Common use of Dissolution of Trust Clause in Contracts

Dissolution of Trust. (a) The Trust shall dissolve and, after satisfaction of the creditors of the Trust as required by applicable law, property held by the Trust will be distributed to the Grantor or, in the event of a Transfer, to any Owner thirty years from the date of its creation or sooner, at the option and expense, and upon written instruction of the Grantor, but in no event before payment in full of all Series of Transition Bonds. (b) The bankruptcy of either the Grantor or any Owner or both shall not operate to terminate this Agreement, to dissolve, terminate or annul the Trust, to entitle the Grantor's or any Owner's legal representatives to claim an accounting or to take any action or Proceeding in any court for a partition or winding up of the Trust Property, nor otherwise affect the rights, obligations and liabilities of the parties hereto.