Common use of Termination in General Clause in Contracts

Termination in General. After the termination of the Indenture in accordance with its terms, the Trust shall dissolve, wind-up and pay or make reasonable provisions for the payment of its liabilities in accordance with Section 3808(e) of the Trust Statute prior to the final distribution by the Delaware Trustee of all monies or other property or proceeds of the Trust Estate in accordance with the terms of this Trust Agreement. The bankruptcy, liquidation, dissolution, termination, resignation, expulsion, withdrawal, death or incapacity of any Certificateholder shall not (a) operate to terminate this Trust Agreement or the Trust, (b) entitle such Certificateholder's legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for partition or winding up of all or any part of the Trust or the Trust Estate or (c) otherwise affect the rights, obligations and liabilities of the parties hereto. Subject to Section 8.02 hereof, none of the Certificateholders shall be entitled to revoke or terminate the Trust.

Appears in 5 contracts

Samples: Trust Agreement (Nelnet Student Loan Trust 2008-1), Trust Agreement (Nelnet Student Loan Trust 2008-2), Trust Agreement (Nelnet Student Loan Trust 2007-1)

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Termination in General. After the termination of the Indenture in accordance with its termsterms and the occurrence of the final __________ Distribution Date thereunder, this Trust Agreement and the Trust shall dissolve, wind-up terminate and pay be of no further force or make reasonable provisions for the payment of its liabilities in accordance with Section 3808(e) of the Trust Statute prior to effect upon the final distribution by the Delaware Trustee of all monies or other property or proceeds of the Trust Estate in accordance with the terms of this Trust Agreement. The bankruptcy, liquidation, dissolution, termination, resignation, expulsion, withdrawal, death or incapacity of any Certificateholder shall not (a) operate to terminate this Trust Agreement or the Trust, (b) entitle such Certificateholder's legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for partition or winding up of all or any part of the Trust or the Trust Estate or (c) otherwise affect the rights, obligations and liabilities of the parties hereto. Subject to Section 8.02 hereof8.02, none of the Certificateholders shall be entitled to revoke or terminate the Trust.

Appears in 1 contract

Samples: Trust Agreement (Nelnet Student Loan Funding LLC)

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Termination in General. After the termination of the Indenture in accordance with its terms, the Trust shall dissolve, wind-up and pay or make reasonable provisions for the payment of its liabilities in accordance with Section 3808(e) of the Trust Statute prior to the final distribution by the Delaware Trustee of all monies or other property or proceeds of the Trust Estate in accordance with the terms of this Trust Agreement. The bankruptcy, liquidation, dissolution, termination, resignation, expulsion, withdrawal, death or incapacity of any Certificateholder shall not (a) operate to terminate this Trust Agreement or the Trust, (b) entitle such Certificateholder's ’s legal representatives or heirs to claim an accounting or to take any action or proceeding in any court for partition or winding up of all or any part of the Trust or the Trust Estate or (c) otherwise affect the rights, obligations and liabilities of the parties hereto. Subject to Section 8.02 hereof, none of the Certificateholders shall be entitled to revoke or terminate the Trust.

Appears in 1 contract

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

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