Common use of TERMINATION AT OPTION OF CERTIFICATEHOLDERS Clause in Contracts

TERMINATION AT OPTION OF CERTIFICATEHOLDERS. Notwithstanding Section 8.01 hereof, the Trust shall dissolve and the remaining assets of the Trust shall be distributed to the Certificateholders pro rata in accordance with their respective Percentage Interests and the Trust Statute, and this Trust Agreement shall be of no further force and effect, upon the election of all of the Certificateholders by written notice to the Delaware Trustee, if such notice shall be accompanied by the written agreement (in form and substance satisfactory to the Delaware Trustee) of all of the Certificateholders assuming all the obligations of the Trust and the Delaware Trustee and releasing the Delaware Trustee therefrom; provided, however, that until the termination of the Indenture in accordance with its terms and full and final payment of all Obligations outstanding thereunder, the Certificateholders may not so terminate this Trust Agreement or the Trust.

Appears in 18 contracts

Samples: Trust Agreement (Goal Capital Funding, LLC), Trust Agreement (Gmac Elf LLC), Trust Agreement (Nelnet Student Loan Trust 2006-3)

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TERMINATION AT OPTION OF CERTIFICATEHOLDERS. Notwithstanding Section 8.01 hereof but subject to Section 8.03 hereof, the Trust shall dissolve wind-up and dissolve, and the remaining assets of the Trust shall be distributed to the Certificateholders pro rata in accordance with their respective Percentage Interests and the Trust Statute, and this Trust Agreement shall be of no further force and effect, upon the election of all of the Certificateholders by written notice to the Delaware Trustee, if such notice shall be accompanied by the written agreement (in form and substance satisfactory to the Delaware Trustee) of all of the Certificateholders assuming all the obligations of the Trust and the Delaware Trustee and releasing the Delaware Trustee therefrom; provided, however, that until the termination of the Indenture in accordance with its terms and full and final payment of all Obligations outstanding thereunderthereunder occurs, the Certificateholders may not so terminate this Trust Agreement or the Trust.

Appears in 5 contracts

Samples: Trust Agreement (Nelnet Student Loan Trust 2009-2), Trust Agreement (Nelnet Student Loan Trust 2008-2), Trust Agreement (Nelnet Student Loan Trust 2008-4)

TERMINATION AT OPTION OF CERTIFICATEHOLDERS. Notwithstanding Section 8.01 hereof, the Trust shall dissolve and the remaining assets of the Trust shall be distributed to the Certificateholders pro rata in accordance with their respective Percentage Interests and the Trust Statute, and this Trust Agreement shall be of no further force and effect, upon the election of all of the Certificateholders by written notice to the Delaware Trustee, if such notice shall be accompanied by the written agreement (in form and substance satisfactory to the Delaware Trustee) of all of the Certificateholders assuming all the obligations of the Trust and the Delaware Trustee and releasing the Delaware Trustee therefrom; provided, however, that until the termination of the Indenture in accordance with its terms and full and the occurrence of the final payment of all Obligations outstanding __________ Distribution Date thereunder, the Certificateholders may not so terminate this Trust Agreement or the Trust.

Appears in 1 contract

Samples: Trust Agreement (Nelnet Student Loan Funding LLC)

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TERMINATION AT OPTION OF CERTIFICATEHOLDERS. Notwithstanding Section 8.01 hereof but subject to Section 8.03 hereof, the Trust shall wind-up, and dissolve and the remaining assets of the Trust shall be distributed to the Certificateholders pro rata in accordance with their respective Percentage Interests and the Trust Statute, and this Trust Agreement shall be of no further force and effect, upon the election of all of the Certificateholders by written notice to the Delaware Trustee, if such notice shall be accompanied by the written agreement (in form and substance satisfactory to the Delaware Trustee) of all of the Certificateholders assuming all the obligations of the Trust and the Delaware Trustee and releasing the Delaware Trustee therefrom; provided, however, that until the termination of the Indenture in accordance with its terms and full and final payment of all Obligations outstanding thereunder, the Certificateholders may not so terminate this Trust Agreement or the Trust.

Appears in 1 contract

Samples: Trust Agreement (Nelnet Student Loan Trust 2007-1)

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