Common use of Dissolution of the Trust Clause in Contracts

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. (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 Leased Vehicles so distributed to such Related Beneficiary to be issued in the name of, or at the direction of, such Related Beneficiary, 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 Leased 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. (a) Subject to Section 7.03(b), the 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 them pursuant to this Agreement and the related Certificates and the expiration or termination of all Securitized Financings Securitizations 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 Beneficiaries or its designee their respective designees in accordance with this Agreement and the Supplements, ; (ii) together with the Related BeneficiaryBeneficiaries, cause the Certificates of Title to any Leased Vehicles so distributed to such the Related Beneficiary Beneficiaries to be issued in the name of, or at the direction of, such Related Beneficiary, Beneficiaries and the Related Beneficiaries to whom such Related Beneficiary Trust Assets are distributed 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 to transfer or assignment with respect to and assign the related Vehicles Leased 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.