Dissolution Termination. (a) The Trust shall dissolve in accordance with Section 3808 of the Statutory Trust Act immediately prior to the date upon which is to occur the final distribution by the Owner Trustee of all moneys or other property or proceeds of the Trust Estate in accordance with the terms of the Indenture, the Transfer and Servicing Agreement and Article V. The bankruptcy, liquidation, dissolution, death or incapacity of any Certificateholders shall not (x) operate to terminate this Agreement or the Trust or (y) entitle any 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 Trust or Trust Estate or (z) otherwise affect the rights, obligations and liabilities of the parties hereto.
(b) Upon dissolution of the Issuing Entity, the Administrator shall wind up the business and affairs of the Issuing Entity 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 Issuing Entity in respect of the Indenture and the Notes, the Administrator, in the absence of actual knowledge of any other claim against the Issuing Entity, 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 of the Certificateholders 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 Issuing Entity shall terminate and this Agreement (other than Section 6.9) shall be of no further force or effect.
(c) Except as provided in Section 6.3(a), none of the Initial Beneficiary or the Certificateholders shall be entitled to revoke or terminate the Trust.
Dissolution Termination. If Servicer voluntarily goes into liquidation or consents to the appointment of a conservator, receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceeding of or relating to Servicer or of or relating to all or substantially all its property, or a decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator, receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceeding, or for the winding-up or liquidation of its affairs, shall have been entered against Servicer, or Servicer shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors or voluntarily suspend payment of its obligations (such voluntary liquidation, appointment, entering of such decree, admission, filing, making or suspension, a “Dissolution Event”), Lender shall have the right, at Lender’s sole option upon the date of any such Dissolution Event, to terminate this Origination Agreement and/or appoint a Successor Servicer by written notice to Servicer, and, thereupon, Lender shall have no further duties or obligations to fund Loans. Servicer shall promptly give notice to Lender of any Dissolution Event. Notwithstanding the foregoing, Lender shall continue to be obligated to (i) originate all approved but unfunded Loans that conform to the Underwriting Criteria as of the day prior to the termination date set forth in the notice of the Dissolution Event until such time as all such Loans have been originated and (ii) pay Servicer the Performance Fee and Servicing Fee, less any commercially reasonable fees of the Successor Servicer in accordance with Section 4.02 of the Servicing Agreement (which Successor Servicer may be the Lender itself, in which case an amount equal to what would be considered commercially reasonable servicing fees will be deducted from the Performance Fee and Servicing Fee paid to Servicer) with respect to Loans originated under the Origination Agreement prior to the termination hereof until such Loans have been repaid (provided Servicer does not exercise its Optional Purchase right).
Dissolution Termination. If Servicer voluntarily goes into liquidation or consents to the appointment of a conservator, receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceeding of or relating to Servicer or of or relating to all or substantially all its property, or a decree or order of a court or agency or supervisory authority having jurisdiction in the premises for the appointment of a conservator, receiver or liquidator in any insolvency, readjustment of debt, marshalling of assets and liabilities or similar proceeding, or for the winding-up or liquidation of its affairs, shall have been entered against Servicer, or Servicer shall admit in writing its inability to pay its debts generally as they become due, file a petition to take advantage of any applicable insolvency or reorganization statute, make an assignment for the benefit of its creditors or voluntarily suspend payment of its obligations (such voluntary liquidation, appointment, entering of such decree, admission, filing, making or suspension, a “Dissolution Event”), Lender shall have the right, at Lender’s sole option upon or following the date of any such Dissolution Event, to terminate this Loan Origination Agreement by written notice to Servicer, and, thereupon, Lender shall have no further duties or obligations to fund Loans. Servicer shall promptly give notice to Lender of any Dissolution Event. Notwithstanding the foregoing, Lender shall continue to be obligated to fund all approved but unfunded Loans that conform to the Credit Policy as of the day prior to the termination date set forth in the notice of the Dissolution Event until such time as all such Loans have been funded.
Dissolution Termination. 21.1 The Customer is deemed to be in default by operation of law and the outstanding amount is immediately due and payable if:
a. the Customer fails to fulfil any obligation of the Agreement in particular the latter’s payment obligation, in due time or at all;
b. Streamit BV has good reasons to fear that the Customer will fail to perform and the latter fails to comply with a written notice, which states the aforesaid reasons, demanding that the Customer should declare his, her or its willingness to satisfy the relevant obligations within a reasonable period stated in the demand;
c. the Customer files a petition for his, her or its own bankruptcy, is declared bankrupt, assigns his, her or its estate, applies for court-ordered suspension of payments, or if all or any part of his, her or its assets are attached and this attachment is not lifted within ten days of the date of attachment;
d. the Customer decides to cease or transfer his, her or its business or an important part thereof, including the transfer of his, her or its business to an existing company or one to be formed, or decides to amend the objects of his, her or its business or to dissolve it;
e. the Customer dies, if the Customer is a natural person.
21.2 In the cases referred to in article 20.1, Streamit BV is entitled, without being liable to pay any compensation and without prejudice to its rights, such as rights relating to costs incurred or interest payable and the right to compensation, and without any notice of default or judicial intervention being required:
a. to dissolve/terminate the Agreement wholly or partly by a written notification to that effect addressed to the Customer; and/or;
b. to immediately and fully claim any amount owed by the Customer to Streamit BV. The retention of title pursuant to Article 11.1 remains in full force.
21.3 If the Agreement is dissolved or terminated in any manner, the provisions that are intended to remain in force even after the dissolution/termination remain fully applicable, but this applies in any case to the provisions relating to secrecy, dissolution/termination, intellectual property, governing law and disputes.
Dissolution Termination. The dissolution or termination of existence of -------------------------- Borrower.
Dissolution Termination. In the event of full or partial dissolution of the present Agreement, Principal shall be authorised, without prejudice to all his other rights, to re-assign the execution of the Agreement, partially or entirely, to another party or parties.
Dissolution Termination. AND WINDING UP OF THE COMPANY
Dissolution Termination. In the event that a Party elects to terminate this Agreement, the terminating Party shall deliver written notice to the non-terminating Party of the election to terminate. The Parties shall thereafter sell the Assets of this Agreement to the highest bidder within 60 days thereof. The non-terminating Party shall have the first right of refusal to buy out the other Party’s Ownership Interest at a price agreed upon by the Parties. In the event that the Parties are unable to agree to a sale within the aforementioned 60 day period, the Parties shall immediately advertise the Assets on Paperstac to be auctioned off to the highest bidder, without reserve.
Dissolution Termination. 21 8.1 Dissolution..................................................21 8.2 Wind-Up......................................................22 ARTICLE IX
