Termination of the Trust Account. (a) The Trust Account and this Agreement, except for the indemnities provided herein, may be terminated only after (i) the Grantor, with the prior written consent of the Beneficiary, which consent shall not be unreasonably withheld, has given the Trustee written notice of its intention to terminate the Trust Account (the “Notice of Intention”), and (ii) the Trustee has given the Grantor and the Beneficiary the written notice specified in paragraph (b) of this Section 9. The Notice of Intention shall specify the date on which the notifying Party intends the Trust Account to terminate (the “Proposed Date”).
Termination of the Trust Account. This Trust Agreement, except for the indemnities provided herein, may be terminated only after the Grantor and the Beneficiary have given the Trustee joint written notice of their intention to terminate this Trust Agreement and the Trust Account (the “Notice of Intention”). Upon receipt of the Notice of Intention, and without further authorization from the Beneficiary or any other Person, the Trustee shall promptly transfer to the Grantor or the Beneficiary, in accordance with the joint direction of the Grantor and the Beneficiary contained in the Notice of Intention, any and all Assets remaining in the Trust Account, at which time all liability of the Trustee with respect to the Assets so transferred shall cease. This Trust Agreement, except for the indemnities provided herein, and the Trust Account shall terminate when all of the Assets have been so delivered by the Trustee in accordance with the terms of this Trust Agreement.
Termination of the Trust Account. (a) The Trust Account and this Agreement, except for the indemnities provided herein, which shall survive termination, may be terminated, other than pursuant to an order of a court having jurisdiction, only after (i) (A) the Grantor has given the Trustee written notice of its intention to terminate the Trust Account (the “Notice of Intention”), and (B) the Trustee has given the Grantor and the Beneficiary the written notice specified in paragraph (b) of this Section 10 or (ii) the Grantor and the Beneficiary have given joint written notice to the Trustee that the Required Balance plus the amount of any outstanding Financed Amounts is less than or equal to $50 million (the “Notice of Minimum Balance”), as required under the Reinsurance Agreement. Each of the Notice of Intention and Notice of Minimum Balance shall specify the date on which the Grantor and, in the case of a Notice of Minimum Balance, the Beneficiary intend the Trust Account to terminate (the “Proposed Date”).
Termination of the Trust Account. Both Grantor and Beneficiary shall notify the Trustee in writing if (i) the Beneficiary exercises its right to recapture under the LNL Coinsurance Agreement and the LLANY Coinsurance Agreement, and (ii) the Grantor pays the Beneficiary the Recapture Fee under the LNL Coinsurance Agreement and the LLANY Coinsurance Agreement. Upon receipt of such notice, this Trust Account shall automatically terminate. Barring such an automatic termination event, this Agreement shall continue in effect as long as either the LNL Coinsurance Agreement or the LLANY Coinsurance Agreement remains in effect. The Grantor and the Beneficiary shall provide Trustee with at least 15 days written notice prior to the effective date of any termination. Upon termination of this Agreement, after satisfaction of any outstanding Beneficiary Withdrawal Notices, or deduction of amounts required to satisfy any outstanding Beneficiary Withdrawal Notices, and upon receipt of certification of the Beneficiary that the Grantor has no further obligation to maintain the Trust Account, all assets not previously withdrawn by the Beneficiary shall be delivered by the Trustee to the Grantor or to its order.
Termination of the Trust Account. (a) The Trust Account and this Agreement, except for the indemnities provided herein, may be terminated only after (i) the Grantor or the Beneficiary has given the Trustee written notice of its intention to terminate the Trust Account (the “Notice of Intention”), (ii) the Trustee has given the Grantor and the Beneficiary the written notice specified in Section 11(b), (iii) the Reinsurance Agreement shall have terminated, and (iv) the Beneficiary has given the Trustee written notice that all obligations of the Grantor under the Reinsurance Agreement have been extinguished. The Notice of Intention shall specify the date on which the notifying Party intends the Trust Account to terminate (the “Proposed Date”).
Termination of the Trust Account. (a)The Trust Account and this Agreement, except for the indemnities provided herein, which shall survive termination, may be terminated, other than pursuant to an order of a court having jurisdiction, only after (i) the Grantor and the Beneficiary have given the Trustee joint written notice of their intention to terminate the Trust Account (the “Notice of Intention”), and (ii) the Trustee has given the Grantor and the Beneficiary the written notice specified in paragraph (b) of this Section 10. The Notice of Intention shall specify the date on which the Grantor and the Beneficiary intend the Trust Account and this Agreement to terminate (the “Proposed Date”).
Termination of the Trust Account. (a) The Trust Account and this Agreement, except for the indemnification provided pursuant to Section 7(a) hereof, may be terminated (i) upon the Grantor and the Beneficiary providing the Trustee with joint written notice of their mutual intention to terminate the Trust Account, (ii) in connection with the termination of the Coinsurance Agreement upon the Beneficiary providing the Trustee and the Grantor with written notice that all obligations of the Grantor under the Coinsurance Agreement have been satisfied or (iii) upon the Grantor providing the Trustee and the Beneficiary with written notice of its intention to terminate the Trust Account solely in the event the Required Balance as of the end of any calendar quarter is less than ten percent (10%) of the sum of the (x) capital and surplus of the Grantor plus (y) asset valuation reserve of the Grantor, in each case determined in accordance with the statutory accounting principles and practices prescribed by the Grantor’s state of domicile as of such quarter end. The written notice of termination delivered pursuant to Section 9(a)(i), (ii) or (iii) (the “Notice of Intention”) shall specify the date on which the notifying Party or Parties intend the Trust Account to terminate (the “Proposed Date”).
Termination of the Trust Account. The Trust Account and this Trust Agreement shall be effective until terminated by thirty (30) days’ advance written notice sent to the Trustee jointly by the Grantor and the Beneficiary. Upon the termination of the Trust Account, the Trustee shall transfer, pay over and deliver the remaining assets of the Trust Account as directed in such joint notice.
Termination of the Trust Account. (a) The Trust Account and this Agreement, except for the indemnities provided herein, shall be terminated at any time by Beneficiary after Beneficiary has given Trustee written notice of its intention to terminate the Trust Account in accordance with the terms thereof. Insolvency of Beneficiary shall also be considered to cause the termination of this Trust Account. Such notice shall specify the date (the "Termination Date") on which Beneficiary intends the Trust Account to terminate, which date shall be at least five (5) days subsequent to the date that the termination notice is given.
Termination of the Trust Account. (a) If the Required Balance, determined in accordance with Section 1(c), ever falls below one million dollars ($1,000,000) at any time, the Trust Account and this Agreement shall automatically terminate, except for the indemnities provided herein. On the effective date of termination of the Trust Account and this Agreement pursuant to this Section 12(a), solely upon receipt of written approval from the Beneficiary, the Trustee shall transfer to the Grantor any Permitted Assets remaining in the Trust Account, at which time all liability of the Trustee with respect to such Permitted Assets shall cease.
