Notice of any dissolution of the Trust. specifying the Payment Date upon which the Certificateholders shall surrender their Certificates to the Paying Agent for payment of the final distributions and cancellation, shall be given by the Owner Trustee to the Certificateholders mailed within five (5) Business Days of receipt of notice of such termination from the Servicer given pursuant to Section 10.03 of the Sale and Servicing Agreement, stating (i) the Payment Date upon or with respect to which final payment of the Certificates shall be made upon presentation and surrender of the Certificates at the office of the Paying Agent therein designated, (ii) the amount of any such final payment and (iii) that payment to be made on such Payment Date will be made only upon presentation and surrender of the Certificates at the office of the Paying Agent therein specified. The Owner Trustee shall give such notice to the Certificate Registrar (if other than the Owner Trustee) and the Paying Agent (if other than the Owner Trustee) at the time such notice is given to the Certificateholders. Upon presentation and surrender of the Certificates, the Paying Agent shall cause to be distributed to the Certificateholders amounts distributable on such Payment Date pursuant to Section 5.02. In the event that one or more of the Certificateholders shall not surrender their Certificates for cancellation within six months after the date specified in the above mentioned written notice, the Owner Trustee shall give a second written notice to the remaining Certificateholders to surrender their Certificates for cancellation and receive the final distribution with respect thereto. If within one year after the second notice all the Certificates shall not have been surrendered for cancellation, the Owner Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets that shall remain subject to this Agreement. Any funds remaining in the Trust after exhaustion of such remedies shall be distributed by the Owner Trustee to the Depositor (subject to applicable escheatment laws).
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Samples: Trust Agreement (Toyota Auto Receivables 2021-B Owner Trust), Trust Agreement (Toyota Auto Receivables 2020-C Owner Trust)
Notice of any dissolution of the Trust. specifying the Payment Date upon which the Certificateholders Certificateholder shall surrender their Certificates its Certificate to the Certificate Paying Agent for payment of the final distributions distribution and cancellation, shall be given by the Owner Trustee Certificate Paying Agent by letter to the Certificateholders Certificateholder mailed within five (5) Business Days of receipt of notice of such termination dissolution from the Servicer given pursuant to Section 10.03 of the Sale and Servicing AgreementOwner Trustee, stating (i) the Payment Date upon or with respect to which final payment of the Certificates Certificate shall be made upon presentation and surrender of the Certificates Certificate at the office of the Certificate Paying Agent therein designated, (ii) the amount of any such final payment and (iii) that payment the Record Date otherwise applicable to be made on such Payment Date will be is not applicable, payments being made only upon presentation and surrender of the Certificates Certificate at the office of the Paying Certificate Payment Agent therein specified. The Owner Trustee Certificate Paying Agent shall give such notice to the Owner Trustee and the Certificate Registrar (if other than the Owner Trustee) and the Paying Agent (if other than the Owner Trustee) at the time such notice is given to the Certificateholders. Upon presentation and surrender of the CertificatesCertificate, the Certificate Paying Agent shall cause to be distributed to the Certificateholders Certificateholder amounts distributable on such Payment Date pursuant to Section 5.025.01. In the event that one or more of the Certificateholders Certificateholder shall not surrender their Certificates its Certificate for cancellation within six months after the date specified in the above mentioned written notice, the Owner Trustee Certificate Paying Agent shall give a second written notice to the remaining Certificateholders Certificateholder to surrender their Certificates the Certificate for cancellation and receive the final distribution with respect thereto. If Subject to applicable laws with respect to escheat of funds, if within one year after following the second notice all Payment Date on which final payment of the Certificates Certificate was to have been made pursuant to Section 3.10, the Certificate shall not have been surrendered for cancellation, the Owner Trustee Certificate Paying Agent may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets that shall remain subject to this Owner Trust Agreement. Any funds remaining in the Trust Certificate Distribution Account after exhaustion of such remedies shall be distributed by the Owner Trustee Certificate Paying Agent to the Depositor (subject to applicable escheatment laws)Servicer.
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Samples: Owner Trust Agreement (Nomura Asset Acceptance Corp), Owner Trust Agreement (DLJ Mortgage Acceptance Corp)
Notice of any dissolution of the Trust. specifying the Payment Distribution Date upon which the Certificateholders Owners shall surrender their Certificates Residual Interest Instruments to the Paying Agent for payment of the final distributions distribution and cancellation, shall be given by the Owner Trustee Trust Agent by letter to the Certificateholders Owners mailed within five (5) Business Days of receipt of notice of such termination from the Servicer given pursuant to Section 10.03 8.01(b) of the Sale and Servicing Agreement, stating (i) the Payment Distribution Date upon or with respect to which final payment distribution in respect of the Certificates Residual Interest Instruments shall be made upon presentation and surrender of the Certificates Residual Interest Instruments at the office of the Paying Agent in the City of New York therein designated, (ii) the amount of any such final payment and (iii) that payment the Record Date otherwise applicable to be made on such Payment Distribution Date will be is not applicable, payments being made only upon presentation and surrender of the Certificates Residual Interest Instruments at the office of the Paying Agent therein specified. The Owner Trustee Trust Agent shall give such notice to the Certificate Registrar (if other than the Owner TrusteeTrust Agent) and the Paying Agent (if other than the Owner TrusteeTrust Agent) at the time such notice is given to Owners. After satisfaction of any liabilities of the Certificateholders. Upon Trust in accordance with the Business Trust Statute, and upon presentation and surrender of the CertificatesResidual Interest Instruments, the Paying Agent shall cause to be distributed to Owners, on a pro rata basis, any amounts remaining in the Certificateholders amounts distributable on such Payment Date pursuant to Section 5.02Residual Distribution Account and the Trust upon the termination of this Agreement. In the event that one or more of the Certificateholders shall not surrender their Certificates for cancellation within six months after the date specified in the above mentioned written noticeaddition, the Owner Trustee Trust Agent shall give a second written notice to notify the remaining Certificateholders to surrender their Certificates for cancellation and receive Rating Agencies upon the final distribution with in respect thereto. If within one year after the second notice all the Certificates shall not have been surrendered for cancellation, the Owner Trustee may take appropriate steps, or may appoint an agent to take appropriate steps, to contact the remaining Certificateholders concerning surrender of their Certificates, and the cost thereof shall be paid out of the funds and other assets that shall remain subject to this Agreement. Any funds remaining in the Trust after exhaustion of such remedies shall be distributed by the Owner Trustee to the Depositor (subject to applicable escheatment laws)Residual Interest Instruments.
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