or, in the case of any SUBI, the applicable SUBI Supplement.
(c) The Servicer and any other persons who under this Agreement or a SUBI Supplement are responsible for winding up the affairs of any series may, in the name of the Trust and for and on behalf of the Trust and such series, take all actions with respect to the series as are permitted under Section 3808 of the Business Trust Statute and shall provide for the claims and obligations of the series and distribute the assets of the series as provided under Section 3808 of the Business Trust Statute. Any Person, including any Trustee, who under this Agreement or any SUBI Supplement is responsible for winding up such series’ affairs who has complied with Section 3808(e) of the Business Trust Statute shall not be personally liable to the claimants of the dissolved series by reason of such Person’s actions in winding up the series.
Dissolution of the Trust. (a) The Trust shall dissolve, and this Agreement will terminate, upon the later of (i) the Payment Date immediately following the retirement or other liquidation of the last item of Trust Property or (ii) following the payment in full of the Principal Amount of and accrued interest on the Notes, by vote of all the Subordinated Certificateholders, with the consent of the Note Insurer. The bankruptcy, liquidation, dissolution, termination, resignation, expulsion, withdrawal, death or incapacity of any Subordinated Certificateholder shall not (x) operate to terminate this Agreement or the Trust, or (y) entitle such Subordinated Certificateholder 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 Trust or Trust Property or (z) otherwise affect the rights, obligations and liabilities of the parties hereto.
(b) Except as provided in Section 8.1(a), none of the Depositors, the Administrator or any Subordinated Certificateholder shall be entitled to revoke or terminate the Trust.
(c) Upon the completion of winding up and termination of the Trust, the Trustee shall cause the Certificate of Trust to be canceled by executing and filing a certificate of cancellation with the Secretary of State in accordance with the provisions of Section 3810 of the Business Trust Statute. Thereupon, this Agreement and the Trust shall terminate.
