TERMINATION OF THE RECEIVABLES TRUST. If the Receivables Trust has not otherwise been dissolved pursuant to Clause 6.3 hereof, on any Business Day on which (i) the Aggregate Investor Interest is reduced to zero, (ii) there are no Finance Charge Collections or other Trust Property allocated to any Beneficiaries other than any Transferor Beneficiary or any Excess Interest Beneficiary and (iii) there is no commitment on the part of any Beneficiary to make contributions to meet payments in respect of the assignment of Receivables to the Receivables Trust, then the Transferor Beneficiaries may jointly by written notice to the Receivables Trustee direct that the Receivables Trust be dissolved.
Appears in 3 contracts
Samples: Deed of Amendment and Restatement (Gracechurch Receivables Trustee LTD), Deed of Amendment and Restatement (Barclaycard Funding PLC), Trust and Cash Management Agreement (Gracechurch Receivables Trustee LTD)
TERMINATION OF THE RECEIVABLES TRUST. If the Receivables Trust has not otherwise been dissolved pursuant to Clause 6.3 hereof, and subject to obtaining the written consent of each existing Beneficiary of the Receivables Trust, on any Business Day on which (i) the Aggregate Investor Interest in respect of each Investor Beneficiary is reduced to zero, (ii) there are no Finance Charge Collections or other Trust Property allocated to any Beneficiaries other than any Transferor Beneficiary or any Excess Interest Beneficiary and (iii) there is no commitment on the part of any Beneficiary to make contributions to meet payments in respect of the assignment or holding on trust of Receivables to or for the Receivables TrustTrustee, then the Transferor Beneficiaries may jointly by written notice to the Receivables Trustee direct that the Receivables Trust be dissolved.
Appears in 2 contracts
Samples: Receivables Trust Deed and Trust Cash Management Agreement (Arran Funding LTD), Receivables Trust Deed and Trust Cash Management Agreement (Arran Funding LTD)
