Common use of Procedure Upon Termination of Grantor Trust Clause in Contracts

Procedure Upon Termination of Grantor Trust. (a) Notice of any termination pursuant to the provisions of Section 7.01, specifying the Payment Date upon which the final distribution shall be made, shall be given promptly by the Grantor Trustee by first class mail to the Grantor Trust Holder. Such notice shall specify (A) the Payment Date upon which final distribution on the Grantor Trust Certificate will be made upon presentation and surrender of the Grantor Trust Certificate at the Corporate Trust Office, and (B) that the Record Date otherwise applicable to such Payment Date is not applicable, distribution being made only upon presentation and surrender of the Grantor Trust Certificate at the office or agency of the Grantor Trustee therein specified. The Grantor Trustee shall give such notice to the Depositor and the Certificate Registrar at the time such notice is given to the Grantor Trust Holder. (b) In the event that the Grantor Trust Holder does not surrender the Grantor Trust Certificate for cancellation within three months after the time specified in the above-mentioned written notice, the Grantor Trustee shall give a second written notice to the Grantor Trust Holder to surrender the Grantor Trust Certificate for cancellation and receive the final distribution with respect thereto. If within one year after the second notice the Grantor Trust Certificate shall not have been surrendered for cancellation, the Grantor Trustee may take appropriate steps to contact the Grantor Trust Holder concerning surrender of the Grantor Trust Certificate, and the cost thereof shall be paid out of the amounts distributable to such Grantor Trust Holder. If within two years after the second notice the Grantor Trust Certificate shall not have been surrendered for cancellation, the Grantor Trustee shall, subject to applicable state law relating to escheatment, hold all amounts distributable to the Grantor Trust Holder for the benefit of the Grantor Trust Holder. No interest shall accrue on any amount held by the Grantor Trustee and not distributed to a Grantor Trust Holder due to such Grantor Trust Holder's failure to surrender its Grantor Trust Certificate for payment of the final distribution therein in accordance with this Section.

Procedure Upon Termination of Grantor Trust. (a) Notice of any termination pursuant to the provisions of Section 7.01, specifying the Payment Date upon which the final distribution shall be made, shall be given promptly by the Grantor Trustee by first class mail to the Grantor Trust Holder, the Indenture Trustee and the Securities Insurer. Such notice shall specify (A) the Payment Date upon which final distribution on the Grantor Trust Certificate will be made upon presentation and surrender of the Grantor Trust Certificate at the Corporate Trust Office, and (B) that the Record Date otherwise applicable to such Payment Date is not applicable, distribution being made only upon presentation and surrender of the Grantor Trust Certificate at the office or agency of the Grantor Trustee therein specified. The Grantor Trustee shall give such notice to the Depositor Depositor, the Indenture Trustee, the Securities Insurer and the Certificate Registrar at the time such notice is given to the Grantor Trust Holder. (b) In the event that the Grantor Trust Holder does not surrender the Grantor Trust Certificate for cancellation within three months after the time specified in the above-mentioned written notice, the Grantor Trustee shall give a second written notice to the Grantor Trust Holder to surrender the Grantor Trust Certificate for cancellation and receive the final distribution with respect thereto. If within one year after the second notice the Grantor Trust Certificate shall not have been surrendered for cancellation, the Grantor Trustee may take appropriate steps to contact the Grantor Trust Holder concerning surrender of the Grantor Trust Certificate, and the cost thereof shall be paid out of the amounts distributable to such Grantor Trust Holder. If within two years after the second notice the Grantor Trust Certificate shall not have been surrendered for cancellation, the Grantor Trustee shall, subject to applicable state law relating to escheatment, hold all amounts distributable to the Grantor Trust Holder for the benefit of the Grantor Trust Holder. No interest shall accrue on any amount held by the Grantor Trustee and not distributed to a Grantor Trust Holder due to such Grantor Trust Holder's failure to surrender its Grantor Trust Certificate for payment of the final distribution therein in accordance with this Section.

Procedure Upon Termination of Grantor Trust. (a) Notice of any termination pursuant to the provisions of Section 7.01, specifying the Payment Date upon which the final distribution shall be made, shall be given promptly by the Grantor Trustee by first class mail to the Grantor Trust HolderHolder and the Indenture Trustee. Such notice shall specify (A) the Payment Date upon which final distribution on the Grantor Trust Certificate will be made upon presentation and surrender of the Grantor Trust Certificate at the Corporate Trust Office, and (B) that the Record Date otherwise applicable to such Payment Date is not applicable, distribution being made only upon presentation and surrender of the Grantor Trust Certificate at the office or agency of the Grantor Trustee therein specified. The Grantor Trustee shall give such notice to the Depositor Depositor, the Indenture Trustee and the Certificate Registrar at the time such notice is given to the Grantor Trust Holder. (b) In the event that the Grantor Trust Holder does not surrender the Grantor Trust Certificate for cancellation within three months after the time specified in the above-mentioned written notice, the Grantor Trustee shall give a second written notice to the Grantor Trust Holder to surrender the Grantor Trust Certificate for cancellation and receive the final distribution with respect thereto. If within one year after the second notice the Grantor Trust Certificate shall not have been surrendered for cancellation, the Grantor Trustee may take appropriate steps to contact the Grantor Trust Holder concerning surrender of the Grantor Trust Certificate, and the cost thereof shall be paid out of the amounts distributable to such Grantor Trust Holder. If within two years after the second notice the Grantor Trust Certificate shall not have been surrendered for cancellation, the Grantor Trustee shall, subject to applicable state law relating to escheatment, hold all amounts distributable to the Grantor Trust Holder for the benefit of the Grantor Trust Holder. No interest shall accrue on any amount held by the Grantor Trustee and not distributed to a Grantor Trust Holder due to such Grantor Trust Holder's failure to surrender its Grantor Trust Certificate for payment of the final distribution therein in accordance with this Section.